Uphold Crypto: Is It Better Than Coinbase?

If you’re looking for a way to buy and sell cryptocurrencies, Uphold Crypto may be the answer. Uphold Crypto is a new platform that allows users to buy and sell cryptocurrencies with ease. But is it better than Coinbase? Our Uphold review will compare uphold to Coinbase and give you the information you need to decide whether you’ll begin trading with Uphold.

What is Uphold Crypto?

Uphold Blog - Buy, Sell, and Send BTC, XRP, And MORE In Seconds

 

Uphold is a newer crypto exchange that aims to make buying, selling, and earning crypto easier. Just like other cryptocurrency exchanges, with Uphold crypto users can connect their bank account, deposit funds, and then start the crypto investing process.

Is Uphold Crypto Better Than Other Exchanges?

Being an emerging player in the crypto exchange market, Uphold compares well to other popular crypto exchanges such as Coinbase. The Uphold exchange is a very upfront crypto exchange with no hidden fees, which makes it easier on your end to see how much you will pay for transaction fees, deposit fees, etc.

Uphold also offers more asset classes such as precious metals and equities. Uphold also offers the trading of fiat currencies. Uphold customers who are looking to support environmental causes can choose to trade environmental assets such as UPCO2 and BTC0.

Key Features of Uphold

Below, we’ve went through some of the key features that make Uphold unique.

Pros & Cons

Pros

  • Easy buying process
  • Low fees
  • Clean and intuitive interface
  • Responsive customer support

Cons

  • Slightly less crypto options than other major exchanges
  • Not many advanced chart options
  • Not as many learning resources compared to other exchanges

 

What Cryptocurrencies are Available on Uphold?

Buy Cryptocurrency - Uphold

Uphold offers a wide variety of asset classes from equities to crypto and even precious metals. When selecting a crypto exchange, the number of supported cryptocurrencies is a big deal. Uphold offers over 200 cryptocurrencies to its users for buying, selling, or trading. This number is almost identical to the number of cryptocurrencies that Coinbase offers.

What are Uphold’s fees?

Instead of trading commissions or percentage fees, Uphold uses a spread based fee system to charge its customers. These spreads are the difference between the market price of the asset and the price Uphold charges. Below are the spreads for the assets that Uphold supports:

  • Crypto: 0.8 – 1.2% on ETH and BTC
  • Precious Metals: 3.0%
  • Fiat Currencies: 0.2%
  • U.S. Equities: 1.0%

 

Uphold charges a larger spread on smaller, less liquid coins and tokens. These spreads can change so it’s important to keep yourself up to date. Spreads can be a positive fee system because you’re charged the fee at the beginning of your investment rather than the end with trading commissions. Most exchanges charge the user when they choose to sell their crypto. This is a big difference between Uphold and Coinbase.

Uphold Security

One of the first things we want to know with a new cryptocurrency exchange is how secure it is. From our research, Uphold uses layered defenses to limit the possibility of attacks, as well as state of the art encryption. They also use 3rd parties to audit their site and app security. We was also impressed to see that they have a “bug bounty program” that rewards users for reporting potential security vulnerabilities.

How to Create an Uphold Account

Creating an Uphold account is easy. We did it on our laptop, but you can use any desktop or mobile device to get started.

You’ll start by going through the typical process of creating any account by providing an email and creating a password. You’ll then provide information regarding where you live. Once you’re through these steps, Uphold will have you create 2 Factor Authorization by downloading an app and connecting it to your account via a code they send you. This completes your account setup, but you still won’t be able to begin trading.

To start trading, you’ll need to verify your identity by providing Uphold with information contained on a government issued document such as a drivers license or passport. You’ll also need to provide your current address and a selfie.

Once your account is verified, simply connect a payment method, deposit funds, and you’ll be ready to start trading!

Uphold Crypto Debit Card

Phone with Uphold app

Uphold offers a debit card where you can use crypto or precious metals for purchases. The Uphold card acts like a normal debit card, but also earns crypto rewards. Using a crypto asset to pay for regular purchases can end up saving you money as you net positive returns in your uphold wallet.

With the Uphold Debit Card, you’ll earn up to 1% cash back and up to 2% in crypto rewards. Having a crypto card is a big deal for Uphold because it adds a huge benefit for its users. Not all exchanges offer crypto earning cards, so having one definitely pushes Uphold into one of the top crypto exchanges. If you’re now wondering which crypto cards are the best, check out our article “The 7 Best Crypto Cards [2022].

Which National Currencies Does Uphold Support?

Users can deposit funds into Uphold using three major national currencies; EUR, GBP, or USD. These national currencies cover a broad set of countries, but limit some users in countries that don’t use these national currencies. There are no deposit fees unless you’re using a credit card. The credit card deposit fee is 3.99%.

What is a Bug Bounty Program?

A bug bounty program is one way crypto exchanges ensure the security of their software. When users find a bug or vulnerability in on the Uphold platform, they can report it via a 3rd party bug bounty partner called Intigriti. Once the report is reviewed, a reward may be given to that user for finding a vulnerability.

How can I Withdraw Funds From my Uphold Account?

With Uphold, you can withdraw funds to a linked bank account, or a different crypto wallet. To withdraw to a bank account, you must first connect your bank account to your Uphold account. You’ll then want to find the icon with two arrows and click it. Then, choose where you want to take the funds from and then select the bank account you want to receive the funds. Once you click the withdraw button, you’ll have to enter a 6-digit code that gets sent to your authenticator app.

To transfer funds to another wallet, follow this same process, but instead of sending the funds to your bank account, simply select which external wallet you want.

What is a Crypto Exchange?

A crypto exchange is a platform where digital assets can be bought, sold, or exchanged for other assets. There are many crypto exchanges available today, each with its own benefits and drawbacks. Before you choose an exchange, you’ll want to research what exchange suits you best. To see a list of the major crypto exchanges, read our article “69 Best Cryptocurrency Exchanges of 2022.

Conclusion

Choosing Uphold is an easy choice if you’re new to cryptocurrency or tired of exchanges that overcomplicate the crypto buying process. Uphold is the type of exchange we would recommend to a friend or newcomer. We were also impressed by the responsiveness of their customer service and support team, which is an invaluable resource. Overall it is a close match between Uphold and Coinbase, but we definitely see Uphold continuing to up their game which could make them a better choice than Coinbase.

Uphold Alternatives

Still want to look at alternatives? Here is our list of alternatives to Uphold crypto:

  • Gemini Exchange
  • BlockFi
  • Coinbase
  • SoFi
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