Standard Crypto Trading Accounts

Trade Crypto The Old-Fashioned Way

Not every investor wants to tie up their digital assets in a retirement account. My Digital Money users can also access a standard trading account if they want to make trades outside their crypto IRA. While your standard crypto trading won’t receive the same tax advantages as your IRA trades, we still hold your assets safely in a trust.

My Digital Money Crypto Trading Dashboard
Why Use A Standard Trading Account?

Don’t Expose Your Assets To Unnecessary Risks

If you’re storing your crypto on a centralized crypto exchange, it may be at risk. Many investors don’t realize that in the event of bankruptcy, they could lose all of their assets. While they won’t cut you in on the profits, you could share in their losses. On My Digital Money, your crypto is stored in trust, which means we can’t borrow, lend, or leverage against your assets, even if we wanted to.

Frequently Asked Questions

Frequently Asked Questions About Crypto Brokerage Trading

What is a crypto broker?
A crypto broker is a platform that allows you to buy, sell, and hold cryptocurrencies, often with added services like security and account support. Unlike an exchange where you trade directly with other users, a broker manages the transaction for you making it simpler for many investors.
What’s the difference between a cryptocurrency exchange and a broker?
A crypto exchange is like a marketplace where buyers and sellers trade directly, often requiring more technical know-how. A crypto broker simplifies the process by executing trades on your behalf. Brokers also often provide added security and support.
What is the difference between a crypto IRA and a standard crypto account?
A crypto IRA allows you to invest in digital assets with potential tax advantages (like tax-deferred or tax-free growth), but there are contribution limits and withdrawal restrictions. A standard crypto account has no tax benefits, but it offers more flexibility.
What is a crypto brokerage account?
A crypto brokerage account is a type of account that allows you to buy, sell, and hold cryptocurrencies through a broker. At My Digital Money, our standard crypto accounts are designed to keep your assets secure by storing them in trust, without borrowing or lending your funds.
Is a standard crypto account taxable?
Yes, any profits you earn from trading in a standard account may be subject to capital gains taxes. We recommend speaking to a tax professional to understand your specific situation.
Is it safe to store crypto with My Digital Money?
Absolutely. All assets are held in trust, meaning My Digital Money cannot lend, leverage, or use your crypto for any purpose. This provides a higher level of security compared to many centralized exchanges.
How does My Digital Money make money if it doesn’t lend or use my crypto?
We charge a small transaction fee for each trade you make. This fee helps us maintain a secure and transparent platform without relying on risky financial practices.