#114 of 115 in the US ranking · Institutional

Cumberland Review (October 2026): Fees, US States and Licenses

Best for: Institutional OTC liquidity

3.4/10

US access 20%2.0
Regulation 20%2.0
Security record 15%6.0
Cost 15%5.0
Range 10%4.6
Popularity 15%1.0
Data quality 5%7.0

By Vahe Hakobyan Verified October 5, 2026 Medium confidence No affiliate links

Taker fee— Not verified
US states— Not verified
New YorkYes
Coins— Not verified
Custody— Not verified
App Store— Not verified

Our verdict

Cumberland is the crypto trading arm of DRW, operating as Cumberland DRW LLC. It quotes OTC spot liquidity in dozens of cryptocurrencies and trades listed futures and options, bilateral options and non-deliverable forwards with institutional counterparties. Cumberland New York LLC has held a NYDFS virtual currency license since June 2024. It has no retail accounts and publishes no fees or minimums.

Pros

NYDFS virtual currency license since June 2024
Spot, options, futures and forwards from one desk
Backed by trading firm DRW

Cons

Institutional counterparties only
Minimum trade sizes and pricing are not published

Cumberland fees

Maker / taker: — Not verified
Simple buy: — Not verified
ACH deposit: — Not verified
Wire deposit: — Not verified
Card purchase: — Not verified
USD withdrawal: — Not verified
Crypto withdrawal: — Not verified
Minimum deposit: — Not verified

Is Cumberland available in my state?

As of Oct 2026 Cumberland provides principal crypto liquidity to institutional counterparties; no retail accounts are offered.

The list of states this platform serves is not verified yet.

New York: Yes
ID check (KYC): — Not verified
Withdraw crypto: — Not verified
Funding: — Not verified

Is Cumberland regulated?

BitLicense

US operator: Cumberland DRW LLC
Parent company: DRW
State licenses: — Not verified
New York license: BitLicense
Other: Cumberland New York LLC listed by NYDFS with a virtual currency license (2024-06)
Founded: — Not verified
Headquarters: — Not verified

How secure is Cumberland?

Proof of reserves: — Not verified
Audits: — Not verified
Insurance: — Not verified

Incidents since 2019

None found in the sources checked.

Crypto held on a platform is not covered by FDIC or SIPC insurance.

What you can do on Cumberland

Spot
Futures
Options
OTC desk

OTC spot liquidity, listed futures and options, bilateral crypto options and non-deliverable forwards for institutional counterparties.

Apps: —
Support: — Not verified

Cumberland FAQ

Can New York residents use Cumberland?

Yes. Cumberland accepts New York residents.

Is Cumberland regulated in the US?

US customers are served by Cumberland DRW LLC. Registrations and licenses on record: BitLicense.

Alternatives to Cumberland

Not financial advice. Crypto prices are volatile and you can lose everything you put in. World-Crypt earns nothing from the platforms reviewed here.