My Digital Money Review 2024 – is My Digital Money Legit?

My Digital Money Review 2024 – is My Digital Money Legit?

My Digital Money is an American company that specializes in Bitcoin and Crypto IRA investments and also offers fractional metals like gold, silver, and platinum.

Is My Digital Money a legit company? The goal of our review today is to help you answer that question and determine whether MDM is a good choice for you.

What is My Digital Money?

My Digital Money (MDM) is a relatively new company in the crypto IRA industry launched in April 2021. MDM was founded by Collin Plume. Collin is very well-experienced in the world of investing. He also founded Noble Gold Investment, a reputable company in the gold IRA industry. MDM is also being managed by Guy Gotslak as its president and co-founder. Like Collin, Guy Gotslak has a long background in business leadership.

On his LinkedIn profile, he describes himself as “a highly analytical, versatile, and customer-focused executive with 15+ years of progressive leadership experience…” and a crypto enthusiast. Other than that, MDM’s management team includes professional people who have been featured on famous outlets like Forbes and CNBC.

My Digital Money Excellent Customer Support

MDM’s main mission is to provide its clients with a high level of customer service and education. Despite being new, the reviews available on platforms like the Better Business Bureau and Google Reviews are overwhelmingly positive. Customers praise the company’s knowledgeable representatives and efficient handling of account transfers. MDM’s A rating on the Better Business Bureau further reinforces its commitment to customer satisfaction.

Military-Grade Security

MDM prides itself on its commitment to the security of all assets invested with them. The company partnered up with one of the global leaders in digital assets security, Genesis Custody.

Partnership with Equity Trust Company

Equity Trust is an established leader in the self-directed IRA space, so it’s great to see that MDM has partnered with them to provide IRA custodianship. Equity Trust oversees more than $30 billion in assets and has a perfect security track record, so investors should be able to invest with confidence knowing that their assets are in good hands.

In essence, MDM takes the hard work of choosing an IRA custodian out of the picture. Instead, you get streamlined access to Equity Trust, one of the best players in the game who have years of experience managing and safeguarding cryptocurrency investments.

My Digital Money Crypto IRA

My Digital Money allows users to open a tax-advantaged retirement savings account in a crypto IRA and also lets users trade crypto using a standard trading account. Currently, you can invest in the most popular and largest cryptocurrencies by market cap like bitcoin(BTC), Ethereum(ETH), Litecoin(LTC), etc.

The company plans to make all cryptos available soon.

Available Coins

• Bitcoin (BTC)
• Ethereum (ETH)
• Litecoin (LTC)
• Bitcoin Cash (BCH)
• Chainlink (LINK)
• Uniswap (UNI)
• Ethereum Classic (ETC)
• Decentraland (MANA)
• Aave (AAVE)
• Zcash (ZEC)
• The Graph (GRT)
• Maker (MKR)
• Basic Attention Token (BAT)
• Compound (COMP)
• Solana (SOL)
• Stellar (XLM)
• Livepeer (LPT)
• Dai (DAI)

My Digital Money fractional metal

Aside from crypto, MDM also allows users to invest in fractional metals such as gold, silver, and platinum. Unlike others that only offer a digital representation of the metals, My Digital Money prioritizes ownership of physical metals.

My Digital Money Fees

MDM employs a unique fee structure that is transparent and competitive. The company charges no account setup or minimum investment fees for cash accounts. For crypto IRAs, there is a $5,000 investment minimum. Monthly storage fees for fractional metals are less than 0.05% of the total investment value. MDM also offers tiered transaction fees, with lower fees for larger portfolios. The tiered fee structure incentivizes larger investments and rewards investors with reduced trading fees.

How to Get Started With My Digital Money?

Opening an account with MDM is as simple as navigating to their sign-up page and filling in the requisite information. There are three short sign-up pages that require basic personal information (i.e., phone number, email contact) as well as more sensitive data (i.e., SSN, date of birth).

There are some requirements for users that limit certain investors from using the My Digital Money platform. At the time of writing, all MDM users must:

• Be a U.S. citizen
• Be over the age of 18
• Have a legal address located in the United States

Once your account is made, you can tour the dashboard with “play money” (as depicted in the screenshots), or fund your account and get started trading or investing for keeps.

Funding Options

Transfer an Existing IRA

Funds from a pre-existing Traditional IRA, Roth IRA, or SEP can be transferred from another IRA custodian to My Digital Money in the form of an in-kind transfer (i.e., no liquidation of assets) or direct distribution without triggering a taxable event. This process can take up to three weeks.

Rollover an Employer Plan

If you have a 401k, 403b, TSP, 457, or another employer-funded retirement plan, this may be rolled over into an IRA.

Contribute New Funds

If you don’t have an existing retirement plan or want to start a new IRA with My Digital Money, you can also contribute new funds. Based on the IRS’ rules, the contribution limits are currently:

-50 years old or below- $6,000 ($6,500 as of 2023)

-Over 50 years old – $7,000

Note that to make the max contribution, you’ll need to meet some income requirements depending on your marital status. If you are filing single, you must have a modified adjusted gross income (MAGI) under $124,000. If you are married and filing jointly, your MAGI must be less than $196,000.

Please see the IRS website for the most up to date contribution limits and rules.

What are the Pros and Cons of My Digital Money?

Pros

• User-friendly interface and intuitive platform
• Extensive selection of cryptocurrencies and fractional metals
• “Military-grade” security protocols
• Transparent fee structure with tiered transaction fees
• Positive customer reviews and reputation
• Access to all major cryptocurrencies

Cons

• Limited user-generated reviews due to the company’s relative newness
• Some popular cryptocurrencies may not be available on the platform
• No mobile app is currently available

Review Rating from popular Consumer Watchdog

• 5/5 Stars on Google Reviews
• 5/5 Stars on the BBB
• 4.5/5 Stars on Retirement Living
• 4.5/5 Stars on Gold IRA Guide
• 5/5 Stars on SlashDot

Google My Business

Is My Digital Money Legit (Conclusion)?

Yes, My Digital Money is a legitimate crypto IRA company and a great option for retirement investors looking to enter the Bitcoin and cryptocurrency IRA investment space under a secure, privacy-oriented platform. The company’s commitment to privacy, transparency, and customer support sets it apart from many competitors in the market.

Even though the company is relatively new, My Digital Money was launched by a reputable Gold IRA company CEO, Collin Plume of Noble Gold Investments.

As with any investment decision, it is crucial to conduct thorough research and consider personal financial goals and risk tolerance. However, for those seeking a secure and user-friendly crypto IRA service, My Digital Money is certainly worth considering.