United State-based cryptocurrency exchange Uphold is a cloud-based platform that ensures many functionalities. Primary of them is a cryptocurrency trade. It also provided cloud-based electronic and digital wallets to store cryptocurrencies. A single standard trading account is offered that accepts high conversion fees. A hefty withdrawal charge and deposition of funds are charged separately. Higher transaction performing traders need to verify their identity before each transaction. You may think this is a legit broker and there is no harm in trading with it. However, this not the case. This comprehensive Uphold review is designated to answer all queries. It includes the possible advantages and disadvantages of cryptocurrency exchange and trading services provider Uphold.
We always try to give an unbiased review therefore at first we will talk about all the possible advantages of Uphold. The buying of Bitcoin is very simplified and almost every national currency is accepted as payment. These include USD, EUR, JPY, GBP, CNY, INR, and others. The broker provides all sort of payment options including bank wire transfer (SEPA), major credit cards and China Union Pay. There are several altcoins and Bitcoin are provided that can be bought, sold, and converted. The crypto coins at Uphold include Bitcoin, Ethereum, Bitcoin Gold, Bitcoin Cash, Dash, Ripple, Litecoin, and BAT. A unique wallet service is offered that provides you cards that can manage traders funds in different currencies, digital assets and other commodities. These cards are easily connected to traders banks.
Now its time to draw attention towards drawbacks of Uphold. Uphold Inc is registered by United State-based Treasury Department regulator FINCEN. No crypto broker is regulated by any specialised financial regulators yet in the world as this is a very new and developing avenue. Therefore FINCEN could not take major steps in times of scam. The broker Uphold is not low-cost services provider. The conversion of Bitcoin’s is charged 1.05% and altcoins are charged even higher. Most brokers charge around 0.20% on every trade performed. Several transfer fees are applied to the clients of Uphold. 3.99% for deposition charge by credit card is applied. But bank wire deposition and withdrawals both are charged 3.99% of the amount. Margin trading is not facilitated by the broker. Also, a certain minimum amount is capped for deposition and withdrawals in fiat currencies and different altcoins. These are decided on the popularity of altcoins.
Is Uphold scam or legit?
Uphold is a new cryptocurrency exchange that wants to encash this crypto boom. The broker is partially regulated and charges several fees, also withdrawals and deposits are capped to certain amounts. There we call Uphold is a potential scam cryptocurrency broker.