Uphold Review 2023

Uphold Review 2023

Written by Lisa Rennie
Fact-checked by Caitlin Wood
Last Updated November 29, 2022

It’s hard to ignore the explosion in the popularity of cryptocurrency. While it’s been around for some time now, crypto trading appears to be on everyone’s mind. These days, it’s relatively easy to add crypto to an investment portfolio given all the trading platforms now available. 

In order to trade crypto, you’ll need to fund a crypto exchange account. But if you like to diversify your investments and have your hand in different pots, funding multiple asset classes can be a bit cumbersome. Buying precious metals, for instance, might need one type of currency or account to trade, while trading cryptocurrency may need another. 

What if there was a way to directly trade multiple assets between each other without the need to transfer funds to different accounts?

That’s where Uphold comes into the picture. With this innovative platform, traders can open one simple account to trade several assets directly without the back-and-forth that would traditionally be required to fund these investments.  

Let’s take a closer look at Uphold to see what it offers and how it might simplify your trading endeavours.

Who Is Uphold? 

Founded in 2013, Uphold is a digital money platform that allows for direct trading between multiple asset classes with embedded payments, ultimately simplifying the trade process. 

Uphold is available to traders across the globe in over 184 countries and serves more than 80 different currencies, including crypto. To date, Uphold has facilitated over $4 billion USD in transactions. 

Features Offered By Uphold

Before diving into Uphold, get to know some of its features, which include the following:

  • Multi-asset platform. Trade and fund various accounts using cryptocurrencies, equities, precious metals, and national currencies.
  • “Anything To Anything”. Trade any type of currency or asset to another in one quick and easy step.
  • Pay with the Uphold debit card. Uphold offers a debit card that allows you to pay with crypto, precious metals, and more. Plus, you’ll earn 1% cash-back and 2% crypto reward. 
  • All-inclusive prices. Fees are all-inclusive and fully transparent, so you’ll always know exactly what you’re paying before every trade.
  • Affordable. Uphold charges zero trading commissions, no fees on credit and debit card deposits, and no bank and crypto withdrawal fees.
  • Automated trading. Regular transactions can be automated using AutoPilot to set up recurring orders
  • Instant remittances. Instantly send money to anyone across the globe for free and in any currency.
  • Low Forex rates. Uphold allows access to some of the lowest Forex rates on major currencies.

What Types Of Cryptocurrencies Can You Trade On Uphold?

There are about 65 cryptocurrencies available for trade on Uphold, including altcoins, majors, stablecoins, and emerging tokens. It’s easy to buy crypto on Uphold thanks to bank networks in 36 countries, credit or debit card transactions, and various blockchain networks. 

Here are some of the more often-traded coins on the platform:

  • Bitcoin (BTC)
  • Ripple (XRP)
  • Ethereum (ETH)
  • Dogecoin (DOGE)
  • NEO (NEO)
  • EOS (EOS)
  • VeChain (VET)
  • Theta (THETA)
  • Solana (SOL)
  • Polkadot (DOT)

How Does Uphold Work?

To trade on the Uphold platform, follow these steps:

  • Step 1: Sign up for an account.
  • Step 2: Enter your email address, phone number, and personal information.
  • Step 3: Create a password. 
  • Step 4: Provide your financial information and explain how you plan to use Uphold.
  • Step 5: Verify your identity with an ID document and a selfie.

Once you’ve successfully opened an account, you’re free to trade on Uphold.

Check out the best micro-investing apps in Canada.

Cost Of Using Uphold

Uphold charges a spread with every trade and adopts an all-inclusive pricing model. The platform is very transparent about the pricing and will advertise the cost of your trade before you complete the transaction. The price shown before the trade is what you’ll pay. 

Uphold prices are locked in pre-trade with no hidden fees added before the transaction is completed. You can check the rate you’ll be charged on the Preview page. 

The following chart outlines the spread cost for various types of transactions:

Spread Cost
Crypto Currencies  – 0.8%
– 1.2% spread on BTC and ETH in US & Europe
– 1.8% elsewhere
Precious Metals3% on top of the supplier’s bid-ask price
Fiat Currencies0.2% between major national currencies
US Equities1%

Uphold vs. Coinbase

Uphold and Coinbase are crypto exchanges that allow traders to buy and sell various types of cryptocurrencies. Both platforms allow you to buy coins using your credit card, e-transfers from your bank account, or with their own branded crypto debit card. So, what’s the difference?

Both exchanges accept fiat funds, and traders can buy coin fractions on each. That said, Uphold supports over 1,000 diverse trading pairs thanks to its “Anything to Anything” approach, whereas Coinbase only offers 77 crypto-to-crypto trading pairs. 

Further, Uphold has more unique offerings, including precious metals and carbon credit tokens. But many of the more common cryptos, like Bitcoin (BTC), Dogecoin (DOGE), and Dash (DASH), are found on both platforms. 

Ultimately, beginners might find Coinbase an attractive option if they’re only looking to trade crypto, as there are plenty of educational tools available on this platform. But those looking to trade other assets, including precious metals, might find Uphold a more convenient option. 

Currencies  52100+
National Currencies273
Cryptocurrencies and Utility Tokens6532
U.S. Stocks~50N/A
Precious MetalsGold, silver, platinum, palladiumN/A
Trading Fees0.20% to 3.95%2.49%
Transactions Types AllowedBuy, sell, trade, hold, limitBuy, sell, trade, hold 

Is Uphold Right For You?

Uphold is an attractive option for those who are looking to trade not only crypto but other assets as well. It’s also a convenient option when it comes to funding trades without the need to open several separate accounts. It can all be done on Uphold. 

You can also connect with banks in 36 nations, send money to friends and family for free using supported assets, and even get paid by your employer in any currency or a combination of currencies. 

Uphold also offers its own debit card that allows you to earn points with every use, without any foreign transaction fees. 

Are you a beginner looking to start investing?

Uphold FAQs

Is Uphold safe?

Uphold is a FinCEN Registered Money Services Business (MSB) in the US. Further, Uphold uses encryption on its website, and bank accounts are connected to the platform via Plaid, a financial services industry standard. However, funds deposited with Uphold are not FDIC or SIPC insured. 

Does Uphold have an app?

Yes, you can buy and sell assets on the uphold platform via their mobile app. 

Does Uphold offer automated trading? 

Yes, you can automate your trades and schedule regular buy and sell transactions of cryptos, precious metals, and equities. That way, you can still participate in the market without having to keep tabs on your assets at all times, which helps minimize the impact of price fluctuations.

What do Brave Rewards have to do with Uphold? 

Clients who use the Brave browser can receive BAT tokens thanks to Uphold’s partnership with the browser. Brave is a free web browser that automatically disables online advertising and website trackers, so it’s hassle-free and more private than other browsers.

Is Uphold free to use?

No, Uphold is not free to use, though there are no trading commissions, no fees on credit and debit card deposits, and no bank and crypto withdrawal fees. Instead, Uphold uses an all-inclusive pricing model that displays all costs associated with each transaction before it’s carried out. Uphold charges a spread based on the exact type of asset being traded and the country the transaction takes place in.

Final Thoughts

If you’re looking to trade crypto, you’ve got plenty of trading platforms available to you. But if you like the idea of being able to more conveniently trade multiple assets without having to fumble with several accounts to fund your transactions, Uphold may be the ideal all-in-one platform to use. 

Lisa has been working as a personal finance writer for more than a decade, creating unique content that helps to educate Canadian consumers in the realms of real estate, mortgages, investing and financial health. For years, she held her real estate license in Toronto, Ontario before giving it up to pursue writing within this realm and related niches. Lisa is very serious about smart money management and helping others do the same.

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