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Uphold is a multi-asset platform for retail traders and businesses to discover, trade, and secure a wide range of cryptocurrencies, stablecoins, precious metals, and foreign fiat currencies. The user-friendly platform offers cross-asset trades and custody vault storage. It no longer supports equity trading.
Uphold
On Uphold's website
Insider’s Rating
3.35/5
Account Minimum
$10
Fees
Spread fees ranging from 0.25% to 2.95%
Pros
- Supports 250+ cryptocurrencies
- Allows direct trading between different asset classes
- Transparent fees
Cons
- High spread fees on cryptocurrencies and precious metals
- Doesn’t provide advanced trading or charting features
- Limited account and portfolio options
- No longer support US equities and stocks
Insider’s Take
Uphold is good for crypto traders interested in discovering emerging coins and tokens and asset-to-asset trading. Compared to other exchanges, however, Uphold lacks advanced charting features and charges high fees.
Product Details
- Trade over 250 different cryptocurrencies
- Available in 150 countries
- Allows direct trading between different asset classes
- Transparent fees
Introduction to Uphold
Uphold is a combined crypto exchange and forex trading platform for diversifying your investment portfolio with digital assets, precious metals, and national currencies. Commission-free trading is available for some assets.
It's a decent option for cryptocurrency investors interested in investing in emerging tokens and altcoins alongside major coins and tokens. Beginners can also benefit from the exchange's customizable dashboard, which allows them to swap assets, access basic pricing information, and monitor market activity.
Uphold's cross-asset trading feature is the platform's main perk, as it allows you to trade directly between different asset classes. For example, users could directly trade their bitcoin assets for gold without converting to cash. If you don't plan to trade different asset classes directly, other crypto exchanges or commodity trading platforms may be better.
Similarly, advanced traders may find Uphold's lack of order types and advanced charting features limiting compared to some of the best cryptocurrency exchanges. Also, Uphold's variable spread fee structure can be costly, especially for low-liquid cryptocurrencies like dogecoin.
Uphold Review: Overall Rating
| Feature | Insider rating (out of 5) |
| Fees | 3.50 |
| Investment selection | 3.50 |
| Access | 4.50 |
| Ethics | 2.00 |
| Customer support | 4.00 |
| Security | 2.50 |
| Overall score | 3.35 |
How Uphold Works
Uphold supports 250+ cryptocurrencies and multiple stablecoins, such as Tether and USD Coin. Available environmental assets include UPCO2, the world's first tradeable carbon credit token, and bitcoin zero. You can also buy gold, silver, platinum, palladium, and over 20 kinds of fiat money.
Personal Crypto Trading Account
A Personal Crypto Trading Account through Uphold provides retail traders with access to basic account features like automatic recurring trades, built-in wallet storage, and limited stop orders. You can also access fast deposits and 0% deposit fees and withdrawal fees.
Uphold's take-profit feature allows you to automatically sell assets when the price increases by the profit percentage you choose. Similarly, the trailing stop-loss feature helps limit potential losses by automatically selling a security when it hits the predetermined stop price.
Another perk of Uphold is its AutoPilot option, which utilizes dollar-cost averaging to lessen volatility for crypto trading. Investors can also benefit from automatic recurring trades and Uphold's DCA calculator.
Uphold Vault
Vault is Uphold's new assisted self-custody solution offering enhanced digital asset security using a multi-signature framework. Your crypto assets can only be moved using your personal Vault key (plus a backup key). Uphold offers assisted key replacement services and 24/7 instant trading access.
However, Vault only supports bitcoin and XRP. Uphold plans to offer its assisted self-custody solutions to other network integrations sometime in 2024. In the meantime, you can store other assets in Uphold's full custody or traditional self-custody wallet.
Business Account
Business owners can use Uphold's Business Account to securely and quickly transfer assets instantly to workers worldwide. This account offers free asset storage, asset and data protection, and low-cost currency conversion between different currencies and precious metals.
Other account features include Uphold's know-your-customer verification feature, anti-money laundering features, and financial risk controls.
Uphold Fees
Although Uphold's fees are higher, it's transparent about its fee structure. Uphold's trading fees are typically:
- Stablecoins and major market FX: 0.25%
- Bitcoin and ethereum: 1.6%
- Altcoins: 1.9% - 2.95%
- Precious metals: 1.9% - 2.95%
Uphold charges higher fees on cryptocurrencies with lower liquidity (such as dogecoin or ripple) and during high trading volume periods.
Business accounts can also be integrated with an API for automated payouts to employees, vendors, and more. However, this feature requires a $500 monthly minimum. You'll be charged a 3% fee plus $0.50 for every transaction.
Vault subscriptions cost $4.99 per month ( or $49.99 per year) after a 30-day free trial period.
Pros and Cons of Uphold
| Pros | Cons |
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Uphold Trustworthiness
Uphold HQ Inc. has an F rating with the Better Business Bureau. The BBB assigns businesses grades from A+ to F, which represent how well a company interacts with its customers. The BBB states that the reason for the low rating is that Uphold has hundreds of complaints filed against it and the length of time it takes for Uphold to respond.
On February 25, 2022, a class action lawsuit was filed against Uphold, alleging that unauthorized third-party users stole customers' funds due to faulty two-factor authentication.In February 2023, Uphold attempted to dismiss the class action but did not convince the court. The lawsuit is still pending.
Uphold vs. Other Crypto Exchanges
Uphold vs. eToro
Similar to Uphold, eToro USA is a great option for investors looking to invest in crypto and other digital assets. But its offerings, account options, and fees differ.
Overall, Uphold is a better option for crypto traders since eToro offers less than 25 different coins and tokens. That said, eToro may be a better option for investors interested in buying and selling stocks and ETFs (investment options that Uphold does not provide). It also has a pre-built Smart Portfolio and CopyTrader system suitable for passive investors.
eToro USA review
Uphold vs. Coinbase
Both Uphold and Coinbase offer a wide range of cryptocurrencies, built-in wallet storage, educational resources, and user-friendly trading solutions. Uphold's fees and pricing differ from Coinbase.
Coinbase is a more comprehensive cryptocurrency exchange that offers hundreds of digital assets, an advanced trading platform, a retirement savings account, commerce services, ESG portfolio options, and margin trading. It only requires a $2 minimum to start investing, and spread fees are generally lower.
However, investors considering Coinbase should consider that the exchange is currently under investigation by the SEC for allegedly breaking national security rules. Coinbase denies these allegations.
Uphold may be the better option for traders who frequently buy and trade national currencies or for individuals who prefer easy trading between multiple asset classes.
Coinbase review
Uphold FAQs
Is Uphold a safe platform?
Uphold is a relatively safe platform equipped with encryption technology, due diligence checks on third-party providers, routine security audits, and its BugBounty program. However, Uphold is currently involved in a class-action lawsuit that alleges faulty two-factor authentication led to the theft of users' cryptocurrency.
What are the fees on Uphold?
Uphold charges relatively high fees, ranging from 0.25% to 2.95%, depending on asset class, liquidity, and trading volume. Cryptocurrencies with lower liquidity typically have higher spread fees. Uphold Vault costs $4.99 per month ( or $49.99 per year).
Can I use Uphold to buy stocks?
U.S.-based investors can no longer use Uphold to buy and sell stocks. In 2023, Uphold terminated its equity trading services in the U.S. If you're interested in traditional investment options, consider trading with one of the best stock trading apps.
Why You Should Trust Us: How We Reviewed Uphold
When reviewing cryptocurrency exchanges, we apply Business Insider's rating methodology for rating investment products to compare pricing, account options, supported coins and tokens, security, ethics, and overall customer experience. Top crypto exchanges offer multiple assets, account features, and market access for different trading needs.
Some cryptocurrency exchanges are best for beginners, while others are more suitable for more advanced investors. Uphold was evaluated based on its performancein each category compared to similar platforms. We give each product a rating between 0 and 5.
Investing and Retirement Reporter
Tessa Campbell is an investing and retirement reporter on Business Insider’s personal finance desk. Over two years of personal finance reporting, Tessa has built expertise on a range of financial topics, from the best credit cards to the best retirement savings accounts.ExperienceTessa currently reports on all things investing — deep-diving into complex financial topics, shedding light on lesser-known investment avenues, and uncovering ways readers can work the system to their advantage.As a personal finance expert in her 20s, Tessa is acutely aware of the impacts time and uncertainty have on your investment decisions. While she curates Business Insider’s guide on the best investment apps, she believes that your financial portfolio does not have to be perfect, it just has to exist. A small investment is better than nothing, and the mistakes you make along the way are a necessary part of the learning process.Expertise:Tessa’s expertise includes:
- Credit cards
- Investing apps
- Retirement savings
- Cryptocurrency
- The stock market
- Retail investing
Education:Tessa graduated from Susquehanna University with a creative writing degree and a psychology minor.When she’s not digging into a financial topic, you’ll find Tessa waist-deep in her second cup of coffee. She currently drinks Kitty Town coffee, which blends her love of coffee with her love for her two cats: Keekee and Dumpling. It was a targeted advertisem*nt, and it worked.
Compliance Associate
Elias Shaya is a Compliance Associate on the Personal Finance Insider team based in New York City, whichensures content accuracy and editorial independence so readers are always getting up-to-date and objective financial advice.The team also works to minimize risk for partners by ensuring language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team. Elias is the point person for the loans sub-vertical and works with the editorial team to ensure that all rates and information for personal and student loans are up-to-date and accurate.He joined Insider in February 2022 as a fellow on the compliance team.
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Uphold: 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 you should not expect to be protected if something goes wrong
