How to Send Crypto from Uphold in a Matter of Seconds
Planning to transfer crypto from your Uphold account to another wallet or bank account? If so, youre in the right place.
This article will guide you through the process with step-by-step instructions and accompanying visuals. Lets get started!
Table of contents
What is Uphold?
Uphold is a cloud-based financial service platform that allows people to securely manage various assets, such as fiat currencies, cryptocurrencies, stocks, and precious metals. Users can add money to their accounts using credit or debit cards, bank accounts, or cryptocurrency networks. They can also easily exchange one type of asset for another.
Uphold aims to lower the costs and fees usually associated with currency exchange. Founded in 2014 by Halsey Minor and originally called Bitreserve, the platform was rebranded as Uphold. The company is not a bank but promotes itself as a transparent and fully verifiable reserve.
Uphold offers many assets, including over 40 stocks, 27 fiat currencies, four types of precious metals, and over 130 cryptocurrencies. Users can send money to others and trade various assets from a single screen, making transactions simple and cost-effective.
The platform aims to make exchanging money, especially cryptocurrencies, easier and cheaper. Uphold aims to be more affordable than many well-known cryptocurrency platforms by reducing transaction fees and offering commission-free pricing.
How to Send Crypto from Uphold Quickly: Step-by-Step
1. Send Crypto from Uphold Account to Another Crypto Wallet Address
Step 1. Open the Transact Menu from Your Uphold App
First, log in to your Uphold account and ensure your account is fully verified.
Once youre on the apps main screen, look at the bottom bar. Youll find several options, and you need to tap Transact, located at the center of this bar.
This will take you to the transaction interface, where you can start the process of transferring your crypto.
Step 2. Choose Your Source of Funds
In the Transact section, the first thing you need to do is select the currency you want to transfer. From the From section, pick the crypto asset you wish to send and specify the amount. If you need help understanding how much your crypto is worth in fiat currency, you can click on Expand to convert and see the fiat equivalent.
Next, in the To section, choose the currency you want to transfer to. Make sure its the same as the one you selected in the From section. If you are dealing with a multichain asset, youll also need to choose the crypto network you want to use for the transfer. Look for the Select transfer network option and pick your preferred network.
After making these selections, click on the Preview withdrawal button to move forward.
Step 3. Enter the Wallet Address
A new window will open where you need to enter the recipients crypto address. This is the address where you want to send your selected asset from your Uphold wallet.
To ensure accuracy, you can either manually type in the address or scan a QR code corresponding to the recipients wallet address. This scanning option can save time and reduce errors. Once youve entered or scanned the address, tap the Continue button to proceed.
Step 4. Review and Confirm the Transaction
On the next page, you will see a summary of your transaction details. It is crucial to carefully review all the information to make sure everything is correct, including the amount, the crypto asset, the recipients address, and the network, if applicable.
Double-checking these details can help prevent mistakes that could result in the loss of your funds.
Once you are certain that all the information is accurate, press the Confirm button to finalize the transaction.
After confirmation, your crypto will be sent from your Uphold wallet to the specified address. You should receive a notification confirming the successful transfer.
2. Send Crypto from Uphold Account to a Bank Account / Withdraw Crypto from Uphold to a Bank Account
Step 1. Open the Transact Menu
Log in to your Uphold account and ensure it is fully verified, just as you would when sending digital assets to a crypto wallet. Once youre on the apps main screen, direct your attention to the bottom bar. You will see several options, and you need to tap Transact, which is in the center of this bar.
Tapping on Transact will take you to the transaction interface. Here, you can begin the process of transferring your digital assets.
Step 2. Choose Your Source of Funds and Your Bank Account
In the Transact section, start by selecting the currency you wish to transfer. From the From section, choose the desired asset you want to withdraw and enter the desired amount. For instance, if you want to convert Bitcoin to fiat, you would sell Bitcoin to transfer the equivalent amount to your bank account.
Next, move to the To section and select the Bank option. Here, you will see your linked bank accounts or have the option to link a new bank account based on your national currency by pressing the + button.
Uphold allows you to add cards based on different national currencies, with specific procedures for each. For instance, when adding EURO debit cards, you need to enter the cards IBAN and SWIFT code. In this case, Uphold supports SEPA Transfers.
Keep in mind that only eligible cards will be displayed during the withdrawal process. To be eligible, the cards issuing country must match your account address, and the card must support cross-border payouts.
Step 3. Review and Confirm the Transaction
Once you have added your card and selected it, review and confirm your transaction. Thats it.
Important Considerations for Transferring Crypto Assets on Uphold
When you want to transfer crypto on Uphold, its essential to keep a few things in mind to ensure a smooth process:
- Verify Your Card Information Uphold allows adding cards based on different internal currencies, and the process may vary. For example, when adding EURO debit cards, you need to enter the cards IBAN and SWIFT code to use SEPA Transfers.
- Double-Check Addresses Always confirm the wallet address before sending any digital assets to avoid errors. An incorrect address can result in the loss of funds.
- Be Aware of Fees Understand the network fees and transaction costs associated with your digital asset transfer.
- Security Measures For additional security concerns, consult the Fraud and Security Hub provided by Uphold.
- Account Verification Some transactions, particularly large withdrawals, might require further verification steps.
- Token Compatibility Ensure the token you are transferring is supported by Uphold and compatible with the chosen network.
- Network Compatibility Verify that the Uphold address supports the token on the specific network you plan to use.
- SegWit Addresses If depositing BTC or LTC, you can use either legacy addresses or native SegWit addresses, which are backward compatible.
- Case Sensitivity Be mindful of the case sensitivity in certain network addresses, such as Constellation (DAG) or XRPL (XRP/CORE/SOLO).
FAQs
Is Uphold a Wallet or an Exchange?
Uphold is primarily a multi-asset exchange, not just a digital wallet. It enables users to exchange and transfer a variety of assets, including fiat currencies, precious metals, cryptocurrencies, and certain stocks.
Is Uphold Safe?
Uphold is considered a secure platform for trading. The company implements standard security measures such as Know Your Customer (KYC) verification and two-factor authentication. Additionally, they conduct third-party due diligence, offer a bug bounty program, perform staff background checks, and carry out routine auditing and system testing.
Does Uphold Report to the IRS?
Yes, Uphold complies with regulatory and reporting requirements, including reporting taxable transactions to the Internal Revenue Service (IRS). Users are required to provide their Social Security numbers (SSNs), and the company provides the relevant 1099 forms to clients through its app.
Why Am I Unable to Withdraw My Cryptocurrency from Uphold?
If youre experiencing issues withdrawing your cryptocurrency from Uphold, double-check that you have selected the correct blockchain and copied the appropriate blockchain address. Also, make sure to copy the code from your Authenticator App accurately.
How Do I Withdraw My Funds from Uphold?
You can withdraw your cryptocurrency from Uphold by using the Transact tab in the app.
How Long Do Withdrawals Take on Uphold?
As per Upholds customer support, cryptocurrency withdrawals are typically processed within 30 minutes (depending on the network congestion). However, fiat withdrawals via bank wire transfer can take between 2 to 5 business days.
Conclusion
So, sending money from Uphold is a straightforward process. However, its crucial to consider the fees incurred when trading between different cryptocurrencies or cryptocurrency-to-fiat pairs. Also, to ensure a seamless experience, its advisable to consult the Uphold support for the latest information.
Now, get to work and enjoy your hard-earned money!
The post How to Send Crypto from Uphold in a Matter of Seconds appeared first on Coindoo.
Read more: https://coindoo.com/how-to-send-crypto-from-uphold/
Text source: Coindoo
