Uphold Website Review
- Uphold aims to be the all-in-one solution that can enable users to buy, sell or trade numerous cryptocurrencies or other types of assets such as equities or precious metals.
- Uphold stands out due to the fact that it offers a unique staking system where users can stake cryptocurrencies, help validate transactions, and secure the blockchain network, where they earn rewards in the process.
- The platform also offers a lot of educational content that can teach newcomers everything they need to know surrounding investments prior to them even beginning to make them.
- There's also an Uphold Card, which is a debit card that lets anyone pay with cash, cryptocurrencies, or precious metals directly with the assets on the account, and it's also a Mastercard, so it works anywhere where Mastercard is accepted, with benefits such as cashback on each purchase.
Uphold is an exchange platform that aims to offer a solution tailored toward a wide range of finance-oriented use cases.
It is a cloud-based cryptocurrency platform that is now licensed in both the United States as well as Europe and aims to simplify and streamline the procedure of trading cryptocurrencies and other types of assets.
The Uphold website aims to function as a virtual wallet that can hold both FIAT currencies as well as cryptocurrencies and is optimized for speed and efficiency.
There is a wide range of services available on Uphold, including a cryptocurrency exchange, access to environmental assets, limit orders, staking, and even a daily newsletter.
If investors have been on the hunt for a new cryptocurrency exchange that is fully licensed and safe to use, today, we will be going over one such option that is available.
We will be exploring everything you need to know surrounding the Uphold website, its functionality, and the overall experience of using the platform.
From the very moment that users visit the official Uphold website for the very first time, they are introduced to numerous offers through a slider bar, alongside numerous user-interface elements in the navigation bar and solid information about everything that's on offer.
We will be going over the navigation bar first, from the left to the right side of the screen, beginning with the logo.
On the left, there’s the Uphold logo in white, followed by numerous menu items, including:
- Get Started - Personal Trading, Business, API Integration, Security, Service Fees, Transparency, DCA Calculator, and Brave.
- Products - Cryptocurrencies, Environmental Assets, Limit Orders, Staking, and Daily Newsletter.
- Prices - Bitcoin Price, XRP Price, Ethereum Price, XDC Price, Cardano Price, Casper Price, BAT Price, Bitcoin Cash Price, Hedera Price, and Polkadot Price. Note that there is also a "View All" button available.
- Crypto - Buy Bitcoin, Buy XRP, Buy Ethereum, Buy Cardano, Buy Hedera, Buy Polkadot, Buy BAT, Buy Bitcoin Cash. Note that there is also a “View All” button available.
- Digital Wallets - Here, users can access a Bitcoin Wallet, XRP wallet, Ethereum Wallet, Litecoin Wallet, and Bitcoin Cash Wallet.
- Resources - This section features numerous resource types, including About, Careers, Legal, Contact Us, Blog, Press, News, Cryptionary, Apps, API Documentation, FAQ and Support, and Previous Newsletters.
The Log In button and the Sign Up Button.
Next, there is a two-tile slider menu. One section goes over the Altcoins, and the other goes over why Uphold is different.
This is followed by more information surrounding the platform, such as the fact that it has over 10 million users, over 210 listed cryptocurrencies, and that it is available in 150 countries.
As we scroll further down the page, each user is greeted with additional information about the exchange, such as the ability for them to trade between any asset with a single click, alongside an exclusive limit orders feature, where users can place a limit on the orders with no commitment or blocked funds.
Additionally, there is functionality surrounding automatic trading, where anyone can easily schedule regular transactions as a means of reducing the impact of price volatility, and there’s even an iOS and Android application that is dedicated.
The website goes over the transparent fees and low spreads, the ability to deposit and withdraw any asset with as little as €1, and the ability to put digital assets to work and get crypto rewards up to 25% through staking.
Then there's the list of the most popular cryptocurrencies, including BTC, XRP, ETH, DOGE, DOT, SOL, and a "See More" button.
The website then tells each visitor about the security and transparency due to the fact that it is registered with FinCEN (US), FCA (UK), and the Bank of Lithuania.
All of the transactions are also published in real-time and adhere to security standards, and the exchange claims it is fully reserved.
This is followed by an "In the News" section that goes over where Uphold has been featured, alongside an invitation for new visitors to Sign Up.
On the footer of the page, each user will find the Products, the Learn Section, the Company Section, the Help Section, and the Legal Section.
These are split as follows:
- Products - Personal, Business, Developers, Affiliate, and Limit Orders
- Learn - How to buy Bitcoin, How to buy XRP, How to buy XLM, How to buy Litecoin and How to buy Bitcoin Cash
- Company - About, We're Hiring, Press, Blog, and Security
- Help - FAQ & Support, Platform Status, Cryptionary and Services Fees
Then, there are social media pages, including Facebook, Twitter, Instagram, and Linkedin.
History of Uphold
Uphold was originally known as Bitreserve and was originally founded by Halsey Minor in 2013.
However, in 2015, the company was renamed, after which the former Chief Information Officer (CIO) at Nike, Anthony Watson, was appointed as the Chief Executive Officer (CEO).
Uphold originally even launched their own private beta program in May 2014.
In 2015, the company made a name for itself by essentially removing all fees surrounding money transfers for verified members, and later on, throughout July 2016, they introduced a new pricing structure.
The key functionality surrounding Uphold is the fact that it offers a website and application-based trading platform in which anyone can access over 210 cryptocurrencies and numerous precious metals such as gold and silver, gain access to stocks, and even trade FIAT currencies.
The main goal of this platform as a result of this is to be an all-in-one solution for any investor that aims to keep a diversified investment portfolio and access all of these markets from a single location.
Uphold’s Staking Program
Additionally, Uphold also has a staking program. All users have to do is create an account, select an asset, stake an amount, and get rewards up to 25%. There are numerous cryptocurrencies that can be staked on the platform, all of which feature a different estimated APY, such as Kava, Kusama, Polkadot, Cosmos, Mina, Band Protocol, and many others.
Uphold’s staking feature here works with blockchains that leverage the Proof Of Stake (PoS) consensus mechanism for the procedure of validating and processing transactions and creating new blocks in a blockchain.
What this means is that owners of a specific cryptocurrency can pledge their coins to a validator through Uphold and any of its partners and engage in this process.
Keep in mind, however, that The Annual Percentage Yield (APY) is essentially a representation of a projection of the total rewards each user can earn on a specific asset that is being staked, which also takes into account the effect of compounding for those rewards by letting them accumulate.
The Fees on Uphold
Uphold also offers users the option to fund their accounts for free when using a bank account, Bitcoin, or another Uphold account. However, if they use a credit card or debit card, the fee is 3.99%.
Uphold, however, is not a free platform and charges a spread every time a trade is made. There is a 0% withdrawal fee. However, there is a fee for the spread. There is also a $0.99 transaction fee on all transactions between assets where the amount transacted is under $100 in value. This rule, however, excludes transactions made using the Uphold Debit Card, the exchange of BAT from a Brave Browser-linked account to FIAT, or automated transactions.
The spread charged in the United States and in Europe is between 0.8 to 1.2% on BTC and ETH, while in other parts of the world, the spread will typically be around 1.8%.
Keep in mind, however, that spreads can be higher for low-liquidity cryptocurrencies, such as XRP, ZIL, OXT, UPT, DOGE, and others.
Another key feature that makes Uphold stand out is Automated Trading. This works through an API program, where developers, small business owners, and even financial experts have the ability to program their own bots, and these can then make trades automatically on their behalf when specific conditions are met. Furthermore, the platform also features integrations with third-party cryptocurrency wallets.
The Uphold Card
There's also the Uphold Card that promises 4% cashback on every transaction paid in the XRP cryptocurrency. The card offers 0% foreign transaction fees and gives users the ability to spend crypto directly from their wallet. There are also no annual fees. Another notable feature of this card, however, is the fact that it is integrated with Apple Pay and Google Pay, which means that users can just use their mobile devices to pay with the card. The virtual card can be activated for free. However, physical cards can also be requested and have a one-time shipping fee, typically at £9.95 or the equivalent amount in another FIAT currency. The time for expected delivery of the card is around 7 to 10 business days.
Pros and Cons of Uphold
- Dedicated mobile applications that are optimized to run on both the iOS as well as the Android operating system.
- Registered with FinCEN (US), FCA (UK), and the Bank of Lithuania.
- Ability to access cryptocurrency, equities, precious metals, and FIAT currencies.
- Over 210 cryptocurrencies are available for users across 150 countries.
- An identity verification procedure is a requirement.
- There is a hefty fee for deposits made with credit cards.
- Lacks specific trading features found in more advanced, pro-tier exchanges.
The Bottom Line
Uphold offers an exceptional lineup of cryptocurrencies alongside other types of assets for users to pick from. There is a fee structure dedicated to each asset type or class, and its staking mechanism opens the door for a lot more users or investors to get more comfortable with getting passive income out of their cryptocurrencies by leveraging blockchain technology in a different way.
While it is not a platform that's as popular as its competition, it does offer an appealing option for those who want to diversify their portfolio and go outside of just making cryptocurrency investments, and the mobile applications are well optimized and feature-packed which in turn enables anyone, from anywhere, to engage within these finance-related activities.
Frequently Asked Questions (FAQs)
When Was Uphold Founded?
Uphold was originally known as Bitreserve and was founded in 2013 before rebranding.
Does Uphold Offer Customer Support?
Uphold offers customer support in the form of an email as well as a frequently asked questions (FAQ) page.
What Products Does Uphold Offer?
Uphold offers Cryptocurrencies, Environmental Assets, Limit Orders, and Staking. There is also automated trading.
Does Uphold Offer a Digital Wallet?
Uphold offers a mobile wallet for both iOS as well as Android devices. This mobile wallet specifically allows anyone to access their investment portfolio from anywhere, and they can store cryptocurrencies. However, the system does not store any private keys, which means that users will need to enter their password every time prior to making a transaction.