BitGo vs Fireblocks — Head-to-Head Custody Comparison

An independent, data-driven comparison of BitGo and Fireblocks across security, insurance, fees, regulatory compliance, and more.

Verdict

Quick Verdict

BitGo scores 8.2 vs Fireblocks's 6.4. BitGo leads in 5 of 8 categories.

BitGo is better suited for Institutions, Exchanges, Funds. Fireblocks is better suited for Exchanges, Fintechs, Banks.

8.2

Very GoodCustody Score

BitGo

6.4

FairCustody Score

Fireblocks

Scores

Score Comparison

Weighted scores across all 8 custody criteria.

Criterion	Weight	BitGo	Fireblocks	Winner
Security	20%	9.0	9.0	Tie
Insurance	15%	8.5	2.0	BitGo
Regulatory	15%	9.0	5.0	BitGo
Fee Transparency	10%	6.5	5.0	BitGo
Track Record	15%	9.0	8.5	BitGo
Withdrawal Flexibility	10%	8.0	8.0	Tie
Reporting & Audit	10%	8.5	8.0	BitGo
Counterparty Diversification	5%	3.0	4.0	Fireblocks
Overall Score	100%	8.2	6.4	BitGo

Visual

Score Radar

Visual overlay of BitGo and Fireblocks across all categories.

BitGoFireblocks

Deep Dive

Category-by-Category Analysis

A deeper look at how each provider performs in every scoring criterion.

Security (9.0 vs 9.0)

BitGo uses Multi-signature + MPC key management with Majority cold in cold storage and regular penetration testing. Compliance: SOC 2 Type 2. Incident history: No major incidents. Minor service disruptions reported..

Fireblocks uses MPC-CMP (no single private key exists) key management with Configurable (hot/warm/cold) in cold storage and regular penetration testing. Compliance: SOC 2 Type 2. Incident history: No incidents affecting client funds.

Insurance (8.5 vs 2.0)

BitGo offers $250M policy limit via Lloyd's of London syndicate. Covers assets in hot and cold storage against theft and security breaches. Institutions should confirm per-asset limits and exclusions.

Fireblocks offers Not applicable directly — provides technology, not custodial services via N/A. Institutions using Fireblocks arrange their own insurance. Fireblocks provides the secure infrastructure layer.

Regulatory (9.0 vs 5.0)

BitGo holds South Dakota Trust Charter, New York BitLicense and is a qualified custodian operating in United States. BitGo Trust Company is a qualified custodian regulated by the South Dakota Division of Banking.

Fireblocks holds Technology provider — regulatory compliance is on the institution using Fireblocks and is not a qualified custodian operating in Global. Fireblocks itself is not a custodian. It provides technology to custodians and exchanges. Institutions must pair Fireblocks with a regulated entity.

Fee Transparency (6.5 vs 5.0)

BitGo charges Based on AUM — tiered pricing in annual custody fees with Varies per transaction. Enterprise pricing available. BitGo Go for smaller clients.

Fireblocks charges SaaS subscription model in annual custody fees with Per-transaction fees vary per transaction. Fireblocks is infrastructure, not a direct custodian. Pricing is B2B SaaS. End users don't interact with Fireblocks directly.

Track Record (9.0 vs 8.5)

BitGo was founded in 2013 and is headquartered in Palo Alto, CA. AUM: $64B+ in custody. Incident history: No major incidents. Minor service disruptions reported..

Fireblocks was founded in 2018 and is headquartered in New York, NY. AUM: $6T+ transferred through platform (not custodied directly). Incident history: No incidents affecting client funds.

Withdrawal Flexibility (8.0 vs 8.0)

BitGo withdrawal fees: Network fees. Minimum account: Contact for pricing. Supported assets: Bitcoin, Ethereum, 700+ tokens.

Fireblocks withdrawal fees: Network fees. Minimum account: Enterprise only. Supported assets: Bitcoin, Ethereum, 1,500+ tokens.

Reporting & Audit (8.5 vs 8.0)

BitGo: SOC compliance is SOC 2 Type 2. As a qualified custodian, it meets SEC reporting requirements.

Fireblocks: SOC compliance is SOC 2 Type 2. Not classified as a qualified custodian.

Counterparty Diversification (3.0 vs 4.0)

BitGo is a qualified custodian provider. Key management: Multi-signature (2-of-3) with optional MPC. Keys split between client and BitGo..

Fireblocks is a custody technology provider provider. Key management: MPC-CMP (Multi-Party Computation with Cryptographic Multi-Party protocol). No single point of compromise..

Fees

Fee Comparison

Side-by-side fee breakdown for BitGo and Fireblocks.

Fee Type	BitGo	Fireblocks
Setup Fee	Varies by plan	Enterprise pricing
Annual Custody	Based on AUM — tiered pricing	SaaS subscription model
Transaction	Varies	Per-transaction fees vary
Withdrawal	Network fees	Network fees

BitGo: Enterprise pricing available. BitGo Go for smaller clients.

Fireblocks: Fireblocks is infrastructure, not a direct custodian. Pricing is B2B SaaS. End users don't interact with Fireblocks directly.

Features

Feature Comparison

Checklist of features across both providers.

Feature	BitGo	Fireblocks
1,500+ token support	✗	✓
700+ token support	✓	✗
API-first for developers	✗	✓
DeFi access and Web3 connectivity	✗	✓
DeFi and Web3 access	✓	✗
Hot and cold storage options	✓	✗
MPC key management (no single key ever exists)	✗	✓
Multi-signature wallets (2-of-3)	✓	✗
Policy engine for governance workflows	✓	✓
Portfolio and tax reporting	✓	✗
Staking services	✓	✗
Treasury management	✗	✓
Used by 1,800+ institutions	✗	✓

Recommendation

Who Should Choose Which?

BitGo is better if you…

✓Are a institutions
✓Are a exchanges
✓Are a funds
✓Are a fintechs
✓Want: Industry-leading institutional track record since 2013
✓Want: $250M insurance coverage
✓Want: SOC 2 Type 2 compliant

Fireblocks is better if you…

✓Are a exchanges
✓Are a fintechs
✓Are a banks
✓Are a custodians building their own solutions
✓Want: Industry-leading MPC technology — no single private key ever exists
✓Want: Powers 1,800+ institutions and $6T+ in transfers
✓Want: SOC 2 Type 2 certified

FAQ

Frequently Asked Questions

Is BitGo or Fireblocks better for Bitcoin custody?

BitGo scores 8.2 vs 6.4 in our weighted Custody Score. BitGo leads in 5 of 8 scoring categories. However, the best choice depends on your specific needs: BitGo is best for Institutions and Exchanges, while Fireblocks suits Exchanges and Fintechs.

What is the difference between BitGo and Fireblocks?

BitGo is a qualified custodian provider, while Fireblocks is a custody technology provider provider. BitGo excels in Security, whereas Fireblocks is strongest in Security.

How do BitGo and Fireblocks fees compare?

BitGo charges Based on AUM — tiered pricing annual custody fees with Varies transaction fees. Fireblocks charges SaaS subscription model annual custody fees with Per-transaction fees vary transaction fees.

Which is more secure, BitGo or Fireblocks?

BitGo scores 9.0/10 for security while Fireblocks scores 9.0/10. BitGo uses Multi-signature + MPC key management, and Fireblocks uses MPC-CMP (no single private key exists).