Uphold Review: Is It Safe? Everything You Need to Know

In this Uphold review, we'll dive into everything you need to know about using the Uphold app as a cryptocurrency exchange and more.

Uphold is a multi-asset trading platform that offers access to over 300 assets, including cryptocurrencies, fiat currencies, and precious metals. It is known for its “Anything-to-Anything” trading feature, which allows users to trade between any supported assets in one step. For example, users can trade BTC to XRP or other cryptocurrencies without converting to fiat first.

Uphold also offers a USD Interest Account, where users can earn up to 4.9% interest on USD holdings of $1,000 or more. Balances under $1,000 still earn 2%, which is competitive for a flexible account. There are no fees, no lock-ins, and deposits are insured up to $2.5 million through a network of FDIC-insured banks, so users can withdraw whenever they need without penalties.

Uphold’s Over-the-Counter (OTC) platform, known as Uphold Ascent, is aimed at high-volume traders and institutional clients who need to execute large trades smoothly and privately. When you make a big trade, it’s crucial to avoid affecting market prices and Uphold Ascent smartly routes orders to more than 30 different trading venues.

The Uphold Debit Card makes it easy for you to spend your crypto anywhere Visa is accepted. With the card, you can choose which asset to spend on each transaction, so you have the flexibility to pick from your BTC, ETH, or USD balances as needed. Rewards sweeten the deal: you get 2% crypto-back on purchases made with digital assets and 1% cash-back on fiat transactions.

Uphold’s fee structure is straightforward but varies across the platform’s trading, deposit, and withdrawal options. Here’s a detailed breakdown of what to expect in terms of costs when using Uphold’s services:

Trading Fees: Uphold does not charge direct commission fees for trades, but it does include a spread in each transaction based on the asset’s type and liquidity. For highly popular cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), the trading fee typically falls between 1.4% to 1.6%. These two assets are widely traded, so they benefit from a relatively lower spread.

For stablecoins – such as USD Coin (USDC) and USD Tether (USDT) – and major fiat currencies, the spread is notably lower, at approximately 0.25%. This is a cost-effective option for users looking to make quick transactions between stable assets without high fees.

Less liquid or niche altcoins have a higher trading spread. These assets can range from 1.9% to 2.95%, reflecting the additional effort and risk Uphold takes to maintain liquidity in these markets. Precious metals, like gold, silver, and platinum, fall into this same range, with spreads typically set between 1.9% and 2.95%.

Deposit Fees: Uphold’s deposit fees vary based on the payment method and region, especially between the U.S., U.K., Europe, and Canada.

For ACH deposits in the U.S., there are no fees, making it a convenient and cost-effective choice. However, ACH deposits are limited to $25,000 per day. For deposits via credit or debit card or through Apple Pay and Google Pay, the fee is set at 3.99% of the deposit amount. This applies globally, including for Canadian users, and is a standard rate in digital platforms to cover the cost of instant processing for card-based payments.

For users opting for wire transfers, Uphold applies a split fee structure: any wire transfer above $5,000 is processed for free, while transfers below this amount incur a $20 fee.

In the U.K. and Europe, Faster Payments (FPS) and SEPA deposits are generally free. This makes bank transfer deposits a more affordable method in these regions compared to the 3.99% charged for card-based deposits.

Withdrawal Fees: Withdrawal fees on Uphold depend on the method and speed of withdrawal. In the U.S., standard ACH withdrawals to a bank account are free, but if you prefer an instant withdrawal, a 1.75% fee is applied, with a minimum charge of $1. This option is available for those who need funds faster than the typical 3-5 business days for ACH processing.

For debit card or Apple Pay withdrawals, users also pay a 1.75% fee, making it an affordable option for those looking to move money quickly. International withdrawals vary, but for card transactions, the fees usually fall between 1.75% and 2.75% depending on the region, helping cover the costs of cross-border transactions.

Crypto Withdrawal Fees: For those withdrawing crypto from Uphold to an