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The Parties Involved in Digital Currency and Precious Metals Investments

Estimated reading time: 2 minutes, 37 seconds

Digital currency has become one of the most discussed alternative investment options in recent times. To say it is polarizing would be an understatement. Proponents on one side and opponents on the other voice strong opinions on how it is, or is not, the future of commerce, investing and so on.

However, those who aren’t easily swayed by the noise of social media and blog posts still have legitimate questions about this asset class. One question that immediately comes to mind is this: who must they work with in order to invest in digital assets?

Did you know the parties involved in digital currency investments are very similar to those involved in precious metals investments?

As we outline on our Precious Metals page, if you are investing directly in precious metals, you must work with the following:

  • a Self-Directed IRA custodian like Kingdom Trust,
  • a broker or dealer, and
  • a metals depository.

A qualified custodian like Kingdom Trust allows assets like precious metals to be held inside tax-deferred retirement accounts as well as taxable accounts. Kingdom Trust will assist you in opening an account with which you can invest in the precious metals. We’ll work with your chosen precious metals broker or dealer and buy or sell assets upon your direction. The broker or dealer will work with the mint to procure your metals investment. Kingdom Trust initiates the delivery to an approved depository of your choice. The metals must be held in a depository and cannot be in your physical possession.

So how is this similar to a digital currency investment?

If you’re investing directly in digital assets like Bitcoin, Ethereum, Ripple and Litecoin, you must work with

  • a Self-Directed IRA custodian like Kingdom Trust,
  • a broker or dealer, and
  • a digital wallet provider.

Very few custodians allow digital currency holdings directly inside a tax-deferred retirement account. However, Kingdom Trust leads the way in digital currency investments. And we’ll assist you in opening an account with which you can invest in certain digital assets. We’ll work with your broker or dealer and buy or sell digital assets upon your direction. The broker or dealer will work with the exchange to procure your digital currency investment.

Kingdom Trust will initiate the delivery to a digital wallet (which you might say serves a similar function as a precious metals depository). The digital currency must be held in a wallet and cannot be in your physical possession.

So, whether you decide to invest in precious metals or digital currency, it’s simple to get started. Generally, clients will open and fund a new Kingdom Trust account via contribution, transfer or rollover. Once you fund your account, you must select a broker or dealer. Then, you direct Kingdom Trust to fund the purchase, and the investment(s) will be sent to the depository or wallet.

So, if you’ve previously invested in precious metals and are considering a digital currency investment, the process will be similar to what you’re used to. Conversely, if you’ve previously invested in digital currency and want to also invest in gold, silver, platinum or palladium, the process will also be quite similar. For more information about these processes, hop on a chat during normal business hours, email Info@KingdomTrust.com or give us a call at 888.753.6972.

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