Uphold.com Review 2020 – Scam or Not?
There are a lot of “BTC Exchange” websites out there today. But how many of them are real exchange websites wherein you are not only able to directly exchange fiat money to BTC but trade fiat/crypto pairs as well? With the number of websites we’ve been through, we can honestly say that there are only a handful of websites that offer dual services. Most of them simply sell BTC, and some of them may or may not have a trading platform.
Today, we will be looking into one exchange website called Uphold.com and know more about them. Do they have a trading platform? Do they sell BTC? How do you get BTC or sell with them? These are the questions that we are going to answer in this review. Without further delay, let’s talk about that!
The website was launched in 2015 and has continued to provide services to more than a hundred countries across different currencies. Uphold.com is also a FinCEN registered MSB in the United States and CSSF for Europe, making it a perfect choice for people that love to exchange with regulated websites.
Verifications with Uphold.com
The first step is to provide an active email address, the type of account, and your country of residence. The next step is they ask you personal details like complete name, username for your new account, state you live in, and your date of birth. After completing the second part, they will send you an email confirmation straight to the provided email address. The third part would be sending a code to your mobile phone. We strongly advise not to create an account with them if providing information through the internet is not your thing!
After completing all the three steps, you’re done! The last step was there to also activate your Two-Factor Authentication for added security on your account.
Becoming a verified member – Creating an account with them is just the first part. You are able to upgrade your account to a verified one if you think that the transaction limits are not enough for you. Verified members are able to transact more than $1,000 USD in their new upgraded account. In order to do this, you just need to log into your account and click on “Verify now” button. This will redirect you to a new page with the requirements needed.
The website acts as a virtual wallet for not only cryptocurrencies but Fiat money as well. This is probably one of the features that they are doing great in compared with any other crypto exchange websites today. This means that not only people are able to use their services as an online wallet, but exchange different fiat currencies to BTC, BCH, DASH, ETH, or LTC with just a few clicks of a button. Fees might be high compared to regular exchange websites, but hey, you get to keep in your different cards.
Speaking of cards, the website offers virtual MasterCard for all your currencies online. This means that even if you do have a pure cryptocurrency account, the funds will still be able to be used through online stores as a MasterCard transaction.
Trading with Uphold.com
The website acts as a straight exchange platform wherein its users can easily convert their Fiat funds into crypto currency with just one click. Here at Uphold.com, verified users can also exchange fiat to fiat if they want to. The ability to use the accounts as digital wallets also increased the ability for users to use the exchange more often due to its flexibility in the current online market.
Exchange fees here at Uphold.com can be a bit pricey if you ask us. There is a bunch of websites today that offer lower exchange fees but without any wallet services. At least here, customers would not only be able to exchange fiat to crypto, they can also store them for future use. BTC exchange fees currently are at 1.05% against Fiat currencies, for ETH and a couple of currencies they charge 1.4% per exchange. Exchange fees for USD, EUR, and GBP are at 0.65% per transaction.
Deposits and Withdrawals
One of the features that we did not mention earlier is the ability to send funds from one Uphold member to another. This is great since users are able to transfer fiat or crypto from one account to another without limitations, and of course, fees. Uphold also does not charge deposits directly with banks or personal BTC wallets. Third party payment options like China UnionPay Card has a deposit fee of 1.8%.
Withdrawals are different since they charge both crypto and fiat transactions. For crypto withdrawals, they charge $2.99 per transaction and wire transfers cost $3.99. Please be advised that this is just the plain fee without third party costs which will be shouldered by the account holder.
Their customer support isn’t that great since they work with a ticket system. You can access their support tab through this link. What we do not like about ticket systems is that you can either get an answer within the next five minutes or it would take it 5 days for them to get back to you. What should have been great is a phone number that their customers can call, but they currency to not have this feature.
Pros and Cons
- Exchange and wallet service
- Virtual wallet with MasterCard
- Not anonymous
- Fees are expensive
Uphold Review Conclusion
Uphold.com is a regulated exchange/wallet service that peoples from around the world use. They might have high service fees compared to a lot of exchange websites today, but they not only offer an exchange but users are also able to use their wallet service for free, so we guess that’s where the extra charge comes from. Their website is innovative and really easy to understand. We do want to let you guys know that if you want to have an anonymous account with an exchange website, this is not your website. They follow an intensive ID review for newly registered accounts. All-in-all, the website is not bad if you’re looking for a regulated exchange website based in the United States.