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Uphold is an online exchange and financial services platform that does much more than simply convert one coin for another. Its motto is ‘Anything to Anything’, meaning that users can convert any asset supported by the platform into any other supported asset instantly. Whether you wish to convert BTC to NANO or use DAI to buy Adobe stock, this is possible.
This online exchange launched in 2013 and was originally called Bitreserve. In 2015, it changed its name to Uphold and appointed Nike’s former CIO, Anthony Waston, as its new CEO. Today, it is regulated in a number of jurisdictions, including various US States. It also complies with Anti-Money Laundering (AML) and financial services standards set by countries across the globe.
Uphold states that it has over 6 million users worldwide and continues to grow at an impressive rate. Beyond offering exchange capabilities, the platform supports a number of other financial services, including money transfers, debit cards, business services, and personal investment tools.
In this detailed Uphold review, we will go through all the important features and tools offered by this forward-thinking provider. We will also cover important terms, including fees, Know Your Customer (KYC) requirements, and how to get in touch with customer support.
The short answer is, yes, Uphold is a safe and reliable cryptocurrency exchange and financial services platform. Throughout its services, it has implemented various industry best practises to protect its users and keep them secure. It upholds global AML controls and adheres to various safety rules set by numerous jurisdictions.
One of the rather unique features of Uphold is that it abides by the data and consumer protection laws in the EU, US, and even China. Moreover, it adheres to the payment card industry data security standards, or PCI-DSS, to reduce the risk of fraud.
Another reason to consider Uphold to be safe is that it works with over 30 international banks that have each carried out their own extensive due diligence before joining this platform.
Buying and selling cryptocurrencies and other supported assets on Uphold is very easy through a user-friendly interface. The entire process is completed in a matter of seconds and is very similar to the way you would expect any currency conversion to be carried out.
Moreover, Uphold offers API integration that allows you to connect to third-party tools and apps to help you automate your trading strategy. This is also available in-house, using the Automated Trading tool to buy or sell an asset over time and reduce the effects of price volatility.
How does Uphold compare to other exchanges?
Your capital is at risk
81% of retail CFD accounts lose money
72% of retail CFD accounts lose money
Uphold offers a free, web wallet where you can store a number of supported cryptocurrencies. As we’re writing this Uphold review, the platform offers wallets to store seven coins. These are:
The Uphold wallet is safe and reliable, protected by industry-standard measures designed to fend off any external threats. To ensure that you can always access your funds, even if you lose your password, Uphold keeps your private keys. Moreover, even though such wallets are considered to be hot storage devices that are generally riskier, the exchange keeps around 90% of all funds stored separately in cold storage devices.
With the Uphold wallet, you can do more than simply trade cryptocurrencies and other supported assets. The exchange allows you to buy and sell coins using fiat currencies as well as transfer funds and buy online.
In order to send cryptocurrency, all you need to do is:
Whilst cryptocurrency transfers are normally instantaneous, they may be delayed due to the network reaching capacity. Before completing the transfer, ensure that the receiving wallet supports the same coin that you are sending. If you send cryptocurrency to a wallet that does not support it, your funds may be lost.
To receive Bitcoin or any supported Altcoins into your Uphold wallet, simply follow these steps:
When receiving funds into your Uphold wallet there is very little for you to do, since the work is done by whoever is sending you the funds. The most important thing to keep in mind is to ensure that the wallet address you are providing supports the coin that you intend to receive.
In order to provide a safe and secure trading environment, Uphold requires that all users register and verify their account before depositing any funds. Whilst inconvenient, this process is designed to keep the platform, its users, and their money safe. Moreover, Uphold has designed a fast and user-friendly way to onboard new users.
Follow these simple steps to create your new Uphold account in minutes:
You will be required to verify your account before you can start trading. We will discuss how to complete this step shortly in this Uphold review.
When registering a new Uphold account, you’ll be automatically enrolled as a private individual. If you are registering a business account, click on ‘Business’ at the start of top of the sign up form.
Once you have registered a profile or an account, you can log into it by simply following these steps:
If you cannot remember your password, you can click on ‘Forgot password?’ to reset it.
You can verify your identity quickly and conveniently directly from your desktop computer or smartphone. Once you’re logged into your account, click on ‘Verify my identity’ and follow the on-screen instructions. You’ll be required to take photos of your ID document as well as a selfie holding the same document.
Once you have verified your Uphold account, you’re ready to start trading cryptocurrencies. In order to do this, you must first have some funds to use. There are a number of options available, including transferring cryptocurrencies into your Uphold wallets or depositing fiat currencies via cards or bank transfers.
If you are going to deposit fiat currencies in order to buy cryptocurrencies or other supported assets, you will need to do the following:
Uphold is designed to be user-friendly and intuitive. No matter your experience level, you can buy cryptocurrencies or any other supported asset in seconds. All you need to do is:
Converting cryptocurrencies back to fiat currency, or any other supported asset, is just as simple. All you need to do is follow the instructions laid out in the ‘How to Buy Digital Currency on Uphold’ section above. With fiat currency in your account, you can choose to either use it on another purchase or transfer it to one of your linked debit cards or bank accounts.
Uphold supports over 60 cryptocurrencies and continues to add new ones each month. Some of the most notable coins and tokens include:
The platform is available in almost every country in the world. As we’re writing this Uphold review, over 180 countries are listed in its supported list.
With the exception of the countries listed below, Uphold accepts users from all over the world.
You are not allowed to register an Uphold account if you reside in any of the following countries:
Uphold is an online exchange platform that operates as a business. As a result, it naturally charges fees for its services. However, unlike some of its competitors, it is honest and upfront about its costs.
The spread is the most common fee charged by the exchange platform. This is a percentage that is added onto the conversion rate. Whilst the spread varies greatly between assets, the typical cryptocurrency spread lies between 0.8% and 1.2%. Spreads for precious metals hover around 3% whereas Forex spreads are typically 0.2% for major currencies.
Uphold does not charge any deposit or withdrawal fees. It doesn’t charge commissions either, so what you see is what you get.
The fees we have listed above relate to personal transactions. Business accounts are subject to different fees based on volumes.
Uphold does not have a singular limit structure. Instead, it sets different limits for individual users based on their trading history, income declaration, and other factors. This system is considered to be one of the best ways to protect users and prevent money laundering.
Uphold supports a relatively small range of traditional payment methods. In most cases, your only two options are cards or bank transfers. Once you have opened an account, you’ll be able to choose your base currency and deposit funds using:
The platform also accepts payments via cryptocurrency through one of its supported wallets.
Uphold takes its security very seriously and has implemented a number of measures to protect itself and its users. Most of its security features are hidden from public view, however, users are able to activate two-factor authentication to safeguard their account.
You can get in touch with Uphold’s customer care team via live chat and email. Support is available throughout the day in English, and waiting times are normally very short. You can also check out the FAQ page to find instant answers to common queries.
Both Uphold and eToro offer a range of financial services that go beyond just buying and selling cryptocurrencies. Uphold is particularly convenient for users looking to invest in supported assets without any complications. eToro is great for investors looking to tap into advanced financial instruments and additional tools, such as CopyTrader.
CEX.io is a powerful cryptocurrency exchange platform that caters to both beginners and advanced users. It supports a broader range of cryptocurrencies than Uphold, but does not provide the facility to invest in stocks, Forex, and commodities.
Binance is one of the world’s largest cryptocurrency exchanges, supporting over a thousand coins and tokens. This is certainly the better platform to use to convert one cryptocurrency to another. However, if you’re looking to buy coins using fiat currency or use crypto to buy stocks, Uphold is definitely the better option.
Uphold is a powerful and versatile platform that lets you convert currencies and buy stocks and precious metals. It has already proven to be a successful exchange and boasts millions of users worldwide. Moreover, it is safe and user-friendly, ideal for a number of applications and trading strategies.
Yes, this platform adheres to a variety of international safety standards and holds operating licences issued by various authorities.
Yes, the exchange lets you deposit or withdraw in EUR through cards or bank transfers.
Yes, in line with the exchange’s policies, you must register and verify an account before you can place your first trade.
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