Uphold is a financial services and trading platform that offers various assets, including equities, national currencies, precious metals, and cryptocurrencies. The platform allows users to trade crypto assets with multiple asset classes without converting or withdrawing their balances.
In this Uphold review, we’ll look into all aspects of trading on the platform, including the fees, features, and possible issues, so you can decide if it’s the best choice for you.
Pros & Cons of Uphold
Pros
- Over 200 cryptocurrencies available for purchasing
- You can trade precious metals and equities as well as crypto
- Offers a prepaid debit card
- Several payment options are available, including bank transfers, debit, and credit cards.
Cons
- High crypto prices due to high spreads
- Equity trading is not available for US and Europe-based customers.
- High fees for withdrawals
About Uphold
Uphold is a trading platform for commodities and currencies. It was founded in 2014 and is available in over 180 countries. The platform has a unique ‘Anything-to-Anything’ feature that allows customers to easily trade between different asset classes.
Uphold isn’t a cryptocurrency exchange, and the platform’s crypto-related offerings are limited compared to more crypto-oriented platforms like Coinbase or Binance. Uphold trading fees are higher than most cryptocurrency exchanges, and the platform lacks some standard services crypto exchanges provide.
However, if you don’t want to deal with figuring out how to use a crypto exchange or want to use a single platform for all your trading activities, Uphold can be a decent choice. It’s a forex trading app, online brokerage, and crypto exchange rolled into one neat user-friendly interface.
On the other hand, it’s worth noting that the platform had close a partnership with now-bankrupt cryptocurrency lender Cred until 2020. The liquidation trust for Cred filed a lawsuit against Uphold in 2022, claiming that Uphold led customers to invest their money in Cred, despite being aware of the risky nature of Cred’s investments and regulatory concerns.
Crypto Coins Available on Uphold Crypto Exchange
Uphold supports over 200 digital currencies, including popular digital assets like:
- Bitcoin (BTC)
- Ethereum (ETH)
- Solana (SOL)
- Bitcoin Cash (BCH)
- Ripple (XRP)
- Aave (AAVE)
- Dogecoin (DOGE)
- Cardano (ADA)
- Polygon (MATIC)
- Polkadot (DOT)
- Tron (TRX)
- Shiba Inu (SHIB)
- Atom (ATOM)
- Algorand (ALGO)
- Avalanche (AVAX)
Fiat Currencies Supported on Uphold
Uphold supports over 30 fiat currencies, including USD, CAD, GBP, EUR, CNY, and JPY.
You can deposit to the platform via bank transfers, SEPA, ACH, or third-party payment apps like Apple Pay and Google Pay.
Uphold also supports Visa and Mastercard credit card and debit card purchases.
Countries Supported on Uphold
Uphold trading platform is available in over 180 countries. With such a wide number of countries supported, it is far easier to list the countries where access to Uphold is currently restricted. These countries include:
Antarctica, Armenia, Azerbaijan, Sudan, Syria, Mali, Mauritius, Liberia, Anguilla, Barbados, Bouvet Island, Central African Republic, Cambodia, Chad, Cuba, Eritrea, Fiji, French Southern Territories, Guinea, Heard and McDonald Islands, North Korea, Iran, Lebanon, Samoa, S. Minor Outlying Islands, Palau, and Vanuatu.
The platform no longer allows new customers to sign up if they are residents of the following countries:
Albania, American Samoa, Belarus, Bangladesh, Bosnia and Herzegovina, Bulgaria, China, Crimea, Croatia, Equatorial Guinea, Germany, Georgia, Haiti, Indonesia, Kenya, Libya, Myanmar, Netherlands, Russia, Serbia, Ukraine, Turkmenistan, Venezuela, and Vietnam.
There are also parts of the world that can only access some of Uphold’s features. For example, users in the UK cannot use the site to trade for certain cryptocurrencies, including Cosmos (ATOM) or Bitcoin Gold (BTG).
Equity trading is prohibited for all US-based users.
Uphold Trading Fees
Trading platforms like Uphold generally have higher fees compared to cryptocurrency exchanges. These platforms don’t advertise trading fees and, instead, charge a baked-in spread fee when you are purchasing crypto.
These fees aren’t advertised upfront, so you only see the total amount you have to pay when you’re on the purchasing page.
Crypto Trading Fees
When you use a regular cryptocurrency exchange like Coinbase or Kraken, you typically pay 0.10%-0.60% in trading fees for every trade.
With Uphold, the spread fee varies depending on the digital asset, your region, and asset volatility. Spread fees for major currencies like BTC and ETH are between 0.8% and 1.2% for US and Europe-based users, but you may have to pay more if the market is volatile or there is a liquidity crunch.
For customers based In other parts of the world, BTC and ETH spread fees can be as high as 1.8%.
The spread fees for less known or less liquid altcoins are generally higher. You may have to pay 3% to 5% in spread fees when trading altcoins.
Here is a comprehensive list of spread fees Uphold charges on various cryptocurrencies and other assets:
US and UK-based users also have to pay $1 for every transaction worth less than $100. The exceptions include recurring orders, transferring BAT tokens from your Brave account, and transactions made with an Uphold credit card.
Finally, you must also pay a price protection fee of around 0.75% every time you buy or convert between different assets.
Trading Fees for Equities and Precious Metals
You also must pay spread fees for trading equities and precious metals on the platform.
- Uphold lists bid-ask prices from the supplier for metal prices and adds a baked-in spread of around 3%.
- Spreads for national currencies are around 0.2%.
- Spreads for equities are around 1%.
Deposit and Withdrawal Fees
The minimum deposit amount is 10 dollars.
Bank transfers and Google Pay deposits are free of charge. Purchasing crypto via debit card costs a 2.49% fee. Purchasing with credit cards costs a 3.99% fee.
Depending on the third-party payment provider you use, you may also have to pay extra fees. Banks may charge you extra for wire transfers.
Uphold Card Fees
It’s worth also mentioning the expensive fees of the Uphold debit card. To start with, it costs $9.95 to buy the card and $9.95 to replace it. There’s also a $2.50 withdrawal fee whenever you use it at an ATM.
Luckily, there are no extra foreign transaction fees to worry about when using this card abroad.
Main Features of the Uphold Platform
Uphold provides many services traders can take advantage of. Let’s see some of the most notable features of Uphold in more detail.
All Your Assets in One Platform
Uphold offers great variety. The platform supports all the major-cap coins, such as Bitcoin and Ethereum, but also many popular altcoins, like Ripple, Solana, and Dogecoin. You can also find all the major stablecoins here, including Tether and USD Coin.
Aside from crypto, you can also use the platform to trade precious materials like gold, platinum, and silver. The platform offers markets for exchanging 37 national currencies, including USD, GBP, AUD, EUR, and CAD.
Finally, the platform allows non-US and non-Europe-based users to buy and exchange equities of popular public companies like Google, Tesla, Amazon, and Apple. You can purchase partial dividends from these companies for prices as low as 1 USD.
Anything-to-Anything Trades
One of the stand-out features of the platform is its anything-to-anything trades. That means you could exchange Bitcoin for gold or equity without first converting the gold into USD or another fiat currency. You can keep your entire investment portfolio on one platform.
However, when you consider the spreads baked into Uphold prices, the feature loses some of its attractiveness. It makes trading easier but charges handsomely for it. Overall, it’s a good feature if convenience beats competitive pricing in your books.
Instant Transfers
If you want to send money to another Uphold account holder, you can do so instantly with the platform’s Instant Transfers feature. Best of all, all 200+ currencies can be sent for free via the Instant Transfers feature.
Place Recurring and Limit Orders With Autopilot
If you’d like to complete the same cryptocurrency trades periodically, you can set up the Uphold Autopilot feature to do it for you. This feature can be set to buy a coin daily, weekly, or monthly. For example, you can schedule Autopilot to buy $50 worth of Ethereum (ETH) monthly.
This feature is also known as Dollar-cost averaging (DCA) Autopilot and helps you make regular investments. Since crypto is very volatile, many users check prices multiple times a day to see if they are making a profit or taking a loss. Using Dollar-cost averaging (DCA) Autopilot can be a good way to manage your portfolio without being glued to the screen for every decision.
Uphold Card
The Uphold Card is a crypto rewards debit card that allows you to pay for anything using your assets. It’s a Mastercard, so it can be used in most retailers. This means you can cover the cost of expenses using your crypto, precious metals, stocks, or any other asset classes.
You can earn 4% in XRP as crypto rewards when you use Uphold card for your purchases.
Educational Content
The platform also features a wealth of educational content, which is helpful for those new to crypto trading. The most valuable piece of educational content on offer is the cryptionary, a section that contains information on different types of coins and exchange features.
Uphold Crypto Wallet
Uphold offers a crypto wallet of its own where users can safely store and organize crypto assets.
Uphold exchange users can also open an XRP Ripple Wallet, specifically for storing XRP. From your Uphold Ripple Wallet, you can use XRP to send money to other accounts and also make payments to vendors. The Ripple Wallet can also be used to exchange XRP for local fiat currencies.
Staking And Rewards
Uphold users can earn passive income from their crypto holdings by staking their cryptocurrency. Staking means temporarily giving your crypto to Uphold in return for interest.
Uphold, investors can earn up to 13% in staking rewards when using this feature.
You can stake 30 different digital assets on the platform. Kava and ATOM offer the highest APY rates with 13% interest. Other prominent coins you can stake include Ethereum, Solana, Polygon, and Avalance.
How Easy Is It to Open an Uphold Account?
Opening an Uphold account is easy, and signing up for a personal account should only take a few minutes.
On the home page, click on the ‘sign up’ button. This will redirect you to the sign-up page, where you can select to sign up for either an individual or business account. A business account may take longer to register as more documents need to be verified for the business account creation.
Once you provide your e-mail and create a password, you will have to complete the Know Your Customer (KYC) section of the sign-up process. Here, you will have to provide one of the following:
- Passport
- Driver’s license
- National ID card.
You’ll also have to provide a clear photo of yourself holding up whichever of these documents you choose. Once you’ve completed this ID verification process, an activation link will be sent to your e-mail. Once you click on this, you’ll be able to trade multiple assets.
How Secure Is Uphold?
Uphold claims the platform is protected by several security measures, including 24/7 system overwatch, email, private key encryption, and two-factor authentication (2FA) for employees and users. The company enforces industry-standard security measures like cold storage for the 90% of crypto funds in their hold.
The company claims security experts regularly audit the platform for penetration testing and protection. There is also a bug bounty program for reporting bugs and vulnerabilities.
Has Uphold Ever Been Hacked?
Uphold e-mail service was compromised by hackers in 2018, and customers reported a similar hack in 2022. Uphold claims the wallets were not hacked, and customer funds weren’t stolen.
However, many users reported their funds were stolen from their accounts. It seems that the hackers emptied users’ XRP wallets.
Uphold hasn’t been very transparent or forthcoming regarding the stolen funds and how they were lost. A law firm has filed a class action complaint against the company in NY.
Several users reported their funds as missing, claiming Uphold had been negligent in its conduct. Many also complained customer service had ignored their complaints and reports. Uphold denies any responsibility for stolen funds.
Is Uphold a Regulated Exchange?
Uphold is registered by FinCEN (The Financial Crimes Enforcement Network). This bureau is the official regulator of the United States Treasury Department.
The platform is also regulated in other regions throughout the world. For example, in the UK – where it is known as Uphold Europe Limited – the platform is FCA (Financial Conduct Authority)-authorized.
However, please remember that even though Uphold is a registered service, it doesn’t mean the company is audited by independent auditors or regulators.
How Does Uphold Compare to Other Crypto Exchanges?
Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Uphold can be compared to other trading platforms like eToro or Robinhood. These platforms all support a wide variety of trading services and markets, including cryptocurrencies and stocks.
Please note that Uphold is a trading platform and not strictly a cryptocurrency exchange. If you’re looking for a platform that specializes in crypto, check out our exchange reviews.
Let’s see how Uphold compares to eToro and Robinhood.
Fees
Uphold applies around 1-2% spreads to crypto fees. Robinhood spreads are around 1%, and eToro charges %1 for all trades, plus there is a baked-in spread fee.
Features
While all three platforms allow you to trade stocks and cryptocurrencies, they have important differences. While Robinhood offers around 15 cryptocurrencies and eToro offers 40, Uphold supports up to 200 digital assets.
Robinhood lets you trade crypto for ETFs and stocks, while eToro lets you trade precious metals, stocks, and cryptocurrencies.
It’s also important that you can’t withdraw your digital assets from Robinhood (though the platform is working on a digital wallet that will allow you to do so in the future). eToro only allows you to withdraw a few cryptocurrencies, and you have to pay a 2.0% transfer fee to move your assets, which takes up to 5 days.
Uphold doesn’t allows US-based users to trade equities on the platform.
Security
Please note that none of these platforms have undergone an official audit by an independent auditor. The public has no way of knowing how they deal with customers’ funds without such an audit.
As a rule of thumb, don’t leave large sums of crypto in crypto exchanges or trading platforms. You may lose your savings if they declare bankruptcy, freezes withdrawals, or becomes inaccessible due to regulations.
Many trading platforms, including Voyager and Blockfi, have gone bankrupt recently, putting customers in a tough spot.
Does Uphold Have an App?
The Uphold mobile app is available for both iPhone and Android users. It’s available to download for free from the Google Play Store and the Apple Store and holds average reviews from both stores.
The app performs the same functions that the desktop version does. The interface is a replica of the desktop version. So, if you’ve already figured out how to navigate the interface, switching to the mobile version shouldn’t be too challenging.
Uphold Review: Final Thoughts
Uphold is a popular trading platform that operates in several countries. It allows users to trade cryptocurrencies, precious metals, and equities. The platform supports around 200 digital assets, including major coins like Bitcoin and Ethereum, and you can easily deposit and withdraw crypto at all times.
Unlike most other crypto exchanges, the platform doesn’t differentiate between maker and taker orders when it comes to fees. All users pay a baked-in spread fee when trading on the platform, which is more expensive compared to exchanges like Coinbase, Binance, and Kraken.
The platform is pretty easy to navigate and suitable for all traders. It generally has good reviews, but many customers have reported stolen cryptocurrency from their accounts. Uphold, of course, denies the platform has ever been hacked.
Uphold Comparisons
Uphold User Reviews
Review Summary
Recent Uphold Reviews
Uphold - Where to lose your money...
After less than a month of using my account, Uphold decided to suddenly close it, and also refused to give me the reason. However, I didn’t do anything extraordinary, just transferred Euros to the account and bought 3 cryptos. They sold everything at a loss (Just before these cryptos started to go very high!) and returned the money to my bank account – with almost €500 loss… not counting the big gains I made “missed” with the rise of these cryptos.
I was on vacation in the USA at the time. Maybe it was this change of country that started all this? If so, that’s absolutely stupid. I don’t have any problems with my Binance account.
So if you too want to lose your money, you know what to do…
(Originally written in French)