How To Buy Bitcoin With Uphold

Cryptocurrency trading requires the use of any payment platform. One of the many services is Uphold, which keeps an active cryptocurrency policy. So, what steps does buying Bitcoin and other crypto include? In this article, we will explain in detail how to buy, send and withdraw Bitcoins using Uphold.

What Is Uphold?

First of all, let's figure out what Uphold is. So, it is a multi-currency investment company that provides its users with financial products and services. For example, you can open a digital wallet and trade currencies online using this platform.

What is more, Uphold supports more than 130 cryptocurrencies, including Bitcoin, Ethereum, various altcoins and stablecoins. It operates as an exchange, so Uphold allows you to buy digital assets directly using its website or app. However, in this case, fees for each transaction reach 2.65%, so a more favorable and often chosen option is to use Uphold as a payment method on a third-party cryptocurrency exchange.

How To Buy Crypto With Uphold?

For buying Bitcoins and other cryptocurrencies via Uphold, you need to have the service's account or its debit card. The payment will be made from them when buying on the crypto exchange. For better understanding of how it works, we suggest you study the step-by-step algorithm on how to buy Bitcoins with Uphold.

Step 1: Create An Uphold Account

If you don't have an Uphold account, you need to open one. To do it, go to the service's website or download the app and fill in the necessary details: your name, email address and country of residence. Then you have to confirm your account by following a special link that the platform will send to your email. After that, you will have to pass the verification and KYC procedure to secure your account.

Step 2: Fund Your Uphold Account

When you have successfully opened an Uphold account, you can top it up for further purchases. You can do it through a bank transfer by linking your bank account to Uphold and then initiating the transfer from your bank's one. That is a secure method, but it usually takes a few days. For faster transactions, choose a debit or credit card to fund your account. To do it, you just have to add your card details to Uphold.

Before funding your account, consider not only the potential value of the Bitcoins you are going to buy but also your bank's deposit fees. For example, you will have to pay an additional 2.49% for debit card deposits and 3.99% for credit card ones. Make sure you have enough money in reserve.

Step 3: Choose A Cryptocurrency Exchange

At the next stage you have to choose a platform where you will buy Bitcoins. The first thing to consider is that it should accept Uphold as a payment method. For example, among such platforms are Paxful and Cryptomus. The next important factor is the reliability of the platform. In order to understand it, read the exchange’s security policy, study its working base and look through the other users' reviews.

Do not forget about the platform’s profitability: compare transaction fees on different exchanges. For example, on Cryptomus P2P you will be charged only 0.1% for buying crypto; this is a very favorable option that will save you a significant part of your budget.

Step 4: Register On An Exchange

When you have already chosen a platform, you have to create an account there. The registration process is similar to the one that you did while creating an account on Uphold: you need to enter your name, email address, or phone number, and specify the region of residence. Then you will be required to confirm your account by following a special link and pass verification, or KYC, depending on the exchange rules.

Step 5: Connect Your Uphold Account To Your Exchange One

Now you need to link your Uphold account to your exchange profile. To do it, you have to go to the "Payment Methods" or similar section on the exchange and select Uphold. You will need to enter your account or card details and confirm the action. Then you can proceed with trading.

Step 6: Select A Bitcoin Sell Offer

When you interact with a P2P platform, you can choose from a variety of ads selling cryptocurrency. Do it wisely: study the seller's rating, user reviews about him, and the history of successful deals. Try to choose from those whose accounts are verified — it is sometimes indicated by a special icon near the user's profile. Of course, don't forget that the seller must also have an Uphold account to accept payments, so set up the necessary filters in advance.

Step 7: Make A Purchase

Once you have selected a suitable offer, contact the seller to discuss the transaction details. For safety, communication takes place in the platform's special chat room. Ask for the seller's Uphold account details and give him your crypto wallet address. Then send the payment to him and wait for the receipt confirmation. After that, the seller will send Bitcoins to your wallet and you will also have to confirm it. If everything was successful, the transaction can be considered closed.

Additionally, you can sell your crypto with Uphold using a P2P platform. In this case, you will have to create your own offer and wait for responses, or search for potential buyers yourself.

Benefits And Drawbacks Of Purchasing Crypto With Uphold

Before you decide to buy cryptocurrency with Uphold, study the main pros and cons of this payment method. We've compiled them for you right here.

Pros Of Buying Crypto With Uphold

The main benefits of buying crypto with Uphold are related to the convenience and security of using this method. Let's take a closer look at them:

• User-friendly interface. The service has a clear interface, which is easy to understand even for beginners. Moreover, the platform has a lot of instructions and frequently asked questions that will help you understand if you have any problems while buying.

• Enhanced security. Uphold uses encryption technology and conducts regular audits and testing by security experts. So, your data and funds will always be protected.

• Widely acceptance. Besides the fact that you can buy crypto assets on Uphold itself, the service is also supported by many crypto exchanges. You can work wherever it is mostly convenient for you.

Cons Of Buying Crypto With Uphold

The drawbacks of using Uphold to buy crypto reflect the downside of the above benefits, and they are as follows:

• No prompt technical support. When users face problems in the service operation, there is no possibility to get quick help by phone or web chat. It remains to study only the information section.

• Limits on buying crypto. Each Bitcoin transaction provided by Uphold, including purchases, is limited to $2,500. This restriction makes it impossible to buy large amounts of money at a time.

• Few supporting countries. Uphold is available in the US, some EU countries, and Latin America. If you are not their resident, you will not be able to buy Bitcoin with Uphold. You can also read our article about countries where cryptocurrency is legal or prohibited.

How To Send Crypto From Uphold?

As we have already mentioned, you can create a digital wallet on Uphold where you may store your cryptocurrency assets. And if you feel more comfortable using it or, for some reason, you need it, you can always make transactions using Uphold, including crypto sending.

First, you need to transfer your digital assets from your exchange wallet to your Uphold one. To do it, go to the transfer page on the exchange you use, select the "Send" option and enter your Uphold wallet address. When the transaction is confirmed, your cryptocurrency will be transferred to the specified address and thus you will receive the crypto on Uphold.

To send crypto from Uphold, you need to follow the same steps. Copy the wallet address you plan to send assets to, go to the transfer page in your Uphold account and select the "Send" button next to the wallet balance. Then enter the recipient's wallet address, specify the amount of crypto for sending, double-check all the details, and click on "Confirm". Then the crypto will be credited to the recipient's wallet.

It is essential to note that transferring cryptocurrency from Uphold outside the platform charges a fee of $2.99. Calculate your funds in advance so that there will be enough to send.

How To Withdraw Crypto With Uphold?

The withdrawal crypto using Uphold is similar to a transfer. If you have already sent your digital coins from an exchange wallet to your Uphold one, then you can go to the withdrawal process.

So, in order to withdraw cryptocurrency from Uphold to a bank account or other form of money storage, you need to do the following:

1. Sign in for an Uphold account.

2. Go to the wallet where the desired crypto is stored.

3. Select the "Withdraw" option located near the wallet balance.

4. Enter the details of the account to which the withdrawal will be made.

5. Specify the amount of crypto and select the currency into which the crypto will be converted.

6. Check the data and click on "Confirm".

When you withdraw funds, take into account the commissions. Uphold charges a fee of 0.0003 BTC for each Bitcoin transaction.

Uphold offers convenient and secure cryptocurrency transactions, but that is not so profitable. There may be quite high fees when using an Uphold wallet. Therefore, we recommend doing all transactions using a crypto exchange wallet, which you should choose very attentively and carefully.

Hopefully, this guide has helped you understand the nuances of buying Bitcoin and other crypto with Uphold. And if you still have any questions about this process, feel free to ask them in the comments.