Choice is the first digital asset platform that is built for advisors and lets you securely invest your hard-earned savings. Further, this Choice Review will brief you regarding all the platform’s features and will guide you throughout.
Table of Contents
- Choice offers a single account for all your investments.
- They provide services to their clients in all 50 states and several foreign countries and custody over $15 billion in assets for over 100,000 clients.
- With real-time pricing in the Choice app, you can watch your Portfolio move at market speed.
- Advisors use Choice to manage bitcoin directly for clients while keeping assets under advisory and Bitcoin secured by Fidelity Digital Assets.
- Choice prevents you from paying up to 37% in capital gains taxes on your Bitcoin, crypto, and stock trades.
- When you are stacked inside a choice IRA, you don’t pay capital gains taxes, ever.
- Choice has 20,000+ assets under their custody and has been users retirement choice.
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What is Choice?
Choice offers a single account for all your investments with no hidden fees, no minimums, and flexible membership options. In addition, they have reinvented retirement accounts to give you a choice of how you invest your hard-earned savings. They are born out of the Kingdom Trust, which means they have worked with individual and professional clients to provide custody for many alternatives for more than a decade.
What is Kingdom Trust?
Kingdom Trust is known as an independent qualified custodian that the South Dakota Division of Banking regulates. Since their founding in 2009, they have historically specialized in innovative and unique custody solutions for investment sponsors, individual investors,broker-dealers, family offices, advisory firms, and other investment platforms. They hold more than $10 billion in assets on behalf of more than 100,000 account holders.
- Choice provides traders digital, alternatives, and traditional assets side-by-side. The members here can trade via Kraken and Interactive Brokers from a single account. Moreover, you can use cash to buy land, gold, and more.
- Clients can choose up their mix whether from Stocks, Bitcoin, ETHs, Gold, etc. You can divvy up your retirement savings between assets you know. In addition to this, you can also change it anytime.
- The platform allows clients to combine all of their retirement accounts via roll-over or transfer. This helps clients get 24*7 access to all their savings from a single place.
- The platform work with Fidelity Digital Assets and Komainu for digital asset security.
- They have all the tools to help, whether you want to trade in bulk or one by one.
How to get started with Choice?
- First, open the website and create an account by registering your email and setting a strong password.
- After your email confirmation, set up Two-Factor Authentication (2FA) on your account. It is a security feature to confirm your identity on future logins and protect your assets.
- Finally, after completing the registration process and Two-factor Authentication, complete and submit the new account application. In this, each section will only take a minute or two to complete, and if you have any questions, you can head over to the platform’s support forum.
What is Choice all about?
Choice by KT is all about the same Bitcoin but fewer taxes.
- It’s your Choice how to save: It allows you to buy and sell bitcoin, crypto, stocks, ETFs, and more from one account.
- It’s your Choice when to Trade: With Choice, no broker is required; trade digital & traditional assets online, anytime.
- It’s your Choice what to Pay: There are no less than obvious fees. Their membership model is transparent and straightforward.
- It’s your Choice who can See: There’s no additional cost if you would like your client to have a login as well.
- It’s your Choice how to Bill: If your agreement with your clients allows, they can deduct directly from client accounts.
Fee Structure of Choice platform
Choice has a simple fee structure, has no hidden fee, and has no minimum balance. In addition, they have introduced 3 membership options for their clients, and those are as follows:
No Annual fee
With this membership, users are free from paying Setup Fee, Yearly Account Fee, Traditional Asset Custody, Traditional Asset Trading, and Digital Asset Trading. In addition to this, your Bitcoins are stored in motion to subsidize your account.
This membership also allows users a free Setup fee, Yearly Account fee, Traditional Asset Custody, and Traditional Asset Trading. Also, you have to pay a 1% fee for digital Asset Custody. In addition to this, your Bitcoins here are stored in Cold Storage.
Hold Your Keys
In this membership, users are free from paying Traditional Asset Custody, Traditional Asset Trading, and Digital Asset Custody (No fee for assets in a trust, otherwise 1%). Moreover, your bitcoins are stored in Cold Storage.
Furthermore, for all 3 membership options, you have to pay a 1% fee for Digital Asset Trading and a Kraken Fee of up to 0.26% per trade, volume, and order type dependent. Also, there is an Interactive broker fee, i.e., $0.005 per share with a $1 minimum per trade.
Self-Directed Individual Retirement Account (IRA)
A Self-Directed IRA is a retirement account in which you are not limited to stock market-based investment choices. The list of investment options is almost endless with a genuinely Self-Directed Retirement account. Choice by Kingdon Trust will help you take the steps necessary to acquire an investment with your Self-Directed IRA once you find an investment to your liking.
Moreover, you may also invest in alternative assets like real estate, timber rights, private companies, promissory notes, precious metals, green energy, and much more. As a Self-Directed IRA investor, you will have considerably more control over your retirement portfolio than those who deal only in exchange-traded investments.
Types of IRAs on Choice Platform
- Traditional IRA: It is a tax-advantaged personal savings plan where contributions may be tax-deductible.
- Roth IRA: It is a tax-advantaged personal savings plan where contributions are not deductible, but qualified distributions may be tax-free.
- SEP IRA: It is a Simplified Employee Pension plan set up by an employer. Here all the contributions are made by the employer directly to an IRA set up for each employee.
- SIMPLE IRA Plan: It is a Savings Incentive Match Plan for Employees set up by an employer. Here, employees may choose to make salary reduction contributions, and the employer makes matching or nonelective contributions under a SIMPLE IRA plan.
How does Bitcoin custody work at Choice?
Choice offers three options for Bitcoin custody, and those are:
- In motion — In this, your coin is enrolled in a program that is managed by CoinShares. Hence, generates interest to subsidize custody fees.
- In cold storage — In this option, your coin is held offline, with institutional-grade security provided by Fidelity Digital Assets.
- In a wallet of your Choice — In this option, your coin is held in an IRA owned trust to enable even more security and flexibility features of your choosing, like Casa multi-sig.
Is Choice Safe?
Choice by KT is regulated by the South Dakota Division of Banking. They operate as a trusted company under authority granted by the state of South Dakota. Moreover, they meet all capital requirements and comply with all state statutes and regulations.
Furthermore, their technology providers are vetted and audited using the highest security standards, including SSAE 16 certifications, PCI-DSS compliant servers, and other enhanced data center, website, and network security features. Choice by KT and its technology providers continue to evaluate new security products to ensure they are protecting your information now and in the future.
Choice Mobile App
The Choice app is one of the ways investors are converting their cookie-cutter 401(k)s and IRAs into crypto, bitcoin, or whatever other alternatives they desire. They are on a mission to remove the arbitrary limits legacy providers put on your hard-earned money. This is the reason why they built an app that makes it seamless to open, trade, and fund a Choice self-directed IRA, all from the palm of your hand. The Choice mobile app is available for iOS users.
Choice mobile app lets you do a lot of things, and those are:
- Setup a new Choice IRA.
- Link bank accounts and initiate contributions.
- Mange their Portfolio from anywhere.
- Buy or Sell Digital Assets 24/7.
- Buy or Sell Stocks/ETFs during market hours.
- Get real-time insight into estimated tax savings, gains/losses, and more.
Choice Customer Support
Choice provides you with good customer support. You will be able to see a chatbot or ChoiceBot as soon as you try to register yourself for the site, which will help you avoid any confusion. It can also help you connect with a specialist. There’s also a help center that the platform provides where there are all the necessary topics related to Choice, and you can get answers to most of your questions. Moreover, if not satisfied, you can raise a ticket from their Support Portal.
Choice Review: Pros and Cons
|The company provides you low-fee Self-Directed IRA.||A chatbot is not that supportive and couldn’t answer many of the questions.|
|With Choice, there is no need to pay up to 37% in capital gains taxes on your bitcoin, stock trades, and crypto.|
|The platform has no hidden and deposit fees.|
|It supports most of the top digital assets.|
|Customer support is good as they provide chatbots, a support forum, and a help center.|
|The platform also lets you book a demo.|
Choice Review: Conclusion
Choice by KT can be an excellent option for retirement investors who are looking to diversify their holdings. It can potentially add to their savings with significant gains. In addition, it gives customers the ability to pay a reasonable fee for a more secure storage solution, which is why the company stands out. This Choice review was all about how Choice works and what all it provides to its clients.
Frequently Asked Questions
What is a custodian?
Unlike retirement administrators or facilitators, custodians like Choice by KT hold an actual bank or trust charter. Choice by KT maintains strict policies, procedures, controls, and disclosures to meet our clients’ highest custody standards.
Is it possible for clients to move funds between the different storage methods?
Yes, clients can move funds between the different storage methods by just submitting a request through the support channels, and they can get you moved between them.
Do clients have to use Casa Multi-Sig for their Bitcoin Self Custody?
No, not at all, we provide an easy onboarding experience to casa through our partnership with them, but all Choice users can use any Bitcoin wallet or multi-sig set up that they would like.