Onramp vs Ledger — Head-to-Head Custody Comparison

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

Verdict

Quick Verdict

Onramp scores 8.7 vs Ledger's 6.1. Onramp leads in 5 of 8 categories.

Onramp is better suited for Family offices, RIAs, HNW individuals. Ledger is better suited for Individual holders, Long-term HODLers, Privacy-focused users.

8.7

Very GoodCustody Score

Onramp

6.1

FairCustody Score

Ledger

Scores

Score Comparison

Weighted scores across all 8 custody criteria.

Criterion	Weight	Onramp	Ledger	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	Ledger
Track Record	15%	8.0	8.5	Ledger
Withdrawal Flexibility	10%	8.5	9.5	Ledger
Reporting & Audit	10%	8.5	2.0	Onramp
Counterparty Diversification	5%	10.0	9.0	Onramp
Overall Score	100%	8.7	6.1	Onramp

Visual

Score Radar

Visual overlay of Onramp and Ledger across all categories.

OnrampLedger

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.

Ledger uses Secure element hardware wallet key management with 100% in cold storage and regular penetration testing. Compliance: ANSSI certified. Incident history: 2020 customer database leak (not keys). No key 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.

Ledger offers None — self-custody hardware via N/A. Hardware wallet. Users are fully responsible for their own security and backup.

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

Ledger holds N/A — hardware manufacturer and is not a qualified custodian operating in France (EU). Consumer electronics company. ANSSI certified secure element.

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

Ledger charges None in annual custody fees with Network fees only per transaction. One-time device cost. No ongoing fees. Free Ledger Live software.

Track Record (8.0 vs 8.5)

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

Ledger was founded in 2014 and is headquartered in Paris, France. AUM: N/A (hardware manufacturer). Incident history: 2020 customer database leak (not keys). No key compromises..

Withdrawal Flexibility (8.5 vs 9.5)

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

Ledger withdrawal fees: Network fees only. Minimum account: ~$79 (Nano S Plus) / ~$149 (Nano X). Supported assets: Bitcoin, Ethereum, 5,500+ cryptocurrencies.

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.

Ledger: SOC compliance is ANSSI certified. 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.).

Ledger is a cold storage / hardware provider. Key management: Hardware wallet with secure element chip. Keys never leave the device. Companion app Ledger Live for management..

Fees

Fee Comparison

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

Fee Type	Onramp	Ledger
Setup Fee	Contact for pricing	$79-$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

Ledger: One-time device cost. No ongoing fees. Free Ledger Live software.

Features

Feature Comparison

Checklist of features across both providers.

Feature	Onramp	Ledger
1.5% cashback card	✓	✗
5% APY on cash balances	✓	✗
5,500+ asset support	✗	✓
Bitcoin brokerage services (Onramp Finance)	✓	✗
Bluetooth (Nano X)	✗	✓
Institutional-grade security and compliance	✓	✗
Ledger Live management app	✗	✓
Multi-Institution Custody across multiple regulated custodians	✓	✗
NFT management	✗	✓
No single point of failure	✓	✗
Secure element chip	✗	✓
Staking support	✗	✓
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

Ledger is better if you…

✓Are a individual holders
✓Are a long-term hodlers
✓Are a privacy-focused users
✓Are a beginners to self-custody
✓Want: World's most popular hardware wallet
✓Want: Secure element chip — bank-grade security
✓Want: 5,500+ supported assets

FAQ

Frequently Asked Questions

Is Onramp or Ledger better for Bitcoin custody?

Onramp scores 8.7 vs 6.1 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 Ledger suits Individual holders and Long-term HODLers.

What is the difference between Onramp and Ledger?

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

How do Onramp and Ledger fees compare?

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

Which is more secure, Onramp or Ledger?

Onramp scores 9.5/10 for security while Ledger scores 9.0/10. Onramp uses Multi-institution distributed key management, and Ledger uses Secure element hardware wallet.