The merging of TradFi and web3 is one of crypto’s greatest promises. iTrustCapital represents the realization of that potential. Learn more about how the company has bridged the gap into web3 in this comprehensive iTrustCapital review. Here’s what you need to know about the innovative fintech platform.
iTrustCapital
- iTrustCapital
- Who is this iTrustCapital review for?
- What is iTrustCapital?
- History of iTrustCapital
- Where is iTrustCapital available?
- How to sign up for iTrustCapital in 2024?
- What can I trade on iTrustCapital?
- Welcome offer/bonus
- Features and tools from iTrustCapital
- Deposits and withdrawals
- How secure is iTrustCapital?
- iTrustCapital review: Pros and cons
- How does iTrustCapital compare to others?
- Customer support
- How we have tested iTrustCapital
- Regulatory compliance and safety
- Invest responsibly
- iTrustCapital: A safe and pleasant introduction to crypto
- Frequently asked questions
Who is this iTrustCapital review for?
This iTrustCapital review should appeal to a variety of crypto enthusiasts. Keep reading, especially if you are:
- A U.S. citizen
- Interested or currently seeking a retirement account
- Currently own a retirement account
- Interested in cryptocurrency and tax advantages
What is iTrustCapital?
iTrustCapital is a financial technology (fintech) company that specializes in providing cryptocurrency investment and retirement account services.
The company’s primary focus is to allow individuals to invest in cryptocurrencies, such as bitcoin, ethereum, and other digital assets, within tax-advantaged retirement accounts like IRAs.
Before we go any further, let’s take a brief detour to explain an IRA and why you would want one. Firstly, IRA stands for individual retirement account. It is a tax-advantaged savings account designed to help individuals save for retirement.
A tax-advantaged account is a financial account that offers certain tax benefits or advantages for individuals to save or invest money for specific purposes, such as retirement, charity, healthcare, or other purposes.
These accounts are typically structured in a way that allows individuals to reduce their taxable income, defer taxes on investment gains, or enjoy tax-free withdrawals under certain conditions.
All iTrustCapital accounts are IRAs, which may provide advantages, including tax-free trading and tax-deferred or tax-free gains. This is in contrast to users having an account on traditional centralized exchanges like Coinbase, where profits are taxable.
Number of users and trading volume
Since its launch in 2018, iTrustCapital steadily expanded its presence and achieved significant milestones. The startup achieved a substantial revenue of $47 million for the year 2021.
In January 2022, the company managed approximately $2 billion in assets across roughly 27,000 accounts, boasting an average account size of approximately $55,000. By April 2022, iTrustCapital had further grown, accumulating over 40,000 accounts and achieving a remarkable total transaction volume of $6 billion.
History of iTrustCapital
Todd Southwick and Blake Skadron created iTrustCapital in 2018 in Long Beach, California. In 2022, iTrustCapital made headlines by securing an impressive $125 million Series A funding.
This achievement came on the heels of an exceptional year, as earlier in the same year, the company attained a remarkable valuation, surpassing $1.3 billion.
iTrustCapital’s commitment to innovation and excellence did not go unnoticed in 2021. The firm received prestigious accolades, including the titles of “Innovator of the Year” and “Best Crypto Investment Platform” from the IMA Impact21 Awards.
Where is iTrustCapital available?
Currently, the company only caters to U.S. residents. To enhance security measures, the platform employs IP address blocking to restrict access from outside the U.S.
How to sign up for iTrustCapital in 2024?
1. Firstly, go to the iTrustCapital website and select “Login.” This will redirect you to the following page.
2. Secondly, fill out the information in the form. You will have to verify your email afterward.
3. Thirdly, the link will take you to a login page. Fill in the login credentials that you entered in step one.
4. Next, you will have to set up a second authentication method.
5. Lastly, you will be asked to verify your identity.
What can I trade on iTrustCapital?
iTrustCapital offers a diverse range of assets for trading, comprising two distinct categories: cryptocurrencies and precious metals. Within this selection, clients can acquire 34 distinct cryptocurrencies, encompassing prominent options like bitcoin and ethereum. They have another option to invest in two precious metals: gold and silver.
Welcome offer/bonus
The iTrustCapital customer referral program allows registered users to earn a $100 USD referral reward. Referees earn from iTrust referrals who become customers by opening an IRA account, passing compliance procedures, and funding their accounts.
The referral reward is paid to the user’s bank account within 45 days of the referred customer funding their account. Users can access their referral link on the iTrust website or app to share with friends and associates but cannot refer family members. The reward is canceled if users do not claim their referral reward or provide the necessary information within 30 days of qualifying. The program may be modified or terminated by iTrustCapital at its discretion.
Features and tools from iTrustCapital
Whether you’re looking to secure your retirement or explore cryptocurrency investments, iTrustCapital provides versatile options and features for its users.
For those keen to delve into the world of cryptocurrencies and precious metals, iTrustCapital offers access to a diverse selection of 34 different digital currencies and physical assets like gold and silver. With the convenience of a user-friendly dashboard, you can keep tabs on your accounts and monitor your investments.
One of the platform’s core strengths lies in its support for various retirement account types, including Traditional IRAs, ROTH IRAs, and SEPA IRAs. Additionally, iTrustCapital facilitates rollovers for retirement accounts, including 401(k)s, 403(b)s, pensions, annuities, and more.
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Security at iTrustCapital is underpinned by trusted partners like Fortress Trust, BitGo, and Fireblocks, which provide proprietary security solutions for asset custody.
The markets never sleep — and neither does iTrustCapital. The platform provides access to markets that are open 24/7, allowing you to trade and manage your assets at any time.
Further, iTrustCapital offers a mobile app on Android and iOS platforms, ensuring you can stay connected and make informed decisions.
In summary, iTrustCapital‘s key features are:
- Traditional IRA, ROTH IRA, or SEPA IRA
- Retirement Account (401k, 403b, Pension, Annuity, etc.) rollovers
- 34 different cryptocurrencies and precious metals
- Dashboard to keep track of your accounts
- Fortress Trust, BitGo, and Firbelocks proprietary security for assets custody
- Markets open 24/7
- Mobile app on Android and iOS
Deposits and withdrawals
You can fund your iTrust account via existing IRAs, ACH, or wire transfers. To ensure strict adherence to IRS rules governing IRAs, it’s important to understand that the management and custody of assets within your iTrustCapital IRA operate under specific guidelines.
One key point to note is that assets within your iTrustCapital IRA must be custodied. You can not hold crypto in your personal web3 wallet. This means that, unlike typical financial accounts, you may not be able to engage in traditional withdrawal and deposit processes.
This custody ensures that your IRA investments meet the necessary criteria for tax advantages associated with retirement accounts. In practice, this means that while you have various options for funding your iTrustCapital IRA, you may not have the flexibility to make direct withdrawals or deposits in the typical sense.
To open an iTrustCapital account, a minimum initial contribution of $1,000 is required. The maximum annual contribution is subject to IRS limitations, and there is no upper limit for IRA transfers or qualified plan rollovers.
For any additional cash contributions, the minimum amount is set at $500. For either a Traditional or Roth IRA, the maximum annual cumulative contribution stands at $6,000 if you are under 50 years old.
If you are 50 years or older, you can contribute up to $7,000 annually. These contribution limits are governed by IRS regulations and guidelines.
Lastly, iTrustCapital does not have any monthly, yearly, or maintenance fees to use the platform. Transaction fees for buying/selling crypto are 1%, $50 over the spot price per ounce of gold, and $2.50 over the spot price per ounce of silver.
Payment processing and methods accepted by iTrustCapital
You can fund your iTrustCapital IRA through several methods:
- Transfer an IRA: iTrustCapital allows you to transfer any existing IRA, whether it’s a Traditional, Roth, SEP, Simple, or Inherited IRA. The process typically takes 1 to 2 weeks.
- Employer plans: If you leave your job for any reason, you have the option to rollover your retirement plan into your iTrustCapital IRA. This includes plans like 401(k), 403(b), TSP, and 457. The rollover process typically takes 3 to 4 weeks.
- Contributions: You can also fund your iTrustCapital IRA by making new contributions based on yearly guidelines. If you choose to contribute via a Cash Contribution (ACH), it generally takes one week.
However, it’s important to note that the IRS only allows you to fund your IRA with USD. You cannot directly contribute cryptocurrency you already own to your IRA.
Nevertheless, if you have cryptocurrency with another crypto IRA provider, you may be able to transfer “crypto in-kind” to your iTrustCapital IRA. This allows you to leverage your existing crypto assets within your iTrustCapital account.
How secure is iTrustCapital?
iTrustCapital is not a custodian. The company partners with Fortress Trust, a regulated state-chartered trust company, to act as the qualified custodian.
As the qualified custodian, Fortress Trust is responsible for safeguarding and custodying client assets, including both digital assets and precious metals, in IRAs. Fortress Trust employs proprietary technology, including platforms like BitGo and Fireblocks, to securely custody digital assets. The providers (BitGo and Fireblocks) undergo regular security and financial audits conducted by external firms.
Fortress Trust utilizes an FDIC-insured bank, Cross River Bank, to deposit clients’ USD. The FDIC insures these deposit accounts up to the maximum permitted by federal regulation ($250,000).
FDIC insurance protects depositors’ money in the event of a bank failure, providing an additional layer of safety for USD holdings.
Additionally, the firms have received SOC 2 Type II certifications, demonstrating a commitment to security best practices. Digital assets are stored in offline cold storage.
The providers also employ MPC technology. MPC is a cryptographic technique that enhances security. It requires multiple parties to agree before taking any action, adding an additional layer of protection. Lastly, iTrustCapital maintains a Commercial Crime Insurance Policy, which provides additional protection against unexpected events.
iTrustCapital review: Pros and cons
It’s also important to note the platform’s strengths and weaknesses. Here is a list of its pros and cons.
Pros
- Good customer support
- Institutional grade security of assets
- Tax advantages for holding crypto
- Simple, user-friendly interface
- 24/7 open markets for trading
- Multiple IRA options and unlimited IRA accounts
Cons
- Limited cryptocurrencies and precious metals
- High trading fees
- Limited trading and deposit options due to regulations
How does iTrustCapital compare to others?
What iTrustCapital review is complete without competitor comparisons? Surprisingly, iTrustcapital has a few, such as BitIRA, Bitcoin IRA, and Alto Crypto IRA. Here is a brief overview.
BitIRA
Established in 2017, BitIRA focuses on providing secure retirement planning options. It offers 17 assets but does not disclose its fees. The platform requires an undisclosed minimum investment, with a prerequisite of at least a $5,000 salary. BitIRA does not have a mobile app.
Bitcoin IRA
Founded in 2016, Bitcoin IRA offers a broad selection of over 60 cryptocurrencies. It requires a minimum investment of $3,000 and provides mobile apps for both Android and iOS users. Details about its fees are undisclosed.
Alto IRA
Alto IRA specializes in alternative assets for retirement accounts. It offers a wide range of assets, including 200+ options, and charges a 1% trading fee. The platform has a low minimum investment requirement of $10.
| Platform | Assets | Fees (crypto) | Min. investment | Mobile app | Year founded |
| iTrustCapital | 34 cryptos, gold, and silver | 1% trading fee | $1,000 | Android & iOS | 2018 |
| BitIRA | 17 | Undisclosed | Undisclosed (at least $5,000 salary) | No | 2017 |
| Bitcoin IRA | 60+ | Undisclosed | $3,000 | Android & iOS | 2016 |
| Alto IRA | 200+ | 1% trading fee | $10 | In beta stage | 2018 |
Customer support
We found iTrustCapital to be highly responsive and helpful to all of our queries. This is also reflected in the platform’s customer reviews. It is evident from both our tests and user reviews that iTrustCapital delivers an exceptional customer support experience and a user-friendly platform.
Customers repeatedly highlight the lightning-fast response times and efficient assistance they receive from iTrustCapital’s customer support team. The agents are described as patient, informative, diligent, persistent, professional, and knowledgeable.
Additionally, the team is praised online for guiding users step by step through processes, ensuring a deep understanding of all details. These reviews reflect a consistent pattern of positive user experiences, demonstrating iTrustCapital’s commitment to providing top-notch customer support and a user-friendly platform. Users not only receive quick and efficient assistance but also appreciate the expertise and professionalism of the support team.
How we have tested iTrustCapital
To deliver an all-encompassing understanding of this platform, we embarked on an in-depth exploration of iTrustCapital’s foundational offerings. We intended to paint a detailed picture, one that provides potential users with a clear idea of what to expect. To do so, we put a spotlight on:
- Traditional IRA, ROTH IRA, or SEPA IRA: We assessed the range of individual retirement accounts available, paying attention to their flexibility and ease of setup.
- Retirement account rollovers: We explored the process for transitioning various retirement accounts.
- 34 different cryptocurrencies and precious metals: We scrutinized the variety and breadth of investment options, focusing on the accessibility and potential returns.
- Dashboard functionality: We tested the dashboard to determine how effectively it enables users to manage and track their accounts.
- Asset custody security: We evaluated the security measures provided by Fortress Trust, BitGo, and Firbelocks to ascertain the safety and protection of assets.
- 24/7 market availability: We confirmed that the markets were operational around the clock, ensuring continuous trading opportunities.
- Mobile app on Android and iOS: We tested the mobile app on different platforms to assess its functionality, responsiveness, and user-friendliness.
Regulatory compliance and safety
Since iTrustCapital is not a licensed broker/dealer, exchange, custodian, trust business, or investment advisor, it is not subject to direct regulation as any of these entities. iTrustCapital simply offers a technology interface that allows you to interact directly with third-party providers.
Through this interface, you can utilize your IRA(s) for transactions involving digital currency, precious metals, and various other alternative assets. When applicable, iTrustCapital charges a fee for the services it provides.
Invest responsibly
It is important to remember that investing carries inherent risk, and you could potentially lose money. Therefore, it is paramount that users never risk more than they can comfortably afford to lose and invest responsibly.
Furthermore, this iTrustCapital review is not a formal cosign of the platform. Users should not only consider their personal goals but also consider their financial obligations before making any investment decisions.
iTrustCapital: A safe and pleasant introduction to crypto
All in all, this iTrustCapital review finds that the platform offers a much-needed service. It is a great way for older demographics who are unsure about crypto to gain exposure to the market. The company is also an effective bridge from traditional finance to web3.
The company fills a much-needed niche in the industry. It also goes above and beyond by employing institutional-grade security and top-of-the-line customer service, giving non-native users a safe and pleasant introduction to crypto.
Frequently asked questions
How do I withdraw money from iTrustCapital?
Does iTrustCapital have any fees?
Can iTrustCapital be trusted?
Is iTrustCapital a safe app?
What country is iTrustCapital in?
What is iTrustCapital used for?
Is iTrustCapital regulated?
What is the minimum deposit on iTrustCapital?
Does iTrustCapital have a mobile app?
Does iTrustCapital offer a demo account?
Does iTrustCapital have a withdrawal fee?
Can I transfer money from iTrustCapital to my bank account?
Does iTrustCapital require KYC?
Is iTrustCapital a legit site?
Can you withdraw from iTrustCapital?
Which countries cannot use iTrustCapital?
Does iTrustCapital offer any special offers or bonuses?
Does iTrustCapital have good customer support?
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