Uphold Review, is it best in 2020?
Uphold wad launched back in 2014, it is quite different from other cryptocurrency exchange where you can trade in digital as well as in physical assets. Uphold is some of the exchanges that support commodity trading. In this post, we are going to review the uphold.
We will also try to point out that is it safe and as a beginner should you use uphold as your cryptocurrency exchange?
There are lots of other exchanges that are very beginner-friendly like Changelly and shapeshift, but uphold is not for the beginner.
One more thing I want to say before this review, on Trustpilot some people have a bad experience with the Uphold but in my case no, I live in India RBI has banned any service provided by Indian banks to any authority which deals in cryptocurrency. So I am not able to do a bank transfer from Uphold, I use this for crypto to crypto transaction.
In India, p2p exchanges are booming homegrown exchanges like bitbns, Coindcx, and WazirX provide p2p crypto trading in India. WazirX has been acquired by Binance.
Uphold quick review
Uphold offers a mobile app for quick exchange service available for both Android and IOS. It has a rating of 4.8 on the Apple App Store and 3.61 Google Play Store 2020. One thing I did not like about this app is I am not able to use the back button it does not work. This is also a quick crypto exchange where you can also trade in the commodity market like in gold and silver.
Cryptocurrency on Uphold.
There are lots of cryptocurrencies on this platform I can guarantee you can easily find your digital coin some of them are listed below.
- Basic Attention
- Bitcoin Cash
- Bitcoin Gold
- Ripple and more...
Is Uphold safe to use?
They have a strong security track record. In 2018 their mail service account was compromised later on they cleared that, it was a third-party service, not their inbound system.
According to a report at least, $2,200 were stolen from to transaction due to this day suspended BTC withdrawals for some time but now they all are on track. Looking at the security track record they are good to be trusted. They are also one of the trusted crypto exchanges all over the world.
Fees on Uphold.
Opening accounts and building funds are free if you want to buy using a credit card debit card you need to pay a fee for this is 3.99%. Crypto to the crypto transaction is free but you may need to pay blockchain fees.
One more thing member to member transactions are also free. If you want to withdraw Fiat currency from the Uphold account to your bank account then you need to pay 3.99 dollars.
You may need to pay third party fees also like if you do Bank wire transfer.
More about uphold
Uphold old is also available in India.
It is available in all countries except the Central African Republic, Cuba, Iran, North Korea, Somalia, Sudan, and Syria.
To do any type of activity on hold you need to verify your identity they ask for information like name date of birth government ID card etc.
Customer service on Uphold is much better than changelly and shapeshift.
On security Uphold CEO JP Theriot has commented after the Quadrigacx exchange scandal.
“While it’s certainly suspicious that an exchange would allow one man to hold $190 million, we can’t be certain that this was not the case. With all due sensitivity to the situation, an exchange’s cold storage being vulnerable in this way is bound to invite speculation of malfeasance. A fact pattern including $22m in frozen funds by the CIBC is also not encouraging.
Although we can’t say for sure whether users will be able to get their money back, it’s not promising to have to rely on somehow gaining access to the account by means other than using a private key. This brings to light the issue of private keys in general, and it’s one of the major reasons we added inheritability to our platform – to allow relatives to access private keys in circumstances like these.
Unfortunately, schemes like this are not new to space and continue to tarnish the reputation of exchanges and discourage new investors. If we want to make the leap to the mass market, we have to take steps to prevent issues like these from becoming commonplace.
Universal Protocol has alluded to the systemic problem by offering recoverability of private keys, though we never contemplated an event of this scale. While this may be potentially bullish for BTC, the bigger focus is on how these events impact the industry in the long run as we collectively aim for mass adoption.”
That's it for this review, feel free to share your thoughts on uphold. Please make sure to understand the rules for cryptocurrencies in your country.