Onramp vs Bakkt — Head-to-Head Custody Comparison

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

Verdict

Quick Verdict

Onramp scores 8.7 vs Bakkt's 7.0. Onramp leads in 7 of 8 categories.

Onramp is better suited for Family offices, RIAs, HNW individuals. Bakkt is better suited for Institutions, Financial services companies, Fintechs.

8.7

Very GoodCustody Score

Onramp

GoodCustody Score

Bakkt

Scores

Score Comparison

Weighted scores across all 8 custody criteria.

Criterion	Weight	Onramp	Bakkt	Winner
Security	20%	9.5	8.0	Onramp
Insurance	15%	9.0	6.0	Onramp
Regulatory	15%	8.5	8.5	Tie
Fee Transparency	10%	7.5	7.0	Onramp
Track Record	15%	8.0	7.0	Onramp
Withdrawal Flexibility	10%	8.5	6.5	Onramp
Reporting & Audit	10%	8.5	7.5	Onramp
Counterparty Diversification	5%	10.0	2.0	Onramp
Overall Score	100%	8.7	7	Onramp

Visual

Score Radar

Visual overlay of Onramp and Bakkt across all categories.

OnrampBakkt

Deep Dive

Category-by-Category Analysis

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

Security (9.5 vs 8.0)

Onramp uses Multi-institution distributed key management with Varies by underlying custodian in cold storage and regular penetration testing. Compliance: Via underlying custodians (SOC 1 & SOC 2). Incident history: No incidents.

Bakkt uses Cold storage with multi-zone physical security key management with Majority cold in cold storage and regular penetration testing. Compliance: SOC 2 (details not fully public). Incident history: No custody incidents. Company has faced financial challenges (stock price decline)..

Insurance (9.0 vs 6.0)

Onramp offers Aggregate coverage across multiple custodian insurance policies via Multiple (via underlying custodians). Each underlying custodian maintains their own insurance. Combined coverage exceeds single-custodian limits.

Bakkt offers $125M reported (as of 2019, may have changed) via Not publicly confirmed recently. Insurance details less transparent than competitors. Originally claimed $125M coverage.

Regulatory (8.5 vs 8.5)

Onramp holds State money transmitter licenses and is a qualified custodian operating in United States. Regulated through underlying custodian partnerships with qualified custodians

Bakkt holds NYDFS Qualified Custodian (Bakkt Trust Company LLC) and is a qualified custodian operating in United States. Bakkt Trust Company LLC is a New York State-regulated qualified custodian. Parent ICE/NYSE provides institutional gravitas.

Fee Transparency (7.5 vs 7.0)

Onramp charges Contact for pricing in annual custody fees with 0.50% per trade (brokerage) per transaction. Also offers Onramp Finance: lowest-cost Bitcoin brokerage at 50bps, 5% APY on cash, 1.5% cashback card

Bakkt charges 0.10% AUM/month for BTC (1.2% annually). 0.20% AUM/month for ETH. in annual custody fees with Varies per transaction. $100/month minimum fee. Higher annual rate than most competitors.

Track Record (8.0 vs 7.0)

Onramp was founded in 2021 and is headquartered in Austin, TX. AUM: $1B+. Incident history: No incidents.

Bakkt was founded in 2018 and is headquartered in Alpharetta, GA. AUM: Not publicly disclosed. Incident history: No custody incidents. Company has faced financial challenges (stock price decline)..

Withdrawal Flexibility (8.5 vs 6.5)

Onramp withdrawal fees: Contact for pricing. Minimum account: $100,000. Supported assets: Bitcoin.

Bakkt withdrawal fees: Network fees. Minimum account: Contact for pricing. Supported assets: Bitcoin, Ethereum.

Reporting & Audit (8.5 vs 7.5)

Onramp: SOC compliance is Via underlying custodians (SOC 1 & SOC 2). As a qualified custodian, it meets SEC reporting requirements.

Bakkt: SOC compliance is SOC 2 (details not fully public). As a qualified custodian, it meets SEC reporting requirements.

Counterparty Diversification (10.0 vs 2.0)

Onramp is a multi-institution custody provider. Key management: Multi-institution distributed custody — keys and assets spread across multiple independent regulated custodians (BitGo, Coinbase, Fidelity, etc.).

Bakkt is a qualified custodian provider. Key management: Warehouse-grade cold storage with multi-zone physical security..

Fees

Fee Comparison

Side-by-side fee breakdown for Onramp and Bakkt.

Fee Type	Onramp	Bakkt
Setup Fee	Contact for pricing	Contact for pricing
Annual Custody	Contact for pricing	0.10% AUM/month for BTC (1.2% annually). 0.20% AUM/month for ETH.
Transaction	0.50% per trade (brokerage)	Varies
Withdrawal	Contact for pricing	Network fees

Onramp: Also offers Onramp Finance: lowest-cost Bitcoin brokerage at 50bps, 5% APY on cash, 1.5% cashback card

Bakkt: $100/month minimum fee. Higher annual rate than most competitors.

Features

Feature Comparison

Checklist of features across both providers.

Feature	Onramp	Bakkt
1.5% cashback card	✓	✗
24/7 response support	✗	✓
5% APY on cash balances	✓	✗
Bitcoin brokerage services (Onramp Finance)	✓	✗
Consumer wallet solutions	✗	✓
Crypto rewards and loyalty programs	✗	✓
ICE/NYSE pedigree	✗	✓
Institutional-grade security and compliance	✓	✗
Multi-Institution Custody across multiple regulated custodians	✓	✗
No single point of failure	✓	✗
Publicly traded (BKKT)	✗	✓
Warehouse-grade cold storage	✗	✓
White-glove onboarding for institutions	✓	✗

Recommendation

Who Should Choose Which?

Onramp is better if you…

✓Are a family offices
✓Are a rias
✓Are a hnw individuals
✓Are a institutions
✓Want: Only provider offering true multi-institution custody — no single point of failure
✓Want: Aggregated insurance coverage exceeds any single custodian
✓Want: $1B+ in assets under custody demonstrates institutional trust

Bakkt is better if you…

✓Are a institutions
✓Are a financial services companies
✓Are a fintechs
✓Are a merchants
✓Want: Owned by ICE (NYSE parent) — unmatched traditional finance pedigree
✓Want: NYDFS qualified custodian
✓Want: Publicly traded — financial transparency

FAQ

Frequently Asked Questions

Is Onramp or Bakkt better for Bitcoin custody?

Onramp scores 8.7 vs 7.0 in our weighted Custody Score. Onramp leads in 7 of 8 scoring categories. However, the best choice depends on your specific needs: Onramp is best for Family offices and RIAs, while Bakkt suits Institutions and Financial services companies.

What is the difference between Onramp and Bakkt?

Onramp is a multi-institution custody provider, while Bakkt is a qualified custodian provider. Onramp excels in Counterparty Diversification, whereas Bakkt is strongest in Regulatory.

How do Onramp and Bakkt fees compare?

Onramp charges Contact for pricing annual custody fees with 0.50% per trade (brokerage) transaction fees. Bakkt charges 0.10% AUM/month for BTC (1.2% annually). 0.20% AUM/month for ETH. annual custody fees with Varies transaction fees.

Which is more secure, Onramp or Bakkt?

Onramp scores 9.5/10 for security while Bakkt scores 8.0/10. Onramp uses Multi-institution distributed key management, and Bakkt uses Cold storage with multi-zone physical security.