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

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

Verdict

Quick Verdict

Gemini Custody scores 7.7 vs Hex Trust's 6.9. Gemini Custody leads in 7 of 8 categories.

Gemini Custody is better suited for Institutions, Funds, Family offices. Hex Trust is better suited for Asian institutions, Banks in APAC, Fintech companies.

7.7

GoodCustody Score

Gemini Custody

6.9

FairCustody Score

Hex Trust

Scores

Score Comparison

Weighted scores across all 8 custody criteria.

Criterion	Weight	Gemini Custody	Hex Trust	Winner
Security	20%	8.5	8.0	Gemini Custody
Insurance	15%	7.0	6.5	Gemini Custody
Regulatory	15%	9.0	8.0	Gemini Custody
Fee Transparency	10%	7.5	5.0	Gemini Custody
Track Record	15%	7.0	6.5	Gemini Custody
Withdrawal Flexibility	10%	7.5	7.0	Gemini Custody
Reporting & Audit	10%	9.0	7.5	Gemini Custody
Counterparty Diversification	5%	2.0	3.0	Hex Trust
Overall Score	100%	7.7	6.9	Gemini Custody

Visual

Score Radar

Visual overlay of Gemini Custody and Hex Trust across all categories.

Gemini CustodyHex Trust

Deep Dive

Category-by-Category Analysis

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

Security (8.5 vs 8.0)

Gemini Custody uses HSM-based cold storage key management with Majority cold in cold storage and regular penetration testing. Compliance: SOC 1 Type 2 + SOC 2 Type 2. Incident history: Gemini Earn program issues in 2022 (separate from custody). No custody-specific incidents..

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 (7.0 vs 6.5)

Gemini Custody offers Insurance on all crypto stored in hot wallet. Cold storage coverage varies. via Top insurance providers. Gemini is one of few exchanges offering insurance on online assets. Cold storage insurance details available to institutional clients.

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

Regulatory (9.0 vs 8.0)

Gemini Custody holds New York Trust Charter, SOC 1 Type 2, SOC 2 Type 2 and is a qualified custodian operating in United States. New York State Department of Financial Services regulated trust company. First crypto exchange to achieve both SOC 1 and SOC 2 Type 2.

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 (7.5 vs 5.0)

Gemini Custody charges 0.40% AUM annually (40bps) — tiered in annual custody fees with Varies by volume per transaction. Lower than Coinbase Custody's 50bps for comparable service.

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

Track Record (7.0 vs 6.5)

Gemini Custody was founded in 2019 and is headquartered in New York, NY. AUM: Not publicly disclosed. Incident history: Gemini Earn program issues in 2022 (separate from custody). No custody-specific incidents..

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

Withdrawal Flexibility (7.5 vs 7.0)

Gemini Custody withdrawal fees: Network fees. Minimum account: Contact for pricing. Supported assets: Bitcoin, Ethereum, 70+ assets.

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

Reporting & Audit (9.0 vs 7.5)

Gemini Custody: SOC compliance is SOC 1 Type 2 + 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 (2.0 vs 3.0)

Gemini Custody is a qualified custodian provider. Key management: Proprietary cold storage system with HSMs and multi-layer security protocols..

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

Fees

Fee Comparison

Side-by-side fee breakdown for Gemini Custody and Hex Trust.

Fee Type	Gemini Custody	Hex Trust
Setup Fee	Contact for pricing	Custom
Annual Custody	0.40% AUM annually (40bps) — tiered	Custom
Transaction	Varies by volume	Custom
Withdrawal	Network fees	Network fees

Gemini Custody: Lower than Coinbase Custody's 50bps for comparable service.

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

Features

Feature Comparison

Checklist of features across both providers.

Feature	Gemini Custody	Hex Trust
400+ asset support	✗	✓
70+ asset support	✓	✗
Available in all 50 US states	✓	✗
Bank-grade infrastructure	✗	✓
Cold storage custody	✓	✗
Hardware security key support (WebAuthn)	✓	✗
Integration with Gemini exchange	✓	✗
MPC technology	✗	✓
Multi-jurisdiction APAC licensing	✗	✓
SOC 1 & SOC 2 Type 2 certified	✓	✗
Staking and DeFi access	✗	✓
Tokenization services	✗	✓

Recommendation

Who Should Choose Which?

Gemini Custody is better if you…

✓Are a institutions
✓Are a funds
✓Are a family offices
✓Are a fiduciaries
✓Want: First crypto exchange to achieve SOC 1 + SOC 2 Type 2
✓Want: Competitive custody fee at 40bps
✓Want: Available in all 50 US states

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 Gemini Custody or Hex Trust better for Bitcoin custody?

Gemini Custody scores 7.7 vs 6.9 in our weighted Custody Score. Gemini Custody leads in 7 of 8 scoring categories. However, the best choice depends on your specific needs: Gemini Custody is best for Institutions and Funds, while Hex Trust suits Asian institutions and Banks in APAC.

What is the difference between Gemini Custody and Hex Trust?

Gemini Custody is a qualified custodian provider, while Hex Trust is a qualified custodian provider. Gemini Custody excels in Regulatory, whereas Hex Trust is strongest in Security.

How do Gemini Custody and Hex Trust fees compare?

Gemini Custody charges 0.40% AUM annually (40bps) — tiered annual custody fees with Varies by volume transaction fees. Hex Trust charges Custom annual custody fees with Custom transaction fees.

Which is more secure, Gemini Custody or Hex Trust?

Gemini Custody scores 8.5/10 for security while Hex Trust scores 8.0/10. Gemini Custody uses HSM-based cold storage key management, and Hex Trust uses MPC-based custody.