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Coinbase vs. Unchained: The largest US exchange vs. a bitcoin-only custody company.

Last reviewed Common questionsMethodology

About Coinbase

Trading

Coinbase Global, Inc. is a publicly traded US cryptocurrency exchange founded in 2012. It serves over 100 million verified users across 100+ countries and supports 250+ cryptocurrencies. Coinbase Institutional, the company's custody arm, holds approximately 80% of US spot bitcoin and ether ETF assets as of April 2026, equivalent to roughly $350 billion in custody. Coinbase remains custodial across its retail products; client funds are pooled assets held by Coinbase Trust Company.

Who each is for

Coinbase is for

Clients who want a wide range of cryptocurrencies, immediate liquidity, and the convenience of a single account for trading and storage without managing their own keys.

Unchained is for

Bitcoin-only holders who want sovereign key control over a meaningful position rather than custodial exposure to the largest US exchange.

Coinbase
Unchained
Trading fee
Variable Coinbase fee plus spread, shown at order confirmation.
1.00% standard tier. 0.75% Signature tier.
Minimum purchase
$2
$2,000
Recurring / DCA
Available at multiple frequencies with no added fee on the schedule.
Not offered
OTC / large trades
Coinbase Prime for institutions.
Primary buy channel for all vault clients.
Settlement
Into a Coinbase custodial account.
Into your multisig vault.
Custody model
Not applicable
Collaborative multisig
Key distribution
Not applicable
Client holds 2 keys, Unchained holds 1 key.
Default structure
Not applicable
2-of-3
Other configurations
Not applicable
Quorums up to 15-of-16 are supported on the Signature tier. Connections allow sharing keys with trusted parties.
Recovery if a key is lost
Not applicable
Loss of 1 key is recoverable. The remaining 2 keys still meet the 2-of-3 threshold.
Hardware wallets
Not applicable
Ledger, Trezor, Coldcard, BitBox, Blockstream Jade
Annual cost
Not applicable
$250/year per vault
Default process
Not applicable
Executor locates 1 client key and contacts Unchained with the Inheritance Protocol documents.
Heir technical knowledge required
Not applicable
No bitcoin knowledge required. Executor follows written instructions.
Waiting period
Not applicable
None
Executable without company involvement
Not applicable
Yes. The client's 2 keys remain operable independently of Unchained.
Cost or included tier
Not applicable
Included with Signature. Protocol materials are also available separately.
Account types
Not applicable
Traditional, Roth, SEP
Key control
Not applicable
Client holds 2-of-3 keys in a dedicated IRA vault.
IRA custodian
Not applicable
Fortis Bank (Colorado-chartered, FDIC-supervised)
Account minimum
Not applicable
No minimum balance. $2,000 minimum per trade.
Trading fee
Not applicable
1.50% per trade
Annual fee
Not applicable
$250/year per IRA vault
Lender of record
Not applicable
Unchained (direct lender)
Eligible borrowers
Not applicable
Business entities only (LLC, corporation, single-member LLC)
Minimum loan
Not applicable
$150,000
Interest rate
Not applicable
12.0%
LTV at origination
Not applicable
50% at origination
Collateral custody during loan
Not applicable
Unchained and Fortis Bank each hold one key, which prevents any party from moving bitcoin unilaterally.
RIA
✕
✓
DAF
✕
✓
Trust entity
Not applicable
Gannett Trust Company, LLC
Jurisdiction / charter
Not applicable
Wyoming (chartered May 2025)
Services offered
Not applicable
Personal trust administration, corporate bitcoin treasury, qualified custody, dynasty trusts, and inheritance and estate planning.
Key control
Not applicable
Client-directed. Supports both collaborative custody and qualified custodian configurations.
Minimum assets
Not applicable
Not disclosed
Tier name
Not applicable
Signature
Annual cost
Not applicable
Personal: $6,000 first year, $4,500 renewal. Business: $7,500/year.
Dedicated contact
Not applicable
Dedicated relationship manager with same-day emergency support.
Included services
Not applicable
Vault setup, 2 premium hardware wallets, security reviews, ongoing education, and inheritance setup.
Founded
2012
2016
Client funds lent
Staking and earn programs lend client assets. Spot custody is segregated.
Not applicable. No client funds are held, and loans are not rehypothecated.
Proof of reserves
Audited financial statements. No continuous cryptographic attestation.
Not applicable. The client holds their own keys, verifiable on-chain.
SOC certifications
SOC 1 Type II and SOC 2 Type II
SOC 1 Type II and SOC 2 Type II
US availability
All 50 states
Most states (varies by product)
International availability
Yes. 100+ countries.
No

Common questions

Coinbase is a regulated public company with SOC 1 and SOC 2 certifications and has the largest US institutional custody operation. Its own 2022 SEC filing disclosed that retail account holders would be treated as unsecured creditors in a bankruptcy. That is a structural fact about custodial accounts, not a comment on operational security. Unchained clients hold 2 of 3 keys and own their bitcoin directly, accessible even without Unchained.
Yes. Coinbase supports on-chain withdrawals to any external bitcoin address, including an Unchained vault address. Many clients accumulate on Coinbase, then withdraw to an Unchained vault for long-term cold storage. Unchained recommends making vault deposits larger than 0.015 BTC to save on bitcoin network fees.
Not as a proprietary product. Third-party IRA custodians can hold bitcoin via Coinbase, but Coinbase does not operate its own IRA. Unchained's Bitcoin IRA is integrated and uses the same collaborative multisig as its vaults, where the client holds 2 of 3 keys.
Coinbase Wallet is a separate product that is self-custodial; the user holds the seed phrase. It is a single-key hot wallet, which is vulnerable to single points of failure and remote attackers. Unchained's collaborative custody uses a multisig structure where one lost device is recoverable.
Unchained's institutional products use collaborative multisig which allows the client to hold keys directly. Both offer qualified custody for institutions.

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About this guide

These comparisons are maintained by Unchained. We have tried to represent every service accurately and fairly, and where another service does something well that Unchained does not, we say so. Unchained appears as the reference point throughout because every page is built around a single question: how does this service differ from Unchained? That framing is why Unchained is more prominently featured, not because we consider it the default right answer for every reader.

Disclaimer: Unchained's product and service availability may vary by state. Nothing on this page is investment, tax, legal, or financial advice. Investment advisory services are offered only through Gannett Wealth Advisors. Consult your own advisors before making any financial decision. All financial products involve risk, including loss of principal. Bitcoin is volatile, and past performance does not guarantee future results.

This comparison is provided for informational purposes only and is current as of May 2026. Information about other companies is compiled from publicly available sources, including each company's documentation, regulatory filings, terms of service, and third-party reviews. Offerings, fees, terms, and state availability change frequently and may have changed since publication. Verify all information directly with each company before transacting.

References to other companies are for comparison purposes only and do not imply endorsement, partnership, sponsorship, or affiliation. All third-party names and marks are the property of their respective owners and are used for identification only. Reviewed quarterly; corrections will be addressed within five business days. If you represent a company listed here and/or believe information is inaccurate, fill out a feedback form.

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