Although there are many cryptocurrency exchanges that are active within the crypto market, few are reliable and completely trustworthy. Exchanges such as Uphold have carved a niche at the top of the crypto food chain. This down to several unique features, transparency, attractive fee systems, and different noteworthy security features.
What is Uphold?
Uphold is a cloud-based platform with several functionalities including trading in cryptocurrencies and, offering a cloud-based digital wallet for storage. It offers services in over 184 countries, across 30-plus currencies’ (fiat and crypto), commodities with frictionless foreign exchange, and cross-border remittance for members around the world. Since its debut in 2015, Uphold has powered over $3 billion in transactions.
The Uphold platform combines an app model with payment connectivity to offer financial services to a global market. The platform empowers innovation in financial services by allowing app developers, and fintech partners to leverage the reach of Uphold through licensed relationships with banks and financial institutions around the world.
Uphold Core Features
Uphold allows members to convert, transact money assets, and secure storage. It currently supports popular cryptocurrencies including Bitcoin, Bitcoin Cash, Bitcoin Gold, Litecoin, Ethereum, Ripple, Dash, and Basic Attention Token. Members can exchange over 20 fiat currencies as well as four precious metals.
Uphold acts as a virtual wallet for its members as you can use the wallet to store both cryptocurrencies and fiat money. This feature alone makes Uphold more appealing than other exchanges as few offer such as complete package.
Uphold members get support for MasterCard and Visa. Members can send both crypto and fiat from one uphold member to another without limitations, and at no extra charge.
It’s worth noting that unlike other crypto exchanges and typical financial institutions, uphold stands out as a real-time transparent and verifiable service. This means anyone interested in viewing operations such as assets, transaction volumes, solvency, and other features can do so.
As part of its transparency features, Uphold boasts Reserve ledgers and Reserve chains. Reserve ledgers is a public record with all the exchanges made to Uphold assets. The latter is a real-time public record of all member transactions on the platform.
The main drawback is that Uphold is not an anonymous exchange, fees are on the higher side and it doesn’t have a 24/7 customer support service which relies on a ticket system.
How Does Uphold Work?
Registration on Uphold is free. Users enjoy various privileges including converting, transacting, transferring, storing, and withdrawing fiat and cryptocurrencies. In regards to cryptocurrencies, you can buy and sell all supported coins.
To access this feature, you have to qualify as a “verified member”. The verification process requires a member to submit several details. They include the date of birth, an active mobile number (to act as two-factor authentication), place of residence, ID passport or driver’s license details, and a clear passport photo.
The simple and straightforward exchange process even allows members to fund from a debit card. But you must first add funds in a traditional currency such as USD before transferring to the cryptocurrency of choice. Sending and receiving funds from one member to another is free. For currency conversions, variable mid-market exchange rates take precedence.
There’s no doubt Uphold stands out from other exchanges with its comprehensive services. It boasts one of the most versatile exchange platforms which acts as a wallet service, catering for the needs of almost every member. Furthermore, it’s one of the few regulated exchanges and their website is innovative and easy to understand.