Uphold Review

The broker is a cryptocurrency trading platform that allows users to purchase, sell, and trade a variety of tokens. The brokerage offers simple payment methods as well as a variety of other services, such as digital wallets and bitcoin staking.

What is Uphold?

The broker is a digital platform that allows users to invest in cryptocurrencies and swap currencies. The company offers simple trading and integrated payment options. The brand is registered with the FCA and seeks to provide fair, accessible, and transparent financial services to customers and businesses.

The broker began operations in 2015 and has three main branches:

  • Uphold Europe Limited (FCA regulated)
  • Uphold US (FinCEN money service)
  • Uphold Lithuania (EEA residents, not regulated)

The corporation is headquartered in London and New York and has offices all around the world. Uphold is now a well-known multi-asset exchange with operations in 184 countries and 80 currencies (crypto and fiat). The platform has processed over $4 billion in transactions since its inception, and it now has over two million registered users globally.

trading platform

The company provides a multi-currency trading platform to internet investors. The platform is simple to use and ideal for newcomers. However, the absence of complex charting and charting tools was disappointing, even though the interface tiles are changeable. This means you can consolidate all of your investments into a single account.

Instant asset-to-asset trades, such as BTC to XRP, are also possible on the web platform. This gives us a distinct economic edge over competitors who frequently demand many transactions. A customized portfolio view, dark mode, and multilingual default settings are also included.

Uphold отзывы

Mobile app

The mobile app also provides access to the payment terminal and wallet. This app is available for both iOS and Android smartphones and is free to download. Tools and functionalities are available to users.

The broker is particularly impressed with the straightforward and user-friendly design, which makes it ideal for inexperienced investors. On the go, customers may manage their accounts, open and close trades, monitor current prices, and transfer funds from their wallets. An end-to-end interface for depositing funds straight into an asset to buy, live market data, and customized navigation tiles are among the other features.

Account Types

For clients, there is only one true account. Fortunately, registering for an account via the online registration form is simple and quick, taking only three minutes on average.

There is no obligation to make a minimum deposit. Customers must, however, follow identity verification requirements to access the entire range of tools and capabilities. Proof of residency, your Social Security number (only for US clients), and a government-issued identification document such as a passport are all required. Customers who have not been verified may be subject to limitations, such as a $1,000 transaction limit.

Residents of the United Kingdom can now open trading accounts. As part of the provisional registration system for crypto companies, the FCA granted the broker authorization to resume services in February 2022.

A free demo account is also available from the company. To use the sample platform’s capabilities, clients will need to create a separate account. You can use Bitcoin Virtual Funds to exercise methods without risk while exploring the platform’s features and tools.

Trading account replenishment

The exchange operates on a commission-free basis. The platform services, however, are not free. However, there is a high level of openness, and merchants benefit from fixed prices.

There is now a tiny spread of between 0.5 and 1 percent for bitcoin purchases. The Competitive Price Network is built on a broker exchange model that compares prices from three pools to deliver the best deal. Following the trial, a UK client will be charged a 0.85% BTC buying spread and a 1% selling cost. This was significantly lower for fiat currencies, with a 0.05 percent tax on USD purchases.

It’s worth noting that peer-to-peer transactions are completely free. You will, however, be charged if currency conversion is required. For instance, if you wish to send euros but want the recipient to receive Ethereum, you will have to pay the conversion fee.

Deposits

You can deposit money into your trading account for free. However, some crypto networks may charge fees. The following methods of payment are accepted:

  • bank transfer;
  • Cryptocurrencies;
  • debit/credit cards;

Your account balance can be kept in a variety of currencies and precious metals. A currency conversion fee applies to deposits made from an account currency denominated in a different base currency, as well as peer-to-peer transactions. If you send GBP but want the recipient to receive BTC, you will be charged a 0.85 percent currency conversion fee.

Withdrawal of funds

When it comes to withdrawals, traders can utilize the same techniques they used to deposit money. All payment options have minimum and maximum withdrawal limits. For wire transfers (US ACH), the minimum withdrawal is $5, and for Litecoin payments, the minimum withdrawal is 0.25 LTC. The length of time it takes to process a payment is determined by the method used. Bank transfers, for example, often take 1 to 5 business days.

Safety

At all consumer touchpoints, security precautions are used. Performing anti-money laundering and Know Your Customer compliance checks during account setup is one of them. In addition, bespoke technology ensures that the organization follows local and international Personal Information Protection (PII) requirements.

Basic security best practices, such as the establishment of two-factor authentication (2FA), suitable security keys, and fraud detection, are offered to traders.

Educational content and tools

Online traders have access to a wealth of educational content and tools. Even the most beginner crypto investor will find resources and information on the Uphold website’s dedicated page. The following items are included in the content:

  • The Cryptographic Dictionary is a handy reference guide to common vocabulary.
  • The most recent news, expert perspectives, and upcoming crypto features;
  • Newsletters: An archive of cryptocurrency-related news. Traders can sign up for an email subscription service to receive updates on new releases, such as information on NFTs, automated crypto bots, and other topics.

Customer Service

We couldn’t find a phone number for the hotline, a live chat option, or an office address. An email contact form is given for requesting assistance, albeit usual response times are not specified. Furthermore, the broker’s website has a FAQ page with answers to common issues, as well as step-by-step instructions. Details on margin trading, login security features, suspended services, and automated trading bot features are among the topics covered. Negative evaluations, on the other hand, point to bad customer service.

Countries that Uphold does not work with

Traders from these countries cannot work with the company.

  • Cuba
  • Congo;
  • Iran;
  • Iraq
  • Myanmar;
  • Korea
  • Sudan;
  • Syria;

Conclusion

Finally, the security features, instructional content, and multi-asset trading impressed us. However, the broker has several bad evaluations from traders, indicating that customer service is a concern. Overall, Uphold is a good, adaptable broker that is appropriate for both new and seasoned crypto traders.