Platform & Features
In general, Uphold does not have the highest number of features, like a Binance or Crypto.com. But, they do let you trade multiple asset classes, stake crypto, set up recurring transactions, and more.
A great thing about Uphold is that you can open an account in 10 minutes, and it's easy to use, regardless of your experience with investing. A beginner will appreciate the clear navigation and the beginner-friendly design. With no learning curve, you can focus on investing rather than learning how to use the platform.
The biggest drawback is that Canadians cannot use Uphold easily. That's because deposits and withdrawals using Canadian Dollars are not supported. Another drawback is that some features, like the debit card and stock trading, are not supported in Canada. There is also the downside of high spreads, which I discussed in the fees section.
Here's more information about what's available and not available in Canada:
Uphold supports 130+ cryptocurrencies. They frequently add new coins, so the number of available coins keeps increasing. In 2021, they only had about 70 coins. While it's a good selection, the best altcoin exchanges are Binance and KuCoin. They both offer 600+ coins with the lowest fees and spreads in the industry.
Trade 20+ Currencies
Uphold offers a wide range of fiat currencies. From Peso's and Shekel's to Rupee's and Swiss Franc's, you have a variety of choices. The Canadian Dollar can be traded, but it cannot be deposited or withdrawn. Unfortunately, Canadian accounts can only deposit USD, GBP or EUR.
You can buy gold, silver, platinum, and palladium. And you'll enjoy instant liquidity as well as zero custody costs.
U.S. Equities (not available in Canada)
Uphold lets you trade over 50 U.S. stocks for as little as $1. However, this service is unfortunately not available in Canada.
Trade "Anything to Anything"
The "anything to anything" trade allows you to move between crypto, national currencies, and metals using one screen. There are no trading fees, but beware of the spreads, which can be quite high. It claims to be 1.2% on their website, but when we tested it, it was 3.46%. A considerable difference!
With recurring transactions, you can dollar-cost average (DCA) into your investments completely automated. Uphold lets you automatically withdraw money from your card without having to deposit it every time.
Uphold lets users earn rewards automatically every week based on how much you stake. The more you stake, the higher the APY you may earn, which currently ranges between 4% and 19.5%. There are currently 8 assets available for staking (KSM, KAVA, ADA, DOT, ATOM, SOL, ETH, XTZ).
Uphold lets you to connect your wallet and account to third-party apps for more functionality. For example, you can connect with CoinTracker, Koinly, BlockReward, and other services. There is at least a dozen "Uphold approved" integrations which can be added in a few clicks.
Uphold Debit Card (not available in Canada)
The Uphold card allows you to use crypto, gold, and other assets as payment methods. You can earn 1% cashback and 2% crypto rewards. The debit card is also integrated with Google and Apple Pay. Unfortunately, this product is not available in Canada.
You can reach Uphold by email or live chat. They also have a pretty comprehensive FAQ section that covers most topics. Unfortunately, we didn't test their customer support so we can't give them a review.
Uphold has a seamless registration process. In less than a minute, you can open an account. Then, verification will take another few minutes. In under 10 minutes, you can start trading crypto and other assets right away. Trading on Uphold requires you to provide your ID and complete KYC.
This is what Uphold claims are their spreads on their website:
- 1.80% for BTC and ETH, significantly higher for other coins
- 3.00% for precious metals
- 0.20% for major fiat currencies like EUR, USD, and GBP
However, in our test, Bitcoin had a 3.46% spread, nearly twice as much. The results are below: