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Uphold Review - is it scam or safe?

Uphold Review - is uphold.com scam or good cryptocurrency exchange?

RATING: 3 / 5 REVIEWS Uphold

RECOMMENDED BITCOIN BROKERS


 

Trading Accounts & Conditions

 

Account type Conversion Fee Withdrawal Fee Deposit Fee
Standard  1.05% BTC / 0.65% USD 0.0003 BTC/$3.99 SEPA 3.99% (cards only)

 

Uphold is a cloud based platform with a lot of functionalities. One of them is trading in cryptocurrencies, as well as providing a cloud-based digital wallet for storing them.

 

Clients of Uphold whose cumulative value of transactions exceeds $1,000 are required to verify their identity.

 

 

Uphold Advantages

 

More than 30 fiat currencies supported

Uphold works with a plethora of traditional national currencies, including USD, EUR, GBP, JPY, CNY and more. This allows many investors buy Bitcoin and other coins in their local currencies, which is very convenient. They can also exchange fiat to fiat if they want to.

 

Many deposit/withdrawal methods available

Clients of Uphold are able to transfer money via a couple of the most popular and convenient payment methods: Credit card payments, bank transfers (SEPA included), and China Union Pay.

 

Ease of use

The two previous points immediately make the Uphold platform easy to use, as even newcomers in the crypto world (who don’t hold any coins) can directly access it.

 

Solid number of altcoins

At Uphold, users can buy, sell, convert and keep the most popular cryptocurrencies: Bitcoin, Ethereum, Litecoin, Ripple, DASH, Bitcoin Cash, Bitcoin Gold, and BAT.

 

An unusual wallet service

Just like a real-world wallet, the Uphold Wallet contains a set of cards which designate your holdings in different currencies, digital assets and commodities (such as Silver and Gold).

 

These cards allow you to safely and easily store your funds can be used to send and receive payments. The Uphold digital wallet can also connect to your bank or credit/debit card accounts.

 

Registered with FinCEN

Uphold Inc. is registered as a Money Services Business with the United States Treasury Department regulator, FinCEN. While this is not a regulation in the strict sense of the word, it ads a significant layer of credibility to this platform.

 

 

Uphold Disadvantages

 

High fees

While the fees charged by Uphold are clearly presented on its website, they are not exactly low-cost. Their Bitcoin conversion fee is 1.05%, and the fees for the other coins are even higher. Most crypto exchanges charge 0.20% - 0.25% per trade.

 

Transfer fees also apply. Credit card deposits are charged with 3.99%, while withdrawals are free. The situation with bank transfers is the same, but vice versa: deposits are free, while withdrawals are charged 3.99%.

 

No leverage available

Although this is not a major disadvantage, some crypto investors might need some margin to gear up their trading. In this case, they might try out trading in Bitcoin CFDs with a forex broker. Almost all of them offer trading on margin.

 

 

>>Bitcoin forex brokers<<

 


Certain deposit and withdrawal minimums

This is not a major flaw, yet it might be inconvenient for some users. Users of Uphold have to deposit at least $50 daily if they use credit cards, or €75 per transaction for SEPA deposits.

 

Besides, there are certain minimum amounts set for withdrawals in digital assets:  0.00001 BTC, 0.001 ETH, 0.25 LTC.

 

Conclusion

 

Previously known as Bitreserve, Uphold is a universal asset exchange service rather than a cryptocurrency trading platform. It is cloud-based and enables its users to buy, hold, convert and transact across 30+ currencies and commodities, including 8 cryptocurrencies. The service is user-friendly with several convenient payment methods supported.

 

Uphold is registered as a Money Services Business with the United States Treasury Department regulator, FinCEN. The authority collects and analyzes information about financial transactions in order to combat domestic and international money laundering, terrorist financing, and other financial crimes. While this does not make Uphold a regulated exchange, the company behind it is certainly more reliable than the majority of firms running crypto-exchanges worldwide.

 

Speaking of regulation, we’d like to remind you that some of the forex brokers we mentioned above and offer margin trading in Bitcoin and other digital assets, are duly licensed in the countries of their operation.

  

 

>> A list of trusted Bitcoin brokers <<

 

 

Here is our summary of this exchange:

 

Pros

Cons

More than 30 fiat currencies supported

High fees

Many deposit/withdrawal methods available

Certain deposit and withdrawal minimums

Solid number of coins

No Leverage

A well-established company, registered with FinCEN

 

An unusual wallet service

 

 

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Traders` reviews for Uphold

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Slippage

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Price feed

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Platform

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Deposit/Withdraw

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not happy

I purchased about $1500 of a cryptocurrency in about 5 different purchases. Since then, (about 3 months ago) I have been unable to even get the web sight to come up on my computer. So, needless to say, I'm unable to get to my funds. Don't have any idea what to do about it.

karyn 06/24/2019

Stealing money from friends and family, pretending they didn't and mislabeling transactions

I have seen them screw people out of thousands of dollars, then try to act like the customer did wrong after they scammed them.

This includes but is not limited to them changing the type of fiat currency from one form to another after it's sent, sending people bad addresses, making unauthorized withdrawals from people that never approved them, and messing with the customer saying they made a mistake when it was the company doing this to their own customers who were either randomly selected, or were thought not to notice it.

One word for Uphold.com: SCAM. Stay far away from these creeps. You'll lose your money if you don't.

P J 05/29/2019

Stay away from Uphold

Uphold charges insane fees, sometimes 20%. Can't even tell what their fee structure is.

I deposited 1 LTC there, IT NEVER SHOWED UP. It has been confirmed over 70,000 times on the blockchain, checked the address down to the letter.

Their customer service sucks, they're stalling and not helping me, just like the scammers that they are. I've lost one whole LTC it looks like.

STAY AWAY FROM UPHOLD. I wouldn't be surprised if they just go dark one day and steal everyone's coins.

Uphold Sux 04/09/2019

Uphold - frustrating experience, hidden fees and lack of transparency

Used uphold to withdraw money, charged almost 10% fee instead of the 1.5% presented on site as they have their own conversation rates which were 8% lower then all the big trading arenas in the market. Of course that it was never presented or anywhere to be seen in their website.

Transparency is not their strong side, hope you are not going to make the same mistake I did.

Yuval 12/17/2018

Beware of Uphold KYC requirements!

Beware of this company. I signed up with Uphold early Jan 2018. Recently, they sent a request for KYC info. Now, they are using their KYC as an excuse to suspend my account indefinitely! I provided my Drivers licence, Passport card, Bank Statement, A picture of me holding my ID, a screen shot of my bank webpage, and a Utility bill with my address. Then they say the screen shot needs to have my name, my full bank account number, and recent transactions. However, my banking webpage does not show the full account number so they pointed that out. I told them my dilemma but that still insisted... Next I was able to show the account number on the screenshot but then they said my name was not shown on the page. I then pointed out my name was at the top of the page. I have yet to here a response from customer service. I have never been asked for a screenshot of my Bank Account webpage... Their excuse is that they are heavily regulated... if 2 government issued ID's, a bank statement, a Utility bill with my address isn't good enough for these people then I think they are full of it. I have provided KYC info to Kraken, Gemini, HBUS and many other accounts and Uphold is held to a higher standard? Now I can't access my account. I asked several times for a phone number to call and all I get is a canned response stating that per my agreement that upon request I need to provide the requested documents....Wow... no number to call, runaround responses, falsely stating that my screenshot did not have my name when it is shown at the top...this is seeming more and more like a big scam! Just wanted to warn others who still can to consider protecting your assets from an indefinite suspension by Uphold... Please Be careful!

Paul J 10/19/2018
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