Bitcoin exchange platforms are always trying to improve their services, and updating the free structure is an excellent way to achieve that goal. Uphold has recently introduced free withdrawals, as well as better exchange rates and improved transparency. All of these changes went into effect on August 1st.
A Lot of Changes For Uphold Users
In light of the recent fee restructuring Coinbase has gone through, Uphold is taking things in an entirely different direction. Exchange fees have been updated to represent changes in fiat currency standings right now. A small fee will still be charged, depending on market characteristics and liquidity of the involved currencies. Member-to-member transactions will remain free of charge, though.
On the other hand, the 0.5% fee on Uphold withdrawals has been removed entirely. This is a significant change many platform users will enjoy, This may seem like a minor change to some people, but not having to pay a withdrawal fee can save a lot of money for frequent Uphold users all over the world.
Transparency is an important aspect of any platform where cryptocurrency, fiat, and precious metals can be traded. Uphold introduced a Tiered Currency Model to their Reserve. In doing so, the company can outline current rates for individual currencies and the amounts Uphold holds in obligations to its members. This is a smart move, as many of these platforms face insolvency claims on a regular basis. With added transparency, everyone can check the company’s health at any given time.
Perhaps the biggest announcement revolves around UnionPay, a payment option that was added in December of 2015. Albeit this addition has increased the number of Chinese Uphold users, there were still some concerns over the fees associated with this payment method. The company listened to this feedback and decided to lower the fees from 3.8% to 1.8%.
Last but not least, there have been some member issues regarding bank transfers. Uphold has announced they will be switching service providers shortly, which should take care of all of these concerns in the coming weeks. All of these changes can help Uphold grow their customer base and solidify their position in the market.
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