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Uphold Cryptocurrency Platform – July 2022 review

Introducing Uphold, a multi-currency wallet that supports cryptocurrency, fiat currency and even precious metals.

Uphold is a digital money platform where users can buy, convert and store a wide range of assets. Not only does this virtual support 8 popular cryptocurrencies, but you can also exchange more than 20 fiat currencies and 4 precious metals.

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27

Fiat currencies

125

Cryptocurrencies

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Details

Product Name Uphold Digital Money Platform
Fiat Currencies USD, GBP, AUD, EUR, CAD, CNY, JPY, SGD, INR, NZD & 10+ more
Cryptocurrencies BTC, ETH, XRP, BCH, EOS, LTC, ADA, XLM, TRX, NEO & 110+ more
Deposit Methods Bank transfer (ACH)
Trading Fee 0.65-3.65%
Deposit Fees Bank transfer: None
Bitcoin: None
Credit/debit card: 3.99%
Withdrawal Fees Cryptocurrency: $2.99 + coin fees
Bank transfer: $3.99
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

What is Uphold?

Uphold is a multi-asset digital money platform that offers financial services to the global market. The platform was founded in 2013, launched in 2015, and is based out of London, UK. It has offices all over the world. The platform is available in 184+ countries and carries over 80 different currencies (both fiat and crypto), as well as commodities.

The platform runs on the motif of being able to "trade anything for anything". Uphold is a platform for sending cross-border remittance payments while offering savings and investment tools to experienced traders.

Uphold provides multiple features, earning tools, and the ability to introduce third-party apps to a user's profile. It does carry additional fees for some features and operates on a spread for trading any of its digital assets.

  • If this is your first exchange: Uphold has an easy and quick registration process with an easy-to-navigate UI.
  • If you're switching exchanges: Uphold has an expansive list of digital assets that go beyond a simple cryptocurrency exchange.

Uphold pros and cons

Pros

  • Expansive list of digital assets
  • Available in 184+ countries
  • Intuitive UI

Cons

  • Limited customer service
  • Certain services are limited to geographical availability (debit card, bank transfers)
  • Hidden fees

Verdict: Is Uphold any good?

Uphold boasts a selection of cryptocurrencies, precious metals, equities and national currencies for its users to trade. The features it has introduced have expanded it beyond a simple exchange where users can trade between digital assets. These features enable the platform to be used for payment services, trading, taxes and much more. However, the large list of digital assets and features carries higher fees when compared to other exchanges. Overall, Uphold is a very strong exchange with a wide range of digital assets and features to choose from, but users should expect to pay slightly higher fees for the convenience.

What to know about Uphold

The main aspect of Uphold that users should familiarise themselves with is that Uphold operates on a spread for all its digital assets. This means there is a difference between the buy price and the selling price of each digital asset. The difference in the spread is how the platform makes a profit. Operating on a spread allows the exchange to offer zero deposit fees and minimal withdrawal fees for certain nations. However, Australians can only utilise credit/debit card deposits, which incur a 3.99% fee.

Uphold is constantly expanding its digital offerings and features. The exchange offers a staking option for its users, though you will have to join a waitlist. Another feature that separates it from other exchanges is the enabling of third-party integrations. These integrations enable users to add apps to their exchange profile for recording taxes, play-to-earn games, and other uses.

Finder ratings for Uphold

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Uphold supported cryptocurrencies

Uphold offers 100+ different cryptocurrencies for trading on its platform, including the most popular cryptos, Bitcoin and Ethereum. The only asset missing of note is Ethereum Classic (ETC).

Transferring fiat and cryptocurrency

Uphold offers multiple funding options for both fiat and cryptocurrency. If depositing via fiat, users have the option of depositing via bank transfer, debit or credit cards. When depositing via bank transfer, users are required to deposit in USD, EUR or GBP, which will then give the user the conversion price. Australian users cannot use this deposit method, and instead must use a debit/credit card. Transfer times vary by method.

Crypto deposits are a simple transfer from 1 wallet address to another. Additionally, users are able to make use of the Hyperledger network to deposit cryptocurrencies, utility tokens, national currencies, stablecoins or metals.

Uphold fees and costs

Fiat withdrawal and deposit fees

Users are able to deposit funds through either a bank transfer, debit or credit card, though this varies depending on the customer's region. There is a 4–5 business day cooling-off period for debit card deposits.

DepositWithdrawal
3.99%N/A

*Additional fees may apply for geographical regions and wire transfers.

Crypto withdrawal and deposit fees
DepositWithdrawal
$0$2.99 + gas fees*

What is it like to use Uphold?

Uphold has a straightforward layout, many users of the platform are people that use the Brave Browser, as Uphold is the automatic wallet for BAT rewards. Overall, it is an intuitive user experience.

Brave Rewards
Brave is a blockchain-based web browser with an emphasis on users' privacy. Uphold enables you to connect your Brave account and Uphold account so your BAT can be deposited directly to Uphold.

BraveRewards1

Uphold debit card
The Uphold debit Mastercard is a rewards-based payment card. Every time a user pays with their Uphold debit card, they receive a percentage of the payment back into their account. There is a waitlist and it's still limited as to which countries it is available in. Australians can join this waitlist to gain priority access to the card upon its global release.

BraveRewards2

API integration
API integration is a service that businesses can take advantage of for payment processing. API integration allows businesses the ability to receive payments in 1 form and convert it automatically for their own payments into another form, or multiple forms.

BraveRewards3

Cryptionary
Uphold has supplied a glossary on cryptocurrency for its users. The cryptionary page is a good tool for introducing new users to the products.

BraveRewards4

Affiliate program
Uphold has a generous affiliate referral program. Users who are approved for the affiliate program will qualify for 50% revenue share for their first 3 months and 30% after that initial period. The referred account must be from the US, UK or a number of other American nations, though it is unclear whether the referer must also be from these countries.

BraveRewards5

Does Uphold have good customer support?

Uphold has only a couple of options for customer support options. Users can visit the FAQ page which has a list of the most frequent issues that users have come across with their remedies. If a user wishes to speak directly to customer service, they can do so through the Uphold Contact Us form. The customer support is very responsive with an average time of around 15 minutes.

Support offeredWait times
Contact us formcheck15 mins
FAQ pagecheckInstant

List of services on Uphold

Trading on Uphold

Trading on Uphold uses a spread. The spread varies on each digital asset or currency, what they are being traded for, and the region they are being traded in.

Cryptocurrencies: In the US and Europe, cryptocurrencies operate on a spread from 0.8–1.2%. Outside of these regions, the spread is around 1.8%.
Precious Metals: Around 3%
Fiat Currencies: Around 0.2% for most major national currencies
US Equities: 1% but a small fee is added for trading outside market hours. Market hours are between 11.30pm – 6am AEDT on business days, which isn't ideal for Australian customers.

Mastercard debit/credit on Uphold

Uphold offers a Mastercard debit card for users. There is a physical and digital version of the card, and it carries a $9.95 processing fee. The card enables users to use any of their assets to make payments, but there are conversion fees for using a non-fiat currency. At this time, the card is only available in the US, but there are plans to expand the service globally.

BraveRewards6

Earning on Uphold

Uphold's staking protocol is still in its infancy. There are currently only 2 cryptocurrencies available for staking: Polkadot (10.5% APY) and Ethereum (4.25% APY). Cardano, Cosmos and Solana are listed as coming soon to the platform. However, there is currently a waitlist for staking, so not every user will be able to take advantage of it immediately.

Promotions on Uphold

Uphold runs an affiliate rewards program that users can sign up for. Users are rewarded with 50% revenue share for the first 3 months after successfully signing up to become an affiliate, and 30% after that. It is unclear whether Australian residents can capitalise on this promotion, however referred accounts must come from a limited list of nations, notably the UK and the US.

Uphold trust rating

Uphold has a strict KYC protocol in place, as well as requiring all of its users to add a 2-Factor Authentication security setting before allowing them to fund and trade on their registered accounts. Uphold holds 90% of its digital assets in cold storage and is audited quarterly to verify its solvency.

Past hacks

Uphold has been operating since 2015 and has not experienced any successful hacks to date.

Security audits

Uphold states it undergoes regular security audits and penetration testing, but has no specifics.

Insurance

Uphold has no insurance in place for users.

Signing up on Uphold

Step 1

To start the registration process, you can click the "Sign Up" tab in the top right of the homescreen.

BraveRewards7

Step 2

Users will be brought to a registration page where they will need to register an email account to Uphold. They will be sent a verification email with a link. They will then be asked to verify some brief personal information to attach to the account.

BraveRewards8

BraveRewards9

Step 3

You can now access your account. You will need to verify your ID before you will be allowed to fund your account and begin trading.

BraveRewards11

Step 4: KYC

Verifying your ID is straightforward. Uphold will display a link on your screen which you can either continue with on your phone through a provided QR code or a link sent via SMS. You will be required to submit a copy of your ID and a selfie. Once this process is complete, you're ready to start funding your account and begin trading.

Compare Uphold against other crypto platforms and exchanges

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Name Product Deposit methods Fiat Currencies Cryptocurrencies
Digital Surge Cryptocurrency Exchange
Bank transfer, Cryptocurrency, POLi, Osko, PayID
AUD

303
cryptocurrencies

Finder Exclusive: Receive $10 BTC on sign-up and verification.
An Australia-based exchange with a focus on simplicity that allows users to purchase a range of cryptocurrencies with AUD.
CoinSpot Cryptocurrency Exchange
Bank transfer, BPAY, Cash, Cryptocurrency, POLi, PayID
AUD

368
cryptocurrencies

CoinSpot lets you buy, sell and swap 100s of cryptos from its simple-to-use desktop or app trading accounts.
Swyftx Cryptocurrency Exchange
Bank transfer, Credit card, Cryptocurrency, Debit card, Osko, PayID
AUD, NZD

313
cryptocurrencies

Finder Exclusive: Receive $20 BTC on sign-up and verification.
Buy and sell a wide range of cryptocurrencies at competitive rates on this Australian exchange.
Disclaimer: Star ratings are only displayed for products with 10 or more reviews.
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Uphold frequently asked questions

Is Uphold better than Coinbase?

It depends on what the user is looking for. Uphold offers crypto, US equities, precious metals, and national currencies for trading, whereas Coinbase is focused on just cryptocurrency.

Does Uphold take a fee?

Uphold operates on a spread for trading all of its assets. There are no deposit fees for any asset on Uphold, but it does charge for withdrawals and debit/credit card transfers. There is a $2.99 fee (+ gas fees) for withdrawing crypto.

Is Uphold legit?

Yes, Uphold is a trustworthy exchange. It publishes a live broadcast of all its digital asset holdings, is audited quarterly, and imposes a strict KYC protocol, with every user being required to have a 2FA security measure in place.

What is Uphold used for?

Uphold is used for the frictionless foreign exchange of its over 80 different currencies (fiat and crypto) and commodities. Uphold provides cross-border remittance payments for its users.

Where is Uphold available?

Uphold is available to users in a long list of countries around the world, including the US. You can find a full list of supported countries on the Uphold website. However, residents from the following countries can't access Uphold's services:

  • Central African Republic
  • Cuba
  • Iran
  • Libya
  • North Korea
  • Somalia
  • Sudan
  • Syria

Can I make direct bank account deposits and withdrawals to and from Uphold?

To deposit from or withdraw to your bank account, you'll need to reside in one of the following countries: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Monaco, Netherlands, Norway, Poland, Portugal, Romania, San Marino, Slovakia, Slovenia, Spain, Sweden, Switzerland, the United States and the United Kingdom.

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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