Uphold Review: Is It Worth It?
In this Uphold review, we will be examining whether or not the Uphold Card and the Uphold Platform are worth your time!
Terms Apply. Cryptoassets are highly volatile. Your capital is at risk. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment, and there's no safety net if things go south. The Uphold Card is issued by Optimus Cards UK Limited, a principal member of Mastercard and fully authorized by the FCA.
Disclaimer: We want to emphasize that this is not financial advice. Cryptocurrencies operate in a volatile market, where values can drastically fluctuate in a blink of an eye. It is imperative to conduct thorough research and seek guidance from a qualified financial advisor before investing.
Background And History
Uphold, originally established in 2013 as Bitreserve by Halsey Minor, has traversed a transformative journey over the years. The shift in nomenclature to Uphold in 2015 marked a pivotal juncture, accompanied by a broadening of its financial offerings.
Initially centered on the realm of cryptocurrencies, Uphold's evolution was characterized by the expansion into a diverse array of financial instruments. The company ventured beyond the cryptocurrency arena, now encompassing stocks, commodities, traditional currencies, and even metals. This diversification underscored Uphold's intent to create a comprehensive financial ecosystem that catered to a broader spectrum of user needs.
At present, Uphold's reach extends to a staggering 184+ countries, underscoring its global footprint and accessibility. Operating across more than 80 currencies, both traditional and crypto, Uphold's frictionless foreign exchange and cross-border remittance services are poised to empower users scattered around the world. An impressive achievement since its rebranding in 2015 is the powering of over US$4+ billion in transactions, reflective of its growing influence within the financial landscape.
Uphold's distinguishing feature lies in its role as a multi-asset digital money platform, catering to a global audience. The innovative 'Anything-to-Anything' trading paradigm forms the cornerstone of Uphold's value proposition. This unique approach enables customers to seamlessly navigate between diverse asset classes while facilitating embedded payments. The eventual vision here is to facilitate universal access to financial services, effectively dismantling barriers and ensuring financial inclusivity.
At the heart of Uphold's operations are proprietary technologies and e-money applications that form the bedrock of its services. The platform's commitment to a future characterized by equitable and transparent financial services is reflected in its ethos. Uphold envisions a landscape where individuals and businesses across the globe can access financial services that are secure, transparent, fair, and affordable.
Features
Initially centered on the realm of cryptocurrencies, Uphold's evolution was characterized by the expansion into a diverse array of financial instruments. The company ventured beyond the cryptocurrency arena, now encompassing stocks, commodities, traditional currencies, and even metals. This diversification underscored Uphold's intent to create a comprehensive financial ecosystem that catered to a broader spectrum of user needs.
At present, Uphold's reach extends to a staggering 184+ countries, underscoring its global footprint and accessibility. Operating across more than 80 currencies, both traditional and crypto, Uphold's frictionless foreign exchange and cross-border remittance services are poised to empower users scattered around the world. An impressive achievement since its rebranding in 2015 is the powering of over US$4+ billion in transactions, reflective of its growing influence within the financial landscape.
Uphold's distinguishing feature lies in its role as a multi-asset digital money platform, catering to a global audience. The innovative 'Anything-to-Anything' trading paradigm forms the cornerstone of Uphold's value proposition. This unique approach enables customers to seamlessly navigate between diverse asset classes while facilitating embedded payments. The eventual vision here is to facilitate universal access to financial services, effectively dismantling barriers and ensuring financial inclusivity.
At the heart of Uphold's operations are proprietary technologies and e-money applications that form the bedrock of its services. The platform's commitment to a future characterized by equitable and transparent financial services is reflected in its ethos. Uphold envisions a landscape where individuals and businesses across the globe can access financial services that are secure, transparent, fair, and affordable.
Fees
Uphold operates on a fee structure that prioritizes transparency and comprehensiveness, ensuring users have a clear understanding of costs associated with their platform engagement, particularly for UK and European customers involved in cryptocurrency transactions.
This pricing model is designed to provide users with an all-inclusive experience. The price visible before initiating a trade remains consistent throughout the transaction, setting Uphold apart from other platforms. Importantly, Uphold's pricing remains locked in from pre-trade to execution, eliminating hidden fees between the Preview and Transact stages.
Users are encouraged to assess the rates displayed on the Preview page before confirming transactions, a practice that aligns with Uphold's commitment to transparency. It empowers users to make informed decisions based on their expectations.
Uphold mirrors industry norms by showcasing the current mid-market price on its charts. This transparency extends to trading, where users are provided with the current bid or ask price depending on their trading direction. A small differential between the mid-market and bid/ask execution prices is common due to exchange order book mechanics.
Uphold is distinctive in its approach to fees. It refrains from imposing deposit, withdrawal, or trading commission charges. Instead, Uphold generates revenue through spreads applied during trades across various asset categories.
Network fees are charged when withdrawing to external crypto wallets and are transferred to users, varying based on network congestion.
For business accounts in the UK and Europe, fees are determined based on transaction volume and can be discussed with Uphold's Business Development Team.
For individual accounts in the US and the Rest of the World (RoW), spread structures differ across asset categories. Cryptocurrencies observe a spread on BTC and ETH, which typically ranges from 0.8% to 1.2% in the US and approximately 1.8% in other regions. It's worth noting that spreads might be notably higher for low-liquidity cryptos and tokens, underlining the importance of users reviewing rates on the Preview page before initiating trades.
Fiat currencies, including major national currencies like EUR, USD, and GBP, generally incur a spread of around 0.2%, further enhancing predictability in Uphold's fee structure.
U.S. Equities transactions carry a typical spread of 1.0%, with minor adjustments during trading outside market hours, reflecting the platform's commitment to providing consistent and transparent pricing.
For precious metals, Uphold's spread typically adds 3% on top of bid-ask prices from its supplier when trading, contributing to a clear understanding of pricing dynamics in this asset category.
Uphold's fee structure underscores its commitment to transparent and predictable pricing, catering to a user-centric approach within the cryptocurrency and trading space.
Privacy & Security
Uphold, as a licensed global firm, ensures compliance with stringent data protection requirements across various jurisdictions. Uphold adheres to EU data protection regulations, the Gramm-Leach-Bliley Act (GLBA) in the US, as well as the data protection regulations of the People's Republic of China. Uphold is committed to safeguarding Personally Identifiable Information (PII) and personal data in accordance with the highest industry standards.
Uphold employs encryption measures to safeguard user information. All data submitted to the Uphold platform is transmitted through the Transport Layer Security (TLS) protocol, ensuring data integrity and confidentiality during transmission.
Operational processes further contribute to Uphold's security framework. Rigorous security protocols are implemented to prevent unauthorized access to user data. Data access is restricted to authorized Uphold personnel on a strict need-to-know basis. Uphold's employees undergo comprehensive background checks, including criminal record assessments, during the hiring process.
In summation, Uphold's comprehensive approach to privacy and security underscores its commitment to providing users with a secure platform for managing their digital assets. The company's multifaceted strategies, encryption measures, strict operational processes, and adherence to global data protection regulations collectively contribute to the safeguarding of user data and digital holdings.
Assets
For an updated list of all the available assets on Uphold, please follow the link below.
Uphold Card
Certainly, I apologize for any misunderstanding. Here's the continuous review of the Uphold Card based on the provided information:
As of now, the Uphold Card is exclusively available within the United States. This card offers an expansive scope of usability, enabling you to spend various assets including cryptocurrencies, national currencies, and precious metals. Accepted at over 50 million merchants and virtually all ATMs globally wherever Mastercard is recognized, the Uphold Card presents a comprehensive solution for financial transactions.
Distinguished by its status as a 'true' debit card rather than a pre-loadable option, the Uphold Card boasts wider acceptance compared to many of its competitors in the market. This aspect alone elevates its attractiveness to users seeking a versatile spending tool.
Integrating seamlessly with your Uphold account, the card adds an enriched level of utility. For instance, linking your Uphold Card with Bitcoin allows you to withdraw local currency across more than 180 countries. This innovative feature leverages automatic deductions from your Bitcoin balance, eliminating the need for manual conversions into USD.
Travelers also benefit significantly from the Uphold Card. By using it abroad, you can bypass the high foreign exchange rates that conventional banks often impose, which can exceed 10%. This can translate into substantial savings for those frequently on the move.
Furthermore, the Uphold Card offers an enticing incentive: Crypto Rewards. Every transaction made with the card earns you 1% when spending national currencies and a higher 2% for cryptocurrency expenditures.
Delving into its features, the Uphold Card provides a 'Crypto Reward' structure that grants 2% for cryptocurrency spending and 1% for national currencies. This rewards program can be attractive for individuals engaged in both crypto and conventional financial transactions.
Beyond rewards, the Uphold Card positions itself as a practical solution for saving on foreign exchange costs when compared to traditional banking methods. It is available in both physical and virtual formats, granting flexibility to users based on their preferences. The ability to change the card's PIN within the app enhances security measures and control over usage.
Moreover, the option to freeze the card within the app adds an extra layer of protection, empowering users to prevent unauthorized usage if the card is lost or stolen. The card's compatibility with a wide range of assets supported by Uphold provides an added dimension of convenience and versatility, enabling users to spend with ease.
Instant spending alerts and categorized statements of purchases ensure that users stay informed and manage their financial activities more effectively.
Turning to costs and limits, the Uphold Card comes with a one-time issuance fee of $9.95. While withdrawals carry a fee of $2.50 per transaction, international withdrawals entail a charge of $3.50 per transaction. Domestic purchases, on the other hand, are free of charge, and foreign exchange transactions are also exempt from fees.
Regarding spending limits, the Uphold Card enforces a maximum per transaction limit of $5,000 and a daily maximum spend cap of $10,000. Cash withdrawals are subject to a daily limit of $1,500, with a per-transaction cash withdrawal limit of $500.
It's worth noting that you can utilize your funds as soon as they are available in your Uphold wallet. However, funds deposited via ACH may take up to 3 business days to settle before they can be spent.
In terms of availability, the Uphold Card is poised to expand beyond the United States. Launches are planned for Europe and Latin America in the near future. If you're interested in being among the first to obtain the Uphold Card outside the US, you can sign up for Uphold's waitlist to stay informed.
Uphold Pros & Cons
Uphold: Pros
- Well established company
- Many features available
- Solid platform for trading many types of assets
- Strong privacy and security features
- PayPal will become an available payment method soon
- New assets are added to the platform on a regular basis
- Available in many countries
Uphold: Cons
- The Uphold Card is only available in the US
- Customer support is very limited
- The spread could be lower
"Uphold Disclaimer: Assets available on Uphold are different per region. All investments and trading are risky and may result in the loss of capital. Cryptoassets are largely unregulated and are therefore not subject to protection"
"Uphold Disclaimer: Cryptocurrency investing within the EU/UK (by Uphold Europe Limited) and (USA by Uphold HQ Inc).
You should be aware that the risk of loss in trading or holding cryptoassets can be very high. As with any asset, the value of cryptoassets can go up or down and there can be a substantial risk that you lose all your money buying, selling, holding or investing in cryptoassets. Your cryptoassets are not subject to protection. You should carefully consider whether trading or holding cryptoassets is suitable for you in light of your financial condition. Uphold makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about Uphold."
Uphold Review: Verdict
After our Uphold review, we've come to believe this is one of the most solid and reliable platforms on the market.
Uphold is a one-stop for trading various kinds of assets, from crypto, to stocks, or precious metals, on top of that, it even offers a card with which you can spend your cryptocurrencies.
The mobile and desktop apps are very intuitive and easy to use, in them you'll find many features, all backed by very strong privacy and security features.
Uphold has a great team behind it, new assets are added every month, and the team is dedicated to bettering the platform as it goes forward.
As of now, the Uphold card is not yet available for those outside the US, customer support is very slow and limited, and the spread could be considerably lower.
If you would like to sign up for Uphold, follow the link below!
Terms Apply. Cryptoassets are highly volatile. Your capital is at risk. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment, and there's no safety net if things go south. The Uphold Card is issued by Optimus Cards UK Limited, a principal member of Mastercard and fully authorized by the FCA.
