Instructions for applying to work with Kraken with an IRA LLC/Solo 401(k)

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It is crucially important that you sign up with Kraken as a business account, as described below. If you currently have a personal account with Kraken, you must use a different email address to establish the new business account for your Rocket Dollar IRA to use at Kraken.

How do I contact Kraken?

Support@kraken.org

Kraken Details Page

What should I do before starting my Kraken IRA LLC or Solo 401(k) application?

  1. Create a Rocket Dollar account, either an IRA LLC (Traditional or Roth) or a Solo 401(k) Trust retirement account. Please note that the Rocket Dollar Direct Custody IRA cannot be supported at the Kraken Exchange. For the quickest ability to invest in cryptocurrency with your new Rocket Dollar IRA LLC (Traditional or Roth) or a Solo 401(k) Trust retirement account, start steps 2 & 3 below at the same time.
  2. Gather your Rocket Dollar IRA LLC or Solo 401(k) Trust information from your client dashboard. When Rocket Dollar notifies you that your account is ready for a retirement transfer, you should proceed to the instructions in our Knowledge Base article for the next steps. Additionally, be sure to keep in touch with the Rocket Dollar team as you still need to follow directions from our support team to 1. Complete your retirement rollover or contribution to fund your account, AND 2. Create your bank account at our bank partner, Bank United.
  3. Apply using the instructions below at Kraken's dedicated Rocket Dollar application page.

Online Signup 

  1. https://www.kraken.com/lp/rocketdollar
  2. Complete the form, click send, and a Kraken representative will contact you.
    • Type of Business Investment Fund
    • Number of employees 1-10
    • Monthly Trading Volumes (non-binding, but assists the Kraken team in service)
    • Assets under management (non-binding on how much you plan to invest)
    • Describe your business (pick "I am an IRA LLC holder at Rocket Dollar"/ "I am a Solo 401(k) holder at Rocket Dollar") 
    • Service in Washington and New York is unavailable.
  3. Then, fill out your new account details, and click on the Create account button.
  4. Once the activation email is received and the account is confirmed, please log in to your account and secure your account by adding at least one form of Sign-In Two-Factor Authentication (2FA).
  5. If you do not hear from a Kraken Rep promptly, you can progress to Kraken's business signup page. Make sure to select BUSINESS while creating a login.

Get Verified

  1. Navigate to the upper right corner of the page and then select Get Verified.
  2. Select Verify under Pro (Account features and limits) to access the application form.
  3. You can save your application if you would like to return to it later. To access it later, simply go back to the Get Verified section by first navigating to your name in the upper-right corner of the page.

Filling out your IRA LLC/Trust information

Business Information:

    1. Entity Name: Fill in your LLC/Trust name exactly as it appears on your LLC/Trust creation documents in your Rocket Dollar dashboard. For LLC, most customers have JDoe RD LLC format, but Gold customers or common name customers could have a custom LLC name. (Leave the Alternate Name field blank).
    2. Registered Address/Operating Address: Your home Address, or address used at your Rocket Dollar signup, as that is the business address.
    3. Select Yes if the Registered Address is the address the LLC will be operating. If not, you will be asked to input the Operating Address separately.
    4. Business Website: N/A
    5. Industry: Individual Retirement Account
    6. Goods or Services - Non-Operating Entity. Sole purpose is to fund and trade crypto with my IRA LLC
    7. Financial Institution Question: Please answer “No,” as this is an IRA account

Go to Rocket Dollar and then sign in to the dashboard and the DOCUMENTS section for your account-specific information, such as your EIN number.

Business Registration Information

  1. Registration Type - LLC or Trust depending on the type of account, IRA w/ LLC or Solo 401(k), account you are onboarding.
  2. EIN Number EIN number from your EIN letter (located in your RD dashboard)
    • You will use the IRA LLC EIN if filing for an IRA w/ LLC
    • You will use the EIN of the Solo 401(k) trust if filing for a Solo 401(k)
  3. Date of formation, Country, and State of Formation - This should be in the LLC operating agreement or Trust formation deed.
  4. Attach LLC operating agreement/Trust deed or formation document to Corp formation.
  5. Upload Share Registry: Please upload the Operating agreement page that shows the members of the LLC or the page of the trust agreement that shows the trustees.
  6. Upload Business Operating Address: Please go to Bank United's website and provide a bank statement.

Financial Information:

  1. Net Worth of Business (USD Equivalent): Select rough value of the IRA from the drop-down provided.
  2. Source of Funds for Account: This question is typically required by all US banks as a requirement of their anti-money laundering and Know Your Customer (AML KYC) regulations. Please be descriptive and do not be vague with any answers you provide. Describe your job industry and a high-level description of the source of funds that will be pulled into your Rocket Dollar IRA. A typical example may be “former employer 401(k) funds” or “brokerage firm traditional IRA.” Failure to provide sufficient answers could result in delays in your application.

Account Activity:

  1. Reason/Purpose of opening the Account: Please choose “to Invest my Company Funds in Cryptocurrency”
  2. Arbitrage Trading - Answer truthfully if you intend to take advantage of arbitrage trading
  3. Margin Trading - NO - By regulation, margin trading is not allowed in all IRAs.
  4. Trading and Funding Activity Estimate: Please select the options that best apply to you.
  5. What country is your bank account located in - United States of America

Authorized Accessor(s) & Ownership Details

1. Person Opening the Account Info:

    1. Enter the name as it appears on the ID you’ve provided and your Date of Birth.
    2. Residential Address
    3. Ownership %: Member-managed LLCs should input 100% if there is only one member managing the account.
    4. Enter your Valid SSN number when requested
    5. Please use “Manager” as your Title
    6. Does this person maintain control of the company? - Answer “Yes”
    7. Does this person have access to the account? - Answer “Yes”
    8. Identity Documents and Verification - complete and upload a form of ID that meets the requirements for Kraken.
    9. Proof of residence - Please upload a document that meets the requirements for Kraken.

2. Beneficial Ownership:

    1. Are you publicly Traded?: Please answer “No”
    2. Are legally exempt to provide Beneficial info?: Please answer “No”
    3. If there are more members of the LLC or beneficiaries to the trust, please click “Add Beneficial Owner” and complete the information requested.

3. W-9:

The W-9 is not normally an essential IRA document, but it is helpful to many different investment issuers and platforms such as Kraken, so Kraken has a record of the tax status of your Self-Directed IRA or Solo 401(k). On certain larger platforms where key customer support tax-related items are sometimes automated, it is important that an account is properly tagged to ensure appropriate or unnecessary tax reporting is suppressed.

  1. Follow the instructions on how to fill out a W-9 for your IRA LLC or for your Solo 401(k)
  2. Sign and date the W-9 Form.
  3. Submit along with your Kraken application. 

Certification

Once you have entered all of the required information and included the necessary documentation, you can hit Submit.

 

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