Uphold was founded in 2013 under the name Bitreserve by Halsey Minor. In 2015 they rebranded to Uphold and also started to offer stocks, commodities, currency and metals, alongside cryptocurrency.
Uphold now has 1.7 million users on the platform. They serve 184 countries, and offer their own crypto debit card with 2% cashback on crypto purchases and 1% for USD.
Alongside their website they also have an app on Google Play and the App Store for Android and iOS users.
Uphold Features & Advantages
- Lists Ripple (XRP), which many platforms don’t
- Quick and easy – it takes 11 clicks / taps from signup to complete a purchase
- Customizable dashboard – can be adjusted to the user’s preferences by listing assets and selecting trading options
- AutoPilot feature – you can schedule recurring transactions to dollar cost average into assets (DCA)
A trade of BTC to XRP
How Uphold Works
Uphold exchange users can trade between any assets, e.g. BTC to XRP. Enter a recipient address and that address will receive the transfer in crypto.
Funds can be delivered to a private wallet or crypto exchange, and are sent directly by Uphold without using intermediaries.
Users can set limit orders, up to 50 at one time. Uphold has access to 7 Blockchain networks, which is more than Coinbase offers.
Lots of education materials are available, including a Cryptonory (a dictionary of crypto terms), open API to developed Uphold-powered apps and services, a blog with explanations for beginners, and a daily newsletter on the market known as Uphold Unboxed.
Supported Cryptos
Alongside Bitcoin and Ethereum the popular altcoins you can buy and sell include AAVE, ADA, AXS, CRV, DOGE, DOT, ENJ, HBAR, LINK, LUNA, MATIC, SUSHI, XRP and more.
Uphold mobile app
Free Wallets
Uphold also offer free secure digital wallets for your Bitcoin, Ripple, Ethereum, Litecoin and Bitcoin Cash holdings.
The highest industry standard security is put in place to protect your funds, which are held in cold storage. 24/7 support is available.
Minimum Deposit
The minimum deposit is $10 to fund your account and open a trade. You can deposit via debit card, crypto, bank wire, SWIFT or SEPA.
The minimum withdrawal is also $5-10 varying by country for bank transfers or the equivalent in cryptocurrency (0.00001 BTC, 0.001 ETH, 0.001 XRP, 0.25 LTC, 0.0001 DASH).
Crypto Debit Card
Choose from a virtual card or a physical chip and pin card linked to the Maestro network, accepted at nearly 50 million merchants and ATMs across the globe with zero foreign transaction fees.
Uphold Fees
Deposits
There are no deposit fee when funded by a bank account, using bitcoin, or from another Uphold account. If using a Debit/Credit Card to fund your account, a fee of 3.99% applies.
Wire transfer (US) would cost $20 above the deposit of $5000 and free upto $5000.
All customer-to-customer transfers are completely FREE of all fees, costs or limitations regardless of the amounts transferred, currency or frequency.
Withdrawals
Withdrawals via crypto attracts a fee is $2.99.
Withdrawals via bank transfer attracts a fee of $3.99.
Convert & Buy
Conversion fees are based on transaction value.
Spread
When trading cryptocurrency, Uphold charge a spread of spread 0.8% to 1.2% in US, 0.85% to 1.2% in UK and Europe, and around 1.8% for other regions.
For altcoins the spread is slightly higher, 0.95-1% for buying and 1.1-1.25% for selling.
For trading currencies, you have access to low forex conversion rates – the spread on EUR , USD andGBP is 0.2%.
Stocks & Commodities
Some of the other popular assets you can invest in with Uphold include Apple stock, Amazon, AT&T, Tesla, Gold, Silver, Platinum, Palladium and more. Their motto is ‘anything to anything’ trading.
They also open up investing to anyone through fractional stock trading – you can invest as little as $1 in companies like Google. Unlike some online stockbrokers where you are required to put up a large amount of capital to get started.
Pros:
Cons:
- Uphold could add more payment options, Paypal isn’t yet supported
- The educational content could be improved
Comparison with other Plaforms
Uphold vs Binance
Binance is a cryptocurrency exchange suitable for advanced traders looking to access a wide range of currencies and futures. It has low fees, advanced trading tools, and includes many cryptocurrencies on its list. Binance offers various ways of depositing money into a user’s account. On Binance, you can opt for either crypto-to-crypto or fiat-to-crypto trading.
Uphold is known for offering a unique financial experience. In addition to having cryptocurrency on the platform, it also has U.S. equities and precious metals. On the platform, you can trade across currencies, without converting your assets to cash.
Features
While Binance offers attractive passive income methods and enables traders to earn up to 30% APR on certain cryptos by staking, Uphold is a multi-asset trading platform, offering investors to earn crypto rewards via the Uphold Card.
Leverage
Binance offered leveraged tokens for traders to multiply their positions accordingly. Uphold does not offer leverage.
Regulations
In the USA, Uphold works with licensed banking partners. It is regulated by the United States Treasury Department regulator, FinCEN. As a regulated financial service provider, it complies with global Anti-Money Laundering (AML) controls. In the UK, it has a partnership with an Authorized Payment Institution that is regulated by the Financial Conduct Authority.
After Binance was banned on regulatory grounds in the USA, it opened Binance.US with other investors. It is registered with the United States Financial Crimes Enforcement Network and must comply with all applicable US laws. It is making every effort to receive regulations and licenses from various countries where it is operational.
User-friendly
Binance has a complex interface whereas Uphold has an easier user interface. Binance is designed specifically for experienced traders.
Fees
Uphold does not charge any deposit fees when you use deposit methods such as a bank account, using bitcoin, or from another Uphold account. Using a Debit/Credit Card for deposits will have a 3.99% fee. In the U.S. and Europe, Uphold’s spread is typically 0.8 to 1.2% on BTC and ETH. For crypto withdrawals, the fee is $2.99. Moving funds via bank transfer has a $3.99 fee and other third-party costs may be applicable.
Depositing through crypto is free on Binance. Not using the BNB (Binance Coin) to pay your trading fees will have a standard 0.1% fee. For users having BNB in their accounts, the trading fees are deducted from their BNB balance. Other fees depend on one crypto to another and trading types. Binance has dynamic withdrawal fees which depend on the status of the market. You can get all the details on their official website.
KYC
There is a robust KYC process on both Uphold and Binance. A mandatory KYC verification ensures the safety of your funds and personal information.
Compatibility
Both the platforms are available on a desktop or a Mac and can be accessed on apps available for Android/ IOS devices.
Uphold vs Coinbase
Regulation
In the USA, Uphold works with licensed banking partners. It is regulated by the United States Treasury Department regulator, FinCEN. As a regulated financial service provider, it complies with global Anti-Money Laundering (AML) controls. In the UK, it has a partnership with an Authorized Payment Institution that is regulated by the Financial Conduct Authority.
Coinbase complies with the applicable jurisdictional laws and regulations where it carries out its operations. United States Coinbase, Inc., has the license to operate in most U.S. jurisdictions. Coinbase has money transmission licenses. It covers US dollar wallets and transfers in most states and digital currency wallets and transfers in some states.
Coinbase is registered with FinCEN as a Money Services Business. It complies with financial services and consumer protection laws that include The Bank Secrecy Act, The USA Patriot Act, most states’ money transmission laws, and corresponding regulations.
Unique features
Uphold is known for offering a unique financial experience. In addition to having cryptocurrency on the platform, it also has U.S. equities and precious metals. On the platform, you can trade across currencies, without converting your assets to cash.
Coinbase provides a wide selection of cryptocurrencies to users and it has Coinbase Pro which is an additional platform attached to Coinbase. It has many advanced trading options including many charting tools, real-time order books, has lower fees, etc.
Leverage, deposits, withdrawals, fee
Coinbase offers 2x flexible leverage whereas Uphold does not offer leveraged trading.
Uphold does not charge any deposit fees when you use deposit methods such as a bank account, using bitcoin, or from another Uphold account. Using a Debit/Credit Card for deposits will have a 3.99% fee. In the U.S. and Europe, Uphold’s spread is typically 0.8 to 1.2% on BTC and ETH. For crypto withdrawals, the fee is $2.99. Moving funds via bank transfer has a $3.99 fee and other third-party costs may be applicable.
The withdrawal charges on Coinbase vary according to cryptocurrencies. There is no fee when you spend USDC with your Coinbase Card. It has a flat 2.49% transaction fee on all purchases made with other cryptocurrencies. This also includes ATM withdrawals.
KYC
The KYC process is required on both Uphold and Coinbase platforms. This process ensures the users’ safety and protects their funds. It also prevents the creation of fraudulent accounts.
Compatibility
Both Uphold and Coinbase platforms are available on a desktop or a Mac. They also have mobile apps for Android and IOS devices. Coinbase Pro is an extended platform attached to Coinbase.
Customer Support
Both exchanges have committed customer support services. Coinbase customer support service operates 24/ 7 and enables phone support. Uphold customer support service does not offer phone support.
Uphold vs Toro
Regulation
eToro is regulated in Europe by the Cyprus Securities & Exchange Commission (CySEC), in the UK by Financial Conduct Authority (FCA). It complies with and operates under the Markets in Financial Instruments Directive (MiFID) in the UK and Europe. It is registered with FinCEN (USA) and is a member of FINRA and SIPC. It is also regulated by the Australian Securities & Investments Commission (ASIC) and has an Australian Financial Services Licence (AFSL).
In the USA, Uphold works with licensed banking partners. It is regulated by the United States Treasury Department regulator, FinCEN. As a regulated financial service provider, it complies with global Anti-Money Laundering (AML) controls. In the UK, it has a partnership with an Authorized Payment Institution that is regulated by the Financial Conduct Authority.
Unique features
Uphold is a multi-asset trading platform, offering investors to earn crypto rewards via the Uphold Card.
eToro has features like copy trading, social trading, copy portfolio, etc.
Leverage, deposits, withdrawals, fee
While uphold does not offer leveraged trading, eToro offers 30:1 for major currency pairs, 20:1 for non-major currency pair, major indices, and gold, 10:1 for commodities except gold and non-major equity indices, 5:1 for individual equities, 2:1 for cryptos.
Uphold does not charge any deposit fees when you use deposit methods such as a bank account, using bitcoin, or from another Uphold account. Using a Debit/Credit Card for deposits will have a 3.99% fee. In the U.S. and Europe, Uphold’s spread is typically 0.8 to 1.2% on BTC and ETH. For crypto withdrawals, the fee is $2.99. Moving funds via bank transfer has a $3.99 fee and other third-party costs may be applicable.
Deposits on eToro are free. The only fee applicable is the currency conversion fee if you deposit with a fiat other than USD. It has a flat $5 for withdrawals.
eToro enables instant deposits through Paypal, Neteller, Skrill, etc. Both eToro and Uphold enable deposits through bank transfers, and credit and debit cards.
Update – As of 2024, the only cryptocurrencies eToro users in the United States will be able to trade on the platform will be Bitcoin, Bitcoin Cash and Ethereum.
KYC
There is a robust KYC process on both Uphold and eToro. A mandatory KYC verification ensures the safety of your funds and personal information.
Compatibility
Both the platforms are available on a desktop and can be accessed on apps available for Android/ IOS devices.
Customer Support
These two exchanges have good customer support service. On Uphold, you can communicate with their team via any channel approved by Uphold. These include Zendesk, Live Chat Support via our FAQ page, Facebook, One Hub, and @Upholdinc Twitter handle.
eToro offers customer services 24/ 5 through live chat, email, and phone.
eToro - Our Recommended Crypto Platform
- 30 Million Users Worldwide
- Buy with Bank transfer, Credit card, Neteller, Paypal, Skrill, Sofort
- Free Demo Account, Social Trading Community
- Free Secure Wallet - Unlosable Private Key
- Copytrade Professional Crypto Traders
