Dipo Olowookere
The realm of cryptocurrency exchanges is ever-expanding, with new platforms emerging, each with its unique features and functionalities. One such platform that has been gathering significant attention lately is Uphold.
The Traders Union revealed the Uphold exchange review and highlighted the platform’s performance, strengths, and areas where it could improve. TU experts have mentioned the broker’s pros and cons and analyzed its features.
What is Uphold Exchange?
According to TU experts, Uphold ranks 128 among 199 companies featured in the TU rating. It is a high-risk cryptocurrency exchange platform that provides an extensive range of assets for trading, including crypto-crypto and crypto-fiat pairs. Uphold’s primary attractions are its free wallet and debit card, quick deposit and withdrawal options across multiple channels, and average market commissions. The platform offers automated trading solutions and API alongside traditional assets and forex trading at 0.2% commissions. Uphold pride itself on being officially registered with accessible license data and no regional user restrictions.
Advantages and disadvantages of Uphold Exchange
Traders Union experts have highlighted the advantages and disadvantages of Uphold Exchange:
Advantages:
- Diverse Trading Options: Uphold enables trading in cryptocurrencies, tokens, fiat, stocks, and precious metals, providing a wide array of options for traders.
- Multitude of Pairs: The platform boasts numerous crypto-crypto and crypto-fiat pairs, offering a vast scope for trading and exchange directions.
- Multi-Currency Wallet: Uphold offers a free multi-currency wallet for its users, simplifying the process of handling multiple currencies.
- Cashback-linked Debit Card: Users on Uphold can avail of a debit card linked to cashback, thus providing additional benefits.
- Competitive Commissions: The average commissions for cryptocurrency trading range between 0.8% and 1.2% for the USA and Europe and up to 1.8% for other regions, making it competitive in the market.
- Institutional Account Solutions: Uphold provides integrated solutions for institutional accounts, catering to the needs of institutional traders.
- Advanced Terminal: The platform offers a terminal with advanced functionalities for streamlined trading.
- Security Measures: Uphold has implemented two-factor authentication, enhancing the security of user accounts.
Disadvantages:
- Lack of Investment Solutions: The platform does not offer investment solutions, which could limit the scope of financial planning for traders.
- No Demo Accounts: Uphold does not offer demo accounts. This can be a downside for novice traders who want to practice before investing real money.
- Absence of Unique Solutions for Beginners: The platform does not offer unique solutions or tailored support for novice traders, potentially making the initial trading experience challenging for beginners.
Evaluation of the most influential parameters of Uphold
Based on Traders Union’s findings, Uphold’s most influential parameters have been evaluated. User satisfaction is low at 1.9/10, while the platform scores relatively better on regulation and safety (3.67/10), commissions and fees (3.31/10), variety of instruments (3.09/10), brand popularity (3.25/10), customer support (3.61/10), and education (3.83/10).
Trading conditions for Uphold users
Access to Uphold’s full functionality requires registration and verification. Once verified, users can utilize a multi-currency wallet and a virtual debit card. There is no minimum deposit, and users have freedom in their trading strategies. While Uphold offers auto trading, it does not provide leverage. The platform also lacks a call center, offering email support only.
Uphold commissions & fees
Uphold levies trading fees that differ by assets and regions. For Bitcoin and Ethereum, fees range from 0.8% to 1.2% in the USA and Europe and 1.8% in other countries. These fees are automatically adjusted in the trading terminal based on geo-targeting.
In addition, Traders Union experts have reviewed Zebpay. To read about the broker, its pros and cons, and check its detailed insights, please visit the official website of Traders Union.
Conclusion
In conclusion, Uphold, with its diverse offerings, poses a promising avenue for traders, particularly those interested in a wide array of asset classes. However, potential investors should consider the platform’s high-risk status and relatively low user satisfaction. As with any investment platform, proper research and due diligence are essential. We encourage readers to visit the Traders Union’s official website to learn more about Uphold and other exchanges.
