You no longer need to hold GBP balances on Uphold
Introducing an easier trading experience for UK customers
Uphold has joined the UK Faster Payments Scheme, which means you can move GBP from your bank account directly into crypto (and other assets) in seconds. Similarly, when you sell crypto, just select your bank account in the To field and your crypto will be instantly converted into GBP and moved to your bank.
Now that getting into and out of crypto and other assets using your GBP bank account is so easy, there’s no need to deposit into a GBP sub account on Uphold - or to hold a GBP balance with us at all. As a result, we are removing support for GBP sub accounts from November 16th
Don’t worry, if you hold GBP on the platform now, you’ll have 60 days to either withdraw it or convert into cryptocurrencies or precious metals.
In future, if you want to buy Bitcoin, just select BTC in the To field, your bank account in From and tap in the amount you want to purchase - and boom, you’re done.
Typically, it takes less than 10 seconds for your bank-held GBP to convert into Bitcoin on Uphold (or vice versa) in what’s an amazingly easy trading experience.
In the bad old days when it took 3-5 days for GBP in your bank to reach the Uphold platform, it made sense to hold GBP on Uphold so that you could quickly dart into and out of fast-moving crypto markets. But today, that doesn’t make sense any more and we’re delighted to simplify the trading experience for you so that it’s easier to move between GBP in your bank and the cryptocurrency or asset you want to buy.