Onramp vs Unchained — Head-to-Head Custody Comparison

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

Verdict

Quick Verdict

Onramp scores 8.7 vs Unchained's 7.1. Onramp leads in 5 of 8 categories.

Onramp is better suited for Family offices, RIAs, HNW individuals. Unchained is better suited for HNW individuals, Families, Small institutions.

8.7

Very GoodCustody Score

Onramp

7.1

GoodCustody Score

Unchained

Scores

Score Comparison

Weighted scores across all 8 custody criteria.

Criterion	Weight	Onramp	Unchained	Winner
Security	20%	9.5	8.5	Onramp
Insurance	15%	9.0	4.0	Onramp
Regulatory	15%	8.5	5.0	Onramp
Fee Transparency	10%	7.5	9.5	Unchained
Track Record	15%	8.0	8.5	Unchained
Withdrawal Flexibility	10%	8.5	9.5	Unchained
Reporting & Audit	10%	8.5	6.0	Onramp
Counterparty Diversification	5%	10.0	6.0	Onramp
Overall Score	100%	8.7	7.1	Onramp

Visual

Score Radar

Visual overlay of Onramp and Unchained across all categories.

OnrampUnchained

Deep Dive

Category-by-Category Analysis

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

Security (9.5 vs 8.5)

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.

Unchained uses 2-of-3 collaborative multisig key management with 100% (hardware wallets) in cold storage and regular penetration testing. Compliance: N/A (client-controlled keys). Incident history: No incidents.

Insurance (9.0 vs 4.0)

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.

Unchained offers Limited — Unchained's key is insured but client keys are client's responsibility via Not publicly disclosed. Because client holds majority of keys, insurance model is different from full-custodian solutions. Client bears primary responsibility for key security.

Regulatory (8.5 vs 5.0)

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

Unchained holds FinCEN MSB registration and is not a qualified custodian operating in United States. Not a qualified custodian in the SEC sense — by design, since the client holds majority of keys. This is a feature, not a bug, for self-sovereignty advocates.

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

Unchained charges $250/year (Standard) / $1,200/year (Premium) in annual custody fees with No transaction fees for self-managed per transaction. Also offers Bitcoin-backed loans. IRA custody available at additional cost.

Track Record (8.0 vs 8.5)

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

Unchained was founded in 2016 and is headquartered in Austin, TX. AUM: $2B+ in Bitcoin secured. Incident history: No incidents.

Withdrawal Flexibility (8.5 vs 9.5)

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

Unchained withdrawal fees: Network fees only. Minimum account: No minimum for basic vault. Supported assets: Bitcoin.

Reporting & Audit (8.5 vs 6.0)

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

Unchained: SOC compliance is N/A (client-controlled keys). Not classified as a qualified custodian.

Counterparty Diversification (10.0 vs 6.0)

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.).

Unchained is a collaborative custody provider. Key management: 2-of-3 multisig. Client holds 2 keys (hardware wallets), Unchained holds 1 key. Client can always transact independently..

Fees

Fee Comparison

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

Fee Type	Onramp	Unchained
Setup Fee	Contact for pricing	Free (basic) / $250 (concierge onboarding)
Annual Custody	Contact for pricing	$250/year (Standard) / $1,200/year (Premium)
Transaction	0.50% per trade (brokerage)	No transaction fees for self-managed
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

Unchained: Also offers Bitcoin-backed loans. IRA custody available at additional cost.

Features

Feature Comparison

Checklist of features across both providers.

Feature	Onramp	Unchained
1.5% cashback card	✓	✗
2-of-3 multisig vaults	✗	✓
5% APY on cash balances	✓	✗
Bitcoin brokerage services (Onramp Finance)	✓	✗
Bitcoin-backed loans	✗	✓
Client holds majority of keys	✗	✓
Concierge onboarding with Bitcoin expert	✗	✓
IRA accounts	✗	✓
Inheritance planning (Unchained can assist beneficiaries)	✗	✓
Institutional-grade security and compliance	✓	✗
Key replacement assistance	✗	✓
Multi-Institution Custody across multiple regulated custodians	✓	✗
No single point of failure	✓	✗
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

Unchained is better if you…

✓Are a hnw individuals
✓Are a families
✓Are a small institutions
✓Are a self-sovereignty advocates
✓Want: Client always maintains control — can move funds without Unchained
✓Want: Excellent for inheritance planning
✓Want: Very transparent, affordable pricing ($250-1,200/year)

FAQ

Frequently Asked Questions

Is Onramp or Unchained better for Bitcoin custody?

Onramp scores 8.7 vs 7.1 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 Unchained suits HNW individuals and Families.

What is the difference between Onramp and Unchained?

Onramp is a multi-institution custody provider, while Unchained is a collaborative custody provider. Onramp excels in Counterparty Diversification, whereas Unchained is strongest in Fee Transparency.

How do Onramp and Unchained fees compare?

Onramp charges Contact for pricing annual custody fees with 0.50% per trade (brokerage) transaction fees. Unchained charges $250/year (Standard) / $1,200/year (Premium) annual custody fees with No transaction fees for self-managed transaction fees.

Which is more secure, Onramp or Unchained?

Onramp scores 9.5/10 for security while Unchained scores 8.5/10. Onramp uses Multi-institution distributed key management, and Unchained uses 2-of-3 collaborative multisig.