Are you a newbie scouring the web for ways to kickstart your cryptocurrency trade on Uphold? If yes, we have got you covered.
The landscape of the crypto market is evolving everyday and brimming with eclectic options to buy cryptocurrency. It could get incredibly overwhelming to narrow down the best places to buy cryptocurrency, particularly for newbies who have no idea where to begin.
If you are looking for an ideal crypto marketplace which offers you a variety of user-friendly tools and all the support you need to get started, Uphold is a perfect solution for you.
Scroll down to know all you need to learn about Uphold in our in-depth review below.
Uphold makes it simple to trade many assets by allowing you to open one account and trade a variety of instruments without having to convert in and out of cash.
It’s a cryptocurrency exchange that delivers flexible and powerful payment services to the worldwide bitcoin market.
Uphold offers other innovative products like the Uphold card, available for US users only, is a Mastercard debit card that permits the cardholders to spend anything from gold to cash to Bitcoin.
The mobile app is available on the Google Play Store and Apple App Store, so you can access your crypto wallet anywhere at anytime.
Upholds simple interface makes trading easy for beginners, but also appeals to more advanced traders that want access to a more diverse portfolio outside the crypto markets.
- 0% deposit and withdrawal fees and 0% trading commissions.
- ‘Anything-to-Anything’ trading applies trading between the different classes of assets seamlessly.
- Send money to friends and family instantly for free using any of Uphold’s supported assets.
- Newbie- friendly mobile/desktop apps enable users to master their trading activities
- It has a less organized education center than its competitors.
- Might not have obscure coins or lesser known cryptos
- Even though, it’s easier to use overall, there may be slight learning curve if you are used to other crypto exchanges.
What is Uphold?
Before we delve deeper into the features and comparative analysis of Uphold, let’s take a closer look at what Uphold is.
Uphold is an effortlessly flexible multi-asset platform which features a robust cryptocurrency exchange system, a forex trading application and a digital brokerage. It was initially launched in 2015 and since then, the leading system has expanded its service in more than 184 countries. It provides users with over 200 digital currencies and also allows its customers to exchange fiat currencies and metals. Moreover, stock trading is also accessible to users in regions outside the US and European territories.
This digital financial platform makes it convenient for users to transact multiple assets by allowing you to create a personal account and trade a wide range of instruments, without worrying about converting your currency back and forth.
Besides this, it also provides several advanced features like Uphold debit cards which are only accessible to US-based users. This master debit card allows the cardholders to freely spend on any asset, ranging from gold to bitcoin to cash.
Another incredible feature of the platform has to be its extension available on Google Play Store and Apple App Store. You can use the mobile application and gain access to your wallet anywhere at any given time.
It also boasts a user-friendly interface which makes it simple and convenient for beginners to carry out transactions. The platform is also enticing for experienced and skilled traders who require a diverse and broader portfolio.
Good, Bad, and Ugly of Uphold
Before you take the final plunge and open Uphold account, take a look at all the merits and demerits of Uphold:
● Quick account setup with low deposit fees
● Debit cards with rewards
● Enables fiat currencies and metal trading
● Access a wide variety of cryptocurrencies
● No deposit or withdrawal charges and 0 percent commission on transactions in most regions
● “Anything-to-Anything” transaction features enable you to seamlessly trade with a diverse variety of assets
● Transfer cash to your family and colleagues within a single click for free by using support assets on Uphold
● Beginner-friendly mobile and desktop extensions which help you to enhance your trading skills
● One of the only exchanges in the US where you can buy XRP.
● High fees for low-liquidity cryptos especially when the market is volatile
● No special discount offers for larger trades
● Equity trading is not available for US-based and European users
● Limited support features for customers
● Learning center is less organized as compared to the competitors
● Obscure coins and less popular crypto are not available
● Minor learning curve if you have been using to other crypto exchange platforms
● Staking and being able to earn passive income is no longer available but this is not just with Uphold. Exchanges in the US are being forced by the SEC to disable the staking feature at this time.
Uphold features a simple and efficient trading landscape which enables rapid transaction activities between a diverse variety of assets. For instance, users can conduct transaction activities between various cryptos including Bitcoin, Ethereum and use built-in features to switch and trade between cryptocurrencies for conventional stocks like Tesla or Apple. The top perks while swapping and trading your assets with stocks is you don’t have to worry about depositing flat currency for buying them.
As opposed to other platforms, Uphold doesn’t have any currency conversion restrictions when buying cryptocurrencies, valuable metals or other equities. Additionally, it also permits users to use their bank accounts and credit cards to purchase their preferred assets.
Uphold users can also use the payment channel to make immediate financial transactions to other wallets, anywhere in the world, free of cost.
In spite of the versatility of this multi-asset platform, the charges for low-liquidity currencies are extremely costly which might make it a poor choice for crypto experts.
- Users looking for an extremely easy to use trading interface
- Crypto investors looking to invest in major coins and tokens (currently lists 36)
- Those who are looking for a better way to trade precious metals
- Anyone interested in accessing traditional stocks and equities
Features of Uphold
Uphold has numerous features and products that make the exchanges site user-friendly. They include;
Customizable and intuitive tile desktop platforms
Consumers appreciate how it is easy to use and personalize your details on Uphold desktop platforms. Once your account is ready, you will be provided with your own desktop platform. You can then adjust the setup to fit your personal needs.
On your desktop tile, click any asset to access your preferred menu to choose your trading option.
New Auto Pilot Feature
Something we are excited to add in our Uphold review, they have introduced a new product within the network known as the Auto Pilot feature. The feature is designed to make it easier for you to buy your ideal cryptos daily, weekly, or monthly. Also, the product allows you to scheme your recurring transactions.
For instance, you could schedule a program to purchase $200 or $100 in Bitcoin monthly to coincide with your payday.
Instant money transfers
Instant cash transfers is another compelling feature that customers love. For example, if you want to send or receive money from your friends or family members, Upholds allows you to complete your transaction in a click of a button.
How is it done? By linking your account to the recipient’s account or via email. Additionally, this feature gives you the freedom to choose the type of currency you’d like to use. Many Uphold customers prefer this feature because it is absolutely free, whether transacting in Bitcoin or dollar.
Automatic Currency conversion
You can conveniently send money to your friends or family members using Uphold automatic currency conversion feature. Here is the procedure to follow? Choose what you like to send, e.g., ETFs or Bitcoin, and the recipient will receive it in the currency they prefer. It might be Euros or dollars or any other currency.
You can also use a QR code linked to the Uphold Exchange platform. For example, if you got US dollars in your account, the other person can send you ETFs or Bitcoin. When the transaction is initiated, it will be automatically converted to USD.
Uphold debit cards have multiplied the conveniences of its consumers. You can spend anything from cash to bitcoin using the card. This new crypto-linked debit also offers reward rates of up to 4 percent of the $XRP digital currency to all its customers. The card also offers you 1 percent cashback when you spend using local currencies and 2 percent cashback on cryptocurrencies.
As per the latest press on CryptoGlobe, the card doesn’t take any non-sterling transaction fees. Therefore, it is a perfect choice for travelers and overseas use.
Moreover, these debit cards are globally accepted by over 50 million merchants and ATMs.
Uphold Mobile App
Like the tile desktop platform, Uphold customers love mobile App. The App mirrors the desktop version of the platform, making “anything to anything” transfer easier. Uphold mobile app has the following unique features
- Two click exchange
- Comprehensive market data
- From and to interface
- Full desk functionality
Two click exchange
This feature permits quickly place your orders just like the web-based platform.
How to get started?
On the App, click the “Transact Tab” after that; select your preferred funding method. Options here can be cryptos, bank accounts, and credit or debit cards. Then select your payment method, after which you can start placing your transactions.
Comprehensive market data
According to the latest press shared by the Uphold on the business journal, Simon McLoughlin, Uphold is the fastest growing private company in the bay area. And the main reason for the rapid growth is that the company has built trust by publicly sharing the recent insights on crypto on its website. Uphold provides the latest and up to date market information to its customers. The market research is constantly updated and contains everything including crypto to valuable metals. In order to make calculations, data prices are typically measured to the fifth decimal point.
On every cryptocurrency trade that takes place on Uphold, the platform charges a spread fee. Uphold lists a bid-ask spread for every type of crypto available on the digital platform.
The bid charges are the price you get for selling a crypto and ask charges are the price you have to pay to purchase a crypto. Once you complete the transaction, Uphold will imply their spread fee according to the crypto’s quoted market.
For all those customers who want to trade Bitcoin and Ethereum, Uphold will apply a spread fee in the ranges between 0.8 percent to 1.2 percent along with the market value of the transaction.
Before you finalize your transaction, you can preview your transaction details where Uphold will display the spread fees. When you preview your transaction, the platform confirms the fees but doesn’t charge until you choose to follow through.
Typically, the platform imposes a higher spread fee on lower-liquidity cryptos like Ripple or Dogecoin. Uphold also imposes higher charges during market stress or in case of higher trading volumes. You can preview your entire transaction to verify the actual spread fee.
The fees criteria for other assets besides cryptocurrency includes:
● Precious metals: 3 percent along with bid-ask price
● Fiat currencies: 0.2 percent on major currencies
However, it is also important to note that the platform doesn’t impose any additional trading commissions on spread fees.
Is Uphold the right choice for you?
If you are an investor or trader who is looking forward to accessing an extensive range of tradable coin tokens on Uphold, it is a good choice for you. The digital platform has also garnered second position in the top 5 cryptocurrency applications and exchanges in 2023 due to its wide variety of cryptocurrencies.
Uphold is also a beginner-friendly platform which is easy to set up. The mobile application has received a rating of 4.6 from all the users around the world. You can begin your transactions as soon as you set up and link your account from a bank account. You don’t even have to wait for the funds to clear.
However, perhaps the major downsides of the platform is its high fees, particularly for low-volume cryptocurrencies. The application also charges an exorbitant amount when the markets are volatile. Besides this, if you are expecting any discounts or special offers on large transactions, Uphold imposes the same high percentage as a spread fee on all the transaction activities.
Getting started on the site is as easy, simple and direct. First, start by providing a working email address and choosing a strong password. Then, you will be required to answer a few questions about your locality. You’ll receive a notification to verify your email. After you are done, you can go ahead and create your account on hold Uphold and fill in your personal detail in less than two minutes.
See this guide showing how to invest on Uphold for more detailed instructions.
In the future, Uphold should consider improving in their customer service section. Presently, their customer service can only be contacted via email or Twitter account.
If you have any queries or concerns, you can send a message to the company inquiries desk through email@example.com. If your issue is not pressing or agent, you can contact them through firstname.lastname@example.org . You can also contact the company via their Twitter handle @AskUphold.
Uphold review overall takeaway
Overall, Uphold is a great choice for beginners who quickly want to kickstart their crypto trading and access an extensive range of digital currencies and precious metals. We would highly recommend it to all the customers looking for user-friendly features. However, investors who have diverse and larger portfolios may try other exchanges to make more frequent trades.
If you are looking to trade crypto and want a seamless and easy experience, check out Uphold today.
If you know others looking for a feature-rich crypto exchange that wants to learn more, send them to our Uphold review so they can get all their questions answered.
Frequently Asked Questions
Uphold Disclaimer: Assets available on Uphold are different per region. All investments and trading are risky and may result in the loss of capital. Cryptoassets are largely unregulated and are therefore not subject to protection