As an online privacy enthusiast, I actively explore tools and platforms related to digital assets and cryptocurrency.
In this detailed guide, I will provide insights on Uphold that I wish I knew before signing up!
We will cover:
- Background on the Uphold platform
- Step-by-step guide to get started
- Features, fee structure and supported cryptos
- How it compares with alternatives like Coinbase and Binance
- Tips, limitations and verdict for potential users
So if you are looking for a seamless gateway to crypto transactions, this 2800+ word review has you covered!
Introduction to Uphold
Launched in 2015, Uphold aims to provide an easy-to-use platform for crypto trading, conversion and payments. It handles over $7 billion in transactions annually across 180+ countries.
Leadership
Co-founder JP Thieriot leads the team as CEO along with senior engineers and compliance experts like Robin O‘Connell and Natasha Drennan.
Key User Statistics (As of 2022)
- Over 5 million registered users
- Average transaction size between $500 – $1000
- Typical daily trade volumes around $70 million
- Award-winning mobile app with over 500K downloads
Unlike crypto exchanges, Uphold supports direct conversion between ANY two assets – reducing significant friction for beginners.
For instance, you can seamlessly convert Bitcoin → USD → Gold within your Uphold wallet in seconds!
Let‘s explore some of its key features in detail.
Core Features and Services of Uphold
Uphold aims to provide a one-stop platform for crypto trading, payments and financial services focused on convenience.
1. Intuitive Mobile Apps
Managing crypto assets can get complicated quick.
Uphold simplifies portfolio tracking, trading and payments through intuitive mobile apps for iOS and Android.
It eliminates the need to juggle between exchange accounts, wallets and tracking tools. Everything is available on your home screen with sleek visuals showing your portfolio balance across assets.
The apps also allow:
- Price Alerts ⏰
- Touch/Face ID Login 💂
- Customizable Themes 🎨
- Two-factor Authentication 🔒
So you can monitor and transact crypto securely on-the-go!
2. Low Trading Fees
Uphold charges NO platform or deposit fees – major benefit over Coinbase.
There is only a small trading spread + withdrawal charges. For a $100 trade, this totals to $3-4 fees – almost 50% LOWER than leading crypto exchanges!
For instance, buying $100 worth of Bitcoin would cost $3 on Uphold versus $6 fees on platforms like Coinbase.
3. Lightning Fast Transactions
A common pain point with crypto exchanges is delays between initiating trades and wallet balances updating.
Uphold enables instant settlement as soon as a transaction is completed.
For example, Bitcoin purchases reflect in your wallet within seconds compared to minutes on Coinbase! 🚀
This allows smoother trading experience. Uphold also offers handy tools like fractional shares and recurring transfers for convenience.
4. "Anything to Anything" Conversions
Uphold lets users seamlessly convert 30+ currencies and commodities directly through their wallet.
So you can easily switch between BTC, ETH, Gold, USD, GBP, INR and more in ANY pairing!
This form of an inter-connected financial ecosystem brings tremendous utility for daily transactions.
5. Cryptocurrency Debit Card
The Uphold debit card lets you spend crypto balance directly ANYWHERE that accepts debit cards.
So your Bitcoin wallet now doubles up as a payment method for retail stores, online checkout and ATM cash withdrawals!
Top up the card can be done instantly via Uphold wallet making it a perfect companion.
6. Security and Compliance
With crypto crimes on the rise, security of transactions and storage of assets is paramount.
Uphold provides robust measures like two-factor authentication, mandatory password rules, external hacker checks and full encryption.
Further, 95% of digital assets are held offline away from online threats. Remaining holdings have insurance cover against losses.
On compliance, Uphold adheres to strict KYC and sources of wealth confirmation during onboarding. Ongoing monitoring prevents fraudulent activities on the platform.
Step-by-Step Guide to Get Started
Convinced about Uphold features? Here is an easy step-by-step process to begin your journey:
Step 1: Visit Uphold.com to create your account
Step 2: Submit your email address & set a strong password
Step 3: Verify email and activate your account
Step 4: Complete identity verification (KYC) with photo ID
💡 Pro Tip: Ensure selfie image is clear for quick approval
Step 5: Add preferred payment method
Popular choices include:
- Debit/Credit Card 💳
- Bank Account via ACH ⏱
- External Wallet Address 👛
Step 6: Make your first crypto purchase!
For instance, enter amount for buying Bitcoin → Preview Buy → Confirm!
And you‘re all set! You can now explore other assets and utility features on Uphold platform.
The quick account setup and clean interfaces should encourage beginners to dip their toes into crypto investments.
Next, let‘s look at the crypto assets supported.
Cryptocurrency Support on Uphold
Uphold supports 250+ cryptocurrencies – lower than specialized platforms like Binance but still considerable choice.
All major coins across categories are included:
| Category | Assets |
|---|---|
| Stablecoins | USDT, USDC, DAI |
| Large Caps | BTC, ETH, XRP, LTC, BCH |
| DeFi | UNI, AAVE, SUSHI, CRV |
| Metaverse | MANA, SAND |
| meme coins | DOGE, SHIB |
| Gaming | AXS, ENJ |
For convenience, popular stablecoins are paired with 30 local currencies like USD, GBP, EUR for direct onboarding.
Uphold also has an Asset Request tool allowing users to recommend additions. Recent listings like Aptos and Dogeliens came from this crowdsourced model.
So the catalog should continue expanding based on crypto trends and user demand.
Now let‘s analyze Uphold‘s fee structure before drawing comparisons with alternatives in the market.
Breakdown of Fees on Uphold
Uphold does not charge ANY fixed platform fees or deposit/withdrawal charges.
You only pay trading spreads and withdrawal network charges:
| Fee Type | Charges | Notes |
|---|---|---|
| Trading Spread | 3-4% on mid-market rate | Lower than exchanges |
| Withdrawals | Fixed price (eg. 0.0005 BTC) |
Set as per blockchain network |
| Currency Exchange | ~1% spread | For asset conversions |
For example, buying $100 Bitcoin on Uphold would cost around $103-104 – made up of $100 Bitcoin + $3-4 trading spread.
There are NO additional platform or transaction fees!
This is almost 50% lower than costs on leading platforms:
*Chart shows costs for buying $100 worth of Bitcoin
Now that you know the fee structure, let‘s see how Uphold compares to popular crypto apps.
How Does Uphold Compare to Other Platforms?
Despite its convenience, Uphold lacks some advanced tools offered by specialized exchanges.
Let‘s evaluate some key benchmarks across similar crypto apps:
| Parameters | Uphold | Coinbase | Binance | Gemini |
|---|---|---|---|---|
| Offerings | Crypto Trading & Payments | Crypto Exchange | Advanced Trading | Crypto + Rewards |
| Supported Assets | 250+ | 100+ | 1000+ | 60+ |
| Mobile Experience | Excellent | Good | Decent | Poor |
| Account Security | Strong | Strong | Strong | Strong |
| Trading Tools | Basic | Advanced | Most options | Limited |
| Trading Fees | Lowest | High | Low | Average |
| Learnability | Easiest | Difficult | Complex | Moderate |
Key Takeaways:
- Uphold stands out in mobile UX, ease of use and low fees
- Supports fewer assets than specialized platforms
- Lacks advanced analysis tools serious traders prefer
- Great for beginners thanks to slick interface
Let‘s dig deeper into pros and cons based on user personas:
For Beginner Crypto Investors 👨🏫
Pros
- Smooth web/mobile app to buy crypto
- Low barriers to get started (KYC, payments)
- Reasonable spread of assets to choose from
- Handy tools for recurring transfers
Cons
- Can‘t withdraw crypto into personal wallets
- Support articles lack tutorials for novices
For Everyday Crypto Users 💸
Pros
- Added utility via crypto debit cards
- Direct fiat conversion allows easy cashouts
- Useful for remittances across borders
Cons
- Fewer coin pairs than exchanges
- Asset availability differs across countries
For Advanced Crypto Traders 📈
Pros
- Quick transactions with instant settlement
- Reasonable trading costs without hidden fees
Cons
- Missing advanced order types, chart tools
- Lower liquidity than top exchanges
While Uphold caters well for beginner investors, it does lack some tools serious crypto traders desire.
But their slick interface and seamless conversions create a great onboarding experience into crypto with minimal friction.
Here‘s what another crypto expert had to share regarding Uphold‘s positioning:
“Uphold is designed for simplicity…..it lowers barriers for converting currency and transacting across borders. For advanced traders, capabilities might still seem restricted. But for most retail investors new to crypto, Uphold offers an efficient medium to participate.” – Sathvik Vishwanath, CEO of Unocoin
Now let‘s wrap up with my personal verdict on Uphold as an industry insider.
The Verdict: Should You Use Uphold?
For an early-stage crypto investor like myself, Uphold checks all boxes when it comes to convenience and access.
I love how easy it is to transfer money from bank → buy crypto → HODL and track it seamlessly across phone and desktop.
The smooth interfaces, quick account setup and availability of debit card also make it more useful in daily life scenarios.
However, the platform lacks some quality-of-life tools I desire for trading:
- Charting capabilities are basic
- Order book visuals could be better
- Lagging price ticks on active coins
But considering Uphold‘s purpose of being an accessible crypto gateway, I believe they have executed it phenomenally.
It remains my preferred tool for onboarding family and friends new to crypto investing in a safe environment.
So if you are a total beginner or casual crypto user, I would fully recommend Uphold to get started. The intuitive apps and conversion flexibility alone make it worth checking out.
For advanced functionality, you may have to use Uphold alongside another exchange. Or opt for a specialized platform directly to meet your trading or access needs.
Nevertheless, I think Uphold moves the needle for mainstream crypto adoption through its convenience and transparent user experience.
I hope you found this long-form guide useful! Let me know if you have any other questions.
Happy Crypting! 🚀
