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- Uphold was formed in 2013 as Bitreserve until 2015, when it changed its name to Uphold, a multi-asset trading platform with the functionality of a crypto exchange and a forex trading software.
In addition, Uphold includes a “Anything-to-Anything” trading method, which allows users to trade directly with supported assets such as cryptocurrencies, fiat currencies, and precious metals, with subsequent fees.
Uphold supports customers in over 180 countries and supports over 110 cryptocurrencies as well as 27 fiat currencies. Despite these features, Uphold fees can be fairly high, making it unsuitable for active traders.
- Funding Methods: Bank account, bitcoin and other uphold accounts and Debit/Credit Card
- Supported fiat: USD, EUR, GBP, AED, ARS, AUD, BRL, CAD, CHF, CNY, CZK, DKK, HKD, HRK, HUF, ILS, INR, JPY, KES, MXN, NOK, NZD, PHP, PLN, RON, SEK, SGD
- Cryptocurrencies: 110+
- Website: https://uphold.com
“We have invested thousands of hours researching Binance and can say unequivocally that it is one of the most strategically important infrastructure providers in the blockchain ecosystem.”
Pros
- Trade across assets: Users can buy and trade across asset classes on Uphold, including but not limited to cryptocurrencies, American stocks, and precious metals.
- Transparent prices: Uphold provides total transparency in their price structure so that customers won't be surprised by unforeseen costs.
- Uphold Mastercard benefits: Payments made using cryptocurrency, gold, stocks, or national currencies are supported via Uphold's Mastercard debit card.
Cons
- Limited cryptocurrencies: Uphold has a limited number of nearly 100 supported cryptocurrencies compared to other exchanges offering a more comprehensive range of supporting assets.
- Lack of trading features: Unfortunately, uphold doesn't currently offer advanced trading features for skilled and active traders, such as advanced charting.
Uphold History and Background
2013: Halsey Minor founded Bitreserve, which we now know as Uphold.
2014: In May, Uphold launched a private beta programme, which was later opened to the public. In December, uphold raised an $8,000,000 series B round from Crowdcube and Venovate.
2015: Bitreserve crowdfunds £6.3 Million on Crowdcube and Venovate, and Former Nike CIO Anthony Watson was appointed CEO, which is when the company was renamed Uphold and all money transfer fees for verified members were eliminated.
2016: Uphold introduced a new pricing structure in July that eliminated a 0.05 per cent withdrawal fee and ensured Membership would be completely free.
2019: Brave collaborated with Uphold to develop a wallet that rewards users for browsing. BAT Rewards can now be transferred to their Uphold accounts. In addition, Salt’s Crypto-Backed Loans became available to Uphold users using crypto holdings such as bitcoin cash (BCH) as collateral.
Today the digital money platform has over 1.5 million users worldwide and has facilitated over $5 billion in transactions across 184 countries, 30+ supported currencies, and four commodities. The Uphold platform offers unparalleled transparency and security and access to the most comprehensive range of currencies and investments available in one place.
Screenshots
What Cryptocurrencies Can You Buy on Uphold?
On its platform, Uphold currently supports approximately 100 different cryptocurrencies for customers to purchase, sell, and trade.- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Ripple (XRP)
- Chainlink (Link)
- Stellar Lumens (XLM)
- Iota (MIOTA)
Setting up an Uphold Account
Signing up for an Uphold account is simple, so it’s a great option for beginners.
Step 1: Go to https://uphold.com/ and select Sign Up in the upper right corner of the website
Step 2: Next, you should enter your email address and create a password for the initial sign-up process. On the same page, complete your personal information, country of residence, and nationality.
Step 3: Verify your account with the email with an attached link sent to your account. You will be redirected to the Uphold Login page once you click the attachment.
Step 4: Once you have filled up and confirmed the login option, you will need to confirm your full legal name and date of birth.
Step 5: Following that, you must enter your mobile phone number and authenticate it with the code supplied to your phone.
Step 6: Fill up your home address.
Step 7: Finally, you can begin using your account.
The steps to open up an account on KuCoin:
Open https://.uphold.com and select "Sign up".
Type in your email and create a password.
Verify your account with the email with an attached link sent to your account.
Confirm your full legal name and date of birth.
Enter your mobile phone number and authenticate it with the code supplied to your phone.
Fill up your home address.
You can now begin using your account.
Uphold Fees
Uphold differs from competing platforms in that it charges spread fees instead of trading commissions for cryptocurrency purchases and sales that users conduct on the platform.
Uphold opts to use spread fees purchases and sales that customers make on the platform, which are essentially a modest premium you’ll pay above the market price, which is Uphold’s source of revenue. You can expect to spend more on these spread fees than you might have seen from platforms because they are relatively high and usually vary from 0.8 percent to 1.2 percent for popular cryptocurrencies. Still, you can expect an even more significant percentage for cryptocurrencies with limited liquidity and when the market is volatile.
For personal accounts, there are no withdrawal or deposit fees. However, like with any platform, there may be network fees when withdrawing funds to an external wallet.
| Level | 30d Trade Volume (USD) | & | BNB Balance | Maker / Taker | Maker / Taker (25% off with BNB) |
|---|---|---|---|---|---|
VIP 0 | < 50,000 USD | or | ≥ 0 BNB | 0.1000% / 0.1000% | 0.0750% / 0.0750% |
VIP 1 | ≥ 50,000 USD | & | ≥ 50 BNB | 0.0900% / 0.0900% | 0.0675% / 0.0675% |
VIP 2 | ≥ 100,000 USD | & | ≥ 100 BNB | 0.0800% / 0.0900% | 0.0600% / 0.0675% |
VIP 3 | ≥ 500,000 USD | & | ≥ 200 BNB | 0.0700% / 0.0800% | 0.0525% / 0.0600% |
VIP 4 | ≥ 1,000,000 USD | & | ≥ 400 BNB | 0.0500% / 0.0700% | 0.0375% / 0.0525% |
VIP 5 | ≥ 5,000,000 USD | & | ≥ 800 BNB | 0.0400% / 0.0600% | 0.0300% / 0.0450% |
VIP 6 | ≥ 10,000,000 USD | & | ≥ 1500 BNB | 0.0000% / 0.0600% | 0.0000% / 0.0450% |
VIP 7 | ≥ 25,000,000 USD | & | ≥ 2500 BNB | 0.0000% / 0.0500% | 0.0000% / 0.0375% |
VIP 8 | ≥ 100,000,000 USD | & | ≥ 4000 BNB | 0.0000% / 0.0400% | 0.0000% / 0.0300% |
VIP 9 | ≥ 250,000,000 USD | & | ≥ 6000 BNB | 0.0000% / 0.0300% | 0.0000% / 0.0225% |
VIP 10 | ≥ 500,000,000 USD | & | ≥ 6000 BNB | 0.0000% / 0.0200% | 0.0000% / 0.0150% |
Uphold Deposit and withdrawal methods
Uphold doesn’t charge its users any deposit, withdrawal, trading commissions, inactivity or maintenance charges. It does, however, charge a spread fee. The platform allows you to withdraw funds directly to your bank account or private wallets on seven different crypto networks.
Deposit Options for Binance
| Deposit method | Buy | Sell | Processing time |
|---|---|---|---|
BANK ACCOUNT (ACH) | Yes | Yes | 1-3 days |
CREDIT / DEBIT CARD | Yes | No | Instant |
WIRE TRANSFER | Yes | No | 1-3 days |
Withdrawals
Withdrawal options for the Binance are almost the same as the deposit options.
- Cryptocurrency: You can send cryptocurrency out of your Binance wallet into another cryptocurrency wallet. To do this, select the cryptocurrency that you want to send out, and click on “Withdraw”. Select a network you want to use for the transfer and the amount of crypto you want to send. Then you can submit the transaction to the network.
- Fiat: Just as you used your credit card and bank transfer to fund your wallet, you can explore these means to withdraw funds from your Binance wallet into your local bank.
- P2P Trading: Some countries do not support cryptocurrency transactions. Traders from these countries can sell their cryptocurrencies on the Binance P2P platform and get paid in their local currency.
Is Uphold Safe?
Due to its complex encryption technology and full compliance with banking requirements, Uphold Exchange is safe for its users.
Security experts often conduct audits and penetration tests to ensure it continues to be a secure platform that meets the regulations of U.S. Securities and Exchange Commission (SEC) and other European bodies. The business also has a specialised cybersecurity team that oversees accounts and transactions to ensure everything is secure for additional security.
Uphold Mobile App
A mobile app from Uphold is available on the Apple App Store and Google Play Store. It has several benefits like a comprehensive portfolio display, asset pricing tickers, and the freedom to access your money and execute transactions from just about anywhere.
The Uphold Card
The Uphold card, Is a prepaid Mastercard debit card connected to your Uphold wallet that gives you the option to purchase all the assets, currency, and precious metals offered by Uphold. All without having to wait for money transfers from your bank to your Uphold account.
The card has no foreign transaction fees and is accepted at approximately 50 million businesses and ATMs worldwide; for every transaction with USD derivation, you can earn 1% back in USD and 2% back in bitcoin.
Uphold Education
Since cryptocurrencies have their own vocabulary and jargon, Uphold recognises how daunting this may be, especially for newcomers. As a result, they offer a ‘crytpoionary’ interpreting the most popular crypto terms in addition to step-by-step videos on how to interact with their website and app.Customer Support
At the moment, there aren’t many options for customer service at Uphold, they don’t have a phone number or a live chat feature, and its ADA resources can’t be easily accessed by users who require additional assistance. On the Uphold website, there is a form where users may ask for help, but it seems that connecting via Twitter is a great option if you require immediate assistance.
Is Uphold Free of Cost?
Opening an account is free; if you maintain an active account, you won’t incur any costs. Funding your account via another Uphold account, a bank account or bitcoin is free. You can expect a charge of 3.99 percent if you fund your account with a debit or credit card.
Most cryptocurrency brokers provide their trading commissions as a percentage of the transaction’s value. In this manner, you are aware of the cost of each trade. Unfortunately, Uphold charges a spread fee rather than percentage fees.
Conclusion
Frequently Asked Questions
You can withdraw funds directly to your bank account or to private wallets on seven different crypto networks.
Step 1: Log in your account on Uphold.com.
Step 2: Hover your cursor to the left hand side of the site and click transact.
Step 3: You will be redirected to the “Anything-to-Anything” tab, then you should click From.
Step 4: Select an account that has your desired funds to withdraw.
Step 5: Click the “To” tab then link your bank accounts or to other cryptocurrency wallets.
Step 6: Click Review Withdrawal, enter the deposit address, and fill up the 2FA sent to your authenticator app.
Step 7: Once finished, wait for your funds to get withdrawn to your desired account, and it’s done!