Introduction: Are you tired of sifting through the sea of cryptocurrency exchanges, unsure of which one to trust? Look no further than our unbiased review of Uphold. We dive deep into the platform's features, security, and customer service to provide a comprehensive assessment. Discover whether Uphold's values of transparency and accessibility make it the right exchange for you. Keep reading to learn more.
Uphold is a London-based cryptocurrency exchange platform that offers its services across 184 countries. Uphold is licensed by both FinCEN and FCA which makes the platform available to American and British users.
Uphold Website
In terms of restricted countries, Uphold's does currently not allow users from countries including Argentina, Australia, Austria, Belgium, Germany, and the Netherlands.
The platform boasts a user-friendly interface that is easy to navigate making it ideal for beginner traders. Uphold offers over 300 cryptocurrencies making it a perfect choice for traders looking to invest in BTC, ETH, SOL, DOT, ADA, ATOM and a bunch of other tokens and coins.
Uphold has over ten million users and five million Android downloads. Uphold has a stellar rating of 4.7 stars based on 40,000 reviews indicating that its users are satisfied with its beginner friendly UX. Uphold also offers over 100% proof of reserves
Uphold App
Uphold KYC Requirements
Uphold is a cryptocurrency exchange that requires KYC verification for its users. The signup process is straightforward and only takes a minute to complete.
You just need to enter your email, password, country of residence, and citizenship to get started. Once you've registered, you'll need to complete the KYC verification process. The KYC verification process can be done as quickly as in a few hours but can take up to 24 hours to process.
Uphold signup process
Once you've completed KYC verification, you'll be able to access all of Uphold's features including buying and selling cryptocurrencies with fiat currencies. Uphold's interface is user-friendly and easy to navigate.
Uphold Products & Services
Uphold is a platform that focuses on offering a few services but doing so well. Uphold is a cryptocurrency and digital asset exchange that allows users to buy, sell, and hold a variety of cryptocurrencies and traditional currencies, as well as trade other assets like stocks, precious metals, and commodities.
Uphold supported cryptocurrencies
What really sets Uphold apart from its competitors is the simplicity of its interface. It is a great platform for beginners who wish to do basic things such as buying (recurring purchases are available) and staking.
Uphold also support for 15 stablecoins including BUSD, DAI, FRAX, GUSD, USDC, USDT, and more. This is great for users who want to avoid the volatility of traditional cryptocurrencies and park their assets in a more stable environment. Uphold also offers staking on 32 cryptocurrencies such as ATOM, MINA, DOT, FLR and AUDIO.
Uphold staking services
Another great feature of Uphold is its support for repeat purchases. This allows users to set up automatic purchases of their favorite cryptocurrencies at regular intervals, making it easier to invest in crypto over time.
Overall, Uphold is a great platform for beginners who want a simple and easy-to-use interface for trading and staking their favourite cryptocurrencies.
When it. comes to trading fees, Uphold charges a $0.99 USD fee for cryptocurrency transactions under $100 and a spread of 0.9-1.8% for trades above that. The spread in the US, EU, and UK is closer to 0.9%-1.2%.
While this may seem like a high fee compared to other exchanges, it's important to note that Uphold offers a unique feature: the ability to trade cryptocurrencies alongside traditional financial assets like stocks, ETFs, and commodities.
When compared to other exchanges, Uphold's fees fall somewhere in the middle. Binance, one of the largest crypto exchanges charges a maker and taker fee of 0.10% for spot trading.
While fees are an important factor to consider when choosing a crypto exchange, it's also important to consider other factors like security, user experience, and the variety of cryptocurrencies offered. Uphold's unique feature of allowing traders to trade both crypto and traditional financial assets may be worth the slightly higher fee for some traders.
Uphold currently supports deposits with three fiat currencies which are USD, EUR, and GBP. Users can make deposits using their debit/credit cards, bank transfers, SEPA transfers, and Faster Payments (FSP).
One of the standout features of Uphold is that all fiat bank transfers are free of charge. However, Uphold does charge a 3.99% deposit fee with credit cards and a 2.49% deposit fee with debit cards, so users should keep this in mind when choosing their deposit method.
Compared to other platforms, Uphold offers a good range of deposit options and supports multiple fiat currencies. However, some users may find the deposit fees for credit and debit cards to be higher than other platforms.
Uphold withdrawal methods and fees
Uphold offers a variety of fiat withdrawal methods including bank transfers (ACH/Wire), SEPA, and Faster Payments (FSP). Fiat withdrawals are completely free on Uphold making it a great option for those who want to avoid high withdrawal fees.
is Uphold safe?
Uphold prioritises user security with a multi-faceted approach combining sophisticated encryption, stringent personnel standards, and proactive threat monitoring.
One of Uphold's core security strategies involves the deployment of layered defences to limit the scope and depth of potential attacks, coupled with robust encryption methods.
These measures are consistently audited and tested by security professionals who conduct regular penetration testing to maintain the system's integrity.
Uphold's vigilance against potential threats is further evident in their 24/7 Security Operations Centre, which continually monitors systems and responds immediately to any detected threat.
They also run a public Bug Bounty Program, rewarding individuals who identify and report security vulnerabilities in their platform.
Uphold is PCI/DSS compliant which is a set of requirements developed by major payment card brands to ensure secure transactions.
Uphold has also developed numerous patent-pending and proprietary technologies, such as Reserveledger™ and Reservechain™, which are audited regularly by independent entities.
Uphold proof of reserves
These technologies enable users to verify Uphold's obligations, transaction flows, assets, and solvency in real time, adding an extra layer of transparency and trust.
In terms of compliance, Uphold is fully compliant with the Office of Foreign Assets Control (OFAC) regulations, the Bank Secrecy Act (BSA), and other necessary reporting requirements.
Furthermore, as a FinCEN Registered Money Services Business (MSB) in the United States and an EMD Agent of an Electronic Money Issuer regulated by the FCA in the United Kingdom, Uphold demonstrates its commitment to compliance.
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Author
Jack Moreau
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.
