Uphold Pros and Cons: A Comprehensive Review

Uphold review 2022 buy Bitcoin btc and Ethereum eth easy and fast
Unique Uphold Features:
  • Superior Liquidity: Uphold is connected to 26 underlying platforms to provide the best prices and liquidity.
  • Broad Range of Tokens: Uphold lists over 250 cryptoassets. Also, they introduce many significant new tokens.
  • User-friendly UI: Uphold has a simple interface and a unique ‘anything-to-anything’ trading capability, such as Bitcoin to ETH.
  • Transparency and Reserves: Uphold publishes its asset and liability details in real-time on their website, updated every 30 seconds. Additionally, Uphold is 100% reserved, ensuring users’ funds remain safely.

No Financial Advice, Information only. Do your own research

What is Uphold?

Uphold was founded in 2013 under the name Bitreserve by Halsey Minor. In 2015 they rebranded to Uphold.

Nowadays, Uphold offers trading in cryptocurrencies, stocks, commodities, currency, and metals.

One unique feature by Uphold is trading Anything for anything. They allow users to trade between assets i.e BTC to XRP (no other platform offers this and it saves users on fees). 

Trade Equities and Precious Metals on UpHold

UpHold offers trading with equities and precious metals on the exchange platform.

Here, can US citizens buy Ripple XRP Cryptocurrency?

Uphold is one of the few places where customers from the USA can buy and trade Ripple XRP cryptocurrency.

Uphold crypto exchange debit card deposit for ZERO fees

Uphold is the only place where you can make debit card deposits with ZERO fees. The transfer is ree and direct funding from a debit card or bak transfer.

Also, no conversion is needed even if you pay with a currency that is not a base one in your location. 

Uphold Pros and Cons

Uphold Pros:

  • Wide range of supported assets: Uphold supports over 250 cryptocurrencies, as well as precious metals, stocks, and national currencies.
  • User-friendly interface: Uphold has an easy-to-use interface suitable for beginners and experienced investors.
  • Competitive fees: Uphold’s fees are competitive with other crypto exchanges.
  • Variety of deposit and withdrawal methods: Uphold supports a variety of deposit and withdrawal methods, including bank transfers, credit/debit cards, and e-wallets.
  • Good security track record: Uphold has a good track record of security and has never been hacked.

Uphold Cons:

  • Limited trading features: Uphold does not offer some of the more advanced trading features available on other exchanges, such as margin trading and stop-loss orders.
  • Slow customer support: Uphold’s customer support has been known to be slow and unresponsive.
  • Hidden fees: Uphold has been criticized for its hidden fees, such as spreads and network fees.
  • Not available in all countries: Uphold is not available in all countries.

Uphold Trading Fees

Uphold offers trading with cryptocurrencies, fiat currencies, metals, stocks and more for 0% trading fees.

However, they charge a spread fee and these fees are relatively high.

Cryptocurrencies Spread

In the U.S. and Europe, Uphold charges a spread around between 0.8 to 1.2% on BTC and ETH.

In other parts of the world, Uphold charges a spread on BTC and ETH is around 1.8%.

Note: Spreads can be significantly higher for low-liquidity cryptos and tokens including XRP, ZIL, OXT, UPT, DOGE and others. Check rates at Preview before you trade.

Precious metals spread

Uphold charges a spread around 3% on top of the bid-ask prices.

Fiat currencies Spread

Uphold charges a spread around 0.2% between major national currencies such as EUR, USD, and GBP.

U.S. Equities

Uphold charges a spread around 1.0% within market hours.

For trading outside market hours, they add a small spread based on the stock’s volatility. 

Uphold Master Debit Card Pros and Cons

Pros with Uphold debit card

  • Possible to buy directly with crypto
  • 2% cashback on crypto purchases
  • 1% cash back on purchases with fiat currency
  • Physical and virtual cards are available

Cons with Uphold card

  • Be careful with the 2% cashback on crypto since Uphold market fees as free, but the exchange rate is terrible instead (Uphold earns money on a large spread here)
  • Still waiting list for many users (Not available in the US)

Uphold KYC Verification

Uphold KYC verification process is an easy, two-minute process. 

To verify your identity, you must:

  • Hold a valid government-issued photo ID with minimum 3 months to expire (Passport, National ID card, or Driver’s license).
  • Be ready to take a live selfie and photos of your ID (digital copies are not accepted and will fail causing you delay).

Uphold Staking and Earning

Uphold has a staking feature for Proof Of Stake (PoS) cryptocurrencies.

With this Uphold feature, you can earn a passive income and generate yield on your crypto holdings.

Uphold Trading products

Uphold offers several different categories of trading products

  • Cryptocurrencies (104 cryptos)
  • Stablecoins (10 stablecoins)
  • Precious metals (5 markets)
  • Fiat currencies (27 markets)
  • U.S. Equities (50 markets)
  • Environmental Assets (Carbon credit token, Bitcoin Zero)

Uphold Supported and Excluded Countries

Uphold has quite an extensive list of countries they don’t serve and countries they used to serve but have limited their features now.

“Terms Apply. Cryptoassets are highly volatile. Your capital is at risk. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment, and there’s no safety net if things go south. The Uphold Card is issued by Optimus Cards UK Limited, a principal member of Mastercard and fully authorized by the FCA.”