My Digital Money Review: Secure Crypto IRA & Trading Explained

My Digital Money (MDM) is a cryptocurrency IRA platform that allows investors to buy and sell digital assets within retirement accounts.

The Pasadena-based company launched in April 2021 and offers both crypto IRAs and standard trading accounts through a single dashboard.

My Digital Money provides a secure crypto IRA solution with military-grade cold storage, US-based customer support, and assets held in trust through Equity Trust custodianship. The platform supports major cryptocurrencies like Bitcoin and Ethereum, while also offering precious metals investments including gold, silver, and platinum within the same account structure.

The company has received positive ratings from investment review sites, with Personalincome.org giving it 4 out of 5 stars and Retirement Investments rating it 4.5 out of 5 stars.

MDM aims to simplify cryptocurrency investing for retirement savers who want to diversify their portfolios with digital assets while maintaining tax advantages.

Key Takeaways

• My Digital Money offers both crypto IRAs and standard trading accounts with assets stored securely in trust through Equity Trust
• The platform supports major cryptocurrencies and precious metals with military-grade security and US-based customer support
• Investment review sites rate MDM between 4-4.5 stars, noting strong customer service despite a learning curve for new users

What Is My Digital Money?

My Digital Money is a crypto IRA platform that launched in April 2021, offering investors the ability to trade digital assets within retirement accounts.

The Pasadena-based company focuses on making cryptocurrency investing accessible through tax-advantaged accounts while providing military-grade security and U.S.-based customer support.

Company Background and History

My Digital Money entered the cryptocurrency IRA market as a relatively new player, launching in April 2021.

The platform was designed to address common complaints about complicated crypto trading interfaces and poor customer service in the industry.

The company operates from Pasadena, California, and positions itself as a user-friendly alternative to more complex crypto trading platforms.

Despite being newer to the market, MDM has built its reputation on simplifying the crypto IRA experience.

My Digital Money offers both crypto IRA accounts and standard trading accounts, allowing users to invest in cryptocurrencies like Bitcoin and Ethereum.

The platform also provides access to precious metals investments including gold, silver, and platinum shares.

The company partners with Equity Trust as its custodian and uses Genesis Custody for secure storage of digital assets.

Founders and Leadership Team

The leadership team at My Digital Money includes experienced professionals from the alternative investment industry.

Collin Plume serves as CEO and founder of the company, bringing significant background in precious metals and alternative investments.

Plume also holds the same position at Noble Gold Investments, which is recognized as one of the more reputable companies in the gold IRA sector.

This dual role provides him with extensive experience in self-directed retirement account management.

Guy Gotslak is listed as President and Founder on the company’s website.

The leadership team’s background in precious metals and alternative investments helps bridge traditional retirement investing with digital assets.

How My Digital Money Differs From Other Crypto IRA Companies

My Digital Money sets itself apart by focusing on user experience and customer service.

Unlike many crypto IRA companies that make trading complicated, MDM’s platform combines an easy-to-use interface with helpful U.S.-based phone support.

The platform offers several key differentiators:

• Asset Protection: Users retain full ownership of their crypto assets, which are stored in trust with Equity Trust
• No Monthly Fees: The company charges no monthly or account maintenance fees
• Practice Accounts: Free play money accounts allow users to test the platform before investing real money
• Dual Account Types: Both IRA and standard trading accounts available on one dashboard

The company ensures users can’t lose assets to exchange bankruptcy because crypto is safely stored in trust, rather than being lent out or used for the company’s own trading activities.

Military-grade cold storage security and comprehensive insurance coverage through Genesis Custody provide additional protection compared to typical crypto exchanges.

Account Types and Investment Options

My Digital Money provides four main account types to meet different investment goals and timeframes.

The platform combines crypto IRA accounts and standard trading options with practice accounts and precious metals investment opportunities.

Crypto IRA Accounts

Crypto IRA accounts allow investors to hold digital assets within tax-advantaged retirement accounts.

These self-directed IRA options provide tax-free growth potential for long-term wealth building.

The platform supports both traditional and Roth crypto IRA structures.

Traditional accounts offer tax deductions on contributions, while Roth accounts provide tax-free withdrawals in retirement.

Investors can transfer existing 401(k) or IRA funds into a cryptocurrency IRA without penalties.

The platform handles rollovers from previous retirement accounts through their custodial partner.

Key Features:

• Tax-free reinvestment of gains
• No monthly account fees
• Military-grade cold storage security
• Access to major cryptocurrencies like Bitcoin and Ethereum

Assets remain stored in trust with Equity Trust Company.

This custodial arrangement ensures proper IRA compliance and regulatory protection.

Cash Trading Accounts

Standard trading accounts provide flexibility for shorter-term investment goals.

These accounts allow withdrawals at any time without early withdrawal penalties that apply to retirement accounts.

Cash trading accounts offer the same security features as IRA accounts.

Assets stay protected in trust custody rather than being lent out by the platform.

The platform provides multiple cost-basis reporting options for tax purposes.

This feature helps investors track gains and losses across different crypto purchases.

Investors can fund accounts through bank transfers or credit card payments.

The platform accepts direct payments from existing IRA accounts for rollovers.

Account Benefits:

• Immediate access to funds
• Same trust-based security
• No monthly fees
• Multiple funding options

Play Money Accounts

Practice accounts let new investors learn the platform without financial risk.

These free accounts use simulated funds to replicate real trading conditions.

Play money accounts help users understand crypto market movements and platform features.

Investors can test trading strategies before committing real money.

The practice environment mirrors actual market prices and trading tools.

Users experience the same interface they will use with funded accounts.

New crypto investors often use these accounts to build confidence.

The risk-free environment allows experimentation with different cryptocurrencies and investment amounts.

Practice Features:

• Free account setup
• Real-time market data
• Full platform access
• No time limits

Fractional Metals and Precious Metals IRAs

The platform offers precious metals investments alongside cryptocurrency options.

Investors can hold gold, silver, and platinum within the same IRA structure.

Fractional metals investing allows smaller position sizes in precious metals.

This feature makes gold and silver accessible to investors with limited capital.

The precious metals IRA option provides portfolio diversification beyond digital assets.

Investors can allocate funds between crypto and metals based on their risk tolerance.

Metals Investment Options:

• Physical gold and silver
• Platinum investments
• Fractional ownership
• IRA-compliant storage

All metals investments use the same custodial and security framework as cryptocurrency holdings.

Equity Trust Company handles compliance and storage requirements for both asset types.

Assets and Cryptocurrencies Supported

My Digital Money provides access to over 15 different cryptocurrencies for IRA investments, with a focus on established digital assets rather than speculative altcoins.

The platform also connects to precious metals investing through its sister company relationship.

Major Cryptocurrencies Available

My Digital Money supports over 15 cryptocurrencies that have been carefully selected by their team.

The platform includes all major digital assets that investors typically want in their retirement portfolios.

Bitcoin serves as the foundational cryptocurrency offering.

As the original digital currency, it operates without central control or bank oversight.

Ethereum provides smart contract functionality through its decentralized blockchain platform.

Ether is the native token that powers the Ethereum network.

Other supported assets include Litecoin, Stellar, Solana, Chainlink, and Compound.

The platform also offers Bitcoin Cash, XRP, Ethereum Classic, and several DeFi tokens.

The company carefully considers each coin before adding it to simplify selection for investors.

This approach helps users avoid the overwhelming number of cryptocurrencies available in the broader market.

Precious Metals and Digital Diversification

My Digital Money operates as part of a larger investment ecosystem that includes precious metals options.

This connection allows investors to diversify beyond crypto assets into traditional alternative investments.

The platform functions similarly to precious metals IRA companies but focuses specifically on digital assets.

This structure provides investors with experience in alternative asset management.

Crypto investments through My Digital Money can complement traditional retirement portfolios.

The tax-efficient IRA structure mirrors conventional retirement accounts while providing exposure to digital asset growth potential.

The platform’s approach emphasizes established cryptocurrencies rather than experimental tokens.

This strategy aligns with retirement investing principles that prioritize stability over speculation.

Security and Custody Measures

My Digital Money uses military-grade security protocols through Genesis Custody and stores assets in cold storage facilities.

The platform provides insurance coverage up to $600 million and partners with Equity Trust for custodial services.

Military-Grade Security Protocols

My Digital Money partners with Genesis Custody to provide military-grade security for crypto IRA investments.

This partnership ensures that digital assets receive the highest level of protection available in the industry.

The platform uses hardware security modules with multiple layers of protection.

These systems create additional barriers against unauthorized access attempts.

Genesis Custody serves as a global leader in digital asset markets, bringing institutional-grade security to individual investors.

The company has established itself as a trusted name in cryptocurrency custody solutions.

Multiple cryptographic security levels work together to prevent malicious access to funds.

Each layer adds another level of protection for users’ digital assets.

Cold Storage and Custodian Partners

My Digital Money stores cryptocurrencies in cold storage facilities that remain offline and tamper-resistant.

These storage solutions keep digital assets away from internet connections that could expose them to cyber threats.

The platform uses decommissioned nuclear bunkers for storage locations.

These facilities provide physical security that traditional storage methods cannot match.

Genesis Custody handles the technical aspects of asset storage while maintaining strict security protocols.

The custody partner cannot borrow, leverage, or lend stored assets under any circumstances.

Equity Trust serves as the IRA custodian for retirement accounts.

This partnership ensures that crypto IRA investments meet regulatory requirements while maintaining security standards.

Insurance and Asset Protection

My Digital Money provides insurance coverage between $100 million and $600 million for digital assets.

This protection covers theft, physical loss, and damage to stored cryptocurrencies.

The platform offers two types of insurance policies that protect investment portfolios.

These policies provide coverage from A-rated insurance companies with strong financial backing.

Insurance protection extends to both physical damage and cyber attacks.

Users receive coverage for various scenarios that could affect their digital asset holdings.

The custody solution keeps all digital assets in secure trust arrangements.

This structure prevents the platform from using customer funds for lending or other risky activities.

Fees, Pricing, and Transaction Structure

My Digital Money uses a tiered pricing model with transaction fees ranging from 0.75% to 1.70% based on trade amounts.

The platform charges no monthly fees for crypto storage but includes separate platform and custodian transaction fees.

Platform Transaction Fees

The platform transaction fee covers customer service, web services, maintenance, and administrative costs. My Digital Money uses a tiered pricing structure with six different levels based on the dollar value of each trade.

Transaction Fee Tiers:

Tier	Fee Rate	Investment Amount
Tier 1	1.70%	Under $50,000
Tier 2	1.50%	$50,000 – $100,000
Tier 3	1.25%	$100,000 – $250,000
Tier 4	1.00%	$250,000 – $500,000
Tier 5	0.75%	$500,000 and above

Higher investment amounts receive lower transaction fees. This structure rewards larger trades with reduced costs.

Custodian Transaction Fees

The custodian transaction fee is separate from the platform fee. My Digital Money charges a custodian transaction fee of 0.75% for cash accounts and crypto IRAs.

This fee covers the costs of secure storage, regulatory compliance, and account maintenance. The custodian works with the crypto exchange to ensure proper asset custody.

Custodian fees apply to both cryptocurrency and fractional metals investments. The fee structure remains consistent across different asset types within the platform.

Minimum Investments and Costs

My Digital Money charges no setup fees for opening accounts. The platform eliminates monthly storage fees for cryptocurrency assets.

Fractional metals carry a monthly storage fee of 0.0417%. This fee covers secure storage services provided by Brinks.

The platform requires no minimum investment amounts for most transactions. Users pay only when they make trades, with no ongoing monthly charges for crypto storage.

Platform Features and User Experience

My Digital Money focuses on crypto IRA investing rather than active trading. The platform provides a user-friendly interface designed for investors of all experience levels.

Educational tools and resources help users understand cryptocurrency investing within retirement accounts. These resources are readily accessible through the platform.

Trading Interface and Tools

The MDM platform features a clean, easy-to-navigate interface that accommodates users of varying tech-savviness. The design simplifies the process of buying, selling, and managing cryptocurrency investments within IRA accounts.

Users can access major cryptocurrencies including Bitcoin and Ethereum through the platform. The interface displays account balances, investment performance, and transaction history in a straightforward format.

The platform prioritizes simplicity over complex trading tools. This approach makes it accessible for retirement investors who may not need advanced charting or technical analysis features.

MDM does not offer a play money account or demo trading environment. The platform focuses on actual retirement investments.

Order Types and Trigger Orders

My Digital Money operates as a crypto IRA platform rather than an active trading exchange. The platform does not offer advanced order types like trigger orders or stop-loss orders commonly found on crypto trading platforms.

Investors can place basic buy and sell orders for cryptocurrencies within their retirement accounts. The platform processes these orders through its secure infrastructure during regular business hours.

Users work with customer service representatives to execute larger transactions. This personal approach ensures proper handling of retirement fund investments.

Educational Resources

MDM provides comprehensive educational materials that aim to demystify cryptocurrency investing. These resources cover cryptocurrency fundamentals, investment strategies, and market insights.

The educational content helps investors understand how crypto IRAs work, including tax advantages, contribution limits, and regulatory compliance requirements. Materials explain different cryptocurrencies available on the platform.

Users learn about Bitcoin, Ethereum, and other digital assets before making investment decisions. The platform offers guidance on portfolio diversification strategies.

Customer support representatives provide additional education during account setup and ongoing management. This personal guidance complements the written educational resources.

Customer Support Quality

My Digital Money provides concierge-style customer service with dedicated support staff to help users navigate their crypto IRA platform. The company offers U.S.-based representatives who assist with account setup and cryptocurrency education.

U.S.-Based Customer Support

My Digital Money operates with customer support representatives based in the United States. This approach eliminates language barriers and time zone issues that often plague offshore support centers.

The support team focuses on cryptocurrency education for new investors. Representatives explain complex concepts in simple terms and walk users through the platform’s features step by step.

Customer service is readily available whether clients need help setting up accounts or understanding Bitcoin and other cryptocurrencies. The team responds to inquiries through multiple channels.

Users can reach support through phone calls, email, or the platform’s messaging system. Response times are typically quick during business hours.

Account Management Assistance

The platform’s customer success team provides ongoing help with account management tasks. They assist users with trading questions and platform navigation issues.

Support staff help clients understand how to use the Equity Trust trading platform. They explain the self-directed IRA process and guide users through transactions.

The team assists with account setup procedures and verification requirements. They help users link their existing IRAs to the cryptocurrency platform.

Representatives provide guidance on buying, selling, and storing digital currencies within retirement accounts. They explain the tax implications and regulatory requirements for crypto IRAs.

Pros, Cons, and User Feedback

My Digital Money offers military-grade security and a user-friendly interface for crypto IRA investing. It faces limitations as a newer platform with fewer available cryptocurrencies and no mobile app.

Customer reviews remain largely positive despite the company’s recent launch in April 2021.

Strengths and Unique Advantages

My Digital Money’s military-grade security protocols set it apart from competitors. The platform stores servers in ex-military grade bunkers at undisclosed locations, providing strong protection for customer assets and data.

The company offers a transparent fee structure with tiered transaction fees. Cash accounts have no setup fees or minimum investment requirements.

Crypto IRAs require a $5,000 minimum investment. Monthly storage fees for fractional metals stay below 0.05% of total investment value.

Key advantages include:

• User-friendly interface designed for all experience levels
• Fractional metals investing alongside cryptocurrencies
• Play Money feature for testing strategies without risk
• Experienced management team led by Collin Plume

The platform’s custodian, Equity Trust, manages billions in assets with a perfect security record. This partnership adds credibility to the service.

Potential Drawbacks

The platform has limited cryptocurrency options compared to larger exchanges. Popular cryptocurrencies may not be available for trading, restricting investment choices for users seeking diverse crypto portfolios.

My Digital Money currently lacks a mobile app. Users must access their accounts through web browsers only.

Main limitations:

• No mobile application available
• Smaller selection of available cryptocurrencies
• Limited trading hours compared to 24/7 crypto exchanges
• Newer company with less market presence

The $5,000 minimum for crypto IRAs may exclude smaller investors. Some competitors offer lower entry points for retirement accounts.

Overview of User Reviews

My Digital Money maintains an A+ rating from the Better Business Bureau with positive customer feedback. However, the limited number of reviews reflects the company’s recent launch date.

Available reviews on Google and BBB praise the knowledgeable customer service representatives. Customers report efficient handling of account transfers and setup processes.

The support team receives recognition for helping users understand cryptocurrency investing concepts.

Review highlights:

• Responsive customer service
• Smooth account setup process
• Helpful educational resources
• Quick resolution of technical issues

The lack of complaints may indicate limited user adoption rather than perfect service. As a newer platform, My Digital Money has fewer customers compared to established competitors.

Most positive feedback centers on the platform’s ease of use and security measures. Users appreciate the straightforward dashboard and clear portfolio tracking features.

Frequently Asked Questions

My Digital Money users commonly ask about transaction fees, password resets, security protocols, fund transfers, investment choices, and tax compliance. The platform charges specific fees for trades and custodial services while offering military-grade security protections.

What are the transaction fees associated with using My Digital Money?

My Digital Money does not charge monthly fees to use the platform. However, platform fees range from 0.9% to 1.9% depending on the total amount of assets in the account.

The platform also includes a custodian liquidity cost of up to 1% on digital asset purchases and sales. This cost covers account maintenance, custodial services, trading, and administrative expenses.

Users should expect a $50 setup fee when opening an account. The exact fee structure depends on the account balance and trading activity.

How do I reset my password for My Digital Money login issues?

The search results do not provide specific information about password reset procedures for My Digital Money accounts. Users experiencing login issues should contact the platform’s customer support team directly.

My Digital Money emphasizes customer service and maintains support agents ready to help with account access problems. The platform’s customer success team assists users with various account-related issues.

What security measures does My Digital Money implement to protect user accounts?

My Digital Money provides military-grade security for all crypto assets through its partnership with Genesis. Genesis is a global leader in institutional digital asset markets and facilitates billions of dollars in transactions monthly.

The platform uses institutional-grade wallets managed by their custodial partner, Equity Trust. Each crypto wallet is capped at $20 million to limit potential damage from security breaches.

All crypto stored on My Digital Money carries digital asset and vault risk insurance. This insurance covers theft, damage, or destruction of cryptocurrency while held by the custodian.

User assets are never commingled with operating funds. My Digital Money does not lend, leverage, borrow, or use customer assets in any way.

Can you explain the process of transferring funds to and from a My Digital Money account?

My Digital Money handles IRA transfers through their customer success team. Once users create an account and indicate they want to transfer an existing IRA, a team member contacts them to start the process.

The platform gathers information about the current custodian and account details. My Digital Money then manages the entire transfer process using existing relationships with major IRA custodians.

Most IRA transfers complete within 2-3 days, though some cases may take longer. Users typically can start trading within about five days of initiating the transfer.

For 401(k) rollovers, the process takes longer because only the account holder can request the rollover. Plan administrators usually send funds via physical checks rather than electronic transfers.

What investment options are available within the My Digital Money platform?

My Digital Money offers a self-directed crypto IRA that allows investment in various cryptocurrencies. The platform provides access to major digital assets like Bitcoin and Ethereum.

Users can invest in Web3-related tokens such as Decentraland (MANA). While direct NFT investments are not currently available, the platform offers NFT-adjacent cryptocurrencies.

The crypto IRA allows users to diversify retirement portfolios beyond traditional stocks and bonds. This self-directed approach provides access to alternative investments with potential for higher growth rates.

How does My Digital Money handle regulatory compliance and reporting for tax purposes?

My Digital Money operates through Equity Trust as the IRA custodian. Equity Trust is a licensed and regulated institution that holds IRA assets in trust for users.

The platform’s trading partner Genesis is a NY DFS-Bitlicensed entity. Genesis is also registered as a securities broker-dealer with the SEC and FINRA.

Traditional IRAs are taxed at withdrawal time. Roth IRAs are taxed at contribution time.

Users can deduct traditional IRA contributions from their taxable income up to annual limits. The platform maintains proper custody arrangements to ensure tax-advantaged status.

Users should consult tax professionals for specific guidance on their individual situations.