10/17/2022 | Forbes

Uphold Review 2022

Uphold Review 2022

Who Should Use Uphold?

Uphold could be a good choice for cryptocurrency investors who want access to a large variety of tradable coins and tokens. The platform also lets you trade precious metals and foreign exchange (forex). Conveniently, you can trade assets without converting to cash first, like swapping your Bitcoin directly for gold.

Uphold is user-friendly and easy to set up. You can make trades immediately once you create and fund your account from a bank account, with no need to wait for the funds to clear.

Uphold’s biggest drawback is high fees, especially for lower-volume cryptos and at times when markets are volatile. They also do not offer discounts for larger trades, charging the same high percentage as a spread on all trades, regardless of size.

Investors with larger portfolios and who plan on making more frequent crypto trades may want to check out crypto exchanges like Kraken, Binance or Gemini.

Uphold Fees

Uphold charges a spread fee on every cryptocurrency trade. For each crypto available to buy or sell on the platform, Uphold will list a bid-ask spread.

The bid price is what you would get for selling a crypto, while the ask price is what you would need to pay to buy a crypto. If you’d like to complete the transaction, Uphold will charge their spread fee on top of the crypto’s quoted market price.

For customers looking to trade Bitcoin (BTC) or Ethereum (ETH), Uphold charges a spread fee of between 0.8% and 1.2% of the market value of a trade.

You may preview a trade, and the Uphold platform will display the spread fee it will charge to buy or sell. When you preview a transaction, the platform locks in the fee, which won’t change as you consider whether to follow through (or not).

Uphold typically charges a higher spread fee for lower-liquidity cryptos like Ripple (XRP) or Dogecoin (DOGE). They also charge higher spread fees during periods of market stress or high trading volumes. Previewing a transaction is the only way to see the actual spread fee you’ll pay at any given moment.

For other asset classes besides cryptocurrency, Uphold typically charge the following spread fees:

Precious metals: 3% on top of the bid-ask price
Fiat currencies: 0.2% for major currencies
Uphold typically does not charge any trading commissions on top of spread fees. If you move tokens to an external crypto wallet, Uphold may charge you to cover the cost of the third-party transaction fees to complete the transaction.

Uphold Features

Multiasset Trading Platform

Besides cryptocurrencies, Uphold allows you to buy into various fiat currencies and precious metals like gold, silver and platinum.

Ease of Use

The Uphold signup process is quick and easy; you just need to enter your basic personal information like email, country of residence, and nationality. You will 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 a 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 must wait for the money to arrive before getting started. With Uphold, you make the purchase immediately using the linked payment method.

Security

Security is a crucial feature for any top cryptocurrency exchange. Uphold uses sophisticated encryption and layered defences to limit attacks. They monitor their system 24/7 for threats, which they claim to respond to promptly—and regularly. They also say that they host regular audits and penetration tests.

Uphold employees and third-party vendors must go through due diligence and background checks. Lastly, Uphold runs a bug bounty program, where if people find a system vulnerability, they can report it for payment.

As an individual user, you can secure your account with two-factor verification while Uphold verifies your identity before allowing you to trade or withdraw funds. These are the standard security measures to keep your account safe.

Staking Rewards

Some cryptocurrencies function by having investors put up their tokens to help verify and run the blockchain, a system known as staking. When you do so, you lock up your cryptocurrency for a set period of time in exchange for earning more tokens as a reward.

Uphold allows users to stake eligible cryptocurrencies in their portfolio on their platform. Ethereum, Tezos (XTZ) and Solana (SOL) are a few of the coins available for staking.

The amount you earn depends on the cryptocurrency, with annual percentage yields (APYs) up to 25%. However, cryptos that offer higher APYs tend to be less stable. Users can earn up to 7% on their Ethereum, for instance.

Each cryptocurrency may require different minimum amounts to start staking.

Debit Card

Uphold offers a Mastercard crypto rewards debit card. You can use this card to spend the cryptocurrencies, precious metals, currencies or other investments in your account.

When spending on this card, you get 1% cash back on national currencies and 2% on cryptocurrencies.

Cryptocurrencies Available on Uphold

Uphold currently allows the trading of more than 200 cryptocurrencies, including major tokens, emerging tokens and stablecoins. Some of the options include:

Bitcoin (BTC)
Bitcoin Cash (BCH)
Ripple (XRP)
Ethereum (ETH)
Cardano (ADA)
Dogecoin (DOGE)
Dash (DASH)
EOS (EOS)
Chainlink (LINK)
Litecoin (LTC)
Solana (SOL)
Visit Uphold’s crypto page for a complete list of cryptocurrencies supported by Uphold.