Uphold Review 2022

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Our Take 

Uphold is a  cryptocurrency platform offering users the ability to buy, sell, and  trade multiple assets. Designed for both novice and more advanced  cryptocurrency investors, Uphold gives users access to a suite of  financial products on a fairly straightforward and easy-to-use  platform.  

• Pros & Cons
• Key Takeaways
• Specifications

  Pros 

• Ability to buy and trade across asset classes
• Transparent fee structure

Cons 

• Limited number of cryptocurrencies
• No advanced trading features

• Pros Explained  
• Cons Explained  
• Introduction  
• Company Overview  
• Cryptocurrencies  
• Trade Experience  
• Fees  
• Security  
• Opening an Account  
• Customer Service  
• Customer Satisfaction  
• Account Management  
• Competition  
• Methodology  

Unlike traditional brokerage firms, cryptocurrency exchanges are not members of the Securities Investor Protection Corp. (SIPC).  Therefore, unless user terms specify otherwise, investors with  cryptocurrency assets commingled on a custodial cryptocurrency exchange  could potentially lose their funds as unsecured creditors.

• Ability to buy and trade across asset classes: Users can purchase cryptocurrency, U.S. equities, and precious metals on Uphold.
• Transparent fee structure: Uphold offers a transparent fee structure, so users won’t be caught off guard by unexpected costs.
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• Limited number of cryptocurrencies: Uphold supports close to 100 cryptocurrencies. Other leading exchanges offer more supported assets.
• No advanced trading features: Uphold lacks advanced charting and other features aimed at professional and active traders that some exchanges provide.
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Uphold is a cryptocurrency platform that offers a comprehensive range of  financial products and services. It allows users to purchase, sell, or  trade nearly 100 cryptocurrencies as well as other assets.  

Uphold is transparent about its fees. It has a slightly different fee  structure from many other crypto exchanges. There are no commissions,  deposit fees, or maker-taker fees. Instead, there are spread fees which  are basically a small premium you'll pay over the true market price that  allow Uphold to make money. With these spread fees, you might end up  paying a higher price than what you might see from competitors. Overall,  it could be a good choice for those looking to invest across different  asset classes under one platform.  

Investing in cryptocurrencies, Decentralized Finance (DeFi), and  other Initial Coin Offerings (ICOs) is highly risky and speculative, and  the markets can be extremely volatile. Consult with a qualified  professional before making any financial decisions. This article is not a  recommendation by Investopedia or the writer to invest in  cryptocurrencies nor can the accuracy or timeliness of the information  be guaranteed.

Founded in 2015, Uphold is an established crypto exchange that serves users in 184+ countries.  

Uphold offers a unique financial experience that sets it apart from  other crypto exchanges. In addition to giving users the option to buy  cryptocurrency, users can also purchase U.S. equities and precious  metals. The platform also allows you to trade across currencies, without  taking the extra step of converting your assets back to cash.  

In addition to a unique trading experience, Uphold offers a cashback  debit card that allows customers to make payments using assets they hold  on the platform. For instance, a user might choose to pay with crypto  or fiat currency.  

Uphold supports close to 100 cryptocurrencies, including Litecoin, Bitcoin, and Stellar Lumens. Uphold cur

rently has over 1.7 million users and over $2 .5 billion in its current financial reserve. 

Currently, Uphold nearly 100 currencies for users to buy, sell, and trade on its platform. Available cryptocurrencies include: 

• Bitcoin (BTC)
• Etherium (ETH)
• Litecoin (LTC)
• Ripple (XRP) 
• Chainlink (Link)
• Stellar Lumens (XLM)
• Iota (MIOTA)

Uphold offers a user-friendly trading experience, and customers can make  trades via its desktop platform or mobile apps, which are available  both on Android or iOS. The user interface is intuitive for those who  are new to making trades, which could make it a good option for those  just getting started with crypto.  

Unlike many competitors, Uphold offers the ability to trade within asset  classes, making this platform stand out. Users may also set up  recurring purchases using Uphold’s AutoPilot option, which uses dollar-cost averaging to help mitigate some of the volatility of trading in the  cryptocurrency market. However, this platform only offers one order  type: limit orders. Those looking for additional or more advanced order  types will want to look elsewhere. Furthermore, the platform doesn't  have advanced charting and other features that are often desired by some  traders. 

While Uphold offers 0% trading commissions, it charges spread fees for cryptocurrency purchases and sales that customers make on the  platform. These spread fees are relatively high and can range from 0.8%  to 1.2% for popular cryptocurrencies and go can go beyond this range for  lower liquidity cryptocurrencies. Uphold also indicates spread fees may  increase during times of market volatility. 

There are no withdrawal or deposit fees for personal accounts. Although,  crypto network fees might apply when withdrawing to an external wallet  as they would with any provider. 

While they of course can change with market conditions, Uphold charges the following spread fees on other asset classes: 

     Action Fee      Fiat currencies  0.2% spread fee    U.S. Equities  1% spread fee    Metals  3% spread fee    

Uphold offers industry-stand

ard security measures, including KYC verification and two-factor authentication. The majority of user funds  are held offline in cold storage, which is generally more secure than  storing funds online in hot wallets. This company also provides users  with basic guidance on security best practices and how to recognize and  avoid scams.  

In addition, Uphold employs a bug bounty program through Intigriti, a  third-party security company. Through this program, users can report  bugs that they’ve encountered when using Uphold.  

Uphold staff members are also required to undergo background checks and  participate in routine privacy training to help promote platform  security.  

Signing up for an Uphold account is simple. To start, click on the “Sign  Up” button in the upper right corner of the Uphold website. From there,  you’ll provide the following information during the initial sign-up  process: email address, password, country of residence, and nationality.  After that, further information is required to verify your identity  including uploading a government ID. 

Once you’ve submitted your information and read Uphold’s terms of  service, you’ll receive a verification email. After you’ve verified your  email address, you can begin using your account. 

Uphold doesn’t offer many options for customer service. Users can request help via a form on the Uphold website or reach out to the company through its Twitter account.  

Currently, Uphold doesn’t offer a live chat feature or a phone number  for users who need immediate help. It’s also unclear which ADA tools are  available to users needing additional assistance.  

Overall, Uphold receives poor marks from customers and has an average  2.1 out of 5-star rating across over 6,000 reviews on Trustpilot.  Multiple users mention issues related to communication and account  lockouts, as well as delays in authenticating profiles.  

Despite a large amount of negative feedback, some reviews of Uphold are  positive. Users who praise this exchange mention that they appreciate  its product offerings, the overall simplicity of the platform, and the  ability to earn crypto rewards. 

Uphold users can access their accounts via the company website or its  mobile apps. Once logged in, you can use the online dashboard or mobile  app to buy, sell, and trade assets; review your portfolio; and  more. However, given that Uphold offers few options for customer  support, users will likely be mostly on their own with managing their  accounts. 

The growth of the cryptocurrency market and the number of exchanges  available makes it difficult to know which platform is ideal for your  needs. Here’s a look at how Uphold compares to BlockFi, another popular  cryptocurrency exchange. 

Uphold and BlockFi both offer user-friendly platforms to buy, sell, and  trade crypto. However, there are some unique differences between the two  exchanges. 

• Uphold offers almost 100 cryptocurrencies available for trade, while BlockFi supports just 16 cryptocurrencies.
• BlockFi lets qualified borrowers take out loans backed by their crypto holdings, while Uphold doesn’t offer this option.
• Uphold offers a cryptocurrency rewards debit card for users, and BlockFi offers a cryptocurrency rewards credit card.
• Uphold lets users buy, sell, and trade across asset classes while BlockFi does not.
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Final Verdict  

Despite its wide selection of cryptocurrencies and advanced security  features, Uphold receives poor reviews from customers. Problems with  customer service and account lockouts make it a challenging platform for  some users. 

That said, Uphold’s unique features like multi-asset  trading and the ability to earn crypto rewards via the Uphold Card may  make it an attractive platform to certain users. However, it’s a good  idea to research different crypto exchanges and compare options before  you sign up.

Investopedia is dedicated to helping those interested in cryptocurrency  investing make informed and safe decisions. We are committed to  providing our readers with unbiased reviews of the top cryptocurrency exchanges for investors of all levels. 

Exchanges were reviewed on points including security, fees, number  of cryptocurrencies available, and more. We also considered if the  exchange is regulated by a proper agency or entirely decentralized. Our  full cryptocurrency exchange methodology, including the review process and weighted data points, is available for review.