Crypto FAQ

How do I close my Crypto Account? 

Where can I find my Crypto Documents? 

Does M1 support NFTs?

Does M1 support ICOs?

Can I open a Crypto Account if I live outside the US?

Crypto for New York residents

Where will my crypto assets be stored?

What does M1 do to protect my crypto assets?

Does M1 support Individual wallets and private keys?

Can I transfer my crypto assets to another wallet? 

Does M1 support on-chain and off-chain transactions?

Will M1 loan my crypto assets?

Can I trade crypto on Margin?

Can I combine stocks and crypto assets?

Can I add crypto to my retirement accounts?

 

How do I close my Crypto Account? 

You can close your Crypto Account by reaching out to us. 

Where can I find my Crypto Documents? 

Various documents related to your crypto account can be found within your account settings: 

  • Agreements & disclosures 
  • Statements & trade confirmations 
  • Tax documents 
  • Year-end profit/loss statement for realized gains and losses 

Does M1 support NFTs? 

No, NFTs are not currently supported on the platform. 

Does M1 support ICOs? 

M1 does not currently support any Initial Coin Offerings. 

Can I open a Crypto Account if I live outside the US? 

At this time, only US Citizens and Permanent Residents (Green Card holders) and certain visa holders, over the age of 18 with a current US residential address and US phone number can apply to open an account. 

Crypto for New York residents 

Due to state regulations, residents of New York will see a limited list of coins available to them under the Research tab.  

Some coins may become “liquidate only” if you move to New York. 

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Where will my crypto assets be stored? 

M1 Crypto assets are stored with Apex Crypto, who has relationships with trusted institutional custodians and wallet providers to store clients' assets in secure omnibus custodial wallets. Cryptocurrency assets are generally stored in cold storage solutions, providing additional safeguards for crypto holdings. 

What does M1 do to protect my crypto assets? 

M1 partners with Apex Crypto, who contracts with third party wallet security experts to review security controls regularly. The review of these controls is to ensure that best practices around protection of cryptocurrency assets are continually being implemented. Wallet contents are reviewed daily and audited monthly by Apex Crypto and audited annually by independent financial auditors. 

Does M1 support Individual wallets and private keys? 

Individual wallets and private keys are currently not supported. Since assets are stored in omnibus custodial wallets and controlled by Apex Crypto, account holders do not have dedicated wallets and therefore do not have their own private keys. Apex Crypto maintains detailed books and records for all account holder transactions and positions. Additionally, following settlement of transactions, account holders’ assets are regularly swept into cold storage for greater security. 

Can I transfer my crypto assets to another wallet? 

M1 and Apex Crypto currently do not support direct transfers from one wallet to another. However, you can sell your crypto positions and withdraw cash to a linked bank account. 

Does M1 support on-chain and off-chain transactions? 

Not at this time. Both on-chain deposits and off-chain withdrawals will be supported but this will be offered in subsequent product releases.  

Will M1 loan my crypto assets? 

No, crypto assets cannot be lent out or traded on margin. Accordingly, assets are fully paid for and are not lent out by Apex Crypto account holders, Apex Crypto itself, or Apex Crypto’s omnibus wallet providers.  

Can I trade crypto on Margin? 

No, M1 and Apex Crypto do not allow trading crypto assets on margin. 

Can I combine stocks and crypto assets? 

No, clients cannot combine crypto assets with equities by creating pies with single stocks, ETFs, and cryptocurrencies. Crypto assets will be held in a separate account.  

Can I add crypto to my retirement accounts? 

No, M1 does not currently offer the ability to hold crypto assets in Individual Retirement Accounts. 

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