Uphold is a cryptocurrency exchange platform that allows users to easily buy, sell, and trade crypto assets, precious metals, and fiat currencies. This Uphold review provides an in-depth look at their features, fees, security, and more to help you decide if it’s the right platform for you.
Uphold Review: The Pros and Cons
Uphold offers some great features like easy account setup, good crypto selection, and cross-asset trading. However, it also has some downsides when it comes to fees, discontinued offerings, and lack of advanced trading tools.
|Good selection of cryptocurrencies
|Confusing variable spreads result in high fees
|Discontinued equity trading
|Supports crypto staking
|No advanced trading features
|Easy account setup
|No volume discounts
|Crypto debit card
Uphold uses a variable spread fee model rather than fixed percentage fees like most exchanges. Spreads currently range from 0.9-1.2% for crypto and 2% for precious metals, generally higher than competitors. There are no deposit, withdrawal, or commission fees.
Uphold utilizes encryption, multi-layered defenses, bug bounties, and more. Users can enable 2FA for added security. However, some users have reported unauthorized access even with 2FA enabled. There is an ongoing lawsuit regarding security issues.
Uphold Verification Process
The signup process takes less than 10 minutes. Users need to provide personal info and ID verification. Overall the process is quick and straightforward.
Uphold Customer Service
Uphold offers customer support via a support center with FAQs and request forms. However, they lack options like live chat and phone support. Response times have received some negative feedback.
Uphold User Experience
The interface is easy to use with a clean, simple layout. The customizable dashboard makes accessing assets convenient. Beginner-friendly but lacks features for advanced traders.
Available Tokens on Uphold
Uphold supports over 250 cryptocurrencies, including major tokens like BTC, ETH, XRP, as well as smaller-cap projects. Fiat currency and precious metals are also available. Does not have a native token.
Regulatory Compliance and Legal Status
Registered as a Money Services Business with FinCEN in the US. EMD Agent regulated by the FCA in the UK. Complies with KYC and AML regulations.
Liquidity and Volume
As an older exchange, Uphold sees decent trading volumes however, liquidity varies across assets. Smaller cap coins see lower volume compared to the majors.
Staking and Lending Options
Uphold offers staking rewards of up to 13% APY on 32 eligible proof-of-stake cryptocurrencies. US users cannot access staking features. No crypto lending options.
App and Web Experience
Easy to use, intuitive web and mobile apps. Streamlined functionality is better for beginners than advanced charting/analysis. Recent updates have led to improved performance.
Uphold Web Experience
The web platform provides easy access to the full suite of Uphold’s trading and financial services. A clean interface makes navigating seamless.
Uphold App Experience
Uphold’s mobile app allows convenient access to accounts on iOS and Android. The simple, uncluttered design matches the web experience. Easy for beginners.
Uphold is best suited for beginner/intermediate investors seeking an accessible platform to securely trade and hold crypto, precious metals, and fiat currencies. The streamlined interface facilitates simple buying and selling, while advanced traders may want more features.
Recent concerns around security and discontinued equity trading have negatively impacted Uphold’s standing, though overall, it remains a well-established player in the space. Improved transparency could help reassure users. Those seeking advanced trading tools may prefer an alternative exchange.
Gemini provides better security and regulatory compliance while also offering low fees, making it a safer option for US-based investors. Kraken also specializes in security with strict controls and 100+ coins available. Crypto.com supports more altcoins but has slightly higher fees on average.
Is Uphold a legit site?
Yes, Uphold is a legitimate cryptocurrency exchange registered as an MSB in the US and regulated by the FCA in the UK. It is compliant with legal regulations.
Is Uphold account safe?
Uphold implements standard security measures like encryption and 2FA. Recent accusations of unauthorized access are concerning but seem isolated so accounts are likely generally safe.
Is Uphold safe for XRP?
Yes, Uphold safely supports buying, selling, holding, and transferring the XRP token along with 250+ other cryptos. As an established platform, it is secure for transacting most major coins.
Is Uphold staking safe?
Uphold’s staking program appears safe to use, offering up to 13% APY rewards on supported proof-of-stake coins. As with any custodial staking service, there is some risk of asset loss, though Uphold’s track record helps mitigate this.