Uphold Review 2026: Fees, BBB Rating & NY AG Settlement

Uphold earns an Expert Score of 3.9/5.0 from BestGuide. The score positions Uphold as a legitimate, US-licensed digital money platform with genuine product differentiation (multi-asset trading across crypto and precious metals, the unique Anything-to-Anything trading engine), balanced against material regulatory and customer service considerations that prospective US customers should weigh before opening an account.

Uphold HQ Inc. was founded in 2014 and is headquartered at Larkspur, CA 94939-1709, with a secondary location at 228 Park Avenue S in New York. CEO Simon McLoughlin leads the company. The platform serves 184+ countries with 20+ currencies and metals, offering frictionless foreign exchange, cross-border remittance, and Virtual Mastercard-enabled ecommerce. Uphold maintains a 1:1 reserve ratio with real-time public verification, registered as a Money Services Business (MSB) with FinCEN, and continues to operate in the United States as a regulated entity.

However, prospective customers should understand three material considerations detailed in this review: the BBB Government Actions alert on Uphold’s profile, the February 2026 New York Attorney General settlement over the CredEarn yield product, and the documented pattern of account restriction complaints that has continued through at least October 2025 per BBB’s own review of complaints.

How Uphold Works

Account Creation and Verification

Getting started with Uphold requires an email, password, and KYC verification with a legal name, date of birth, and government-issued photo ID. Per Uphold, automated verification typically completes for over 90% of users in under 5 minutes. Users should be aware that account restrictions during KYC reviews are a notable theme in customer complaints; this is addressed below in the BBB section.

Funding Your Uphold Account

Once verified, users fund accounts via US bank accounts (ACH), credit/debit cards, or direct cryptocurrency deposits. ACH transfers are free but take 3 to 5 business days to clear. During this clearance period, funds may be subject to a 65-day withdrawal hold for transfers to external crypto wallets, a policy users should understand before depositing. Card purchases provide instant access for trading but incur a processing fee of approximately 3.99%.

Trading on the Platform

Uphold’s core differentiator is the unified interface for trading across asset classes. A user can swap directly from Bitcoin to gold, from Cardano to silver, or any combination across the platform’s 1,000+ direct trading pairs. Trades execute at the displayed price, which includes a variable spread that serves as Uphold’s fee. The platform supports approximately 250 cryptocurrencies plus 4 precious metals (gold, silver, platinum, palladium).

Who Uphold Is Best For

Based on BestGuide’s analysis, Uphold is best for beginner-to-intermediate investors in the US who specifically want a single platform to manage a diversified portfolio across crypto and precious metals. The Anything-to-Anything trading engine has genuine convenience value for users who want to swap directly between asset classes without multi-step USD conversions. Uphold is not ideal for active, high-volume traders who require advanced charting tools, specific order types (stop-limit, OCO), and the lowest possible transaction fees, as the spread-based model is materially more expensive than fixed-fee competitors like Coinbase Advanced or Kraken Pro. Users sensitive to account restriction patterns should weigh the BBB customer service track record (detailed below) before opening an account, particularly if they plan to maintain significant balances or make large deposits.

Uphold Standout Features

Anything-to-Anything Trading Engine: Uphold’s unique trading model allows direct swaps between any two supported assets. A user can trade Cardano (ADA) directly to Gold (XAU) in a single transaction, eliminating the common multi-step process of selling crypto to USD before buying a commodity. This feature is rare among major exchanges and provides genuine convenience for diversified portfolios.

Multi-Asset Platform: Approximately 250 cryptocurrencies plus 4 precious metals (gold, silver, platinum, palladium) in a single account. This asset variety is meaningfully broader than crypto-focused exchanges and eliminates the need for separate brokerage accounts to access precious metals exposure.

Real-Time Reserves Verification: Uphold publishes a real-time reserves dashboard on its website, showing the platform’s 1:1 backing of customer assets. This transparency is above industry standard, though it is critical to understand that digital assets held on the platform are not FDIC or SIPC insured (standard for the crypto industry).

Uphold Vault (Assisted Self-Custody): A separate non-custodial mobile wallet that gives users full control over their private keys while operating within the Uphold ecosystem. The Vault includes a unique key replacement service, providing a recovery method if a user loses their keys, a feature not commonly available in self-custody wallets.

184+ Countries and 1,000+ Currency Conversion Options: Per Uphold’s own disclosures and the BBB profile, the platform offers cross-border remittance and foreign exchange in 184+ countries with 20+ currencies and metals, plus Virtual Mastercard for ecommerce.

Uphold Pros and Cons

Is Uphold Legit?

Uphold is a legitimate operating financial technology company. Founded December 15, 2014, Uphold HQ Inc. is headquartered in Larkspur, CA, with a secondary location in New York. CEO Simon McLoughlin leads the company. Regulatory and operational legitimacy markers include:

• FinCEN MSB Registration: Registered Money Services Business with the U.S. Treasury
• State Money Transmitter Licensing: Licensed in applicable US jurisdictions
• BBB A Rating: Uphold HQ Inc. holds a BBB A letter grade (not BBB Accredited)
• 11+ Years of US Operations: Continuous operations since December 2014
• 184+ Countries: Cross-border service footprint with 20+ currencies and metals supported
• Real-Time 1:1 Reserves: Public reserves dashboard updated in real time
• Multi-Asset Licensing: Authorized to facilitate trading across crypto, precious metals, and traditional currencies

That said, “legitimate” should be qualified with the regulatory record outlined in the next section. Uphold settled a first-of-its-kind enforcement action with the New York Attorney General in February 2026, paying $5 million over its role in promoting the failed CredEarn yield product. Per the settlement, Uphold acted as an unregistered broker and commodity broker-dealer under New York’s General Business Law in connection with CredEarn. CEO Simon McLoughlin disputed the framing publicly, noting the settlement contains no allegation that Uphold knowingly promoted a fraudulent product, but the settlement is on record and constitutes the basis for the BBB Government Actions alert.

Crypto assets held on Uphold are not FDIC or SIPC insured (standard for the crypto industry). USD cash balances held with Uphold’s partner banks may be eligible for FDIC pass-through insurance up to $250,000 per customer, but users should confirm specifics with Uphold’s current banking arrangements.

Uphold BBB Profile (Uphold HQ Inc.)

Uphold’s BBB profile (under Uphold HQ Inc.) provides meaningful regulatory and customer feedback context. Key data points as of May 2026:

• BBB Rating: A (one of the stronger letter grades among crypto-active platforms)
• BBB Accreditation: Not BBB Accredited
• BBB Alert: “This business has 1 alert” – Government Actions
• Reason for BBB Rating: “Length of time business has taken to respond to complaints”
• Unanswered BBB Complaints: 42 complaints (failure to respond)
• BBB October 2025 Customer Complaint Review: Per BBB, “Complaints on file state issues with account restrictions.”
• BBB File Opened: October 31, 2017
• Business Started: December 15, 2014
• Years in Business: 11
• Business Locations: 2 (Larkspur, CA headquarters + New York secondary)
• CEO: Mr. Simon McLoughlin
• Address (HQ): Larkspur, CA 94939-1709
• Secondary Location: 228 Park Avenue S PMB # 50458, New York, NY 10003
• Local BBB: BBB serving the San Francisco Bay Area and Northern Coastal California
• Business Category: Financial Services

The BBB A rating itself is positive context and meaningfully stronger than many crypto-active platforms (Crypto.com holds F; eToro holds C). However, the Government Actions alert and the documented pattern of account restriction complaints are signals that prospective customers should weigh seriously. The 42 unanswered BBB complaints is the specific factor reducing the rating from the highest A+ tier.

Common themes in BBB customer reviews and complaints include account freezes during routine activity, lack of communication during security reviews, frozen funds without clear explanation, and difficulty reaching human customer support during disputes. While Uphold has responded to some recent BBB complaints (including a documented February 2026 response regarding 2FA reset processes), the volume of complaints and the BBB-identified pattern are material considerations.

February 2026 New York Attorney General $5M Settlement

The most material regulatory event in Uphold’s recent history is the February 2026 settlement with New York Attorney General Letitia James over Uphold’s role in promoting the CredEarn yield product. This was a first-of-its-kind enforcement action targeting the promoter (distribution layer) of a crypto yield product, rather than the issuer, and sets new precedent for crypto regulatory enforcement.

Background: CredEarn Collapse

CredEarn was a crypto yield product offered by Cred Inc. (later Cred Capital), promoted to Uphold customers as a high-yield earning opportunity on crypto deposits. Per the NY AG settlement, more than 6,000 Uphold customers invested approximately $50 million into CredEarn through the Uphold platform. When Cred collapsed in 2020 and filed for bankruptcy, those Uphold customers lost more than $34 million. Cred’s bankruptcy generated more than 6,000 claims totaling $140 million (worth more than $1 billion at August 2025 crypto prices).

The Cred collapse subsequently led to federal criminal prosecutions: former Cred executives Daniel Schatt and Joseph Podulka were sentenced in August 2025 to 52 months and 36 months in prison, respectively. The indictment alleged that by January 2020, Cred had lent approximately $40 million (about 80% of its assets) to a Chinese gaming finance company called MoKredit, and that after the March 2020 Bitcoin crash, Cred used new customer deposits to pay prior redemptions.

The Settlement

The NY AG’s office found Uphold acted as an unregistered broker and commodity broker-dealer under New York’s General Business Law (the Martin Act) in connection with promoting CredEarn. Settlement details:

• $5 million payment to New York State (more than 5x the fees Uphold collected from hosting CredEarn)
• Uphold must hand over any recovery from Cred’s bankruptcy, in which Uphold is owed approximately $545,189
• First enforcement action targeting the promoter rather than the issuer of a crypto yield product, setting new precedent
• The legal theory extends from the SEC’s $100 million settlement with BlockFi in 2022, which targeted BlockFi as the issuer of unregistered securities

CEO Simon McLoughlin disputed the framing publicly, stating that the NY AG’s office misrepresented facts and emphasizing that the settlement contains no allegation that Uphold knowingly promoted a fraudulent product. Uphold did not admit wrongdoing but agreed to the $5 million payment to resolve the matter.

For prospective Uphold customers, the practical implications are: Uphold no longer offers yield products on the platform (CredEarn was discontinued years before the settlement), the company is now operating under New York regulatory scrutiny, and the Government Actions alert on the BBB profile reflects this settlement. The settlement does not directly affect current customers’ funds on the platform, but the regulatory record is material context.

Uphold Cost: What You Should Expect to Pay (US)

Uphold’s pricing is based primarily on spreads (the difference between bid and ask prices for an asset), rather than a fixed maker-taker fee schedule. This model is straightforward for users but can be materially more expensive than fixed-fee alternatives.

The 1.4% to 2.95%+ spread range places Uphold in the upper-cost tier among US-licensed crypto platforms. For comparison, Coinbase Advanced offers maker/taker fees from approximately 0.40%/0.60% (entry tier) and Kraken Pro offers 0.16%/0.26% (entry tier under $50K 30-day volume). Active traders making frequent transactions will pay materially more on Uphold than on fixed-fee alternatives. The 3.99% debit/credit card fee is in line with industry norms but should be avoided in favor of ACH where possible.

Final Verdict: Uphold Review

Uphold earns an Expert Score of 3.9/5.0 from BestGuide. The platform offers genuine product strengths: the unique Anything-to-Anything trading engine (rare among major exchanges), multi-asset support spanning 250+ cryptocurrencies and 4 precious metals, real-time public reserves verification with 1:1 backing, 11+ years of continuous US operations under CEO Simon McLoughlin, FinCEN MSB registration, and the strong BBB A rating that exceeds many crypto-active competitors. The Uphold Vault provides assisted self-custody with a unique key replacement service. For investors specifically seeking single-platform access to crypto plus precious metals with the convenience of direct cross-asset swaps, Uphold has differentiated product features that are difficult to replicate elsewhere.

The 3.9 score (rather than higher) reflects material regulatory and customer service considerations. The February 2026 New York Attorney General $5 million settlement is precedent-setting (the first US enforcement action targeting a crypto yield product promoter rather than issuer) and reflects Uphold’s role in distributing CredEarn, which cost 6,000+ Uphold customers more than $34 million when Cred collapsed in 2020. The BBB Government Actions alert reflects this settlement. The pattern of account restriction complaints, confirmed by BBB’s October 2025 customer complaint review and the 42 unanswered complaints driving the rating below A+, is a meaningful signal for prospective customers, particularly those planning large deposits or frequent activity. The spread-based fee model (1.4% to 2.95%+) is materially more expensive than fixed-fee competitors.

For US users prioritizing multi-asset diversification with the convenience of cross-asset swaps and willing to accept higher trading costs in exchange for product differentiation, Uphold remains a legitimate, US-licensed option. For US users prioritizing lowest possible trading costs or who would be uncomfortable with the recent NY AG settlement and BBB customer complaint patterns, alternative US-licensed platforms may offer a stronger overall fit. Compare Uphold with other US-licensed crypto exchanges before making your decision.

Frequently Asked Questions About Uphold

What do experts say about Uphold?
BestGuide gives Uphold an Expert Score of 3.9/5.0. Strengths: BBB A rating, 11+ years US operations, FinCEN MSB registration, unique Anything-to-Anything multi-asset trading engine, real-time 1:1 reserves verification, Uphold Vault self-custody option. Critical considerations: BBB Government Actions alert, February 2026 NY AG $5M settlement over CredEarn promotion ($34M+ customer losses), 42 unanswered BBB complaints with documented account restriction pattern, variable spread fees (1.4% to 2.95%+).

Is Uphold worth it in 2026?
For investors specifically wanting multi-asset diversification (crypto plus precious metals in a single account) with cross-asset swap convenience, Uphold offers differentiated product features. For users prioritizing lowest trading costs or sensitive to the recent NY AG settlement and account restriction complaints, alternative US-licensed crypto exchanges may offer better fit. The BBB A rating is positive context but the Government Actions alert is material.

How does Uphold compare to other crypto exchanges?
Uphold differentiates with multi-asset support (crypto + precious metals) and the Anything-to-Anything trading engine. Spread-based fees (1.4% to 2.95%+) are materially higher than fixed-fee alternatives like Coinbase Advanced (from 0.40%/0.60%) or Kraken Pro (from 0.16%/0.26%). BBB A rating is stronger than many crypto-active competitors (Crypto.com F, eToro C); the Government Actions alert and 2026 NY AG settlement are unique considerations.

Is Uphold safe and legal in the US?
Uphold is US-legal as a FinCEN-registered Money Services Business with 11+ years of US operations. The platform maintains 1:1 reserves with real-time public verification. Crypto assets on Uphold are not FDIC or SIPC insured (standard for crypto industry). USD cash balances with partner banks may be eligible for FDIC pass-through. The February 2026 NY AG settlement is material context but does not affect Uphold’s current US operating status.

What is the BBB rating of Uphold?
Uphold HQ Inc. holds a BBB A letter grade, with a Government Actions alert on the profile and 42 unanswered customer complaints driving the rating below A+. The BBB profile was created October 31, 2017. A BBB October 2025 customer complaint review confirmed “complaints on file state issues with account restrictions.” Not BBB Accredited.

What was the NY AG settlement?
In February 2026, Uphold paid $5 million to settle New York Attorney General charges that it acted as an unregistered broker and commodity broker-dealer in promoting the CredEarn yield product. More than 6,000 Uphold customers invested ~$50 million into CredEarn through Uphold; when Cred Inc. collapsed in 2020, those customers lost more than $34 million. This was the first US enforcement action targeting the promoter (distribution layer) of a crypto yield product rather than the issuer.

Why does Uphold hold my money?
Uphold places temporary holds on accounts or funds during security reviews, KYC compliance checks, or risk assessments. These holds often last 3 to 7 business days during the review but the BBB profile documents a pattern of longer holds and account restrictions in customer complaints. ACH deposits may be subject to a 65-day hold before withdrawal to external crypto wallets, longer than industry standard.

Is Uphold a good crypto wallet?
Uphold offers two wallet types: the custodial wallet within the exchange (Uphold secures the keys) and a separate Uphold Vault assisted self-custody mobile wallet (user controls private keys, with unique key replacement service). The Vault is appropriate for users comfortable with self-custody who want a backup recovery option.

Are Uphold funds FDIC insured?
No, cryptocurrency held on Uphold is not FDIC insured (standard for crypto industry). USD cash balances held with Uphold’s partner banks may be eligible for FDIC pass-through insurance up to $250,000 per customer. Crypto assets are protected by Uphold’s 1:1 reserve commitment (verified in real time on Uphold’s website) rather than federal deposit insurance.

Who is the CEO of Uphold?
Simon McLoughlin serves as CEO of Uphold HQ Inc. He has led the company through its US regulatory engagement including the February 2026 NY AG settlement, where he publicly disputed the framing of the settlement while accepting the $5M payment to resolve the matter.

Where is Uphold headquartered?
Uphold HQ Inc. is headquartered at Larkspur, CA 94939-1709 (BBB profile). The company also maintains a secondary location at 228 Park Avenue S PMB # 50458, New York, NY 10003. Founded December 15, 2014, BBB File opened October 31, 2017.