Our experts answer readers' investing questions and write unbiased product reviews (here's how we assess investing products). Paid non-client promotion: In some cases, we receive a commission from our partners. Our opinions are always our own.
About Uphold
Although it's not considered one of the best cryptocurrency exchanges or best investment apps, Uphold still offers a decent handful of easy-to-use services, a wide range of assets, advanced trading tools, and simple trading suitable for individuals and businesses.
On January 27, 2023, Uphold announced that it's now sun-setting US equities like US stocks and ETFs. Users currently in possession of US equities now have to convert those assets into other Uphold-supported assets or fiat currencies. US residents are still able to use Uphold's platform to invest in crypto, stablecoins, national currencies, precious metals, and environmental assets.
Is Uphold Right for You?
Uphold is suitable for both individuals and business owners of any level looking for direct trading between different asset classes. Both experienced and beginners can benefit from Uphold's simple platform, trading features, staking rewards, and education section.
The exchange mainly supports cryptocurrencies but also offers other assets like stablecoins, precious metals, and environmental assets. Both individuals and businesses can make use of direct trading, staking rewards, the easy-to-use platform, and fee transparency.
Uphold Review: Overall Rating
| Feature | Insider rating (out of 5) |
| Fees | 3.25 |
| Investment selection | 5.00 |
| Access | 3.75 |
| Ethics | 3.75 |
| Customer support | 3.50 |
| Security | 3.25 |
| Overall score | 3.79 |
Uphold Pros and Cons
| Pros | Cons |
|
|
If you're looking for more ways to earn rewards, Uphold's Mastercard Crypto Rewards Debit Card earns rewards when you spend on national currencies or cryptocurrency transactions. The Uphold Master Card is only available in the UK.
Uphold's customer support services are fairly limited, with various customer complaints of communication issues and users being locked out of their accounts.
Is Uphold Trustworthy?
Uphold HQ Inc. has a B rating with the Better Business Bureau. The BBB gives businesses grades from A+ to F when assigning its ratings. Ratings 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 the business, as well as the length of time it takes for Uphold to respond.
BBB ratings don't guarantee that a company will or won't work for you. It's a good idea to talk with friends or family who have used Uphold, as well as read online customer reviews.
Kronenberger Rosenfeld's attorneys filed a class action lawsuit against Uphold HQ, Inc. on February 25, 2022, accusing Uphold of having a faulty two-factor authentication, in which account protection didn't have the typical safeguards like identity proofing. This may have resulted in several Uphold accounts being accessed by unauthorized third-party users who emptied users' accounts. In February 2023, Uphold attempted to dismiss the class action but did not convince the court. The lawsuit is currently still pending.
How to Invest with Uphold
Personal Crypto Trading Account
You can trade crypto, stablecoins, and more with Uphold's Personal Crypto Trading Account. Investors can trade different digital currencies, like crypto and stablecoins, as well as buy 27 national currencies, like pounds and euros. This account offers fast deposits and 0% deposit fees and withdrawal fees.
With a Personal Crypto Trading Account, you get access to basic account features like Uphold's education resources, staking rewards, and the availability to join Uphold's Affiliate Program (more on that below).
Uphold also offers users an automated take-profit feature, limited stop orders, a trailing stop-loss feature, automated dollar-cost-averaging strategies, and automatic recurring trades.
The take-profit feature allows users to automatically sell assets when the price increases by the profit percentage of their choosing. Similarly, the stop-loss features help investors limit potential losses by automatically selling a security when it hits the predetermined stop price.
Business Account
Business owners can use Uphold's Business Account to securely and quickly transfer assets instantly to workers around the world. This account offers free asset storage, asset and data protection, and low-cost currency conversion between different currencies and precious metals.
Business accounts can also be integrated with an API for automated payouts to employees, vendors, and more. But keep in mind that this feature requires a $500 monthly minimum. For every transaction, you'll be charged a 3% fee plus $0.50.
Other account features include Uphold's know-your-customer verification feature, anti-money laundering features, and financial risk controls.
Rewards and Commissions
Some of Uphold's biggest account perks are also its newest features: staking rewards and the Uphold Affiliate Program.
Once you create an account, you can access Uphold's staking feature and start earning rewards. This is a process called proof-of-stake, which requires users to "pledge" crypto coins and tokens to validators for verification. In return, investors are rewarded on a weekly payout cycle. Cosmos, for example, has an estimated 16% APY, and ether has a 4.25% APY. Staking rewards are trackable through your Uphold investing portfolio. You can access Uphold's full list of eligible staking assets here.
Uphold's refer-a-friend program allows you to earn $20 in BTC when you refer new customers. But keep in mind that referrals must join and trade $250 or more within 30 days before you can earn the reward.
Once you sign up for the program, you can access a range of different promotional assets, such as banners and landing pages to share with potential future customers. Uphold also gives you access to an affiliate team, advanced reporting and optimization analysis tools, and easy payouts.
Investment Options
The platform offers more than 250 digital currencies for trading, including bitcoin, ether, litecoin, dogecoin, and many more. Upholds also support the following assets:
- Stablecoins: EUROC, MIM, GUSD, LUSD, FXS, FRAX
- Environmental assets: UPCO2, bitcoin zero (BTC0)
- Precious metals: Universal gold price (UPXAU), silver price (XAG), platinum price (XPT), palladium price (XPD)
- National currencies: US Dollar (USD), Euro (EUR), Pound (GBP), Argentine peso (ARS), Australian dollar (AUF) Canadian dollar, Singapore dollar (SGD), and more (You can check out Uphold's full list of national currencies here).
Uphold no longer supports US equities.
Uphold Fees
There's a $10 investing minimum to open an account with
Each cryptocurrency listed on Uphold is charged a spread fee. This means that when you purchase a crypto asset, you'll be charged the market price, plus Uphold's spread fee. For example, when you go to purchase crypto like bitcoin, you'll be charged a spread fee ranging from 0.8% to 1.2% on top of bitcoins current market price.
Also, lower-liquidity cryptos like dogecoin or ripple often charge much higher spread fees compared to higher-liquidity assets. Spread fees will also be higher when the market is struggling or trading is high.
When you utilize the staking feature, Uphold gets a commission ranging between 3% to 34% of the assets you stake. Uphold doesn't charge withdrawal fees or trading fees.
Uphold FAQs
Is Uphold a legit company?
Yes, Uphold is a legitimate company and has been since 2015, when it was founded by Halsey Minor.
Is Uphold as safe as Coinbase?
Uphold and Coinbase are both secure cryptocurrency exchanges that offer basic security measures such as KYC verification and two-factor authentication. However, last year Uphold was accused of failing to implement proper security measures in 2022. Kronenberger Rosenfeld's attorneys are currently filing a class action lawsuit against Uphold for these allegations. Uphold has yet to respond to these claims.
As of June 6, 2023, Coinbase was being investigated by the SEC following charges of breaking securities rules. Coinbase denies these claims.
Is Uphold regulated in the US?
Yes, Uphold is regulated in the US by the Financial Crimes Enforcement Network (FinCEN). Money Services Business (MSB) currently registers Uphold.
How Uphold Compares
Uphold vs. eToro
Like
Uphold is a better option for crypto traders, as eToro only supports 40 cryptocurrencies. But eToro may be a better option for investors interested in buying and selling commission-free 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.
Check out our review on eToro vs. Coinbase>>
Uphold vs. Coinbase
Both
Coinbase, like Uphold, supports more than 250 cryptocurrencies, including bitcoin, ether, and dogecoin. Coinbase is also currently beta-testing NFT trading. It has a lower account minimum ($2 minimum to open) and only charges a 0.50% spread on crypto transactions. Coinbase is a better option for beginner crypto traders looking for low fees, advanced trading features, and 24/7 priority customer service support.
It's important to note, however, that Coinbase is currently under investigation by the SEC after being charged for breaking national security rules. Coinbase has denied these allegations and has filed a motion to dismiss the charges.
Still, Uphold may be the better option for folks who frequently buy and trade national currencies, or for individuals who prefer easy trading between multiple different asset classes. It's also a good choice for investors wanting to invest in environmental assets and precious metals.
Methodology: How We Reviewed Uphold
We apply Personal Finance Insider's rating methodology for rating investment products to compare pricing, account options, supported coins and tokens, security, ethics, and overall customer experience when reviewing cryptocurrency exchanges. 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 fitting for more advanced investors.