As a Bitcoiner, you've been down the rabbit hole. You've tried the exchanges, tested different wallets, experimented with hardware devices, maybe even set up your own multisig. You've learned the hard way that buying Bitcoin is just the beginning, the real challenge is securing it, using it, and eventually passing it on.
You don't want to trust an exchange after seeing what happened to Mt. Gox, FTX, and Celsius. But managing everything yourself feels overwhelming. What if you lose a key? What happens to your Bitcoin when you're gone? And how do you access liquidity without selling?
What if there was a platform that could do it all, buy, secure, lend, pass on, while still keeping you in control?
That's exactly what Unchained Capital offers. It's the rare all-in-one Bitcoin platform built for serious holders who refuse to compromise on sovereignty. You can secure your Bitcoin in multisig vaults where you control the keys, borrow dollars against it without selling, trade directly to cold storage, set up a Bitcoin IRA, and create an inheritance plan , all in one place.
After extensive research into their services, fees, philosophy, and track record, here's everything you need to know to decide if Unchained Capital is right for your Bitcoin journey.
What is Unchained Capital?
Unchained Capital is a Bitcoin-native financial services company founded in 2016 and headquartered in Austin, Texas. Unlike traditional crypto platforms, Unchained offers what they call "collaborative custody", a middle ground between full self-custody and trusting a third party with your Bitcoin.
Core Services:
- Multisig Vaults: Secure 2-of-3 multisignature cold storage
- Bitcoin-Backed Loans: Borrow dollars using Bitcoin as collateral without selling
- Trading Desk: Buy and sell Bitcoin directly to cold storage
- Bitcoin IRA: Tax-advantaged retirement accounts with key control
- Inheritance Planning: Succession plans for passing Bitcoin to heirs
- Unchained Signature: Premium white-glove service for high-net-worth clients
As of 2024, Unchained secures over $12 billion in Bitcoin across thousands of vaults and has originated over $1 billion in loans since 2017.
Who Is Unchained Built For?
✅ Perfect For:
- Long-term Bitcoin holders (HODLers) who want enhanced security
- People concerned about exchange hacks and bankruptcies
- High-net-worth individuals needing liquidity without selling Bitcoin
- Families planning Bitcoin inheritance
- Businesses and institutions requiring collaborative custody
- Anyone wanting security beyond single-signature wallets
❌ Maybe Skip If:
- You're comfortable managing your own 100% self-custody multisig
- You need services in NY, NJ, SD, or NC (not currently available)
- You want a simple hot wallet for daily spending
- You're looking for the absolute cheapest option (DIY is free)
- You hold primarily altcoins (Unchained is Bitcoin-only)
The People Behind Unchained: Why They Became Industry Leaders
The Founders
Joe Kelly - Co-Founder & CEO Kelly's journey into Bitcoin began as an undergraduate college dropout who met his future co-founder on Craigslist. His background in complexity science and shared curiosity with Bansal shaped Unchained's philosophy.
Dhruv Bansal - Co-Founder & Chief Strategy Officer A physicist and mathematician (Columbia College, PhD in statistical physics from UT Austin), Bansal brings a scientific mindset to Bitcoin. Before Unchained, he co-founded Infochimps, a data science company acquired by CSC in 2013.
How Unchained Became a Master in This Industry
1. Survived the 2022 Crypto Collapse
While Celsius, Voyager, and BlockFi filed for bankruptcy after using customer funds for risky lending, Unchained's collaborative custody model prevented rehypothecation. They couldn't lend out customer Bitcoin even if they wanted to—clients held two of three keys.
Result: $60 million Series B funding in April 2023 led by Valor Equity Partners, with investors including NYDIG and Highland Capital Partners.
2. Data-Driven Bitcoin Philosophy
Unchained's HODL Waves analysis, tracking when Bitcoin last moved on-chain, revealed that the majority of Bitcoin holders are long-term savers, not traders. This data informed every product decision:
- Vaults optimized for long-term storage, not frequent transactions
- Loans that let holders access liquidity without selling
- Inheritance planning for generational wealth transfer
3. Industry-Leading Customer Support
Unlike most crypto platforms with chatbots and ticket systems, Unchained offers:
- Concierge Onboarding: Live video calls to set up multisig vaults
- U.S.-based support team: Real humans who understand Bitcoin
- Unchained Signature: Dedicated account managers for premium clients
- Same-day emergency response for high-value clients
User testimonials consistently praise their support: "Unchained were incredibly attentive and answered all my questions in a timely manner."
4. Open-Source Contributions
Unchained builds tools that elevate Bitcoin security standards for everyone:
- Caravan: Open-source multisig coordinator
- Hermit: Airgapped signing device software
- HODL Waves: Public data visualization tool
This commitment to open-source demonstrates alignment with Bitcoin's ethos beyond profit.
5. Institutional Trust
Unchained holds licenses across multiple entities:
- Unchained Capital, Inc. (NMLS ID: 1900773)
- Unchained Trading, LLC (NMLS ID: 2273761)
- B&C Lending LLC (NMLS ID: 2656661)
- Bitcoin Collateral Services LLC (NMLS ID: 2423070)
They work with regulated partners like Fortis Bank for IRA custody and maintain insurance coverage for client assets.
Understanding Collaborative Custody: The Unchained Model
Traditional custody has two extremes:
Full Self-Custody: You control 100% of keys
- ✅ Maximum sovereignty
- ❌ Risk of losing keys
- ❌ No support if something goes wrong
- ❌ Complex inheritance planning
Full Third-Party Custody: Exchange/custodian holds keys
- ✅ Easy to use
- ❌ Trust a third party
- ❌ Risk of exchange hacks, bankruptcy
- ❌ Not your keys, not your coins
Unchained's Collaborative Custody: 2-of-3 multisignature
- You hold two keys (stored in separate locations)
- Unchained holds one backup key
- Two signatures required to move Bitcoin
What this means:
- Unchained cannot move your Bitcoin alone (they only have 1 key)
- You can move Bitcoin without Unchained (you have 2 keys)
- If you lose one key, Unchained helps you recover (2-of-3 still works)
- If Unchained disappears, you still control your Bitcoin (you have 2 keys)
This eliminates single points of failure while maintaining support when needed.
Deep Dive: Unchained's Core Services
1. Multisig Vaults
Personal Vaults
- Free for the first year (previously free forever)
- $250/year starting year two (introduced 2024)
- No fees for deposits/withdrawals (except Bitcoin network fees)
- Supports Coldcard, Trezor, and Ledger hardware wallets
Business Vaults
- For LLCs, corporations, trusts, charities, solo 401(k)s
- Multiple user roles and approval workflows
- Flexible key replacement when team members change
- Custom pricing based on needs
Key Features:
- Cold storage (offline security)
- No custody risk (you control 2 of 3 keys)
- Key replacement service if hardware fails
- Integration with trading, loans, and inheritance
2. Bitcoin-Backed Loans
Borrow dollars using Bitcoin as collateral without selling:
Loan Terms (as of January 2026):
- Minimum loan: $10,000
- No maximum (loans over $100,000 available)
- Loan-to-Value (LTV): Typically 25-50%
- Interest rates: 6-15.65% APR depending on term
- Origination fees: 14-15%
- No prepayment penalties
Interest Rate Examples:
- 1-month loan: 6% APR, 14% origination fee
- 6-month loan: 15.65% APR, 14% origination fee
- 12-month loan: 15.65% APR, 15% origination fee
How It Works:
- Your Bitcoin stays in a multisig vault where you control 2 of 3 keys
- Unchained cannot rehypothecate or lend out your collateral
- If Bitcoin price drops, you can add more collateral to maintain LTV
- If you default, only your collateral is at risk—no personal liability
Fees:
- Late payment: $10 per late payment
- Forced liquidation: 2% selling fee
- Returned ACH: $15 per returned payment
Why this matters: Unlike BlockFi/Celsius which lent out customer Bitcoin and collapsed, Unchained's loans use your Bitcoin only as collateral in a vault you control.
3. Trading Desk
Buy and sell Bitcoin directly to/from your cold storage vault:
Fees (tiered):
- Up to $100K: 1.00%
- $100K - $1M: 0.75%
- $1M - $5M: 0.50%
- Over $5M: Custom pricing
Features:
- Instant execution with locked-in price
- Bitcoin settles directly to your vault (not an exchange)
- Minimum trade: $2,000
- No maximum (trades over $100K require pre-funding)
- No withdrawal fees
- Only available in U.S.
Comparison:
- Coinbase: ~0.5% + spread
- Kraken: 0.16-0.26% maker/taker
- Swan Bitcoin: 0.99% flat + 0.25% spread
- River: 1.25% under $1,000, tiered above
Unchained's fees are competitive for convenience of direct-to-vault settlement, though not the absolute cheapest for trading.
4. Bitcoin IRA
Tax-advantaged retirement account with key control:
Setup Costs:
- Concierge Onboarding: $895 (one-time, covers multiple vaults)
- Two hardware wallets: ~$150
- Total first year: $1,045
Ongoing Fees:
- Annual fee: $250 per vault (starting year two)
- Trading fees: Same as regular trading desk
- Fortis Bank fees: See IRA agreement (custodian fees)
Supported Account Types:
- Traditional IRA
- Roth IRA
- SEP IRA
- Inherited IRA
- 401(k) rollovers
Benefits:
- You control 2 of 3 keys (rare for IRAs)
- Tax-deferred or tax-free growth
- No forced selling at retirement
- Compatible with existing IRA transfers
Comparison to Competitors:
- iTrustCapital: $29.95/month ($360/year), you don't control keys
- Swan IRA: $240/year or 0.25% (min), you don't control keys
- Unchained IRA: $250/year, you control keys
The key difference: Most Bitcoin IRAs are fully custodial. Unchained gives you actual key control while maintaining IRA compliance through Fortis Bank partnership.
5. Inheritance Planning
Pass Bitcoin to heirs without technical knowledge required:
How it works:
- Create a succession plan with beneficiaries
- Store instructions in secure vault
- Upon death, Unchained guides heirs through recovery
- No court battles, no lost Bitcoin
Fees:
- Included with vault annual fee
- Beneficiary designations for personal vaults: Free
- Full Unchained Inheritance Protocol: Custom pricing
Why this matters: Bitcoin inheritance is a major unsolved problem. Without a plan, heirs may never access your Bitcoin. Unchained automates the handoff.
6. Unchained Signature (Premium Tier)
White-glove service for high-net-worth clients:
Includes:
- Dedicated account manager
- Same-day emergency response
- Personalized education sessions
- Reduced trading fees
- Priority event access
- Custom strategy planning
Who it's for:
- Individuals/families with significant Bitcoin holdings
- Those who want expert guidance at every step
- Clients who value premium support
Pricing: Contact Unchained for custom quote
Fee Breakdown: The Complete Picture
Unchained's fee structure has evolved over time. Here's the current state:
Vault Fees
| Service | Cost | Notes |
|---|---|---|
| Personal Vault (Year 1) | Free | Previously free forever |
| Personal Vault (Year 2+) | $250/year | Started charging in 2024 |
| Business Vault | Custom | Contact for pricing |
| Deposits/Withdrawals | Free | Only Bitcoin network fees |
| Collaborative Withdrawals | $20/signature | When Unchained must co-sign |
Controversy: Unchained previously offered free personal vaults indefinitely. In 2024, they introduced a $250/year fee starting in year two. Some long-time users felt this was a bait-and-switch, though $250/year is still less than most traditional financial services.
Trading Fees
| Volume | Fee |
|---|---|
| Up to $100K | 1.00% |
| $100K - $1M | 0.75% |
| $1M - $5M | 0.50% |
| $5M+ | Custom |
Loan Fees
| Type | Amount |
|---|---|
| Interest (1-month) | 6% APR |
| Interest (6-12 month) | 15.65% APR |
| Origination | 14-15% |
| Late Payment | $10 |
| Forced Liquidation | 2% |
IRA Fees
| Fee | Amount |
|---|---|
| Concierge Onboarding | $895 (one-time) |
| Hardware Wallets | ~$150 (one-time) |
| Annual Fee (per vault) | $250 (starting year 2) |
| Fortis Bank Fees | See IRA agreement |
Other Fees
- Premium Support: $250 per issue (or $2,000/year subscription)
- Trading cancellation default: $200 minimum + losses
Comparison: Unchained vs. Competitors
Unchained vs. Casa
| Feature | Unchained | Casa |
|---|---|---|
| Keys You Control | 2 of 3 | 2 of 3 or 3 of 5 |
| Annual Fee | $250 | $120-$25,000 (tiered) |
| First Year | Free | Varies by plan |
| Additional Services | Loans, IRA, Trading | Health checks, mobile key |
| Support | Concierge + U.S. team | Email, limited phone |
| Best For | Full financial services | Pure custody focus |
Verdict: Casa is cheaper for basic custody ($120/year vs $250/year), but Unchained offers a complete financial ecosystem. If you only need vaults, Casa may be better. If you want loans, trading, IRAs, Unchained wins.
Unchained vs. Ledn
| Feature | Unchained | Ledn |
|---|---|---|
| Custody Model | Collaborative (2-of-3) | Full custodial or collateral custody |
| Loan Minimum | $10,000 | $500 |
| Setup Fees | $0 (vaults free first year) | $0 |
| IRA Available | Yes ($895 setup) | No |
| Global Availability | U.S. only (except NY, NJ, SD, NC) | 120+ countries |
| Interest Rates | 6-15.65% | Competitive |
| Best For | U.S. holders wanting key control | International users, smaller loans |
Verdict: Ledn is more accessible (lower minimums, global), but you don't control keys. Unchained gives you sovereignty at the cost of higher minimums and U.S.-only availability.
Unchained vs. Swan Bitcoin
| Feature | Unchained | Swan |
|---|---|---|
| Primary Focus | Custody + Financial Services | Dollar-cost averaging + Education |
| Trading Fees | 1.00% (tiered down) | 0.99% + 0.25% spread |
| Vault Type | 2-of-3 multisig (you control 2) | Encourages self-custody, no vault service |
| IRA Fee | $250/year | $240/year or 0.25% |
| IRA Key Control | Yes (you control 2 of 3) | No (fully custodial) |
| Auto-DCA | No | Yes (core feature) |
| Best For | Long-term holders, vault users | Regular buyers, education seekers |
Verdict: Swan is better for accumulating Bitcoin via auto-DCA. Unchained is better for securing and leveraging large holdings. They serve different use cases.
Unchained vs. DIY Multisig (Sparrow, Electrum, Caravan)
| Feature | Unchained | DIY Multisig |
|---|---|---|
| Cost | $250/year | Free |
| Complexity | Low (concierge onboarding) | High (technical knowledge required) |
| Support | Professional U.S. team | Community forums |
| Emergency Recovery | Yes (they hold 1 key) | No (you're on your own) |
| Inheritance | Guided process | Manual, complex for heirs |
| Additional Services | Loans, trading, IRA | None |
Verdict: DIY is free and maximally sovereign, but requires technical skill and has no safety net. Unchained costs $250/year but provides support, recovery options, and financial services. For most people, especially families planning inheritance, the $250/year is worth it.
Real User Experiences: The Good, The Bad, The Ugly
The Good
Security That Works: "With an Unchained vault, there is no single point of failure, even if one of your keys is lost or compromised." - Verified user
Survived the Bear Market: Unlike BlockFi/Celsius customers who lost everything, Unchained users maintained control of their Bitcoin throughout 2022's collapse.
Excellent Support: "Unchained were incredibly attentive and answered all my questions in a timely manner.", Multiple testimonials
Concierge Onboarding Success: Users consistently praise the live video call setup process, especially for non-technical holders.
The Not-So-Good
Fee Increase Controversy: In 2024, Unchained started charging $250/year for personal vaults that were previously free forever. Some users felt blindsided:
"Yea way too much to pay for the rest of your life, for most people. I feel like they did some people dirty by offering it free and then started charging." - Stacker News user
Reality Check: While the fee increase frustrated early adopters, $250/year is still less than traditional financial services (ETFs charge ~0.25% annually, which is $250 on $100K). The backlash highlights the challenge of monetizing Bitcoin services.
Premium Support Costs: $250 per support issue or $2,000/year subscription feels excessive to some users, though it's optional.
Limited Availability: Not available in NY, NJ, SD, NC. International users are excluded entirely.
Email Breach (2022): In March 2022, Unchained's email provider ActiveCampaign was compromised, exposing some client emails and usernames. No Bitcoin was lost, but it highlighted dependency on third-party vendors.
The Ugly (But Rare)
No major scandals or customer fund losses to report. The worst complaints are about fees and limited geographic availability.
Is Unchained Capital Worth It?
Yes, if you:
- Hold significant Bitcoin long-term ($50K+)
- Want security beyond single-signature wallets
- Need liquidity without selling (loans)
- Are planning Bitcoin inheritance
- Want a Bitcoin IRA with key control
- Value professional support over DIY
- Are willing to pay $250/year for peace of mind
No, if you:
- Hold less than $10K in Bitcoin (fees are proportionally high)
- Are comfortable with full DIY self-custody
- Live outside the U.S. or in NY, NJ, SD, NC
- Want the absolute cheapest option
- Prefer altcoins (Unchained is Bitcoin-only)
- Need frequent transactions (cold storage is slow)
The Bottom Line: Unchained Capital is the closest thing Bitcoin has to a traditional financial institution that respects your sovereignty. They're not perfect (fees have increased, availability is limited), but their survival through 2022's crypto collapse while competitors failed speaks volumes.
For long-term Bitcoin holders who want enhanced security, financial services, and professional support without giving up key control, Unchained is the gold standard.
How to Get Started
- Visit unchained.com and create an account
- Complete KYC verification (required for compliance)
- Choose your service:
- Vaults: Free first year, then $250/year
- Loans: $10K minimum
- IRA: $895 setup + $250/year
- Trading: 1% fee, $2K minimum
- Opt for Concierge Onboarding if you're new to multisig ($895, includes two hardware wallets)
- Set up your vault with guidance from Unchained team
Pro Tip: Start with a free vault (first year) to test the platform before committing to loans or IRAs.
Final Thoughts
In a world where "not your keys, not your coins" has been proven true repeatedly, Unchained Capital offers a rare middle ground: collaborative custody that gives you control while providing the support and services of a financial institution.
For serious Bitcoin holders who value both sovereignty and support, Unchained Capital remains the industry leader in collaborative custody.
Disclaimer: This review is based on publicly available information and user testimonials. Always do your own research before committing funds. Bitcoin services involve risk, including potential loss of funds. Unchained Capital is not a bank and is not FDIC insured.
