Choice IRA Review
Choice IRA offers an all-in-one IRA for investors who want a lot of diversity in their retirement portfolio. But is it the right IRA for you?
Overall Score | 3.8 | ||
Cryptocurrency Trading | 4.0 | ||
Commissions and Fees | 4.0 | ||
Ease of Use | 5.0 | ||
Research | 2.0 | ||
Safety | 4.0 | ||
Pros and Cons
- No minimums
- $0 monthly fee option
- A range of assets
- Limited research tools
Bottom Line
Low-cost platform to invest in stocks, crypto, and metals all in one IRA
IRA custodians have been slow to catch up with all the investment options out there.
Choice IRA by Kingdom Trust aims to fix that exact problem. They offer stocks, Bitcoin, gold, and ETFs, all in the same account.
But is it legit?
In this review, learn whether Choice IRA is worth signing up for, their features, fees, and how it compares.
What is Choice IRA?
Choice IRA by Kingdom Trust is an IRA that offers a wider range of investment opportunities than many other IRA providers.
Kingdom Trust, an IRA custodian, was founded in Murray, Kentucky, in 2009, and they became the first IRA custodian to offer custody of Bitcoin in 2017. At time of writing, they had over 20,000 assets under custody, 125,000 active accounts, and over $18 billion assets under custody.
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Choice was launched in 2020 to serve customers who were interested in more than just investing in the stock market for their retirement. In a single account, Choice users can invest in:
- Stocks
- 20+ Cryptocurrencies
- Gold
- ETFs
Plus, there are no minimums, no hidden fees, and a range of membership options to suit your needs.
Their traditional asset access is provided by InteractiveBrokers, and their digital assets are provided in partnership with Kraken (a popular cryptocurrency exchange), and CoinShares.
Users have 24/7 access to their account, and they make it easy to rollover an existing retirement account.
They also have a separate platform built specifically for financial advisors.
Available Cryptocurrencies
Choice IRA supports the following 23 cryptocurrencies for trading:
- Bitcoin
- Ethereum
- Litecoin
- Chainlink
- Dogecoin
- Polkadot
- Stellar
- Aave
- Cosmos
- Basic Attention Token
- Bitcoin Cash
- EOS
- Icon
- Maker
- Monero
- Neo
- Uniswap
- Tezos
- Yearn.Finance
- ZCash
Choice IRA Features
Choice supports several tax-advantaged investing accounts, including IRAs and 401(k)s. You can open a new account or rollover an existing retirement account, then contribute up to your allotted annual limits.
You can choose between a Traditional IRA and a Roth IRA. With a Traditional IRA, your investment returns aren't taxed until you withdraw upon retirement, meaning that you have a bigger base to earn interest from.
There are no brokers required to trade, and you can access your account online at all hours of the day or night.
Your account dashboard will highlight your investments, including what type they are, such as stock, ETF, cryptocurrency, or gold, as well as let you track price changes and how much you paid.
A helpful graph also shows you in real time the makeup of your investment portfolio broken down by different asset types.
Choice IRA Fees
Fortunately, the Choice IRA has a very transparent—and low-cost—fee structure.
There are two membership types, but they're largely the same. The primary difference between them is where your Bitcoin is held.
Cold Storage plan: Bitcoin is kept offline in cold storage for safekeeping; fees are:
- Minimum Balance: $0
- Setup Fee: $0
- Yearly Account Fee: $0
- Deposit Fees: $0
- Traditional Asset Custody Fee: $0
- Digital Asset Custody Fee: 1%
- Traditional Asset Trading Fee: $0
- Interactive Brokers Fee: $0.005 per share with a $1.00 minimum (paid to partners)
- Digital Asset Trading: $0.99 to 1% per trade[2]
Hold Your Keys plan: Bitcoin is stored with you, in a cold storage device of your choosing; fees are:
- Setup Fee: $625
- Monthly Fee: $13.33
- Digital Asset Custody: Has no fee for assets in trust, otherwise a fee of 1%
- Yearly Account Fee: $0
- Deposit Fees: $0
- Traditional Asset Custody Fee: $0
- Traditional Asset Trading Fee: $0
- Interactive Brokers Fee: $0.005 per share with a $1.00 minimum (paid to partners)
- Digital Asset Trading: $0.99 to 1% per trade
How It Compares
Next we'll take a look at how the Choice IRA stands up to some of its more popular competitors.
Choice IRA vs iTrustCapital
iTrustCapital is a popular crypto IRA, and one of Choice IRA's biggest competitors. One of the greatest differences between the two platforms is what assets they offer users to invest in.
 | ||
| Learn More | Visit Site | |
Choice IRA | iTrustCapital | |
|---|---|---|
Pay Less Tax on Bitcoin - | Open a Crypto IRA and Get $100 Bitcoin Reward - | |
Benefits and Features | ||
| Minimum Deposit | ||
| Monthly Fee | 1% annual fee for Cold Storage $13.33/mo for Hold Your Own Keys | |
| Cryptocurrencies Supported | Aave, Basic Attention Token, Cosmos, Bitcoin, Bitcoin Cash, Chainlink, Dogecoin, EOS, Ethereum, Icon, Litecoin, Maker, Monero, Neo, Polkadot, Stellar, Tezos, Uniswap, Yearn.Finance, ZCash | Basic Attention, Enjin, Cosmos, Tezos, Curve DAO, Aave, yearn.finance, Sushi, Compound, Uniswap, Stellar, EOS, Bitcoin Cash, Dogecoin, Litecoin, Polkadot, Chainlink, Ethereum, Bitcoin, Avalanche, Maker, Shiba Inu, Axie Infinity |
| Countries Supported | U.S. | U.S. |
| Fiat Currencies Supported | ||
| Digital Wallet | ||
| Transaction Fee | Digital assets: $0.99 to 1% per trade Securities: $0.005 per share ($1 minimum) Metals: $40 per request |
|
| Setup Fee | $0 for Cold Storage; $625 for Hold Your Own Keys trust setup | |
| Wire Transfer Fee | $0 incoming / $45 outgoing domestic; $85 outgoing international | |
| Cold Storage | ||
| Two-Factor Authentication | ||
| Withdrawal Limit | None. 10% penalty under 59 1/2 years old | None. 10% penalty under 59 1/2 years old |
| Learn More | Visit Site | |
iTrustCapital: Pricing information from published website as of 02/08/2022. | ||
While both platforms offer gold and cryptocurrencies—roughly the same number, around 25—iTrustCapital offers silver, and Choice IRA offers the ability to trade stocks and ETFs.
The Choice IRA is also available through a mobile app, which is convenient for users on the go.
iTrustCapital has a $1,000 account minimum, in addition to a $500 subsequent deposit, but the Choice minimum is $0, and for gold trading, iTrustCapital charges $50 over spot,[3] which can eat into your earnings.
Overall, it appears that Choice has a bit more to offer than iTrustCapital, with fewer restrictions. And if you are willing to pay the $625 setup fee, you can even hold onto your crypto coins in your own wallet.
Choice IRA vs Bitcoin IRA
Another popular crypto-based IRA, Bitcoin IRA has a lot in common with iTrustCapital. But compared to a Choice IRA, it's a less appealing option. This comes down to fees as well as a lack of traditional investment options.
 | ||
| Learn More | Visit Site | |
Choice IRA | Bitcoin IRA | |
|---|---|---|
Pay Less Tax on Bitcoin - | Invest in Cryptocurrency with Your IRA - | |
Benefits and Features | ||
| Minimum Deposit | ||
| Monthly Fee | 1% annual fee for Cold Storage $13.33/mo for Hold Your Own Keys | |
| Cryptocurrencies Supported | Aave, Basic Attention Token, Cosmos, Bitcoin, Bitcoin Cash, Chainlink, Dogecoin, EOS, Ethereum, Icon, Litecoin, Maker, Monero, Neo, Polkadot, Stellar, Tezos, Uniswap, Yearn.Finance, ZCash | |
| Countries Supported | U.S. | U.S. |
| Fiat Currencies Supported | ||
| Digital Wallet | ||
| Transaction Fee | Digital assets: $0.99 to 1% per trade Securities: $0.005 per share ($1 minimum) Metals: $40 per request | |
| Setup Fee | $0 for Cold Storage; $625 for Hold Your Own Keys trust setup | |
| Wire Transfer Fee | $0 incoming / $45 outgoing domestic; $85 outgoing international | |
| Cold Storage | ||
| Two-Factor Authentication | ||
| Withdrawal Limit | None. 10% penalty under 59 1/2 years old | None. 10% penalty under 59 1/2 years old |
| Learn More | Visit Site | |
Bitcoin IRA: Pricing information from published website as of 02/2021. | ||
Bitcoin IRA charges a one-time set-up fee of 0.99% to 2.99% of deposited funds and an account fee of 0.08% of assets under management which is billed monthly. There is also a minimal custodian and security fee. Plus, Bitcoin IRA's trading fees (2% on all buy and sell orders) make trading on their platform a lot more expensive than either iTrustCapital or Choice.
Bottom Line
There are a lot of good things to say about the Choice IRA from Kingdom Trust. It offers a wider selection of investments, both traditional and digital, than its near competitors, and charges less to do it.
By offering access to stocks, ETFs, crypto, and gold, the Choice IRA covers a wide range of options, allowing you to diversify your portfolio, while its $0 minimum deposit and largely fee-free model means that more money is going toward your retirement than to their bank accounts.
All in all, Choice is a solid choice for your IRA.
References
- ^ Internal Revenue Service. IRA FAQs - Distributions (Withdrawals), Retrieved 4/19/2022
- ^ Choice. Pricing & Fees, Retrieved 6/20/2023
- ^ iTrust Capital, Inc. Fees, Retrieved 4/19/2022
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Jeremy Harshman is a creative assistant at CreditDonkey, a crypto comparison and reviews website. Write to Jeremy Harshman at jeremy.harshman@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.
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