Uphold exchange is one of the less talked about exchanges in the crypto space. The exchange offers users the opportunity to trade multiple types of cryptocurrencies. This article is going to take a deep dive approach to Uphold and show you just why this exchange is one of the best in 2022.
It has been the popular sentiment of many in the crypto space that after the FTX debacle, Uphold is going to be one of the few exchanges that will remain standing. Let us tell you why.
What is Uphold?
Uphold cryptocurrency exchange began operations in 2015, making it one of the oldest crypto exchanges around. It has headquarters in New York, but also has a registered office in London, England. The company serves over 184 countries and provides access to over 200 currencies and commodities.
The exchange was the brain-child of J.P Thieriot who was also the CEO for a time, before passing on the torch to Simon McLoughlin.
Uphold has had a wonderful time in the crypto space and currently seems to be immune to the FTX implosion that is touching multitudes of exchange in the space. In total, Uphold has processed over $4 billion worth of transactions in its lifetime.
The platform reports impressive monthly uptime, only experiencing one partial outage (7 hrs. 24 mins) in the last two months.
Pros
- Uphold accepts $1 minimum deposit.
- The exchange has over 220 crypto assets.
- Uphold charges 0% fees on bank deposits and withdrawals for personal accounts.
- Offers up to 25% in staking rewards.
- Uphold is 100% reserved and doesn’t lend out funds to other entities.
- Available on web, iOS and Android
Cons
- Limited number of crypto assets to trade compared to other exchanges.
- Uphold does not have advanced trading features such as charting tools.
Currencies & Payment Methods
Uphold accepts deposits through Credit/Debit Cards, US bank account, Pound Sterling bank account, SEPA (EUR), Wire transfer, or private wallets (cryptocurrency) deposits and Apple Pay. Uphold supports over 220 cryptocurrencies and allows both FIAT and crypto deposits.
How to Deposit and Buy Crypto on Uphold?
Buying and selling cryptocurrency on Uphold is extremely easy. Simply head over to the Uphold website and Sign Up for an account. After verifying your account you can select your funding source from the list available. We are going to do an example with a Credit/Debit card deposit method.
Step 1: On the home page, click on “Transact”.
Step 2: Click on “From” and select Credit or Debit. After that Click on the ‘+’ sign as shown in the image below.
Step 3: Scan or type in the details of your Credit or Debit card and then click on Add Card.
Step 4: Enter the amount of USD you would like to spend on and then tap on ‘To’.
Step 5: Select which cryptocurrency you would like to buy. For this example we shall buy $50 worth of Bitcoin. Afterwards, click on Preview deposit.
Step 6: if everything is in order, click on Confirm. The order will go through and you will have successfully purchased the crypto of your choice.
Fees
Uphold exchange is not a free platform and they charge different kinds of spreads for different kinds of assets.
- Cryptocurrencies – 0.8 to 1.2% on BTC and ETH in the United States and Europe but 1.8% in other parts of the world. Also, crypto assets with low liquidity can have higher spreads. Therefore be sure to check the rates before confirming a trade.
- Precious Metals – 3% on top of the bid-ask prices
- Fiat Currencies – 0.2% between major national currencies such as EUR, USD, and GBP. Other minor currencies that are not frequently traded can have higher spreads
- U.S Equities – 1.0% if you are trading within market hours. For trading outside market hours, Uphold adds a small spread based on the stock’s volatility.
On top of these spreads, there is a small $0.99 transaction fee on all transactions under $100 in value. However this charge does not apply in transactions that use the newly launched Uphold Debit Card.
For business accounts, Uphold also charges $2.99 for withdrawing funds from the platform via cryptocurrency. If you are withdrawing to a bank via bank transfer, you will pay $3.99 (excluding any 3rd party costs). Note that for personal accounts, there is no withdrawal fee.
Security
Uphold boasts of robust security and has put this important factor at the forefront of their list of priorities to their customers. The platform has employed strict security measures across the entire platform and still continues to research on more secure ways to keep users and their funds safe. Here are some of the security measures that Uphold uses:
- 2 Factor Authentication – Uphold ensures and tries to encourage every user to have a 2FA protection that will come in handy in case logins and passwords get compromised.
- KYC – Uphold, like many other exchanges requires customer verification before you can make any significant buys/sells on the platform. This is for the protection of the customer and helps to keep their transactions safe.
- 24/7 Overwatch – Uphold has set up a aSecurity Operations Centre that monitors the exchange systems 24/7, all year round. The team is also skilled and reacts immediately to any type of threat, big or small. Due to this Uphold has had 99.8% uptime in any given year since its launch.
- Bug Bounty Program – Sometimes the tech-team might miss something while running their updates. Additionally, bugs may be discovered by users during times of incredible stress on the system. Uphold has a bug bounty program in place to incentivize users to report these bugs and help the security team act accordingly.
- Audits and Tests – Uphold have subjected their system to frequent audits and testing in order to identify bugs early and fix loopholes before they can be exploited.
Transparency
As a result of the ongoing FTX drama, many exchanges began showing their proof of reserves in order to retain the trust of their customers. One of the factors that contributed to the demise of FTX is having less funds in their reserves to meet withdrawals.
Uphold prides itself in being 100% (actually 102.6%) reserved. As of November 14, 2022, Uphold has $1,175,225,778 in their reserve. The exchange has also gone ahead to list their reserves. Here are some of them:
Staking
Uphold offers crypto staking with payouts every week. The staking programs have lucrative APYs. Given that Uphold is one of the most transparent and most regulatory compliant exchanges out there, your money couldn’t be safer and more productive here.
Staking APYs go as high as 25% with the lowest being 3.5%
To stake your cryptocurrency assets, simply sign up for an account on Uphold, or log in if you already have one. Then, choose a crypto asset of your choice and deposit. Stake it, sit back and watch your crypto assets earn as much as 25% APY. It’s that simple.
See the full list of the cryptos here.
Our Opinion
Uphold is clearly a very conservative crypto exchange, something that we would argue is much needed in these times of uncertainty. Many of the blockchain users are starting to run back to centralized crypto exchanges that embrace transparency. Apart from high security of funds and users’ data, Uphold has proven its transparency, which is what matters to many right now. All in all, Uphold is the best exchange for people looking to get exposed to cryptocurrencies without having to be nerds – even a 12 year old can use Uphold.
FAQ
Is Uphold trustworthy?
Yes. Uphold exchange is a trustworthy platform. They have made their proof of reserve public to anyone who wants to see it. Furthermore, they have been around since 2014 and have been operating with 99.8% uptime.
Why is Uphold selling XRP?
Uphold will continue to list XRP because the SEC has not yet made its official ruling on whether XRP is a security or not. As such, XRP is still a cryptocurrency.
Is Uphold a Regulation Compliant?
Uphold is both FINCEN (United States of America) and FCA (Europe) regulatory-compliant and is cleared to operate in both of these zones. North America and Europe and famous for their strict regulations on financial institutions. In the United States, Uphold is cleared to operate in Alabama, Alaska and over 40 other states. See the full list here.
Vincent Munene is a freelance writer and a great blockchain enthusiast. Blockchain has changed his life in terms of financial freedom and in return, he likes to educate people and keep them up to date on everything blockchain. He is a Biochemist by profession and also loves to play the piano.
