Gone are the days when cryptocurrency was supposed to be a one-off thing and was mainly disregarded by financial experts and economists. In today's decentralized economy, the perspective is quickly changing, and digital coins are in more demand than ever!
Apart from youngsters looking to mint coins and join the bandwagon of this wealth-building vehicle, even senior citizens are considering revolutionizing their retirement plans for good. As of December 2021, there was $11 trillion worth of investment in employer-sponsored crypto 401(k) plans.
Interested individuals can find multiple online platforms offering self-directed IRA services and invest in cryptocurrencies to secure their future. One such service provider you can look up is iTrustCapital. Known for its lowest fees among any cryptocurrency IRA, this platform also enamors its clients with excellent customer service.
Continue reading this article to find out if iTrustCapital is your ideal place to invest or not. After reading through all the pros and cons, hopefully, you will be able to make a calculated decision!
Pros and Cons of Investing in iTrustCapital
Before you move ahead and decide to invest in iTrustCapital IRA offerings, you must know in detail about its standard pros and cons. Some of the points to be noted are mentioned below.
⦁ iTrustCapital is a 24*7 trading platform with a user-friendly interface
⦁ All trades are cleared within 5 minutes of placing the order
⦁ Continuous portfolio monitoring services are available
⦁ Allows you to add gold or silver to the IRA
⦁ Phone customer service and live chat are available at all times
⦁ Dedicated ⦁ knowledge center with plenty of educational resources
⦁ Transparent fees
⦁ No mobile application is currently available
⦁ No investment advice is provided
⦁ A limited number of cryptocurrencies are available to trade
Top Benefits of Investing in iTrustCapital
iTrustCapital is a straightforward platform to empower people to invest in cryptocurrency IRAs. Some of the benefits of associating with this service provider for your future investments are as follows:
Minimal Account Transaction and Maintenance Fees
Generally, traditional and Roth IRAs don't have any monthly fees. However, most self-directed IRA providers charge a certain amount of account maintenance fees. This amount is contributed to tax-reporting expenses.
With iTrustCapital, you don't have to pay maintenance fees or store payment documents. You will be charged a 1% transaction fee for depositing cryptocurrencies, and the amount for precious metals will depend on their current price.
Ease of Use
iTrustCapital is an easy-to-use platform that provides you with the facility to invest in self-directed IRAs. For beginners, there is a detailed step-by-step guide to help them navigate and make the best possible use of the website features. You will also find an FAQ section to answer all your queries.
The trading platform includes pricing information and charts for each asset and can track all your investments in one place. Additionally, you can place orders or monitor your portfolio any time of the day as the account can be operated 24*7.
Allows Crypto and Precious Metals Investing in IRA
Investors seeking to balance their crypto portfolio with gold & silver can look to consolidate under one provider, simplifying the process. iTrustCapital uses Kitco's VaultChainTM to safeguard their precious metal assets, which is vaulted at the world-class Royal Canadian Mint.
Top Reasons to not Invest in iTrustCapital
Over 90% of iTrustCapital reviews are positive and depict the platform well. However, there are a few areas where services could be improved further. Some of them are mentioned below.
List of Available Cryptocurrencies
With the rise of technical advancements, various cryptocurrency platforms are offering a range of coins for you to invest in. There are over 18,000 cryptocurrencies in circulation worldwide as of March 2022.
At iTrustCapital, only 28 popular cryptocurrency options like Bitcoin, Cardano, Ethereum, etc., are currently available. Even though there are more coins to be added in the near future, not everyone is happy with the limited selection. If you want a broader range of coins, you will have to choose another self-directed IRA platform.
No Interest-Bearing Account
Some blockchain platforms and cryptocurrency IRA service providers allow you to earn interest on all your assets. As a result, you can earn money even if you are not trading the coins. In the end, you benefit from the asset’s actual price and the earned interest.
In iTrustCapital, there is no interest paid for holding cryptocurrency assets in your account. This factor turns away multiple people and is considered one of the biggest reasons for not investing in them.
How Does iTrustCapital Work?
By signing up at iTrustCapital, you can set up a self-directed IRA (SIDRA). It is the sole method to put cryptocurrencies into your IRA account. Here, you must decide whether you want a traditional or Roth IRA account. In the former alternative, you will have to pay tax on the amount you withdraw. In the latter one, you will pay the entire tax beforehand.
Based on the guidelines, there will be a limit on the amount of money, silver, gold, or cryptocurrencies you are allowed to invest each year. Similarly, any withdrawals before the permissible date will result in a penalty.
If you want to set up an iTrustCapital account, follow the given steps:
⦁ Set up a basic account on the official website using your phone number and password.
⦁ Once your email is confirmed, you can add additional information like the Social Security Number or DoB.
⦁ Select the type of account and your preferred mode of payment.
⦁ Confirm the beneficiary and link your debit or credit card.
You will now receive an email about the confirmation of your application.
For most people, their IRA account is the primary source of future savings. You must be extremely cautious while selecting your assets and diversifying your portfolio. With the advancement of a decentralized economy, people are adding cryptocurrencies to their IRA accounts.
iTrustCapital is a self-directed IRA provider platform you can invest in. It is an ideal option for those who want to add precious metals like gold or silver to their retirement funds. Additionally, it only charges a 1% transaction fee compared to 2% at Bitcoin IRA.
Retirement seekers can avail the multiple benefits of iTrustCapital, like the ease of use and minimal transaction fee.
Q) How easy is it to set up an account with iTrustCapital?
A) Setting up an account on their platform is an entirely straightforward process. You have to use your phone number to register. Once all the details are added, you will be asked to prove your identity. After that, you can link your payment methods and start investing in your IRA account.
Q) Who owns iTrustCapital?
A) It's owned by Todd Southwick and Blake Skadron, and its headquarters are in Long Beach, CA.
Q) What is an IRA?
A) IRA stands for Individual Retirement Account. It is a savings account set up at a financial institution that lets you save for your retirement on a tax deferred basis.
Q) Where do I open the iTrustCapital IRA account?
A) To open an account, you can visit the official website. Add your password, phone number, DoB, and Social Security Number, and confirm your identity to get started.
Risk Disclosure: Any investments, such as in alternative assets like cryptocurrencies and precious metals, come with an inherent risk, where you could end up making less money than what you put in. Before investing your hard-earned cash, be sure to speak with licensed professional financial advisor first. Always remember that past performance is not an indication of future returns.
Disclaimer: The website's owners of Cryptowealthbay.com may be compensated for suggesting certain businesses, goods, and services. While we do everything possible to verify that all of our content is accurate, the information we provide may not be impartial or unbiased, and it does not constitute financial advice.