Uphold Review: Is It Legit? Should You Use it? | Bitcompare

Our take

4 out of 5 stars

Uphold is considered a great choice for users looking for a reliable, versatile, and user-friendly platform to manage and grow their digital assets.

Uphold Overview

Platform NameUpholdProductsStaking · Exchange · CardInterest RatesUp to 13% APYMobile AppYes – iOS & AndroidAvailable in USAYes – some geo-restrictions applyInsuredNoRegulatedYes – FinCEN (US), FCA (UK), Bank of LithuaniaTrading FeesVaries, typically 0.8–1.2% for BTC, ETHWithdrawal FeesVaries by cryptoInterest PaidWeekly

Uphold Review Summary

Uphold is a multi-asset financial service platform serving a global customer base. The platform allows users to trade directly between asset classes with its unique “Anything-to-Anything” trading experience.

People can trade popular cryptocurrencies, multiple fiat currencies, precious metals, and other assets on a single platform. They can also use the Uphold Mastercard, which allows holders to spend all supported assets at more than 50 million merchants and ATMs around the world.

The platform does not charge commissions for deposits, withdrawals, or trades. However, spread fees apply. It also has a minimum deposit amount of $10. Thus, anyone can easily start trading on the platform.

Furthermore, Uphold has a mobile wallet where users can hold cryptocurrencies indefinitely. It also offers a staking feature to allow users to earn yields on their assets. There is also a lot to learn about cryptocurrencies, automated trading, instant transfers, automatic currency conversion, and more.

Beginners and professional traders will find the platform straightforward and convenient to use. It has a web version and mobile app to allow traders to buy and sell assets on the go. The company currently caters to more than 10 million users in about a hundred countries globally.

While the platform has several laudable features, it also falls short in certain areas. This review will tell you everything you need to know about the platform’s unique products, features, and problems. It will also discuss how it compares to other cryptocurrency exchanges.

Uphold Overview

Uphold was founded in 2014 by an American entrepreneur, Halsey Minor. It was officially launched in 2015 with the goal of giving people and businesses safe, clear, and affordable financial services.

The US-based company was initially known as Bitreserve but later rebranded to Uphold. It uses the slogan “Anything-to-Anything,” meaning users can trade between assets of different classes via embedded payment systems.

Uphold users can trade both crypto and fiat directly. The platform also supports trading in precious metals and equity on its single platform. On some other platforms, traders have to sell one asset before buying another. On Uphold, traders can buy and sell assets without first selling one.

After making an Uphold account and verifying it, users can buy crypto and start trading right away. You can add cash to your Uphold account with a credit card or a bank transfer. Users can also move cryptocurrency from other wallets to Uphold and exchange it for any of the supported assets.

Uphold also offers an opportunity for users to generate passive income. Users can stake their assets on its platform and receive high yields. They can also use the platform’s MasterCard to pay for things and store assets in its mobile wallet.

Furthermore, the company is regulated. It is also working on making its services available in other places where they are not yet.

It’s important to note that the platform doesn’t have advanced trading products for active and professional traders. For example, users cannot trade margins or derivatives. However, traders can still access the platform’s automated trading feature.

Also, the platform does not charge trading fees, but spread fees apply. These fees may be quite high, especially for low-liquidity tokens.

Uphold Products

Uphold is one of the most popular cryptocurrency exchanges because it offers a wide range of products and services. Here are some of the top products the platform is famous for.

Multi-assets trading platform

Uphold is popular for facilitating trades between different kinds of assets on its platform. The platform supports cryptocurrencies, national currencies, and precious metals.

There are more than 250 cryptocurrencies available on Uphold. These include popular cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), stablecoins like Tether USD (USDT), USD Coin (USDC), and Gemini Dollar (GUSD), and other altcoins like Ripple (XRP), Dogecoin (DOGE), and Stellar Lumens (XLM).

Other supported assets include about 27 national currencies tradable on the platform. These include U.S. dollars (USD), Australian dollars (AUD), Euros (EUR), British pounds (GBP), and others. It also supports four precious metals: gold, silver, platinum, and palladium.

It is worth noting that Uphold initially supported stock trading. Users could trade 50 U.S. stocks, including Tesla, Amazon, and Apple. However, the platform recently discontinued the listing.

Users can trade directly between supported assets without converting one asset to fiat first. This makes trading easier and lets people take care of their whole financial portfolio on one platform.

Staking

Staking involves depositing assets to help run a blockchain network in exchange for rewards. Uphold lets users bet on a few assets for a certain amount of time and earn more tokens as a reward.

Ethereum (ETH), Polkadot (DOT), Tron (TRX), Tezos (XTZ), Cardano (ADA), Algorand (ALGO), Solana (SOL), Kava (KAVA), and other tokens can be staked on Uphold. The receivable reward will depend on the staked cryptocurrency.

Annual percentage yields (APYs) can be as high as 25%. However, cryptocurrencies with higher APYs are typically less stable. For instance, users can earn about 2.5% on TRX, up to 4.25% on ETH, and up to 12% on DOT.

Note that the minimum amount to start staking varies from token to token.

Uphold card

Uphold offers a Mastercard to its U.S. users. The debit card lets people spend all of the assets supported by the platform anywhere in the world where Mastercards are accepted. Foreign transaction fees do not apply to the card. Users also enjoy 4% cash back on purchases made with Uphold cards. The reward is paid in XRP.

The company intends to extend the service to its U.K. users. It is expected to be available next year.

Uphold Wallet

Clients of Uphold can not only buy and sell digital assets, but they can also receive assets and store them in the platform’s wallet. It is safe and convenient for trading or holding cryptoassets and other asset classes. It is also available to both Android and iOS users.

Uphold Features

Uphold has some peculiar features that set it apart in the market. They include:

Easy-to-use Interface

The Uphold platform has a simple design that makes it easy for users to navigate. Every step, from the account setup to the verifications, is easy to follow.

The trading options are also straightforward. Users can quickly buy, sell, send, and receive digital assets on the platform.

Automatic Currency Conversion

Uphold allows users to transfer and receive funds with automatic currency conversion. A transfer can be started in one asset class (let’s say BTC) and completed in another asset class (let’s say EUR). Before the transferred asset gets to the wallet of the person who got it, it will be changed into the preferred asset.

Users can also share the QR code linked to their U.S. Dollar sub-account. Every asset sent to the account will automatically be converted to USD.

Instant Transfers

It only takes a few seconds to transfer money from an Uphold account to another account. Users simply need to link the recipient’s account or email and transfer money at zero cost. Also, the transfer can be in any preferred cryptocurrency or fiat currency.

Automated Trading and Autopilot Feature

The automated trading and autopilot features are advanced trading tools available on Uphold. The automated trading feature lets users make bots that trade multiple assets automatically based on rules they set. Users don’t have to keep an eye on the market all the time because the bots can act quickly and are always working.

Similarly, the autopilot feature allows users to schedule recurring transactions daily, weekly, or monthly. For example, a user can plan to buy BTC once a week, and the protocol will take care of it automatically.

One-step Ordering

Several multi-asset platforms require users to make two-step orders when buying digital currencies. Before ordering an asset, users must first add money to their accounts through a bank transfer or credit card.

Uphold makes it easier for people to buy digital assets and lets them do it all in one order. Users don’t have to wait for funds to show up in their trading accounts before placing buy orders.

Supported currencies

Uphold supports a wide range of currencies in different asset classes: cryptocurrencies, fiat currencies, and precious metals.

Users can access more than 250 cryptocurrencies and stablecoins across a thousand trading pairs on the platform. The popular ones include:

• Bitcoin (BTC)
• Ethereum (ETH)
• Bitcoin Cash (BCH)
• Ripple (XRP)
• Basic Attention Token (BAT)
• Tether (USDT)
• Cardano (ADA)
• Dogecoin (DOGE)
• Polkadot (DOT)
• Avalanche (AVAX)
• Tron (TRX)
• Fantom (FTM)
• Polygon (MATIC)
• Litecoin (LTC)
• Stellar Lumens (XLM)

There are also a total of 27 national currencies available for trading on Uphold. The most popular ones include the following:

• Australian Dollar (AUD)
• British Pound (GPD)
• Euro (EUR)
• Canadian Dollar (CAD)
• Kiwi Dollar (NZD)
• Swiss Franc(CHF)
• Japanese Yen (JPY)
• U.S. Dollar (USD)

Users looking to gain exposure to precious metals can also find four assets on Uphold. They include:

• Gold
• Palladium
• Platinum
• Silver

Payment methods

Uphold supports several payment methods for users to fund their trading accounts. Users can use credit cards, debit cards, or bank transfers to buy or put money into cryptocurrencies that are supported. The platform also supports purchases via Apple Pay and Google Pay.

Regulation

Uphold is a regulated financial service platform committed to compliance. It has regulatory approval from the United States Treasury Department’s regulator, FinCEN. It is also regulated by the FCA in the United Kingdom.

The company works with licensed banking partners in the U.S. and follows global controls to stop money from being laundered. It also follows the Office of Foreign Assets Control (OFAC) regulations.

Also, Uphold follows the Payment Card Industry Data Security Standards (PCI-DSS) to keep track of cardholders’ information and prevent card fraud.

Proof-of-Reserves (PoR)

Proof-of-Reserves (PoR) is a way to show that an exchange has enough cash on hand to handle all withdrawal requests from customers at the same time. It shows that all assets in users’ accounts are fully backed up 1:1 by physical fiat or precious metal holdings in the company’s reserve.

Uphold has a very accessible and transparent proof-of-reserves system that is updated in real-time. The company asserts that it is always more than 100% reserved and does not loan out consumers’ money.

All assets and liabilities are available for public inspection. Customers can always verify where their money is through this method.

Supported countries

Uphold is available in about a hundred countries globally, including the U.S. and the U.K. It does not offer its products in 27 regions of the world, including:

• Anguilla
• Antarctica
• Armenia
• Azerbaijan
• Barbados
• Bouvet Island
• Cambodia
• Central African Republic
• Chad
• Cuba
• Eritrea
• Fiji
• French Southern Territories
• Guinea
• Heard and McDonald Islands
• Iran
• Lebanon
• Liberia
• Mali
• Mauritius
• North Korea
• Palau
• Samoa
• Sudan
• Syria
• S. Minor Outlying Islands
• Vanuatu

Uphold has also stopped opening new accounts for people in China, Egypt, India, Nigeria, and more than 70 other countries. So, customers in these places will only be able to get a limited number of the company’s products and services. They may also be required to close their accounts.

Security

Uphold prioritizes standard security measures to protect users’ assets. The company follows all of the rules and goes through regular audits to make sure it is doing so.

The company continually checks for vulnerabilities and evaluates both internal and external systems. It has a bug bounty program that gives users money if they find security flaws on the platform. Also, every employee adheres to the company’s established security standards.

Additionally, Uphold keeps up to 90% of users’ funds offline in cold storage. Users must also turn on two-factor authentication to protect their online accounts from hackers.

Customer support

The Help Center is the main means of contacting the Uphold support team. Users can send requests through the support page or send private messages to the company’s official Twitter account.

Keep your promises to answer requests in minutes and close tickets in a few days. However, the platform does not provide instant responses to requests.

Users can also look through a series of articles on different topics and the FAQs to find answers to common questions. There is also email support for cardholders. Users can contact [email protected] for all card-related issues, including theft or misplacement.

Customer Ratings

Uphold has gotten mixed reviews from users on the review platform Trustpilot. Many users liked the platform’s instant transfer service, how easy it was to use, and the card service. However, there were many complaints about how slow customer service was and how Uphold limited accounts.

However, the platform has received more positive reviews from app stores. Apple’s App Store rates the app at 4.6/5, while Google Play rates it at 4.7/5.

Fees

From what I can tell from the Uphold website, sending and receiving money between Uphold users is free of charge. Funding your account through a bank account, with bitcoin, or from another Uphold account is also free. Withdrawals are also free, but when you send money to an external cryptocurrency wallet, you’ll have to pay network fees.

However, note that Uphold is not a free platform, as spread fees apply whenever you trade. The spread is the price difference between the asset’s current market value and the amount you pay to buy or sell it. The cost is included in the buy and sell prices rather than being charged separately.

In the United Kingdom and the United States, the uphold spread on BTC and ETH is typically 0.8 to 1.2%. But in other parts of the world, the spread for major cryptocurrencies is typically around 1.8%. Keep in mind that the spreads can be higher during periods of market stress and when trading tokens with low liquidity. You can see a preview of the trade to make sure you know how much you will pay for it.

For precious metals, the spread is usually 2% over the bid-ask prices at the platform’s supplier. And for national currencies, the spread is typically 0.2% for the major ones like EUR, USD, and GBP.

Furthermore, a fee of 3.99% will apply if you fund your account with a credit or debit card. Also, Uphold charges a $0.99 fee on all transactions below $100, excluding transactions made using the Uphold Debit Card and automated transactions (recurring or limit orders).

How to create an account on Uphold

The signup process on Uphold is quite straightforward and will only take a few minutes, depending on the type of account. Go to the Uphold website and click on “sign up” to get started.

On the signup page, you will be required to indicate the type of account you want to create: an individual or business account. Business account creation involves more steps and documents than personal accounts and may take longer. For the individual account, you will need to fill in your country of residence and citizenship to get started.

If Uphold’s services are available in your area, you will be able to move forward with the registration. The process will require personal information like an email address, residential address, permanent address, date of birth, and phone number.

You must also go through an I.D. verification process to become a verified member. For this process, you’ll need a utility bill to prove where you live, a valid government-issued photo ID (like a driver’s license) to prove who you are, and a clear photo of you holding one of the required documents.

After completing the process, you will receive an auto-generated email with an activation link. Click on the link to verify your Uphold account.

Pros

Uphold is popular among users for several reasons. They include:

Pros of UpholdProsDescriptionUser-Friendly InterfaceUphold offers a very simple and intuitive platform with user-friendly designs. Users can easily find assets to trade and get full market data by navigating the platform. Both the website and the mobile app make it easy to get to all of the other products and features.Multi-Asset PlatformUphold supports the trading of multiple assets on its platform. Users can buy and sell crypto, precious metals, and national currencies all on a single platform.Cross-Asset TradingUphold does not require users to sell one asset before purchasing another. Users can easily trade between assets of different classes.Low Minimum DepositUphold has a minimum deposit of $10. Therefore, users looking to start trading or holding crypto assets on the platform can easily get started with its low minimum deposit.Reward Debit CardUphold users in the U.S. have access to a debit Mastercard. The card allows them to spend all supported assets seamlessly and also receive rewards. It is accepted at more than 50 million merchants and ATMs globally.Transparent Fee StructureUphold offers a transparent fee structure. There are no hidden fees added to its all-inclusive prices. What you see in the preview is what you will pay.No Deposit or Withdrawal FeeUphold does not charge deposit or withdrawal fees. However, crypto network fees will apply when you withdraw funds to external wallets.Fully Compliant with Regulatory RequirementsUphold has obtained all necessary regulatory approvals to operate. It also undergoes regular audits to ensure full compliance.

Cons

Despite its great features, Uphold lacks in a few areas. They include:

Cons of UpholdConsDescriptionLacks Advanced Trading Tools
Uphold facilitates only the basic buying and selling of assets. It does not offer advanced trading products and instruments.
Poor Customer Support
The customer support team is slow in attending to customers’ requests and resolving complaints.
Relatively Costly Spread Fees
Uphold uses an all-inclusive pricing system and does not charge separate trading fees. But spread fees can be high, especially when the market is busy or when trading low-liquidity tokens.
Registration Requires Personal Information
The trading account registration process requires personal information. This includes your date of birth, residential and permanent address, and phone number.
Security Concern
Uphold claims it has never been hacked. But users have said more than once that an authorized person got into their accounts and moved their assets, even though they had two-factor authentication turned on.

How Uphold compares to other Cryptocurrency exchanges

Several other companies are offering similar services to Uphold. This section will discuss how they compare to Uphold.

Uphold Vs. Crypto.com

Crypto.com is a well-known cryptocurrency exchange that lets people trade, invest, use wallets, DeFi, NFT, and more. The platform supports holding both crypto and fiat currencies in its accounts. It also offers credit cards with varying rewards.

Comparison between Uphold and Crypto.comSimilaritiesDifferencesBoth Uphold and Crypto.com offer extensive crypto selections.Uphold facilitates precious metals trading, which is not available on Crypto.com.Both platforms allow users to hold fiat currencies in their accounts.Uphold supports direct cross-asset trading, while Crypto.com requires users to sell off one asset before buying another.Both exchanges are available to U.S. users.Uphold offers a reward debit card, while Crypto.com offers a reward credit card.Both exchanges have mobile apps.Crypto.com offers more products and earning opportunities than Uphold.Crypto.com has a utility token allowing users to access more platform rewards, while Uphold has none.

Uphold Vs. Binance

Binance is the largest crypto exchange in the market by trade volume. It is also one of the most popular crypto platforms because it has tools, products for basic and advanced trading, and many ways to make money. Binance users enjoy some of the cheapest fees in the industry.

Comparison between Uphold and BinanceSimilaritiesDifferencesBoth Uphold and Binance facilitate fast and convenient crypto trades.Binance supports more crypto assets than Uphold.Both platforms offer debit cards.Uphold users can trade precious metals, while Binance users cannot.Both platforms allow users to stake cryptocurrencies for rewards.Uphold is available to U.S. users, while Binance offers a separate limited app to its U.S. users.Binance trading fees are more cost-effective than Uphold spreads.Binance has more responsive customer support than Uphold.Uphold mobile app is more user-friendly than Binance mobile app.

Uphold Vs. OKX

OKX is another notable cryptocurrency exchange that facilitates cryptocurrency trades and investments. It has a mobile app that is easy to use and gives both new and experienced traders access to many trading products and ways to make money. It also lets users learn more about the industry through its crypto academy, which has a lot of educational resources.

Comparison between Uphold and OKXSimilaritiesDifferencesBoth Uphold and OKX support a wide range of cryptocurrencies.Uphold supports forex trading, while OKX does not.Both platforms support multiple payment methods.Uphold spread is typically higher than OKX trading fees.Both platforms offer extensive articles and FAQs to educate users on different products and services.Uphold offers a debit card service, while OKX does not.Both platforms offer robust security measures.OKX has more product offerings than Uphold.OKX users can hold the platform’s utility token for rewards, while Uphold does not have a utility token.

FAQ

Is Uphold Legit?

Uphold is a safe and efficient platform for financial services that lets users trade between cryptocurrencies, national currencies, and precious metals without any problems. Users can also store their assets in its safe wallet. The platform is accessible on iOS, Android, and the web.

What is the Uphold app used for?

The Uphold app is used to trade, store, and transfer different assets. These include national currencies, precious metals, and cryptocurrencies.

Is it safe to keep crypto on Uphold?

Uphold employs adequate security measures to secure funds deposited in users’ accounts. The company keeps 90% of its funds in cold storage. To keep hackers from getting into their accounts, users must also set up two-factor authentication for withdrawals. Also, the company is regulated and registered with FinCEN as a money services business.

Additionally, the company makes efforts to be as transparent as possible. All of its reserves are openly published, so anyone can verify the assets’ backings. However, note that cryptocurrencies are largely unregulated. Thus, cryptocurrency investing comes with substantial risk. You can lose all your money buying and trading cryptocurrencies.

What is the minimum deposit for Uphold?

The minimum deposit required to start trading on Uphold is $10.

Verdict

Uphold is an excellent platform for trading diverse assets. On a single platform, users can quickly buy, sell, deposit, and take out national currencies, cryptocurrencies, and precious metals.

The platform is easy to use and has a low minimum deposit. Both new and experienced traders can take advantage of Uphold’s rich platform. It is accessible through its mobile app as well as the web version. However, it lacks advanced trading features and has limited earning opportunities.

Keep in mind that the platform does not charge fees to send and receive assets between users. Again, there are no bank wire costs, withdrawal fees, or deposit fees. The exchange also does not charge separate trading commissions. But spread fees apply to all trades and are part of the all-inclusive fee structure of the platform.

If the spread fees don’t bother you, the platform is good for people who want to trade multiple assets in a smooth way. The Uphold Mastercard can also be used by people in the United States who want an easy way to spend digital assets.

Please note that Bitcompare does not offer advisory or brokerage services. We also do not offer financial advice on potential investment opportunities. Therefore, carefully consider investment opportunities before deciding to invest your funds.