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Reviews
Uphold Crypto Trading Platform Review
08/31/2023

Uphold Crypto Trading Platform Review

08/31/2023
4,7

Explore Uphold: A comprehensive review of the crypto trading platform - features, pros, cons and global accessibility.

What is the Uphold Crypto Project?

Uphold is a cloud-based platform that allows users to store, buy and exchange various assets, including fiat currencies, cryptocurrencies, stocks and precious metals. Uphold serves 184+ countries, 200+ currencies (traditional and crypto) and commodities with frictionless foreign exchange and cross-border transfers for members.

Uphold Crypto Exchange Features, Pros and Cons

Uphold is a centralized cryptocurrency exchange licensed in the United States and licensed for use in multiple regions. However, it has a complex system with different fees and requires KYC verification for all users, which may be a drawback for those who value anonymity.

So, we can say that Uphold is a legitimate and high-tech exchange that works mainly for the US market, but there are both pros and cons.

Pros:

  • Uphold offers a variety of assets to trade, including cryptocurrencies, precious metals, local currencies and US stocks;
  • The platform is secure, using sophisticated encryption and layered defences to limit attacks;
  • Uphold serves 184+ countries in 200+ currencies (traditional and crypto) and commodities, with frictionless foreign exchange and cross-border transfers for members around the world;
  • Uphold's unique 'anything to anything' feature allows customers to trade directly between asset classes with embedded payments, facilitating a future where everyone has access to financial services.

Cons:

  • Uphold charges different fees depending on the type of transaction and payment method used, including spread fees, transaction fees, deposit and withdrawal fees, and staking fees;
  • A class action lawsuit alleges that the platform failed to adequately protect its customers;
  • Working with Uphold could be problematic for those who are uncomfortable with the fees charged by the platform or who are concerned about the ongoing class action lawsuit;
  • Uphold requires KYC verification for all users.

Uphold Project Services

Uphold's features and tools are similar to other centralized exchanges, but what sets it apart is its Anything to Anything trading feature. This feature allows users to convert assets in a single step, making it more convenient than traditional trading methods.
In addition, Uphold offers a wide range of assets to trade, including cryptocurrencies, precious metals, national currencies and US stocks.

Uphold's security features are also noteworthy. The company has multiple layers of security to protect customer funds. They are registered with FINRA, SEC, FCA and other global financial regulators. In terms of customer funds, Uphold stores 96% of all crypto assets in offline cold storage wallets that are not connected to the internet. The remaining 4% was stored in hot wallets for active trading.

Despite these safeguards, there have been numerous reports of Uphold customers claiming their accounts have been hacked, even after correctly setting up 2FA. A class action lawsuit filed by Rosenfeld alleges that third parties were able to reset 2FA on multiple users' accounts without their permission. These hackers then drained all of those users' cryptocurrency, but to be fair, every crypto exchange gets its share of complaints from its customers.

Staking

The Uphold crypto exchange also has a staking program that allows users to earn rewards by staking eligible cryptocurrencies.

An overview of Uphold's staking programme follows.

Uphold's staking feature works with blockchains that use Proof of Stake (PoS) as a consensus mechanism and has over 10 popular cryptocurrencies, including Ethereum (ETH), Tezos (XTZ) and others.

Stake rewards are set by each crypto network and are calculated based on the amount of cryptocurrency actively staked.

The estimated APY (Annual Percentage Yield) for staking on Uphold is up to 16%.



Uphold Crypto Wallet

The Uphold digital wallet is designed for fast and convenient asset storage, sending funds to other Uphold users worldwide, and instant currency exchange. Using a 100% reserve model, Uphold subsidises all user assets at a 1:1 ratio to its own funds.

Uphold crypto wallet has 4 options for withdrawing or replenishing funds:

  • Bank Transfer (European and US banks only);
  • Uphold Card (another Uphold account);
  • Bank Card (not available in CIS countries);
  • Crypto-wallet.

Summary

The inclusion of a fiat currency exchange and the fact that the exchange is already on a regulatory path show that the team is forward-thinking. It is unfortunate that the fees for exchanging and withdrawing cryptocurrencies are quite high, but on the other hand the exchange rate for fiat currencies is quite favourable.

For those transferring funds internationally, the fact that there are no fees for transfers between Uphold users may be of even greater interest. The exchange platform itself is quite innovative, yet easy to navigate, and takes security very seriously; however, if you are looking for anonymity, this option may not be for you.

As a regulated exchange, personal identification must be provided and verified, so there can be no confidentiality. Users who are comfortable with regulation and lack confidentiality are likely to be satisfied with Uphold's services and security standards.

FAQs:

Is Uphold Crypto legitimate?

Yes, Uphold is registered in the US as a financial services company with the US Department of the Treasury, FinCEN. We can say that the company behind it is undoubtedly more reliable than most of the companies running cryptocurrency exchanges worldwide.

Can you withdraw your funds from Uphold Crypto?

There are two main methods of withdrawing crypto from Uphold. You can withdraw money from your bank account or crypto from a private wallet.

What are the Uphold Crypto fees?

Uphold's fees for exchanging cryptocurrencies and withdrawing funds might be higher than other wallets. Fiat currency exchange rates are good, though.

Is the Uphold wallet "hot" or "cold"?

Uphold's wallet is a cloud-based digital wallet categorized as a hot wallet.

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The materials found on the Cryptonica website shall not be taken as individual investment recommendations. The financial instruments or operations mentioned therein may not align with your investment profile or objectives. We assume no responsibility for any missing facts or inaccurate information in the texts. Cryptocurrencies are financial assets with high risk and volatility. Therefore, it is crucial that you conduct your own research on financial instruments and make independent decisions. Before engaging in any actions related to cryptocurrency, you shall study, understand, and comply with the laws applicable in your region and country.


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