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Uphold: A universal platform for exchanging currency and cryptocurrencies

Dec 12, 2023
Uphold: A universal platform for exchanging currency and cryptocurrencies
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Uphold represents an innovative financial platform designed for the exchange of traditional currency, cryptocurrency, and even precious metals. This platform was launched in 2015 and has since been actively developing, offering users a convenient and secure way to manage their assets.

Contents:

Uphold: A Universal Platform for Currency and Cryptocurrency Exchange - news

Features and Advantages of Uphold

Uphold strives to be recognized as the world's first financial reserve with full transparency of its operations. To demonstrate its financial stability, Uphold provides open access to information about its assets and liabilities. This allows every Uphold cardholder to personally verify the reliability and availability of their funds. This approach seems promising and may become more widespread in the future.

According to Uphold's official website, two companies are responsible for the development and support of the products:

  • Uphold Europe Limited (located in the United Kingdom);
  • Uphold HQ Inc. (located in the USA).

This suggests that the company's main focus is on the markets of Europe and the USA. 

Notably, Uphold offers the ability to store four different precious metals (gold, silver, platinum, and palladium) or, more precisely, contracts on these metals, as well as their use for payment through a debit card. This feature is unique and an attractive aspect of the service.

Uphold is characterized by the transparency of its operations. The platform provides complete information about fees and exchange rates, allowing users to make informed decisions.

Security and Reliability of Uphold

Uphold ensures the security of its clients' assets, using a number of security measures. Uphold has a cybersecurity center that continuously monitors the company's systems to detect and prevent any suspicious activities. The company states that its employees undergo strict selection and checks, including a detailed analysis of personal data. Employees must use two-factor authentication to access administrative functions.

To enhance security, Uphold actively uses two-factor authentication, allowing users to add an additional layer of protection to their accounts. User's private keys are protected by encryption, reducing the risk of hacking.

In the USA, Uphold is regulated by the Department of the Treasury and its Financial Crimes Enforcement Network. In Europe, the company collaborates with the Institute of Authorized Payment Systems, which is subject to the Federal Financial Supervisory Authority of the USA. As a licensed financial services provider, Uphold also implements anti-money laundering measures. These measures testify that Uphold is a reliable and legitimate organization, not a fraudulent project.

Uphold: A Universal Platform for Currency and Cryptocurrency Exchange - news

Selection of Cryptocurrencies and Fiat Currencies

Uphold offers a wide range of cryptocurrencies. Currently, they provide the opportunity to work not only with the most well-known cryptocurrencies but also with a number of other, less popular ones. According to their official website, a total of 38 cryptocurrencies are available, although information on only 23 of them can be found on the site. It is quite likely that the range of supported cryptocurrencies will expand in the future.

As for traditional currencies, Uphold is ahead of most other cryptocurrency debit cards, offering a wide selection of fiat currencies. To date, the following currencies are supported: AED, ARS, AUD, BRL, CAD, CHF, CNY, DKK, EUR, HKD, ILS, INR, JPY, KES, MXN, NOK, NZD, PHP, SEK, SGD, and USD.

However, it should be noted that for users from Europe and the United Kingdom, a limited list of cryptocurrencies and fiat currencies is available.

Category Currencies
Cryptocurrencies Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Bitcoin Cash (BCH), Dash (DASH)
Fiat Currencies Euro (EUR), British Pound (GBP), Swedish Krona (SEK), Norwegian Krone (NOK), Danish Krone (DKK), Swiss Franc (CHF) and others

Uphold Card User Fees

Using the Uphold card involves certain fees, but they do not pose a significant obstacle to using the card.

There are no monthly fees, which is quite standard practice. However, the absence of a card issuance fee is more unusual, making it particularly attractive. However, the most significant fee is the transaction fee, which is 1.80%. This means that for a purchase of, for example, a sweater for 100 US dollars, 101.80 US dollars will be deducted from your cryptocurrency account.

In addition, the card charges a fee for topping up the balance. This means that when funds are credited to the card, a percentage of the top-up amount will be withheld as a fee, which is 3.99%. The daily maximum for topping up the card via bank transfer is 2500 US dollars, while for top-ups from debit cards there is a limit of 500 US dollars per day.

Uphold offers integration with various payment systems and banking services, making the process of exchange and transfer of funds even more convenient. In addition, the platform provides features for automatic investing and setting up regular payments.

In conclusion, Uphold is a universal solution for those looking for a reliable and multifunctional platform to work with various types of assets. Its intuitive interface, high level of security, and wide range of supported assets make it an attractive choice for both experienced investors and newcomers to the financial world.

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