Is My Digital Money(mydigitalmoney.com) legitimate? The company doesn’t seem quite trustworthy, taking into account some significant red flags by which it is characterized. We’ll delve into those red flags, but first things first, here’s a brief overview of the entity for starters:
My Digital Money (mydigitalmoney.com) Overview
My Digital Money claims to offer an online platform where users can invest in cryptocurrencies and other digital assets within the framework of an Individual Retirement Account (IRA). The company purports to allow its customers to create an individual retirement account(IRA) or a standard trading account with cryptocurrency as opposed to traditional money. Lastly, the entity claims to be American and located in Encino, CA, United States.
Its purported eligibility requirements include, you must be:
- An adult of 18 years and above.
- An American citizen.
- Ready to provide your financial information.
- Having your IRA funds, which you intend to transfer to the company, liquidated and not invested anywhere else.
We believe that engaging with My Digital Money is highly risky and not a good idea. Here’s why:
1. My Digital Money Is Unregulated
The United States financial laws require all entities offering or managing individual retirement accounts to register with the appropriate regulatory authorities. The laws stipulate that these firms should subject themselves to the regulatory oversights of these authorities, which include:
- SEC.gov —This body oversees investment advisory entities and firms that offer individual retirement account services. A good example of such a firm is My Digital Money.
- FINRA—As a financial services regulatory body, this entity regulates financial brokerage companies and also companies that offer Individual Retirement Accounts services e.g. My Digital Money. In fact, brokerage firms offering IRAs must register with it at least according to the law.
Regulated and legitimate financial brokerage firms offering IRA services will display their registration details on their websites because the law requires them to do so. We couldn’t find any registration details about My Digital Money on the company’s website—mydigitalmoney.com.
As such, we took this as a signal that the company isn’t registered by any of the appropriate regulatory authorities.
But just to be certain about that, we looked it up on both the sec.gov and finra.org websites and found zero results in each case.
This was as an assurance that this firm isn’t registered either by the SEC.gov or FINRA, contrary to the law.
It goes without saying that all legitimate brokerage firms offering IRAs in the US are registered and regulated either by FINRA or the SEC. Any firm that isn’t part of FINRA’s or SEC’s oversight is questionable and very dangerous to entrust with your retirement funds.
2. False Advertising
The brand falsely claims that its name “My Digital Money” appears in Forbes, CNBC, MarketWatch, and CoinDesk to create a false impression of trustworthiness. You should realize that false advertising is a deceptive tactic normally employed by fraudulent online schemes. These dubious platforms often make false claims to create an untrue impression of legitimacy and trustworthiness in an effort to attract unsuspecting clients.
3. Informational Discrepancies Between The Company’s Website and the BBB
The Better Business Bureau(BBB) is another go-to source of information regarding a business’s trustworthiness and reliability. With this information, you can make an informed decision as a potential client.
Currently, what the BBB shows as the physical address of My Digital Money, i.e. 1 S Fair Oaks Ave Ste 200, Pasadena, CA 91105-1945, is very different from what the company’s website (mydigitalmoney.com) displays as the company’s physical address, 16830 Ventura Blvd, Ste 326-B, Encino, CA 91436.
Similarly, what the BBB shows as My Digital Money’s telephone number, i.e., (818) 288-8603, isn’t consistent with what mydigitalmoney.com displays as the company’s telephone number, Ph: (833) MDM–2008.
It’s worth mentioning in this unbiased My Digital Money review that informational discrepancies between a company’s website and the Better Business Bureau (BBB) can be a serious red flag. Such discrepancies may indicate a lack of transparency, misleading information, and fraudulent activity on the part of the company.
Final Verdict
There could be several My Digital Money reviews online claiming that My Digital Money is a legitimate crypto IRA services platform. However, the reality is that this firm is far from trustworthy because it exhibits several red flags consistent with a fraudulent scheme.
For example, it operates without registration from a relevant regulatory authority contrary to the law. Further, it engages in false advertising, not to mention that we found serious informational discrepancies between the company’s website and the Better Business Bureau.
Have You Fallen Victim To Mydigitalmoney.com Or Another Fraudulent Scheme?
If so, and you have proof of payment(s) and communication, it’s not too late to report the scammer(s) to your regulatory authority and set yourself on the track to recover your money. To do so, go to this page. Alternatively, email us at scamread@scamreader.info.