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Choice

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About lender

Choice services clients who desire a wide range of investment options for their retirement years. The company allows you to invest in Bitcoin, gold, exchange-traded funds, and stocks within the same account. Choice by Kingdom Trust is an individual retirement account (IRA) that gives its customers access to more extensive investment choices than many other IRAs provide.

In 2009, Kingdom Trust, a company that acts as an IRA custodian, was established in Murray, Kentucky. In 2017, the company made history by being the first IRA custodian to offer Bitcoin custody. They had over 20,000 assets in control, 125,000 active accounts, and over 18 billion dollars in investments in detention. Choice by Kingdom Trust was established in 2020 to cater to clients' needs who wanted to do more with their money than invest in the stock market for their retirement.

Choice

Pros and cons

Choice by Kingdom Trust stands out in the self-directed IRA industry for its minimal costs for digital assets available. Using their free plan, you won't have to pay any setup costs, and the highest rate you'll pay for digital assets like cryptocurrency is 1.26%. It can also invest in Bitcoin and traditional assets available, like stocks and ETFs. Alternative investments, such as Choice, appeal to seasoned investors aware of such investments' inherent dangers.

Pros

  • Low-cost, self-directed IRA. There are no minimum balance requirements or hidden fees, and you can choose to pay $0 per month. The costs for the Choice IRA are easy to understand and not too expensive.

  • Invest in both traditional and digital assets from the same account. Traditional and Roth Individual Retirement Accounts are available in one account. Traditional IRAs don't tax your investment returns until you take them out of the report when you retire, so you have a more extensive base from which to earn income.

  • Wide variety of cryptos on offer. There are currently 25 cryptocurrencies supported by the Choice IRA, including Bitcoin, Ethereum, Ethereum Classic, Litecoin, Chainlink, Dogecoin, Polkadot, Cardano, Stellar, Aave, Cosmos, Basic Attention Token, Bitcoin Cash, Ripple, Dash, EOS, Icon, Maker, Monero, Neo, Solana, Uniswap, Tezos, Yearn Finance, and ZCash.

  • Well-designed and user-friendly website. Your account dashboard will list your investments and tell you what kind they are, like stocks, ETFs, cryptocurrencies, or gold. It will also show you how the prices have changed and how much you paid for each.

Cons

  • Limited support options. You'll be able to use Choice's chatbot once you've logged into your account. Three to five days was the projected wait time for a response.

  • No insurance with the free plan. Kingdom Trust insurance does not cover the "In Motion" program, which has no annual fee. It's a good idea to go with one of the more expensive plans, which charges an extra 1% a year for additional levels of security.

With the significant capital gains taxes some crypto traders see, Choice IRA could be an excellent alternative for retirement savings investors wishing to diversify their holdings. Customers can pay a reasonable charge for a better secure storage solution thanks to the company's modest rates. However, the value of cryptocurrencies fluctuates. Consider the potential role that cryptocurrencies could play in your long-term financial planning.

Terms and conditions

The fee structure for the Choice IRA is straightforward and reasonably priced. There are three membership levels, but the benefits are generally the same for everyone. When it comes to where your Bitcoin is stored, these services are very different. They broke the three levels down according to how you want to keep your digital assets.

No Annual Free Plan

Choice kept hot wallets or exchanges ready to trade at any moment. It has a $0 setup and monthly fees. Choice licenses your digital assets to other companies (for itself) to make money—an Interactive Brokers' fee of $0.005 per share with a $1 minimum balance requirement paid to partners. For digital asset trading, there's 1% + a price up to 0.26% per trade paid to Kraken.

Cold Storage Plan

Choice IRA held bitcoin offline in cold storage to maintain its security. When you save your digital assets with Fidelity Digital Assets, they keep them in a more secure environment. They have a digital asset custody fee of 1% and an Interactive Brokers' fee of $0.005 per share with a $1.00 minimum paid to partners. It also has a $0 setup fee. For digital asset trading, there's also a 1% + price up to 0.26% per trade paid to Kraken.

Hold Your Keys Plan

Bitcoin is kept secure in a cold storage device of your choosing and is maintained in your possession. You save your digital assets utilizing a cold storage solution that supports multiple signatures and is powered by Casa. It has no digital asset custody fee for purchases, otherwise a fee of 1%. They also have an Interactive Brokers' fee of $0.005 per share with a $1.00 minimum paid to partners. For digital asset trading, there's also a 1% + price up to 0.26% per trade paid to Kraken. It has a $500 setup fee and a $10 monthly fee.

Choice allows you to open a regular or Roth (IRA). Contributions to a standard Individual Retirement Account (IRA) may be tax deductible. The Roth IRA does not, but distributions made after retirement are not subject to capital gains taxes.

Funding

Opening a Choice account without making a deposit will be completed in only a few minutes from start to finish. After you have created a password and have provided your email address, they will prompt you to set up two-factor authentication. The next step will require you to provide some basic contact information, as well as your Social Security number and driver's license number, in addition to uploading a picture of your driver's license. You can either make a direct cash contribution or roll over assets from an existing IRA or 401(k) plan to bring money into your account.

Installing the Choice App on an iOS device or signing up for the service through your web browser will let you play Blinko to earn free bitcoin. After that, you'll be able to select the sort of individual retirement account (IRA) that best suits your needs and decide how you'd like to keep your assets stored. Be sure to have your Social Security number and a government-issued photo ID. And last but not least, you can finance your IRA using three distinct methods. You can make a contribution, roll over assets from an older 401(k), or transfer money from an existing IRA.

Moving funds

If you wish to start from scratch with your financial resources, you can contribute up to the IRS-mandated maximum amount, which you can do by sending a check, wire, or ACH transfer to Kingdom Trust directly for the benefit of your account. To help you navigate, please follow these steps:

  1. Sign in to your account with Choice;

  2. Select the available cash option;

  3. Select "Deposit" from the menu;

  4. Select the bank account you want to use, then click the following button;

  5. Enter the amount you wish to deposit, then click the "Preview Deposit" button;

  6. Click the confirm deposit button on the next screen.

You can also move funds or assets from an existing IRA maintained with another custodian directly to Kingdom Trust so that you can use them to benefit your account. If you currently have an established IRA and you wish to transfer money out of it, you will need to execute the following steps:

  1. Sign in with your Choice account;

  2. To begin a rollover or transfer, scroll down to the bottom of the portfolio screen and click "start";

  3. On the following screen, scroll down to the bottom and click on Transfer your IRA from another provider;

  4. Complete the form for the transfer, then send it in.

You can get direct payment of funds or assets from an employer plan or IRA if you take a distribution from another custodian. Suppose you do not roll over that cash or assets to Kingdom Trust within sixty days of receiving the distribution. In that case, they will regard the transaction as a normal distribution, and you may be subject to taxes and other penalties. You are ready to roll over if you have a 401(k) or Employer-Sponsored plan. Follow the steps below to assist you with your rollover assets:

  1. Sign in to the account you have with Choice;

  2. Scroll down to the bottom of the portfolio screen and click the button labeled "start a rollover or transfer";

  3. Click the start with a 401(k)-rollover button on the following screen;

  4. Complete the rollover assets form and then send it in.

The entire process can take anywhere from two to four weeks to complete, on average. If you roll over funds into a standard individual retirement account (IRA), you won't have to pay taxes on the funds until you start making withdrawals from the IRA. Access to traditional assets is offered by Interactive brokers, while access to digital assets is provided by Kraken, a popular cryptocurrency exchange, and CoinShares. You may access the account 24 hours a day, seven days a week, and rolling over an existing retirement account is simple. Financial advisors also have a dedicated portal.

FAQ

What is the Choice App?

By providing you with free bitcoin daily, the Choice App makes it easier for you to save more money for your retirement. Using the Choice platform, you can put money into your retirement account through bitcoin, cryptocurrencies, equities, and dozens of other assets.

Is Kingdom Trust insured?

Cash held by Kingdom Trust for the benefit of its clients is typically deposited in banks that the FDIC insures. The Federal Deposit Insurance Corporation insures cash deposits alone and provides coverage of up to $250,000 per account.

What is Choice App Crypto?

Choice contributes one free bitcoin to your daily wallet so you can put away more money for your retirement. A single retirement account can hold investments in various assets, including cryptocurrencies like Bitcoin and Ethereum, as well as traditional assets like stocks and bonds. Simply extra choices for the money you've worked so hard to earn, with no initial setup costs or necessary minimums.

How does the Choice App work?

The Choice is the only retirement account that will provide you with free bitcoin every day, which will assist you in saving money for the future. Sign in, place a chip, and immediately begin piling up free coins. Using the Choice platform, you can put money into your retirement account through bitcoin, cryptocurrencies, equities, and dozens of other assets. There are no initial fees and minimums; you have additional options for the money you've worked hard to get. 

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It’s Your Money, It Should Be YOUR CHOICE

© Choice
Financial products
Choice
Invest for retirement
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

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