Uphold agreed to pay $5 million to harmed investors in April 2026 to resolve claims by the New York attorney general that the platform misleadingly promoted a third-party product called CredEarn. The product, operated by a separate firm named Cred, collapsed in 2020. As part of the settlement, Uphold agreed to register as a broker with the attorney general and improve its vetting process for third-party products. Uphold has publicly disputed the attorney general's characterization of its conduct, noting that the episode involved a partner's lending product rather than the company's own trading platform.
The settlement follows a review of Uphold's operational model, which distinguishes it from major competitors like Kraken, Coinbase, and eToro by allowing direct trades between more than 250 cryptocurrencies, four precious metals, and 27 national currencies. This anything-to-anything model routes orders across external exchanges to provide a single all-in price, eliminating the need for intermediate cash conversions. While this structure simplifies trading for long-term holders, the platform lacks advanced tools such as order books and maker-taker fee tiers, which limits its utility for active traders.
| Asset Class | Spread | Minimum Trade Fee |
|---|---|---|
| Bitcoin and Ethereum | 2.05% to 2.20% | $0.99 (under $500) |
| Altcoins | 2.85% to 3.80% | $0.99 (under $500) |
| Precious Metals | 2.35% to 3.40% | N/A |
| National Currencies | ~0.3% | N/A |
Uphold's fee structure folds its cut into the spread, making it more expensive than rivals for frequent trading. A $1,000 purchase of Bitcoin costs approximately $20.50 in fees on Uphold, compared to $10 on eToro or OKX and $18.40 on Coinbase. For larger trades, the disparity widens; a $10,000 Bitcoin purchase costs roughly $205 on Uphold, while Kraken Pro charges about $25 at its base maker tier. Despite higher costs, Uphold offers features such as real-time proof of reserves via Reserveledger and Reservechai, and FDIC coverage up to $2.5 million for USD Interest Account balances held across partner banks.
The platform is licensed in 42 U.S. states but remains unavailable in California, Hawaii, Louisiana, Massachusetts, Montana, Nebraska, New York, and Wisconsin. Staking is available on more than 20 cryptocurrencies with a 20% to 25% commission on rewards, though users in Washington are restricted from using this feature. Uphold serves more than 10 million users worldwide through its U.S. arm based in Larkspur, California.