Choice IRA Review: No Longer a Top Crypto IRA Pick (2026)
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Key Takeaways
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- Choice (formerly known as Kingdom Trust) burst onto the crypto scene in the 2020 bull market with a zero-fee, self-directed IRA.
Choice (formerly known as Kingdom Trust) burst onto the crypto scene in the 2020 bull market with a zero-fee, self-directed IRA.
Unfortunately, that zero-fee plan, which was subsidized by the interest the company earned from lending out customer deposits, ended in November 2022.
In 2023, The Financial Crimes Enforcement Network fined Kingdom Trust Company $1.5 million for not properly identifying and reporting suspicious transactions.
In 2024, Kingdom Trust was acquired by Digital Trust.
While their Crypto IRA has some benefits, past compliance issues and uncertainties around the transition mean it is no longer one of our top picks for self-directed crypto IRAs.
In this Choice review, we’ll review the company’s current offerings and explain how its IRAs work.
2.5/5Choice IRA has higher fees than Alto IRA or iTrustCapital, making it more costly for smaller investors. Their key feature is letting you hold your own crypto keys for a $160 yearly fee and a $625 setup fee. However, they have had compliance issues and their new owner, Digital Trust, adds some uncertainty. It's a good option for investors who know cryptocurrency security and can handle the risks. Smaller investors should consider competitors or a crypto ETF from a major brokerage.
Pros:- Can hold your own keys
- Invest in traditional assets and cryptocurrencies with a single account.
- Offers a wide range of cryptos (not just Bitcoin).
- The company has a limited track record.
- Not all coins listed on Kraken are available on Choice.
- On the Cold Storage plan, charges both a 1% annual management fee and trading fees, which adds up for frequent traders.
Table of Contents
Toggle4 Things to Know About Choice Before Signing Up
- You can roll over an existing IRA or fund an IRA from scratch, keeping in mind that there are both income and contribution limits for IRA accounts. You cannot roll over existing crypto holdings without liquidating them to cash.
- You can invest in both traditional and alternative asset classes with Choice. For traditional assets, like stocks and ETFs, you’ll place trades through Interactive Brokers. Cryptocurrencies are traded through Kraken.
- Not every coin on Kraken is available. Kraken offers nearly 240 coins, but only about 50 are currently offered through Choice.
- The no-annual-fee “In Motion” plan is no longer offered. All assets under this plan have been moved to cold storage, which will incur a 1% annual fee (paid monthly) or a $20 minimum monthly fee, whichever is greater, beginning in December 2022.
Choice Company Overview
Choice is a financial services provider that works with you to establish a Crypto IRA, which is simply a marketing term for a self-directed IRA (SDIRA).
IRAs with a brokerage account, such as those issued by major financial institutions like Vanguard , generally exclude alternative asset classes and limit you from investing in traditional assets like stocks, bonds, cash, and mutual funds. With a self-directed IRA, you can diversify into alternative investments like cryptocurrencies.
Since their inception, cryptocurrencies have proven to be a volatile asset class. So, at first, it seems like they would be a poor choice for a retirement account. However, that volatility can also run to the upside and generate huge returns over time.
As long as the rest of your retirement portfolio is properly allocated, mixing in a limited amount of cryptocurrency may offer an opportunity to capitalize on significant cost movements without risking the rest of your retirement savings.
You get the same tax benefits with an SDIRA as with a traditional IRA: contributions are tax-deductible and withdrawals during retirement are taxed as ordinary income. You can also open a Roth SDIRA, where you contribute after-tax dollars. However, with this type of account, qualified withdrawals in retirement are tax-free.
IRAs have contribution limits, which are $7,000 if you’re under 50, and $8,000 if you’re 50 or older.
Traditional IRAs allow anyone with earned income to contribute, but your income limits the ability to deduct those contributions on your taxes and whether you participate in a workplace retirement plan. For Roth IRAs, eligibility to contribute is phased out at certain income levels, which start at $138,000 for single tax filers.
You can learn more about the benefits and drawbacks of different account types in my guide to the difference between Roth and traditional IRAs.
History of Choice, Kingdom Trust, and Digital Trust
Kingdom Trust began its journey as a financial asset custodian specializing in self-directed IRAs. It handled various asset types, such as private real estate holdings, precious metals, and private companies.
In 2020, they launched the Choice brand during the crypto bull market, offering innovative solutions like a zero-fee, self-directed IRA.
In 2024, Kingdom Trust, along with the Choice brand, was acquired by Digital Trust. Digital Trust does not disclose its total assets under management on its website.
<Final Thoughts
The bottom line: a little research on choice ira review longer goes a long way. Compare your options, watch for seasonal offers, and never pay full price when a better deal is one click away.
Originally published at thewaystowealth.com.
R.J. Weiss
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