Overview
The Wild West of Finance
What is Cryptocurrency?
Digital money that isn't controlled by a bank or government. Bitcoin is the digital gold standard, while things like Ethereum act more like a global computer.
Self-Custody vs Exchanges: Storing crypto on an exchange (like Coinbase) is easy but if they go bust, you might lose it. "Self-custody" (like Zengo) means YOU hold the keys, but if you lose your phone/backup, it's gone forever.
High Risk Warning
Crypto is unregulated in the UK. If you invest in crypto assets, you should be prepared to lose all the money you invest. There is no FSCS protection, and refunds are rare if you get scammed. Prices can swing wildly in a single day.
Uphold is messy but powerful. It lets you trade anything for anything. Want to swap Bitcoin for Gold? Done. XRP for Tesla stock? Done. It's a bit confusing for beginners, but for utility, it's unmatched. Just watch out for the spread fees.
Pros
- ✓ Anything to Anything: Unique trading structure allowing direct asset swaps.
- ✓ Asset Variety: Trade Crypto, Fiat, and Precious Metals.
- ✓ Transparency: Real-time reserve transparency.
- ✓ Staking: Competitive APYs on various cryptocurrencies.
Cons
- ✕ Spread Fees: Spreads can be higher than some exchange competitors.
- ✕ Advanced Charts: Charting tools are somewhat basic for pro traders.