Top perks

Tax-advantaged cryptocurrency accounts

iTrustCapital makes it easy to put cryptocurrency into an IRA. Its user-friendly system lets you buy and sell cryptocurrencies, gold, and silver. You can use a self-directed IRA to put some of your retirement savings into cryptocurrency. Choose between a Roth IRA, a traditional IRA, and a SEP IRA for either tax-free or tax-deferred gains on your crypto investments.

Customer service

iTrustCapital has good reviews on Trustpilot and forums like Reddit. Customers praise the smooth and easy account setup, as well as the high level of customer service. You can schedule a call with a representative or message them online.

In-kind transfers

If you already hold crypto in a different IRA, you don't have to convert it into a fiat (traditional) currency before you transfer it to your new iTrustCapital account. Plus, you'll get six month's fee-free trading if you do. When you retire and take distributions, you can also take them in-kind, which is ideal if you are holding for the long term and don't want to sell.

You can't make in-kind crypto transfers to your IRA from a wallet or cryptocurrency exchange account, however. IRS rules don't allow you to transfer these directly into your IRA.

 

What could be improved

Available cryptocurrencies

You can only buy 28 cryptocurrencies with iTrustCapital, although it says more will come soon. It does offer all the most popular digital currencies, including Bitcoin, Ethereum, and Cardano. However, cryptocurrency exchanges have much bigger selections, so if you want to invest in a broad selection of coins, you may need to look elsewhere.

Fees and account minimums

iTrustCapital compares well with other cryptocurrency IRAs when it comes to account minimums and fees. It has some of the lowest crypto IRA fees around.

However, if you look at it alongside ordinary brokerages and crypto exchanges, it's less appealing. Many top IRA accounts offer commission-free trading with no account minimums -- though you can't buy crypto. And several cryptocurrency exchanges charge less per transaction, have no account minimums, and don't charge monthly fees.

No interest-bearing account

Some cryptocurrency accounts, including other crypto IRAs, let you earn interest on your crypto assets. This means you benefit from any appreciation in value as well as interest payments. It's a bit like dividend-paying stocks. iTrustCapital does not pay interest on your cryptocurrencies, which is something else to factor into your decision.

Custodial wallet: You don't control the keys

Old-school crypto investors who've experienced large-scale crypto exchange hacks, failures, and scams firmly believe that you need to control the keys to your crypto. What does that mean? When you buy cryptocurrency, there's a private key associated with it -- a bit like your signature.

You need that key if you want to buy, sell, or trade your coins. If your cryptocurrencies are held in a custodial wallet, somebody else controls those keys. It's a bit like allowing your bank manager to sign checks for you.

However, the paperwork involved would make it almost impossible to maintain a self-directed IRA in your own non-custodial account. iTrustCapital keeps your funds in a custodial wallet and does the paperwork for you. Unless you're a tax whiz, if you want the tax advantages of a self-directed IRA, you need to keep your cryptocurrencies with the crypto IRA where you bought them. Plus, these days, crypto exchanges are a lot more secure than they used to be.

 

Alternatives to consider

If you want a wider selection of cryptocurrencies: Coinbase is a popular cryptocurrency exchange with a wide selection of digital currencies. It does not offer cryptocurrency IRAs, but it does make it easy to buy, sell, and spend crypto. You can also transfer your investments to a non-custodial wallet if you want more control.

If you want to earn interest on your cryptocurrencies: Bitcoin IRA is similar to iTrustCapital in many ways. It lets you put cryptocurrency and gold into a tax-advantaged retirement account. However, it also pays interest on certain cryptocurrencies and cash. Be aware that its fees are also significantly higher, which might eat into any interest you earn.