Is Uphold safe?

Uphold is a legitimate, licensed platform, but whether it is safe for you depends on what you need protected. Its US company is registered with FinCEN and licensed as a money transmitter in many states, and it publishes live reserve data. Against that, crypto balances carry no government insurance, and Uphold has two regulatory settlements on its record. This guide covers that record. The basics of how Uphold works are in what is Uphold.

Is Uphold legit?

Yes, in the sense of being a real, regulated business. Uphold HQ Inc. says it is a FinCEN-registered money services business, licensed as a money transmitter in numerous states, and has applied for a license under California's Digital Financial Assets Law. For California residents, it says crypto it controls is held in trust and is not the property of Uphold or open to its general creditors.

Its record also includes enforcement. On April 29, 2026, the New York Attorney General said Uphold would pay over $5 million to customers who lost money in CredEarn, a yield product run by the lender Cred that Uphold promoted from January 2019 to October 2020. The office said Uphold marketed it as low risk and claimed it was covered by insurance that did not protect retail investors, and Cred went bankrupt in November 2020. Uphold also agreed to register as a broker in New York and tighten due diligence on third-party products. Separately, in 2023, Uphold paid $72,230 to settle with OFAC over 152 transactions linked to sanctioned places, including Iran and Cuba, Compliance Week reported.

Is Uphold a wallet or an exchange?

Mainly a custodial trading platform, meaning Uphold holds your crypto, with an optional self-custody Vault for some assets. Uphold says customer funds are backed in real time by at least a 1:1 allocation in the same or a more stable asset class, and that anyone can check its published ledgers of obligations and reserve assets at any time. A live ledger is useful, but like any proof of reserves, it shows a snapshot of assets rather than guaranteeing the company cannot fail.

Is Uphold FDIC insured?

No, not for crypto. Uphold's disclosures say digital asset balances are not insured or guaranteed by the FDIC, NCUSIF, SIPC or any other government agency. Securities are held by Apex Clearing. Our guide on whether crypto is insured explains what these protections do and do not cover.

Is Uphold available in New York?

Partly. As of Uphold's September 2026 help page, anyone physically in New York cannot make certain crypto transactions, add fiat or use crypto-funded card purchases at New York stores. Selling crypto for dollars, trading stocks and checking balances still work, and Uphold checks your location for each transaction. Account security, such as strong two-factor authentication, matters on any platform, as how to secure a crypto exchange account explains.