Uphold Review

Hedge With Crypto aims to publish information that is factual and accurate as of the date of publication. For specific information about a cryptocurrency exchange or trading platform please visit that provider’s website. This information is general in nature and is for education purposes only. Hedge With Crypto does not provide financial advice nor does it take into account your personal financial situation. We encourage you to seek financial advice from an independent financial advisor where appropriate and make your own enquiries.

Bottom line:

Uphold is a multi-asset trading platform that is best suited for investors who value choice in how they want to develop their portfolios. Its key strengths lie in its offering of multiple investment assets outside of cryptocurrencies where astute investors can diversify their portfolios. In addition to the choice that is available, users can economically build their portfolios due to their spreads.

How We Rated Uphold

Review Criteria	Hedge With Crypto Rating
Features	4.6 / 5
Supported Fiat and Deposit Methods	4.4 / 5
Supported Crypto & Trading Pairs	3.7 / 5
Fees	4.4 / 5
Ease of Use	4.9 / 5
Customer support	4.6 / 5
Security Measures	4.6 / 5
Mobile App	4.8 / 5

Uphold At A Glance

Exchange Name	Uphold
Fiat Currency	27
Cryptocurrency	241 (includes utility tokens)
Stock	50 US Companies
Commodity	4 (gold, silver, platinum and palladium)
Payment Type	Credit/debit cards, bank transfer, international wires, Apple/Google Pay, SEPA
Trading Fee	Spread only
Deposit Fee	None
Withdrawal Fee	None
Mobile App	Yes

Uphold Compared and Alternatives

EXCHANGE	CRYPTO ASSETS	TRADING FEES	RATING	PROMOTION	WEBSITE	REVIEW
Binance	385	0.1% (spot) and 0.02% / 0.04% (Futures)	Rating We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against. 4.8 / 5	Up to $100 welcome bonus	Visit Binance	Binance Review
Coinbase	241	0.4% (maker), 0.6% (taker)	Rating We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against. 4.7 / 5	$5 BTC bonus (USA only)	Visit Coinbase	Coinbase Review
eToro	79	1%	Rating We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against. 4.7 / 5	None available at this time	Visit eToro Cryptocurrency is offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. [website domain name] is not an affiliate and may be compensated if you access certain products or services offered by the MSB.	eToro Review

What We Liked

Beginner-Friendly

Uphold has been designed with a visually appealing, convenient and easy-to-use platform to invest or trade between asset classes seamlessly. Customers can get started immediately with the app and explore the variety of products offered using an intuitive app for iOS or desktop versions. The process of depositing funds, buying, exchanging, viewing portfolios, selling, and withdrawing cash is incredibly simple and suitable for investors regardless of age, knowledge, and experience. 

0% Trading Commissions

Getting started with Bitcoin or other cryptocurrencies could not get any cheaper with Uphold. There are 0% trading commissions, zero deposit fees using a bank transfer, and no cash-out withdrawal fees. All shown prices for the supported assets are locked-in pre-trade which includes a spread fee. There are no hidden fees, the amount paid for is what will be received and is one of the best places to buy crypto without fees.

Multiple Assets Offered

Coinbase supports a modest range of 241 cryptocurrencies, 27 fiat currencies, 50 US stocks, and 4 precious metals, which can be bought, sold, and traded between each other. Astute investors have many choices when diversifying their cryptocurrency portfolio with a variety of traditional finance products that can be monitored using the mobile app. In comparison to one of its largest rivals, Coinbase offers 237 cryptocurrencies and 7 fiat currencies, which indicates the strength of Uphold's offerings. There is a slightly different selection of coins for UK and European residents.

The Uphold Debit Card

The Uphold debit card works like a normal debit card, where payments for goods and services are made using funds from a bank account. Except, in this case, a user can complete payments using the asset of their choice (crypto, fiat currencies, or precious metals) that are stored in the Uphold exchange. Users can benefit from and earn 1% cashback and 2% crypto rewards on purchases, and these are some of the most rewarding debit cards in the market. Note: Available for US customers only.

Funding & Limits

The two main ways to fund a new Uphold account to use its services are by depositing cryptocurrency or traditional fiat (USD, CAD, EUR, GBP). The fastest and easiest way to buy crypto is by using a credit or debit card, which is supported in all countries that accept MasterCard and VISA. The fees are slightly higher, but the funds arrive nearly instantly to lock in a buy price during volatility. 

Payment Type	Deposit Limit	Withdrawal Limit
Credit/debit card	Min: $10, €10, £10; Max: $1500 per week	N/A
Bank Transfer (ACH)	Bank Transfer (ACH)	Min: $5; Max: $10,000 per day
US Wire Transfer	Unlimited	N/A
Bank Transfer (SEPA)	Unlimited	Min: €10; Max: €50,000 per day
Faster Payments	Unlimited	Min: £10; Max: £25,000
SWIFT	Unlimited	Min: $15; Max: $15,000

The best method to deposit fiat to Uphold is using a bank transfer, which is supported in the United States, Canada, the United Kingdom, and Europe. US investors can use ACH to transfer USD $10 – $2,500 per day or unlimited amounts using a wire transfer. Customers outside these countries can only deposit funds using credit and debit cards. This is a major limitation when compared to other exchanges, such as Gemini and Kraken, that allow bank transfers in multiple countries worldwide.

Supported Assets

Uphold users can invest and trade between 5 different asset classes, such as the world's most popular and liquid assets. The benefit of having multiple markets in a single trading account is that users do not need to sign up for different exchanges. The supported assets that can be bought, traded, and sold without trading commissions include:

• 27 fiat currencies (e.g. USD, EUR, GBP and CAD)
• 241 cryptocurrencies (e.g. Bitcoin, Ethereum and XRP)
• 4 precious metals (e.g. gold and silver)
• 50 U.S stocks (e.g. Apple, Google & Facebook)

Stock investing with Uphold starts from as little as $1 with fractional equities and a share of dividends paid out in cash. Any precious Metals purchased with Uphold are the actual physical assets with no storage costs, giving customers a cost-effective way to invest in physical gold, silver, platinum, and palladium. Some exchanges that offer physical metals, like BitPanda, charge a weekly holding fee, which can be expensive over time.

Buying & Selling Assets

Uphold is a multi-currency platform designed to allow users to buy and sell stocks, commodities, foreign currencies and crypto. Getting started with Uphold is incredibly easy, and it takes only a few minutes to create an account and complete ID verification. The user interface is simple, elegant and streamlined from start to finish.

Once an Uphold account is verified and linked to a supported payment method, the user can select the crypto asset, choose their preferred payment method, enter the amount to buy or sell, and confirm the transaction after reviewing the details. The displayed market rate is the actual price that will be executed when the order is fulfilled and is inclusive of the spread (around 0.8% – 1.2% for BTC and ETH). Purchased assets are shown on the dashboard, and their performance over time can be monitored visually using the line graph.

Users can also record notes when completing a transaction using the notes features. This simple feature is particularly useful when recording specific information about the transaction for future reference. However, traders will not find a candlestick chart to view the historical prices and will use a 3rd party software package such as TradingView.

A great feature that is offered on Uphold is AutoPilot. This enables individuals to automatically purchase cryptos or other assets on the platform with recurring orders. Users can configure the tool to schedule purchases daily, weekly, or monthly. For example, it is setting up an order to buy $100 worth of Bitcoin to Dollar-Cost-Average over time. The exchange rate for recurring orders is calculated at execution.

Overall, Uphold's trading experience is simple and easy to use, with its minimalistic design and elegant visual appearance on the desktop and mobile app. The rapid verification, multiple methods to link a payment method and one-step ordering process are great features.

We Liked The App

Uphold offers a fast and responsive mobile app that mirrors the simplicity and visual ingenuity of the desktop version. The app is ideal for investors who want to quickly and safely buy or sell assets while on the move. The Uphold Move app is available for iOS and Android smart devices with a 4.2/5 and 3.1/5 star rating on the respective platforms. Overall, the feedback from its customers is positive, citing excellent features and simplicity.

Trading Fees

For retail traders and investors located within the US and Europe, Uphold trading fees for BTC and ETH are calculated based on a spread cost between 0.8 and 1.2%. In other parts of the world, the spread is typically around 1.8% for the major cryptocurrencies. The spread on more exotic coins is naturally higher due to less trading volume, and we recommend finding an exchange with the highest liquidity for that particular asset.

Retail Investors	Trading Fees
Trading Crypto	US and Europe: 0.8 to 1.2% spread (for BTC and ETH) Other Regions: Approx. 1.8% spread
Deposit	None
Withdraw	None

Similar to other brokerage platforms like eToro, Uphold charges a spread for each trade which is the difference between the buy price and sell price and can fluctuate during periods of high volatility. There are no additional trading fees and the displayed price on the preview page is held and locked in. This means the amount of crypto received will not change during the buying process, unlike some other exchanges.

Uphold uses a traditional percentage-based fee of 1.05% to buy and sell Bitcoin for corporate and institutional traders. The fee is based on the transaction value and varies between fiat currencies, commodities, cryptocurrencies, and tokens. For example, the fee is 1.05% to trade Bitcoin. The reduced rates are only available to Uphold Business accounts.

Deposit, Transfer & Withdrawal Fees

Uphold does not charge a fee to deposit or withdraw funds from the app to a bank account for regular investors. For fiat currency deposits, customers who use a credit card or debit card will be charged a 3.99% fee on the total amount. This is quite expensive compared to other apps such as Crypto.com which have 0% credit card fees.

Uphold does not charge any fees to transfer funds between users on the platform, however, a standard blockchain network fee is passed on at cost to customers that transfer crypto to an external wallet. For example, the transaction fee for Bitcoin is 0.0005BTC. For business accounts, there is a minor fee of $2.99 to withdraw crypto and an additional $3.99 to deposit funds via bank transfer (not including third-party costs such as bank wire costs and blockchain network fees).

Customer Support Was Responsive

General customer support and queries can be submitted using a ticket system. Uphold offers a selection of commonly queried topics, and users can also describe the issue and attach any supporting information, such as screenshots, to the submission. We submitted a query relating to the debit card and received a response within two business days, which, in our experience, is reasonable for a large crypto exchange.

There is no live chatbot available to assist users with immediate queries, and it should be implemented to provide real-time customer service to its users. Queries regarding prospective business, API development, media and compliance have dedicated email addresses.

Uphold Disclaimer: Cryptocurrency investing within the EU/UK by Uphold Europe Limited and USA by Uphold HQ Inc.

You should be aware that the risk of loss in trading or holding crypto assets can be very high. As with any asset, the value of crypto assets can go up or down and there can be a substantial risk that you lose all your money buying, selling, holding or investing in crypto assets. Your crypto assets are not subject to protection. You should carefully consider whether trading or holding crypto assets is suitable for you in light of your financial condition.