My Digital Money Review
Trading cryptocurrency or investing in a crypto IRA on your own can be a hassle, especially if you’re new to the digital market. If you set up an IRA, you need to choose a wallet, custodian and possibly an exchange. My Digital Money removes the friction from trading crypto-assets by providing everything you need in one place.
My Digital Money, also called MDM, protects each account with the highest level of security. The company offers concierge-style customer service out of California, and help is always a phone call away. My Digital Money runs on top of services from one of the industry’s leading custodians and most secure exchanges.
Pros
- Combined cash and bitcoin trading and cryptocurrency IRA account
- U.S.-based customer support by phone or email weekdays from 6 a.m. to 5 p.m. PST
- Military-grade security
- Make practice trades to get comfortable with the market
- No monthly fees
Cons
- Account termination fees
- No mobile app, but accessible via mobile browser
My Digital Money Cryptocurrency Trading Tools
My Digital Money’s stop-loss order, trigger order and play money features are helpful if you’re new to cryptocurrency investments or want to automate trading.
- Play money lets you place trades using actual market movement without using your funds. The feature helps you get comfortable with the market and trading platform without risking a single dollar. You also get news and tips to see what causes cryptocurrency values to fluctuate. Once you start trading for real, you can always switch back to play money to test a strategy.
- Stop-loss orders limit your losses if the value of a specific cryptocurrency goes down. You can set sell orders as a percentage (sell litecoin if it drops 10%) or dollar amount (sell litecoin if it drops $1.50 per share). If your limit activates, the cryptocurrency sells at the current market price.
- Trigger orders are automatic orders you set up to take a profit. Use this type of order to automatically sell when the value of a cryptocurrency reaches a price you set.
My Digital Money Security
You’ve probably heard about crypto exchanges being hacked, wiping out traders’ accounts. My Digital Money works with Genesis Custody, a global leader in digital asset markets, to lock down accounts with military-grade security. Customers receive combined hot and cold storage and multiple cryptographic security levels to help prevent malicious access to funds.
Chances are very slim My Digital Money could be hacked, but the company provides $600 million in Genesis Custody’s vault risk insurance. Customers are protected against physical loss, damage, destruction or theft of digital assets.
My Digital Money Costs
My Digital Money no longer charges a monthly fee, so you only pay when you make a trade. Costs are divided into platform transaction fees, setup fees and custodian fees. The platform fee pays for maintaining a secure high-tech trading platform, attentive customer service and other costs. My Digital Money’s custodian fee includes buying or selling services.
| Cash Account Fees | Crypto IRA Fees |
|---|---|
| – Platform transaction fee: 2.15% – Custodian transaction fee: 0.75% – Setup fee: Free – Wire or funds transfer: $30 – Termination fee: $75 |
– Platform transaction fee: 2.15% – Custodian transaction fee: 0.75% – Setup fee: $50 – Wire or funds transfer: $30 – Late fee penalty: $50 – Termination fee: $250 |
How to Set Up a My Digital Money Account
Setting up an account takes about five minutes. Click on “Open An Account” at the top of any page on MyDigitalMoney.com, then provide the details required to establish a financial account.
You can open a play money practice account, nonretirement account or IRA. You can even access all three account types in your My Digital Money account.
If you’re transferring funds from an existing retirement account, you will need to contact that account’s administrator. You can roll over a 401(k), IRA, 403(b), TSP, 457 or other qualified retirement savings account.
My Digital Money Complaints
We found no complaints about My Digital Money, and online reviews provided little information about consumer satisfaction. My Digital Money’s partner, Equity Trust, gets an A+ rating from the Better Business Bureau. Customer reviews on the BBB site yield 4.19 out of 5 stars.
Equity Trust has been a respected alternative asset IRA custodian since 1983. The company is a leading gold IRA custodian.
Retirement Investments gives My Digital Money 4.5 out of 5 stars, with a nod to its concierge-style customer service. Personalincome.org rates the company with 4 out of 5 stars, saying the platform can be difficult to learn. We do not agree because My Digital Money’s free play money account and stellar customer service will help you get comfortable with trading quickly.
My Digital Money FAQ
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Does My Digital Money offer cryptocurrency investment advice?
My Digital Money representatives can answer questions about cryptocurrency but do not offer investment advice. You are responsible for your investing decisions. Consult with a financial advisor if you need help creating a digital currency investment plan. -
Will I get marketing messages if I sign up for the free crypto guide on My Digital Money’s website?
You’ll have to provide a phone number and email address to receive the free crypto guide. My Digital Money may contact you using that information, but you have the opportunity to opt out of future communications. -
Do I have to pay My Digital Money fees out of my IRA?
No. If you don’t want to pay fees directly from your IRA account, you can pay the fees via credit card or a transfer from a bank account. -
Do I have to have an IRA to trade using My Digital Money?
You can avoid paying fees from your IRA by using a credit card or bank transfer. -
Is My Digital Money a cryptocurrency exchange?
Yes, My Digital Money is a cryptocurrency exchange with simple design and friendly, knowledgeable customer service.
Conclusion
My Digital Money makes it easier to start trading or investing in cryptocurrency assets. You buy and sell with decisions supported by U.S. customer support services. You’ll also find free market reports and resources on the site.
My Digital Money offers a great combination of the highest security and tools to automate trading. The company emphasizes capital preservation, providing concierge-level customer service and reasonable fees.