Welcome to our My Digital Money review (2023). My Digital Money (MDM) is a cryptocurrency trading and investment platform based in California. It caters specifically to retirement account owners and offers cash trading and crypto Individual Retirement Accounts (IRAs).MDM provides a feature-rich trading platform, suitable for both active cryptocurrency traders and individuals interested in long-term digital asset holding.
In this in-depth My Digital Money review, we’ve taken a close look at their standing in the market, crypto IRAs and trading platform, fees, products, price protection policy, and more.
You can use the TOC list to easily reach the sections that interest you most:
Let’s start by taking a look at some pros and cons of My Digital Money.
- Crypto Under Your Name: Unlike popular exchanges like Coinbase and Binance, MDM ensures that the crypto you hold is registered solely under your name. The company and its partners are strictly prohibited from investing or trading your crypto assets.
- Crypto IRA Investments: Investors can invest in cryptocurrencies within various retirement accounts, including 401(k), Simple IRA, Traditional IRA, Roth IRA, and Simplified Employee Pension Plan (SEP) IRA.
- Tax Advantages: Investing in Bitcoin or other cryptocurrencies through MDM’s retirement account offers significant tax benefits while diversifying your retirement portfolio.
- Fractional Metals: Apart from digital currencies, My Digital Money allows users to own fractional shares of precious metals like gold and silver. This feature is ideal for regularly purchasing small amounts of gold and silver.
- Cash Account: With a cash account, users can actively trade cryptocurrencies using a wide range of trading tools and order types. This account type caters to both beginners and experienced traders.
- Play Money Account: The company also offers a Play Money Account, enabling users to simulate crypto trading without any real money risks.
- Referral Program: They have a referral program that rewards users with cash incentives for inviting friends or family members to open an account.
- Customer Service: We like that My Digital Money provides US-based support, and users can easily reach out for assistance via phone or email.
- Security: MDM prioritizes military-grade security protocols and stores digital assets in Hardware Security Module (HSM) cold storage, which is housed in secure former military nuclear-attack bunkers. This strong emphasis on security assures users of investment protection.
- Educational Resources: To help users make informed investment decisions, they offer educational content on its website.
- No Mobile App: Currently, My Digital Money does not provide a mobile app for on-the-go trading, which may be inconvenient for users who prefer mobile access.
- Limited User Reviews: Being a new platform (launched in 2021), there are not many user-generated reviews and ratings available. This can make it difficult to evaluate its long-term performance and user satisfaction.
- Payment Options: Although MDM offers various payment options, it is important to be aware of the associated fee structure. Users should consider the fees carefully before selecting a payment method.
My Digital Money is a cryptocurrency IRA solution that offers secure and hassle-free retirement investment options for Bitcoin and Altcoins.
Founded in April 2021 by Collin Plume and Guy Gotslak, MDM has become a recognized leader in the crypto IRA investing field. Formerly known as Noble Bitcoin, MDM operates independently from its former parent company, Noble Gold Investments.
Overall, the company prioritizes security, integrity, and customer transparency to set a new standard in the Bitcoin and crypto IRA space.
Notably, My Digital Money has recently gained attention for reducing its monthly user fees and introducing a $50 Refer-a-Friend program. However, being a relatively new player, MDM still has more to prove in the industry.
Furthermore, starting in 2023, My Digital Money now provides investors with the option to include precious metals in their digital investment accounts. This option is made possible through a partnership with Equity Trust, allowing for fractional ownership of physical gold, silver, or platinum with a monthly storage fee of 0.0417%.
Let’s now present some general info on My Digital Money’s Crypto IRA accounts such as custodial partner, annual fees, investment minimums, and transaction fee pricing tiers:
|IRA Custodian Partner||Annual Fees|
|Investment Minimum Crypto IRA||Investment Minimum Cash||Investment Minimum Fractional Metals|
|$5,000 (can be lower for certain types of accounts)||No Minimum||No Minimum|
- 0.9%-1.9% transaction fee on trades (see table below)
- $0 no setup fees
- 0.0417% for fractional metals monthly storage fee
In this table, you can find the fees you will pay at each respective pricing tier. Please remember that investing in My Digital Money isn’t an ETF. You are buying and storing actual cryptocurrencies with your tax-deferred or tax-free retirement funds.
Here are the cryptocurrencies available at My Digital Money and a short description of each coin:
We couldn’t find any complaints about My Digital Money, but online reviews provide limited information regarding consumer satisfaction.
However, it’s worth noting that My Digital Money’s partner, Noble Gold Investments, has an A+ rating from the Better Business Bureau. Customer reviews on the BBB site also give it a rating of 4.98 out of 5 stars.
Starting a crypto-backed IRA with My Digital Money is easy. Here’s a brief overview of the process:
✓ Open An Account
You’ll first want to open an account with My Digital Money. You can start by requesting this FREE Crypto Investment Guide and you’ll receive a call from one of MDM’s representatives. Or you can go straight to their website to create an account.
✓ Fund Your Account
Once you’ve opened your account, you’ll have a few options to fund your crypto retirement fund. You can either transfer an existing IRA or rollover an employer plan.
If you don’t have an existing retirement plan or want to start a new IRA with MDM, you can also contribute new funds. Based on the IRS’ rules, the contribution limits are currently:
- 50 years old or below- $6,000 ($6,500 as of 2023)
- Over 50 years old – $7,000
✓ Select Your Coins
As soon as you have funds in your account, it’s time to start thinking about which cryptocurrencies to add to it. You get to pick what coins you want to invest in and you can ask My Digital Money for advice. You also have the possibility to add fractional precious metals to your Crypto IRA if you’d like.
My Digital Money strives to be the go-to platform for secure and user-friendly cryptocurrency trading and investment, with a special focus on retirement planning.
Our verdict of this My Digital Money review is that by prioritizing privacy, security, and offering comprehensive educational resources, My Digital Money presents an enticing option for individuals aiming to venture into the cryptocurrency market or expand their investment portfolios.
We feel safe to say that you can put My Digital Money on your call list when looking for a cryptocurrency trading and investment platform to help you diversify your retirement savings.
Nevertheless, it is crucial for users to be cautious of associated fees and conduct thorough research before making any investment decisions.
What Is A crypto IRA?
A crypto IRA is a retirement account that functions similarly to a traditional IRA but is designed for holding cryptocurrency instead of more conventional investments such as stocks or bonds.
Similar to a traditional or Roth IRA, crypto IRAs come with contribution limits. As of 2022, the contribution limit is set at $6000 per year ($7000 if you’re 50 or older).
With a crypto IRA, you have the flexibility to invest in various types of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Ripple, and more.
What Are The Benefits Of Investing In A Crypto IRA?
A crypto IRA offers the main benefit of diversifying your retirement portfolio by including a new asset class with the potential for higher growth compared to traditional investments.
For instance, let’s consider a scenario where your entire traditional IRA is invested in stocks. If the stock market crashes, your retirement savings will be affected.
In contrast, if you have a crypto IRA invested in Bitcoin, Ethereum, and Litecoin, and the stock market crashes, your investments may not necessarily decline. In fact, the value of your crypto investments might even increase.
This is because cryptocurrency prices are often influenced by factors such as demand for coins, news, events, and investor sentiment rather than the overall performance of the stock market.
Also, by investing in various cryptocurrencies, you’re expanding the potential for exponential growth in your retirement fund.
Are There Any Risks Investing In A Crypto IRA?
Investing in a crypto-backed IRA comes with risks, just like any other asset. The value of cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and Ripple can fluctuate at any moment, potentially resulting in financial losses.
Nonetheless, there are strategies to mitigate these risks. For instance, diversifying your investments across multiple currencies and fractional metals can offset potential losses if one particular coin experiences a significant decline.
For investors who aren’t sure whether My Digital Money is the right choice for them and want to look at more options, have a look at our review of one of the best Digital IRA companies in the industry, BitIRA.