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iTrustCapital Review 2022 | Fees, Complaints & Warnings

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Introduction

Investing in gold or cryptocurrency requires in-depth knowledge of the IRS tax rules. The investment procedure in both is quite complicated. Through this review, you will get to know how the digital asset trading platform of iTrustCapital simplifies the process of investing in gold and cryptocurrencies.

What is iTrustCapital?

iTrustCapital is a self-directed cryptocurrency IRA broker that allows investors to trade in high-growth assets like gold, silver, and cryptocurrency. It lets you trade 24 hours a day and provides the option to diversify your retirement holdings with the benefit of tax savings.

Upon reaching the targeted retirement age, the disbursements can be withdrawn either in cash or in the desired asset in which the investment is made. It’s suitable for those looking to add digital assets to their IRA and want to maintain such strategies for a long period.

Can I trust iTrustCapital?

Yes you can. The safety and security of your money becomes even more crucial when the investment is in a digital asset, such as cryptocurrency, which is why iTrustCapital uses some of the best digital security available.

When investing in cryptocurrency via iTrustCapital, the assets are maintained in a custodial wallet controlled by the company. iTrustCapital has engaged storage providers like Fireblocks and Coinbase Custody which secures all the assets of their customers. They make use of institutional-grade software for securing such assets. Both of them implement multi-party computing and offline cold storage solutions for ensuring the proper protection of assets.

iTrustCapital has also joined hands with Coinbase Custody for providing additional security and insurance to the assets of their customer against potential theft. Royal Canadian Mint provides a guarantee against such insurance and security.

Funds maintained with iTrustCapital in US dollars are FDIC insured. Coinbase Custody also provides an insurance policy of $320 to iTrustCapital. Besides, the broker engages in all essential personal account protection, such as the two-factor authentication and SOC 2 Type II Security Certification for ensuring safe custody of their customer’s funds.

All of this has helped iTrustCapital earn a rating of 4.5 stars by Trustpilot.com with more than 2000 reviews, as well as a 5-star rating by benzinga.com.

How does their service work?

The simple investment process for first-time users is one of the unique selling points of iTrustCapital. Whether it is an investment in cryptocurrency, or precious metals like gold and silver, follow this straightforward process to get your account started at iTrustCapital:

  1. 1

    Visit the official website of iTrustCapital. Click on the “Open Account’ button available in various sections of the homepage.

  2. 2

    Provide the necessary details available on the sign-up page and click on the “Create Account” option.

  3. 3

    Open the confirmation email sent by iTrustCapital to your submitted email address.

  4. 4

    After successful verification of your email id, you will get the option to “Start your application”.

  5. 5

    Fill in the required personal information into the pop-up data wizard.

  6. 6

    Select your desired IRA type and your preferred funding process.

  7. 7

    Provide the particulars of your beneficiary. You must provide the details of at least one beneficiary to get your account started.

  8. 8

    The initial funding event has been successfully completed. Click on the “Contribute” button for adding more funds to your investment account.

Fees

iTrustCapital maintains a transparent fee structure with no hidden charges. The prices are also competitive in comparison to other IRAs and crypto exchanges. Below is the fee structure maintained by iTrustCapital:

  • Monthly fees of $0 for personal accounts.
  • A transaction fee of 1.00% for cryptocurrency.
  • $50 fee per ounce for gold transactions.
  • $2.5 per ounce for silver transactions.

However, there is a minimum investment requirement of $2,500 with iTrustCapital.

What cryptocurrencies are supported?

iTrustCapital supports the following cryptocurrencies for payment:

  • Bitcoin.
  • Ethereum.
  • Bitcoin Cash.
  • Axie Infinity.
  • Decentraland.
  • ShibaInu.
  • Maker.
  • Avalanche.
  • Chainlink.
  • Polkadot.
  • Litecoin.
  • Dogecoin.
  • EOS.
  • Stellar.
  • Uniswap.
  • Compound.
  • Sushi.
  • Yearn.finance.
  • Polygon.
  • Aave.
  • Solana.
  • Curve DAO.
  • Tezos.
  • Cosmos.
  • Algorand.
  • Enjin.
  • Basic Attention.
  • Cardano.

Pros and Cons

  • Straightforward account setup.
  • Availability of cost-effective and tax-advantaged cryptocurrency IRA with no monthly maintenance fees.
  • U.S. regulated broker.
  • Option for live chat and phone call customer service.
  • Investment in precious metals available for hedging your retirement fund.
  • There is a minimum deposit requirement of $1,000 for opening an account.
  • No mobile app, yet.
  • Absence of any investment advisory service.

Conclusion

Those looking to invest in cryptocurrency and gold or silver as a part of their retirement planning but who cannot find a suitable channel should route the investment through iTrustCapital. This will not only make it easy to invest in such digital currency but also provide a cost-effective method for most.

FAQs

What are the minimum and maximum limits per account at iTrustCapital?

A minimum of $1,000 should be invested in opening an account. Based on this, the maximum limit depends on the IRS limitations for a cash contribution. As such, there is no maximum limit for Qualified Plan Rollovers or IRA Transfers.

What are the ways for funding your iTrustCapital IRA?

You can fund your iTrustCapital IRA via the following channels:

  • Transfer an IRA: You can transfer your existing IRA whether Traditional, SEP, Simple, Roth or Inherited.
  • Contribution: Invest additional funds based on the annual guidelines.
  • Employer Plans: You can rollover your retirement plan (TSP, 457, 403b, 401k) upon leaving a job.

What is the estimated time for funding my IRA?

Your iTrustCapital IRA will take the following time for funding:

  • 1 week for a cash contribution.
  • 1 to 2 weeks for IRA transfer.
  • 3 to 4 weeks for Employer Plan Rollover.

What tax advantages do you get for having an iTrustCapital account?

All iTrust investments within the account are sheltered from any taxes. This means that the gains earned from such investments are either tax-free or tax-deferred depending on your type of IRA.

Does iTrustCapital provide investment advice?

iTrustCapital is simply a facilitator for assisting in setting up and funding your investment account. Unlike various other IRA providers of Crypto or Gold, there is no one at iTrust on a commission basis.

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