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Investing in Cryptocurrency in Your Self-Directed IRA

Learn the steps to invest in cryptocurrency with your Self-Directed IRA.

Posted on April 20, 2022

(Article updated 3/18/2024) As the world moves deeper and deeper into the digital realm, Quest is making sure your Self-Directed IRA (SDIRA) is able to keep up with today’s technology and investing trends. One of the most sought after and discussed investments in the world right now is cryptocurrency, an asset you can now hold in your Quest SDIRA. As lucrative as crypto investments can be, not everyone understands these intangible assets, so we’re here to help you get a better understanding of this investment and how to properly hold it in your account.

Cryptocurrency History

It may seem as though crypto has dominated the investing space only recently, but you may be shocked to hear that many well-known cryptocurrencies have been around for over 10 years. Those that held early cryptocurrency, like Bitcoin and Ethereum, have been able the see the values of these investments grow exponentially over the years. Now, many Self-Directed IRA investors are starting to see the value from cryptocurrency and are starting to take control, too.

New cryptocurrencies are created and mined daily, but only a few have become leaders in the space. When you hear the term “mining”, you may think this is simply creating new cryptocurrency (or you may not know at all), but it also includes validating cryptocurrency transactions on what is called a blockchain. The blockchain is designed to help prevent the double-spending of digital currency by recording data, transactions, and documents. Common cryptocurrencies include Bitcoin, Litecoin, and Ethereum – all of which can be held in your SDIRA at Quest. Now that you are aware you can hold this investment at Quest, it’s time to make sure you understand the actual process and feel prepared to start investing in crypto yourself.

How to Invest with Your Quest SDIRA

When you use your Self-Directed IRA to invest in digital currency at Quest, you have the ability to submit a new investment the same way you can any other private entity investment. Quest has come together with CBOE to provide a simple platform for crypto investing. All you need is an account at Quest Trust Company and to complete the onboarding process at CBOE, then you are ready to use your Client Portal to invest in cryptocurrency! Below are the steps you can follow to get started.

  1. Be sure to have your Self-Directed account established at Quest Trust Company.
  2. Complete the CBOE onboarding process. CBOE can be reached via email or by phone at 312-786-7046.
  3. Once your account is established with CBOE you may direct QTC to process this investment funding.
  4. To initiate the funding into CBOE, log onto the client portal and submit a new private entity investment. Under asset description, there will be an option for cryptocurrency.
  5. Quest will process your investment and send funds to your CBOE account, which you can use to invest in crypto.

Where To Get More Information

We know you will have questions as you begin familiarizing yourself with this new asset class, and we have some resources that can help you with your next steps. First, we suggest viewing the CBOE website to ensure you understand how this platform is used and why it is needed for your crypto investments. Not only can their website and staff shed helpful light, our Quest representatives are also always available to provide more information, too. You can learn more about cryptocurrency at Quest or how to navigate your Client Portal on our website.  If you have more questions about crypto investing, schedule a free consultation to speak with an IRA Specialist today.

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