Uphold is a platform for investors and people looking to make crypto-to-crypto trades or buy physical assets such as precious metals. This article reviews Uphold’s use, features, fees, mobile app, charting options, and the overall experience of using the platform.
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Why Get Involved In Cryptocurrency?
The concept of cryptocurrency suggests “freedom.” Without any form of centralization or limit unlike the traditional financial institutions and norms, there is unlimited potential for anyone looking to get involved.
Cryptocurrencies are not tangible, yet they are very much valuable. They have become central to many Fintech projects and such technology seems inevitable for virtually all industries in the nearest future, so it only makes sense to get on board.
Only about 5% of people own one form of cryptocurrency or another. Being an early adopter could prove to be a masterstroke despite any form of speculation. With more control of your money, faster and safer transactions, and unlimited potential to make profits, there is hardly any reason to not get involved in cryptocurrency.
Who Is Uphold?
Uphold is a relatively new exchange founded in 2014 by Halsey Minor. Formerly known as Bitreserve, the San Francisco-based was launched in 2015 and has since served as a medium for trading digital and physical assets. Therefore, people can buy and sell Bitcoin, altcoins, and even carry out commodity trading.
Users of Uphold can carry out cross-asset trading across fiat currencies, cryptos, and tech-related stocks and commodities from their mobile devices. Uphold has over 6 million users across 182 countries and these numbers keep increasing by the thousand every day. The company became the first-ever financial platform to share its reserve holdings publicly in real-time.
The main features of Uphold include:
- Non-crypto assets trading: You will find about 4 precious metals, 27 national currencies, and 50 U.S stocks available for trading.
- Crypto asset trading: There are over 180 supported coins, which investors can buy with credit cards or a bank account.
- AutoPilot modes: This helps to automate trade orders
- Multi-asset debit card: Uphold’s MasterCard debit card allows traders to make payments via crypto, equities, gold, or national currencies.
Coins Available On Uphold
Uphold offers a decent selection of cryptocurrencies with over 100 coins supported in the US. However, only about 80 of these coins are supported in the U.K and the rest of Europe. Some of the major coins available on Uphold include Bitcoin (BTC), Polygon (MATIC), Cardano (ADA), Chain Link (LINK), Bithereum (BTH), Ripple (XRP), Ethereum (ETH), Bitcoin Cash (BCH), Dogecoin (DOGE), Aave (AAVE), Dash (DASH), and several others.
One exciting feature of Uphold’s crypto-to-crypto trading is that it supports virtually any crypto pair – “Anything to anything” like it says. This means that users have access to more than a thousand trading pairs across the supported coins.
Uphold Fees
Uphold makes money through ‘spreads’ on transactions. The spread is the difference between a bid and an ask. Its spreads are variable and depend on many aspects of the coin or asset. The platform usually warns that spreads may be higher for low-liquidity coins and tokens. You can always crosscheck the fees before transactions. Below is an estimate of Uphold’s typical spread for cryptos and other assets:
- Bitcoin – 0.8% to 1.2%
- Other altcoins – 0.65% to 3.95% (an average of 1.8%)
- Precious metals – 3%
- S. equities – 1% (could be higher during after-market hours)
- Fiat currencies – 0.2%
Other fees on Uphold include:
- Uphold Card Issuance Fee: This is a one-time fee of $9.95
- Uphold Card Usage Fees: This applies to regular usage of the card. Local withdrawals are $2.50 while international withdrawals are $3.50.
- Deposit fees: These are usually free except when using a wire transfer for amounts less than $5,000. A $30 fee applies to such a transaction. Also, debit and credit cards come with a 3.99% fee.
- Withdrawal fees: These are usually free except with cryptos where a $2.99 flat rate in addition to a Dynamic Network Fee applies.
Benefits To Using The Mobile App
Uphold has a free, intuitive, downloadable mobile app for iOS and Android phones. Using the app comes with several benefits:
- Full desktop functionality: Little functionality is lost when using the mobile app and this makes things much more convenient. Traders can easily place trade orders, monitor their portfolios, and send money to family and friends on the go.
- User-friendly interface: You can pull out money from your bank account to buy assets right away. Uphold integrates funding and trading into one screen, making it easy to use for both newbies and experts. This two-click feature allows users to place trades within seconds.
- Accurate trade calculations: You do not have to worry about calculations with the app as it can make accurate trades for you with just one click. The mobile app provides users with detailed market data on all assets, making it much easier to make accurate decisions.
- You can make quick trades on the go, or even setup recurring deposits into specific assets. This can be done with anything such as cryptocurrency, stocks, precious metals, or even national currencies.
Different Charting Options for Trading
Although there are no advanced charting options on Uphold, you will find the current mid-market prices displayed on the charts. Thus, whenever you trade, you would be able to monitor the hourly, daily, weekly, and monthly changes on your assets.
The platform also has a few resources to guide newbies as they make their first trades. Due to the gross lack of charting options, it is usually advisable for traders to use external tools and resources for market analysis. This way, one can be sure to not miss out on anything.
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Other Things Available for Trading
As earlier stated, Uphold does not just support cryptocurrency alone. Other things available for trading include:
- Currencies: With access to 27 currencies including all major fiat and reserve ones such as the Japanese Yen, there are more than a handful of currency pairs to trade on Uphold’s forex.
- Metals: Asides from Stocks, currencies, and ETFs, you can invest in four precious metals with Uphold. The metals available include Silver, Gold, Platinum, and Palladium.
- Equities: Although this is selectively available, some Uphold users can buy fractional equities in more than 40 companies including Tesla, Facebook, Amazon, Microsoft, and Apple for as little as $1.
Final Thoughts
Uphold is a legitimate and secure exchange that supports a good range of cryptocurrencies and other commodities. Its “Anything-to-Anything” transaction is truly appealing even to the most critical investor.
Although trading on Uphold is convenient, quick, easy, and its fees are relatively low, there are some concerns – Its spread is still higher than Coinbase, a competitor and its educational resources are somewhat limited. Overall, Uphold remains a great choice for any investor looking to trade multiple and diverse assets or send money out of the country regularly.
