My Digital Money allows individuals to store, buy and sell various cryptocurrencies. It also provides potential investors with a convenient and secure way to manage their digital assets.
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My Digital Money
Pros:
- Cold storage for military-grade
- No monthly or account fees
- US customer support
- 24/7 trade
Cons:
- Limited cryptocurrency options
- Must Trade inside Your IRA
Are you looking to increase your retirement savings but are unsure where to begin? My Digital Money (or MDM) is a legit, simple-to-use, and secure cryptocurrency trading platform that makes investing in digital assets accessible and easy for everyone.
MDM reviews by Forbes, CNBC and MarketWatch deem this company worth investigating. I am here to support their claims.
This MDM Review will discuss how MDM can help investors like myself diversify their long-term portfolios by using crypto. MDM makes it easy to invest with crypto. It has a stellar customer service team, strong security features, and many investing options.
What is my digital money?
My Digital Money, a crypto IRA platform, offers intelligent investment options such as standard trading accounts and crypto IRAs. It also boasts unparalleled military-grade security features.
MDM was established in April 2021. It has since grown to be one of the most talked-about and respected crypto IRA investing platforms.
The company was founded by Collin Plume, Guy Gotslak and has the mission of making cryptocurrency investing accessible, transparent, and easy.
The platform is user-friendly and allows you to rollover a 401k or transfer an IRA to an Equity Trust crypto IRA account that's funded with digital currencies like Bitcoin and Ethereum.
How my digital money works
My Digital Money is a digital trading platform. It assists first-time investors in opening a standard trading account or a crypto IRA. This platform makes trading simple and easy.
You can sign up to transfer funds via ACH or roll over your 401k. To diversify your investment portfolio, trade safe assets like Bitcoin and Ethereum.
Investors can choose to invest in crypto or fractional metals. This includes physical silver, gold and platinum.
MDM is stress-free and free of setup fees.
My Digital Money Features
My Digital Money offers many features that make it easy to invest in cryptocurrency, both for novices and experienced investors.
These security features are part of the impressive trading platform:
- Hardware security modules with multilayers
- Genesis Custody, a global leader in digital security, has entered into a partnership.
- Cold storage offline, tamper-resistant and indecommissioned nuclear bunkers
- Your digital assets are covered by A-rated insurance.
MDM offers two types of insurance policies that protect your investment portfolio. They cover between $100 and $600 million for theft, damage, or destruction, as well as internal or external loss.
MDM provides automated crypto trading, standard trading account and play money accounts in addition to iron-clad security. Find out more about each one below.
Automated crypto trading
Automated crypto trading with My Digital Money is easy to do through My Digital Money. Automated trigger orders can help you minimize losses and maximize your potential gains.
To protect your retirement savings, the stop-loss function allows you to minimize losses in your brokerage and crypto IRA accounts. This valuable feature allows you to automate your average down, which results in a lower average coin cost.
Standard Trading Accounts
MDM is most well-known for its ability to help investors trade in cash for cryptocurrencies like Bitcoin and invest into a crypto IRA. However, the impressive trading platform allows users to trade outside of their crypto IRA using Standard Trading Accounts.
Standard Trading Accounts don't provide the same tax-free benefits that IRA trades. MDM keeps all digital assets and currencies in a safe trust. MDM can't borrow, leverage, or lend assets in any circumstances.
Play Money Accounts
It can be difficult to invest in cryptocurrency. However, signing up for MDM through a Play Money account can help. You don't even need to provide your credit card information. There's no risk of your account being charged until you are comfortable with the platform.
Play Money Accounts allows new users to tour the platform and test the intuitive features. You can easily invest in Bitcoin, Ethereum and other popular cryptocurrency with real-time prices, without having to risk a dime.
MDM Fees and Minimums
| Cash Accounts | Crypto IRA |
|---|---|
| Transaction fees: 2.15% | Transaction fees: 2.15% |
| Custodian transaction: 0.75% | Custodian transaction: 0.75% |
| Setup fee: $0 | Setup fee: $50 |
| Wire or funds transfer: $30 | Wire or funds transfer: $30 |
| Termination fee: $75 | Termination fee: $250 |
| Minimum investment: $0 | Minimum investment: $1,000 |
How does my digital money compare?
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My Digital Money
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Bitcoin IRA
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iTrustCapital
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4.0
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5.0
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4.5
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Minimum investment:
$1,000
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Minimum investment:
$3,000
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Minimum investment:
$1,000
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Fees:
$50 setup fee and 2.15% transaction fees, 0.75% custodian charge
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Fees:
3.99% setup fee, 2% trading fees, 0.08% maintenance charge
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Fees:
1%
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Promotion:
$50, or a free NFT for new qualified accounts
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Promotion:
No current promotions
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Promotion:
No current promotions
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Minimum investment:
Fees:
Promotion:
Minimum investment:
Fees:
Promotion:
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Who should use my digital money?
My Digital Money is an excellent investment platform that allows anyone to add digital assets and fractional metals into their portfolio. Many traders sign up using their retirement account (IRA or 401(k).
Investors can trade cash for crypto via ACH, however. MDM offers exceptional customer service and the best-performing cryptos, as well as military-grade security features.
MDM: How to Get Started
MDM makes it easy to open an account. To open an account on this popular crypto IRA investment platform, follow the steps below.
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Register an account
- Transfer funds from your IRA and 401(k).
- Trade in real-time
MDM offers excellent customer service, zero monthly transaction fees, U.S.-based support, military-grade security, and free Play Money accounts.
Do I need to invest with my digital money?
Anyone who is looking to gain a tax advantage and expand their investment portfolio with My Digital Money is an excellent investment choice. To ensure your retirement savings are protected in the event of a market crash, it is better to invest in strong cryptocurrency cryptocurrencies than in traditional stocks.
MDM's crypto-exchanges are a great place to trade currencies. I am always impressed by the customer service, the variety of alternative investments, and the intuitive features such as automated trading.
Open an account with MDM today to start investing in crypto, gold, silver, and platinum through one platform.
You'll enjoy tax benefits and no monthly fees, regardless of whether you have a crypto IRA or Bitcoin IRA.
FAQs about My Digital Money
Find out more about trading cryptocurrency on mydigitalmoney.com by answering these frequently asked questions.
Is My Digital Money a legal company?
Yes. MDM is a legal company that allows users invest in digital currencies. Users can also put digital assets into trusts to expand their investment portfolios.
MDM has a 100% safety score on Scam Detector. They provide military-grade security and insurance policies that will ensure your crypto IRA investments remain safe from theft, damage, and cyberattacks.
Who is the owner of my digital money?
The MDM platform and mobile application are owned by Collin Plume, Guy Gotslak, and Guy Gotslak. Users who open accounts with MDM have full control over their cryptocurrency investments.
Are there any pending lawsuits against My Digital Money?
MDM does not have any pending or past lawsuits. There are also no complaints regarding this online crypto investment platform.
Where can I find my digital money?
My Digital Money, a U.S.-based business located in Pasadena (California), is owned by My Digital Money. MDM is open Monday through Friday at 1 South Fair Oaks Ave. Suite 200-B Pasadena CA 91105.
My Digital Money
My Digital Money allows you to purchase digital assets from an IRA platform. It is tax-advantaged and self-directed. Register today.
Frequently Asked Questions
What precious metal is best for investing?
This depends on what risk you are willing take and what kind of return you desire. Although gold has traditionally been considered a safe investment choice, it may not be the most profitable. You might not want to invest in gold if you're looking for quick returns. Silver is a better investment if you have patience and the time to do it.
If you're not looking to make quick money, gold is probably your best choice. If you are looking for a long-term investment that will provide steady returns, silver may be a better choice.
How much should you have of gold in your portfolio
The amount you make will depend on the amount of capital you have. For a small start, $5k to $10k is a good range. Then as you grow, you could move into an office space and rent out desks, etc. So you don't have all the hassle of paying rent. You only pay one month.
Consider what type of business your company will be running. My website design company charges clients $1000-2000 per month depending on the order. You should also consider the expected income from each client when you do this type of thing.
As freelance work requires you to be paid freelancers, your monthly salary won't be as high as mine. So you might only get paid once every 6 months or so.
Before you can determine how much gold you'll need, you must decide what type of income you want.
I suggest starting with $1k-2k gold and building from there.
How to open a Precious Metal IRA
The first step in opening an Individual Retirement Account, (IRA), is to decide if it's something you want. Once you have decided to open an Individual Retirement Account (IRA), you will need to complete Form 806. Next, fill out Form 5204. This will determine the type of IRA that you are eligible for. This form should be filled within 60 calendar days of opening the account. Once this has been completed, you can begin investing. You can also choose to pay your salary directly by making a payroll deduction.
To get a Roth IRA, complete Form 8903. Otherwise, the process is identical to an ordinary IRA.
To qualify for a precious-metals IRA, you'll need to meet some requirements. The IRS states that you must be at least 18 and have earned income. You can't earn more than $110,000 per annum ($220,000 in married filing jointly) for any given tax year. Additionally, you must make regular contributions. These rules apply whether you're contributing through an employer or directly from your paychecks.
A precious metals IRA can be used to invest in palladium or platinum, gold, silver, palladium or rhodium. You can only purchase bullion in physical form. This means you can't trade shares of stock and bonds.
Your precious metals IRA may also be used to invest in precious-metal companies. This option is available from some IRA providers.
There are two main drawbacks to investing through an IRA in precious metallics. First, they're not as liquid as stocks or bonds. It is therefore harder to sell them when required. Second, they don't generate dividends like stocks and bonds. Therefore, you will lose more money than you gain over time.
How can I withdraw from a Precious metal IRA?
You first need to decide if you want to withdraw money from an IRA account. Make sure you have enough cash in your account to cover any fees, penalties, or charges that may be associated with withdrawing money from an IRA.
An IRA is not the best option if you don't mind paying a penalty for early withdrawal. Instead, open a taxable brokerage. If you decide to go with this option, you will need to take into account the taxes due on the amount you withdraw.
Next, you'll need to figure out how much money you will take out of your IRA. This calculation is affected by many factors, such as the age at which you withdraw the money, the amount of time the account has been owned, and whether your plans to continue contributing to your retirement fund.
Once you determine the percentage of your total saved money you want to convert into cash, then you need to choose which type IRA you will use. Traditional IRAs allow for you to withdraw funds without tax when you turn 59 1/2. Roth IRAs, on the other hand, charge income taxes upfront but you can access your earnings later and pay no additional taxes.
After these calculations have been completed, you will need to open a brokerage bank account. Most brokers offer free signup bonuses and other promotions to entice people to open accounts. To avoid unnecessary fees, however, try opening an account using a debit card rather than a credit card.
When you do finally decide to withdraw from your precious metallic IRA, you will need a safe space where you can safely store your coins. Some storage facilities can accept bullion bar, while others require you buy individual coins. Before choosing one, consider the pros and disadvantages of each.
Bullion bars are easier to store than individual coins. However, you'll need to count every coin individually. You can track their value by keeping individual coins.
Some prefer to store their coins in a vault. Others prefer to place them in safe deposit boxes. Whichever method you choose, make sure you store your bullion safely so you can enjoy its benefits for years to come.
Statistics
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- (Basically, if your GDP grows by 2%, you need miners to dig 2% more gold out of the ground every year to keep prices steady.) (smartasset.com)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal, so you would owe income tax on the item's value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (forbes.com)
- Indeed, several financial advisers interviewed for this article suggest you invest 5 to 15 percent of your portfolio in gold, just in case. (aarp.org)
External Links
wsj.com
- Saddam Hussein's Invasion Helped Uncage a Bear In 1990 – WSJ
- You want to keep gold in your IRA at home? It's Not Exactly Legal – WSJ
law.cornell.edu
- 7 U.S. Code SS7 – Designation boards of trade as contract market authorities
- 26 U.S. Code SS 408 – Individual retirement funds
irs.gov
investopedia.com
- Do You Need a Gold IRA to Get Retirement?
- What are the Options? Types, Spreads, Example and Risk Metrics
How To
Tips for Investing In Gold
Investing in Gold is a popular investment strategy. This is due to the many benefits of investing in gold. There are many ways to invest gold. Some people purchase physical gold coins. Others prefer to invest their money in gold ETFs.
Before you purchase any type or gold, here are some things to think about.
- First, check to see if your country permits you to possess gold. If so, then you can proceed. You might also consider buying gold in foreign countries.
- You should also know the type of gold coin that you desire. You have the option of choosing yellow, white, or rose gold.
- Thirdly, it is important to take into account the gold price. It is best to start small and work your way up. You should diversify your portfolio when buying gold. You should invest in different assets such as stocks, bonds, real estate, mutual funds, and commodities.
- Lastly, you should never forget that gold prices change frequently. Keep an eye on current trends.
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By: Donny Gamble
Title: My Digital Money Review: Is it a Legit Crypto IRA Platform?
Sourced From: retirementinvestments.com/crypto/my-digital-money-review/
Published Date: Fri, 17 Mar 2023 01:46:00 +0000
