Uphold Wallets Review: Exchange Wallet, Uphold Vault, UPHODL

During your crypto adventure, you’ll have probably noticed that cryptocurrency wallets can often be a bit restrictive in terms of what assets can be traded. The Uphold Wallet negates this issue by letting investors trade crypto, alongside non-crypto assets, such as precious metals and national currencies.

The Uphold Wallet itself is fairly well known in the crypto space, but what many people don’t know is that Uphold offers two other wallets which are similarly quite experimental in how they work, but clearly designed for very different types of cryptocurrency investors. 

Whether you simply want a form of reliable storage for your crypto tokens, or you dream of venturing into markets outside of crypto itself, you’ll want to keep reading as we break down each of these wallets in-depth. 

Why So Many Uphold Wallets?

Uphold wants to appeal to as many types of investors as possible. They know very well that crypto investors can be very picky about their security measures, accessibility options, and other features, and if they don’t like what they see, they will immediately move on to another cryptocurrency exchange. Uphold therefore keeps people on the Uphold platform by offering several wallets that excel in specific areas but falter in others. 

What is the Uphold Vault?

Alongside the exchange Uphold Wallet is the Uphold Vault, an “assisted self-custodial” wallet that only supports a handful of crypto, but that shines for its durable multi-sig and multi-key security framework which makes it hard to crack into. 

What is UPHODL?

A traditional self-custodial wallet that gives users full ownership over their funds, placing total responsibility on the owner for protecting their funds and access to some popular crypto markets. It’s a familiar option for those who don’t like the idea of an intermediate being involved in their transactions.

Uphold Wallet Review

Available Assets

By far the biggest advantage of the Uphold Wallet is the amount of digital assets that can be managed. Users can acquire non-crypto assets through this wallet, including 40 equities such as precious metals like gold and silver, alongside fiat currencies like GBP, USD, and EUR, for example.

This doesn’t mean it leaves crypto behind entirely though, as this wallet still supports more than 2,500 crypto tokens, including BTC , ETH, and XRP, along with a fair amount of stablecoins. Therefore, those only interested in handling crypto will still have more than enough options here to trade with.

The Uphold Wallet’s multi-asset functionality has made it a frontrunner in terms of portfolio diversification, but it also allows investors to spread their bets across several markets, and quickly jump into any markets that begin to pick up steam in real-time.

Accessibility

Upon signing up for a Uphold account, you’ll immediately gain access to your personal Uphold Wallet, which itself contains a beginner-friendly interface that is easy to understand and straightforward in how it works. 

Because the wallet is built-in with the exchange, it means users can make use of some other features that make investing easier and more specific. Some examples include the “Markets” tab which displays the current price rates of all available markets, or “Integrations” which are Dapps that can help track assets, calculate crypto taxes, and more. 

There is also a UK-exclusive MasterCard where Uphold users can freely spend any asset in their wallet, be it fiat currency, crypto, metals, or altcoins. 

Overall, the Uphold Wallet is easy to acquire and simple to use, and though its multi-asset capabilities may sound confusing, the wallet manages to make the process quite simple thanks to its clear interface. 

Security

The Uphold Wallet doesn’t impress quite as much in terms of security measures. Though it does contain two-factor authentication, key encryption, and follows appropriate KYC (Know Your Customer) regulations , these are industry standards and aren’t anything too out of the ordinary. 

It’s also a custodial wallet connected to a larger network, meaning there’s always a higher chance of cyberattacks compared to self-custodial alternatives. 

There is some customer support provided through an email ticket system, but this has been reported to be quite slow according to user reviews. 

It might not have any additional security measures that allow it to go above and beyond with protection, but the Uphold Wallet is still considered reliable and safe as a convenient option. With that being said though, anyone who prioritizes security above all else can find more secure alternatives. 

Fees

Another drawback of this wallet is the Uphold fees, more specifically, the spread fee. Unlike a flat trading fee, spread fees will fluctuate drastically depending on the volatility of the market, so they can end up getting pretty high, especially when dealing with precious metals. 

A quick disclaimer though; deposit fees are completely free, but withdrawal fees can vary depending on the withdrawal method, whether it be through bank transfers or crypto networks. Transaction fees will also vary depending on whether they use a debit card/credit card or bank account.

The existence of spread fees means the Uphold Wallet will be cheaper in the long-run for occasional buy-and-hold investors who only buy and sell large amounts now and again, rather than daily. 

Uphold Vault Review

Available Assets

The Uphold Vault doesn’t support the staggering number of crypto as the regular Uphold Wallet, in fact, it’s not even close, but this isn’t what it’s designed for. The only two tokens that the vault can currently store are Bitcoin and Ripple.

The simple reason for this is that the project is still in its infancy, and as we will see momentarily, it’s quite experimental in the way it works, which is why these two popular tokens are being used as a sort of testing ground. 

Still, the vault maintains full access to the trading platform, and users can access and move assets faster since the vault is technically “self-custodial” and doesn’t involve as much involvement from Uphold themselves. 

Security

Most self-custodial wallets grant users full control over their assets by granting them ownership of their private keys. The Uphold Vault does things a little differently though. This wallet has three keys; two of which are owned by the investor and required for transactions, and the other is held by Upload themselves to co-sign transactions. 

There are two points to consider here, the first is that having a third key owned by the exchange can act as a backup in case the originals are lost, which puts less responsibility on the owner. On the other hand, this also stretches the definition of “self-custodial” since Uphold still technically has access to the person’s funds, even though this access might be limited. 

It does need to be mentioned that this multi-key framework makes it very difficult for outsiders to use an account for their own purposes, since they will need to go through the effort of retrieving at least two to even move an asset. 

Those who stick to the “Not your keys, not your crypto” mantra might not be fully comfortable with this, but those who like the idea of having less responsibility in exchange for tight-knit security could consider it.

Fees

The Uphold Vault comes at $4.99 monthly and $49.99 annually. Whether this is worth it or not entirely depends on how frequently someone will be using the vault, and how many assets they plan to store. 

Someone with large bulks of BTC and XRP who care more about crypto than alternative assets will get a lot of use out of it, and can rest easy knowing that their funds are safe thanks to its security measures. 

Accessibility 

Not only is the interface of the Uphold Vault user-friendly and straightforward, but it’s also a breeze setting up the vault itself since it can be done on the Uphold mobile app on iOS and Android. Simply tap on the “Vault” icon on the menu bar, choose a subscription model, obtain your private keys, and you’ll be free to deposit your assets immediately. 

Uphold has stated that they have no plans to expand it into a web extension any time soon though. This doubles down on its security since it restricts the private keys from ever needing to be exposed on the web, but it does limit accessibility.  

UPHODL Wallet Review

Available Assets

UPHODL, similar to the Uphold Vault, only deals in cryptocurrency, but it also supports numerous networks. Bitcoin, Ethereum and ERC-20 tokens can all be bought and traded on the UPHODL wallet, alongside NFTs, but there is no access to precious metals or other multi-asset commodities. 

As a result, UPHODL is specifically designed for Uphold investors solely focused on managing crypto, and doing so in a quick and timely manner. 

Security

When UPHODL says that it’s a self-custodial wallet, it truly means it. UPHODL gives users full control over their assets by providing them with a private key that approves transactions, and a SEED phrase that can recover missing assets. This phrase must be kept safe at all times, and can be securely stored on iCloud or Google Drive. 

UPHODL isn’t tied to the exchange, and as a result, it’s much harder for hackers to access since it isn’t part of a larger database. 

However, just like with other self-custodial wallets, it’s entirely up to the user to keep their keys and passphrases secure, since if they lose them, they can be locked out of their own funds, so a lot of responsibility is required. 

Fees

The network fees , or transaction fees, for trading on UPHODL will depend on the processing power of the blockchain network itself. A busier network will charge higher fees, but this will be automatically calculated once the investor begins setting up the transaction.

UPHODL also allows investors to choose between different fee levels, depending on whether they want a quick and expensive transaction, or a cheaper but slower one. It’s also handy that there’s zero commission for trading at numerous DeFi venues, further incentivizing investors to make use of the dApp integration. 

Accessibility

The UPHODL interface itself is easy to use and very newcomer-friendly, but the wallet also has a few extra accessibility features for extra convenience. 

For one, it’s possible to import existing wallets onto UPHODL by using a SEED phrase, which allows users to switch between them at ease. 

Through the use of Wallet Connect, UPHODL users can also scan QR codes provided by Dapps which will instantly link their wallet to the application, allowing them to make full use of it without needing any additional passwords or personal information. 

Which Uphold Wallet is Right for You?

Here’s how these three wallets compare regarding their intended target audiences. 

The Uphold Wallet is for anyone who wants to throw their hat in the ring of multi-asset trading. It might not win any awards for security measures, but the staggering number of available assets makes it ideal for those looking to broaden their horizons outside of only crypto trading to bulk up a portfolio. 

The Uphold Vault is all about security, and though it doesn’t give full responsibility to the user, the three-key system still makes it a sturdy form of impenetrable storage. Keep in mind that the vault sacrifices asset classes for security, so while there’s only a handful of tokens that can be stored, they will be extremely secure if kept in the vault. 

Finally, UPHODL also has fewer digital currencies available, but it’s the only wallet of the three not reliant on the Uphold exchange. Essentially, it makes the owner their own crypto bank which has full control of their keys and assets, and is primarily designed for solely crypto traders . 

On the Flipside

If you’re only looking to store and trade crypto but nothing else, then there are better wallets out there than these Uphold ones. For example, the Polkadot Vault is a hardware wallet that supports more forms of crypto than Uphold Vault, and also doesn’t rely on the exchange to keep funds safe. Additionally, UPHODL contains fewer asset options than other self-custodial wallets like Best Wallet or Zengo, just to name a few. 

Why This Matters

Crypto wallets can sometimes be limited in what they provide, but the Uphold wallets are experimental, and they’re striving to do things differently. The regular Uphold wallet is opening the gates to multi-asset trading, while Uphold Vault is creating a custodial/non-custodial hybrid that can appeal to an entirely new audience. 

They may have a few liabilities, but these wallets are also changing how we interact with cryptocurrency and crypto exchanges, which is why it’s so worth knowing about them. 

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