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Uphold is a multi-asset trading platform that combines the functionality of a cryptocurrency exchange, a forex trading app and an online brokerage. Offering over 200 digital currencies, users can trade fiat currencies and precious metals. Stock trading is available in certain limited regions outside the US and Europe. Despite Uphold’s versatility, the platform’s spread fees can be very high, making it unsuitable for active traders.
Strong Points
- Extensive range of cryptocurrencies available.
- Allows the trading of fiat currencies and precious metals.
- Low minimum deposit and fast account opening.
- Rewards debit card.
- There are no withdrawal or deposit fees in most regions.
Cons
- High spread fees, especially for less liquid cryptocurrencies.
- There are no volume discounts for bulk purchases.
- Stock trading is not available for US and European customers.
- Limited Customer Support.
commission
0.8% to 1.2% spread fee* for Bitcoin (BTC) and Ethereum (ETH)
number of cryptocurrencies
200+
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Who Should Use Uphold?
Uphold may be a good choice for cryptocurrency investors who want access to a wide variety of tradable coins and tokens. Conveniently, you can trade assets without first converting them to cash, such as exchanging Bitcoin directly for gold.
Uphold is easy to use and easy to set up. Once you create and fund your account from your bank account, you can start trading instantly without having to wait for your funds to clear.
Uphold’s biggest drawback is its high fees. This is especially true for cryptocurrencies with low trading volumes or when the market is volatile. They also do not offer discounts for large trades and charge the same high percentage of spreads for all trades, regardless of size.
Investors with larger portfolios and planning to trade crypto more frequently are advised to check out crypto exchanges such as Kraken, Binance, or Gemini.
Maintenance costs
Uphold charges spread fees on all cryptocurrency transactions. For each cryptocurrency that can be bought and sold on the platform, Uphold lists bid-ask spreads.
The bid price is the price you get to sell the cryptocurrency and the ask price is the price you have to pay to buy the cryptocurrency. If you wish to complete a trade, Uphold will charge a spread fee on top of the cryptocurrency’s quoted market price.
For clients looking to trade Bitcoin (BTC) or Ethereum (ETH), Uphold charges a spread fee of 0.8% to 1.2% of the market value of the trade.
Trades can be previewed. The Uphold platform displays spread commissions on buys and sells. When you preview your transaction, the platform locks in your fees. This doesn’t change when you consider whether or not to follow through.
Uphold typically charges higher spread fees for less liquid cryptos such as Ripple (XRP) and Dogecoin (DOGE). We also charge higher spread fees during periods of market stress or high trading volume. Previewing a transaction is the only way to see the actual spread fees you will pay at any given time.
For other non-crypto asset classes, Uphold typically charges the following spread fees:
- Precious metals: 3% of the bid/ask price
- Legal tender: 0.2% for major currencies
Upholds typically do not charge transaction fees on top of spread fees. When moving Tokens to an external crypto wallet, Uphold may charge to cover the cost of third-party transaction fees to complete the transaction.
maintain functionality
Multi-asset trading platform
In addition to cryptocurrencies, Uphold lets you buy various fiat currencies and precious metals such as gold, silver and platinum.
ease of use
Uphold’s signup process is quick and easy. Simply enter your basic personal information such as your email address, country of residence, and nationality. You’ll also need to verify your identity by uploading a valid government-issued photo ID, such as a driver’s license or passport. You can link your bank or debit card to make investments.
Another way Uphold saves time is by allowing one-step payments. Other platforms require you to deposit cash into your account before trading, so you have to wait for the funds to arrive before you can start. With Uphold, you can purchase instantly using your linked payment method.
safety
Security is an important feature for top cryptocurrency exchanges. Uphold limits attacks using advanced encryption and defense in depth. They claim that he monitors threats to the system 24/7 and responds quickly and regularly. They also state that they host regular audits and penetration tests.
Uphold employees and third-party vendors are required to conduct due diligence and background checks. Finally, Uphold runs a bug bounty program where you can report and get paid for any system vulnerabilities you find.
Individual users can protect their accounts with two-factor authentication while Uphold verifies their identity before allowing funds to be traded or withdrawn. These are standard security measures to keep your account safe.
Staking reward
Some cryptocurrencies work by having investors issue tokens to help validate and run the blockchain. This is a system called staking. Doing this will lock your cryptocurrency for a period of time in exchange for earning more tokens as a reward.
Uphold allows users to bet eligible cryptocurrencies on their platform’s portfolio. Ethereum, Tezos (XTZ) and Solana (SOL) are some of the coins available for staking.
The amount you earn depends on the cryptocurrency and the Annual Yield (APY) is up to 25%. However, ciphers that offer higher APY tend to be less stable. For example, a user can earn up to 7% on her Ethereum.
Different cryptocurrencies may have different minimum amounts to start staking.
debit card
Uphold offers the Mastercard Crypto Rewards debit card. You can use this card to spend cryptocurrencies, precious metals, currencies or other investments in your account.
Get 1% cash back in your home currency and 2% cash back in cryptocurrencies with this card.
Cryptocurrencies available on Uphold
Uphold currently allows trading in over 200 cryptocurrencies, including major tokens, emerging tokens and stablecoins. Some of the options are:
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Ripple (XRP)
- Ethereum (ETH)
- Cardano (ADA)
- Dogecoin (DOGE)
- dash (DASH)
- Ios (Ios)
- Chain link (LINK)
- Litecoin (LTC)
- Solana (SOL)
For a complete list of cryptocurrencies that Uphold supports, please visit Uphold’s crypto page.
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