When cryptocurrency was first introduced to the world with the Bitcoin network, no one could have predicted how much it would grow and how many altcoins would be created. Now, nearly a decade into the cryptocurrency revolution, traders can invest in a wide range of coins and tokens to build a diverse cryptocurrency profile.
But what about market fluctuations? Or when the value of one cryptocurrency drops, while another rises? Or maybe a new coin has taken a larger market share? Today, there are very few ways to easily and instantly transfer between cryptocurrencies, or any currency unless you are a skilled trader and can execute buy/sell orders on sophisticated and difficult to navigate exchange platforms. Rather than spending time learning how to navigate the complicated exchanges, you need to find trusted digital money platform, like Uphold. At Uphold, you can move between supported currencies, traditional and nontraditional, instantly, and easily.
Reasons to Move Money Between Cryptocurrencies
Easily Move Between 30+ Currencies (Traditional and Digital)
The main advantage of sending money between cryptocurrencies in a digital wallet is that you can also quickly and easily access your traditional, fiat currency.
Uphold is a little different than other digital wallets. When you’re interested in buying into cryptocurrencies, you can use a bank transfer, credit card, or debit card connected to your Uphold account to add funds and buy cryptocurrencies. Not only that, you can easily and instantly move value from 30+ currencies both traditional and crypto. So, when the market changes and you need to move cryptocurrency back into traditional currency in your wallet, there’s no hassle. We give you the tools you need to escape volatility as it’s happening.
Sending money with Uphold is much faster than other types of transactions, especially in comparison to international wire transfers, which can take up to a week or more. How fast? When you transfer between two cryptocurrencies on your Uphold wallet, it’s instant.
Now, let’s take a look at the steps needed to complete a transfer using Uphold.
Sending Money Between Traditional and Cryptocurrency Wallets
1. Funding Your Uphold Wallet
Once you are a verified member, you can connect your bank account or credit or debit card to your Uphold wallet. If you want to fund your wallet with dollars, on the main dashboard, click on the “USD Card” icon.
On the next page, click on “Add Funds” and select “Fund With Bank Account” or “Fund From Credit/Debit Card”.
Enter your account information, give it a name (e.g. “My Personal Account”), and click “Create”.
Now that your bank account or credit/debit card is linked to your Uphold wallet, you can add funds by adding the amount you’d like to transfer. Click “Confirm” and you’ll see the funds appear in your account within 5-7 business days (or as soon as your bank confirms the transaction).
2. Fiat to Cryptocurrency
Once your Uphold account is funded with your traditional currency, dollars, euros, or yen for example, then click on the box that displays the cryptocurrency logo on the main dashboard. In this example, we’ll use bitcoin (BTC).
This will open your bitcoin wallet, where you can select the “Add Funds” tab at the top right of the screen.
Now, you can select from different payment options. Click on your preferred method of payment, type in the amount you’d like to purchase, click “Confirm,” and voilà — you are now the proud owner of bitcoin.
3. Cryptocurrency to Cryptocurrency
Once you have a cryptocurrency card set up, you can purchase other cryptocurrencies as well from BTC, LTC, BAT, and more using your first crypto card.
On your main dashboard, select the logo of the card you’d like to use to transfer funds from; for this example, in the screenflow, we are using Ethereum.
Now, that your Ethereum account is open, click on the “Transfer” button under “Use Funds.”
Next, you can choose from which of your cards you’d like to transfer funds. Confirm your purchase, and that’s it! The funds have been transferred.
4. Cryptocurrency to USD
To withdraw funds and transfer them back into your bank account, click on the card you would like to withdraw funds from, on the main dashboard.
Make sure the “Use Funds” tab is active, and then tap the “Send to Bank Account” button.
On the next page, select the bank account you’d like to send money to, and then enter the total withdrawal amount. Click “Confirm,” and you are done. As with the initial deposit, withdrawals can take up to 5-7 business days to fully process, depending on your bank.
5. Send Money to Anyone with an Email Address
With Uphold, you can send money to anyone with an email address! All you have to do is click on the card with the currency you want to send, then select “Send to Member or Email” and fill out the username, email address or phone number. Existing Uphold members will receive the money in their Uphold account instantly and those who are not yet members will receive an email notification from Uphold.
Sending money between cryptocurrencies doesn’t have to be complicated. Digital money platforms like Uphold allow their members to move funds between cryptocurrencies with ease. From the seasoned trader to the first-time bitcoin buyer, Uphold is the perfect platform for keeping your currencies secure and in one place.
At Uphold, we make buying, holding, converting and sending value between the 30+ digital and traditional currencies we support easy for anyone to understand and anyone to do.
As always, your feedback is important to us. Feel free to drop us a line, [email protected]
This article should not be used as or considered investment advice. If you have questions regarding cryptocurrencies, tokens or any financial investments please consult your financial advisor.