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My Digital Money is a convenient, cost-effective cryptocurrency trading platform. The company offers cash trading and crypto IRAs. Customer service is readily available, whether you need help setting up an account or understanding bitcoin and other cryptocurrencies. My Digital Money protects assets with military-grade security.
Editorial Breakdown
Investment Options
Ease of Application
Investment Fees
Customer Service
Overall Rating
Bottom Line
My Digital Money is a cryptocurrency trading platform with a focus on customer service.
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
Cons
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.
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 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 |
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.
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 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.
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.
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.
You can avoid paying fees from your IRA by using a credit card or bank transfer.
Yes, My Digital Money is a cryptocurrency exchange with simple design and friendly, knowledgeable customer service.
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.