Uphold Review 2022

Quick Takeaways

• Uphold is available globally and supports 115 cryptocurrencies. Some of its more popular offerings are well-known in the crypto space – Ripple, Ethereum, Bitcoin, etc. However, they may not be the preferred choice for those on the lookout for emerging cryptocurrencies.
• Uphold doesn’t necessitate the asset to be converted into fiat first. This is partly why the entire exchange process is instant, smooth, and easy.
• The platform typically doesn’t charge any fee – upfront or withdrawal. They do, however, charge a spread for each transaction.

Getting started with Uphold

Opening an account on Uphold involves a simple three-step process, one of which involves two-factor authentication. The procedure is more or less the same for US and non-US residents, except for China residents, who’ll have to submit a government-issued identification number to complete the registration process.

Here’s a step-by-step overview of the process –

• Visit Uphold’s official website and click on ‘Get Started’.
• Next, sign up using your email address or GlobaliD. You’ll also need to state your citizenship and country of residence.
• Enter/choose the requested details – first and last name, state, territory, or province where you reside, username, and DOB. 
• A confirmation email will have been sent to your declared email address. Open it and click on ‘Get Started’ to proceed further.
• Here, enter your phone number that you want to be associated with your Uphold account.
• Now, download the Authy app on the device of your choice. Enter the same phone number you used before in the Authy app to receive a security code. Enter the code on the sign-up page to complete your registration.

Note – Read through the terms and conditions in detail before you sign up.

How Does Uphold Work?

• Uphold works like a regular bank. However, instead of just holding national currencies, it also holds cryptocurrencies. It allows users to deposit national currencies and purchase crypto that they can hold, transfer or trade.
• Since Uphold works in the financial service space, the exchange allows instant swaps and changes between crypto and other assets such as precious metals and stocks – their signature anything-to-anything transfer.
• Uphold serves as the exchange that helps facilitate transactions and charges a spread on them (the difference between the buying and selling price) to make money.

Who Should Choose Uphold?

Choosing Uphold should be a priority for those new to crypto and looking for a simple, non-complicated way to move funds and trade efficiently. Uphold also holds an allure for users looking at crypto as a way to do remittances and make payments for everyday use. 

Uphold can also be a safe haven for those who are only interested in holding digital assets in cryptocurrencies, precious metals, stocks, and even fiat currencies.

Uphold Features

Here’s a glimpse of a few Uphold features that might appeal to you  –

Anything-to-anything

With this feature, you can invest or trade assets directly, without multiple transfers, using a bank account, credit/debit card, or a cryptocurrency network with 0% commissions. You can also trade between assets of different classes with one step.

Auto-pilot feature 

This feature makes it easy for you to invest in your favorite assets. You can set up recurring transactions to buy Bitcoin, Ethereum, stocks, or any asset of your choice daily, weekly, or monthly.

Uphold Debit Card

Accepted at 50MM merchants and almost all ATMs across the world, the Uphold debit card (physical and virtual) allows you to spend any of your existing assets to make a purchase. You can also earn 1% cashback for every USD-sourced transaction and 2% back of the cryptocurrency used to buy a cryptocurrency.

Cryptionary

Uphold’s handy reference guide – Cryptionary – lists a few of the most common terms you may come across as you explore the world of cryptocurrencies.

Uphold Platform and Technology

Uphold works well on both web and mobile platforms. The following features of both platforms stood out for us – 

Desktop/Web Experience

• Beginner-friendly interface – With simple and clear directions, Uphold offers easy navigability and usage to the newest of users.
• Easy sign-up – You just need to enter your email address, decide on a password, answer a few personal questions, mostly about your location, and verify your email address. Creating and opening an account is quick, taking as little as 3 minutes.
• Customizable desktop platform – After you create an account, you’ll have access to your personal tile desktop platform. You can customize this platform as you see fit.

Mobile App Experience

• Easier management – The mobile application, available on both iOS and Android, makes it easier to manage your portfolio and conduct seamless transactions, especially when you are on the move.
• Two-click trading – Placing an order on the app is quick like in the desktop version and can be done within 30 seconds. All you need to do is click on the “Transact” tab, select your funding method, and place your transactions.
• Real-time market data – View updated data of all the assets available on the platform – cryptocurrencies to precious metals. Uphold calculates the price data to the fifth decimal, providing you with the most accurate calculations.

Technology

The technology Uphold utilizes for its anything-to-anything asset exchange is remarkable. It is the only exchange that does not force you to rely on USD or USDT before you can swap assets. 

Is Uphold Safe? 

Relatively, Uphold is safe. As a legal platform in the financial space, Uphold HQ Inc. must report to the IRS on all taxable transactions that happen on its platform. This element of oversight makes the crypto exchange platform safe and secure. 

In addition, Uphold holds more than 98% of its assets in cold storage, that is, on computers that are not connected to the internet. This takes control of assets away from the reach of hackers, even in the event of a security breach. 

Uphold also has a strict KYC rule that sees users submit email addresses and a government-issued ID and a contact number. Uphold accounts can also get under review with a breach of the KYC regulations. 

Cryptocurrencies Available On Uphold

Uphold supports 115 cryptocurrencies. A few of them are –

Depositing And Withdrawing Money

Uphold offers many ways to fund and/or withdraw your assets from their platform. You can view step-by-step instructions on how to fund your account with a credit/debit card or a bank account or using a wire transfer on its official website. Alternatively, you can also view similar directional instructions on how to withdraw funds. 

These directions are simple to follow and are often accompanied by supporting images or videos. Funding your Uphold account is typically an instant process while withdrawing the money can range from instantaneous to 1-2 business days.

Uphold Fees And Commissions

Uphold does not typically charge fees or commissions; instead, a spread varies depending on the cryptocurrency or fiat currency of choice.  The spread also varies, albeit slight, for US and non-US residents.

It does have a network fee that is charged when you withdraw to external crypto wallets. It may vary depending on network congestion.

Note – Since the spread can vary owing to many factors, we advise checking the rate on your preview page before confirming the transaction to avoid any surprises.

Uphold Bonus and Promotions

Uphold’s Referral Program gives you and your referee* the chance to receive US$20 worth of bitcoin in exchange. This program is available till the end of this month and is subject to terms and conditions.

Uphold has physical and virtual cards that give instant access to your assets and even offer cash-back. You will have to join a waitlist to be able to access the physical card.

Uphold Customer Service

The company has an extensive FAQ on the site; aside from this, there is email support. Uphold users can also get help and walkthroughs on Twitter. There is no live chat or phone support available. Hence, it is no surprise that many users do not find customer support at its best.