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Halsey Minor, an American entrepreneur, established Uphold in 2014 as a trading platform for cryptocurrencies that is hosted in the cloud. Because the platform has licenses in both the United States and Europe, it is an ideal choice for use in conjunction with a cryptocurrency trading website that is subject to regulatory oversight. In our Uphold review, get all the details about this platform.
“Bitreserve” was the original name of the platform; however, in November 2014, the firm decided to rename itself and the site was relaunched under the name Uphold.
Since that time, the Uphold platform has provided a comprehensive trading environment for more than 90 cryptocurrencies and utility tokens, 27 fiat currencies, fifty US equities, foreign exchange trading, four precious metals, and other assets. It is meant to store assets rapidly, transmit payments to other users of Uphold who are situated in different parts of the globe, and convert currencies promptly.
Investors from all around the globe are drawn to the platform by what is perhaps its most interesting feature, which is its ability to automatically convert currencies. In addition, customers have the ability to utilize the site as a digital cryptocurrency wallet and trade different fiat currencies for cryptocurrencies like as Bitcoin, Litecoin, Ethereum, Bitcoin Cash, and so on. Let’s get into our Uphold review.
Uphold is now the very first firm in the history of the financial services industry to ever publicly reveal the current status of its reserve holdings in real time. At the moment, the services offered by Uphold are used by millions of active users who are located in more than 184 countries all over the globe.
The exchange provides a worldwide cryptocurrency market with a variety of one-of-a-kind financial services by combining a platform app model with a powerful payment connection mechanism.
The comprehensive Uphold payment solution shields its customers from the unpredictability of the cryptocurrency market by providing them with the ability to swiftly, securely, and economically change digital currency into traditional currencies such as dollars or euros.
Both English and Spanish versions of Uphold may be obtained. On the other hand, neither Russian nor Chinese have been included into the platform as of yet. The services may be investigated on a desktop computer, as well as in mobile versions for iOS or Android. In addition to this, the Uphold website claims that users who have established an account on the platform are granted access to seven more blockchain networks.
You can only keep track of the price of one asset at a time on the simple trading interface that Uphold provides. In contrast to this, other exchanges will normally provide you with a list of assets that may be sorted, along with their values, market caps, and percentage changes in price over the course of the last twenty-four hours.
Because of this Uphold is more of a platform for “buy and hold” investing than for active crypto traders, since it was not created for them. The software does not provide any sophisticated charting options, stop order functionality, or margin trading options.
Users may see a list of available cryptocurrencies by clicking the “Crypto” tab, after which they can choose a cryptocurrency to trade and complete the transaction. Uphold allows users to acquire cryptocurrency at no extra cost by transferring monies into their Uphold account using a connected bank account, wire transfer, or ACH transfer.
Users have the ability to exchange the supported cryptocurrencies that they deposit into their Uphold digital wallet for other assets that are accessible on the platform. These assets include a variety of other cryptocurrencies, equities, and precious metals.
Additionally, Uphold gives customers the option to set up recurrent transactions, which enables them to acquire cryptocurrency at predetermined intervals (such as weekly or monthly).
Customers have the ability to withdraw crypto assets by utilizing the withdraw option, which will transfer crypto to a connected digital wallet. However, customers will be charged fees for using the network. The Uphold mobile applications, which are available for both Android and Apple devices, provide users with an experience that is comparable to that of the web-based platform.
Users are able to monitor their portfolios, execute trades, and deposit or withdraw cash from their accounts using the mobile apps.
In order to create an account with Uphold, you will first be prompted to give a working email address and choose a password. After that, Uphold will give you a link to your email address so that you may validate your account. Following this step, Uphold will inquire about several aspects of your personal life, such as your complete name, address, and Social Security number.
After that, you may either deposit money in the form of fiat currency or cryptocurrency and start trading. However, before you may withdraw cash from your Uphold account or transfer money to other users, you will be required to authenticate your identity by uploading a photo of a photo identification card issued by the government. In order to fully verify your identity, in addition to providing evidence of residency (such a utility bill), you will be required to snap a live selfie of yourself.
Next in our Uphold review, here’s some of the best features of the platform.
Even for customers who have never had a brokerage account of any kind in the past, opening an account with Uphold is a rather straightforward process. To register, all they have to do is complete out a form with their email address, choose their location, and pick a robust password. And your account would be available for trading within a few minutes.
Uphold is the only company that provides this kind of function which is called AutoPilot. By scheduling recurrent transactions, it gives users the ability to automatically acquire their preferred cryptocurrencies on a daily, weekly, or monthly basis. Users may, for instance, set up a protocol to automatically purchase $100 worth of Bitcoin on the same day each month as they get their wage.
Customers are impressed with Uphold’s immediate transfer capability, which is another feature that is really convenient and attractive. By connecting to an existing account or email address, users have the ability to expeditiously transfer money to members of their immediate or extended social circle.
In addition, users are able to send money in any currency of their choosing using the quick transfer function of Uphold. Users may even send cryptocurrencies using this method, which is an extra benefit for users of the Uphold platform.
The icing on the cake is the fact that it is completely free of charge for users, regardless of whether they are exchanging US dollars or Bitcoins.
When a trader creates an account on Uphold, he will immediately receive his tile desktop platform. This platform can be further customized by the trader to meet his requirements by clicking on asset classes to access the following menu and selecting the trading option that most closely aligns with his preferences. This happens as soon as the trader creates his account.
Traders may fund their accounts and begin trading from the comfort of their own individualized PCs thanks to this option. To do this, a trader only has to click on the tile of the cryptocurrency they want to trade.
The next step is to fill their accounts with the currency or asset of their choice, which may be done straight from the customer’s credit card or bank account. Additionally, traders are able to fund their accounts with a currency even if they do not use that currency as their base currency.
For example, traders who primarily fund their accounts through a bank account in the US and then purchase euros, they can directly transfer euros from their bank account. The merchants won’t have to worry about converting their funds from USD to EUR anymore following this transfer.
Because of this, it is now easier and less expensive for traders to buy cryptocurrencies, foreign currencies, or precious metals without having to pay a significant conversion charge at each stage of the process.
The vast majority of the most significant cryptocurrency exchanges and precious metals markets call for its customers to carry out the order-placing procedure in a pair of sequential steps. This indicates that the user must first fund their account by making a purchase with their credit card or by transferring money from their bank account.
Once their account has been funded, the user must then convert their funds once more into the current equivalent value of the asset.
Users are able to acquire a broad variety of digital assets, foreign currencies, and even precious metals without waiting for their cash to clear into their trading accounts while using Uphold since the purchasing procedure is not nearly as complicated as it would be with other platforms.
The fact that Uphold supports more than a thousand different crypto transfer pairings makes the procedure of placing an order reasonably simple.
Users of the Uphold exchange have the ability to transfer money to anybody they want to in whatever of their chosen currencies they use thanks to a cutting-edge function made accessible by the platform. Users may send money in whichever currency is most convenient for them. It will be given to the recipient just what they need.
If person “A” delivers bitcoin to person “B” and “B” wants Euros, the Bitcoin will be immediately translated into Euros during the transfer process, and “B’s” wallet will be credited with the Euros. Similarly, consumers are able to provide the QR code that is connected with their linked bank account.
Before reaching the user’s wallet, any bitcoins that have been sent to them will have their value translated into US dollars automatically.
Other cutting-edge goods, like as Uphold’s Universal Gold tokens, are also available from the company, and they simplify and expand access to cryptocurrency investment. When it comes to investing in precious metals like gold, individuals are subject to a number of challenges.
These challenges may be avoided by using tokens known as Universal Gold (UPXAU). These negatives include a limited capacity to spend money, high liquidation margins, and significant storage fees.
Despite being able to be used with a debit card, a single UPXAU Token is equal to one troy ounce of pure gold that is stored in the Perth Mint, which is situated in Western Australia. The method will result in the token holders not having to pay any custody costs.
The fact that the tokens may be instantaneously converted into 27 different national currencies is one of the most exciting aspects of the UPXAU coin. Additionally, these tokens are simple to transport, and the gold that is underlying these tokens may also be physically sent to countries such as the United States and Australia.
The Uphold Card is a debit card that can be obtained through this broker. With this card, you may make purchases using fiat currency, cryptocurrencies, precious metals, or any other assets held in your account.
Because it is a Mastercard, you may use it anyplace that accepts Mastercard payments. Additionally, the card provides rewards in the form of cash back at a rate of 1% for spending in national currencies and crypto rewards at a rate of 2% for spending in cryptocurrencies.
There are certain downsides associated with using the Uphold Card. The most notable fees are the ones that cost you $9.95 to receive the card, another $9.95 if you ever need a new card and $2.50 to withdraw money from an ATM in the United States. However, the ability to spend either fiat currency or cryptocurrency held in your Uphold account is a welcome convenience.
Since there have been several instances of cryptocurrency exchanges being hacked in the past, using an exchange that can be relied on, is secure, and safe is an essential factor to take into account. Uphold incorporates a number of different security measures to guarantee the complete and utter protection of the customer’s cash while they are stored in the wallet.
A strong data encryption, routine audits, compliance with AML/CTF rules, two-factor authentication, and personnel background checks are all part of the security processes. According to the website, around ninety percent of the cash belonging to the customers are kept in a secure location.
In general, the presence of a number of different levels of protection is a strong sign that Uphold places a priority on security in order to develop into a reliable and risk-free trade. Since its inception in 2015, the Uphold wallet and mobile app have never been subjected to a breach or an attack of any kind.
This fact makes the point very clear. Customers should never leave their cryptocurrency on an exchange without first moving it to a trusted hardware wallet for storage purposes. Given that Uphold does not provide insurance, this is of much more significance.
A ticket system allows for the submission of questions and requests for assistance from customers in general. Uphold provides users with a selection of frequently asked questions, and users also have the option to explain the problem and attach any supporting evidence, such as screenshots, to the submission.
We emailed a question about the debit card, and we got a response within two business days, which is a decent amount of time for a huge cryptocurrency exchange to take to respond.
The Uphold cryptocurrency exchange does charge a trading cost as well as a withdrawal fee. This information can be found on the official website of Uphold. The Uphold exchange does not impose any trading commission fees on its customers for any transactions including trades, withdrawals, or deposits of monies.
However, residents of a select number of countries are required to pay a nominal fee in order to carry out certain activities, such as the transfer of funds from public wallets on various cryptocurrency networks to private wallets on those networks or to banks via payment services such as the Swift network.
It costs them a set rate of $3.99 to move fiat money (off-platform) through bank transfer. Additionally, third-party expenses may apply in certain circumstances, such as bank wire prices in certain geographical regions as blockchain network fees.
Withdrawals made to European banks using payment systems such as SEPA and withdrawals made to US banks through ACH are, on the other hand, completely free. The commissions charged to trade fiat currency, metals, and cryptocurrencies are all quite different from one another.
The transaction charge for platinum is the highest, at 3.95 percent, while the fee for USD, GBP, and EUR is the lowest, at 0.65 percent (XPT). In addition to this, Uphold applies a modest spread to the price of each cryptocurrency asset that is purchased by a consumer.
The following card use costs were discovered on the Uphold exchange, in accordance with the numerous evaluations of Uphold that are now accessible online:
The fact that the Uphold cryptocurrency exchange supports a total of 27 different fiat currencies, as stated on the company’s official website, provides the platform with a significant competitive edge when compared to other comparable cryptocurrency exchanges.
The vast majority of significant fiat-to-cryptocurrency exchanges do not support currencies other than the euro, the United States dollar, the British pound, and the Chinese yuan. In addition, Uphold enables trading in four other precious metals: gold (XAU), silver (XAG), platinum (XPT), and palladium (XPD).
Over one thousand different cryptocurrency trading pairs are supported by Uphold, in addition to more than ninety of the most prominent cryptocurrencies such as Bitcoin, Ethereum, Litecoin, Dash, Basic Attention Token, and LBA. Uphold is accessible around the world with the exception of Cuba, the Central African Republic, Iran, Libya, Somalia, Sudan, North Korea, and Syria.
Many specialists in digital assets agree that purchasing cryptocurrencies via Uphold is among the most secure methods available. Since it first opened its doors in 2014, Maintain has been able to uphold an outstanding reputation among its clients for its security. Because of the unusually large number of assets it provides, including gold and silver, the website is one of a kind.
This may be one of the reasons why the firm places such a high priority on maintaining its security. On the other hand, there have been some criticisms leveled against Uphold’s customer support throughout the course of its history. However, this aspect of the company looks to be improving, and the number of reported problems appears to have decreased dramatically over the course of the last year.
Even while the inclusion of stocks and metals in a cryptocurrency exchange could seem to be hard, the procedure of buying and selling across different assets is straightforward. A lightning-fast transaction option known as “Anything to Anything” is available via Uphold.
Entering the item you want to exchange, the quantity, and the asset you want to swap it for is as simple as entering the information into the appropriate fields. It’s as simple as that. The trading interface used by Uphold is user-friendly and straightforward to utilize, however some limit order types do need some prior knowledge.
You will discover some easy navigation to your portfolio, the current market pricing, as well as various third party applications on the left side of the screen. You may link your wallet to any of the applications, even though the vast majority of them are only useful for those living in the United States and Canada.
When you click the word “from,” you’ll be given the opportunity to add a credit or debit card to your account. Take into account that you may only pick either USD, EUR, or GBP as your currency.
After adding your card, you will be given the option to place either a market order or a limit order. The Uphold platform, generally, is intuitive and quite user-friendly, making it an excellent choice for novices. Buying things and engaging in trades takes very little time. One of its shortcomings, however, is that it is not possible to look for stocks according to criteria such as greatest gainers, industry type, etc.
The Brave web browser has selected Uphold as its official wallet service provider. Even though the Brave web browser has a wallet, you are unable to transmit your Basic Attention Tokens to a cryptocurrency address directly from the browser; instead, you must use third-party platforms like YouTube, Twitter, or Reddit in order to tip users.
You will need to join up and finish the registration process for an uphold account in order to free your BAT from the advertising rewards or earn tips as a publisher on one of the supported networks. In order to do any of these things, you will actually need to have an uphold account.
Uphold is an excellent cryptocurrency exchange that also provides users with access to a diverse range of other assets. Remember that you cannot link your Canadian bank accounts, thus the only method of payment available to you is to use either your credit or debit card.
However, this is of little consequence since the usage of a debit card does not incur any fees. You simply need to make sure that your bank supports the use of debit cards to acquire cryptocurrency.
It is possible for those who have a wide variety of investments to swiftly swap their assets using a feature known as the Anything to Anything fast trade option, which is a highly useful feature. Wealthsimple, on the other hand, may prove to be the superior choice for Canadians.
You are able to link your bank account, and in addition, all of the prices are shown in Canadian dollars. In addition to investing in US equities, you also have the option of purchasing exchange-traded funds (ETFs) based in Canada. Naturally, it is not possible to trade bitcoin for Apple shares in a matter of seconds.
Maintain is unquestionably useful in this regard. If you are interested in trading across various sorts of assets, Uphold is a wonderful alternative for you to consider. If the debit card is made available in Canada, then there will be an even stronger reason to utilize the site, provided that you are willing to put up with the enormous margins.
Not convinced Uphold is right for you? You might consider using another crypto exchange, such as:
Thanks for checking out our Uphold review!
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Yes, Uphold is a legitimate company for many reasons, including the fact that it is registered as a Money Services Business with the Financial Crimes Enforcement Network, that it is an EMD Agent of an Electronic Money Issuer that is regulated by the Financial Conduct Authority in the United Kingdom, and that it is registered as a Money Services Business with the Financial Transactions and Reports Analysis Centre of Canada. In addition, the site is used by in excess of 2 million individuals all around the globe.
Yes, Uphold is authorized to do business in Canada, and the Financial Transactions and Reports Analysis Centre of Canada has accepted its application for registration as a Money Services Business. On the other hand, it has not been submitted to the Ontario Securities Commission for registration.
Yes, Uphold provides users with the ability to keep their Bitcoin holdings in a wallet that is both secure and easy to use, and it also enables users to trade between other cryptocurrencies, national currencies, and precious metals. The Uphold wallet is accessible on the web in addition to being offered on mobile platforms like as iOS and Android.
When it comes to trading any and all of its assets, Uphold uses a spread. Uphold does not charge any fees for making deposits of any kind of asset, however it does charge fees for withdrawing assets. There is a cost of $2.99 in addition to gas expenses for cryptocurrency withdrawals, and there is a fee of $3.99 for bank transfers (additional fees may occur for geography or wire transfers).
It is determined by the information that the user is trying to find. On the other hand, Uphold allows users to trade cryptocurrencies, US stocks, precious metals, and national currencies, while Coinbase is only focused on cryptocurrencies.
Those who are interested in trading not just cryptocurrencies but also other assets will find that Uphold is a viable choice to consider. When it comes to financing transactions, this is also a handy choice since it eliminates the need to create a number of different accounts separately. Everything can be handled with the use of Uphold. It is even possible for you to get paid by your employer in any currency, connect with banks in 36 different countries, and send money to friends and family for free.