Who Is iTrustCapital For?
According to numerous iTrustCapital reviews, this digital asset IRA platform is ideal for individuals who wish to include cryptocurrencies, gold, and silver in their retirement accounts.
iTrustCapital is also a great starting point for people looking for long-term cryptocurrency and precious metal investing options, as well as for those who are new to crypto investing.
Short Overview: What Is iTrustCapital
iTrustCapital is a digital asset IRA platform founded in 2018 by Todd Southwick and Blake Skadron. Their main goal was to construct a system that would allow people to buy and sell non-traditional investments.
Therefore, the iTrustCapital app allows you to buy and sell cryptocurrencies and precious metals (physical gold and silver) in real-time (24/7) using your retirement account.
iTrustCapital provides a variety of IRA accounts, including Roth IRAs, traditional IRAs, and SEP IRAs.
However, it distinguishes itself from the competition by focusing on cryptocurrency-based IRAs, or “crypto IRAs,” which are tax-advantaged retirement accounts that include cryptocurrencies.
Next, we’ll show you how to open and fund your account.
To open your iTrustCapital account:
- Tap on the Open Account button (on the upper right side of the homepage).
- Create a username and password, insert your email and phone number, and click on the ‘Create Account’ button.
- Verify your account by clicking on a confirmation link in your email.
- Click on the ‘Start Your Application‘ button (at the top of the screen).
- Fill in the data wizard with your personal information.
- Choose the type of your preferred IRA account (Crypto Roth IRA, traditional IRA, or SEP IRA) and pick your funding method (transfer, rollover, or cash contribution).
- Choose your beneficiary (your account has to have at least one appointed beneficiary and tap the ‘Save Beneficiary‘ button.
- DocuSign your application (you’ll receive it in an email with a link once your application is approved).
Minimum and Maximum Deposits
You’ll need to deposit at least $1,000 to create an iTrustCapital IRA account. The maximum amount will be limited by the IRS’s rules for cash contributions.
On the other hand, there’s no limit on IRA transfers or qualified plan rollovers.
Traditional and Roth IRA maximum annual contributions are $6,000 for people under 50 and $7,000 for those aged 50 and older. On the other hand, the maximum amount you can contribute to a SEP IRA is currently $61,000.
Additionally, iTrustCapital minimum deposit for each subsequent rollover, cash contribution, or transfer amounts to $500.
To withdraw your funds from iTrustCapital, you must submit a request and fill out the form (choose your issue, insert your email address, ITR Account Number, etc.).
After filling out the form, you’ll get an email and a DocuSign. Distributions can take anywhere between 7 and 14 business days. You can withdraw your funds in USD or assets.
Types of Account
You can open three types of IRA accounts:
- Traditional Crypto IRA
- Roth Crypto IRA
- SEP Crypto IRA
Traditional Crypto IRA
The traditional Crypto IRA account is identical to a traditional IRA account in terms of tax benefits. The account is tax-deferred, which means you contribute with pre-tax earnings and don’t pay taxes until you withdraw your funds during retirement.
Roth Crypto IRA
To fund your Roth IRA cryptocurrency account, you need to use post-tax income. In other words, you’ll pay your taxes before depositing the funds into your account.
Since you funded the account with post-tax income, you won’t have to pay any taxes when you take your money out during retirement.
SEP Crypto IRA
The iTrustCapital SEP IRA is a tax-deferred account that allows the business owner or single proprietor to make contributions. The tax advantages for the account holder are identical to those of a traditional IRA holder.
iTrustCapital is transparent when it comes to fees. Opening an account comes with zero monthly fees, and transaction fees are pretty low:
- 1% fee on crypto transactions
- $50 fee on gold transactions (over spot per ounce)
- $2.50 fee on silver transactions (over spot per ounce)
Additionally, if you want to convert your traditional IRA account to a Roth IRA or SEP IRA, you’ll have to pay $75 (a one-time conversion fee).
Besides offering the best crypto IRA accounts, iTrustCapital is known for its top-notch perks.
A Large Number of Assets
You can invest in a range of assets through your self-directed IRA, from cryptocurrencies (29 of them, including Bitcoin, Cardano, Ethereum, and Dogecoin, one of the new promising cryptocurrencies) to gold and silver.
If you already have a crypto IRA account and want to transfer the assets to iTrustCapital, you can do it directly (without having to withdraw and turn your assets into fiat money before the transfer). This can be done via an in-kind transfer.
This is how:
- Set up your iTrustCapital crypto IRA account.
- Fill out the transfer form, pick ‘Select In-Kind’ and list your cryptocurrency assets and amounts.
- Submit the form or send it to [email protected]
iTrustCapital will then send your transfer request to your previous custodian. When the process is completed, they’ll notify you, and your assets will appear on your dashboard.
The conditional transaction function allows you to automate transactions when an asset hits a specified price instead of manually entering a market order.
This program basically monitors the asset’s value, and when the conditional price is identified, it notifies a liquidity provider to place a market order. The liquidity provider then completes the transaction at the best real-time market price.
iTrustCapital staking feature allows you to stake services for Polkadot (DOT). You can stake a minimum of 5 DOT. At the end of the staking period (90 days), your staking rewards will be paid via your iTrustCapital account in DOT.
You’ll find your staking awards under the Staking tab on your dashboard (under History).
$200 Referral Program
If you refer a new customer to iTrustCapital for a SEP, Roth, or Traditional IRA account, you’ll get $200, while your referred friend will get a $100 bonus.
To refer a friend, go to your dashboard and locate the Referral button (on the right-hand side). Once you click on it, you’ll see the referral link.
NB: The referral program is available only until August 31, 2022.
iTrustCapital’s two main rivals are Alto IRA and Bitcoin IRA.
Here’s how they compare:
|iTrustCapital||Alto IRA||Bitcoin IRA|
|Types of accounts||Traditional, Roth, and SEP IRA||Traditional, Roth, and SEP IRA||Traditional, Roth, and SEP IRA|
|Other assets||Gold and silver||Artwork, real estate, startups, venture capital, land, etc.||Gold|
|Minimum to open an account||$1,000||$10||$3,000|
Many iTrustCapital Google reviews have plenty of nice things to say about this digital asset IRA platform. And for a good reason — iTrust Capital stands out from the competition due to its low fees and diversity when it comes to investing.
You get to open your account (Traditional IRA, Roth IRA, or SEP IRA) for free, and you can choose to invest in cryptocurrencies (1% transaction fee), silver ($2.50 transaction fee), or gold ($50 transaction fee).
Pros & Cons
- No monthly, yearly, or maintenance fees
- Multiple types of IRA accounts
- A possibility to invest in crypto and precious metals
- $200 referral program
- 1% fee on crypto transactions
- Only available in the US
- $1,000 minimum deposit requirement
Is iTrustCapital legit?
Yes. iTrustCapital is a legit company with a BBB rating of A.
Is iTrustCapital FDIC insured?
No, there’s no FDIC insurance for cryptocurrency.
Does iTrustCapital have monthly fees?
iTrustCapital has zero monthly fees. The only fees you have to pay are transaction fees (1% for crypto trading, $50 for gold, and $2.50 for silver) and the one-time conversion fee of $75.
Is XRP available on iTrustCapital?
No, iTrustCapital doesn’t support Ripple (XRP).
Can you deposit crypto into iTrustCapital?
No, sadly. You can’t deposit crypto into your IRS account. You can only fund your accounts using USD. However, iTrustCapital allows you to transfer your crypto in-kind from a different crypto IRA provider.
How much does it cost to start iTrustCapital?
You’ll have to deposit a minimum of $1,000 to open your iTrustCapital account. And you’ll have to pay $500 for every additional deposit.
However, as we already stated in our iTrustCapital reviews above, there are no monthly, annual, or maintenance fees.