Anchorage vs Cash App

Anchorage (dedicated custody) and Cash App (exchange and brokerage) serve different corners of the Bitcoin ecosystem, but the question that matters most is the same: who controls the keys? Both platforms earned a B- rating in our scoring methodology, landing at 69/100. The tie breaks down in the category details.

Where Each Platform Wins

Custody and security — the most heavily weighted category in our methodology at 35% — tilts 15 points toward Anchorage (75 vs. 60). Both platforms carry single-point-of-failure risk, but Anchorage mitigates it more effectively through its Crypto-Native Bank approach. On fees, Cash App wins by 5 points. Cash App charges ~1.5% - 2.2% compared to Custom at Anchorage. Over a multi-year holding period, fee differences compound — a point worth considering for long-term accumulators. Cash App stands out on ease of use (90 vs. 60), reflecting Cash App's user experience and onboarding flow.

The Custody Question

Neither Anchorage nor Cash App has fully eliminated single-point-of-failure risk. Anchorage uses Crypto-Native Bank and Cash App uses Single Custodian. Both models leave your bitcoin exposed to custodial concentration risk — if that one entity fails, your bitcoin could be locked, seized, or lost. For long-term holders, this is the most important factor to weigh.

Bottom Line

These two platforms score identically at 69/100. Your choice comes down to what you prioritize. Anchorage excels at occ-chartered crypto bank. staking, trading, settlement. soc 1 & 2., while Cash App is known for easiest onboarding. auto-invest feature. lightning withdrawals.. Review the category breakdowns above and consider which trade-offs matter most for how you plan to hold bitcoin.