Onramp vs BitBox02 — Head-to-Head Custody Comparison

An independent, data-driven comparison of Onramp and BitBox02 across security, insurance, fees, regulatory compliance, and more.

Verdict

Quick Verdict

Onramp scores 8.7 vs BitBox02's 5.9. Onramp leads in 6 of 8 categories.

Onramp is better suited for Family offices, RIAs, HNW individuals. BitBox02 is better suited for Privacy-focused users, Swiss quality seekers, Bitcoin-only users.

8.7

Very GoodCustody Score

Onramp

5.9

Below AverageCustody Score

BitBox02

Scores

Score Comparison

Weighted scores across all 8 custody criteria.

Criterion	Weight	Onramp	BitBox02	Winner
Security	20%	9.5	9.0	Onramp
Insurance	15%	9.0	1.0	Onramp
Regulatory	15%	8.5	2.0	Onramp
Fee Transparency	10%	7.5	9.5	BitBox02
Track Record	15%	8.0	7.0	Onramp
Withdrawal Flexibility	10%	8.5	9.5	BitBox02
Reporting & Audit	10%	8.5	2.0	Onramp
Counterparty Diversification	5%	10.0	9.0	Onramp
Overall Score	100%	8.7	5.9	Onramp

Visual

Score Radar

Visual overlay of Onramp and BitBox02 across all categories.

OnrampBitBox02

Deep Dive

Category-by-Category Analysis

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

Security (9.5 vs 9.0)

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.

BitBox02 uses Dual-chip hardware wallet key management with 100% in cold storage and regular penetration testing. Compliance: Open-source audited. Incident history: No known compromises.

Insurance (9.0 vs 1.0)

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.

BitBox02 offers None — self-custody hardware via N/A. Hardware wallet. Full user responsibility.

Regulatory (8.5 vs 2.0)

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

BitBox02 holds N/A — hardware manufacturer and is not a qualified custodian operating in Switzerland. Shift Crypto AG — Swiss-registered company.

Fee Transparency (7.5 vs 9.5)

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

BitBox02 charges None in annual custody fees with Network fees only per transaction. Swiss quality. Bitcoin-only edition available for maximalists.

Track Record (8.0 vs 7.0)

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

BitBox02 was founded in 2019 and is headquartered in Zurich, Switzerland. AUM: N/A (hardware manufacturer). Incident history: No known compromises.

Withdrawal Flexibility (8.5 vs 9.5)

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

BitBox02 withdrawal fees: Network fees only. Minimum account: ~$149 (Multi) / ~$129 (Bitcoin-only). Supported assets: Bitcoin, Ethereum, 1,500+ (Multi edition).

Reporting & Audit (8.5 vs 2.0)

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

BitBox02: SOC compliance is Open-source audited. Not classified as a qualified custodian.

Counterparty Diversification (10.0 vs 9.0)

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.).

BitBox02 is a cold storage / hardware provider. Key management: Dual-chip hardware wallet. Open-source. Swiss-made. Touch slider interface..

Fees

Fee Comparison

Side-by-side fee breakdown for Onramp and BitBox02.

Fee Type	Onramp	BitBox02
Setup Fee	Contact for pricing	$129-$149 (device purchase)
Annual Custody	Contact for pricing	None
Transaction	0.50% per trade (brokerage)	Network fees only
Withdrawal	Contact for pricing	Network fees only

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

BitBox02: Swiss quality. Bitcoin-only edition available for maximalists.

Features

Feature Comparison

Checklist of features across both providers.

Feature	Onramp	BitBox02
1.5% cashback card	✓	✗
5% APY on cash balances	✓	✗
Bitcoin brokerage services (Onramp Finance)	✓	✗
Bitcoin-only edition	✗	✓
Dual-chip architecture	✗	✓
Institutional-grade security and compliance	✓	✗
MicroSD backup	✗	✓
Multi-Institution Custody across multiple regulated custodians	✓	✗
No single point of failure	✓	✗
Open-source firmware	✗	✓
Tor support via BitBoxApp	✗	✓
Touch sliders	✗	✓
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

BitBox02 is better if you…

✓Are a privacy-focused users
✓Are a swiss quality seekers
✓Are a bitcoin-only users
✓Are a minimalists
✓Want: Swiss-made quality and security
✓Want: Dual-chip architecture
✓Want: Fully open-source

FAQ

Frequently Asked Questions

Is Onramp or BitBox02 better for Bitcoin custody?

Onramp scores 8.7 vs 5.9 in our weighted Custody Score. Onramp leads in 6 of 8 scoring categories. However, the best choice depends on your specific needs: Onramp is best for Family offices and RIAs, while BitBox02 suits Privacy-focused users and Swiss quality seekers.

What is the difference between Onramp and BitBox02?

Onramp is a multi-institution custody provider, while BitBox02 is a cold storage / hardware provider. Onramp excels in Counterparty Diversification, whereas BitBox02 is strongest in Fee Transparency.

How do Onramp and BitBox02 fees compare?

Onramp charges Contact for pricing annual custody fees with 0.50% per trade (brokerage) transaction fees. BitBox02 charges None annual custody fees with Network fees only transaction fees.

Which is more secure, Onramp or BitBox02?

Onramp scores 9.5/10 for security while BitBox02 scores 9.0/10. Onramp uses Multi-institution distributed key management, and BitBox02 uses Dual-chip hardware wallet.