Onramp vs BitGo — Head-to-Head Custody Comparison
An independent, data-driven comparison of Onramp and BitGo across security, insurance, fees, regulatory compliance, and more.
Verdict
Quick Verdict
Onramp scores 8.7 vs BitGo's 8.2. Onramp leads in 5 of 8 categories.
Onramp is better suited for Family offices, RIAs, HNW individuals. BitGo is better suited for Institutions, Exchanges, Funds.
Scores
Score Comparison
Weighted scores across all 8 custody criteria.
| Criterion | Weight | Onramp | BitGo | Winner |
|---|---|---|---|---|
| Security | 20% | 9.5 | 9.0 | Onramp |
| Insurance | 15% | 9.0 | 8.5 | Onramp |
| Regulatory | 15% | 8.5 | 9.0 | BitGo |
| Fee Transparency | 10% | 7.5 | 6.5 | Onramp |
| Track Record | 15% | 8.0 | 9.0 | BitGo |
| Withdrawal Flexibility | 10% | 8.5 | 8.0 | Onramp |
| Reporting & Audit | 10% | 8.5 | 8.5 | Tie |
| Counterparty Diversification | 5% | 10.0 | 3.0 | Onramp |
| Overall Score | 100% | 8.7 | 8.2 | Onramp |
Visual
Score Radar
Visual overlay of Onramp and BitGo across all categories.
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.
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..
Insurance (9.0 vs 8.5)
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.
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.
Regulatory (8.5 vs 9.0)
Onramp holds State money transmitter licenses and is a qualified custodian operating in United States. Regulated through underlying custodian partnerships with qualified custodians
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.
Fee Transparency (7.5 vs 6.5)
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
BitGo charges Based on AUM — tiered pricing in annual custody fees with Varies per transaction. Enterprise pricing available. BitGo Go for smaller clients.
Track Record (8.0 vs 9.0)
Onramp was founded in 2021 and is headquartered in Austin, TX. AUM: $1B+. Incident history: No incidents.
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..
Withdrawal Flexibility (8.5 vs 8.0)
Onramp withdrawal fees: Contact for pricing. Minimum account: $100,000. Supported assets: Bitcoin.
BitGo withdrawal fees: Network fees. Minimum account: Contact for pricing. Supported assets: Bitcoin, Ethereum, 700+ tokens.
Reporting & Audit (8.5 vs 8.5)
Onramp: SOC compliance is Via underlying custodians (SOC 1 & SOC 2). As a qualified custodian, it meets SEC reporting requirements.
BitGo: SOC compliance is SOC 2 Type 2. As a qualified custodian, it meets SEC reporting requirements.
Counterparty Diversification (10.0 vs 3.0)
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.).
BitGo is a qualified custodian provider. Key management: Multi-signature (2-of-3) with optional MPC. Keys split between client and BitGo..
Fees
Fee Comparison
Side-by-side fee breakdown for Onramp and BitGo.
| Fee Type | Onramp | BitGo |
|---|---|---|
| Setup Fee | Contact for pricing | Varies by plan |
| Annual Custody | Contact for pricing | Based on AUM — tiered pricing |
| 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
BitGo: Enterprise pricing available. BitGo Go for smaller clients.
Features
Feature Comparison
Checklist of features across both providers.
| Feature | Onramp | BitGo |
|---|---|---|
| 1.5% cashback card | ✓ | ✗ |
| 5% APY on cash balances | ✓ | ✗ |
| 700+ token support | ✗ | ✓ |
| Bitcoin brokerage services (Onramp Finance) | ✓ | ✗ |
| DeFi and Web3 access | ✗ | ✓ |
| Hot and cold storage options | ✗ | ✓ |
| Institutional-grade security and compliance | ✓ | ✗ |
| Multi-Institution Custody across multiple regulated custodians | ✓ | ✗ |
| Multi-signature wallets (2-of-3) | ✗ | ✓ |
| No single point of failure | ✓ | ✗ |
| Policy engine for governance workflows | ✗ | ✓ |
| Portfolio and tax reporting | ✗ | ✓ |
| Staking services | ✗ | ✓ |
| 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
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
FAQ
Frequently Asked Questions
Is Onramp or BitGo better for Bitcoin custody?
Onramp scores 8.7 vs 8.2 in our weighted Custody Score. Onramp leads in 5 of 8 scoring categories. However, the best choice depends on your specific needs: Onramp is best for Family offices and RIAs, while BitGo suits Institutions and Exchanges.
What is the difference between Onramp and BitGo?
Onramp is a multi-institution custody provider, while BitGo is a qualified custodian provider. Onramp excels in Counterparty Diversification, whereas BitGo is strongest in Security.
How do Onramp and BitGo fees compare?
Onramp charges Contact for pricing annual custody fees with 0.50% per trade (brokerage) transaction fees. BitGo charges Based on AUM — tiered pricing annual custody fees with Varies transaction fees.
Which is more secure, Onramp or BitGo?
Onramp scores 9.5/10 for security while BitGo scores 9.0/10. Onramp uses Multi-institution distributed key management, and BitGo uses Multi-signature + MPC.
Related
Explore More
Onramp Full Review
Deep dive into Onramp's custody solution, scoring methodology, and detailed analysis.
Read review
BitGo Full Review
Deep dive into BitGo's custody solution, scoring methodology, and detailed analysis.
Read review
Onramp vs Coinbase Custody
Compare Onramp (8.7) and Coinbase Custody (8.2) head-to-head.
View comparison
Onramp vs Fidelity Digital Assets
Compare Onramp (8.7) and Fidelity Digital Assets (8.4) head-to-head.
View comparison
Onramp vs Unchained
Compare Onramp (8.7) and Unchained (7.1) head-to-head.
View comparison