Anchorage Digital supplies institutional trading through entities separate from its custody bank. Its developer documentation gives unusually specific operational detail: trading must be activated, API authorities are granular, RFQs usually last about three seconds, and a custody balance is not automatically a prefunded trading balance.[1][5][4]
RFQ, direct orders and institutional accounts
Sections ↑Reference table01
Execution methods
| Item | Published treatment | Practical scope |
|---|---|---|
| RFQ | Request price for pair, side and amount | Accept before the quote expires |
| REST order | Limit fill-or-kill for the documented separate-ledger route | No trade if immediate conditions fail |
| WebSocket | Market and limit orders plus execution reports | Authenticated bidirectional session |
| Separate ledgers / RIA | Dedicated integration scope | Not assumed available to every account |
Reference table02
RFQ lifecycle
| Item | Published treatment | Practical scope |
|---|---|---|
| Request | BUY, SELL or TWOWAY | TWOWAY exchanges one asset for another |
| Quote response | Quote ID and validity window | Usually around 3 seconds |
| Accept | Quote ID, side, account and matching idempotentId if used | Must be within validity |
| History | Provider does not retain offered-quote history | Client should preserve quote/accept records |
Reference table03
Duplicate-request protection
| Item | Published treatment | Practical scope |
|---|---|---|
| Request identifier | Optional idempotentId strongly encouraged | Identifies one intended transaction |
| Acceptance | Must repeat that ID when supplied in RFQ | Mismatch cannot accept the quote |
| Retry with prior ID | Returns trade information for prior trade | Avoid accidental duplicate execution |
Commission and slippage are different quantities
Sections ↑Reference table04
RFQ cost and execution parameters
| Item | Published treatment | Practical scope |
|---|---|---|
| Commission | Included in quoted price | Negotiated trading basis points |
| Allowed slippage | 0 to 0.002 | Maximum 20 basis points |
| 0.001 example | 10 basis points | Parameter value, not a commission rate |
| Beyond allowed bound | Rejected | No assumed execution at any price |
Reference table05
Trade confirmation timing
| Item | Published treatment | Practical scope |
|---|---|---|
| Quote acceptance | Immediate trade execution described | Summary available first |
| Final price/fee details | Can arrive after a short delay | OMS synchronises venue updates |
| Reconciliation | Use completed trade information | Do not treat initial response as the final fee statement |
Prefunded and credit-limit configurations
Sections ↑Reference table06
Trading account funding modes
| Item | Published treatment | Practical scope |
|---|---|---|
| Prefunded | Assets sent to trading desk | Custody account assets do not automatically count |
| Credit limit | Assigned USD exposure ceiling | Eligible account can trade without prefunding |
| Sandbox | Team can allocate test USD | Test funds and asset pairs are not production balances |
Reference table07
Prefunded balance after execution
| Item | Published treatment | Practical scope |
|---|---|---|
| Sell-side asset | Deducted immediately | Buying BTC removes the relevant USD |
| Buy-side asset | Shown in Settlement tab pending settlement | Not yet reusable prefunded balance |
| Settled asset | Moves into prefunded balance | Available after settlement |
| Only USD funded | Cannot sell an unfunded token | First acquire or prefund that token |
Reference table08
Credit utilisation
| Item | Published treatment | Practical scope |
|---|---|---|
| Opening trade | Uses exposure limit | Applies regardless of initial side |
| Same-direction follow-on | Can increase usage | Credit capacity is finite |
| Opposite-direction follow-on | Can reduce or reverse exposure | Do not simply sum gross order notionals |
| Settlement | Settled trade no longer counts | Execution and credit release are separate stages |
Bank functions and API settlement authority
Sections ↑Reference table09
US entity/function allocation
| Item | Published treatment | Practical scope |
|---|---|---|
| Anchorage Hold LLC | Digital-asset trading | Separate from custody bank |
| Anchorage Digital NY, LLC | New York agency trading | Company cites BitLicense 0000041 |
| A1 Ltd. | Principal trading business | Allocated agreement required |
| Anchorage Digital Bank N.A. | Custody, settlement, staking, governance | Bank scope does not make all group trading bank-provided |
Reference table10
API permissions
| Item | Published treatment | Practical scope |
|---|---|---|
| Execute Trades | Global trading authority | Can create financial commitments |
| Read Trades default | Only trades made by that key | Organisation-wide read requires different scope |
| Propose / Authorise Settlements | Vault-level permissions | Separate from executing a trade |
| Activation | Anchorage team enables trading | An API key alone does not activate the account |
Institutional client and asset scope
Sections ↑Reference table11
Availability boundaries
| Item | Published treatment | Practical scope |
|---|---|---|
| Clients | Institutions and certain high-net-worth persons | Some services require eligible-counterparty status |
| Jurisdiction | Legal page limits marketing outside US/Singapore | Entity and service eligibility still apply |
| Custody assets | Different from tradable assets | A custody listing is not proof of a trading pair |
| Sandbox pairs | Can differ from production | Use production supported-pairs endpoint |
Trading activation and legal complaints
Sections ↑Reference table12
Published contact scopes
| Item | Published treatment | Practical scope |
|---|---|---|
| Account representative | Trading activation and configuration | Required before API trading |
| Legal documents | [email protected] | Terms/disclosures questions |
| New York complaint | [email protected] | Specific NY agency relationship |
| Published phone | +1(415)941-6300 | Company contact, not guaranteed 24/7 dealer line |
Bank, trading and Singapore permissions
Sections ↑The legal page allocates custody and settlement to the US national trust bank, New York agency trading to the BitLicense entity and Singapore custody services to the local licensed entity. These are company legal disclosures with distinct scopes. Digital assets are not protected by FDIC, SIPC or Singapore deposit insurance merely because a bank or payment licensee participates.[1]
Reference table13
Cash and digital-asset protection boundaries
| Item | Published treatment | Practical scope |
|---|---|---|
| US fiat custody | Legal page describes insured bank subcustodians | Eligibility and bank limits apply |
| Singapore fiat | Segregated trust-bank arrangement described | Not a promise of full recovery |
| Digital assets | No FDIC/SIPC/SDIC guarantee | Custody status does not remove token or operational risk |
Trade execution and custody settlement remain separate
Sections ↑Anchorage Digital is the brand for Anchor Labs subsidiaries. Its documented workflow makes the distinction operational as well as legal: a completed trade can still await settlement, a custody balance can remain unavailable to the trading desk, and one API permission need not authorise the other action.[1][5]
- Operator
- Anchorage Hold LLC / Anchorage Digital NY, LLC / A1 Ltd.
- Exchange model
- Centralised
- Service scope
- Anchorage’s institutional trading service separates trade execution from bank custody and settlement. RFQ expiry, idempotency, account funding mode and API permissions control the trading workflow.
- Client types
- Professional clients; Institutional clients
- Pricing publication
- Public and quoted pricing
- Other names
- Anchorage Digital; Anchorage Hold; Anchorage Digital Agency Trading
- Headquarters
- United States (Anchorage group)
- Covered jurisdictions
- United States; Singapore
- Pricing scope
- RFQ commission is included in the quote; documented allowedSlippage 0–0.002 is an execution tolerance of up to 20 bps, not the fee.
- Funding scope
- Prefunded assets must reach trading desk; custody balances are separate. Approved credit accounts use a USD exposure limit released on settlement.
- Custody and asset handling
- Custody, settlement, staking and governance are assigned to Anchorage Digital Bank National Association in U.S. disclosures; trading is with separate Anchorage Hold LLC or allocated NY/other principal entities. Digital assets have no FDIC/SIPC guarantee.
- Client eligibility
- Institutions and certain high-net-worth persons in limited circumstances. Anchorage disclosures restrict marketing outside the United States and Singapore and identify ECP eligibility for certain services; specific entity and jurisdiction govern access.
- Support
- Institutional account representative for activation; [email protected] for disclosures; [email protected] for NY agency complaints; published phone+1(415)941-6300.
- Authorisation and registration scope
- Company legal disclosures allocate national-bank custody, separate trading entities, NY BitLicense 0000041 and Singapore payment scope. Digital assets lack FDIC/SIPC/SDIC protection.
Exchange metadata checked 26 Oct 2026Source 1Source 2Source 3Source 4Source 5
Covered contracting entities
Anchorage Hold LLC
- Jurisdiction
- United States
- Covered services
- Digital asset trading services under Anchorage Digital brand outside its separately allocated NY and other entity routes.
- Client and location scope
- Approved institutional relationships, applicable U.S. scope and products.
Anchorage Digital NY, LLC
- Jurisdiction
- New York, United States
- Covered services
- Agency crypto trading services in New York; company names BitLicense #0000041.
- Client and location scope
- Authorised New York institutional customers under approved account and product.
A1 Ltd.
- Jurisdiction
- Not verified
- Covered services
- Principal trading business within group, not a blanket trading entity for all customers.
- Client and location scope
- Allocated professional/institutional contractual arrangements.
Anchorage Digital Bank National Association
- Jurisdiction
- United States
- Covered services
- Custody, settlement, staking, governance and USD bank services; separate from trade execution.
- Client and location scope
- Eligible institutions under U.S. bank agreement.
Sources & further reading
- Anchorage Digital legal operators and jurisdiction statement Anchorage Digital · Accessed 26 Oct 2026
- October 2026 terms and trading/custody disclosure index Anchorage Digital · Accessed 26 Oct 2026
- Anchorage Digital risk disclosures Anchorage Digital · Accessed 26 Oct 2026
- Anchorage RFQ and order API descriptions Anchorage Developer Docs · Accessed 26 Oct 2026
- Anchorage agency trading API onboarding and lifecycle Anchorage Developer Docs · Accessed 26 Oct 2026
This profile reports dated public information, including exchange-published services and terms. It does not independently test or guarantee trading, custody, pricing or withdrawals. Inclusion is not an endorsement. Permissions and protections apply only to the named legal entity, service and client category; check the current official records and your contract.