Uphold is a multi-asset trading platform established in 2015, enabling users to buy, sell, and trade a diverse range of assets including cryptocurrencies, traditional fiat currencies, and precious metals. This review examines its security measures, fee structure, available features, and overall suitability for different types of investors.
The platform distinguishes itself through its transparent fee model and user-friendly interface. Instead of charging commissions or deposit fees, Uphold incorporates costs into the spread—a small premium over the market price. While this can sometimes result in slightly higher costs compared to major crypto exchanges, it offers a streamlined experience for those looking to manage various asset classes in one place.
Overview and Key Features
Uphold supports over 10 million users and offers more than 300 cryptocurrencies. It is available in over 150 countries, though certain features like the Uphold Card are limited to specific regions such as the UK. The platform is known for its ease of use, making it particularly appealing to beginners.
Key aspects of Uphold include:
- Support for cross-asset trading (e.g., crypto to gold, fiat to crypto)
- Crypto staking capabilities (excluding U.S.-based users)
- User-friendly account setup and mobile app
- Integration with bank accounts and cards for easy deposits
It is important to note that Uphold discontinued equities trading as of January 2023, which reduced its competitiveness for stock investors.
Fee Structure and Costs
Uphold employs a spread-based fee system rather than traditional trading commissions. The spread represents the difference between the buy and sell price of an asset and varies depending on market conditions and asset liquidity.
Typical spread fees on Uphold are:
- Cryptocurrencies: 0.9% to 1.2% per trade
- Precious metals: 1.9% to 2.95%
- Fiat currencies: Approximately 0.2% for major currencies
Deposit methods also incur varying fees:
- Debit/credit cards: 2.49% to 3.99%
- Google/Apple Pay: 2.49%
- Bank transfers (ACH/SEPA): Often free
- Wire transfers: Fees apply for transfers under $5,000
Crypto withdrawals are subject to standard network fees, which are paid to blockchain validators and not retained by Uphold.
Security and Regulation
Uphold prioritizes security through a multi-layered approach that includes encryption, two-factor authentication (2FA), and regular security audits. The platform is regulated by FinCEN in the United States and is registered with the FCA in the UK.
However, there have been user reports of unauthorized account access and stolen funds, some of which led to a class-action lawsuit. Many of these incidents appear linked to phishing attacks or fraudulent apps rather than breaches of Uphold’s internal security. Users are advised to enable 2FA and only download the official Uphold app from trusted sources.
Supported Assets and Trading Options
Uphold offers a wide selection of cryptocurrencies, including major tokens like Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and Cardano (ADA), as well as numerous altcoins and stablecoins. Users can also trade precious metals and various fiat currencies.
The platform supports automated dollar-cost averaging (DCA) through its "Autopilot" feature, allowing users to schedule recurring purchases. Additionally, eligible cryptocurrencies can be staked for rewards, though this feature is not available to U.S. residents.
User Experience and Interface
Uphold’s interface is designed for simplicity. Its customizable tile layout enables users to monitor assets and execute trades from a single dashboard. The mobile app retains full functionality and is available for iOS and Android devices.
Account registration is straightforward and typically takes under ten minutes, requiring email verification, identity confirmation, and linkage of a funding source.
Customer Support and Resources
Uphold provides support through a help center with FAQs and self-service articles. Users can submit support tickets or reach out via Twitter for assistance. The platform does not currently offer live chat or phone support, which has been a point of criticism among some users.
Frequently Asked Questions
Is Uphold safe to use for trading?
Uphold employs robust security protocols including encryption and two-factor authentication. While no platform is entirely risk-free, Uphold is considered secure for most users when best practices are followed.
What kinds of assets can I trade on Uphold?
You can trade cryptocurrencies, precious metals, and fiat currencies. The platform discontinued equities trading in early 2023.
Are there any hidden fees on Uphold?
Uphold is transparent about its fee structure. Costs are incorporated into the spread, which is displayed before trade execution. There are no hidden commissions or deposit fees for bank transfers.
Can I stake cryptocurrencies on Uphold?
Yes, staking is supported for numerous Proof-of-Stake assets, though this feature is not available to users based in the United States.
How does Uphold compare to other exchanges?
Uphold is best suited for beginners and those interested in multi-asset trading. It lacks advanced charting tools and order types, making it less ideal for active traders. 👉 Compare trading platforms
What should I do if I encounter issues with my account?
Start by visiting Uphold’s Support Center for self-help resources. If needed, you can submit a ticket or contact their team through official social media channels.
Final Verdict
Uphold serves as a versatile platform for investors looking to trade across multiple asset classes with a simple, intuitive interface. Its spread-based fee model is straightforward, and features like automated DCA and staking add value for long-term holders.
However, the lack of advanced trading tools and the discontinuation of equities trading may limit its appeal for more experienced investors. Those seeking deeper functionality may prefer specialized crypto exchanges. 👉 Explore advanced trading options
Ultimately, Uphold is a reliable choice for casual investors and beginners, though users should remain vigilant about security and carefully review fees before trading.