UpHODL Crypto Wallet Review: A Secure Self-Custodial Solution

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The UpHODL wallet has been released as an early access app that’s available via Google Play or App stores through an email invite.

As such, this review is based on this version of the wallet and many additional functions will be added over time.

The purpose of the rollout is to garner feedback to develop and improve the product.

So, take this review in this context and understand that the UpHODL wallet is very much a work in progress.

What is the UpHODL wallet?

The UpHODL wallet has been created by Uphold Labs, the team behind the multi-asset digital money platform which offers an ‘anything-to-anything’ service to more than 180 countries around the world.

It’s designed to be a lightweight, multichain self-custodial wallet which gives a secure place to store your crypto if you’re keen to move it off an exchange.

Is the UpHODL wallet easy to set up?

The Uphold Labs team have played a blinder when it comes to ease of setup.

Once installed, getting a crypto wallet up and running is a doddle and there’s even a slick feature which integrates directly with Google Drive to make a backup of your seed phrase and wallet.

Some would argue this creates a security risk and that seed phrases should never be stored online, which is absolutely true.

But if you want a quick way to temporarily backup your mnemonic phrase during the setup process, this is ideal.

Is the UpHODL wallet easy to use?

The UpHODL wallet is probably one of the slickest and most slimmed down wallets I’ve seen.

Obviously, this is partly down to the fact that it’s an early access product, but if the finished version sticks to this format it has the potential to be an excellent choice for those new to the world of crypto.

It’s clear the wallet has been designed as an accessible option for crypto safekeeping.

When fully rolled out, the UpHODL wallet will feature:

• Multi-chain support.
• Self-custody of a range of digital assets, such as Bitcoin, Ethereum, ERC-20 tokens and Non-Fungible Tokens (NFTs).
• Commission free trading on many DeFi outlets.
• The ability to buy crypto directly through the wallet.

Is the UpHODL wallet safe and secure?

Coming from UpHold Labs you’d expect a high degree of security, and this certainly seems to be the case.

Wallets are protected by a 24-word seed phrase, with the wallet offering the option of adding a custom word to this chain.

You can also set an additional password and facial/fingerprint recognition so it’s about as secure as self-custodial wallets come.

Is UpHODL a good wallet?

Early indications suggest the UpHODL wallet will be a strong contender in the crowded software wallet app space.

The Google Drive feature is a welcome addition which, along with the ease of setup and simple GUI, will prove appealing to many.

However, there are already some strong offerings on the market, such as Exodus and Trust Wallet, so it remains to be seen if people will see enough news in the UpHODL wallet to tempt them into making the switch.

Keeping your crypto safe

With any self-custodial crypto wallet solution, you need to be aware that you’re entirely responsible for the safekeeping of your coins.

If you lose your seed phrase or it falls into the wrong hands you could potentially lose all your crypto forever.

There is no-one to appeal to or request compensation from – when you take the self-custodial route you’ve effectively become your own bank.

As such, with any crypto wallet hardware solution, it’s vital that you take the necessary precautions to protect your seed phrase.