Uphold helps to simplify your crypto transactions like never before. Let’s explore more about this platform.
The cryptocurrency market is expected to grow by over $1,800 million from 2022 to 2027. With this increase in market size, hundreds of new platforms and exchanges emerge in the crypto space.
So, it’s essential to choose a platform that offers:
✅ High Security
✅ Fast Transactions
✅ Low Fees
✅ Multiple Crypto Support
✅ Advanced Trading Options
✅ Active Customer Support
✅ Worldwide Service
Uphold is a popular choice among crypto users. Let’s learn more about this platform. Stay tuned!
What is Uphold?
Uphold is a digital money platform that offers financial services for multiple assets, including cryptocurrencies. Moreover, you can start depositing on this platform for as low as one US Dollar or pound.
Since its inception in 2015, Uphold has transacted worth more than $4 billion. In addition, you can use this platform to transact between two different assets using your preferred payment methods.
Uphold also supports various payment methods to deposit your fund. As a result, you can choose options such as wire transfers, credit or debit cards, private wallets, or US bank accounts.
Now let’s explore more about Uphold’s features.
Important Specifications of Uphold
#1. Cryptocurrency Support
Uphold allows you to transact over 250 cryptocurrencies with bank connectivity. For example, you can use this platform to buy, sell or trade stablecoins, meme coins, and other emerging crypto tokens.
If you are new to trading or investing, you can pick established cryptocurrencies like Bitcoin(BTC) or Ethereum(ETH). In contrast, experienced ones can choose more volatile crypto assets.
The major tokens Uphold offers include:
Stablecoins: Tether (USDT), USD Coin (USDC), Euro Coin (EUROC), Dai (DAI), and Gemini Dollar (GUSD).
Meme Coins: Dogecoin (DOGE) and Shiba Inu (SHIBA).
#2. Crypto Wallet Services
You can use Uphold inbuilt wallet if you don’t have a dedicated crypto wallet. To get this free wallet, you only need to create an account.
You can also buy and store your favorite cryptos directly in the Uphold wallet. Moreover, you can instantly transfer your cryptos to any other wallet.
How about generating crypto rewards from your assets stored in the wallet? You read that right! Uphold offers staking options for your cryptocurrencies.
You can use the staking option for popular cryptos like Cosmos (ATOM), Kusama (KSM), Polkadot (DOT), Near Protocol (NEAR), and many more. However, the staking rewards range from 0.25% to 16% annual percentage yield (APY).
At the time of writing, Cosmos (ATOM) and Kusama (KSM) provide the highest staking reward for Uphold users. You can stake these cryptos to earn a reward of 16% APY.
Uphold’s crypto exchange allows you to conduct seamless trading for supported cryptocurrencies. In addition, you can check the live market price and transaction charges before placing the trade.
Furthermore, the “Anything To Anything” feature helps trade between two asset classes. For example, you can buy Bitcoin(BTC) in exchange for fiat currencies such as US Dollar (USD), British Pound (GBP), Euro(EUR), and more.
If you’re a regular investor, you can also schedule your transactions. Suppose you like to invest in Ethereum(ETH) every month; you can set your preferred date and investment amount on Uphold.
Crypto traders also can place up to 50 trading orders without locking their funds. Moreover, you can manage your overall portfolio using your PC and mobile devices.
#4. Website and Mobile App Interface
One of the most impressive features of Uphold is its sleek user interface. As a result, its Android app has over 5 million downloads.
Crypto traders can buy and sell cryptocurrencies from their websites. Moreover, you can also use the mobile apps available on Google Play and App Store.
Furthermore, Uphold has developed the apps in such a way that it helps beginners from the crypto space. All you need is just a few taps on your screen.
#5. Security and Regulations
Uphold verifies the user’s identity to prevent illegal activities like anti-money laundering, anti-bribery, anti-corruption, and more. However, the verification process differs based on the government policies of that particular country.
Uphold is regulated by FinCen, and FCA in the USA and UK, respectively. Moreover, this platform is officially registered with FINTRAC in Canada.
While coming to security, you can secure your account using two-factor authentication (2FA). In addition, they have a 24/7 security monitoring system to detect and respond to potential threats.
Also, Uphold uses high-end encryption methods to safeguard users’ cryptocurrencies. Moreover, they conduct regular testing and auditing to ensure top-class security.
#6. Global Accessibility and Customer Support
As per their website, Uphold provides its service to over 180 countries. Moreover, this platform is available to users from almost all countries in North America, South America, and Europe.
The list of supported countries frequently changes based on government rules and regulations. For example, Uphold doesn’t offer services to countries like Anguilla, Chad, Fiji, Mauritius, etc.
What if you face any issues while using your Uphold account? Don’t worry; you can “submit a request” from their website or app.
To report an issue, you need to provide your registered email address. Then, choose your issue and describe it in a few sentences. Finally, upload attachments if available and submit your request.
The Uphold agent takes around 24 hours to respond to your request. Moreover, you can update your request if necessary via email or Uphold settings.
Uphold doesn’t loan out their customer money. For this reason, your money or crypto assets are always available whenever needed.
All users’ assets are reserved following government regulations. Moreover, the assets and liabilities get updated on their website in real-time.
At the time of writing, they maintain a reserve status of over 100%. Simply put, all their user’s assets are always available for withdrawal.
Overall, the total assets reserved are worth more than $1.8 billion. Also, Uphold has a total transaction of close to 120 million. Impressive, right?
#8. Fees and Pricing
Uphold charges fees for your cryptocurrency withdrawal, deposit, and trades. Also, their fees depend on the blockchain network fees, regional payment charges, regulatory charges, etc. For more information, visit more.
For example, the cryptocurrency deposit fee is zero for the USA and its territories. At the same time, the withdrawal fee varies based on the crypto’s network fee.
You can always view the final price before completing a trade. Moreover, Uphold always displays the total trade value on its trade preview.
This platform doesn’t charge any fees for wallet and account opening. In addition, you can fund your account for free using Bitcoin, a bank account, or other Uphold accounts.
Pros and Cons of Uphold
Multiple Assets to Trade: You can use Uphold to buy cryptocurrencies using fiat currencies or precious metals.
Multiple Funding Options: This platform allows you to fund your account using bank transfers, credit and debit cards, crypto wallets, and more.
Transparent Fee Structure: Here, you can review your crypto trade value, including fees, beforehand.
Fast Account Opening: Once you have the required documents, you can open an Uphold account within a few minutes.
Staking Feature: You can stake your cryptocurrencies to generate rewards in crypto tokens.
Low Minimum Deposit: You can start depositing as low as $1 on your Uphold account.
Transparency: All details of reserve assets are available on their platform 24/7.
No Trading Leverage: Uphold only allows you to trade for the amount available on your account. Unlike other exchanges, you won’t get any leverage or margin here.
Limited Chart Features: The Crypto chart available on this platform is basic. If you’re a trader, this chart will disappoint you.
Limited Cryptocurrencies: 250 crypto assets is a smaller number when compared to over 23,000 cryptocurrencies available in the market.
Do the cons mentioned above bother you? Don’t worry; we have shortlisted some substitutes for Uphold. Stay along!
Top Alternatives to Uphold
Are you looking for other platforms similar to Uphold? If so, we’ll suggest some good alternatives.
#1. Bittrex Global
Bittrex Global is a secured cryptocurrency asset exchange that supports 350+ crypto markets worldwide. Moreover, this exchange provides its service to more than 150 countries.
You can use this crypto exchange to trade Bitcoin(BTC), Ethereum(ETH), and other 250+ cryptocurrencies. Also, they safeguard your assets with the help of two-factor authentication and multiple layers of protection.
In addition, they provide inbuilt trading-based APIs for mobile users. You can install Bittrex Global’s app from Google Play or App Store.
Furthermore, you can also conduct lightning-fast crypto transactions from your PC or mobile devices. Also, you can analyze cryptos with the help of advanced charts and price tracking tools.
Changelly is a customer-centric crypto exchange with over 2 million monthly visitors. In addition, this exchange offers 24/7 live customer support to solve all user issues.
You can use this exchange to buy, sell, and trade 500+ crypto assets across 20 trading platforms. Moreover, Changelly is partnered with prominent names such as Binance, Exodus, Trezor, and many others.
This exchange doesn’t charge any hidden fees or charges. However, you need to pay a 0.25% commission fee and the blockchain network fees.
Changelly has its mobile app for Android and iOS users. You can use their app for high-speed transactions with the latest security features.
Founded in 2013, Coinmama is a user-friendly crypto exchange that supports multiple payment methods. You can buy your favorite cryptocurrency using a debit, credit card, or bank transfer.
In addition, you can also buy cryptocurrencies using popular fiat currencies such as USD, CAD, GBP, EUR, or AUD. Moreover, this exchange provides its services across 200 countries.
Coinmama has also increased its spending limit for buy orders. As a result, you can use SWIFT bank transfer to purchase cryptocurrencies worth $30,000 at a time.
Finally, this exchange lets you store your crypto assets in your preferred wallet. For example, you can choose paper, hardware, or software wallets accordingly.
With over 13 million users worldwide, Gate.io is one of the top 10 crypto exchanges. Moreover, this exchange has an average daily trading volume of more than $4.95 billion. That’s huge, right?
At the time of writing, this exchange operates in over 220 countries. Moreover, you can use their platform to trade 1,700+ cryptocurrencies.
You can also use this platform for tools that help to enhance your trading. Also, you can set price alerts using their mobile apps available for Android and iOS devices.
Gate.io also provides trading options such as spot trading, margin trading, copy trading, and more. Moreover, you can reach out to their customer care team 24/7.
Uphold offers its users to trade cryptos in exchange for multiple assets. Moreover, their user interface is designed for beginners and experienced traders.
Finally, there is no perfect crypto platform that satisfies all user requirements. Therefore Uphold also has a few cons. However, you can also choose from the other alternative platforms listed above.
Abhijith is a crypto and blockchain writer with a bachelor’s in electronics engineering. He loves to write crypto articles to educate and create awareness among his readers in an engaging way. Besides writing, he is interested in technical… read more
Rashmi has over 7 years of expertise in content management, SEO, and data research, making her a highly experienced professional. She has a solid academic background and has done her bachelor’s and master’s degree in computer applications…. read more