- iOS and Android app
- Industry leading security
- 20+ crypto options
- Earn free Bitcoin
- Monthly custody fees
- U.S. investors only
Choice IRA provides a rare tax-advantaged crypto IRA storage opportunity of holding your keys for over 20 cryptocurrencies, including Bitcoin.
You can open various IRAs or a 401(k) with generous contribution limits to boost your savings.
I cover the investment options, fees, and more in this review.
The Verdict for Choice IRA
I’ve given them a rating of 8.9 out of 10.
| Criteria | Rating (out of 10) |
|---|---|
| Cryptocurrencies Supported | 9 |
| Pricing & Fees | 8.5 |
| Storage & Security | 9.5 |
| Account Setup & Maintenance | 9 |
| Resources & Tools | 8.5 |
| Reputation & Reviews | 9 |
| Customer Service & Support | 9 |
| Overall Rating | 8.9 |
In this review of Coin IRA, I’ve followed BIC’s detailed criteria for evaluating the Bitcoin IRA app.
About Choice
Choice App offers self-directed IRAs (SDIRAs) specifically for holding cryptocurrency with access to your private keys while keeping your tax advantages.
In comparison, most crypto IRAs only offer third-party custody storage without direct key access.
For simplicity, you can also opt for custody cold storage, which requires less effort to secure your assets.
Additionally, the IRA custodian verifies that your assets are tax-compliant.
In addition to private key access, additional platform perks include:
- Invest in multiple asset types: You can invest in stocks and other alternative investments in your Choice crypto IRA.
- Multiple tax-advantaged accounts: Pinpoint your tax benefits and contribution potential with a traditional IRA, Roth IRA, SEP IRA, SIMPLE IRA, or individual 401(k).
- Earn free Bitcoin: Playing the Blinko mobile game lets you earn a few satoshis each day with minimal effort.
This provider, which has its corporate headquarters in Murray, Kentucky, was founded as Kingdom Trust in 2009 and rebranded to its current name in 2020 after acquiring Choice Holdings.
Ryan Radloff, the current CEO, has extensive experience with crypto retirement accounts.
Cryptocurrencies Supported
You’re able to invest in just over 20 cryptocurrencies:
- Aave (AAVE)
- Basic Attention Token (BAT)
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Cardano (ADA)
- Chainlink (LINK)
- Cosmos (ATOM)
- Dash (DASH)
- Dogecoin (DOGE)
- EOS (EOS)
- Ethereum (ETH)
- Icon (ICX)
- Litecoin (LTC)
- Maker (MKR)
- Monero (XMR)
- Neo (NEO)
- Polkadot (DOT)
- Solana (SOL)
- Stellar (XLM)
- Tezos (XTZ)
- Uniswap (UNI)
- Yearn.Finance (YFI)
- ZCash (ZEC)
Overall, I find the investment choices satisfactory, but several altcoins with the largest market caps are still missing.
Active traders may prefer several other best crypto IRA companies offering from 80 to 200 IRA-eligible crypto tokens.
Choice also lets you invest in other alternative assets, traditional stocks, and funds within the same portfolio.
Most crypto IRA providers don’t offer this much latitude in building an all-in-one retirement account.
Pricing & Fees
Choice IRA doesn’t require a minimum investment, although you will pay monthly storage and trading fees whenever you buy or sell.
In my opinion, these fees are expensive if you’re only starting with a small amount.
Storage Fees
There are two different pricing plans based on third-party custody storage or self-storage.
| Pricing | Cold Storage | Hold Your Own Keys |
|---|---|---|
| Setup Fees | $0 | $625 |
| Ongoing Fees | 1% annual custody fee ($20/month minimum) | $13.33 per month |
| Account Minimum | $0 | $0 |
The annual custody fee of 1%, invoiced monthly at 0.0833%, is pricier than many competitors, who generally only impose a trading fee.
Additionally, Choice applies a trading fee on top of its custody fees.
Disappointingly, several customer reviews mention investors not realizing a $20 minimum monthly custody fee applies to small balances with the cold storage plan.
For reference, this is the default storage method for all crypto IRA providers.
The “Hold Your Own Keys” option is intriguing if you want to start a cryptocurrency trust account.
However, it’s your responsibility to ensure your crypto purchases are tax-compliant while achieving private key access.
Thankfully, you can always request to switch plans later down the road.
Trading Fees
Regardless of your storage plan, your trading fees depend on the order size.
The fee applies to all purchase and selling transactions.
| Order Amount | Fee |
|---|---|
| $50 or less | $0.99 |
| $50 to $99.99 | $1.49 |
| $100 to $249,499.99 | 1.49% |
| $250,000 to $499,999.99 | 1.25% |
| $500,000 | 1.00% |
These fees are reasonable, but can be pricey for small orders when other platforms charge a flat 1% fee, regardless of the trade size.
Find a crypto IRA company to help you take control over your retirement savings.
Storage & Security
The most compelling reason to consider investing through Choice IRA is the choice of two different storage options:
- Cold Storage: The industry standard, your tokens stay in a multi-signature wallet with institutional-grade custody partners offline in cold storage. You can’t directly view your crypto keys, but you’re also not responsible for self-storage.
- Hold Your Own Keys: Keep your cryptocurrency keys in a private wallet of your choice with an IRA-owned trust you designate. This is an uncommon IRA type due to the self-storage responsibilities and the need to keep these assets separate from your taxable crypto.
Choice uses Digital Trust as its IRA custodian to verify your retirement account remains tax-advantaged.
It completes the necessary tax compliance paperwork and monitors your account balances.
I wish that the crypto IRA provider discussed its cryptocurrency insurance benefits, such as digital crime insurance.
Currently, the public disclosures only mention that your plan custodian deposits your uninvested cash with FDIC partner banks.
Account Setup & Maintenance
You’re able to open a Choice Bitcoin IRA account through several easy-to-follow steps and quick funding speeds:
- Create your account: Start the application process online or by using the Android or iOS mobile app. Have your Social Security number and valid ID ready to verify your personal details.
- Choose IRA type: To optimize your tax benefits, decide whether you want a traditional, Roth, or both IRAs. You may also qualify for an individual 401(k).
- Select storage plan: You’re also able to choose between cold storage and holding your own key. Each plan has different pricing and you can request to change storage methods anytime as your preferences and investing goals change.
- Fund your account: An onboarding specialist can assist with IRA and 401(k) rollovers. The platform also uses Plaid to connect to your banking accounts for new money deposits without storing your sensitive information.
- Start trading: You can start buying Bitcoin and the 20+ altcoins once your funds settle within a few days or weeks, depending on your funding method.
- Play Blinko: Don’t forget that you can play Blinko once per day from the website or app. It won’t make you rich, but you win a few cents of Bitcoin each day within seconds. These crypto rewards deposit into your retirement account up to your contribution limit.
- Pay custody fees: You will pay monthly account fees to continue using Choice for tax-advantaged crypto investing. Digital Trust handles your tax compliance and communicates with the custody wallet provider as you buy or sell assets.
Opening your account immediately helps you enjoy numerous crypto IRA benefits.
Resources & Tools
Choice’s educational resources are limited to a blog that hasn’t been regularly updated since 2023.
However, the app and web platforms can send price alerts, let you participate in the Blinko game, and calculate your tax savings.
While this platform is user-friendly for new and experienced crypto investors, you must rely on other websites to research potential trades and track the latest market trends.
While most crypto IRAs don’t provide extensive research reports, some services offer trading simulators, ongoing market updates, and beginner investing courses.
These additional features can be of value when you seek hands-on help.
Reputation & Reviews
Choice IRA has mostly positive reviews across Trustpilot, Google Play, and the Apple App Store.
Many investors praise the flexible storage options (cold storage vs. hold your keys), quick customer service responses, and the Blinko Bitcoin rewards game.
Chief complaints include the minimum $20 monthly fee for custody storage and a frustrating app experience on some mobile devices.
Some also wish that Choice could offer more crypto options, although its selection suits many.
It has an excellent Trustpilot rating of 4.4 out of 5 stars and 124 reviews, which is competitive with most IRA companies.
Choice also has a 4.7 out of 5 stars rating on the App Stores, exceeding 1,500 reviews. Its lowest rating is on Google Play, with 3.2 out of 5 stars based on 46 reviews.
I hope the Choice App becomes registered with the Better Business Bureau (BBB). Kingdom Trust, its parent company, isn’t BBB-accredited and only has a B+ rating.
A few complaints mention the crypto storage fees, but most revolve around non-crypto assets.
Customer Service & Support
Phone and chat support are available Monday to Friday from 8 a.m. to 5 p.m. Central Time.
Choice is one of the few providers offering live chat help for fast responses.
You can also send an email, open a support ticket, or access the 24/7 self-service support center for non-urgent matters.
Choice IRA Alternatives
These platforms are suitable alternatives for a wider investment selection or a different fee structure.
However, none of these platforms let you hold your own keys.
|
|
|
|
Our Rating:
4.8
|
Our Rating:
4.5
|
Our Rating:
4.2
|
|
Trading Fee:
2.00% transaction fee
|
Trading Fee:
$300
|
Trading Fee:
1.00% transaction fee
|
Bitcoin IRA
Trade over 75 cryptocurrencies with Bitcoin IRA. As one of the oldest crypto IRA companies, it has thousands of five-star reviews, competitive fees, and up to $250 million in custody insurance.
Open a Bitcoin IRA account in just 3 minutes!
BitIRA
BitIRA lets you trade over 15 cryptos without setup or ongoing storage fees. You only pay a 1% trading fee to buy or sell. The minimum initial investment is $5,000.
Get a free Ledger Nano from BitIRA
iTrustCapital
iTrustCapital lets you choose from over 50 cryptocurrencies with a 1% transaction fee, no setup or storage fees, and an affordable $1,000 minimum investment.
Open an account with iTrustCapital today
Is Choice a legitimate company?
Opening an IRA with Choice is a good option if you want to hold your own crypto keys, a novelty in this sector.
The cold storage option can be worth it when you’re comfortable with the monthly custody fees so you can hold non-crypto alternative assets in the same account.
Its investment options and trading fees are reasonable for most beginner and advanced investors.
Many customers are also pleased with the attentiveness of the customer service.
FAQs
Is Choice a safe app to use?
Choice App uses industry-standard protocols to protect your assets by partnering with Digital Trust, a reputable and experienced crypto IRA custodian.
With that said, crypto is inherently risky, and you must exercise proper risk management.
Is Choice FDIC insured?
Only your uninvested cash remains in FDIC partner banks. Crypto assets are ineligible for FDIC insurance.
Who owns Choice IRA?
Ryan Radloff is the co-founder of Choice in addition to being the current owner and CEO.
Find a crypto IRA company to help you take control over your retirement savings.
Choice IRA
Choice enables you to invest in bitcoin, crypto, stocks, and more in a single IRA.
Product Brand: Choice
4.5