While there are a staggering number of cryptocurrency exchanges within the crypto market, very few out there can be named reliable and completely trustworthy. Of course, there are some crypto exchanges that have carved their way straight to the top of the crypto world thanks to unique features, attractive fee systems, transparency, and various noteworthy security features.
In this article, we will cover the Uphold crypto exchange with all its advantages and disadvantages, as well as with its features.
What is Uphold and what are its core features?
In short, Uphold is a comprehensive crypto exchange available for people all around the world. It allows its members to convert, securely store, and even transact money and assets. It currently supports some of the most popular cryptocurrencies (Bitcoin, Litecoin, Ethereum, Bitcoin Cash, Dash, Bitcoin Gold, Ripple, and Basic Attention Token), but what’s interesting is that it also allows users to exchange more than 20 fiat currencies and even four precious metals.
Another very important feature of Uphold is the fact that it acts as a virtual wallet for its members. This wallet feature can be used to store both cryptocurrencies and fiat money. Uphold has a lot of advantages but this feature alone makes it stand out from the crowd, as very few crypto exchanges offer this type of complete service. It also offers support for MasterCard and Visa for all Uphold members. Additionally, members have the ability to send funds from one Uphold member to another, and it works for both crypto and fiat, without limitations, and without requiring them to pay fees.
While we are on the subject of advantages, it’s worth noting that unlike most other crypto exchanges and typical financial institutions, Uphold marks itself as a real-time transparent and fully verifiable service. This means that anyone interested in seeing its operations like transaction volumes, assets, solvency, and other types of similar elements can do so very easily.
As part of its transparency features, the exchange boasts Reserve ledgers and Reserve chains. The first one is a public record with all the changes made to Uphold’s assets, while the later is a real-time public record of all the users’ transactions that have been carried out the platform.
How does Uphold work?
For starters, it’s worth knowing that registration on Uphold is free. As mentioned before, users benefit from the full set of privileges such as storing, converting, transacting, transferring, and withdrawing money and cryptocurrencies.
In regards to cryptocurrencies, members can buy and sell all the supported coins. To gain access to this feature, members will have to qualify as “verified members.” The verification process requires all its members submit the date of birth and an active mobile phone number (which is also used as two-factor authentication), the place of residence, the ID card, passport, or driver’s license, and a clear passport photo.
The exchange process is quite simple, and if a member plans on funding from the debit card, he or she must first add funds to a traditional currency such as USD and then transfer to the cryptocurrency of choice. Selling cryptocurrencies on Uphold is just as straightforward.
As mentioned before for verified members, the sending and receiving process from one member to another is free. However, for currency conversions, Uphold makes use of variable mid-market exchange rates. For a member to remain active, he or she must carry out a transaction in the within at least a 90-day timeframe. Please note that an account with zero balance for more than 180 days is automatically considered inactive and closed.
Without a doubt Uphold makes quite a convincing case for itself with its comprehensive services. It boasts one of the most versatile exchange platforms, and it also acts as a wallet service, catering to the needs of almost all types of members. It’s also one of the few regulated exchanges. The drawbacks of Uphold is the fact that it’s not an anonymous exchange, that the fees are not exactly cheap and that it doesn’t have a 24/7 customer support service which relies on a ticket system.
Image Source: Uphold.com