Uphold Blog (2024)

FAQs

Can Uphold be trusted? ›

Uphold offers industry-standard security measures, including KYC verification and two-factor authentication. The majority of user funds are held offline in cold storage, which is generally more secure than storing funds online in hot wallets.

The fees are reasonable, and the exchange has offered periodic no-trading fee periods to encourage new user sign-ups. Uphold is right for you if: You want a simple, straightforward exchange with a clean user interface that you can trust to keep your cryptocurrency safe, given you take the proper user precautions.

Is Uphold legal? Yes. Uphold legally operates in the United States.

Other important factors to consider when researching alternatives to UPHOLD include security and customer service. The best overall UPHOLD alternative is Binance. Other similar apps like UPHOLD are Coinbase Exchange, Kucoin, Bittrex, and Kraken.

Cons: The app sometimes can be laggy. The fees to exchange crypto to crypto can be really high depending on the kind of crypto to exchange. No Incentive Offered: This review was submitted organically.

Security concerns

There have been reports regarding crypto funds stolen from Uphold clients. Multiple users allege that an unauthorized party was able to access and drain their accounts despite having two-factor authentication (2FA) active. Some lost over $20,000 worth of cryptocurrency.

Uphold and Coinbase are secure exchanges offering a good selection of cryptocurrencies and features useful to traders, such as Uphold's AutoPilot and the Coinbase Earn program. But, people wanting a multi-asset trading platform should head to Uphold to buy precious metals, national currencies, and environmental tokens.

Is Uphold FDIC insured? Uphold is not FDIC insured but does offer its own insurance.

Withdrawing USD to a U.S. bank account

At Uphold, we provide ACH withdrawal services for USD, giving our customers the flexibility to select between instant and standard processing times for their transactions.

Do you pay taxes on Uphold? Yes, you have to pay taxes on Uphold. The exchange reports to the IRS and issues 1099 Forms to both the user and sends a copy to the IRS. In case you don't report your transactions on Form 1099-B, your transactions will be flagged automatically and you'll receive a Notice CP2000.

Will Uphold send me a 1099? ›

Uphold issues Form 1099-MISC and Form 1099-B to customers and the IRS. These forms contain details about your income and capital gains.

Uphold Fee

We charge fees for trading and certain deposits and withdrawals. Our fees depend on many factors such as where you reside and the payment method you use. Our fees take into account which assets you're trading, external trading costs, bank and payment processing costs, as well as network fees.

Uphold uses a combination of internal security professionals and external security firms to conduct Penetration testing of our systems several times per year. These tests are designed to ensure the security controls in place are effective and adequate to protect your personal information and money.

Uphold earns a commission between 3% - 34% depending on the asset being staked. In order to ensure full transparency to our users, the estimated Annual Percentage Reward Rate (APRR) takes our commission into account. For more information, please refer to our Uphold Staking Terms & Conditions.

Uphold takes security extremely seriously, incorporating the robust industry standards to protect your funds at all times. You have 24/7 customer support to help you. We hold your keys so you don't have to worry about custody. Around 90% of our crypto is held in cold storage.

Go to "Transact" in the application. Select your source of funds. Tap on "Select Destination." Under “My Cards”, select the card you want to withdraw your funds to.

Deposits of U.S dollars that are held in U.S. dollars on the Platform may be eligible for pass-through FDIC insurance covering the failure of the bank in which they are held in an amount up to $250,000 per depositor.