How To Buy And Sell On Uphold » CryptoWhat
If you’re looking to get into the cryptocurrency market, one of the first things you’ll need to do is find a reputable exchange. In this guide, we’ll show you how to buy and sell on Uphold, one of the most popular exchanges out there.
Uphold is a digital money platform where users can buy and sell a variety of cryptocurrencies, metals, and equities. The site is easy to use and has been gaining popularity due to its low fees, wide range of supported assets, and intuitively designed trading dashboard.
In this guide we are going to be covering how to buy cryptocurrency on Uphold but buying and selling other assets is done in a similar fashion.
Learn more about Uphold in our detailed review
Creating your Uphold account
To get started, you’ll need to create an account on Uphold. You can be signed up in minutes and can begin trading almost immediately after verifying your ID, email address and banking info.
Head to uphold.com , enter your email address, choose your country and state of residence and click “Get Started.”
Once you are verified in minutes, you will be able to begin using Uphold!
Depositing funds
You can deposit funds into your account using a variety of methods including bank transfer, credit/debit card, or cryptocurrency transfer.
I suggest using bank account routing/checking to take advantage of the lower fees.
Please note the app has been updated recently and instructions are slightly different.
Once you login, you will see (4) options at the bottom of the screen.
1. Home
2. Transact
3. Markets
4. Vault
Choose transact if you want to make a purchase.
Steps to deposit: In your Uphold dashboard, after selecting Transact, you will now be on the “Anything to Anything” screen. Click the “Select Source” option and then choose funding source.
Once you have funds in your account, you can start buying and selling cryptocurrency.
Buying Cryptocurrency
Next you choose the “Select Destination” option.
Here you will select which cryptocurrency you want to purchase.
After you have chosen the asset you want to buy, you then can choose the dollar amount you want to spend that will be withdrawn from your chosen source.
Once the dollar amount is selected, you can preview the transaction before you submit it. Here you can see any fees associated with the transaction along with the exact amount of the asset you will be purchasing.
If everything looks good, click “Confirm Deposit” and the coins will be added to your account immediately providing there is no other holdups. No pun intended.
Selling Cryptocurrency
To sell cryptocurrency on Uphold you also use the “Anything to Anything” page. Go to Source dropdown in the Transact section, select the coin you want to sell. Next, choose the Destination and select which asset you want to sell for. Enter the amount you want to sell, and then confirm your transaction. The funds will then be deposited into your linked bank account or cryptocurrency wallet.
It’s that simple! In just a few clicks you can start trading cryptocurrency on Uphold.
Tips for trading on Uphold
Before diving into the world of cryptocurrency trading, there are a few key things to keep in mind:
1. Understand the Risks
Cryptocurrency markets are highly volatile, with prices capable of changing rapidly and unpredictably. This volatility means there is potential for both significant gains and losses. Only trade with money you can afford to lose, and avoid making emotional or impulsive decisions based on market swings. Having a clear strategy can help you manage risks more effectively.
2. Prioritize Security
Ensure your account is protected by setting up two-factor authentication (2FA). This adds an extra layer of security by requiring a second form of verification in addition to your password. Avoid reusing passwords across different platforms and consider using a password manager to keep track of strong, unique passwords. Protecting your account from hackers and malicious actors should always be a top priority.
3. Start Small
If you’re new to trading, it’s best to start with small amounts until you’re comfortable navigating the market. Jumping in with large sums can expose you to unnecessary risk, especially while you’re still learning how the market behaves. You can always scale up as you gain more experience and confidence.
4. Stay Informed
The cryptocurrency market is fast-paced, and new developments can significantly impact the value of assets. Stay up-to-date on the latest news, regulations, and trends affecting the coins you’re interested in. Follow reputable sources and join communities to get insights, but always conduct your own research and don’t rely solely on speculation.
5. Diversify Your Portfolio
Rather than putting all your money into one coin, consider diversifying your investments across different assets. This can help mitigate risk, as not all cryptocurrencies will perform the same. While some may be volatile, others may provide more stability.
6. Set Limits
Before you enter any trade, decide on your entry and exit points. Set stop-loss orders to limit potential losses and take-profit orders to lock in gains. Having predefined limits helps you avoid making emotional decisions in the heat of the moment.
7. Be Patient
Crypto markets can be unpredictable, but successful trading often requires patience and discipline. Don’t chase trends or try to time the market perfectly. Sometimes, the best strategy is to wait for the right opportunity rather than jumping into every price movement.
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