Uphold Vault is a secure cryptocurrency storage solution offered by the Uphold platform. This Uphold Vault review provides an in-depth look at the features, security, fees, and overall usability of Uphold Vault.
Uphold Vault provides robust security for cryptocurrency storage backed by Uphold’s reliable and compliant platform. Its user-friendly design makes high-level protection accessible for beginners. However, drastic limitations on supported tokens dampen the current practical appeal of adopting Uphold Vault. Once expanded currency integration occurs as planned, Uphold Vault could rank among the best-regulated storage solutions for long-term asset safeguarding.
Uphold Vault Review: Uphold Vault Pros and Cons
Uphold Vault offers high-security cryptocurrency storage through an established and transparent exchange operator. But extreme restrictions on supported tokens reduce real-world utility until wider currency and asset integration gets implemented
|High security with multi-signature technology
|Currently only supports XRP, with limited token selection
|Easy to set up and use
|Must trust Uphold to some degree as a custodial platform
|Backed by Uphold’s solid regulatory compliance
|Higher fees than pure self-custody wallets
|Supports XRP initially with plans to expand token support
|Relatively affordable annual subscription fee
Uphold Vault Fees
The only fee associated with Uphold Vault is an annual subscription fee of $50 per year. This is relatively reasonable compared to other hosted cryptocurrency wallet solutions. There are no fees for deposits, withdrawals, or transactions within the Vault platform itself.
Uphold Vault Security
Uphold Vault employs multi-signature technology to provide advanced security for stored cryptocurrency assets. A multi-signature, or multi-sig wallet requires multiple signatures in order to authorize transactions.
This prevents unauthorized access or loss of funds, even in the event that one of the signature keys is compromised. Uphold’s use of cutting edge multisig security puts it ahead of most hosted wallet competitors when it comes to asset security assurances.
Uphold Vault Verification Process
To access Uphold Vault, users must have an account on the main Uphold platform. Setting up a basic Uphold account only requires an email address, password, and name.
To fully verify the account and unlock features like Uphold Vault, users have to provide a government ID document and proof of address. Verification is generally completed within 1 business day.
The full identity verification process makes Uphold Vault beginner-friendly while still enforcing solid KYC requirements for regulatory compliance.
Uphold Vault Customer Service
Uphold offers customer support through email, with an average response time of 1-3 days based on user reports. They also have an FAQ knowledge base and user community support via Facebook groups and Discord.
Phone and live chat support would improve their customer service capabilities relative to competitors. But their email-based support has been generally reliable and responsive.
Uphold Vault User Experience
The Uphold Vault interface is cleanly designed and easy to navigate. It’s clear how to deposit and withdraw funds, with straightforward wallet functionality. Less technical users will find it simple to manage compared to more complex self-hosted wallet options.
The main limitation is that Uphold Vault currently only supports XRP. But Uphold plans to add multi-token support in future updates. Expanding beyond XRP will significantly improve the platform’s utility and appeal to a wider range of cryptocurrency users.
Tokens Available on Uphold Vault
As covered above, Uphold Vault currently only supports one cryptocurrency: XRP. This is quite limited compared to most other hosted wallet platforms, which generally support at least 5-10 major tokens like BTC and ETH at a minimum.
Uphold has stated that multi-token support is on their roadmap for future platform upgrades. But for now, XRP-only support restricts the usefulness of Uphold Vault for anyone looking to store assets beyond just Ripple’s native token.
Regulatory Compliance and Legal Status
Uphold as a company is registered with FinCEN in the US as a Money Services Business. They enforce strong compliance with anti-money laundering regulations.
The transparent regulatory standing and commitment to remaining compliant with evolving government rules provides a degree of trust and reliability not seen in some offshore crypto brands. However, Uphold Vault itself has not been individually evaluated for regulatory approval.
Liquidity and Volume
As Uphold Vault handles asset storage rather than active trading, liquidity and volume metrics do not directly apply. The user funds stored in Vault wallets remain under their control.
When withdrawing back to the main Uphold exchange, ample liquidity exists to support XRP trades and conversions to other currencies and assets as desired. But Vault itself is a custody solution detached from Uphold’s broader exchange trading services.
Uphold Vault deserves a positive recommendation based on its security protections, solid Uphold brand backing, transparency, and ease of use for less technical cryptocurrency holders. It provides a secure storage alternative to keeping all coins on a mainstream exchange.
However, the severe limitations on supported tokens heavily reduce the practical appeal of adopting Uphold Vault until multi-asset support is added. XRP-only storage confines its usefulness to a relatively narrow niche at this phase.
Once expanded token integration occurs as planned, Uphold Vault has the potential to rank among the best high-security, regulated storage solutions for long-term cryptocurrency holdings. But currently its single token support is a barrier preventing more enthusiastic endorsement.
Uphold Vault Alternatives
Coinbase Vault provides similar security protections and insurance coverage guarantees from an established mainstream brand. Unlike Uphold Vault, Coinbase Vault supports BTC, ETH, and other major tokens. However, it has higher annual storage fees at 0.5% of assets vs Uphold’s $50 flat rate.
|XRP only currently
|BTC, ETH, Wide Selection
|Yes, for Assets Stored in Vault
|$50 Flat Rate
|0.5% of Assets
Ledger Nano Hardware Wallets
For those seeking complete self-custody outside centralized platforms like Uphold, Ledger’s line of hardware wallets offers unmatched personal asset control. Setup requires more technical skill but removes reliance on any intermediary. Ledger products also support an extensive range of cryptocurrency assets.
|3rd Party Hosted
Can I withdraw my coins from Uphold Vault anytime?
Yes, users maintain the ability to withdraw funds from Uphold Vault back to their connected Uphold platform account at any time. From there, they can trade coins or cash out funds with no lockup period or liquidity restrictions.
What cryptocurrencies does Uphold Vault support?
As of December 2022, Uphold Vault only supports one cryptocurrency: XRP. Uphold’s roadmap includes integrating multi-token support in future platform updates, but the current severe limitations make its usefulness quite narrow.
Is Uphold Vault really cold storage?
No. While Uphold Vault provides robust security in the form of multi-signature technology, Uphold still maintains partial control over wallets to enable convenient withdrawals. True cold storage with keys fully controlled by the owner is still preferable for maximum security despite less ease of access.
Can I access Uphold Vault on my phone?
Uphold Vault accounts automatically sync with users’ Uphold platform mobile app alongside web access. So account holders can monitor balances, initiate withdrawals, and receive activity notifications through the mobile experience even if Vault itself is desktop-based.