My Digital Money Review

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Contributor, Benzinga
May 12, 2022
My Digital Money
Overall Rating:
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My Digital Money (MDM) is a U.S.-based crypto-trading platform that partners with Equity Trust, a leading provider of self-directed IRAs that has over $20 billion in assets under custody. MDM offers traders considerable advantages over many other cryptocurrency platforms. For example, you can buy digital assets and hold them in an individual retirement account (IRA) or crypto IRA. You can also actively engage in crypto trading in an individual cash account. Your digital assets are well protected with military-grade security, and you can contact MDM’s excellent customer service staff who can save you a considerable amount of time and money if a problem arises.   

Pros
  • Combined Bitcoin and cash trading
  • Cryptocurrency IRA account
  • Military-grade security
  • No monthly fees
  • Practice trading account
Cons
  • No mobile app

My Digital Money Ratings at a Glance

Crypto IRA Investments From MDM
Customer Service
Pricing
User Benefits
User Experience
Overall

Crypto IRA Investments From MDM

MDM offers investors and traders of any experience level a great opportunity to get involved in the crypto markets. Furthermore, if you’re looking for an alternative investment to traditional ways of setting money aside for your retirement, then a crypto IRA could be an option to consider, especially if you have the risk appetite for the price volatility digital currencies often display.

An especially attractive feature of the MDM platform is the ability to make cryptocurrency investments and potentially earn tax-free or tax-deferred profits in an IRA. Types of crypto IRAs you can open with MDM include a Simple IRA, a Traditional IRA, a Roth IRA and a Simplified Employee Pension Plan (SEP) IRA.  

If you plan on just trading cryptos, then MDM provides a cash account and an excellent platform with trading tools other crypto exchanges may not offer. The MDM platform also allows you to enter orders away from the prevailing market to limit your risk or to buy digital assets when they’ve reached your preferred price level. Once you’ve purchased a digital asset, you can manage your trade by entering a stop-loss order to limit losses on a losing trade or a limit order to take profits on a winning trade.

You also have the choice of entering an order either at a specific price level or as a percentage move in the digital asset. For example, if you bought Bitcoin Cash (BCH) at $275, you could enter a stop-loss order to sell if BCH declined by 10%. Alternatively, you could enter a stop-loss order to sell at the best possible price if the market trades down to $247.50. 

My Digital Money Customer Service

MDM’s U.S.-based customer service is unusually reliable and offers a toll-free U.S number. You can also reach MDM’s customer service via email by filling out an online contact form with your name, email address and phone number on the company’s website. MDM’s physical address in Pasadena, California, is listed on its website if you prefer to contact it via mail. 

MDM’s customer service was very responsive and promptly answered a query when contacted via its toll-free number. While no online chat option currently exists on MDM’s website, you can contact the company via its social media presence on Facebook, Instagram, LinkedIn and Twitter

My Digital Money Pricing

While no monthly fee is charged for MDM’s services and platform, MDM does have several fees for both its cash account and crypto IRAs: 

  • Cash account: The cash account has no setup fee, but you will need to pay a platform transaction fee of 2.15% and a 0.75% custodian transaction fee. 
  • Crypto IRA:  Setting up a crypto IRA involves a one-time setup fee of $50, and you’ll pay the same transaction fees as with a cash account. 

The platform transaction fee covers MDM’s comprehensive services that include its investment features and in-person customer care. Keep in mind that the investments offered via MDM investments are not exchange-traded funds (ETFs) but actual cryptocurrencies. 

MDM has three payment options. You can pay directly from your IRA, from your bank account or using your credit card. For more information on MDM’s fees, you can click this link, call (877) 833-0927 or send an email to fees@trustetc.com

My Digital Money User Benefits

The MDM platform gives beginning traders the opportunity to trade cryptos virtually in a practice trading or demo account. This feature is an excellent way for a novice to get familiar with crypto trading. It also gives a seasoned trader the opportunity to test out new strategies they are considering including in their trading plan. Also, MDM has an ongoing promotion that rewards a $50 cash award for referring a friend. 

Once you’ve opened an account and begun trading cryptos with MDM, you can closely monitor your positions and receive profit/loss prompts for your portfolio in real-time right on your dashboard. MDM’s platform also provides a useful chart of the net gain or loss on your entire portfolio.  

In addition to traditional stop-loss and limit orders that get executed automatically, you can enter a “trigger” order. A trigger order lets you take a profit once your digital asset’s price has reached your target level without involving the added risk of a partial or missed execution. Once your target level trades, a market order is triggered that executes your order in full at the prevailing market price. 

With respect to security, MDM has partnered with Genesis Custody, a global leader in digital asset markets, to provide unparalleled military-grade security for your crypto investments. MDM features Hardware Security Module (HSM) cold storage, which is offline storage in former military nuclear-attack bunkers, offering one of the most secure cryptocurrency storage methods available in the digital asset space. 

As an MDM client, you also have the advantage of multiple security levels to prevent unauthorized access to your digital assets. Genesis Custody provides MDM with $600 million in vault insurance to protect client assets from physical loss, theft or damage. One major advantage of MDM’s excellent customer service is that it can help you recover your account if you forgot your password without compromising its security.

My Digital Money User Experience

The MDM platform is intuitive and easy to use even for someone with no trading experience. After you’ve opened an account, the platform interface will display links to the Dashboard, Portfolio, Trading, Prices and Charts, a Learn section for inexperienced traders and customer support. 

In the trading section of the platform, you’re provided with a list of investment options with individual boxes and a buy button. Once you’ve selected the digital asset you wish to buy, you enter the dollar amount you want to allocate to your purchase and then press the Buy button. 

The MDM platform is ideal for traders and investors at all levels of expertise. If you want a better idea of how well the platform works, you can open a virtual account and start trading cryptos with $50,000 of virtual money.  

My Digital Money vs Competitors

With respect to crypto IRA accounts, MDM compares very favorably to other companies offering similar services. Also, the level of security for your crypto IRA and digital assets may be higher with MDM than elsewhere because of its military-grade cold storage method. Benzinga has compiled a table of how MDM compares with other firms below so you can easily compare these and other features.    

My Digital Money Overall

Cryptocurrencies are still considered an alternative investment, although digital assets are quickly becoming more mainstream as an increasing number of people trade, invest in and make payments using cryptocurrencies. MDM gets an unusually high 4.5-star rating for its platform’s ease of use, the high security of crypto asset storage it employs and its excellent educational and crypto news resources. The only downside with MDM is that the company has yet to develop a mobile app, but its platform can be accessed online via an Internet browser using a cell phone or tablet, as well as on a desktop computer. 

My Digital Money Videos

You can check out MDM’s YouTube channel for more information about its platform, crypto IRAs and other relevant topics.

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Jay and Julie Hawk

About Jay and Julie Hawk

About Julie: 

Julie Hawk earned her honors undergraduate degree from the University of Michigan before pursuing post-graduate scientific research at Cambridge University. She then started work in the private sector as a business systems analyst for a major investment bank, where she qualified as a Series 7 Registered Representative and received comprehensive training in various financial products. Further honing her skills, she attended the prestigious O’Connell and Piper options training course in Chicago, mastering professional option risk management techniques.

Julie then transitioned into the role of a professional Interbank forex trader, currency derivative risk manager and technical analyst, ascending to the position of vice president over a 12-year career in the financial markets. Julie’s illustrious banking career spanned working for major international banks in New York City, London, and San Francisco, where she served as an Interbank dealer, technical analyst, derivative specialist and risk manager. Her responsibilities included educating, devising customized foreign exchange hedging and risk-taking strategies, and overseeing large-scale transactions for esteemed banking clients, including corporations, fund managers and high-net-worth individuals. As part of her responsibilities, Julie managed substantial portfolios of forex options, spot, and futures positions as a currency options risk manager, earning recognition for executing innovative and highly profitable forex derivative transactions. Julie also spearheaded educational conferences on currency derivatives.

During her banking career, Julie attained world-class expertise in technical analysis, including Elliott Wave Theory, and pioneered research into automated trading and trading signal systems. An active member of the San Francisco Writers’ Guild, Julie also authored trade strategies, educational material, market commentary, newsletters, reports, articles, and press releases. She became a sought-after market expert who was frequently interviewed by financial magazines and news wires such as REUTERS.

Following her retirement from the banking sector, she dedicated 15 years to online forex trading, mentoring and freelance writing for TheFXperts, which she co-founded with her husband Jay. Julie is the co-author of “Forex Trading: A Beginner’s Guide” and “Technical Analysis for Financial Markets Traders,” in addition to five other books on financial markets trading and personal finance. She now focuses on writing articles on financial markets for platforms like Benzinga, although she continues to trade forex online and mentor fellow traders as part of TheFXperts’ financial team.


About Jay:

Jay Hawk grew up in Chicago and Mexico City where he became bilingual in English and Spanish. After taking formal training as a classical guitarist at prestigious music conservatories in Europe, Jay then embarked on a remarkable journey into the financial markets, cultivating his notable expertise through hands-on experience that began on the Midwest Stock Exchange.

His financial career progressed as he started actively participating in various exchange floor trading activities in the Chicago futures and options pits, where he worked his way up the ladder, serving as a clerk, trader, broker, investor and fund manager. Jay then ran a retail stock brokerage desk and managed funds for large institutional investors, leveraging his discretionary trading skills to yield profitable results for clients.

This ultimately led to Jay holding exchange seats and operating as a market maker on options exchanges in Chicago and San Francisco, initially on the Chicago Board Options Exchange. Jay also played a significant role in the Chicago Mercantile Exchange’s evolution, where he contributed to launching and actively trading the first listed currency futures options. After transitioning to the West Coast, Jay then held a seat and ventured into trading stock options and their underlying stocks on the Pacific Options Exchange.

Jay’s comprehensive understanding of fundamental economic and corporate analysis continues to inform his trading and investment activities and has led to his subsequent success as an expert financial writer. Together with his wife Julie, he co-authored “Stock Trading: A Beginner’s Guide”, “Commodity Trading: A Beginner’s Guide” and “Fundamental Analysis for Financial Markets Traders,” among their published books focusing on financial markets trading, market analysis, and personal finance. 

As an integral member of TheFXperts’ team, Jay now excels in trading forex online for his personal account, mentoring aspiring traders and writing for financial platforms like Benzinga where he specializes in covering topics related to the stock and commodity markets, as well as investing, trading and reviewing online brokers.