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We do our best to keep on top of all the latest developments. However, please be aware that the fast-paced nature of the cryptocurrency world means there may be shifts in fees, specific services, and the numbers of available cryptos. Check out our list of the best cryptocurrency apps and exchanges for the most up-to-date information on the platforms we recommend.
Uphold is ideal if you want to buy and trade a variety of assets in one place. It offers a good range of cryptocurrencies, along with precious metals and national currencies. The platform boasts robust security measures, but a class-action lawsuit also raises some questions. Read our in-depth Uphold review to see what it offers and decide if it's right for you.
Bottom Line
A well-designed trading platform with a large number of assets, useful features, and educational content. However, there have been complaints regarding its customer service and security.
Terms Apply. Cryptoassets are highly volatile. Your capital is at risk.
Fees:
0% commission, variable spread
Account Minimum:
$1 deposit min.
This cryptocurrency broker is a good fit for: Investors who want access to cryptocurrencies, precious metals, and forex trading in a single platform.
Offer |
Robinhood
Limitations Apply |
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Rating |
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
Commissions |
$0 for stocks, ETFs, options, and cryptocurrencies
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Variable fees (Coinbase), 0%-0.80% (Coinbase Advanced Trade), $29.99 monthly (Coinbase One)
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Next Steps |
You won't be short on digital currency options if you use Uphold. It lists over 250 cryptocurrencies for international users, including most popular coins and tokens. However, some of its cryptocurrencies are not available to U.S. users, and state-specific restrictions also apply.
SEE MORE TOP CRYPTO PLATFORMS: Best Cryptocurrency Apps and Exchanges
One of the best parts about Uphold is that it offers several types of assets and lets you trade between them. With an Uphold account, you can buy and trade:
Uphold offers valuable educational content that teaches users about crypto. It has a "cryptionary" explaining crypto terminology, a blog, and a section covering cryptocurrency news.
With many of the types of cryptocurrency it offers, Uphold also includes a page with info on what that cryptocurrency does. These pages often include sections on what the bulls and bears are saying, meaning the arguments for and against that cryptocurrency.
You don't need a lot of money to start investing in cryptocurrency with Uphold. The minimum deposit amount is $1.
There have been a number of reports regarding crypto funds stolen from Uphold clients. Multiple users allege that an unauthorized party was able to access and drain their accounts despite having two-factor authentication (2FA) active. Some lost over $20,000 worth of cryptocurrency. A class-action lawsuit was filed against Uphold on Feb. 25, 2022. Uphold says it has several security measures in place, but reports like these are still a big red flag.
In some parts of the world, Uphold offers a crypto staking program. When you stake your cryptocurrency, it's used to help validate transactions and secure the blockchain network. In return, you earn rewards on the amount you stake. However, neither this staking program nor the company's debit card are currently available to U.S. customers.
Learn more about staking:
Uphold charges a fee of $0.99 for each transaction under $500. It also charges 3.99% for credit and debit card deposits in the U.S.
Withdrawals to external crypto wallets will also have a network fee, but that's charged by the cryptocurrency network, not Uphold.
Uphold charges a variable spread that can be as much or more as trading fees on other platforms. The amount of the spread depends on the asset you're buying and market conditions -- up to 1.5%, according to Uphold.
Uphold does not have New York's BitLicense and so the service is not available in New York state. A BitLicense is a bit like a gold stamp in terms of regulation. To get it, exchanges need to provide a boatload of information on things like their financials, anti-money laundering, and compliance. As such, if Uphold had it, it would give an extra layer of trustability.
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Uphold is a cryptocurrency exchange that lets you buy, sell, and trade cryptocurrency, precious metals, and fiat currencies.
What makes Uphold unique is its cross-asset trading. You can trade between any of the assets it offers, meaning you could trade a cryptocurrency for a precious metal or a foreign currency.
In addition to trading, Uphold offers several other financial services, including:
Uphold fees depend on where you are in the world, and what payment method you use. In addition to a fee of $0.99 for trades under $500, it charges a spread of up to 1.5%, which varies depending on the liquidity of the asset. You'll be able to preview the spread when you buy or sell an asset.
Uphold offers over 250 cryptocurrencies, which gives it one of the deeper lineups among cryptocurrency exchanges. However, some of those cryptocurrencies are not available to U.S. investors, or are restricted in certain states.
One of the reasons Uphold is popular is because it offers cryptocurrencies that most other U.S. exchanges don't. The biggest example is XRP, the native cryptocurrency of Ripple. It was delisted by quite a few exchanges due to an SEC lawsuit.
There are a few different aspects to cryptocurrency security. One is specific security features on the platform. Another is how the platform handles client funds, particularly how much it holds in reserve. Unlike money you deposit with a bank, there is no FDIC insurance for crypto assets. This means it's wise to look for a platform that has enough funds to support all client deposits. In terms of reserves, Uphold publishes its real-time assets and liabilities online, so you can see for yourself. Given the limited regulation and investor protection in the cryptocurrency industry, this level of transparency is a big plus.
Uphold also checks all the boxes in terms of security features, but customer reviews are mixed.
Here's a rundown of Uphold's most important security features:
Despite those safety features, there have been many reports of Uphold customers who claim their accounts were hacked, even after correctly setting up 2FA. A class action filed by Kronenberger Rosenfeld alleges that third parties were able to reset 2FA on several users' accounts without their permission. These hackers then withdrew all those users' cryptocurrency.
In fairness, every crypto exchange receives its share of complaints, and Uphold has plenty of satisfied customers. But these account hacks are worth looking into if you're thinking about buying and storing cryptocurrency on Uphold.
Cryptocurrency is a high-risk investment, both in terms of the volatility of the assets and the lack of investor protection in the way they are bought, sold, and stored. If you want to invest in cryptocurrency, make sure it only accounts for a small percentage of your portfolio and that you only invest money you can afford to lose.
When you're choosing a platform where you can buy and sell crypto, don't base your decision on fees alone. Look for a company that has a good reputation and is transparent about what it does with your funds. Bonus marks for an exchange that carries out third-party audits of its reserves and has New York's BitLicense.
If you leave your cryptocurrency on the exchange where you bought it, there is a risk you could lose it if the platform fails. Consider using a crypto wallet that you control to store your coins and tokens. There is a bit of a learning curve involved in using a wallet for the first time. Also, be aware that if you lose your security phrase you could lose access to your assets completely.
Our Cryptocurrency Experts
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.
Uphold disclosure
Terms Apply. Cryptoassets are highly volatile. Your capital is at risk. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment, and you should not expect to be protected if something goes wrong.
Terms Apply. Cryptoassets are highly volatile. Your capital is at risk.
Robinhood disclosure
This advertisement contains information and materials provided by Robinhood Financial LLC and its affiliates (“Robinhood”) and Publisher, a third party not affiliated with Robinhood. All investments involve risk and the past performance of a security, or financial product does not guarantee future results or returns. Securities offered through Robinhood Financial LLC and Robinhood Securities LLC, which are members of FINRA and SIPC. Publisher is not a member of FINRA or SIPC.
Robinhood Crypto disclosure
This advertisement contains information and materials provided by Robinhood Financial LLC, Robinhood Securities LLC and its affiliates (“Robinhood”) and Publisher, a third party not affiliated with Robinhood. All investments involve risk and the past performance of a security, or financial product does not guarantee future results or returns. Securities offered through Robinhood Financial LLC, a member of FINRA and SIPC and a wholly-owned subsidiary of Robinhood Markets, Inc. Cryptocurrency trading offered through Robinhood Crypto LLC. Robinhood Crypto and Publisher are not a members of FINRA or SIPC and cryptocurrencies are not stocks and your cryptocurrency investments are not protected by either FDIC or SIPC insurance.