Uphold Review: A Comprehensive Crypto Trading Platform
by Team Cryptoradar
Updated: Nov 24, 2024
Founded in 2015, Uphold has developed into a well-rounded platform, offering access to over 300 digital assets. Known for its transparent, 100% reserve model, Uphold aims to provide a secure, user-friendly experience for both new and seasoned crypto traders. With an extensive selection of cryptocurrencies and added features like the Vault for assisted self-custody and the ability to earn interest on USD holdings in the U.S., Uphold stands out as a versatile option for today’s crypto users.
Key Features of Uphold
Extensive Crypto Selection
Uphold provides a broad range of cryptocurrencies, making it a valuable platform for discovering new tokens. With over 300 digital assets available, including new, fully researched tokens added regularly, users have a wide array of options to diversify their portfolios and explore emerging projects early.
Crypto-Linked Debit Card
Available in the UK, Uphold’s crypto-linked debit card allows users to spend their crypto and fiat seamlessly across the globe. This card offers real-time conversions, enabling users to tap into their crypto holdings or fiat balance on the go. This feature is ideal for those who wish to integrate crypto into their everyday spending without hassle.
Assisted Self-Custody - Uphold Vault
For users who prefer more control over their assets, Uphold offers the Vault, an assisted self-custody solution. The Vault enables users to secure and manage popular assets like Bitcoin, XRP, Cardano, and more, while still having the flexibility to trade instantly. This feature provides the best of both worlds, offering robust security alongside quick access to trading when needed - with added key recovery service.
Earn on USD Balances (U.S. Only)
In the U.S., Uphold offers users up to 4.9% APY on USD balances with the ability to withdraw anytime, with no lock-ups or monthly fees. This account option is ideal for those who want to grow their USD while keeping flexibility to trade and withdraw without restrictions.
User Experience and Interface
For any trader, an intuitive and accessible interface is essential, and Uphold delivers on both fronts. With a clean, easy-to-navigate design, users have access to real-time data, customizable dashboards, and a smooth trading process that reduces the learning curve for beginners.
Uphold’s mobile app, available for iOS and Android, mirrors the desktop experience, allowing users to monitor assets and trade on the go. However, some users have reported minor glitches during high-traffic periods, though Uphold regularly updates the app to improve stability.
Advanced Trading Tools and Unique Investment Options
Uphold supports more than just basic trading. For those seeking additional investment options, it offers thematic baskets—grouped collections of related cryptocurrencies, allowing users to diversify in one streamlined investment. The platform also includes advanced trading tools like cost averaging, helping users develop and maintain strategic trading patterns over time.
Fee Structure
Uphold operates on a spread-based model, which some users may find simpler than traditional commission fees but can still lead to variable costs, especially for high-frequency traders. Here’s a breakdown:
- Spreads: Ranging from 0.8% to 1.2% in the U.S. and Europe, with higher spreads for low-liquidity assets.
- Deposit/Withdrawal Fees: Debit/Credit card and Apple/Google Pay transactions incur a 3.99% fee.
- Small Trade Fee: A $0.99 fee is applied if the trade amount is below $500.
While the spread-based approach can be beneficial for casual traders, high-frequency traders may need to keep an eye on cumulative costs.
Security and Trustworthiness
Uphold places a high priority on security, using industry-standard encryption and two-factor authentication (2FA). As a 100% reserve platform, it guarantees that customer funds are always fully backed and available for withdrawal, enhancing both liquidity and user confidence.
Uphold’s assisted self-custody Vault adds an extra layer of control for users, allowing them to retain ownership of select assets while having the flexibility to trade quickly. This feature is especially valuable for users who prioritize security alongside the ease of accessing assets when needed.
Customer Support
Uphold offers several customer support channels, including email support, live chat, and a detailed help center with FAQs and guides. While the platform does not offer phone support, most users find these resources sufficient for addressing questions and resolving issues.
Pros and Cons of Using Uphold
To summarize, here are some standout pros and cons that users should consider when deciding if Uphold is the right platform:
| Pros | Cons |
|---|---|
| Wide Variety of Assets: Trade crypto, stocks, metals, and carbon credits in one place. | Higher Spreads on Some Assets: Spread-based model may add up for high-frequency trading. |
| User-Friendly Interface: Clean and accessible for both beginners and advanced traders. | Occasional App Glitches: Some users have reported app glitches during peak usage periods. |
| Strong Security Features: 100% reserve policy and assisted self-custody Vault for enhanced security. | No Phone Support: Limited to live chat and email, which may be slower for urgent issues. |
| Unique Debit Card: Enables seamless crypto and fiat spending for UK users. |
Is Uphold Right for You?
Whether Uphold is the best platform for you depends on your trading goals. If you’re looking for a flexible platform that offers more than just crypto, Uphold’s broad asset selection, intuitive interface, and added features like the Vault and crypto-linked debit card make it a standout option. However, frequent traders or those highly sensitive to trading fees might prefer a more traditional exchange.
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Frequently Asked Questions
What is Uphold?
Founded in 2015, Uphold started as a cryptocurrency exchange but has since expanded into a multi-asset platform, allowing users to trade not only crypto but also stocks, precious metals, and even environmental assets like carbon credits. Its user-friendly design and wide range of features have attracted millions of users worldwide, especially those looking for a versatile trading experience. Let’s explore what makes Uphold stand out.
Who is the Founder of Uphold?
Uphold was founded by Halsey Minor, an accomplished entrepreneur and technology innovator known for his pioneering work in the digital space. Originally established as Bitreserve in 2014, the company rebranded to Uphold in 2015 to better reflect its evolution into a comprehensive digital asset platform. Halsey Minor’s vision for Uphold was to create a secure and user-friendly environment for trading and managing a wide variety of assets, including cryptocurrencies, precious metals, and more. His extensive experience in the tech industry, including co-founding CNET, has been instrumental in shaping Uphold's innovative approach and growth in the digital asset market.
How Does Uphold Make Money?
Uphold operates on a spread-based fee model. Rather than charging a traditional transaction fee, it applies a spread on each trade, which varies by asset type. Additionally, Uphold may generate revenue from its debit card, which has transaction fees and benefits users with rewards.
What fees does Uphold charge?
Here’s a breakdown of the fee structure:
- Crypto Trades: Spreads generally range from 0.8% to 1.2% for major cryptocurrencies, but they may be higher for lower liquidity assets.
- Stock Trades: There is typically a 1% spread on all U.S. stocks.
- Precious Metals: The spreads for precious metals start at around 3%.
While this spread-based model can simplify the fee structure for casual traders, it may not be the most cost-effective option for high-frequency traders due to the potential accumulation of spreads over numerous transactions. Always check the specific spread for each trade before confirming to ensure you understand the costs involved.
Is Uphold a Scam?
No, Uphold is a legitimate platform with millions of users worldwide. While some negative reviews exist, especially regarding support delays, Uphold is recognized for its transparent reserve policy and has been operating for nearly a decade as a trusted platform. However, it’s always wise to conduct thorough research before investing with any financial platform.
Why Do Some Reviews Mention Account Problems?
Some users on forums like Reddit have expressed frustration over account reviews or delays in support. Uphold sometimes places accounts on hold due to regulatory compliance, fraud prevention, or identity verification processes. The platform is continually working to improve response times, but it’s important for users to ensure their accounts are fully verified to minimize such issues.
Is Uphold Safe to Use?
Yes, Uphold takes several measures to ensure user safety. It uses two-factor authentication (2FA), end-to-end encryption, and a transparent reserve policy, which means that user funds are fully backed and protected. However, as with any online platform, users should practice good security habits, such as using strong passwords and enabling all available security features.
Is Uphold a Reputable Exchange?
Uphold has been operating since 2015 and has established itself as a multi-asset trading platform. It is regulated in several jurisdictions and known for transparency, as it openly reports its reserves. While some users have reported delays with customer support, Uphold has millions of users and maintains a legitimate reputation within the industry.
