BitGo vs Hex Trust — Head-to-Head Custody Comparison

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

Verdict

Quick Verdict

BitGo scores 8.2 vs Hex Trust's 6.9. BitGo leads in 7 of 8 categories.

BitGo is better suited for Institutions, Exchanges, Funds. Hex Trust is better suited for Asian institutions, Banks in APAC, Fintech companies.

8.2

Very GoodCustody Score

BitGo

6.9

FairCustody Score

Hex Trust

Scores

Score Comparison

Weighted scores across all 8 custody criteria.

Criterion	Weight	BitGo	Hex Trust	Winner
Security	20%	9.0	8.0	BitGo
Insurance	15%	8.5	6.5	BitGo
Regulatory	15%	9.0	8.0	BitGo
Fee Transparency	10%	6.5	5.0	BitGo
Track Record	15%	9.0	6.5	BitGo
Withdrawal Flexibility	10%	8.0	7.0	BitGo
Reporting & Audit	10%	8.5	7.5	BitGo
Counterparty Diversification	5%	3.0	3.0	Tie
Overall Score	100%	8.2	6.9	BitGo

Visual

Score Radar

Visual overlay of BitGo and Hex Trust across all categories.

BitGoHex Trust

Deep Dive

Category-by-Category Analysis

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

Security (9.0 vs 8.0)

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..

Hex Trust uses MPC-based custody key management with Majority cold in cold storage and regular penetration testing. Compliance: SOC 2 Type 2. Incident history: No incidents.

Insurance (8.5 vs 6.5)

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.

Hex Trust offers Insurance coverage available via Not publicly disclosed. Institutional custody insurance.

Regulatory (9.0 vs 8.0)

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.

Hex Trust holds Hong Kong TCSP license, Singapore MAS license and is not a qualified custodian operating in Hong Kong / Singapore / APAC. Licensed in multiple Asian jurisdictions.

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.

Hex Trust charges Custom in annual custody fees with Custom per transaction. Asia-Pacific focused with multi-jurisdiction licensing.

Track Record (9.0 vs 6.5)

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..

Hex Trust was founded in 2019 and is headquartered in Hong Kong. AUM: Not publicly disclosed. Incident history: No incidents.

Withdrawal Flexibility (8.0 vs 7.0)

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

Hex Trust withdrawal fees: Network fees. Minimum account: Institutional only. Supported assets: Bitcoin, Ethereum, 400+ assets.

Reporting & Audit (8.5 vs 7.5)

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

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

Counterparty Diversification (3.0 vs 3.0)

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

Hex Trust is a qualified custodian provider. Key management: Licensed institutional custody with MPC technology..

Fees

Fee Comparison

Side-by-side fee breakdown for BitGo and Hex Trust.

Fee Type	BitGo	Hex Trust
Setup Fee	Varies by plan	Custom
Annual Custody	Based on AUM — tiered pricing	Custom
Transaction	Varies	Custom
Withdrawal	Network fees	Network fees

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

Hex Trust: Asia-Pacific focused with multi-jurisdiction licensing.

Features

Feature Comparison

Checklist of features across both providers.

Feature	BitGo	Hex Trust
400+ asset support	✗	✓
700+ token support	✓	✗
Bank-grade infrastructure	✗	✓
DeFi and Web3 access	✓	✗
Hot and cold storage options	✓	✗
MPC technology	✗	✓
Multi-jurisdiction APAC licensing	✗	✓
Multi-signature wallets (2-of-3)	✓	✗
Policy engine for governance workflows	✓	✗
Portfolio and tax reporting	✓	✗
Staking and DeFi access	✗	✓
Staking services	✓	✗
Tokenization services	✗	✓

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

Hex Trust is better if you…

✓Are a asian institutions
✓Are a banks in apac
✓Are a fintech companies
✓Are a fund managers
✓Want: Leading APAC digital asset custodian
✓Want: Multi-jurisdiction licensing
✓Want: SOC 2 Type 2 certified

FAQ

Frequently Asked Questions

Is BitGo or Hex Trust better for Bitcoin custody?

BitGo scores 8.2 vs 6.9 in our weighted Custody Score. BitGo leads in 7 of 8 scoring categories. However, the best choice depends on your specific needs: BitGo is best for Institutions and Exchanges, while Hex Trust suits Asian institutions and Banks in APAC.

What is the difference between BitGo and Hex Trust?

BitGo is a qualified custodian provider, while Hex Trust is a qualified custodian provider. BitGo excels in Security, whereas Hex Trust is strongest in Security.

How do BitGo and Hex Trust fees compare?

BitGo charges Based on AUM — tiered pricing annual custody fees with Varies transaction fees. Hex Trust charges Custom annual custody fees with Custom transaction fees.

Which is more secure, BitGo or Hex Trust?

BitGo scores 9.0/10 for security while Hex Trust scores 8.0/10. BitGo uses Multi-signature + MPC key management, and Hex Trust uses MPC-based custody.