Uphold is a versatile multi-asset trading platform that allows users to buy, sell, and hold cryptocurrencies, stablecoins, precious metals, and various fiat currencies. It's designed for both new and experienced investors seeking a straightforward way to diversify their portfolios across different asset classes.
The platform is particularly known for its unique cross-asset trading capability, which enables direct exchanges between different types of assets without needing to convert to cash first. This feature, combined with its extensive selection of digital assets, makes Uphold stand out in the crowded cryptocurrency exchange market.
How Uphold Works
Uphold operates as both a cryptocurrency exchange and digital wallet service, providing users with a unified platform for managing diverse investments. The platform supports trading across multiple asset categories, creating opportunities for portfolio diversification beyond traditional crypto offerings.
The registration process is streamlined and can typically be completed within five minutes. New users need to provide a valid email address, create a password, and verify their identity with a government-issued ID and selfie. The mobile app makes this verification process particularly convenient with its integrated camera functionality.
Once registered, users access a multi-panel dashboard that displays account balances, watchlists, recent transactions, and special features like the Vault and staking options. The interface is consistent across both web and mobile platforms, though mobile displays panels individually rather than simultaneously.
Key Features and Services
Multi-Asset Trading Platform
Uphold's standout feature is its ability to facilitate direct trading between different asset classes. This means you can exchange bitcoin for gold, Ethereum for silver, or any supported asset pair without first converting to fiat currency. This unique functionality provides flexibility not commonly found on other platforms.
The platform supports over 250 cryptocurrencies, including both major coins like Bitcoin and Ethereum and emerging tokens. Additionally, users can trade precious metals (gold, silver, platinum, palladium), multiple fiat currencies, and utility tokens.
Staking Services
U.S. investors can stake various cryptocurrencies on Uphold to earn rewards. The platform supports staking for 19 different assets including Ethereum, Cardano, Tezos, and Solana. Rewards are distributed weekly in the same cryptocurrency that was staked.
Each staked asset has its own minimum requirement and unstaking period. While some assets like Cardano can be unstaked instantly, others like Avalanche require a 30-day unstaking period. Uphold deducts a 20-25% fee from staking rewards, which is already factored into the displayed annual percentage yield (APY).
USD Interest Account
Uphold offers an FDIC-insured USD interest-bearing account that functions similarly to a high-yield savings account. Interest accrues daily and is paid monthly on the 15th. Funds in this account aren't locked, allowing easy transfers between crypto assets and the interest account.
While the account can be opened with just $1, the highest interest rates are reserved for balances exceeding $1,000. This account provides a safe way to earn yield on cash reserves while maintaining accessibility for trading opportunities.
Wallet Options
Uphold provides three distinct wallet options to accommodate different security preferences and experience levels:
- Full Custody Wallet: Uphold manages private keys, offering recovery options if keys are lost. This user-friendly option is ideal for beginners.
- Vault: An assisted self-custody solution using multi-signature security. Assets can only be moved with your personal Vault key plus a backup key. This service requires a subscription after a 30-day free trial.
- UpHODL: A complete self-custody Web3 wallet for storing crypto and NFTs. Users have full control but assume complete responsibility for key management.
Investment Baskets
For investors seeking instant diversification, Uphold offers pre-curated baskets of cryptocurrencies grouped by themes and strategies. These include:
- The Big Three Basket (BTC, ETH, XRP)
- Metaverse Basket (SAND, MANA, IMX, AXS, APE)
- AI Basket (TAO, AVAX, FET, RNDR, OCEAN, NMR)
- Meme Basket (DOGE, SHIB, PEPE, WIF, FLOKI, BONK)
Each basket provides exposure to multiple assets through a single purchase, though assets must be sold individually if you decide to exit positions.
Business Accounts
Uphold offers enterprise services including Business Accounts designed for companies with multi-currency needs. These accounts provide access to over 300 digital assets across 39 blockchains, free asset storage, and low-cost currency conversion. They're particularly suited for businesses with international operations, gig economy platforms, and self-directed IRAs.
Understanding Uphold's Fee Structure
Uphold maintains a transparent fee structure, though costs are generally higher than some competitors. The platform calculates fees differently than most exchanges, continuously surveying 30 underlying trading venues to determine prices.
Spread fees vary by asset class:
- Stablecoins: 0.2%
- Major market forex: 0.25%
- Bitcoin and Ethereum: 1.4-1.6%
- Altcoins and precious metals: 1.9%-2.95%
Fees increase for cryptocurrencies with lower liquidity (like Dogecoin or Ripple) and during periods of high trading volume. Business accounts using the API for automated payouts face a $500 monthly minimum plus a 3% fee and $0.50 per transaction.
Security and Trustworthiness
Uphold employs multiple security protocols including data encryption, regular audits, third-party due diligence checks, and 24/7 security monitoring. The platform is SOC 2 Type 2 certified, ISO 27001 certified, and PCI/DSS compliant.
The company has faced some challenges regarding its reputation. A class action lawsuit filed in 2022 alleged that faulty two-factor authentication led to theft of customer funds. Uphold denied these claims but reached a settlement in 2024 that would provide cash payments to affected members pending court approval.
Uphold's Better Business Bureau rating is currently under review (NR). Previously, the company had an F rating due to numerous customer complaints and slow response times. The platform maintains regulatory compliance in the U.S., Europe, and other regions where it operates.
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Platform Limitations
While Uphold offers many useful features, it has several limitations to consider:
- Limited Advanced Trading Tools: Charting capabilities are basic, limited to price tracking without advanced technical indicators.
- No Stock Trading: U.S. investors can no longer buy or sell stocks on Uphold since the termination of equity trading services in 2023.
- High Fees: Spread fees are generally higher than competing platforms, especially for less liquid assets.
- No Futures or Options: The platform doesn't support derivatives trading.
How Uphold Compares to Alternatives
Uphold vs. eToro
eToro offers a similar multi-asset platform but with some key differences. While Uphold supports over 250 cryptocurrencies, eToro's selection is more limited (approximately 25 assets for U.S. users). However, eToro provides stock and ETF trading, which Uphold no longer offers.
eToro's social trading features, including CopyTrader and pre-built Smart Portfolios, make it appealing for passive investors. Uphold excels for users interested in direct asset-to-asset trading and broader cryptocurrency selection.
Uphold vs. Coinbase
Both platforms offer extensive cryptocurrency selections, educational resources, and user-friendly interfaces. Coinbase generally has lower spread fees (0.50% for buy/sell transactions) compared to Uphold's 1.4-2.95% for major cryptocurrencies.
Coinbase provides more advanced trading features through Coinbase Pro and Coinbase Advanced Trade, along with additional services like retirement accounts and margin trading. Uphold's advantage lies in its cross-asset trading capability and support for precious metals.
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Frequently Asked Questions
Is Uphold a safe platform for cryptocurrency trading?
Uphold employs robust security measures including encryption, regular audits, and bug bounty programs. While the platform has faced security-related lawsuits, it maintains regulatory compliance and industry-standard certifications. Users should always exercise caution and employ additional security measures like two-factor authentication.
What are Uphold's fees for trading?
Fees vary by asset type: stablecoins (0.2%), major forex (0.25%), Bitcoin/Ethereum (1.4-1.6%), and altcoins/precious metals (1.9-2.95%). Spreads widen for less liquid assets and during high-volume periods. Vault storage costs $4.99 monthly or $49.99 annually after a free trial.
Can I trade stocks on Uphold?
U.S. investors can no longer trade stocks on Uphold. The platform discontinued equity trading services in 2023. Investors interested in traditional securities should consider dedicated stock trading platforms instead.
What is Uphold's unique advantage over other exchanges?
Uphold's distinctive cross-asset trading capability allows direct exchanges between different asset classes without converting to cash first. This feature, combined with support for cryptocurrencies, precious metals, and fiat currencies, provides unusual flexibility for portfolio management.
How does staking work on Uphold?
U.S. investors can stake 19 different cryptocurrencies to earn weekly rewards. Each asset has specific minimum requirements and unstaking periods. Uphold deducts 20-25% from staking rewards, which is reflected in the displayed APY rates.
What educational resources does Uphold offer?
Uphold provides a comprehensive learning hub with materials suitable for beginners. The platform offers information on crypto basics, trading strategies, and market trends. However, advanced traders might find educational resources less comprehensive than those on dedicated trading platforms.