May 19, 2022

Choice IRA Review

Read more about Choice IRA
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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
5-point scale (the higher, the better)

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.

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.

Is it a good idea to open an IRA? There are a lot of benefits to opening an individual retirement account or IRA. You get to build security for your future through tax-free or tax-deferred investments. Plus, the age requirement (you must be at least 59 1/2 to start making normal withdrawals from an IRA account without penalties)[1] is an added layer of protection that will keep your investments locked away until you need them.

Available Cryptocurrencies

Choice IRA supports the following 23 cryptocurrencies for trading:

  • Bitcoin
  • Ethereum
  • Litecoin
  • Chainlink
  • Dogecoin
  • Polkadot
  • Cardano
  • Stellar
  • Aave
  • Cosmos
  • Basic Attention Token
  • Bitcoin Cash
  • Dash
  • EOS
  • Icon
  • Maker
  • Monero
  • Neo
  • Solana
  • 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.

What is a Roth IRA? A Roth IRA is a retirement account that you invest in with post-tax dollars, meaning that whatever ends up in your account by the time you reach retirement age, you'll be able to draw upon entirely tax-free.

Choice IRA Fees

Fortunately, the Choice IRA has a very transparent—and low-cost—fee structure.

There are three membership types, but they're largely the same. The primary difference between them is where your Bitcoin is held.

No Annual Fee plan: Bitcoin is kept in hot wallets or on exchanges, ready to be traded at any time; fees are:

  • Minimum Balance: $0
  • Setup Fee: $0
  • Yearly Account Fee: $0
  • Deposit Fees: $0
  • Traditional Asset Custody Fee: $0
  • Digital 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: 1% + a fee up to 0.26% per trade paid to Kraken[2]

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: 1% + a fee up to 0.26% per trade paid to Kraken

Hold Your Keys plan: Bitcoin is stored with you, in a cold storage device of your choosing; fees are:

  • Setup Fee: $500
  • Monthly Fee: $10
  • 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: 1% + a fee up to 0.26% per trade paid to Kraken

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.

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 $500 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.

Bitcoin IRA charges a one-time set-up fee of 5.99% 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.[4][5]

Looking for a more detailed breakdown? Check out our head-to-head comparison of iTrustCapital and BitcoinIRA to find the best crypto IRA for you.

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

  1. ^ Internal Revenue Service. IRA FAQs - Distributions (Withdrawals), Retrieved 4/19/2022
  2. ^ Kraken. How trading fees work on Kraken, Retrieved 4/19/2022
  3. ^ iTrust Capital, Inc. Fees, Retrieved 4/19/2022
  4. ^ Bitcoin IRA. Bitcoin IRA. Fees and Services, Retrieved 4/19/2022
  5. ^ Bitcoin IRA. What are the Bitcoin IRA fees?, Retrieved 4/19/2022
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Jeremy Harshman is a protector of art and writing 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.

Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.

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