Uphold Wallet Review – Features, Fees, Pros & Cons

Uphold is a cloud-based platform that enables users to store, buy and convert various assets. It offers it services in over 100 countries. It is one of the most trusted cryptocurrency wallets and many people seem to prefer it over others.

However, the big question is, should it or should it not be your go-to cryptocurrency platform? Let’s find out in the article.

What is Uphold Wallet?

Launched in 2015 with its headquarters in the United States, Uphold is a digital money transaction platform used by users from more than 180 countries. The platform supports over 30 fiat and cryptocurrencies. It is also packaged with high compatibility with iOS 9.0 and later versions, Android 4.1 and up, and Web browsers.

The User-friendly layout makes it easy for users to store assets, send funds globally and more importantly exchange currencies.

What wallet type is Uphold?

• Multi-currency
• Phone and desktop wallet
• Non-custodial

What fees does Uphold wallet have?

While signing up with Uphold does not cost any fees, transactions like deposit, withdrawal, and conversions attract fees. This fee may vary depending on the transaction method, limit and kind of transaction. Below are the fees charged for deposits, withdrawals and conversions.

Deposit Fees and Limits

Withdrawal fees and limits on Uphold

Conversion fees on Uphold

How to open your Uphold Wallet account

Before starting to use the wallet you have  to open it first,. Here is a detailed guide to help you through:

Step 1

The first step to opening your Uphold Wallet is to visit the official Uphold website and install the Uphold Wallet.

Step 2

On your device, Open the Uphold Wallet app and provide your email address, and choose the type of account, “as an Individual” or “Business.”

Also, set a strong password which you can remember easily.

Step 3

Fill in the personal details requested for, like full name, username, date of birth, state of residence among others.

Step 4

A confirmation email will then be sent to the email you provided and a code to your phone.

Step 5

For added security, complete your Two-Factor Authentication.

After this step. Your Account will be ready for use.

How do I add cryptocurrencies to Uphold Wallet?

To start using the wallet, you will need to master your way through various operations like how to add cryptocurrencies. While the procedure for doing this may be the same for all the transactions, the funding options available may be different depending on your state of residence. The funding options include cryptocurrency transfer, bank transfer, credit/debit card deposit. Here’s a guide on how to add cryptocurrencies on your Uphold Wallet.

Step 1

Launch the Uphold Wallet app.

Step 2

Using the Log-in details provided at the signup stage, sign in to your account.

Step 3

Make a selection of the money card you intend to use, then “Add Funds.”

Step 4

Next, click on “Fund with cryptocurrency.”

Step 5

Choose which cryptocurrency you wish to send.

Step 6

The next step can be executed in two different ways: you can copy your Uphold wallet address, or you can scan the QR code

These details are useful when you want to initiate the fund’s transfer from an external wallet.

How to send payments on Uphold wallet?

The other essential operation in Uphold wallet that you need to be conversant with besides adding cryptocurrencies is sending payments.

Step 1

Open the Uphold app on your device.

Step 2

Select the Uphold Money card you wish to use then click on the “Use Funds” button.

Step 3

Choose the “Send to Cryptocurrency address” option.

Step 4

Next, give the destination address, which is the address of the wallet to which you are sending the funds.

Step 5

Enter the amount you intend to send. Also, choose the currency in which the funds should be sent.

Step 6

Lastly, check that everything is as you want it, including the amount and the address then execute the payment by clicking “confirm”.

How do I receive payments on Uphold wallet?

The next thing to know is how to receive funds in Uphold. This is another vital operation in Uphold. Follow these steps to do so.

Step1

Select the “Deposit” option on the Menu.

Step 2

Choose the destination currency.

Step 3

If you have more than one card, select the one you would like to use.

Step 4

Tap “Crypto wallet” then select the cryptocurrency of your choice. Ensure that the currency you choose is the same type as the sender’s crypto wallet.

Step 5

Click on ”Preview deposit,” which will enable you to view and confirm the transaction details.

How safe is an Uphold Wallet?

Here are the security features that the wallet offers users:

2-factor authentication

This feature enables you to set up an extra security procedure on your account besides the basic password. You can set this when you are installing the wallet app or you can go to the security settings.

Regulation

Firstly, Uphold operates within the global anti-money laundering controls, which is used by all regulated financial service providers. In addition to that, it is regulated by FinCEN, the United States Treasury Department regulator. It has also partnered with an Authorized Payment Institution regulated by the United Kingdom Conduct Authority.

Encryption

Uphold encrypts its customers’ private keys and this helps prevent hacking.

24/7 monitoring

Uphold has a Security Operation Center that monitors all the activities on the platform 24/7. This operation center detects and flags any suspicious activities on the platform.

Team Security

Besides the customers, Uphold staff is also required to adhere to security protocols and that includes using a 2-factor authentication process in all the administrative accounts.

All these features ensure that customers’ funds and data are safe. However, additional certification like FCA and CySEC would have added security. A good example of a high-security wallet that is certified with both FCA and CySEC is the eToro wallet. It ensures maximum safety of customer’s funds and information.

Uphold Wallet Pros & Cons

Uphold Wallet vs. other wallets – how does it compare?

Uphold wallet vs. eToro

• User Friendliness

eToro offers one of the friendliest interfaces on the market. It is very easy to sign up on it and buying, selling and storing crypto on the wallet could not be any easier.

• Copy Trading

The eToro wallet is associated with a trading platform as well, which has a copy trading option. This means that whilst trading, you will be able to place the same trades as professional traders, which is a great help if you are a beginner.

• 2 Factor Authentication

For security reasons, eToro has a 2 factor authentication in place. This prevents all sorts of security dangers, such as hacking attacks.

Uphold wallet vs. Coinbase

Unlike Coinbase, Uphold has an exchange and wallet service. However, Uphold is one of the most pricey wallets and its fees are way higher than that of Coinbase.

• Verification process

Coinbase also has an easier verification process, and its website layout is more professional. It also provides educational websites, mostly videos, which are not available on Uphold.

• Copy feature

The most outstanding feature in Coinbase which is not in Uphold and most wallets is the copy feature, which enables new traders to see how successful people on the platform do their trades.

Uphold wallet vs. Atomic wallet

• Security

Compared to Atomic wallet, Uphold seems to have more security measures, including regulation and 2-factor authentication. For this reason, it could be safe to say that customer’s funds and information are safer in Uphold than in Atomic wallet.

• Mobile phone app

Additionally, the fact that Uphold has a mobile phone app which is not available with Atomic wallet gives it the upper hand.

• Pricing

Atomic wallet, on the other hand, supports a wider range of cryptocurrencies. Its fee is also more economical than that of Uphold wallet. The atomic wallet also has a the mnemonic seed phrase, which enables users to recreate or recover the wallet in case the PC crashes or in case of theft.

Conclusion

While all the listed wallets have their pros, eToro’s upsides stand to be weightier. Compared to the other wallets, its fee is the lowest. It has the best security measures, and it is highly certified.

This goes a long way in ensuring the customers’ funds are safe and easily accessible. We recommend both Uphold and eToro.

Read more:

• Best Ethereum wallets
• Best Ripple wallets

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