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Kraken vs. Unchained: A long-running crypto exchange vs. a bitcoin-only custody company.

Last reviewed Common questionsMethodology

About Kraken

Trading

Kraken is a US-based cryptocurrency exchange founded in 2011, making it one of the few exchanges to operate continuously since the early bitcoin era. It supports 550+ cryptocurrencies and operates in 190+ countries through Payward, Inc. Kraken filed for an IPO in late 2025 and, in April 2026, acquired derivatives exchange Bitnomial. Kraken is custodial across all client accounts; the company holds all private keys.

Who each is for

Kraken is for

Active traders who want spot, margin, futures, and a broad altcoin selection with a long track record of exchange uptime.

Unchained is for

Holders who want bitcoin-only collaborative custody, an integrated IRA, or business-entity loans rather than a trading venue.

Kraken
Unchained
Trading fee
Maker/taker model. Standard tier is approximately 0.40% maker and 0.60% taker, tiered down by 30-day volume.
1.00% standard tier. 0.75% Signature tier.
Minimum purchase
$10
$2,000
Recurring / DCA
Available on Kraken Plus at limited frequencies.
Not offered
OTC / large trades
Kraken OTC for $100,000+ trades.
Primary buy channel for all vault clients.
Settlement
Into a Kraken 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
2011
2016
Client funds lent
Earn and staking programs lend client assets. Spot custody is segregated.
Not applicable. No client funds are held, and loans are not rehypothecated.
Proof of reserves
Semi-annual cryptographic attestation by an independent auditor.
Not applicable. The client holds their own keys, verifiable on-chain.
SOC certifications
SOC 2 Type II
SOC 1 Type II and SOC 2 Type II
US availability
Most states
Most states (varies by product)
International availability
Yes. 190+ countries.
No

Common questions

No. Kraken holds all client private keys. Clients can withdraw bitcoin on-chain to a self-custody wallet, but bitcoin held inside a Kraken account is custodial. Unchained clients hold 2 of 3 keys directly.
Kraken has operated since 2011 through multiple bear markets without a major publicly disclosed security breach affecting customer funds. This is unusual among exchanges. It does not change the structural fact that customer bitcoin is custodial, but operational longevity is a meaningful credibility signal that some other exchanges in this comparison cannot match.
Yes. A common workflow is to trade on Kraken and withdraw bitcoin to an Unchained vault for long-term storage. Kraken supports on-chain withdrawals to any external address. Unchained recommends making vault deposits larger than 0.015 BTC to save on bitcoin network fees.
No. Kraken is a trading venue. It does not operate IRAs, lending, or inheritance products. Unchained offers all three.

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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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