Review on Uphold by Temitope Babatunde
Can You Use Uphold Wallet Check It Out
Launched in 2015, in USA it is a FinCEN and registered as MSB and in Europe it is registered as CSSF, which means that the wallet has a very strong legal backing both in Europe and America.
Launched in 2015, in USA it is a FinCEN and registered as MSB and in Europe it is registered as CSSF, which means that the wallet has a very strong legal backing both in Europe and America.
With uphold wallet you can store, and trade not only your cryptocurrencies but fiat currencies and some precious metals. You can easily exchange it in the wallet without having to transfer it to an exchange.
The fees that uphold take for transactions is so exorbitant for example if you are trading against fiat they will take 1.05 percent, but crypto to crypto is 1.4 percent, USD EUR, GBP all takes 0.65 percent. Some third party deposit like union pay card take 1.8 percent. For withdrawal, crypto they charge 2.99 dollars per transaction and 3.99 percent for wire transfer.
The wallet is not open source and no HD.,it has 2Factor authentication for security purpose, there is also internal security professionals and external security firms who manage the users fund for sound security.
So when considering wallet to use you may think of uphold wallet if it is in your country.
Pros
- It can be use as wallet as well as an exchange
- It is highly regulated
- Users can store up to 23 types of fiat currencies in it, as well as cryptocurrencies
- It provides virtual Mastercard for all types of cryptocurrencies that it supported, making it easier for the user to spend their cryptocurrencies.
- It has mobile application which makes the wallet accessible at go.
- Users can transfer funds in between themselves without any fee in as much as the receiver wallet is uphold
Cons
- The fees are too high
- The customer service is not good enough.
- It is not anonymous because KYC is required.
- Not open source, which means they hold your private key.
