Uphold Review 2024: Any Good? and Who is it Best For?
Dom Farnell
Co-Founder
Dom is a Co-Founder of TIC, a passionate investor and seasoned blog writer with a keen interest in financial markets and wealth management. "My goal is to empower individuals to make informed investment decisions through informative and engaging content."
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Quick Answer
Uphold, rated 4.5 stars, is ideal for those seeking a user-friendly platform to buy and hold assets. It allows seamless trading between crypto, fiat, and precious metals. However, it may not fully satisfy active traders seeking advanced technical analysis features and more competitive fee structures.
Please keep in mind that Crypto assets are volatile and currently unregulated. This volatility presents risk to your investment, do not invest unless you’re prepared to lose all the money you invest. Profits from Cryptocurrency sales may be subject to Capital gains tax under UK law.
First Impressions
My first impressions of Uphold were pretty positive. I found the sign up and security processes very slick and non intrusive. Start to finish It can’t of taken more than 5 minutes.
The variety of funding options available is a plus, with speedy convenient options like Google Pay.
There is certainly a good harmony between the mobile app and the desktop version.
The user interface is defiantly in the minimal, less is more end of the market. You can easily understand why this exchange can be pitched towards beginners.
I had just a couple of gripes early doors. When buying some Bitcoin when testing I couldn’t help notices that the price chart is very minimalist. That and the fees. The fees, when compared to some of the other exchanges do seem a little steep. This is likely the price of convenience. Similar to Coinbase and Kraken basic, whereas the kraken Pro and Coinbase advanced trade versions have considerably lower fees. Here there is no such pro option.
What is Uphold?
Instead of solely focusing on cryptocurrencies like a regular crypto exchange, it functions as a multi-asset trading platform. This means you can buy, sell, and hold a variety of assets in one place, including:
Cryptocurrencies: Bitcoin, Ethereum, Ripple, and many more popular options.
Precious Metals: Gold and silver for those seeking a hedge against inflation.
FIAT Currencies: Trade in familiar currencies like USD, GBP, and EUR.
Founded with the aim of making financial services more inclusive, transparent, and efficient, Uphold has evolved into a comprehensive solution for users to buy, hold, convert, and transact across traditional and digital currencies.
Key Features and Offerings
Multi-Asset Trading: Trade cryptocurrencies, precious metals (gold, silver) and national currencies (USD, GBP) all within a single platform. Diversify your portfolio effortlessly.
Beginner-Friendly Interface: Uphold’s clean and intuitive design makes it easy for newcomers to navigate the world of crypto.
Fast Account Funding: Top up your account quickly with various options like bank transfers, debit/credit cards, and even e-wallets.
Uphold Debit Card: Spend your crypto holdings like cash at any Mastercard merchant with the Uphold Debit Card (linked to your account).
Uphold Pros and Cons
- Wide variety of cryptocurrencies and other assets: Unlike most crypto exchanges, Uphold lets you trade crypto alongside precious metals (gold, silver) and national currencies (USD, GBP). This diversification potential is a major perk for investors looking to spread their bets.
- Easy to use for beginners: Uphold's user interface is known for being clear and intuitive.
- Fast account funding: Uphold boasts various funding options including bank transfers, debit/credit cards, and even e-wallets. This allows for swift account top-up and faster trades.
- Uphold Debit Card: Uphold offers a debit card that lets you spend your crypto holdings like cash at any Mastercard® merchant. This adds a layer of convenience for those who want to utilize their crypto in everyday transactions.
- High fees: Uphold employs a spread fee system, meaning the buy and sell prices you see are slightly marked up. These fees can add up, especially for frequent traders. Unlike some exchanges with flat trading fees, the spread can fluctuate based on market volatility.
- Limited trading features: Uphold caters more towards a buy-and-hold strategy. It lacks advanced charting tools and technical analysis features that seasoned traders often use for active trading.
- Customer service issues: Some users have reported encountering challenges with Uphold's customer service, including slow response times or difficulty resolving issues.
Please keep in mind that Crypto assets are volatile and currently unregulated. This volatility presents risk to your investment, do not invest unless you’re prepared to lose all the money you invest. Profits from Cryptocurrency sales may be subject to Capital gains tax under UK law.
Fees and Charges
Trading Fees
Uphold utilizes a spread fee system instead of a flat trading fee. This means the buy and sell prices you see on the platform are slightly marked up to cover their costs. The spread amount can vary depending on the asset and market conditions. While generally considered fair, these fees can add up, especially for frequent traders.
Here’s the key takeaway: Uphold might be more suitable for occasional investors or those prioritizing a buy-and-hold strategy, where fees have a less significant impact.
Withdrawal and Deposit Fees
Uphold generally doesn’t charge deposit fees, which is a plus. However, there are withdrawal fees that vary depending on the chosen withdrawal method (bank transfer, crypto network fees, etc.). Always double-check the specific fees before initiating a withdrawal.
- Tip 1: If you plan on making frequent withdrawals, researching and comparing fees across different exchanges can help you find a more cost-effective option.
- Tip 2: Credit/debit card transaction fees: Using a credit/debit card to fund your account typically incurs a higher fee compared to other methods like bank transfers.
Uphold vs. Competitors
|
Uphold |  Binance |  OKX | 
Coinbase |  MEXC | ||
Spot Crypto | 200+ | 370+ | 350+ | 390+ | 1500+ | |
FCA Regulated | ||||||
Founded | 2015 | 2017 | 2017 | 2012 | 2018 | |
HQ | USA | Caymens | Seychelles | California | Singapore | |
Native Token | UP | BNB | OKB | MX | ||
 | 3.4/5 | 2.1/5 | 3.2/5 | 1.5/5 | 1.9/5 | |
Staking | ||||||
Leverage | Non UK | Non UK | Non UK | Non UK | up to 200x | |
Mobile App | ||||||
DEFI Wallet | ||||||
Beginner Friendly | 4.5/5 | 4/5 | 4/5 | 4.5/5 | 3.5/5 | |
Demo Account | ||||||
Available in UK | ||||||
Review Score | 4.5/5 | 4.0/5 | 4.35/5 | 4.35/5 | 4.5/5 | |
* Please refer to the exchange website for up to date information. | ||||||
We have complied direct comparisons as part of our crypto VS series. You may also like OKX vs Coinbase, OKX vs MEXC, Coinbase vs MEXC. and OKX vs Kraken.
Is Uphold Safe?
We have written about this in depth as part of our page Is Uphold Safe?
Uphold employs industry-standard security practices like two-factor authentication, encryption, and cold storage for user funds. However, user reviews paint a mixed picture. While some users praise the platform’s user-friendliness, others have reported customer service issues and account lockouts.
The takeaway? Uphold implements solid security measures, but it’s wise to strengthen your account further using 2FA, strong passwords, and vigilance against phishing scams. Independent trust ratings can offer a broader perspective on Uphold’s security posture.
Any Good For Beginners?
Ease of Use
Personally I like the user interface on Uphold. Unlike some exchanges with complex layouts and jargon-heavy interfaces, Uphold clearly prioritizes clarity.
Buying my XRP while testing was straightforward, thanks to the clean design and simple navigation. This is a major plus for beginners who might otherwise feel overwhelmed. But I would really like to see some kind of price chart when making purchases of any crypto.
Educational Resources for New Investors
While Uphold doesn’t boast an extensive library of educational resources compared to some competitors, it does offer some helpful materials:
- FAQs: A comprehensive FAQ section addresses frequently asked questions about using the platform, cryptocurrency basics, and troubleshooting common issues.
- Help Center: The Help Center provides articles and guides on various topics related to using Uphold and navigating the world of cryptocurrencies.
Starting Your Investment Journey with Uphold
We have written about getting started with Uphold as part of our blog How to Buy Crypto on Uphold.
Uphold streamlines the process of getting started with your crypto investments with Simple account creation, multiple funding options and beginner-friendly trading interface.
Customer Service: What You Need to Know
Customer Service Channels
Uphold offers a few ways to reach their customer service team:
- Online Help Centre: This is the first line of defence, offering a searchable database of FAQs, articles, and guides on various Uphold functionalities and troubleshooting common issues.
- Email Support: If you can’t find an answer in the Help Centre, you can submit a support ticket via email.
Keep in mind: Uphold currently does not offer phone support, which might be a drawback for some users who prefer direct contact.
Response Time and Quality of Support
We did a little digging online for this one. Here’s where things get a bit more nuanced. User experiences with Uphold’s customer service can vary. However, their 3.4/5 Trust Pilot Rating is pretty good, compared with other established crypto exchanges. By comparison Binance is 2.1/5 and MEXC is 1.9/5.
Some users report timely responses and helpful assistance, while others express frustrations with slow response times or difficulty getting their issues resolved.
Finding a Consensus: While isolated negative experiences can occur with any company, it’s important to consider the prevalence of these reviews. Independent review sites can offer a broader perspective on Uphold’s customer service performance.
Quick Answer
Uphold offers email support and a searchable Help Centre, but lacks phone support. User experiences vary, with some praising quick resolutions and others reporting slow response times. Consider independent review sites for a broader perspective on Uphold’s customer service effectiveness.
Conclusion: Is Uphold Right for You?
Assessing Your Investment Goals and Preferences
- Crypto Newbie? Uphold’s intuitive interface and beginner-friendly resources make it a great starting point.
- Looking to Diversify? Uphold’s multi-asset trading lets you dabble in crypto, precious metals, and even fiat currencies.
- Active Trader? Uphold’s spread fee structure and lack of advanced features might not be ideal.
Consider your investment goals and preferences. Are you a crypto-curious beginner seeking a user-friendly platform? Or a seasoned trader needing in-depth analysis tools?
Conclusion
Uphold shines for beginners with its user-friendly design and diverse asset options (crypto, metals, currencies). It’s not ideal for active traders due to spread fees and limited features. Consider your goals – if it’s a user-friendly launchpad for crypto, Uphold can be a good fit.
Investing Top Tip
Consider Exploring Diversification: Many investors find value in diversifying their portfolios across a variety of asset classes, such as stocks, bonds, and commodities. It’s often suggested that diversification can be a good strategy to spread potential risks, as it avoids putting all of your eggs in the same basket.
Uphold Review Key Takeaways:
Uphold Score 4.5/5
User-Friendly Platform: Uphold prioritizes a clean and intuitive interface, making it a great choice for beginners entering the crypto space.
Multi-Asset Trading: Unlike most crypto exchanges, Uphold allows you to trade cryptocurrencies alongside precious metals (gold, silver) and FIAT currencies (USD, GBP). This diversification is a major perk for investors seeking a broader portfolio.
Fast Account Funding: Top up your Uphold account quickly with various options like bank transfers, debit/credit cards, and even e-wallets.
Uphold Debit Card: Spend your crypto holdings like cash at any Mastercard® merchant with the Uphold Debit Card (linked to your account).
Spread Fees: Uphold utilizes a spread fee system, which can be less transparent than flat trading fees for frequent traders.
Limited Trading Features
Mixed Customer Service Reviews
Not Ideal for Day Traders: The spread fee structure and lack of advanced features may not be suitable for active traders focused on technical analysis.
FAQ
Is Uphold a Good Platform for Crypto?
Uphold is 4.5 star rated and user-approved for its versatility in crypto trading, offering a wide selection of cryptocurrencies and seamless fiat-to-crypto conversions. Features like automatic trading and easy portfolio diversification appeal to many. However, its fees and some trading limitations may deter advanced traders seeking more depth and lower costs.
Is Uphold legitimate?
Uphold is a legitimate and reputable platform, adhering to stringent regulatory standards worldwide. It’s recognized for its commitment to security, user safety, and transparency, making it a trusted choice for managing and trading various assets.
What does Uphold do?
Uphold enables users to trade, hold, and convert a wide array of assets, such as cryptocurrencies, precious metals, and fiat currencies. It offers a streamlined platform for financial transactions and investment strategies, appealing to a broad audience.
How much does Uphold charge?
Uphold’s fees are based on a spread model, varying by transaction and asset type. While it prides itself on transparency, users should check the specific fees related to their activities for clear cost understanding.
Should I keep my XRP on Uphold?
Uphold supports XRP storage, offering convenience for trading and spending. However, for enhanced security, especially for large amounts, diversifying storage methods, including the use of hardware wallets, is advisable.
Can I withdraw my money from Uphold?
Withdrawing money from Uphold is straightforward, allowing transfers to both bank accounts and cryptocurrency wallets. It supports withdrawals in various fiat and digital currencies, catering to a wide range of user needs.
How does Uphold ensure the security of its users?
The Uphold Platform integrates robust security measures, including two-factor authentication and a bug bounty program, to protect users and their assets. These precautions position Uphold as a secure platform among crypto exchanges, fostering trust among its users in handling multiple asset classes.
Can I manage multiple asset classes on Uphold?
Yes, Uphold allows users to trade and hold a diverse range of assets, including major FIAT, cryptocurrencies, precious metals, and more. This flexibility makes it a versatile platform for investors interested in exploring different markets without switching between crypto platforms.
What fees can I expect with Uphold?
Uphold’s fee structure includes spread fees for trading assets and a network fee for crypto transactions. While aiming for transparency, it’s crucial for users to review these costs, as they vary by transaction type and asset class, ensuring informed investment decisions.
How does withdrawing funds to a bank account work on Uphold?
Uphold users can easily withdraw their funds directly to their bank accounts or through various payment methods. This process is streamlined for ease, allowing for the withdrawal of fiat currencies, crypto assets, and earnings from crypto staking, embodying the platform’s commitment to flexibility and user convenience.
Is Uphold a good choice for crypto traders seeking advanced features?
While Uphold offers a user-friendly platform for trading multiple assets and investing in digital money, some crypto traders may find it lacks some more advanced features found on other cryptocurrency exchanges. However, its wide asset selection and services like crypto debit cards and Brave rewards appeal to a broad audience.
Can I manage both cryptocurrencies and national currencies in my Uphold account?
Yes, Uphold enables users to seamlessly manage a variety of assets, including cryptocurrencies, national currencies, and precious metals, all within one account.
What security measures does Uphold implement to protect users?
Uphold prioritizes security with robust measures like two-factor authentication and a comprehensive bug bounty program, ensuring a safe trading environment for its users across all platforms.
How does Uphold's fee structure compare to other cryptocurrency exchanges?
Uphold maintains transparency in its fee structure, detailing spread fees and network fees on the Uphold website. This approach allows users to understand and anticipate costs associated with trading or holding cryptoassets.
Is it possible to use Uphold for high trading volumes and high-risk investments?
Yes, Uphold supports high trading volumes and provides opportunities for high-risk investments, appealing to both seasoned traders and those new to the market. However, users are advised to invest only if they’re prepared for the inherent risks of trading digital money.
How can I withdraw cash from my Uphold wallet?
Uphold offers multiple withdrawal options, including bank accounts and payment methods, enabling users to withdraw cash easily. Additionally, Uphold’s crypto debit card allows for direct access to funds at ATMs and merchants.
References
- Uphold: Buy BTC, ETH and 260+ – Apps on Google Play: https://play.google.com/store/apps/details?id=com.uphold.wallet&hl=en&gl=US (Accessed on 09/03/24)
- Uphold Platform https://uphold.com/en-gb
- Uphold Reviews on Trustpilot: https://uk.trustpilot.com/review/uphold.com (Accessed on 09/03/24)
- CoinMarketCap: https://coinmarketcap.com (Accessed on 09/03/24)