Our review of Uphold crypto platform: 4.8/5

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Uphold in brief

Our opinion of Uphold

We liked Uphold's wide selection of assets, which includes over 250 cryptocurrencies, fiat currencies, and even precious metals. This diversity makes it stand out from many other platforms that focus solely on crypto trading. We liked the instant asset conversion, allowing users to swap between different asset classes without needing to convert to fiat first.

We liked the user-friendly interface, which is easy to navigate, even for beginners. Deposits and withdrawals are straightforward, and the platform supports multiple fiat currencies, including CAD. We also liked that Uphold is registered with FINTRAC, ensuring compliance with Canadian financial regulations.

We would have liked it if the platform offered lower spreads, as trading fees can be higher compared to exchanges with a direct fee structure. We also would have liked to see more advanced trading features, such as margin trading or order book trading, which are missing on Uphold. Additionally, while a crypto card is available, we would have liked more staking and lending options for users looking to earn passive income on their holdings.

Who is Uphold best for?

Uphold is best suited for casual and long-term investors who want a simple, all-in-one platform to trade crypto, fiat, and metals, but it may not satisfy advanced traders looking for deep liquidity and advanced order types.

Let's find out more about our test results on Uphold.

Reliability and Security 4/5

Uphold was founded in 2013 and has been operating for over a decade, offering a platform for trading cryptocurrencies, fiat currencies, and precious metals. With over 10 million users worldwide, it has established itself as a well-known name in the digital asset industry. While it has not won major industry awards, its longevity and expanding user base demonstrate its credibility.

For Canadian traders, Uphold is registered with FINTRAC as a Money Services Business (MSB), ensuring compliance with Canada’s anti-money laundering (AML) and counter-terrorist financing (CTF) regulations. However, it is not registered with the Ontario Securities Commission (OSC), British Columbia Securities Commission (BCSC), or Alberta Securities Commission (ASC), meaning it does not have a restricted dealer license required for some regulated trading activities in Canada.

In terms of risk control, Uphold implements real-time reserve transparency, showing that customer funds are fully backed at all times. The platform also enforces two-factor authentication (2FA) and strong Know Your Customer (KYC) policies to prevent fraud and unauthorized access. However, it lacks advanced security features like cold storage for user funds or insurance on digital assets, which some competitors provide.

Uphold is a safe and regulated platform for Canadian users, especially for casual traders looking for a straightforward and compliant exchange. However, the lack of OSC, BCSC, or ASC registration and higher trading spreads may be concerns for users seeking a more robust regulatory framework or lower fees.

Cryptocurrencies Available 4.5/5

Uphold stands out in the market with its diverse selection of over 250 digital assets, including major cryptocurrencies, altcoins, and some unique offerings like precious metals and fiat currency trading.

Unlike many exchanges that focus solely on crypto, Uphold provides a multi-asset trading experience, allowing users to diversify their portfolios beyond digital currencies. However, while it offers a broad range of cryptocurrencies, it does not support NFT trading, which has become a growing sector in the industry.

Below is a comparison of Uphold’s asset diversity versus the market average:

Our opinion on Uphold's offerings

Uphold earns a strong rating for its large selection of cryptocurrencies and altcoins, but it loses points for the lack of NFT integration, which is offered by some competitors. It remains an excellent choice for traders looking for a broad range of digital assets beyond just the top coins.

Services and Tools 4.2/5

Uphold provides a well-rounded set of services, catering to both everyday crypto users and long-term investors. However, while it offers a crypto card and basic staking, it lacks some features such as lending and farming, which are available on other major platforms.

Key Services Available on Uphold

• 💳 Crypto Card: Available (Uphold Mastercard, allowing users to spend crypto, metals, and fiat)
• 💰 Staking: Limited (Supports staking for select cryptocurrencies, but fewer options than competitors)
• 🔄 Lending: Not Available (No crypto lending services for passive income)
• 🌱 Farming: Not Available (No yield farming or DeFi integration)
• 🔀 Instant Asset Swaps: Allows seamless trading between crypto, fiat, and metals without conversion fees
• 📈 Recurring Buy Orders: Users can set up automatic crypto purchases to dollar-cost average (DCA) investments
• 📚 Educational Resources: Basic learning materials for crypto beginners

Fees and Commissions 4.2/5

Uphold positions itself as a commission-free trading platform, relying on a spread-based pricing model instead of direct transaction fees. While this makes pricing more transparent, spreads can be higher than fixed fees on other exchanges, especially for less liquid assets.

Below is a comparison of Uphold’s trading spreads versus the market average for some of the most traded cryptocurrencies:

Other Fees on Uphold

• Deposit Fees: No fee for bank transfers, but credit card deposits may have up to a 3.99% fee
• Withdrawal Fees: Varies by asset; crypto withdrawals may have network fees
• Conversion Fees: Included in spreads (higher for exotic pairs)
• Inactivity Fees: None (no penalties for dormant accounts)

Our opinion on Uphold's fees and commissions

Uphold is transparent about its fees, and commission-free trading is appealing to casual traders. However, its high spreads, particularly on altcoins, make it less cost-effective for frequent or high-volume traders compared to competitors with lower fixed trading fees.

Customer Reviews (2.7/5)

Uphold has a Trustpilot rating of 2.7/5 based on over 9,513 reviews, reflecting a mixed customer experience. While some users praise its wide asset selection and easy-to-use interface, others have reported issues with withdrawals, account verification, and customer support response times.

Here are some recent reviews from Canadian users:

• Michael R (January 8, 2024): "I’ve been using Uphold for about six months now, and overall, it’s been a decent experience. The platform is easy to use, and I like that I can swap between crypto and metals instantly. However, I had an issue when trying to withdraw CAD to my bank account—it took almost a week to process, which is longer than what I’m used to on other platforms like NDAX. Customer support eventually resolved it, but a faster withdrawal process would be appreciated."
• Sarah L (February 15, 2024): "I signed up for Uphold because of the crypto card, and I have to say, it works pretty well. I’ve been able to use it for everyday purchases, and the cashback in crypto is a nice bonus. That being said, the fees on some altcoins are quite high, and I didn’t realize this at first. If you’re trading frequently, you might want to compare costs with other exchanges."
• Daniel P (January 2, 2025): "The verification process took way longer than expected. I submitted all my documents, and it still took over a week to get my account fully approved. Once I got in, the platform itself was easy to use, but I ran into another problem when trying to withdraw XRP—there was an extra fee that wasn’t clearly explained. It’s a decent platform if you just want to buy and hold, but if you need quick access to funds, it can be frustrating."

How does Uphold compare to other Crypto brokers?

The table below compares Uphold with three other major brokers in Canada: Coinbase, Bitbuy, and VirgoCX.

Conclusion of our analysis of Uphold

Uphold provides a wide range of cryptocurrencies, surpassing most Canadian competitors, but it lacks NFT support and advanced trading tools that other platforms offer. The crypto card is a strong advantage, allowing users to spend digital assets directly. Fees are higher than exchanges with fixed trading commissions, making it less attractive for frequent traders. The platform is regulated under FINTRAC, ensuring compliance with Canadian financial laws, but does not hold an OSC registration like some other Canadian-focused platforms.

Before opening an account on Uphold, compare the best crypto brokers and platforms in Canada:

What types of accounts are available with Uphold?

Uphold offers different account types to cater to a range of traders, from beginners to advanced users. Below is a comparison of the available account levels and their key characteristics.

Standard Account

The Standard Account is designed for individual traders and investors who want access to over 250 cryptocurrencies, fiat trading, and instant asset swaps. With no minimum deposit required, users can start trading immediately. Basic staking options are available for select cryptos, and transactions are subject to Uphold’s spread-based fee model. This account is ideal for those looking for a simple, all-in-one trading platform.

Business Account

The Business Account is tailored for companies and institutional investors who need access to larger transaction volumes and business-friendly financial tools. Unlike the Standard Account, this account offers more advanced trading features and compliance support for corporate transactions. However, it does not offer staking or crypto card features, as it is primarily designed for business-related digital asset transactions.

Uphold Cardholder Account

The Uphold Cardholder Account is for users who apply for and activate the Uphold Crypto Card. This account allows holders to spend crypto, fiat, and metals directly from their Uphold balance. Users earn crypto rewards on purchases and can manage their spending directly through the Uphold platform. While it retains many features of the Standard Account, staking options are limited, and no advanced trading tools are included.

Uphold’s account structure is simple yet flexible, making it accessible for both individuals and businesses. However, those looking for advanced trading tools and deeper liquidity options may find better alternatives elsewhere.

How do deposits and withdrawals work with Uphold?

The table below outlines the different deposit and withdrawal methods available on Uphold, including supported currencies, processing times, and associated fees.

Uphold offers a decent range of deposit and withdrawal options, with free bank transfers and instant funding via cards and e-wallets. However, the high credit/debit card fees (up to 3.99%) are less competitive compared to some exchanges that charge around 2%. Unlike some Canadian platforms, Uphold does not offer Interac e-Transfers, which are commonly used for fast CAD deposits. Withdrawals via bank transfer can take several days, whereas some exchanges provide same-day processing.

For crypto transactions, Uphold stands out by allowing instant transfers for supported assets, but network fees still apply. Overall, the platform is convenient for fiat deposits but has higher fees and slower withdrawals than some competitors.

Does Uphold offer crypto staking?

Uphold offers staking services for select cryptocurrencies, allowing users to earn passive income on their holdings. However, the staking options are limited compared to some competitors, and the yields vary based on the asset. Staking rewards are paid out regularly, and users can track their earnings directly within the Uphold platform.

Below is a breakdown of the cryptocurrencies available for staking on Uphold and their estimated annual yield:

Crypto Lending on Uphold

Uphold does not currently offer crypto lending services, meaning users cannot lend their digital assets to earn interest or take out loans using crypto as collateral. Many competing platforms provide lending programs that allow users to earn passive income by loaning their assets to others, but this feature is missing from Uphold’s ecosystem.

Uphold’s staking options provide a simple way to earn passive rewards, but the lack of lending services limits opportunities for users looking for more ways to generate yield. Those interested in crypto-backed loans or lending rewards may need to look at alternative platforms.

How are revenues generated by Uphold taxed?

In Canada, income generated from trading cryptocurrencies on Uphold is subject to taxation under the guidelines set by the Canada Revenue Agency (CRA). Crypto transactions are treated as either capital gains or business income, depending on the trading activity.

Applicable taxes on revenues generated on Uphold

• Capital Gains Tax: If crypto trading is considered an investment activity, only 50% of the profits are taxable at the user’s marginal tax rate. This applies to occasional traders who buy and sell crypto for long-term gains.
• Business Income Tax: If crypto trading is frequent and structured like a business (e.g., day trading or high-frequency trading), 100% of the profits are taxed as business income. In this case, trading expenses may be deducted.
• Staking Rewards and Crypto Earnings: Income from staking rewards or other crypto-based earnings is treated as income at the time of receipt and is fully taxable.

How to declare Crypto trading income in Canada

• Track All Transactions: Traders must keep a record of all trades, deposits, withdrawals, and staking rewards, including timestamps and fair market values in CAD.
• Report Capital Gains or Business Income: Gains from occasional trading should be reported as capital gains on Schedule 3 of the T1 tax return, while business income is reported under self-employment income.
• Include Crypto Staking Rewards: Any staking income must be reported as other income in the year it was received.
• Deduct Allowable Expenses: Business traders can deduct expenses related to trading, such as exchange fees, hardware, and internet costs.

Watch out!

Failure to report crypto earnings can result in penalties, interest charges, or CRA audits. To stay compliant, Canadian traders using Uphold should track their trades, keep tax records, and use crypto tax reporting tools if necessary.

Contact: How to contact Uphold customer service?

FAQs

Nishadh Mohammed

Nishadh Mohammed is a seasoned news editor and financial writer, working with HelloSafe since May 2023. Nishadh has developed expertise in financial markets, insurance, and investment products, with a deep understanding of the Canadian financial landscape. He has honed his SEO skills and content marketing strategies while writing for Canadian publishing houses. Armed with a master's in Business Analytics and extensive journalistic experience, Nishadh uniquely combines data proficiency and thorough research to deliver comprehensive and accessible information.