Unchained Review: Fees, Features & Setup Guide
Quick verdict
Best for: Savers with significant wealth who want the security of multisig but want a partner to help with setup, recovery, and inheritance.
Consider if: You worry about losing your seed phrases or want to enable your heirs to inherit bitcoin without mastering technical custody themselves.
Not ideal when: You require absolute privacy (no KYC) or want to hold small amounts where the setup effort and fees outweigh the benefits.
Set up your Unchained vault
Set up your Unchained vault
1. Create account & verify identity
- Sign up on the Unchained website and complete the identity verification (KYC) process.
- Set up 2FA and security questions to protect your login access.
- Choose between the Standard Vault (DIY) or Concierge Onboarding (guided).
Gotcha: Unchained is a regulated US financial institution, so you cannot use the service anonymously.
2. Upload your keys
- Connect your hardware wallets (Trezor, Coldcard, or Ledger) to your computer.
- Export the extended public key (xpub) from each device to the Unchained dashboard.
- Name each key clearly (e.g., 'Trezor Safe 3 - Home', 'Coldcard - Office') so you know which device is which.
Gotcha: You are only sharing public keys. Your private keys never leave your hardware devices.
3. Build the vault
- Confirm the 2-of-3 configuration: Key A (yours) + Key B (yours) + Key C (Unchained).
- Download the vault configuration file (backup info) and store it separately from your devices.
- Generate a receive address and deposit a small amount to test the setup.
Gotcha: Always perform a test withdrawal with your two keys before depositing your full stack.
Quick answers
Do I need two different hardware wallet brands?
It is recommended but not required. Using different brands (e.g., Trezor and Coldcard) protects you if a bug is found in one manufacturer's software.
Can Unchained move my money?
No. Unchained holds only one key. Moving funds requires two keys, so they cannot transact without your signature.
What is the Concierge Onboarding fee?
Concierge Onboarding is a paid service (typically one-time fee) where an expert guides you through every step on a video call. Standard DIY setup is free.
Key features
Collaborative custody & services
The 2-of-3 Model
- Who holds keys: You (Key 1) · You (Key 2) · Unchained (Key 3)
- 2 keys required: You can sign with your two keys to move funds anytime.
- Unchained's role: They hold the 3rd key to help you recover if you lose one of yours.
Failure protection
- Lose 1 key: Use your remaining key + Unchained's key to move funds to a new setup.
- Lose Unchained: Use your two keys + external recovery tool (Caravan) to move funds.
- Lose 2 keys: Funds are lost. You must protect your two keys/seeds.
Unchained IRA
You can hold real bitcoin keys in a tax-advantaged IRA. Unlike ETF products where you own an IOU, Unchained IRAs let you hold 2-of-3 keys for the bitcoin in your retirement account.
Dollar-cost averaging (DCA)
You can set up recurring buys that deposit directly into your multisig vault. That removes the step of manually withdrawing from an exchange every week.
If this happens, can I still move my Bitcoin?
If this happens, can I still move my Bitcoin?
Lose one device
WorksIn a 2-of-3 setup, you only need two keys to move funds. If you lose one of your hardware wallets, you still have one working key, and Unchained holds the third key.
Show steps
- Contact Unchained support to request a co-signing session.
- Use your remaining hardware wallet to sign the transaction.
- Unchained uses their key to provide the second signature.
- Move funds to a new vault with new keys.
Gotcha: This requires verifying your identity with Unchained so they know it's really you asking.
Unchained disappears
WorksYou hold two keys, which is a quorum. If Unchained's website goes offline or the company closes, you can use open-source tools to spend your bitcoin without them.
Show steps
- Download Caravan (Unchained's open-source coordinator) or use Sparrow Wallet.
- Load your vault configuration file (saved during setup).
- Connect your two hardware wallets and sign the transaction.
- Broadcast the transaction to the bitcoin network.
Gotcha: You must save your vault configuration file (JSON) externally; without it, rebuilding the vault logic is difficult.
I pass away
WorksUnchained's Inheritance Protocol establishes a plan before you die. Your beneficiary gets their own key or identity verification path, and Unchained provides the second signature.
Show steps
- Set up the Inheritance Protocol plan and designate beneficiaries.
- Beneficiaries contact Unchained with proof of death.
- After a security hold, Unchained helps them recover funds using the pre-arranged keys.
- Funds move to the beneficiary's control.
Gotcha: This is a paid add-on service, but it prevents your coins from being lost if your heirs can't find your seeds.
Lose two devices
Not workingA 2-of-3 multisig vault requires two keys to move funds. If you lose access to both of your hardware wallets (and their seed phrase backups), Unchained's single key is not enough to move the money.
Show steps
- There is no recovery path.
- Unchained cannot access the funds alone.
- The bitcoin remains on the address forever, unspendable.
Gotcha: Collaborative custody protects against single-key loss, not total negligence. Backup your seed phrases.
Inheritance: pass it on safely
Inheritance: pass it on safely
1. Create the plan
ActionStandard wills don't work for private keys. If you don't plan, your heirs might find the device but not the PIN, or throw it away entirely.
- Sign up for Unchained Inheritance Protocol
- Designate beneficiaries and verification rules
- Unchained helps you structure the key handoff
2. The recovery process
ProcessYou'll need: Proof of death · Beneficiary ID
- Beneficiary notifies Unchained support
- Unchained verifies death certificate and identity
- Unchained provides the 2nd signature to move funds
Depends on the security layers you choose during setup.
3. If plans break
EmergencyBeneficiary needs your 2 keys + vault file to recover externally; plan for this.
Unchained cannot initiate contact; you must tell them where to look.
Compatibility: what works with Unchained
Compatibility: what works with Unchained
Supported hardware
Verified- TrezorModel One, Model T, Safe 3, Safe 5
- ColdcardMk3, Mk4, Q1
- LedgerNano S/X/S Plus, Flex, Stax
- BitBox02Multi edition only (check support)
Platform access
- Web Dashboard
- Mobile App
Bitcoin standards & keys
| Standard | Support | Notes |
|---|---|---|
| BIP39 | Yes |
Standard seed phrases used by supported hardware |
| BIP32 | Yes |
HD wallets supported |
| PSBT | Yes |
Partially Signed Bitcoin Transactions for air-gapped signing |
| Multisig | Yes |
Standard P2WSH (Native Segwit) multisig |
Show advanced
- Descriptors
- Yes — Caravan uses standard descriptors
- PSBT
- Yes — Full support for SD card / QR signing
Costs & ongoing obligations
Costs & ongoing obligations
Unchained charges for value-added services like Concierge Onboarding and IRAs, while the standard vault software is often free to use if you bring your own devices.
What you pay once
-
Hardware wallets $60-$200 eachYou need two devices (e.g., Trezor, Coldcard)
-
Concierge Onboarding $250+Optional: Includes 1-on-1 video setup and training
What you pay ongoing
-
Standard Vault $0/yrBasic multisig custody software
-
Unchained IRA $250/yrIf you open a retirement account
-
Inheritance Protocol $250/yrIf you add inheritance protection
Privacy & jurisdiction
Privacy & jurisdiction
What Unchained collects & where it lives
Regulated US entity
Unchained is a financial institution, which means they must collect full KYC info. They also know your vault balances because you share your public keys with their platform.
You must provide ID, SSN, and address to open an account. Unchained stores your extended public keys (xpubs), which allows them to see your entire transaction history and balance, though they cannot spend funds.
- Personal Data: Full Name · Address · SSN · ID Scan
- Financial Data: Public keys (xpubs) · Vault Balance · Transaction History
- Control: They cannot spend your funds (they only hold 1 key)
Can I use Unchained anonymously?
No. Unchained complies with US banking regulations (BSA/AML). If privacy is your primary goal, a DIY multisig setup with Sparrow Wallet or Specter is a better fit, though it lacks the recovery support Unchained provides.
Jurisdiction: US Law
US-based
Unchained operates under US law. This provides legal protections but also means they must comply with court orders or government requests for data.
Your funds are protected by the 2-of-3 key structure, so the government cannot compel Unchained to seize your funds (Unchained can't sign alone). However, Unchained can be compelled to freeze their key or hand over your personal data.
- Entity: Unchained Capital, Inc. (US)
- Seizure risk: Low (Unchained cannot move funds alone)
- Data risk: Unchained must comply with subpoenas for user data
What if the government orders a freeze?
If Unchained is ordered to freeze your account, they can refuse to sign with their key. However, because you hold two keys, you can simply bypass them and move your funds using Caravan or another wallet tool. This is the power of collaborative custody.
Quick answers
Can Unchained see my balance?
Yes. To provide the dashboard interface, Unchained needs your public keys, which reveals your balance and history.
Does Unchained sell my data?
Unchained states they do not sell client data. They use it for providing their services and compliance.
Key terms
- Collaborative Custody
- A security model where control is shared between the user and a partner, ensuring no single party has total control.
- Quorum
- The number of keys required to sign a transaction. In Unchained's case, the quorum is 2-of-3.
- Caravan
- Unchained's open-source multisig coordinator tool that allows you to recover funds without their website.
Release & Trust
Release & Trust
SOC 2 Type 1 Compliant
Security practices
On-chain verification
Verify ownership
Caravan open source code
GitHub Repo
Client agreements
Legal docsProfile
Profile
Unchained is a Bitcoin financial services company focused on helping individuals and businesses secure their Bitcoin through collaborative custody. Their main product is a multisig vault that uses a 2...
Unchained is a Bitcoin financial services company focused on helping individuals and businesses secure their Bitcoin through collaborative custody. Their main product is a multisig vault that uses a 2-of-3 key setup, where the user holds two keys and Unchained holds the third. This setup allows users to maintain full control over their Bitcoin while enabling Unchained to assist in recovery if needed, without ever having unilateral access to the funds.
FAQs
How does Unchained's 2-of-3 collaborative custody work?
You hold two private keys on separate hardware wallets, and Unchained holds a third backup key. Moving funds requires two signatures, which means you maintain full control (using your two keys) while Unchained can help you recover funds (using their key plus one of yours) if you lose a device.
What happens if Unchained goes out of business?
Since you hold two of the three keys, you can always move your bitcoin without Unchained's permission or participation. You can use their open-source tool, Caravan, or other multisig wallets like Sparrow to recover your funds using your own keys and backup file.
Does Unchained require KYC documents?
Yes. Because Unchained is a regulated US financial institution that offers trading, IRAs, and loans, you must provide identity verification (drivers license, SSN) to open an account, even for the basic vault service.
Can I use my existing hardware wallets with Unchained?
Yes. Unchained supports most major devices including Trezor, Coldcard, and Ledger. You don't need to buy special hardware; you just export the public keys from your existing devices to build the vault.
How does the Unchained Inheritance Protocol work?
You designate a beneficiary and customized plan today. If you pass away, Unchained guides your beneficiary through a secure verification process and uses their backup key to co-sign a transaction, transferring the funds to them without requiring you to share your private keys while you are alive.
