uphold

uphold Overview

Founded in 2015, Uphold is a comprehensive cryptocurrency platform that offers a diverse range of over 250 tradable cryptocurrencies. With a focus on security, regulatory compliance, and user-friendly features, Uphold provides various payment methods for account funding and trading. While fees vary based on transactions, the platform offers educational resources through its blog to help users navigate the crypto landscape.

Additionally, the platform offers customer support via email, request form, address and social medias like Twitter, Facebook, Instagram and Linkein.

uphold offers a user-friendly platform, advanced trading features, and a wide array of services, including Cryptocurrencies, Metals, Stablecoins and National Currencies, making it a preferred choice for both beginners and experienced traders in the cryptocurrency market.

Pros & Cons

Pros Revealed

• DFI regulation

Uphold operates under DFI regulation, the regulatory oversight reinforces Uphold's dedication to security, transparency, and legal compliance, providing users with confidence in the platform's operations.

• Security measures available

The platform implements various security measures and not limited to two-factor authentication, strict privacy policy, Regulatory Compliance & Anti-Money Laundering (AML) Controls, 7/24 overwatch etc. to ensure user property security.

• Multiple Payment methods

Uphold offers a variety of payment methods for funding accounts and trading, including debit/credit cards, ACH, wire transfers, Apple/Google Pay, crypto network (including P2P transfers), and FPS/SEPA.

• Numerous tradable cryptocurrencies

Uphold offers access to a diverse selection of over 250 tradable cryptocurrencies, providing users with ample options for their investment and trading preferences.

• Wide range of products and services

Excepts for cryptocurrencies, Uphold also offer products including Metals, Stablecoins, National Currencies and business account services.

• Educational resources available

Uphold enriches user understanding by providing the Uphold Blog, featuring an array of educational resources encompassing crypto basics, insightful crypto commentary, and strategic insights.

Con Revealed

• Exceeded FinCEN Regulatory License

uphold reportedly faced regulatory concerns related to its licenses with the Financial Crimes Enforcement Network (FinCEN) which is exceeded. Such concerns could potentially impact its ability to operate in certain jurisdictions and might raise questions about its compliance with regulatory standards.

• Spreads applied

A potential drawback of Uphold is the application of spreads, which can impact the cost-effectiveness of trading transactions.

• Cold wallet not available

The absence of the industrys versatile cold wallet option of the exchange may raise concerns about the platform's security measures for safeguarding users' assets.

Regulatory Compliance

WikiBit obtains regulatory information through various channels, including official regulatory websites, public records, and direct communication. The platform's team verifies the authenticity of regulatory licenses and certifications by cross-referencing the information from multiple reputable sources.

WikiBit aims to offer reliable and accurate regulatory information to help traders make informed decisions when choosing exchange/token/project.

As of August 2023, Uphold reportedly holds a Digital Currency License from the Washington State Department of Financial Institutions (DFI) with the license no. 1269875 and an exceeded MSB License from the Financial Crimes Enforcement Network (FinCEN) with the license no. 31000164595424.

These licenses reflect uphold's compliance with regulatory requirements in different jurisdictions and underscore its commitment to operating within established legal frameworks.

Is uphold Safe？

uphold has implemented several security measures to enhance the safety of its platform and user funds. Below measures are taken but not limited to:

• Two-factor Authentication

uphold has implemented Two-factor Authentication (2FA). With 2FA, users are required to provide an additional verification step, typically through a mobile app or SMS code, in addition to their regular login credentials. This adds an extra layer of security and reduces the risk of unauthorized access to user accounts, ensuring a safer and more secure trading experience for its users.

• Regulatory Compliance & Anti-Money Laundering (AML) Controls

Uphold employs stringent KYC and Anti-Money Laundering controls to reinforce verification and identification processes, detecting and addressing suspicious activities. Moreover, Uphold is dedicated to adhering to legal requirements in the United States, Europe, and globally, ensuring a secure and compliant environment for its users.

• Strict privacy policy

At uphold, the implementation of a comprehensive privacy policy plays a pivotal role in fortifying their security measures. This policy is designed to safeguard the personal and financial information of their users, ensuring that sensitive data remains confidential and is not shared with unauthorized parties.

• PCI/DSS certified

Uphold holds PCI/DSS certification, which is one of the industrys most stringent and robust security measures in handling payment card data, keeps users' information secure and out of the hands of people who could use that data in a fraudulent way.

• 24/7 Overwatch

Uphold maintains a vigilant Security Operations Centre that provides continuous system monitoring and swift responses to identified threats. This proactive approach.

While uphold has taken significant steps to enhance security and user protection, no exchange or platform is entirely immune to risks. Cryptocurrency trading inherently carries certain risks, and users should take additional precautions to safeguard their assets.

Some recommended practices include using strong passwords, enabling 2FA, being cautious of phishing attempts, and storing a significant portion of your funds in secure hardware wallets rather than on the exchange.

Trading Markets

• Cryptocurrencies:
• Offers over 250 digital currencies including major cryptocurrencies, alt-coins, emerging tokens, and stablecoins.
• Features include bank connectivity in 36 countries, seamless debit/credit card payments, and integration with 17 blockchain networks.
• Precious Metals:
• Enables buying gold, silver, platinum, and palladium.
• Provides instant liquidity into 27 national currencies and zero custody costs.
• Includes bank connectivity in 36 countries, seamless payment options, and integration with seven blockchain networks for easy purchasing.
• Stablecoins:
• Variety of stablecoins pegged to national currencies available, such as Tether (USDT), USDC, EUROC, DAI, and more.
• Offers the stability of national currencies with the benefits of digital currency.
• National Currencies:
• Allows buying and selling of currencies like dollars, euros, and pounds.
• Features competitive rates (0.2% for most major currencies) and instant transfers between currencies.
• Tailored for currency exchange and trading.
  

Uphold's trading platform is designed for simplicity, allowing users to easily choose their funding source and the asset they want to buy, with the platform handling the rest of the process. To get started, users need to create an account, verify their identity, and they can commence trading.

Cryptocurrencies Available

Uphold positions itself as a leading cryptocurrency platform by offering an extensive array of more than 250 tradable cryptocurrencies. This remarkable selection empowers users to explore a diverse range of digital assets, catering to various investment strategies and preferences. Among the multitude of options, Uphold includes some of the most popular and widely recognized cryptocurrencies in the market:

Bitcoin (BTC)

Ethereum (ETH)

Ripple (XRP)

Litecoin (LTC)

Cardano (ADA)

Polkadot (DOT)

Chainlink (LINK)

Stellar (XLM)

Other services

Uphold offers a variety of services beyond just buying and selling cryptocurrencies. Here's a breakdown of some of their other services, organized with dots for clarity:

• Web3 Payment Solution (Topper):
• This service is designed for high-stakes crypto transactions, providing a Web3 payment solution that aims to drive more approvals and increase revenue from various assets.
• API Integration:
• Uphold's open API can automate business payment flows or extend Uphold's functionalities to users.
• Features include automated payouts in multiple currencies, the ability to create and connect Uphold wallets for fund transfers, and partnership opportunities by listing products in the Uphold App Center.
• The API is accessible for developers, with documentation, a sandbox for testing, and a developer agreement outlining terms of use.
• Uphold offers a straightforward pricing model for API transactions, with a standard plan and a custom enterprise plan for different business needs.
• Brave Rewards:
• Download the Brave browser.
• Connect and fund their Brave wallet through Uphold.
• Verify their identity on Uphold.
• Link their bank account for withdrawals, with ACH available for U.S. residents and SEPA for E.U. residents.
• This service is a collaboration with the Brave browser, focusing on user privacy and rewards.
• Users can earn Basic Attention Tokens (BAT) based on their browsing habits and support their favorite publishers.
• To use Brave Rewards with Uphold, users need to:

These services highlight Uphold's commitment to providing diverse and user-friendly options for both individual and business users, ranging from payment solutions to earning rewards through web browsing.

How to open account？

Creating an Uphold account is a simple and straightforward process. Here's a step-by-step guide to get you started:

Step 1: Visit the Uphold Website or Open the App

You can either visit the Uphold website (https://uphold.com/) or open the Uphold app on your mobile device.

Step 2: Click “Sign Up”

On the Uphold website or app, you'll find a prominent “Sign Up” button. Click on it to begin the account creation process.

Step 3: Enter Your Email Address

In the next step, you'll be asked to enter your email address. This will be the primary way Uphold communicates with you, so make sure to use an email address you check regularly.

Step 4: Create a Strong Password

Choose a strong password that you haven't used on any other site. This will help to protect your Uphold account from unauthorized access.

Step 5: Agree to the Terms of Service and Privacy Policy

Read through Uphold's Terms of Service and Privacy Policy. Once you understand and agree to them, check the box next to the relevant text.

Step 6: Verify Your Email Address

Uphold will send a verification email to the address you provided. Open the email and click on the verification link to confirm your identity.

Step 7: Provide Your Personal Information

You'll be asked to provide some personal information, such as your name, date of birth, and country of residence. This information is required to comply with regulatory requirements.

Step 8: Verify Your Identity

To verify your identity, you'll need to upload a clear photo of your government-issued ID, such as a passport, driver's license, or national ID card.

Step 9: Complete the Verification Process

Once you've uploaded your ID, Uphold will review the information and verify your identity. This process may take a few hours or days, depending on the volume of requests.

Step 10: Fund Your Account

After your account is verified, you can fund your account using various methods, including bank transfer, debit card, or cryptocurrency transfer.

Step 11: Start Trading!

Once your account is funded, you can start trading various cryptocurrencies and other assets on the Uphold platform.

Remember, it's important to keep your Uphold account information secure and never share your login credentials with anyone. Also, familiarize yourself with Uphold's trading fees and policies before you start trading.

How to buy cryptos？

To buy cryptocurrencies on Uphold, the process is structured and straightforward. Here's how you can do it:

• Visit the Uphold Website:
• Go to Uphold.com and click on the ‘Sign up’ button.
• Enter Personal Information:
• You will be prompted to enter your email address, phone number, and other personal details.
• Email Verification:
• After entering your details, Uphold will send you a link via email. Click on this link to proceed.
• Create a Password:
• Once you've clicked the link, you'll be asked to create a password for your new Uphold account.
• Provide Usage Details:
• Uphold requires information on how you plan to use their platform. This includes providing basic financial information like your employment status and the source of your funds.
• Identity Verification:
• The final step involves verifying your identity. This is typically done by providing a valid ID document and taking a selfie.
• Start Trading:
• Once these steps are completed, your account is ready to use. You can now start trading cryptocurrencies on Uphold.

This process is designed to be user-friendly, ensuring that even those new to cryptocurrency can easily navigate through the account setup and begin trading.

Fees

• Service fee:

Uphold offers a range of services fees for various activities on its platform.

Account opening and holding funds: free for active customers.

Bank transfers and cryptocurrency deposits: free.

Credit card deposits: 3.99%

Debit card deposits: 3.49% fee.

Sending and receiving money between Uphold customers: free.

Withdrawal fees: $2.99 for crypto and $3.99 for bank transfers, plus potential third-party costs.

Exchanges fees for Converting or buying currencies or commodities: with slight differences between buy and sell prices for price protection as below.

• Deposit and withdrawal fee:

Uphold applies different deposit and withdrawal fees among different regions for different products, the details of which users can find on their official support page at https://support.uphold.com/hc/en-us/articles/360038404532to make informed decisions regarding their transactions.

In summary, uphold's fee system is designed to be transparent and user-friendly which showcases commitment to providing accessible and straightforward pricing for a variety of trading and staking options.

Funding Methods

Uphold ensures a tailored payment experience by accommodating diverse regions with varying payment methods and processing times. Supported payment methods encompass Debit/credit cards, ACH, Wire transfers, Apple/Google Pay, Crypto network (including P2P transfers), FPS/SEPA, among others. The availability of these methods fosters convenience and flexibility for users worldwide, enabling them to choose their preferred transaction mode. For specific details about processing times and supported methods in different regions, please refer to the table provided below:

Payment methods available for US customers

Payment methods available for EU/UK customers

Payment methods available for CA customers

Payment methods available for non-US/EU/UK/CA customers

Compare to Other Cryptocurrency Exchanges

Frequently Asked Questions (FAQs)

Is uphold regulated？

Yes, its DFI regulated while at the same time holds an exceeded FinCEN license.

Can you trade NFTs on uphold？

No.

Is uphold a good crypto exchange for beginners？

Yes, its currently under DFI regulation and has a series of educational resources even for crypto basics.

Is uphold suitable for you？

Uphold is suitable for beginner traders, experienced traders, and institutional traders. It offers a user-friendly interface and educational resources for beginners, advanced trading features for experienced traders, and dedicated services for institutional traders.