If you want to find a nice and easy way to trade between cryptos, national currencies and metals then Uphold is a great platform to use. With Uphold rates as cheap as 0% on trading commission and zero fees on some deposits and withdrawals, it’s definitely a great place to get started.
What is Uphold?
Since Uphold was launched in 2015, it’s enabled its 1.5 million members worldwide to buy, sell and hold fiat and digital currencies, as well as precious metals, through one easy to use interface. Unlike competitor platforms, users can trade directly between any supported asset, reducing the amount of fees, saving you time and money. Furthermore, the blockchain-integrated platform makes it possible to send any currency to virtually anyone, anywhere – instantly.
With Uphold, you can Buy, sell, hold and convert 30 cryptocurrencies, 27 fiat currencies and 4 precious metals, all in one account.
Uphold also have an app as well as the web version which is available from App Store or google play. You will find that there is more functionality available on mobile apps. And they do state that Uphold works best on mobile.
The platform itself is more of an exchange platform rather than a trading platform. Plus, it’s very easy to use. So could be a great way for a beginner to buy their first bitcoin.
What Cryptocurrencies Does Uphold Support?
Uphold currently support 30 different cryptocurrencies and utility tokens. These include the likes of BTC, DASH, XRP, NANO.
From checking their website the fees seem to be different between mobile apps after Version 4.0 and the web application which is coming soon.
For example over on the mobile app funding is free of charge. However the web application it states that the fee of 3.99% for credit/debit cards and china union.
And Tradings fees are charged at zero commission for buying and selling currencies and other assets. However, commission-free does not mean that Uphold is free of charge as they charge for certain actives and add a small spread into the price of the asset being bought. For more information on their pricing, you can check out this page on their site.
Do I have my Private Keys with Uphold?
Similar to the likes of Coinbase, you don’t actually have access to your private keys so I’d recommend storing your Bitcoin for the long term in a hardware wallet such as Ledger Nano or Trezor. This is so that you have more control over your funds. You also have to complete KYC so it’s not fully decentralised.
How are funds protected with Uphold?
Uphold protects customer digital currency by storing roughly 90% of cryptocurrency held in its reserves in an offline cold storage solution and it is securely protected by a multi-signature process to ensure no single person has authority to move cryptocurrency. The remaining 10% is stored in secure online servers to manage liquidity for their service.
Their insurance policy does not cover any losses due to unauthorized access to your Uphold account. It is the user’s responsibility to use strong passwords and 2-Step Verification to access your Uphold account and to approve withdrawals from their account.
How to Buy Cryptocurrency on Uphold: Step-by-Step Tutorial
Account Sign-Up & Verification
To get started with Uphold the first thing you’ll need to do, is sign up for an account.
To do so, you’ll need to enter your email address, account type and country of residence. You’ll also need to complete your name, username and date of birth.
You’ll then receive a confirmation email along with a code for your phone to verify all the details and start to activate 2-factor authentication.
To be able to start trading you’ll need to complete your account verification and enter your residential address, photographic ID and a live selfie.
How to Buy Cryptocurrencies
To be able to purchase cryptocurrency from Uphold, the first thing you’ll need to do is fund your account. This can be done via a bank deposit or credit/debit card.
Once funds have been deposited your corresponding card in your wallet will show the currency. For example, if you have deposited GBP you will see a GBP card which will show a balance.
You can then convert the balance into crypto by selecting the corresponding FIAT money card and click onto “Transfer Between Cards”. Then select the crypto you would like to purchase.
How to Withdraw Funds From Your Uphold Wallet
If you want to withdraw your funds from Uphold, click onto the card you wish to withdraw from.
Select “Send to Bank Account”.
If you already set up a bank account in Uphold you can simply select the correct account. Otherwise, you will be prompted to create and enter your bank details;
Then enter the amount you wish to withdraw and click onto “Preview Withdrawal”. You will then need to enter in your verification code and “Confirm Withdrawal”
What is my Cryptocurrency Uphold Wallet Address?
To discover your public address, click onto the cryptocurrency card from your dashboard and click onto “Add Funds” from the top right.
Select “Fund with Cryptocurrency or Utility Token“
Select the cryptocurrency you are sending funds from and then click onto “Generate Address“
Your Public Address and QR code will then be generated and shown on screen.
The Uphold Debit Card
Uphold are due to release their very own debit card soon. WIth their debit card, you can choose to pay with crypto, metals, currencies, or whatever you choose. Anyone in the US can join their waitlist to get access to a physical or virtual card to make purchases online. And because it’s a Mastercard® it’s accepted at nearly 50 million merchants and ATMs across the globe. With ZERO foreign transaction fees.
Uphold and Brave Browser
Brave rewards their user’s attention with Basic Attention Tokens (BAT). These can then be used in the Brave eco-system to tip their favourite creators and Publishers. Where Uphold comes in is that they are the wallet provider for the Brave Publisher platform.
To access your Brave balances, you will first need to fully verify your identity on Uphold. It’s a pretty simple process and takes just a few minutes to complete on the web or mobile device. Before you start, you will need a valid form of government-issued photo ID. As well as taking a live selfie with your laptop or phone’s camera.
Once your account has been registered and verified with Uphold, a Brave branded BAT card will be created in your Uphold account and you will be directed to connect Brave to your Uphold card. Once a wallet is verified you can;
- Add BAT via FIAT or other cryptocurrencies
- Take out BAT earned via Brave Rewards and convert to FIAT and other cryptocurrencies
- Take out BAT that was previously deposited in your Brave wallet
- Store BAT earned from Brave Rewards
Uphold vs Coinbase
Uphold are often compared to exchanges such as Coinbase, or banking services with fee-free money exchanges like Revolut. However, Uphold blows all of these out of the water with more national and digital currencies. As well as metal and 10 times the amount of trading pairs to its competitors.