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Sunday, October 1st
We aren't going to recommend Uphold. They are not a good company, they engage in irresponsible business practices, and have terrible customer reviews. In case you want to learn more about Uphold, here's how they stack up.
Overpriced transaction fees
Uphold's deposit fees are relatively standard, with a $20 for wire transfers of less than $5,000, and free for greater deposits. Their withdrawal fees are quite attractive, however, with no cost for fiat withdrawal, and fees for Bitcoin withdrawal at .0003: about $8.00. Their spread fees, however, are much worse than competitors: a flat 1.5%, which will definitely go higher during high-trading periods, is just plain bad when compared to rival cryptocurrency exchanges.
Doesn't loan customer assets... anymore...
We appreciate that Uphold specifies they never loan out your assets . However, they state this because they have lost their customers' assets by loaning them out in the past. Uphold encouraged their customers to lend their crypto to a third-party service, CredEarn, whose CCO was an escaped convict from the UK. When CredEarn's poor investments started to sour, this CCO routed $2.3 million of company funds into his personal bank account and bolted (really, you can't make this stuff up). When CredEarn collapsed, Uphold was technically off the hook, because CredEarn was a third party, and not affiliated with Uphold. So, we're glad that they don't loan customer assets (anymore), in spite of the fact that they used to encourage their clients to loan assets to a company run by criminals.
Staking offered... but why do it with Uphold?
You can still stake your crypto with Uphold, though of course any staking comes with the risk of the project collapsing, and you losing your assets. At least in this instance, Uphold isn't actively sending your assets to the care of an escaped convict.
Horrendous customer service
Like a vast majority of exchanges, customer service here is just plain bad. Forums dedicated to Uphold are a veritable sea of ignored customer service complaints, many of which note multiple thousands of dollar's worth of assets stuck in limbo, or that the service often just doesn't work. Considering Uphold's past irresponsible business practices, and the fact that their service appears to be falling apart, we caution you to use Uphold at your own risk.
In fact, don't use Uphold. Period.
In sum, while Uphold has some high transaction fees, some reasonable withdrawal fees, and a wide variety of coins on offer, none of that hides the fact that they encouraged their investors to participate in a hare-brained investment scheme without doing due diligence, and lost their investments. Not only that, they've got terrible customer service. Unless you're really concerned with buying crypto and gold in the same place for some reason, we suggest that you avoid Uphold and their shady practices.
Are you interested in buying cryptocurrency? Want to know what all the fuss is about? Do you want to make sure you're a part of the next financial craze that sweeps the nation? When it comes to cryptocurrency, there's a lot to know - both good and bad. But it's not rocket science.
Obviously, one of the primary reasons that people to get involved in crypto is the potential for financial gain. Cryptocurrencies have experienced substantial price increases in the past, leading to significant profits for early adopters and investors. Conversely, cryptocurrencies have also experience significant decreases in value. With such a volatile asset, the old adage "buy low, sell high" has never been more true.
Another reason people have turned to crypto is for financial freedom: Cryptocurrencies offer the possibility of financial freedom by providing an alternative to traditional financial systems. They operate on decentralized networks, which let you have more control over your money and bypasses the need for intermediaries such as banks.
If you want o to buy cryptocurrencies, then you need to open an account with a crypto exchange. Cryptocurrency exchanges are a sort of marketplace where buyers and sellers can connect and transact with various digital assets. Exchanges typically offer a wide range of cryptocurrencies, which can let you diversify your investment portfolio. There are literally hundreds of crypto exchanges available to you - it's enough to make your head swim.
Good crypto exchanges provide a user-friendly and accessible platform for you to trade digital currencies. They can also display real-time price information, which let you monitor market trends and make informed decisions more quickly. The best exchanges implement robust security measures in order to protect your funds and personal information. They will employ encryption, two-factor authentication, and possibly cold storage solutions to safeguard assets from theft or hacking attempts.
So which crypto exchange is the best? That's a tough question to answer, as exchanges - just like cryptocurrency itself - are currently in flux. Whether you're looking at security breaches, lawsuits and regulatory side-stepping, exploitative data harvesting practices, consistently poor customer service, high-profile collapses such as FTX, irresponsible crypto lending like Gemini, or payment-for-order flow profiteering, the crypto-scene is not for the risk averse, and not for those unwilling to do their homework. However, if you are going to be trading crypto, it is well worth your time to do the research to ensure the security of your investments, and the quality of the exchange you choose to utilize.
If that wasn't enough to make you pause, consider that a whole slew of exchanges are being sued by the SEC and the CFTC. Whatever your position, the future of crypto is being actively negotiated in the U.S, as the SEC and CFTC (Commodities and Futures Trade Commision) wage regulatory battles over the status of cryptocurrency as an unregistered security.
In short, there is a lot to consider when choosing a cryptocurrency exchange. By doing some digging on your behalf, we at TopConsumerReviews.com hope to help you find the right exchange in an increasingly volatile landscape.
Before you start with our list, here are some critical points to keep in mind:
That might seem like a lot to keep in mind. It's natural to feel some anxiety when choosing an appropriate exchange, but don't let it discourage you! Taking the time to find the right exchange can pay (and protect) your dividends down the line. Here at Top Consumer Reviews, we've waded through the best (and worst) of what's out there, and have found the best exchanges for your consideration.
Select any 2 Crypto Exchanges to compare them head to head
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