How to

Guide: Learn How to Buy and Trade Cryptocurrencies on Uphold

Key facts:
  • It works in more than 160 countries, where we can make bank payments in the national currency.

  • Its purpose is to speed up the exchange between currencies (cryptocurrency and precious metals too).

Before we start the tutorial itself, let’s learn a little about Uphold. This exchange has been operating since 2014 and serves as a “cloud bank” as they call themselves. Its purpose is to simplify the exchange between currencies (cryptocurrencies and precious metals) around the world, for this they represent a simple platform where we can quickly exchange different types of assets and currencies with each other.

Right now Uphold It works in more than 160 countries, where we can make payments in the banks of these nations and in their national currency. In addition, this platform currently has 8 crypto assets available, including bitcoin (BTC), ether (ETH), litecoin (LTC), dash (DASH), as well as others.

For the purpose of this tutorial, we will learn how to exchange our crypto assets in different currencies, either fiat currencies or cryptocurrencies. We’ll also learn how to verify your account and make payments.

Getting started in Uphold

To begin, let’s go to the main Uphold portal in Spanish. Once we’re here, we’ll continue with the registration. The first thing we will do is select REGISTER in the top menu.

First step in the registration form. Source: Uphold.

Here we will fill in the fields taking care to choose the country of residence carefully, since we will verify our account later and we need to send the correct address. When we’re done, click CONTINUE.

Second part of the registration form.

In this part of the form we will enter our personal information such as our name and the username we will use on the platform. It’s important to remember that the data entered must be real, since we will verify our data and these data must match the data that we will later enter on the platform. After this we click CONTINUE to log in and that’s it, we’ve already registered on the platform.

It should be noted, before signing up, that we must have a valid phone number to be able to use the Authy app. Uphold uses this application for the two-factor verification process. The application can be downloaded on any operating system and we can use it as an extension of our browser. Without this application we will not be able to log in as it is mandatory as a security measure.

Confirm the data in Uphold

To enjoy 100% of Uphold services, it is best to become a verified member. As you can see in the above panel that appears after login.

Tablero principal (control panel) de Uphold.

To start the verification process, click on BECOME A VERIFIED MEMBER. If you want to do this later, you can start this process from the profile menu.

Our Uphold account verification process.

This is where the verification process will begin. Before starting we must have on hand a photo of our identity document, in .jpg format that is clearly visible. If we don’t have it, we can take a photo from our device’s camera. We must also have a photo of our face. With everything at hand, let’s begin.

Form for specifying the current address of residence.

The first thing we will do is enter the address of our room. The address we enter must be legal, as this will avoid problems that could invalidate the verification of our account in Uphold. After that, in the next window, we select the origin or country of issuance of the personal document that we will upload, and then click on next.

Types of identification documents we can use to verify our identity at Uphold.

In the previous field, we must select the type of document that we will choose. Among the options we have: passport, identity card or driver’s license.

Methods for uploading an image of our document to Uphold.

After we have chosen the type of document we will use, we will see two options: take a picture from the camera of our device or upload a previously taken picture. As long as the image is clearly visible, it does not matter which option is selected. To finish we just have to confirm and that’s it.

Confirmation of the personal document with a photo of the user’s face.

Here we will select a photo of our face (what we now also commonly know as a selfie). This would be the last step to complete the verification process. Once the information is verified, we will receive an email indicating that our account is 100% verified and ready for full use.

Uphold Cards

On the Uphold platform, the way we will organize our coins will be through cards. Initially, we will see the main tabs on the portal as shown below, as well as the total amount we have in our account expressed in US dollars (USD).

However, these are not the only cards that the platform has. To add other cards we have to select Add Card/Currency in the top corner.

Creating a new card.

As you can see, the main thing will be to give the card a name with which we will identify it, and then choose the currency of this card. The purpose of this card system is to organize our funds so that we can allocate them to different “wallets” and make deposits or withdrawals separately.

Deposit funds to Uphold

To make a deposit, the first thing we will do is choose a card that corresponds to the currency or cryptocurrency we will use.

Some of the options that allow us to mobilize funds from some of our cards.

Here we will see a menu for using our funds. But that’s not our case (for now). For payment, we will select Add funds in the top menu.

Possibilities to add funds to our cards.

In this section we will see the different methods we have to make a deposit to our bitcoin (BTC) card. It could be from a bank account, where we would buy bitcoins at the exchange rate at the time of the transaction.

Regarding using credit cards to fund our bitcoin wallet, unfortunately this is not allowed by the platform. However, We also have the option to make a deposit using cryptocurrency. For the purposes of this tutorial, we will choose the latter option.

List of crypto assets through which we can add funds to our bitcoin card. The system will perform the conversion depending on the exchange rate at that time.

As you can see, we don’t necessarily need to make a deposit from another bitcoin account or wallet, as is the case in our case, since Uphold allows us to make deposits in any cryptocurrency, and the platform will convert the deposited currency into the currency of the card we want to fund, according to their value in the current market.

Another thing to consider is that If we deposit another currency, a 1.25% commission will be chargedbut otherwise, no commission will accrue other than that generated by mining commissions.

To see the currency exchange rate, simply select it from the menu.

Here you can see the current exchange rate for deposits from dash wallet to our bitcoin wallet.

The gray box shows the value of 1 bitcoin in a bar. At the time of writing this guide, one BTC is valued at approximately 23,074 DASH, according to the Uphold exchange rate.

After we choose the cryptocurrency with which we will make the deposit, we will generate our wallet address, for them we will click on Generate Address.

Address for bitcoin wallet deposits to our bitcoin card at Uphold.

As shown in the image above, we select the option to deposit BTC to our card in Uphold from an external BTC wallet. We can see our address for BTC deposits to our bitcoin card and its abstraction in a QR code. Now all that remains is to make a deposit from a wallet in which we have funds in BTC.

To view the deposit we can click on Activity in the top menu of our bitcoin card.

Activity related to inputs and outputs of our bitcoin cards.

As shown in the previous image, the deposit has already been confirmed online and is therefore reflected in our activity, but it will not be available until the Uphold platform confirms it. Once confirmed, we will see the balance on our card.

Exchange in Uphold

One of the interesting features of Uphold is the ability to exchange currencies, whether fiat currencies, crypto assets or metals, without having to leave the platform. This is through the application of the “Cloud Banking” principle┬╗ which is one of its goals as a company.

This is extremely simple. To begin with, we need to select a card that contains native funds (in our case, bitcoin).

Once here we will select the option Transfer between your cards.

Here we can exchange balances between the cards we have enabled on our Uphold account.

In the form presented to us in the previous image, first of all we have to select the destination card. Then we have to select the amount to send along with the currency corresponding to the amount and finally we will set the reference message for the transaction (optional). Finally, you would be left with something like what we see in the image below:

Completed form for transfer between cards of our same account in Uphold.

In this case we will transfer from our bitcoin card to our dollar (USD) card. At the bottom, we’ll see the current price of bitcoin in dollars, based on what the conversion will do, along with a 1.05% commission. In the event that we do not complete the exchange immediately, the transaction fee may expire and we will have to delete and add the transaction amount again to perform the transaction at the new exchange rate.

To finish, we just click on Confirm, where a dialog box will appear to confirm the transaction. Here we select confirm again and that’s it. These transactions are performed instantly and without the need to use two-factor verification.

Balance transferred from our bitcoin card to our dollar card.

This process can be done in reverse, i.e. get bitcoins from the currency we originally exchanged them for. The process is exactly the same, it is done immediately and with a commission of 1%. These processes are widely used to freeze the dollar prices of cryptoassets when their price is expected to fall.

Withdraw funds from Uphold

Withdrawing funds, like any process within the platform, is very simple. To begin with, we go to the menu of the card on which we have the funds we want to withdraw, in order to do this we must select the specified card. When you enter the menu, in the Use funds section, we will choose the way we want to make the withdrawal. For the purpose of this guide, We will send money to a wallet of some crypto assetfor which we have to choose cryptocurrency or utility token option.

Uphold withdrawal form.

Here we will first enter the address of the destination wallet. Then we will enter the amount and the equivalent currency for which we will send (knowing that we have the amount to cover the said transaction) and finally the message as a reference (optional).

Completed withdrawal form.

As with the transfer of funds, at the end we will see the amounts corresponding to the commission and the total amount to be received. In our case we are sending funds from our dollar card to a bitcoin wallet. Therefore, it gives us the current price at which bitcoin is quoted at the time of sending, according to the Uphold exchange rate.

To finish, we need to confirm the transaction. This time we will be asked to enter the authentication code provided by the Authy app, which we had to download during registration in order not to waste time on it during this move. Once this process is completed and the transaction is confirmed, we will complete the withdrawal of funds from our account on the platform.

Something interesting to keep in mind is the minimum and maximum rates that Uphold allows for deposits and withdrawals, which you can view here. For any withdrawal, a fee of around $5 will be applied to exchange any currency.

Conclusions

Uphold is a great platform for fast cryptocurrency exchange. It is one of the best options for transferring between different types of assets.

Another distinct advantage that Uphold offered was the ability to generate prepaid debit cards, either physical or virtual, using our balance on the platform; but after the cancellation of the contract between WEX (Mastercard provider) and Uphold, this service is currently inactive.

If you want to see a video tutorial of this guide, you can watch it on our channel. YouTube.

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