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Crypto IRA Concerns (Patreon)

Published:
2023-06-24 22:37:06
Imported:
2023-06

Content

Hi Team

after all the so called "Trust" issues between Prime Trust, Fortress etc many have decided to move their assets.  This is a prudent choice - not financial advice. 

Here are some of the options - if you have others pls share with the team. 


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Comments

Anonymous

I've been doing a bit of research on IRA options with crypto. Tradestation has a few crypto assets. Custodied by Bitgo. Also can connect acct to tradingview. Fidelity had only BTC & ETH. Custodied by themselves. Those were the best two I've found that are regulated, trusted IRA exchanges. Otherwise you have all the crypto unregulated places. Or just use your IRA for equities and proxies. I'd love to hear any input otherwise.

Anonymous

I’d recently sold some goog and bought ETHE on fidelity so they should let you buy GBTC, right?

Anonymous

man if i was in that situation i would just move to fidelity

Anonymous

Any thoughts on itrust?

Anonymous

So with a Fidelity IRA is BTC available or just the GBTC? Does anyone know if Schwab offers these same IRA options as Fidelity? TIA

Anonymous
>>111452626

What's your experience been with Tradestation IRA? And it's integration with TradingView? Currently using WeBull for IRA and can only use certain proxies and would like to pair trade too with the physical coin going forward.

Anonymous

Has iTrustCapital had any comments about the situation? I've got BTC, ETH and SOL in the Roth that I converted from IRA all through iTrustCapital. 😧

Anonymous

I currently have other accounts on Fidelity, so I decided to initiate a transfer to them. I have a Roth IRA on itrust, so I decided to transfer directly into a Roth IRA (plan to buy GBTC, ETHE, and MSTR). Getting a discount below current spot price, should mean that maybe next year or so I should end up with 20-35% more BTC than now. I plan transfer it back to a trusted BTC IRA then. Also, if you are in a Traditional IRA, it will be a taxable event if you convert it to a Roth IRA, but may not be a bad idea if you want the Roth IRA No-taxable-gains in the future (thinking about major growth of BTC). I was able to open a new Roth IRA on Fidelity just now on a Saturday, get my account number, and also initiate the process to have my itrustcapital account transferred over to Fidelity. It was easy, possibly because I have other accounts that are open at Fidelity. The transfer request is handled by the company you transfer to, Fidelity in my case. The process will take 3 days to 3 weeks, so we'll see. Thanks for all the help team!

Anonymous

https://www.crowdfundinsider.com/2023/06/209154-prime-trust-founder-and-former-ceo-scott-purcell-says-firm-in-receivership-incredibly-sad-to-see/

Anonymous

claims prime trust issues NOT fortress related--itrust with fortress not prime trust--interesting read--truth will come out eventually

Anonymous
>>111453420

Thank you for sharing all of your ideas and experiences. Much appreciated. I have a traditional IRA w/iTrust but thinking about transferring to a Roth IRA through Fidelity and taking the tax hit. Again thank you. Got some thinking to do now lol…🙏🏾

Anonymous

For Bitcoin only - HIGHLY recommended Unchained Capital as they do not store your Bitcoin for you. You store them in a multi-sig cold wallet (1 of 3). You can use them for IRA's, cash accounts, etc. - highly respected, experienced, and knowledgeable support team. If we have learned anything - don't trust ANYONE (Celsius, FTX, Prime Trust, etc.) https://unchained.com/

Anonymous
>>111453420

So reading your post I thought Fidelity has a Roth IRA for BTC like iTrust but just checked out their site and it says "You can only contribute money to your Roth IRA. You can't contribute securities, stocks, or other assets." Am I on the wrong Fidelity site or...?

Anonymous

Look up Directed IRA, they offer crypto IRAs with Kraken where you own your own keys. Very informative YouTube vids too on all things crypto and real estate taxes. Matt Sorenson and Mark Kohler. It would be possible to open one then transfer $$$, possibly the assets themselves (not have to sell) to avoid taxes. https://directedira.com/cryptocurrency/ YouTube channel for info https://youtu.be/QG9DN1yiBDI

Anonymous

Credit card limits are being cut also. Without warning.

Anonymous

I am wondering if Bitgo is a trustworthy qualified custodian? They are the current BitcoinIRA custodians. Bitgo did do its due diligence before the planned acquisition of Prime Trust and to the crypto space's benefit. However, it sounds like all the crypto IRAs are a risky gamble now.

Anonymous

James has suggested Webull above. Anyone have any experience with them?

Anonymous
>>111456884

I have both I trust and Bitcoin IRA- Bitgo is very well respected but fees are quite high. I still think it is unlikely that there is an issue with I trust and Fortress. CEO and most key staff from Prime Trust left to form Fortress several years ago. They are involved in litigation as Prime Trust in bankruptcy and Fortress apparently doing very well. Fortress does not have business relationship or use Prime Trust for custody. At this point I have seen no evidence that fortress , I trust, or other crypto Ira platforms have an issue- just one failing company going bankrupt. One of its remaining company’s transferred to fortress.

Anonymous
>>111456348

This looks interesting, on their homepage it looks like Gemini account that you authorize from your IRA and then trade from. So any crypto that Gemini has

Anonymous

Hello Ron Allen. I got my parents involved in ITrust (as they wanted to use their IRA) about 6 months ago. I know Itrust moved from coinbase custody over to Fortress (I believe). Do you feel like your funds are safe in Itrust? I would hate for them to lose their investment (which is btc as a hedge for their other portfolio). It would be nice if Itrust allowed a transfer out to a hard wallet. What are your thoughts?

Anonymous
>>111456884

Thank you, Ron, for stating this. This has been my gut feeling, too. I got bad feelings with Celsius and pulled out 2 weeks before they collapsed. This feels different.

Anonymous

FYI, I have a 401K from an old employer that I moved to Fidelity. However, Fidelity does not offer crypto in my state yet so I can't add BTC or ETH to my 401K. You can check here: https://www.fidelity.com/crypto/trading

Anonymous
>>111457021

I had a webull account a few years back. I dont think you can transfer crypto off their platform, but it may have changed.

Anonymous

So today, after talking with the guys at Fidelity, I initiated the transfer of assets to their Roth IRA. Couldn't do crypto so sold what I had in ITrust and moved USD to Fidelity. After everything that has happened and is happening in crypto this year I'm just looking for peace of mind. I can't afford another issue so I self custody some and keep some BTC on Strike also. Anyone have a strategy for Roth IRA funds.....James ?

Anonymous
>>111456348

If I recall correctly, there are 2 ways to go > I watched A LOT of their crypto IRA youtube vids. If you go Gemini than you do not get the keys. The crypto remains with Gemini (unless things have changed in the past year?). If you want your keys you will go a route of creating an LLC which you own, but the LLC is the holder of the crypto, so you can own your keys, and this is through Kraken.

Anonymous
>>111459859

Roth strategy? Make as much $$$ as you possibly can, no taxes on the out. And don't forget you can backdoor to a Roth from another IRA without limit.(just will pay income tax rate the year of the backdoor transfer). This is handy if you feel you will be paying more taxes in the future once you are pulling retirement.

Anonymous

Will do

Anonymous

Totally understand the concern here, I have funds at iTrust and I am concerned, but selling and transferring out is a very slow process. I expect it would take weeks. Won’t be able to get the funds out if they actually fold. It’s too late already.

Anonymous
>>111460702

I believe if your funds are sitting in cash they are FDIC protected.

Anonymous

I have a self directed checkbook IRA. With a SD-IRA you can own Real Estate, Crypto, early stage VC, etc. if you are an accredited investor. It requires you to set up an LLC which holds your IRA assets and open bank accounts under the LLC. I used Broad Financial to set it up (https://broadfinancial.com/checkbook-ira-ub-9/). It makes sense for those with significant retirement plan assets, e.g., pension plan lump sums, 401K's, individual IRA's that can be combined into a single entity. You can self custody all of your crypto and use any exchange set up with the account in the name of your LLC.

Anonymous

Does fidelity offers GBTC?? If we open crypto accounts with them??

Anonymous
>>111463034

Yes, on my fidelity crypto app you can buy GBTC, but I never used it.

Anonymous
>>111456884

Hello Ron Allen. I got my parents involved in ITrust (as they wanted to use their IRA) about 6 months ago. I know Itrust moved from coinbase custody over to Fortress (I believe). Do you feel like your funds are safe in Itrust? I would hate for them to lose their investment (which is btc as a hedge for their other portfolio). It would be nice if Itrust allowed a transfer out to a hard wallet. What are your thoughts?

Anonymous

its SO frustrating (and so eye opening) to see how many of these so called trustworthy entities are all actually GARBAGE. Anytime they start trying to get yield they get in hot water. Gross.

Anonymous
>>111463034

I have ira with Fidelity and just bought GBTC several days ago within my ira

Anonymous

Here is my awful iTrust story which may be helpful to many as it provides a solution for some and unlike most retirement accounts allows you self custody(!). I had my entire retirement portfolio in a SEP IRA at iTrust. As I was preparing to move to Europe in '21, I got on the phone with iTrust and made sure that having a foreign address would not impact my account and that they were fine with it. They said fine, not a problem. After I moved and went to update my address several months later, I was suddenly informed that I could no longer keep my account at iTrust with a foreign address as they had switched custodians and rules has changed. We were now in the bear market of spring '22. My portfolio was down 50% and dropping and they were telling me I had to most likely liquidate to move my assets somewhere else. I'm talking a 50% loss after I did my due diligence and they never even suggested that rules could be changed - no warning, just you lose. WTF??! As it turns out, the real issue is that most American banks which need to be linked to your crypto custodial account, won't accept foreign addresses. Long story short, after many, many months of false starts with several crypto retirement company's ( I spoke with ALL of them) that ultimately failed because their banking partners wouldn't accept me (none of them were even aware of this stumbling block and always initially told me - not a problem, we got you), I found what may be the only partnership that will allow a foreign address for both the bank and custodian and this partnership may help some of you who are still stuck with iTrust. This is a 3-fold process. Reach out to Madison Trust and ask about creating a self-directed IRA grantor trust. With a self-directed trust, you are allowed to self custody any crypto (along with many, many other assets, including money producing real estate) and avoid the stress of some custodian holding your precious BTC for you - enough of that nonesense. Madison works with Titan Bank of Texas - they WILL allow foreign addresses! Even though your trust will have an American address (through Madison which is the custodian), you, the owner need to provide your physical address. Not an issue for most of you but helpful to know. You will then need to open a business account at Kraken for your trust, which for me, was quick and painless. Keep in mind, your cold wallet MUST be paid by your trust, not you personally. Lots of IRS rules about self-directed trusts but Madison will walk you through it. There is a catch though, which some of you have come across - you need to cash out from iTrust into cash (not a disbursement - no tax hit), transfer to Titan, transfer funds to Kraken, THEN rebuy whatever you want to hold. THIS TAKES AT LEAST TWO WEEKS. Depending on the market, two weeks can be unbearable. As I said, I lost 50% of my portfolio over iTrusts change of rules and then waiting an extra two weeks while trying to time the market right before the LUNA collapse - fun times. On the upside, I now have full, cold wallet storage of my BTC and no one can get it. If I die, my beneficiaries will inherit it and they too can open a self-directed trust with Madison and roll over my BTC without cashing out. Look into self-directed trusts everyone. Several companies offer this and if you've got a big stack and are in the U.S., consider using multi-sig with companies like Unchained Capital who will help you get this all sorted out with owning your retirement funds under your own lock and key. Good luck everyone and good riddance iTrust Capital.

Anonymous
>>111470265

Thanks! I think I will take the loss and do this!!! BTW, this is similar to what Mark Kohler offers

Anonymous
>>111470265

Basically, you now have your funds in your own cold wallet at home. Right? Best

Anonymous
>>111470265

My whole SEP IRA protected BTC is in my cold wallet, 100% controlled by me. Even if the U.S. were to outlaw BTC (they won't), they couldn't take it from me. That means that if you're comfortable with it, you can can swing trade the 4 year cycles without any tax hits until you take disbursement and you're never at risk of a shady custodian mismanaging or outright stealing your funds. Total security as long as you can handle self custody.

Anonymous
>>111460702

I believe that is what I read in the fine print as well. I'm keeping the page open and will convert to USD the second there is any actual correlation to itrust. Right now there hasn't been. I understand the warnings and the abundance of caution being shared here though. But I read for hours all the gossip going around now and still don't see a solid connection that would say our funds at itrust are gone. But I guess we can't really trust anything anymore.

Anonymous
>>111470265

Appreciate this information very much. What was the total cost involved? Of course the 1% selling fee to USD within itrust at first. But what we the costs involved with the remaining steps? Thanks

Anonymous
>>111470265

I'm blanking at the moment but there weren't any alarming fees. You need to keep a minimum $500 in your linked Titan bank account and there is a $100 monthly fee to Madison, which can be paid from your personal credit card or however you want and does not come out of your IRA. $1,200 a year for self-custody and IRA regulatory approval of Bitcoin going forward is fine by me.

Anonymous

Last night I opened Fidelity Crypto account, however i think it’s not an IRA account: while I have other IRA account at fidelity, will I be able to transfer from ITrustCapital to fidelity crypto IRA, or fidelity doesn’t offer crypto IRA as yet?? Please guide?? I will have to talk to fidelity on Monday, in the meanwhile, if anyone can clear the doubt?

Anonymous

Hi James, just wondering why you don't look at the Carbon Markets...? Is it because of the carry cost of holding the long Futures position...isn't appealing? They have out-performed other assets - could you take a look some time, they will be key liquidity markets in the future to finance decarbonisation of the energy markets...? These Cap and Trade vehicles are designed to make price go up over time, and they are not going away?

Anonymous
>>111463034

I have Individual as well as IRA accounts at Fidelity and have GBTC in both. I have not opened the crypto account with them yet.

Anonymous

James, I’m using BitcoinIRA as my self directed IRA choice. They use Digital Trust and insure funds through BitGo. Have you heard any concerns with them?

Anonymous

Gm James sorry change topic but i heard this on utube and i think u would be interested in what Rational root has to say on btc supply based on his unique modeling....would make for a good interview: https://youtu.be/d9LAKuR7cFU

Anonymous
>>111475465

The Fidelity Crypto account is a brokerage account ONLY and you do not actually hold the asset. It is essentially just to capitalize on the price action. The only way you can move the funds to Fidelity is to sell on iTrust and move the cash into an IRA

Anonymous
>>111470265

I’m using BitcoinIRA as my self directed IRA choice. They use Digital Trust and insure funds through BitGo. Have you heard any concerns with them?

Anonymous
>>111460702

I think I am on the same page for now. Please let us know if you see/hear anything solid about Fortress. I plan to move to Unchained, but that will take a bit of time.

Anonymous

I've been using Fidelity for Trade, IRA (transfer from outside and new investments both very easy) and their app to buy/sell BTC/ETH for about 3 months. No external wallet capabilities yet. I still use Coinbase (I feel it's going no where and own stock) as well as Uphold as they support a vast array of options (and they are preparing for IPO). I use other traditional systems so not to keep all my eggs in one basket. I am mixing opportunities with traditional systems being Fidelity, E*TRADE and emerging platforms. I plan to Options trade on Fidelity by years end as I work through all the information. I historically lean very macro in long time horizons. I'm very happy with Fidelity's platform and customer service.

Anonymous
>>111475465

Hi-you’re right the fidelity crypto account (BTC/ETH) is not an IRA account so you can’t transfer/rollover your Itrust IRA into that account. You can only rollover your traditional or Roth into same at fidelity. You’ll have to sell your Crypto in Itrust and move proceeds that way. Fidelity is ‘working on crypto transfers’ sign up for alerts/emails for updates. Hope this helps. Good luck

Whiteness

IMO, switching from iTrust to Grayscale is probably a lateral move in risk AT BEST, or much worse 😉

Whiteness

I currently, maybe luckily, maybe not, have my crypto IRA at IRAFinancial, who uses Gemini as a custodian. There was a hack related to this at one point that didn’t affect me or anyone I know but was definitely concerning at the time. But I’m obviously regretting that choice less now!

Anonymous

i use swan to do my recurring buys and they use fortress trust. However, I don’t use it as an ira. i move it to cold storage automatically after a certain amount is accumulated. Is this safe? looking for help

Anonymous

I’ll be moving my Sep and Roth BTC IRAs from ITrust too. But since the transfer could take days to weeks, it may be safer to sell the BTC and hold it in cash during the liquidation process as it appears Fortress uses an FDIC-insured bank for the USD deposits. This is from their website: Are my funds held in USD FDIC insured? iTrustCapital's third-party Custodian, Fortress Trust, utilizes an FDIC-insured bank to deposit its clients' USD. Deposit accounts are insured up to the maximum permitted by federal regulation. It must be noted that FDIC insurance applies to USD assets held by US FDIC-insured banks and is intended to protect depositor money in the event of a bank failure. It does not protect your money or assets from losses relating to your investment decisions or market conditions.

Anonymous

Thanks everyone for comments, and James for staying on top of this and in the game. I have been using Fidelity with no issues.since from NY I only have a selection like Coinbase and Jemini to purchase BTC. If there are better options please let me know since I am always learning.

Anonymous

I use Choice by Kingdom Trust for my IRA and Roth IRA. I can buy BTC, ETH, SOL and many other coins (stocks as well). There is an option to pay 1% annual fee for them to keep your coins in cold storage. I have no affiliation with this company. I’m a certified financial planner and have my MBA. In my opinion, this is an amazing way to accumulate wealth in a tax deferred (IRA) or tax free (Roth IRA) way. Their trading fees are high, but in an IRA or Roth IRA you don’t pay taxes on trades if you have a gain. You only pay taxes when you withdraw money. Meaning, if you buy BTC at 30k, it goes to 100k, you sell your BTC and buy ETH, no taxes… none. You will only be taxed at ordinary income levels when you withdraw money from your IRA (you pay no taxes when you withdraw from your Roth IRA as long as you have had it open for 5 years). Given my profession, I cannot provide financial advice on social networks. James, first of all, thank you for everything you do. If you would ever want to connect to discuss how incredibly important IRA’s and Roth IRA’s are for long term wealth accumulation, I’m available. You have an enormous audience that would benefit from this advice.

Anonymous
>>111495932

I wonder if the FIDC protects cash lost if they go bankrupt. It says it protect money in the event of a bank failure. That's a different thing.

Anonymous

Hire an attorney and create your own self directed IRA. Then you can self-custody with a hardware wallet. They are tricky to set up and have some rules to follow but well worth the expense.

Anonymous

I am just catching up on iTrust thing... Doesn't Prime Trust only deal with the crypto side of things, so if I sold my crypto position and held my cash in iTrust, would there be the same danger? Not sure how their cash deposits are insured or protected. iTrust also let's you hold gold/silver. ls the expectation that if the Prime -> Fortress thing falls apart that iTrust may go bankrupt like Celcius and FTX, etc

Anonymous

I didn’t move from Exodus when that FUD hit. Glad I didn’t. I’m leaning toward not moving from I-Trust as well. If I had moved to the highly touted FTX back then I would have lost it all.

Anonymous

For those that are leaving itrust; Are ya'll selling digital assets on itrust or holding in USD? I want to keep mine in crypto to stay in the market. But I'm concerned about losing BTC if they attempt to transfer the BTC to my Non-Crypto IRA at Fidelity. It may take 3 day or up to 3 weeks.

Anonymous

Just received this response from itrust on transfer out details. Just wanted to share. ----------------- Hello, In order to complete a Transfer Out to another institution, you will have to contact your current institution and request a Transfer Request. Your new IRA provider may submit a completed Transfer request via fax to 702-946-0225. Please make sure you have adequate funds in the proper assets to proceed without delays *Transfer Outs may take between 7-14 business days to process from the day the form is received. iTrustCapital is not at liberty to liquidate assets on behalf of a client. Please make sure to list the exact values of assets you would like to transfer out especially in relation to completing a "Full Transfer" * Having incorrect values can cause a delay in your distribution. Once the request is received by the Trust: If USD requested: Funds will be sent through the payment method requested. If Crypto requested: Your new custodian will be contacted via email to confirm a crypto micro-transaction Once the micro-transaction is complete, the remaining balance will be sent. Best Regards, The iTrustCapital Team