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Whether your retirement is three years away or thirty, it's not too late to diversify your investment portfolio. Conventional retirement plans limit your options to traditional asset classes. Stocks, bonds, and cash are well-known, safe options for investors who don't want to take a lot of risks.
As your assets grow, you may be interested in exploring alternative investments. Alternative investments include emerging assets like cryptocurrency or historic assets like precious metals.
Gold, silver, and other precious metals offer stability in times of economic and political instability.
Before we get started, investing your savings is a serious task. When it comes to adding precious metals to your portfolio, how do you know which companies to trust?
That is why we have researched every company in the industry and selected the very few with the highest customer service standards.
This way you can easily compare the best companies in the business, and choose one that fits your needs and investment goals.
Read the list to see if iTrustCapital passed our strict customer service standards to become one of our top recommendations.
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Diversifying your assets with precious metals can help your portfolio withstand stock market declines and inflation increases. In the past, the value of gold and other precious metals rose after worldwide crises, like the September 11, 2001, terrorist attacks, and the COVID-19 pandemic.
Before the next economic or political crisis occurs, you may want to diversify your portfolio with precious metal investments. Buying gold isn't as simple as purchasing gold jewelry at a pawn shop or estate sale.
Instead, you'll need to open a special type of investment account called a self-directed IRA. You also may see these accounts referred to as Gold IRAs. Like conventional IRAs, Gold IRAs are available as Roth, traditional, or SEP plans.
Before you open a precious metals IRA, you need to find a reputable company for purchasing, managing, and securing your gold. Sites like the Better Business Bureau, TrustPilot, and Consumer Affairs can help you determine if a company is reputable. Customer reviews can provide insight into a company's customer service, fees, and policies.
One company you may have heard about is iTrustCapital. iTrustCapital runs a digital platform that allows investors to trade in many different types of cryptocurrency. If you're not interested in the risks associated with cryptocurrency, the platform also offers physical gold and silver. Keep reading for more information about this company, its history, and its performance.
What is iTrustCapital?
Founded in 2019, iTrustCapital aims to disrupt the self-directed IRA industry. As the leading digital self-directed IRA platform, iTrust Capital eliminates inefficiencies and high overheads that investors find at other dealers.
The company's mission is to "validate, educate, and empower millions of investors as we innovate toward a blockchain future."
iTrustCapital's simple, user-friendly platform makes buying and selling cryptocurrency, physical gold, and physical silver easier for new investors.
New customers can start trading in gold, silver, and crypto by opening a digital self-directed IRA. When you open an IRA with iTrustCapital, the company will connect you with an onboarding team to help you get started. After onboarding, you can use conditional transactions to trade in the market.
Currently, iTrustCapital offers 29 cryptocurrencies, including major cryptocurrencies like Bitcoin, Dogecoin, and Ethereum. Investors also may use their iTrustCapital account to purchase physical gold and silver. iTrustCapital displays current pricing on the Assets page on its website.
In 2022, iTrustCapital made headlines when the company partnered with USC Athletics. iTrustCapital became the official crypto platform of the USC Trojans. Los Angeles Memorial Center and Galen Center display iTrustCapital banners and signs. The company also holds special events for USC fans.
The Internet Marketing Association's Impact21 Awards named iTrustCapital the Innovator of the Year and Best Crypto Investment Platform.
iTrustCapital Company Info and History
Founded by Todd Southwick and Blake Skadron, iTrustCapital opened its doors in 2019. The company's headquarters is in Irvine, California, near Los Angeles. They also have offices in Calabasas.
The company aims to lower the barrier to investing in cryptocurrency. By July 2021, iTrustCapital reached two billion dollars in transaction volume.
In August 2022, iTrustCapital reported that they reached six billion dollars in transaction volume, a 200 percent increase over the July 2021 numbers. Also, in August 2022, the company announced its partnership with the USC Trojans.
In February 2023, iTrustCapital announced a new partnership with Fortress Trust of Summerlin, Nevada. With this partnership, iTrustCapital was able to streamline account setup and onboarding. For investors in precious metals through iTrustCapital, Fortress Trust offers custodianship services. Fortress Trust also offers trustee and crypto liquidity services.
As iTrustCapital grows and engages new partners, the company aims to reach 10 million investors.
iTrustCapital Ratings and Complaints
iTrustCapital does not hold Better Business Bureau accreditation. The company has an F rating and an average customer rating of 2 out of 5 stars. One customer review states that the company is slow to distribute funds.
While communication and onboarding are quick at the time of account set-up and funding, iTrustCapital's communication breaks down during the distribution process. The company relies on Zendesk's ticketing system for communication.
In the past 12 months, the Better Business Bureau received seven customer complaints about iTrustCapital. Customer complaints report difficulty getting through to an iTrust Capital representative.
They also report issues with account setup. Several customers report trouble accessing their iTrustCapital accounts after being set up. Other complaints report that their funds disappeared after the money was transferred to iTrustCapital. The Better Business Bureau reports that all complaints were closed.
Business Consumer Alliance gives iTrustCapital the highest rating of AAA. Factors that impact a company's rating include the business's background information and length of time in business. Business Consumer Alliance also considers the company's complaint history.
BCA looks at the number, type, and seriousness of complaints. The Business Consumer Alliance also considers the industry type. If the business operates in an industry susceptible to complaints or fraud, the BCA considers that in its rating.
On the Business Consumer Alliance site, iTrustCapital has two reviews with an average of 2 out of 5 stars. Customers reported that iTrustCapital's communication was poor. One customer stated that company representatives don't respond to emails. Customers waited longer than expected to receive their funds after distribution. iTrustCapital also charged extra fees after closing an account.
Another customer reported that when he deposited money into his iTrustCapital account, it took several weeks for the money to post. When the customer inquired about his funds, iTrustCapital was slow to respond and passed him to multiple customer services reps without resolution.
iTrustCapital has an Excellent rating on TrustPilot. The company has over 2,600 reviews on TrustPilot with an average rating of 4.5 out of 5 stars. Positive reviews praise the customer service representatives for responsiveness and patience.
Some recent reviewers state that the customer service staff were not able to help with their account or technical issues. Multiple reviews state that the customer's bank account did not stay linked to the iTrustCapital platform.
iTrustCapital's Google profile has 458 reviews with an average of 4.6 out of 5 stars. Customers report that iTrustCapital's customer service representatives were prompt and helpful.
Other reviews report that iTrustCapital processed distributions quickly. Rollovers and transfers from a previous IRA account to a new iTrustCapital self-directed IRA were seamless and smooth.
Some negative customer reviews state that iTrustCapital did not process requests to exit crypto trades quickly and caused the customer to lose money. Other negative reviews state that customer service was slow to respond to both phone calls and chat messages.
The iTrustCapital Management Team
Chief Executive Officer: Kevin Maloney is the CEO of iTrustCapital. As CEO, Maloney drives the vision, culture, and strategic direction of iTrustCapital's software platform. Maloney has 25 years of experience in C-level roles in the technology, real estate, blockchain, and financial services industries.
He also has experience leading investor presentations and road shows. In his previous roles, he raised nearly 250 million dollars in capital for several start-up companies.
Maloney served as Compliance Officer and Registered Principal at PIMCO, followed by a VP of institutional marketing role at First American Trust, a subsidiary of First American Financial Corp. Maloney has a B.A. from the University of California - Irvine and an M.B.A. from Pepperdine University.
Chief Visionary Officer and Co-Founder: Blake Skadron is the Chief Visionary Officer and co-founder of iTrustCapital. He leads the company’s client experience, marketing, and brand efforts. Los Angeles Business Journal featured Skadron on their LA500 list in 2022.
Before founding iTrustCapital with Todd Southwick in 2018, Blake spent more than 12 years in account management and senior sales leadership roles with multiple financial services and alternative investment companies.
Chief Operating Officer: Trevor Gregory is the Chief Operating Officer of iTrustCapital. He leads the company’s operations while also working closely with the marketing, engineering, and product teams.
Before coming to iTrustCapital, Trever led operations at Indi, a social commerce company. He also led the marketing team for Rakuten in North America and was a key executive leader in successfully rebranding Ebates to Rakuten in 2019.
Chief Financial Officer: Chris Franks is the Chief Financial Officer of iTrust Capital. Franks has over twenty years of finance, operating, and investing experience. He served as CFO at Jaris and FastPay. He started his career as an analyst at Merrill Lynch and CIBC. He is a graduate of Duke University, holds an MBA from UC Berkeley, and is a CFA charter holder.
iTrustCapital Custodian and Storage
iTrustCapital partners with Fortress Trust for custodian services. Founded by bankers, cryptocurrency regulators, and blockchain experts, Fortress Trust provides innovative, compliant financial services for alternative investments like cryptocurrency and physical precious metals. The company's services include:
Founded by Prime Trust executive Scott Purcell, Fortress Trust is a subsidiary of Fortress Blockchain Technologies. Fortress Trust doesn't have a listing on the Better Business Bureau. They also don't have listings on TrustPilot or Consumer Affairs.
iTrustCapital uses the Tradewinds Vaultchain platform to trade and track ownership. Customers using the platform store their physical gold and silver in the Royal Canadian Mint. The Royal Canadian Mint mints all of Canada's coins and offers world-renowned bullion.
How to Contact iTrustCapital
Investors can contact iTrustCapital by phone or using an online form. The company does not list a toll-free phone number. Customers can contact iTrustCapital's customer support service, powered by Zendesk.
New customers should select General Request/New Client Onboarding from the menu. The online form asks for an email address, subject line, and message. This form also asks if you have an established account.
Consultation with iTrustCapital
Customers can set up a consultation with iTrustCapital by calling or using the online form. Select General Request/New Client Onboarding, and a representative from iTrustCapital will respond to set up an appointment.
iTrustCapital Application and Account Set-Up
On the iTrustCapital homepage, click Open Account. Click Create Account, and fill in the requested information. iTrustCapital will send you an email to verify your email address. Once you verify you're email, log in to your new account and click Account Application.
The application asks for personal information, such as name, address, and social security number. Select the type of IRA you'd like to open. iTrustCapital allows you to fund your account with your current retirement account, such as a 401(k), TSP, 403(b), or 457. You will need to agree to the IRA adoption agreement. To add funds to this account in the future, click Add Funds on the Dashboard.
Funding with iTrustCapital
You can fund your iTrustCapital account with cash contributions, conversions, transfers, and rollovers. Customers can link several different bank accounts and fund their accounts with ACH transfers. You can transfer an existing IRA to an iTrustCapital crypto IRA.
If you are a current owner of a crypto IRA, you can do an in-kind transfer without liquidating your assets. iTrustCapital states that transfer take approximately one to two weeks.
The iTrustCapital digital platform allows you to roll over an employer's retirement plan into an iTrustCapital IRA. Select Employer Plan Rollover from the funding type menu and fill out the form.
iTrustCapital recommends attaching a recent account statement from the funding account. Employer plan rollovers take approximately three to four weeks to complete.
Delivery and Storage of iTrustCapital Purchases
Customers cannot take physical possession of iTrustCapital purchases. If you purchase cryptocurrency through iTrustCapital, your digital assets will be stored with Coinbase Custody and Fireblocks. Physical gold and silver also require a custodian and storage facility to comply with IRS regulations.
iTrustCapital uses the Royal Canadian Mint for storage. Fortress Trust provides custodianship services for iTrustCapital precious metals IRA accounts.
iTrustCapital offers 29 different cryptocurrencies. They also offer physical gold and silver sold by precious metals dealer, Kitco.
iTrustCapital Products Approved for a Gold IRA
Although iTrustCapital does not specify which of its precious metal products are IRA-approved, they only offer physical gold and silver bullion-backed by the Canadian government. When investors purchase these precious metals, they purchase bullion by the ounce.
You will own a portion of large bullion bars. To reduce costs, the Royal Canadian Mint allocates the gold but does not store it separately for each investor.
- iTrustCapital Buyback Policy
- iTrustCapital does not list a buyback policy on its website.
iTrustCapital aims to keep fees and costs low. There is no monthly account fee. Cryptocurrency transactions have a one percent fee per transaction. Each gold transaction has a fee of $50 over spot per ounce. The silver transaction fee is $2.50 over the spot per ounce. iTrustCapital also promises no additional or hidden account fees. Some customers report extra fees upon distribution.
The minimum transaction size is $30, depending on the asset type. The maximum transaction size is $500,000. If you're interested in opening an account with iTrustAccount, the minimum amount for funding your account balance is $1000. For each additional transaction, there is a minimum amount of $500. Investors may contribute up to the maximum IRA contribution amount.
iTrustCapital Pros & Cons
iTrustCapital Review Conclusion
iTrustCapital offers a way for investors to enter a cryptocurrency and precious metal investing using a fintech platform. The company selects available cryptocurrencies carefully.
To keep precious metal investing simple and inexpensive, iTrustCapital limits precious metal investing to gold and silver bullion-backed by the Canadian government and stored in the Royal Canadian Mint.
iTrustCapital recently lowered the minimum opening account balance and fee structure to open up investing to more customers. The digital platform is user-friendly. iTrustCapital's website features a large database of articles about their services and investment. The site also clearly spells out the fee structure.
iTrustCapital relies on Zendesk and the frequently-asked-questions section of the site to answer most customer questions. For customers used to digital customer service platforms, this support may be sufficient. Customers who are used to interacting with a live customer support agent over the phone may dislike the reliance on Zendesk.
New customers may be swayed by the company's partnership with the USC Trojans. Before signing up for an account, customers should read the customer reviews carefully to determine if iTrustCapital is right for their investments.
Remember to read out list of the Top Gold Companies to see if iTrustCapital made the cut.
Or, if you like what you read about iTrustCapital, you can visit their website below.