Announcing commission-free pricing on our new iOS and Android Mobile Apps
Uphold’s pricing and UX changes are designed to make the platform one of the easiest and most cost-effective places to trade cryptos and other assets.
Our new pricing model: what you see is what you get
We now charge:
0% trading commissions
0% on deposits from credit & debit cards (previously 3.99%)
0% on most withdrawals* (previously $3.99 USD)
0% crypto withdrawals** (previously $2.99)
The changes mean that you’ll find Uphold among the most cost-effective retail trading platforms for cryptocurrencies and other assets.
Our prices are now all-inclusive and simple to understand. The price you see is the price you pay, locked in, pre-trade. No complicated fee layers as on many other platforms.
We aim to be significantly less expensive on average than our major competitors.
You don’t need an Uphold account to experience how easy it is to trade, or to test our new pricing. Just go to uphold.com and try it for yourself (starting January 29, 2020).
Commission-free trading doesn’t mean that Uphold is free: we charge for certain activities and include a small spread in our prices (see list below).
* Except to banks in the following countries through the SWIFT network: Poland, Canada. **We also charge standard network fees for withdrawals to private wallets on crypto networks.
How does Uphold make money from commission-free pricing?
What matters to our customers is cost effectiveness.
We aim to be significantly less expensive on average than our major competitors for a typical crypto trade. On small trades, we’re way less expensive. That doesn’t mean we’ll be the cheapest venue for every single trade in all market conditions.
We make money by charging for certain activities (see list below) and by adding a small spread into the price of the crypto you’re buying, typically 50-100 bps (0.5-1.0%), but sometimes as low as 40bps. On a $10 BTC purchase at some household-name venues you’ll pay more than 1,000 bps – that’s right, ONE THOUSAND BASIS POINTS – in commission.
In real terms, Uphold is now cheaper than before. Our fees are lower because we want to gain volume and market share. You, the customer, are the winner.
You’ll immediately notice that Uphold ‘feels’ less expensive when you use it. Go ahead: test our pricing against other retail platforms.
Uphold’s new pricing is only available initially on iOS and Android Mobile Apps, with the roll out starting from 12 p.m. PST on Tuesday, January 28th. Our new web app will launch towards the end of February.
If you no longer charge commissions, what fees have you increased?
None. In real terms Uphold is cheaper than before, often market leading in the retail sector.
A portion of our customers told us in a survey last year that we were too difficult to use and too expensive. So we’ve addressed both issues in one big upgrade.
You’ll find, with rare exceptions, that our prices have improved across the spectrum.
So what fees do I pay now when using Uphold
- Typically, a spread of 50-100 bps (0.5-1.0%) is baked into the price of the asset you’re buying, but it can be as little as 40 bps (0.4%) depending on your individual trading volume.
- Standard network fees are charged for withdrawing funds to private wallets on the Bitcoin network (and other decentralized networks). BAT is free to withdraw.
- All debit card deposits are free in all supported countries
- All withdrawals to US banks are free.
- Most withdrawals to European banks are free, except withdrawals via SWIFT in Hungary, Croatia, Romania, Czech Republic, Poland. SWIFT withdrawals to banks in Canada are also subject to a fee.
- Standard network fees are charged for withdrawing funds to private wallets on the crypto networks. BAT is free to withdraw.