Uphold launched in the United States back in 2015, before the insane cryptocurrency bubble of 2017. The platform functions more like a traditional e-currency wallet, such as PayPal, than a cryptocurrency exchange; however, a large variety of assets, including various cryptocurrencies, can be stored on Uphold.
By: Kyle Torpey | Mar 18, 2020 | Modified Jun 25, 2020
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Uphold is available on both desktop computers and smartphones, so to get started with this cryptocurrency exchange platform, you must either visit Uphold.com or find the Uphold app in your phone’s app store. When you begin the sign-up process, you will need to provide the following basic information:
Like nearly every other cryptocurrency exchange, the usability of Uphold will be limited unless additional personal information is provided. Users who only provide the above information are limited to a lifetime transaction ceiling of $1,000. To remove this limit and gain access to additional features, such as funding your account via a debit or credit card, users must provide documentation in the form of a valid government-issued ID.
In most cases, Uphold is able to fully verify users within 24 hours.
The fiat currencies and precious metals available to Uphold users create a greater variety of assets; however, the number of cryptocurrencies available on the platform is somewhat limited. Here is a partial list:
Uphold is available on most computing platforms. The cryptocurrency service is available on any computer via the company’s website, and apps are also available for Apple and Android phones.
There are a large number of different fee structures to look at for Uphold due to the variety of different assets that can be bought, held, and sold on the platform.
There are no fees for depositing money onto Uphold, unless that deposit is made via a debit or credit card.
Most withdrawal methods involve a fee of $2.99 or $3.99. These withdrawals will also involve a network fee if they are made via a cryptocurrency.
Conversion fees for the various assets available on Uphold range from 0.65% to 3.95%.
Uphold is considered to be one of the safest ways to buy cryptocurrency by many digital asset experts. Since launching in 2014, Uphold has maintained an exemplary reputation for security among its customers. The site is unique in the sheer amount of assets it offers — including gold and silver — and that might help explain why security seems to be so important to the company.
On the flip side there have been some complaints about Uphold’s customer service over the years but that appears to be getting better and the number of issues seems to have gone down significantly in the last year.
Uphold is the designated wallet provider for the Brave Browser. Even though Brave has a wallet built into the browser, you can’t send your Basic Attention Tokens to a cryptocurrency address from the browser itself, you can only tip through YouTube, Twitter, Reddit, etc. In order to unlock your BAT from the advertising rewards, or earn tips as a publisher on one of the supporting networks, you need to sign up, and complete registration for an uphold account. For more information on the Brave Browser and Basic Attention Token, head on over to our guides.
While users can technically buy and sell cryptocurrencies on Uphold, it may not be honest to refer to it as a cryptocurrency exchange because that is not the platform’s focus. Instead, Uphold could be viewed as a system that is similar to PayPal or Skrill that also happens to have cryptocurrency integration.
Becoming a member of Uphold enables additional functionality for users and removes the $1,000 all-time limit on transactions. The process of becoming an Uphold member is basically the same as gaining access to a verified account at any other cryptocurrency exchange. To gain access to this level of membership, a form of government-issued ID, such as a driver’s license or passport, must be provided to Uphold.
Uphold Cloud Money describes the way in which users can switch between various assets in their own accounts at the click of a button. The platform allows users to basically receive one type of currency as any other currency of their choice. Transfers made between users in the same currency or asset come with no fee.
Uphold offers a custodial wallet, meaning, they store the keys to your cryptocurrency. All of the assets held in an Uphold account are held by Uphold themselves rather than the individual user.
There are some features that are free of cost on Uphold (namely deposits and transfers between users); however, withdrawals and currency conversations come with fees, which are sometimes hidden in the buy and sell spreads.
Yes, you can sell Basic Attention Token (BAT) on Uphold.
For those who are new to the cryptocurrency space, Uphold compares favourably to Coinbase. The usability of the app interface is comparable to Coinbase, but Uphold generally charges lower fees. Advanced traders will still probably want to opt for another platform that can offer even lower fees.
Uphold plans to offer deposit insurance for its users, but there is no indication that this insurance is currently available. It should be noted that Uphold’s precious metals stored in various vaults around the world are insured.
Uphold is registered as Uphold Europe Limited in London, England.
Purchasing silver or gold on Uphold should be viewed as generally safe. The precious metals are stored in five protected and insured vaults around the world.