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Many digital currency exchange platforms are straightforward and easy to use from both professional traders’ and beginners’ points of view. But very few among them provide a reliable platform to trade among the several leading digital currencies, national currencies, and precious metals all under one single platform. Uphold is among those exchanges that you can consider for this purpose. Let us have a look at the Uphold review.
Uphold Cryptocurrency Exchange: An Overview
Uphold is a digital currency platform that provides a comprehensive sector of financial products and services. It enables users to buy, sell, or trade close to 100 digital currencies as well as other assets.
This crypto exchange is transparent about its fees. It has a slightly varied fee structure from many other crypto exchanges. There are no deposit fees, commissions, or maker-taker fees. Instead, there are spread charges which are mainly a small premium that you will pay over the true market value that enables Uphold to make money. With these spread charges, you might end up paying a higher value than what you might see from competitors. Overall, it could be a good choice for those who are looking to invest across varied asset classes under one platform.
Company Overview
Founded in 2015, Uphold is a crypto exchange that serves users in more than 184 nations. Uphold provides a unique financial experience that sets it apart from other digital currency exchanges. Along with giving users the choice to purchase digital currency, users can also buy U.S. equities and precious metals. The platform also enables you to trade throughout currencies, without taking the extra step of changing your assets back to cash.
Along with a unique trading experience, Uphold provides a cashback debit card that enables users to make payments using assets they hold on the channel. For example, a user might select to pay with fiat or cryptocurrency.
Uphold supports nearly 100 digital currencies, that include Bitcoin, Litecoin, and Stellar Lumens. Uphold presently has more than 1.7 million users and more than $2 .5 billion in its present financial reserve.
Uphold Review: Cryptocurrency Available
Presently, Uphold has nearly 100 currencies for users to purchase, sell, and trade on its exchange. Available digital currencies include:
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Ripple (XRP)
- Chainlink (Link)
- Stellar Lumens (XLM)
- Iota (MIOTA)
Uphold Review: Trading Experience, And Fees
Now that you know a bit about the company and what it does, let us have a look at how far it has been successful in offering a good trading experience and fees.
Trading Experience
Let us start this Uphold review with this parameter. Uphold provides a user-friendly trading experience, and users can conduct trades through its mobile apps or desktop platform, which are available both on iOS and Android. The user interface is very intuitive for those who are new to creating trades, which could make it a good choice for those just getting started with crypto.
Unlike many market players, Uphold provides the ability to trade within asset classes, making this exchange stand out. Users may also create recurring purchases using the AutoPilot option of Uphold, which uses DCA (dollar-cost averaging) to help mitigate some of the fluctuations of trading in the digital currency market. However, this platform only provides one order type: limit orders. Those looking for added or more advanced order types will wish to look elsewhere. Furthermore, the platform does not have advanced charting and other options that are often desired by some traders.
Fees
While Uphold provides 0 percent trading commissions, it charges spread fees for digital currency sales and purchases that users make on the platform. These Uphold fees are relatively high and they can range from 0.8 percent to 1.2 percent for famous digital currencies and can go beyond this range for lower liquidity cryptos. Uphold also portrays spread fees that may increase during times of market fluctuations.
There are no deposit or withdrawal fees for personal accounts. Even so, crypto network charges might apply when withdrawing to an external wallet as they would with any provider. If we compare Uphold vs Coinbase in terms of fee then Uphold would surely win.
Uphold Review: Security
Security plays a very important role in this Uphold review 2022. Uphold provides industry-standard security measures that include two-factor authentication and KYC verification. The majority of user funds are kept offline in cold storage, which is normally more secure in comparison to storing funds online in hot wallets. This entity also offers users basic guidance on security best practices and how to identify and avoid scams. You may wonder what is Uphold wallet is? It is a crypto wallet that stores the cryptos of its users.
Along with that, Uphold employs a bug bounty program via Intigriti, which is a third-party security company. Via this program, users can report bugs that they have faced when using Uphold. Uphold staff members are also needed to undergo background checks and take part in routine privacy training to help promote security in the platform.
How Far Are The Users Satisfied?
Overall Uphold review this gets poor marks from users and has an average 2.1 out of 5-star rating across more than 6,000 reviews on Trustpilot. Several users state issues that are related to accounting lockouts and communication, as well as delays in authenticating profiles. There are many customers whose uphold account under review.
Despite a huge amount of negative feedback, some of the Uphold reviews are positive. Users who praise this exchange state that they appreciate its product offerings, the overall simplicity of the platform, and also the ability to earn crypto rewards.
Verdict
After this Uphold review, it can be concluded that despite its wide selection of digital currencies and advanced security features, Uphold gets poor reviews from users. Issues with account lockouts and customer service make it a challenging platform for various users.
That said, the unique features of Uphold such as multi-asset trading and the potential to earn crypto rewards through the Uphold Card may make it a lucrative platform for certain users. However, it is a good idea to research varied crypto exchanges and compare choices before you sign up.
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