Uphold is a global multi-asset digital trading platform founded in 2013 where users can buy and sell cryptocurrencies, national currencies, equities, and precious metals. Apart from these assets, users can invest in unique environmental assets like Bitcoin Zero and other carbon credit tokens and participate in staking to gain attractive yearly yields on their cryptocurrency investments.
The main difference between Zengo and Uphold is that Zengo gives its users complete control over their private keys as it is a non-custodial wallet, whereas Uphold provides custodial services and essentially has the ultimate control over its user’s funds. Another key difference is that Uphold is a centralized exchange, whilst Zengo is a gateway to (DeFi) and Web3 applications. Uphold also provides extensive staking services where users can generate a passive income with crypto by storing it on Uphold and gaining a reward for doing so.
As of the writing of this guide, Uphold charges no percentage-based withdrawal fees on cryptocurrency withdrawals but a fixed fee of $2,99 and standard miner fees apply. On the other hand, fiat withdrawals by bank transfer are charged $3,99 and third-party costs may apply.
Uphold withdrawal limits vary per payment method used and geographical location where you are residing. You can find more information regarding Uphold’s withdrawal limits on this page.
According to Uphold’s customer support staff, cryptocurrency withdrawals from Uphold are usually processed within 30 minutes, while bank wire transfer withdrawals in fiat take anywhere from 2 to 5 business days.
The main problems that can occur when withdrawing money from Uphold are that you either copy the wrong receiving address or select the wrong blockchain network to use during a withdrawal. Please note that if you send digital assets to a non-existing wallet address, the tokens will be “burned” and cannot be accessed anymore. You may also run into problems when withdrawing money from Uphold if you run into daily, weekly, or monthly account limits.
To withdraw crypto to fiat on Uphold, tap the ‘Transact’ icon at the bottom of your screen, followed by ‘From,’ and choose the crypto you want to withdraw. Then tap the ‘To’ field, select your bank account, confirm the transaction, and enter the 6-digit code generated by your authenticator app.
Alternatively, you can transfer your assets to your Zengo crypto wallet and withdraw to fiat whenever you like.
