Summary: Uphold is a global digital trading platform with over 10 million users, offering a diverse range of assets including over 250 cryptocurrencies, 37 national currencies, and various precious metals. Uphold provides transparency and security, publishing all transactions and holdings in real-time and not loaning out user funds.
The platform also has a clear fee structure, offers staking services, and supports additional features like trading in equities and precious metals. Uphold is regulated by the FCA in the U.K. and FinCEN in the U.S., underscoring its commitment to security and transparency.
What is Uphold?
Uphold is a global multi-asset digital trading platform that provides users with an easy and secure environment to trade and manage their digital assets. It boasts over 10 million users and offers a diverse range of assets, including over 250 cryptocurrencies and stablecoins, 37 national currencies, and multiple precious metals.
The platform emphasizes transparency, publishing all transactions and holdings in real-time, and adhering to high-security standards. Unlike many banks and other crypto exchanges, Uphold does not loan out user funds, ensuring they are fully reserved. Additionally, Uphold is regulated and licensed by the FCA in the U.K. and FinCEN in the U.S., further emphasizing its commitment to security and transparency for its users.
Uphold Supported Cryptocurrencies
Uphold is a versatile digital trading platform that supports a wide array of cryptocurrencies. Users can choose from over 250 digital currencies, including major cryptocurrencies, alt-coins, emerging tokens, layer 1 and layer 2 coins and stablecoins.
Some of the notable cryptocurrencies supported by Uphold include Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), Polkadot (DOT), EOS, Cosmos (ATOM), Shiba Inu (SHIB), Aave, and Algorand (ALGO), among many others. This extensive list ensures that users have a diverse range of options to trade, invest, and manage their digital assets seamlessly.
Uphold has a transparent fee structure for its users. Here's a breakdown of the fees associated with various activities on the platform:
- Deposits: No fees for bank or crypto network deposits. Credit card: 3.99% fee; Debit card: 3.49% fee.
- Withdrawals: Crypto networks are $2.99. Bank transfer are $3.99 (additional third-party costs might apply).
- Trading: Fees apply for trading, card deposits, wire transfers, and crypto network withdrawals. Fixed fee for trades under $500. Spread of 1.5% for BTC and ETH in the U.S., U.K., and Europe.
- Network Fees: Paid to miners and validators. Fees can vary based on the asset and transaction batching.
- Other Fees: Withdrawal fees on certain crypto networks. Free transfers between Uphold customers. Exchange fees apply for currency conversions.
Uphold Staking Services
Their web app and mobile app offers a staking feature that allows users to earn rewards by staking certain cryptocurrencies on the platform. Here's a concise overview of Uphold's staking:
- Eligibility: Users in eligible jurisdictions can stake specific cryptocurrencies on Uphold to earn rewards.
- Rewards: Users earn staking rewards based on the amount staked. Rewards are paid in the staked cryptocurrency. Uphold takes a commission of 3% to 34%, depending on the asset. Rewards are delivered weekly and are automatically re-staked.
- APY: The Annual Percentage Yield (APY) on Uphold is an estimate, considering the rewards, Uphold's commission, and reward compounding.
- Preparation & Unbounding: There's a preparation period of up to four days before earning rewards. An "unbounding" period might also apply, during which staked assets can't be moved and won't earn rewards.
- Available Tokens: ADA, ALGO, ATOM, AUDIO, AVAX, BAND, CELR, CSPR, DOT, ETH, FET, FLOW, FTM, KAVA, KSM, MATIC, MINA, NEAR and more.
Other Products and Features
While Uphold is best known for their digital asset investing and staking services, they are a very versatile mobile banking platform. Here are some of their key offerings that extend beyond the scope traditional crypto exchanges like Coinbase or Binance:
- Fiat Currencies: Uphold supports over 30 national currencies, enabling users to hold, convert, and send money globally. This makes it a versatile platform for international transactions.
- Precious Metals: Users can diversify their portfolio by trading in precious metals like gold, silver, platinum, and palladium. These assets are fully reserved, providing a secure way to invest in commodities.
- Stablecoins: Get access to a wide range of crypto stablecoins including USDC, USDT, DAI, MIM, LUSD, SUSD, BUSD and many others.
- Uphold Crypto Card: Uphold provides a debit card that allows users to spend their digital assets directly. The card also offers cashback rewards in the form of Bitcoin.
- Earn Program: This feature allows users to earn interest on their digital assets. The interest rates vary depending on the asset.
- Borrow Program: Uphold users can borrow against their digital assets at competitive rates, providing a way to access liquidity without selling their investments.
- Uphold API: Developers can leverage Uphold's API to build applications and services that interact with the Uphold platform, opening up a range of possibilities for integrating digital asset transactions into other services.
Is Uphold Regulated?
Uphold is a regulated platform with licenses in various jurisdictions. In the United States, Uphold is registered with each state's regulatory body and holds money transmitter licenses or equivalent in all states where it operates.
In the United Kingdom, Uphold Europe Limited is registered with the Financial Conduct Authority (FCA) under the FCA's Temporary Registration Regime for cryptoasset firms. It complies with the Money Laundering, Terrorist Financing and Transfer for Funds (Information on the Payer) Regulations 2017 as amended. Uphold is also an EMD agent of Optimus Cards UK Limited, authorised and regulated by the FCA to issue e-money.
In Europe, Uphold operates in compliance with the Electronic Money Regulations 2011. Outside of these regions, the platforms adheres to the local regulatory standards of the countries where Uphold operates.
Uphold Social Media
Uphold is very active across their social media platforms, particularly on Twitter. They share research, platform updates & upgrades, special offers and new platform features on a daily basis. Here are their key channels:
In conclusion, Uphold stands out as a comprehensive digital trading platform that caters to a diverse range of user needs. With support for over 250 cryptocurrencies, 37 national currencies, and various precious metals, it offers a broad spectrum of trading options.
Uphold's transparent fee structure, staking services, and additional features such as the ability to trade in equities and precious metals, further enhance its appeal. The platform's commitment to security and transparency is evident in its real-time publishing of transactions and holdings, as well as its adherence to regulatory standards in various jurisdictions.