We're happy to announce the launch of our new Account Type: Premium Custody Account (PCA)!
What is the Premium Custody Account (PCA)?
The Premium Custody Account (PCA) is a Non-IRA account that provides users with the ability to buy and sell digital assets with enhanced security features and institutional-level custody. PCA accounts are not retirement accounts. PCA accounts are taxable.
Premium Custody Accounts are intended for individuals who desire secure custody and wish to allocate funds into digital assets for long-term periods. PCAs are not geared for people who want to move funds frequently on and off the platform. PCAs do not allow payments or transfers to or from external wallets. PCA accounts only permit USD funding and withdrawals to and from the client's US bank account on record.
How secure is a PCA account?
Just like our IRA accounts, all PCA crypto and USD client assets are held 1:1, off balance sheet, with regulated third-party US Banks and Custodians. Leveraging a secure “closed-loop” system, crypto assets cannot be transferred to or from external wallets, adding an extra layer of protection.
What fees are associated with PCA?
PCA fees are similar to the 1% transaction fees for our Crypto IRAs. Please see further details here.
Is there any support available for PCA clients?
Yes, PCA clients receive US-based live client support, which includes assistance with account setup, funding, transactions, and other inquiries. Live customer experience (CX) support, based in Irvine, CA, is available to ensure a seamless experience.
How does the crypto-to-fiat feature work?
Users can fund their PCA with USD from an external US bank account and instantly use it to buy crypto. Likewise, users can liquidate their crypto holdings into USD at any time, providing easy access to funds.
Is the PCA suitable for beginners?
Yes, the PCA is designed with ease of use in mind, making it suitable for both beginners and experienced investors. The platform’s transparency and support features make managing digital assets straightforward and accessible.
Can I send or receive crypto in my PCA?
No, you cannot send or receive crypto with the PCA. This “closed-loop system” ensures that accounts can’t be drained of assets in the event an account is compromised.
We built this offering because many clients, unfortunately, have been victims of phishing attacks and/or social engineering hacks, and often lose funds from their exchange accounts as a result. iTrustCapital IRA and PCA accounts cannot be drained in this manner. PCA accounts only permit USD funding and withdrawals to and from the client's US bank account on record.
Can I create multiple PCA accounts like the Crypto IRA product?
No, only one PCA per user is permitted. It’s different from Crypto IRAs in having multiple accounts because there are different types of IRAs people can open (Traditional, Roth, SEP), each having unique tax benefits.
Do PCA accounts offer similar Tax Advantages as IRA-Retirement Accounts?
No, PCA accounts are taxable. Also, unlike IRA accounts, there are no annual contribution limits for PCA accounts.
How can I fund my PCA?
You can fund your PCA via either ACH and/or Bank Wire. Login, open a PCA, and select "Deposit" to fund your account.
When starting, is there a minimum amount I need to fund?
Yes, the minimum to start is $2,500.
How long do USD withdrawals take?
Withdrawals should take no longer than 3-5 business days to process, but could take up to 10 business days depending on volume.
Can I buy precious metals (physical gold & silver) in my PCA?
No, you can only buy and sell the available crypto options at this time.
Can I name a beneficiary to my Premium Custody Account?
No. Premium Custody Accounts, which are Non-IRA Accounts, do not permit account holders to name a beneficiary.
What is a Closed-Loop System?
iTrustCapital develops products within a closed-loop system with multiple built-in security layers. IRA accounts, for example, only allow USD and Crypto assets to be sent to and from you, after multiple verification steps. PCA accounts utilize the same concept, but only USD is permitted for funding and withdrawals. By design, and for added protection, PCA accounts do not permit transfers to any external wallets.
IRA clients may take in-kind crypto distributions on a regular basis to a wallet of their choice, but they must complete a security and identity verification process to ensure that a bad actor, who may have accessed their account, can't withdraw funds and drain client assets. Utilizing the same IRA verification process for distributions, PCA clients can make withdrawals in USD-only - back to their US bank account on record.
Are the PCA USD funds FDIC insured?
All USD deposits are held off of iTrustCapital's balance sheet and are insured in some capacity. The USD in iTrustCapital Crypto IRAs and Premium Custody Accounts (PCAs) are held in either FDIC-insured bank deposits or Non-FDIC insured short-term money market accounts that carry SIPC insurance coverage.
Who are the digital assets held with? Who is the Custodian?
As disclosed on our homepage, iTrustCapital utilizes a combination of Coinbase Prime, Fireblocks, and Fidelity Digital Assets to custody digital assets.
Fortis Bank is the Qualified Custodian for the IRA accounts (each of our IRA clients has a separate IRA agreement with Fortis Bank) and the IRA crypto assets are stored utilizing our institutional storage providers.
All PCA client assets will be stored with designated third-party, US-based banks and custodians of iTrustCapital’s choice. Since PCAs are not retirement accounts, there is no IRA agreement required with Fortis Bank for PCAs.
Is the crypto insured?
Our institutional storage providers, Coinbase Custody, Fidelity Digital Assets, and Fireblocks, all have commercial crime insurance policies. These providers do not disclose the amounts that their policies cover, but it's important to note that no insurance policy in the crypto industry covers all of the assets on any given platform.
The fact that these providers have been underwritten for any insurance is a testament to their secure, ironclad, and stress-tested platforms.
Some companies may be misleading clients about the types and amounts of crypto insurance coverage they have, but we like to be more upfront.
iTrustCapital doesn't use hot wallets. If a client’s account was breached (i.e. a bad actor hacked their email, swaps their SIM Card, changed their account password, or obtained access to their Authenticator 2FA), crypto can not be drained from an iTrustCapital account as there is no connectivity to external wallets.