Multiasset Trading Platform
Besides cryptocurrencies, Uphold allows you to buy into various fiat currencies and precious metals like gold, silver and platinum. They also offer at least 40 U.S. equities. However, U.S. and Europe clients cannot trade equities at this time.
Not only does Uphold let you buy the different assets, but they also allow cross-asset trades. For example, you could use Bitcoin to buy gold without converting your BTC into USD first. By skipping a step, you save time and one round of fees.
Ease of Use
The Uphold signup process is quick and easy; you just need to enter your basic personal information like email, country of residence, and nationality. You will also need to verify your identity by uploading a valid government-issued photo ID such as a driver’s license or passport.
You can link a bank or debit/credit card to make investments. You can get started with $10 using a bank ACH transfer or a debit or credit card.
Another way Uphold saves time is by allowing one-step payments. Other platforms require you to deposit cash into your account before trading, so you must wait for the money to arrive before getting started. With Uphold, you make the purchase immediately using the linked payment method.
Security is a crucial feature for any top cryptocurrency exchange. Uphold uses sophisticated encryption and layered defenses to limit attacks. They monitor their system 24/7 for threats, which they claim to respond to promptly—and regularly. They also say that they host regular audits and penetration tests.
Uphold employees and third-party vendors must go through due diligence and background checks. Lastly, Uphold runs a bug bounty program, where if people find a system vulnerability, they can report it for payment.
As an individual user, you can secure your account with two-factor verification while Uphold verifies your identity before allowing you to trade or withdraw funds. These are the standard security measures to keep your account safe.
Some cryptocurrencies function by having investors put up their tokens to help verify and run the blockchain, a system known as staking. When you do so, you lock up your cryptocurrency for a set period of time in exchange for earning more tokens as a reward.
Uphold allows U.S. users to stake eligible cryptocurrencies in their portfolio on their platform. Ethereum, Tezos (XTZ) and Solana (SOL) are a few of the coins available for staking.
The amount you earn depends on the cryptocurrency, with annual percentage yields (APYs) ranging from 4% to 19.5%.
Each cryptocurrency may require different minimum amounts to start staking depending on the crypto.
Uphold offers a Mastercard crypto rewards debit card. You can use this card to spend the cryptocurrencies, precious metals, currencies or other investments in your account.
When spending on this card, you get 1% cash back for spending U.S. dollars and 2% cash back for spending cryptocurrencies.
Read More:Uphold Review 2022