Most people buy cryptocurrency on a crypto exchange, be that decentralized or centralized. However, there are other platforms in-between, which are not exactly recognized exchanges like Binance but are used for trading cryptocurrencies all the same—one of which is Uphold.
What Is Uphold?
Uphold is a global multi-asset platform for buying and selling cryptocurrencies, precious metals, stocks, and many other assets. The mission is to change how people access money by making it possible for everyone to access cryptocurrencies.
Its slogan, “Anything-to-Anything,” means it enables users to trade between different asset classes using embedded payment methods.
It’s a unique feature of Uphold as most multi-asset trading platforms do not facilitate trading between asset classes, say precious metals for crypto.
This is a step towards ensuring everyone has access to financial services, regardless of their assets.
Uphold also operates a custodial crypto wallet where you can hold your crypto assets indefinitely. It is the exclusive wallet Brave browser uses to pay its users Brave Rewards using the browser’s Brave Attention Token (BAT).
The Uphold wallet currently supports seven cryptocurrencies, including Bitcoin, XRP, and Ethereum.
How Does Uphold Work?
Uphold is just like any cryptocurrency exchange, only that it supports other non-crypto assets. Users must first create and verify an account to be able to use it to buy or sell any asset. After that, you can create a personal or business crypto trading account and trade with zero commission.
Once an account is created and verified, you can buy crypto and start trading immediately. You can deposit fiat directly into your Uphold account using your card or bank account.
You may also transfer crypto from another wallet to Uphold and trade it for another crypto or a different asset class entirely.
Apart from trading cryptocurrencies and other assets, Uphold also allows you to stake assets, earning up to 25% APY. The platform is also friendly toward crypto newbies, including an automated trading option that allows users to automate trades.
Trade automation reduces the chances of the trader making mistakes, thus increasing their chances of making a profit compared to losing.
Uphold’s Supported Assets
Uphold is a multi-asset platform, meaning it supports not just crypto but also other asset classes. Specifically, you can trade crypto, precious metals, stocks, and environmental assets on the platform.
- There are over 90 supported cryptocurrencies, including top ones like Bitcoin, Ethereum, XRP, Dogecoin, Bitcoin Cash, and many others.
- Four precious metals are supported: gold, silver, platinum, and palladium.
- There are 40 American stocks available, including Tesla, Amazon, Apple, etc.
- Environmental assets include carbon credit token, UPCO2, and “the cleanest form of Bitcoin,” Bitcoin Zero (BTC0).
Uphold’s Supported Countries
As Uphold is a global trading platform with support for many assets, it accommodates users worldwide. It serves users from 184 countries with over 200 currencies, including crypto and fiat.
Uphold is fully compliant with U.S. laws. Countries where Uphold is unavailable are typically restricted due to issues in the U.S., where the company is based.
Is Uphold Secure?
Security is a major concern when using a platform like Uphold. Luckily, the team has taken steps to ensure that its users are properly protected from the risks associated with crypto and other types of trading.
Uphold reduces the impact of attacks on the platform through its layered security system. This is in addition to sophisticated encryption that makes it difficult for attackers to access the platform in the first place. The platform is also routinely subjected to security audits and penetration tests.
In case the attackers succeed, there is 24/7 surveillance so that immediate action is taken to neutralize the threat. In addition, Uphold runs a bug bounty program in collaboration with Intigriti, a bug bounty outfit incentivizes developers, hackers, and anyone else to report security vulnerabilities they observe on Uphold.
Apart from security measures by the platform, users are also encouraged to take personal measures to secure their accounts. These measures include account verification, using a strong password, two-factor authentication, and watching out for Phishing attacks and scams.
Uphold Fees
Uphold is a zero-commission trading platform, meaning it doesn’t charge any fees for buying or selling assets. Instead, the fees for such trades are network fees and go to the network, not Uphold.
There are no deposit or withdrawal fees, making it an attractive platform to trade crypto and other assets. However, Uphold charges spread fees on trades. Spreads are the difference between an asset’s asking and buying price.
For European and American users, this ranges from 0.8 to 1.2% on high liquidity assets like BTC and ETH, while users from other countries pay up to 1.8%.
Spreads are higher for low-liquidity assets and tokens such as XRP, ZIL, OXT, UPT, DOGE, and others. There may be a general deviation from the stated figures in times of market distortions.
The spread for precious metals is typically 3%, while that of major fiat currencies like EUR, USD, and GBP is typically 0.2%. The spread for U.S stocks iU.S..0%, but this may increase a little when trading outside market hours, depending on the stock’s volatility.
There are no hidden fees, and the rates you see at preview are the same rate you’ll pay when you complete the trade. These are only fees for personal accounts, so if you wish to operate a business account, you can check out the fees on the website.
Pros and Cons of Uphold
Uphold sounds interesting, but like any other trading platform, it has its good and bad sides.
Uphold Pros
- Allows trading between different asset classes
- Zero-commission trading, no deposit or withdrawal fees
- Fully compliant with regulatory requirements
- Supports multiple countries globally
- No hidden fees
Uphold Cons
- Spreads are relatively high
- Like any centralized trading platform, it requires KYC to use
Should You Use Uphold?
Absolutely! Features like trading between asset classes are rare on other platforms, and the convenience is unmatched. Also, you have access to dozens of cryptocurrencies and other assets and a crypto wallet where you can store your crypto.
If you don’t mind the high spreads, Uphold is a good platform to use, whether you’re an individual or a business.
This news is republished from another source. You can check the original article here
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