Uphold Review – Full Analysis
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Dorothy Parker said, ‘if you want to know what God thinks of money, just look at the people he gave it to.’ Money has a way of controlling life. Some of us view money as the answer to our problems, and surely it does magic. Wealthy people live in another world. Cash wipes all their worries. That is how powerful money is. Banking institutions have been established to facilitate transactions and offer loans at low-interest rates to make sure you don’t walk to your family empty-handed.
However, the financial institutions have not satisfied people’s quench for money. You cannot take a loan from a particular financial institution unless you have guarantors or you have a title deed, a log book to act as your loan security This article will show you how Uphold will save you since it is easy to use, safe and affordable financial service.
What is Uphold?
Uphold is a digital financial platform that allows its members to convert, save and transact money. Halsey founded this platform in 2013, but it was launched in 2015. Its headquarters are at Charleston.
A large number of people have used this cloud-based platform to carry out transactions. Unlike other financial institutions, uphold is real-time transparent and fully verifiable. Anyone interested can verify its operations: the transaction volumes, assets, solvency, and obligations. Unlike the banks, uphold does not lend money to members.
Uphold offers some services which include:
Registration to uphold is free. The member can enjoy some privileges such as savings. He/she can convert, transact or withdraw their money from the accounts anytime anywhere.
It offers free accounts to members where they can deposit their money via bank accounts. It alsoallows exchange and conversion of over 31 currencies. Through the use of APIs, the platform has partnered with Salinas Banking and Elektra SA to improve on its services.
The company offers transparency features to its members and the public such as Reserve ledgers, and Reserve chains. A reserve ledger is a public record for all the changes that uphold has made on its assets. Reserve chain is a real-time public record of all the users’ transactions that have been carried out on the Uphold’s network.
Trading on Uphold
You can buy and sell Bitcoins here. For you to sell your currency, you must be a verified member. There is a dashboard and collection cards on the uphold website. The collection cards store funds in over thirty currencies. Choose the currency you would like to sell and click ‘add funds.’’
One thing to note. If you are funding from your debit card, you must first add funds to a traditional currency such USD or GBP then transfer to cryptocurrency of your choice. If this is not the case, you can carry out your transactions directly.
It is advisable to customize the details of your card by either adding a name or abbreviations. All transactions are viable if the credit card is a Visa Card or a MasterCard.
Buying of the currencies on Uphold is not different from selling. Follow the same procedure.
To Uphold’s verified members, sending to and receiving any financial assets from other members is free. It is also free to save your money on this platform.
For currency conversions, Uphold uses real mid-market exchange rates. The mid-market price acts as the midpoint between the buyers and sellers globally. The mid-market rate is controlled by the market forces of demand and supply which are external.
For you to remain an active member of uphold, you must carry out a transaction in your wallet within 90 days. An account that has a zero balance for more than 180 days is automatically considered inactive and closed. If you don’t have any amount in your account, you will not have subjected to any uphold fees.
Uphold requires all its members to be verified. For you to be a confirmed member, you have to submit your date of birth and your active mobile phone number. The mobile number is used for two-factor authentication. Other essential information is;
- Your place of residence
- Your Identification card,
- Passport or Driver’s license
- Clear passport photo.
The information is required to open an account with Uphold and for the security of your savings. Once you become a verified member, you have access to all services offered by the company.
Is Uphold Safe?
Many people who have used Uphold don’t seem to trust it. I took time and dug deep. I read Uphold user reviews. They seem to have the same problem. I noticed that Uphold does not require you to submit all the required documents at once. They ask you to provide them as you continue using it. Once the transactions fail and you try to reach them they are inaccessible.
I have learned that Uphold cannot delete or close your account once you open it. They claim it will remain in their database for at least five years. What if someone hacks your account and carry out a transaction in your name?
Uphold has put specific security programs to make sure user information does not land to unscrupulous and malicious people. All the personal and financial information is safe and secure. Uphold has put programs and software patches which are frequently updated. All the offices are accessed using smart card access readers to keep non-staff from accessing them.
They protect private keys with protection methods. All the emails are encrypted while in transit to avoid cases of hacking. The website is designed to run entirely on TLS (https).
Application credentials are kept away from the company’s database, but I find it contradicting with their response when you reach their support team.
Uphold has a section on its website where you type a complaint indicating your country and then click submit. I have noted, there is no direct phone number where you can reach the support team directly and get instant feedback. The support team responds to your query within 24 hours. I don’t agree with these support measures. Uphold should have a customer care team that operates 24/7.
How to Use Uphold?
Uphold allows you to buy and sell BTC, ETH and LTC using your Credit Card or from your Bank Account. I have noted a good number of people who have used Uphold are complaining that the funding option for Credit Cards is not working. One member claims a Bitcoin takes nine days for each transaction.
This is the procedure to transfer any cryptocurrencies in Uphold.
I am going to use Bitcoin as an example;
- Log in uphold website and click on the currency that you want to add.click ‘Add Funds.’ The site will give you some options. Choose the one you want to transact. If it’s a Bitcoin, choose bitcoin.
- The Bitcoin address will pop on your screen together with the market rate, the Uphold exchanges fees, and address code.
- Once you login to your bitcoin exchange account, you are provided with a prompt. Follow it to the latter to send your bitcoin to your business partner you are transacting with.
- Once the value is transferred, the Uphold Money Card will show you the new balance in your account.
Here is the procedure to buy any cryptocurrency in Uphold.
- Log in the website. There is a collection of cards on the website which has over thirty currencies.
- Choose the card you wish to buy and click add funds. You will be linked.
- Customize the details of your card by adding a name and you are done.
Uphold provides a platform where verified users can exchange their cryptocurrencies and fiat money. it also offers MasterCard for all the Uphold members who use online to carry out transactions. Uphold upholds your value until you decide to either withdraw or transfer to another person.
It is transparent
Uphold issues Reserve ledge and Reserve chain to its members and the general public. The records provide the necessary information for users to understand the number of transactions carried out in the Uphold network. Users can also see the changes made to the uphold assets. Auditing is conducted to make sure there is transparency.
It is safe and secure
Uphold has put in place security features to make sure user does not land in the wrong hands. Though I have not seen any user complaining that his information was leaked, I still don’t trust their safety systems completely.
It is easy to use
Once you become a verified member, there are no lines to queue so that you can carry out a transaction. You only need internet to do all your business
No immediate response
Uphold support team does not respond to queries and complains immediately when required. It does not have a mobile number where you can give them a call. To me, it is a way of avoiding direct calls. When you send a complaint in their website section, they take 24 hours to analyze it.
Uphold uses a ticket system. The worst thing about this system is, you are not sure when you will receive a response. It can be the next ten minutes or take two weeks. You are left in the dark.
No intimacy between the users and the support team
The support team responds to your complaint when they have time for you. There is no conduct between the support team and complainant. You don’t know who has responded to your criticism.
Uphold is a genuine crypto exchange service. They have a solid customer base but at the same time are struggling with customer support like most exchanges at the moment. Their trading site is beginner friendly and has everything well-designed.
Thank you for reading. If you would like to learn about other exchanges before trading, scroll through our website for more reviews about crypto exchanges.