- Military-grade storage
- 24/7 trading
- No monthly or account fees
- U.S. based phone support
- Limited crypto options
- Must trade inside your IRA
You can trade over 15 cryptocurrencies and hone your investment strategy with a free paper trading account without setup or monthly fees.
I share all the details with My Digital Money review to open a crypto-backed IRA with military-grade security.
The Verdict for My Digital Money
I’ve given them a rating of 9.1 out of 10.
| Criteria | Rating (out of 10) |
|---|---|
| Cryptocurrencies Supported | 9 |
| Pricing & Fees | 9.2 |
| Storage & Security | 9 |
| Account Setup & Maintenance | 9 |
| Resources & Tools | 9.5 |
| Reputation & Reviews | 9 |
| Customer Service & Support | 9 |
| Overall Rating | 9.1 |
In this review of My Digital Money, I’ve followed BIC’s detailed criteria for evaluating the crypto IRA platform.
About My Digital Money
My Digital Money (let’s call it MDM for short) is a cryptocurrency IRA company founded in 2021 with over $20 billion in assets under management.
You will open a self-directed IRA (SDIRA) to hold crypto and precious metals with tax-deferred or post-tax Roth contributions.
Some of the platform’s most prominent features include:
- Trade over 15 cryptocurrencies
- Fractional precious metals (gold, silver, and platinum)
- Tax-advantaged IRAs and taxable trading accounts
- Free “Play Money” accounts to simulate trades
- Automated crypto trading
- Military-grade security
This platform is available in all 50 U.S. states with a $1,000 minimum initial investment.
I appreciate the low minimum investment as it’s easier to fund your account with new money in addition to 401(k) rollovers and IRA transfers for established investors.
The affordable investment threshold and easy-to-use platform make it easy for new crypto investors to purchase digital alternative assets with low fees.
MDM’s company headquarters are in Pasadena, California. Further, its co-founder and CEO Collin Plume is also at the helm of Noble Gold Investments, a prominent gold IRA company.
Some investors may be deterred since My Digital Money’s does not have Better Business Bureau (BBB) accreditation.
Some of its competitors are BBB accredited which can provide more peace of mind with investors.
Despite this flaw, MDM partners with some of the industry’s most reputable IRA custodians and depositories to safeguard your assets.
Cryptocurrencies Supported
There are just under 20 IRA-approved cryptocurrencies to buy or sell:
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Bitcoin Cash (BCH)
- Chainlink (LINK)
- Uniswap (UNI)
- Ethereum Classic (ETC)
- Decentraland (MANA)
- Aave (AAVE)
- Zcash (ZEC)
- The Graph (GRT)
- Maker (MKR)
- Basic Attention Token (BAT)
- Compound (COMP)
- Solana (SOL)
- Stellar (XLM)
- Livepeer (LPT)
- Dai (DAI)
Each listing includes a brief description to help you understand the history and mission of each crypto token.
I find these primers helpful for beginners, although you should perform more extensive research to make informed investing decisions.
This isn’t the largest investment selection among the best crypto IRAs, but this selection is exceptional for the vast majority.
I believe the best advantage of this limited catalog is being able to avoid the most volatile crypto tokens and “meme coins” that are challenging to build wealth.
Fractional Metal Shares
While you primarily use My Digital Money for its crypto IRA, you can also buy gold, silver, and platinum with as little as $10 in a trading or retirement account.
I still think a full-service gold IRA company is better for long-term precious metals investing as you can buy physical coins and bars.
However, this investing method is convenient for small amounts of money with minimal fees.
Prices & Fees
The minimum initial investment is $1,000 for a My Digital Money IRA.
Second, taxable trading accounts have a $0 minimum. These are some of the lowest minimums available.
I love that MDM doesn’t charge setup fees or annual maintenance fees. Instead, you pay a transaction fee to buy or sell crypto and metals.
A precious metals storage fee also applies. Your transaction fee depends on the order size.
| Transaction Fee | Order Amount |
|---|---|
| 1.70% | Less than $50,000 |
| 1.50% | $50,000 to $100,000 |
| 1.25% | $100,000 to $250,000 |
| 1.00% | $250,000 to $500,000 |
| 0.75% | $500,000 or more |
In my opinion, these fees are quite reasonable and you pay as you go.
Even better, MDM no longer charges a custodial liquidity fee which was as high as 1% on top of the transaction fee.
If yoo buy precious metals with your MDM IRA or trading account, a 0.0417% fractional metals storage fee applies.
This fee amounts to 0.50% annually. That’s equal to $5 per year per $1,000 in metal assets.
A self-directed digital assets IRA platform that allows investors to buy digital assets in a tax-advantaged retirement account.
Storage & Security
Your crypto and metals have military-grade account protection that literally involves decommissioned nuclear bunkers plus cutting-edge technology.
Security safeguards include:
- Segregated multi-asset storage: Crypto assets remain in offline cold storage wallets in secret locations with Ledger Enterprise. There are multiple security layers to prevent unauthorized withdrawals.
- $20 million wallet cap: High net worth customers have more security as each cold wallet has a $20 million balance limit. This practice limits theft in the unlikely event of a compromised account.
- Vault and crime insurance: Each account is fully insured for up to $100 million with digital asset crime insurance and vault risk insurance. The coverage amounts can scale up to $600 million.
- No lending or borrowing: My Digital Money won’t lend, leverage, or borrow your assets as you own your crypto and precious metals.
Equity Trust is MDM’s preferred IRA custodian. The provider is one of the oldest and largest self-directed IRA custodians for its extensive experience and positive customer ratings.
Additionally, fractional precious metals remain in vault storage through Brinks Security, and physical delivery is possible.
Account Setup & Maintenance
You can open your crypto IRA within a few days without setup fees:
- Open a free account: Start by providing your contact details and establishing two-factor authentication (2FA) with your mobile number for extra account security. You can also request a free crypto investment guide to learn more about trading crypto.
- Fund account: Account funding speeds are 2 to 3 days for IRA transfers and 2 to 4 weeks for 401(k) rollovers and other workplace plans. You will contact your current plan administrator to start the process with MDM customer success agents helping too.
- Start investing: You can invest in cryptocurrency with an IRA once your transfer is completed. There are no setup fees and you only pay a one-time transaction fee when buying or selling 24/7.
- Assets in trust: Your crypto tokens and metals are protected by military-grade security. Further, Equity Trust is the IRA custodian and holds your assets in trust for tax compliance and further protection.
Resources & Tools
Several research features help new and experienced crypto investors:
- Play Money account: This innovative feature lets you simulate trades without investing real money. I like using this feature to learn how a particular crypto token performs under various market conditions to improve your potential win rate.
- Weekly insights: My Digital Money sends out weekly emails containing the latest crypto news, strategies, and investing trends.
- Automated trading: The platform offers automated triggers to buy or sell crypto and metals at preset prices. This feature helps manage stop losses or spot affordable entry points. However, this tool may only function during periods of ample liquidity to prevent undesirable trades with inherently volatile assets.
Reputation & Reviews
There are multiple My Digital Money reviews on Google and Better Business Bureau.
The majority of which are positive. Specifically, they usually emphasize hands-on customer support and transparent pricing.
The notably few complaints typically mention the trading platform isn’t always easy to use. Still, you can call or email customer support to resolve technical issues.
My Digital Money has an excellent rating of 4.9 out of 5 stars with over 55 customer reviews.
This platform currently has the most in-depth customer insights, and I wish more consumer rating sites would add coverage but this is a unique investment option.
There are also three customer reviews on the Better Business Bureau with a 5 out of 5 rating.
It also has an A+ BBB rating based on customer ratings, complaint history, and response times. However, the platform lacks BBB accreditation.
Customer Service & Support
Customer success agents are available by phone from 6 am to 5 pm Pacific Monday to Friday.
Email support is also available, and the response times to my inquiries were quick.
You can also find basic FAQs on the online website regarding account setup and the various investing features.
Unfortunately, there isn’t currently a mobile app, although it used to offer one. Thankfully, the site is mobile-friendly.
My Digital Money Alternatives
These cryptocurrency IRA platforms may offer more investment choices, but trading fees and investment minimums differ.
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Our Rating:
4.8
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Our Rating:
4.5
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Our Rating:
4.2
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Trading Fee:
2.00% transaction fee
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Trading Fee:
1.00% transaction fee
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Trading Fee:
$300
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Bitcoin IRA
Bitcoin IRA offers more than 60 cryptocurrencies, which makes it one of the best platforms for trading altcoins. It’s also one of the oldest crypto IRA exchanges that can provide peace of mind.
However, you will pay setup fees, monthly fees, and higher transaction fees and the minimum investment is $3,000.
Open a Bitcoin IRA account in just 3 minutes!
iTrustCapital
iTrustCapital has approximately 50 crypto offerings and only charges a 1% transaction fee, which is more affordable.
Fractional gold and silver are available too. There are zero setup or monthly fees, plus a budget-friendly $1,000 investment minimum.
Open an account with iTrustCapital today
BitIRA
BitIRA has just over 15 cryptocurrencies for trading and a 1% trading fee. There are no setup or ongoing fees and the minimum investment is $5,000.
This is one of the original cryptocurrency IRA companies, founded in 2017.
Get a free Ledger Nano from BitIRA
Is My Digital Money a crypto IRA platform you can trust?
My Digital Money is a legit crypto IRA company with some of the industry’s most reputable IRA custodians and storage partners.
Its paper trading accounts and no ongoing service fees make it affordable and user-friendly for starting a crypto-backed retirement account.
Its transaction fees and minimum investment are very competitive but only sometimes the lowest in the field.
The most-traded cryptocurrencies are available, but less liquid altcoins are unavailable. You also enjoy the flexibility of using retirement and taxable trading accounts.
Start by opening a free account with fast funding speeds and hands-on research tools.
FAQs
How does My Digital Money fees work?
Buying and selling cryptocurrency or fractional precious metals incur a transaction fee between 0.75% and 1.70%.
Additionally, metals have a 0.0417% monthly storage fee (0.50% annually) yet there are zero setup fees, account service fees, or custodian administration fees.
Is My Digital Money FDIC insured?
My Digital Money cash balances are not FDIC insured, but all crypto assets are eligible for up to $100 million in digital asset and vault risk insurance.
Who owns My Digital Money?
Founders Collin Plume and Guy Gotslak own MDM and are currently the company’s CEO and president, respectively.
You own all crypto assets and fractional metals you trade through MDM.
A self-directed digital assets IRA platform that allows investors to buy digital assets in a tax-advantaged retirement account.
My Digital Money
My Digital Money is a Crypto IRA platform that lets you securely trade cryptocurrencies in a tax-advantaged retirement account with no monthly fees.
Product Brand: My Digital Money
4.5
