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Is Uphold Safe and Legit?

Are you wondering if the Uphold exchange is safe to store, trade and buy your cryptocurrency? Is it safe to trust them with your bank account information? All very good questions when adventuring into a new exchange, and you’ve come to the right place.

Uphold Ownership and History

Halsey Minor started Uphold in 2014, at the time known as BitReserve. Halsey is a serial entrepreneur with years of experience in the digital space, gaining popularity when he took his first company CNET public in 1996. Come 2015, Bitreserve rebranded into the Uphold we know today. Today, the company is run by CEO, JP Thieriot and is headquartered out of Larkspur, CA. In its entire history, the Uphold exchange has never been hacked. This is huge for security reasons with your money, coins and information! They are truly a trustworthy exchange to operate with and trust with your assets. Uphold Popularity

Uphold is one of the largest exchanges in the world, with over 1.7 million customers and over $6 billion in transactions across more than 184 countries and 30 currencies. Those are some big numbers! Uphold is commonly ranked as the third biggest US exchange, and is definitely a popular choice among cryptocurrency enthusiasts. One of the biggest reasons people like Uphold so much is that at least 90% of assets held on the exchange are held in cold storage. In case you didn’t know, cold storage is offline, held in physical storage that is impossible to hack into. This makes Uphold a popular exchange among cryptocurrency enthusiasts.

Is Uphold FDIC insured?

Uphold is not FDIC insured, but does offer its own insurance. Uphold offers a USD Stable Coin, which is backed in a 1:1 ratio with physical dollars in FDIC insured banks. This means that for every dollar you spend there is a real US dollar, sitting in a US bank backing your digital money. It is important to note that regular USD cash deposited into the exchange is not insured, but Uphold found a way to let its customers still be insured. It is recommended that once you deposit your money into Uphold, you should turn that USD into the USD stable coin. Your money is still sitting there, in USD denomination too, and is also insured by whatever FDIC insured bank the physical dollars are sitting in. Essentially, even though Uphold itself is not insured, their customers can still be FDIC insured. This shows the extent Uphold is willing to go too to protect and serve their clients.

Uphold Interface

The Uphold interface is extremely clean and very simple. Even someone totally new to the cryptocurrency world will be delighted with how easy Uphold is to work. After linking a bank account or debit card, you can add your favorite assets to track, and start purchasing! Once you purchase, you will be able to track your portfolio activity overall and follow along easily. One more nice feature is how easy it is to send and receive coins on this app. It is much simpler than other exchanges and wallet apps and makes using cryptocurrency very convenient.

Is Uphold Secure?

Uphold security is top notch. As previously mentioned, their servers have never been hacked, and they keep a large majority of their assets offline. A US based exchange that takes security very seriously, with so many stories of hacking haunting the cryptocurrency industry. The priority of security as well as the strategic way Uphold has figured out how to allow its clients to be FDIC insured, show where this company's priorities are. On top of these things, Uphold being US based and very popular in the US is almost an additional form of security. There is plenty of scrutiny all cryptocurrency exchanges face with US regulators and being a large exchange means you have a much larger customer base to keep happy. The two best points are that Uphold has never been hacked and they keep most of the assets stored on their exchange offline. These keep customers' funds as secure as possible and show the reliability in the Uphold exchange and leadership values.