Bitcoin IRA Reviews: The Truth About Bitcoin IRAs
BitcoinIRA was one of the first companies to offer services for investing in cryptocurrencies through an IRA. However, in 2017, its competitor Regal Wallet (by Regal Assets) entered the market and provided similar services.
BitcoinIRA started out by offering only Bitcoin and Ethereum investments. However, they have added many new types of cryptocurrencies to their services in recent years. This includes Zcash, Litecoin, Ripple (XRP), Cardano, and several other popular altcoins. BitcoinIRA’s growing popularity has led to widespread media coverage in outlets like Forbes, CNBC, and Barron’s. These publications have praised the company for making self-directed cryptocurrency IRA investing available to more Americans than ever before.
Starting in 2020, BitcoinIRA began to offer precious physical metals as investments. Today, BitcoinIRA users could invest in gold bullion through the company’s own platform. BitcoinIRA partners with Brink’s bullion vaults to ensure that every customer’s metals are held in segregated, FDIC-insured vaults.
BitcoinIRA offers users a way to make money by lending out their crypto assets. Users can earn 2% interest on their Bitcoin and other crypto assets. Cash holdings can earn up to 6% interest, which is much higher than what most banks offer.
What this means is if you hold your cash and crypto with BitcoinIRA, you will earn interest on your money. The interest rate is compounded daily and paid out monthly. This will increase the value of your holdings over time.
The BitcoinIRA dashboard is sleek and easy to use. You can see your portfolio balance on the main page. From there, you can go to the buy, sell, and swap tabs to trade cryptocurrencies quickly and easily. The user interface is specifically designed to be simple and easy to understand, unlike other platforms such as Binance, KuCoin, and Gemini.
The BitcoinIRA dashboard has a lot of features. You can see the prices of bitcoins and other cryptocurrencies in real-time, and you can also make trades. There are also videos and written resources to help you learn how to use the dashboard.
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Bitcoin IRA Management Team
Ed Moy is BitcoinIRA’s Chief Strategist. He has been a big help to the company since he arrived in 2016. Moy used to work as the 38th Director of the U.S. Mint, serving from 2006 up to 2011 after being appointed by President George W. Bush.
Mr. Moy has a lot of academic experience with things like politics, public education, and international relations. He thinks the blockchain has the potential to help people in a really big way. He also believes in Bitcoin and other cryptocurrencies as good ways to store money and value. When used correctly, he thinks that cryptocurrencies can make personal and public finance easier for everyone.
As the head authority of the United States Mint, Mr. Moy supervised the production of money during a difficult time when people were looking for stable assets like gold and silver. Cryptocurrencies such as Bitcoin are similar to these alternative assets because they are rare and have value to people.
Additionally, Mr. Moy oversaw the last days of the “50 States Quarter” program. He also managed the launch of the Presidential Dollar Coins and the National Park Quarters program. These programs were successful, and as a result, Mr. Moy was able to return over one billion dollars to the U.S. Treasury’s General Fund during his tenure at the mint.
Before he became the Chief Strategist at BitcoinIRA, Mr. Moy served as an executive at Fortress Gold Group. Fortress Gold Group is a significant provider of gold IRA accounts. Moy has also written a book about American Gold & Platinum Eagles, which is available on Amazon.
Chris Kline is the co-founder and long-time Chief Operating Officer (COO) of BitcoinIRA. He has a degree in international finance from The University of Colorado, Boulder. Chris is also an executive for Fortress Gold Group. His presence at BitcoinIRA suggests that the management team at BitcoinIRA has a lot of experience with gold and silver investing. Chris is from Los Angeles, and he has written many articles and given many interviews about Bitcoin IRAs and other digital assets such as DAOs and Defi instruments.
Lastly, Camilo Concha is the CEO of BitcoinIRA. He’s responsible for the day-to-day operations of the company. Mr. Concha is a member of the Forbes Financial Council, and he is also the founder of LendingUSA. LendingUSA is a financial technology company that has processed over $2 billion in loans.
The transparency of the BitcoinIRA is a good thing. It means that the company is honest and people can trust it. The executive team is all-American, and they have years of experience without any scandals. This is a good thing for the company and for customers.
Bitcoin IRA Opening Process & Account Setup
The process of setting up and initializing a new Bitcoin IRA account is not too difficult. It takes less than one minute to get to the dashboard in most cases. By visiting the BitcoinIRA homepage and entering your name, phone number, and email address, you can do this. As soon as you do this, you will be taken to the dashboard without having to verify your credentials—at least not yet.
On the BitcoinIRA dashboard, you will find a variety of panels. These panels include:
- Your Portfolio: This is a display of how much cash you have, as well as your Bitcoin and altcoin holdings and any open orders.
- Knowledge Base: There are many different free video tutorials and written walkthroughs to help you learn how to trade and invest using their own platform.
- Live Prices: The latest prices of Bitcoin, gold, and several leading altcoins in USD.
- Expert Support: You can call or book appointments anytime for help with customer support and technical issues.
- Self Trading: A system for buying, selling, and swapping cryptocurrencies.
After setting up your account, you can choose to apply for a Roth IRA (with after-tax dollars) or a Traditional IRA (with pre-tax dollars).
You can now choose the custodian you would like to work with. BitcoinIRA only works with secure and reputable custodians in the US. So it doesn’t matter which you choose.
Funding Your Account
There are two ways to add funds to your account: clicking the blue “Start Now” button within the orange top-left dashboard panel or through the sign-up wizard. The button will direct you to a page with two funding options.
- “Transfer from a retirement account” means that you are moving your money from one account to another. The first account is called an IRA or 401(k), and the second account is called a BitcoinIRA.
- “Transfer from a bank account” means that you will use cash that you deposit directly from your private bank account. This process does not involve using any of your existing retirement account funds.
No matter which option you choose, the fees are the same, and you will need to wait about 2-5 business days. You will also be asked if you want to join BitcoinIRA’s “Interest-Earning Program” so that you can earn interest on your holdings. We recommend taking this option if you plan to keep your investments for at least a year or more.
You will be asked to input some personal information like your Social Security number, marital status, date of birth, and banking information or retirement account details. Don’t worry about whether this information will be safe. BitcoinIRA uses SSL encryption security protocols to protect your data, and it has never been hacked or had any data stolen in its many years of operation.
BitcoinIRA Interest-Earning Program: Is It Legit?
BitcoinIRA’s Interest-Earning Program (or “Earn” program) was introduced in 2019. This program lets you earn interest in your bitcoin holdings. You can do this by temporarily investing your bitcoin holdings worth $10,000 or more into BitcoinIRA’s investment fund (in collaboration with Genesis Global Trading Inc.).
As of late-2020, Genesis and BitcoinIRA have lent $3.4 billion worth of cryptocurrency. The money from people who deposited money into BitcoinIRA and choose to receive interest gets used to fund this loan portfolio. This portfolio earns 6% interest for the depositors.
BitcoinIRA’s Interest-Earning Program is an actual program that works as it says. We found that our holdings earned 6% interest each month, on top of the impressive returns we got from Bitcoin during that time.
You can withdraw your deposited funds at any time. However, only cash, Bitcoin, and Ethereum (valued at at least $10,000 USD) are eligible for inclusion in the program.
If you close your position in the program, you will have to pay a $100 fee. If you open a new position, you will also have to pay a $100 fee. However, these fees are small compared to the interest that you can earn on your investment. For example, if you invest $10,000 USD, you will make $600 in interest within a single year. This is more than enough to cover both fees three times over.
How Does BitcoinIRA Store Your Cryptocurrencies?
People often ask about how BitcoinIRA stores their information. The answer is that they don’t really know. They haven’t been very transparent about it, but they have a perfect track record of security, so they must be doing something right.
BitcoinIRA uses a three-layer security system that includes a multi-signature digital wallet. This likely involves cold storage, offline hardware storage, and web-based solutions. Their competitor Regal Wallet likely does the same.
BitGo is an American company that specializes in digital asset storage. BitGo stores their clients’ digital assets in qualified, insured cold storage. They have never had a security breach since they were founded in 2013.
Bitcoin IRA Companies Products
BitcoinIRA sells a variety of cryptocurrencies, including the most popular altcoins. These digital assets are very important to many people. You can see the list of cryptocurrencies on the BitcoinIRA website.
- Bitcoin
- Ethereum
- XRP
- Solana
- Stellar
- Litecoin
- Algorand
- More than a dozen other altcoin tokens
BitcoinIRA also supports other interesting blockchain projects such as Polkadot (DOT), Cardano (ADA), Dogecoin (DOGE), and Chainlink (LINK). However, it is still unclear how BitcoinIRA plans to integrate DAO or Metaverse projects into their product ecosystem in the future.
BitcoinIRA has expanded its product line to include precious metals investments. Customers can now buy gold coins and bullion that meet IRA requirements. The gold must be stored by a third party, not by the account holder.
It’s also worth noting that BitcoinIRA does not just provide IRAs to its clients. You may invest in a Bitcoin 401(k) or a Bitcoin Roth IRA if you open an account with BitcoinIRA. It is free to maintain any type of retirement account, including one that includes both digital assets and gold.
Best Bitcoin IRAs Reviews
Does it interest you in investing in bitcoin and other virtual currencies in your retirement plan? Self-directed IRAs are offered by several companies. Other services these firms offer include safekeeping of assets, access to storage facilities, and, in certain cases, 24-hour trading.
Bitcoin IRAs can be a good way to invest in Bitcoin without paying taxes on the profits. This is because regular crypto transactions are subject to capital gains taxes. However, you can avoid those extra costs (or at least defer them). This means that, although you will not have to pay taxes on your crypto investments when you withdraw them from your IRA, there are two different ways that you can save money on your taxes. With a traditional IRA, your contributions are tax-deductible. With a Roth IRA, distributions (meaning the money you take out of the account) are tax-free once you reach age 59 and a half.
Cryptocurrencies are a type of investment that can be very volatile. This means the prices can go up and down quickly, and it is not always easy to predict what will happen. They also carry unique risks because banks or central financial institutions do not regulate them. If you are interested in investing in cryptocurrencies, read on to find the best option for you.
BitIRA
BitIRA is a popular IRA option that allows you to add bitcoin and other virtual assets to your retirement account. Equity Trust Company is the custodian of the account, which means they will handle all the administrative duties for you. This gives you complete control over your assets.BitIRA accepts a wide range of cryptocurrencies, including Bitcoin and Ethereum. There are various cryptocurrencies accessible today, including Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, Zcash, Stellar Lumens, and Bitcoin S.V. To get started. You’ll require a minimum of $5,000. You’ll have to pay $195 a year in maintenance fees and a 0.05 percent fee for storing crypto.
BitIRA places a high value on data security. Multi-factor authentication is the sole way to access your crypto assets from the organization. Offline cold storage is used to keep your valuables safe. BitIRA offers a $100 million custody insurance policy as a further security measure.
An initial startup charge of $50 is required, as are annual maintenance fees of $195 and a crypto storage fee of 0.05 percent in addition to the $5,000 minimum.
Bitcoin IRA
Bitcoin IRA helps people exchange cryptocurrencies for their IRA. The company also provides a 24/7 trading platform and has high-security measures to protect investors’ money. Bitcoin IRA also has insurance to protect clients’ money.
Bitcoin IRA offers two types of crypto IRAs. Bitcoin IRA Earn can earn interest on cash and digital asset holdings. Bitcoin Saver IRA requires a minimum monthly contribution of $100, making it accessible to most people. The company also offers gold IRAs, which you can combine with precious metals and digital currencies in your account.
Bitcoin IRA’s cutting-edge trading platform helps clients benefit from digital currency. The company also offers extensive online resources, such as live currency prices, videos, e-books, and tutorials. This allows clients to always contact a representative for help if needed.
CoinIRA
CoinIRA offers many resources for people who want to add cryptocurrencies to their IRAs. With this package, you’ll get support from advisers and access to a free bitcoin IRA guide that answers all of your issues. Inflation hedging and tax advantages of cryptocurrency.
CoinIRA supports a variety of cryptocurrencies, including bitcoin, Ethereum, and litecoin. The company has no maximum purchase limit for these currencies.
Another good thing about CoinIRA is that you can choose the bitcoin storage wallet that is best for you. The organization promises to explain each technique and assist you in choosing the ideal one for your needs.
iTrustCapital
If you’re interested in investing your IRA funds in cryptocurrency, iTrustCapital has over 25 different digital assets to choose from. In addition to this, there are several different types of cryptocurrencies, such as bitcoin and Ethereum.
For precious metals traders, the platform offers gold and silver. For example, you can transfer money from your IRA or 401(k), 403(b), thrift savings plan or 457 plan to finance your account. You can also use a debit or credit card to put money into your account.
Remember that you can’t use crypto assets you already own to fund your IRA. You can only do so with U.S. dollars. In addition, iTrustCapital isn’t available to people who live in New York or Hawaii.
BlockMint
BlockMint supports many different types of digital currency, including bitcoin, Ethereum, litecoin, bitcoin cash, and Ethereum classic. Though the account minimum is higher than some other IRAs on this list ($10,000), BlockMint makes up for it with its approach to customer service. Once you open an account, BlockMint pairs you with a professional who helps you through the investment process and offers ongoing support.
In addition, there are other security precautions in place. According to BlockMint, your crypto assets are stored in two different vaults and are under 24-hour surveillance.
IRAs, 401(k)s, 403(b)s, 457(b), thrift savings plans, and TIAA CREF plans are the only options available for transferring or rolling over assets into your TIAA CREF account.
Only during normal business hours can BlockMint accept crypto and digital currency payments. Suppose you want to access your favorite cryptocurrencies at any time of day or night. In that case, you’ll have to seek elsewhere.
Broad Financial
Broad Financial offers self-directed IRAs with checkbook control. This can be a good choice for experienced investors who want more control over their retirement investments. Broad Financial can help you set up an IRA that includes cryptocurrency, gold, real estate, and other assets.
A Broad Financial checking account costs $1,295 to open with checkbook control. To keep the account active, you must pay an additional $80 every three months. The upfront cost may seem high, but you’ll save on trading fees and have real-time access to your funds.
People who trade frequently can save money on fees by using a Broad Financial checkbook control account. There is no need for a custodian when buying or selling, and you can fund your account with a credit card, debit card, or checkbook.
Broad Financial offers different IRAs and Solo 401(k) accounts for self-employed investors. With a Solo 401(k) account, clients can take loans and use a checking account for flexible trading.
Bitcoin Advizers
Bitcoin Advisers representatives are eager to help individuals understand the intricacies of bitcoin investing. Clients discuss their personal needs, financial condition, and opinions regarding crypto investing during the initial consultation. The Bitcoin Advisers then recommend the finest cryptocurrency for their Individual Retirement Accounts.
Bitcoin Advisers places a high priority on informing their customers. Advisors and the CIO work together to design the optimum investment strategy for each client. Investment advisors are always available to assist investors in making informed selections.
Your advisor will help you review your cryptocurrency plan every year to ensure it still meets your retirement goals. They will help you adjust your plan if needed and advise you on when to buy and sell cryptocurrency.
Regal Assets
Regal Assets was the first company to sell cryptocurrencies in an IRA. You can choose from over 20 cryptocurrencies for your portfolio, with new options frequently becoming available.
At Regal Assets, our account executives work with you to educate you on which assets to choose. All your bitcoin questions are answered so that you can confidently grow your wealth.
Regal Assets works with a global insurance company, Lloyd’s of London, to ensure your cryptocurrency IRA is up to $2 million. This coverage protects your retirement funds in case of hacking or identity theft.
What is a Cryptocurrency IRA?
Cryptocurrency IRAs, also called Bitcoin IRAs, are special IRAs where you choose the investments. A custodian holds the assets securely and also reports to the IRS. An exception for cryptocurrency IRAs held within a limited liability company (LLC) is held.
Either hire a trader or use a safe platform to trade independently. Investing in cryptocurrencies in a self-directed IRA does not mandate that you acquire a certain coin. Instead, you’ll be able to pick and choose which cryptocurrencies you want to trade.
Self-directed IRAs, such as traditional IRAs and Roth IRAs, can be established with cryptocurrency. If you don’t take the money out until you’re retired, you won’t owe any taxes on the earnings. Having a lower tax bracket means you’ll be able to save money in the long run.
Retirement Savings With a Cryptocurrency IRA
Cryptocurrency is becoming more popular as more retailers, banks, and brokerages accept it. However, it is still a new payment type. The longer-term promise of cryptocurrency is that more businesses will start to accept it. There are opportunities to make quick profits by speculating on the currency in the short term. However, this should be left to professionals to avoid substantial losses.
Cryptocurrency prices can change significantly, but the price usually becomes more stable over time. IRAs are for long-term investing, so a cryptocurrency IRA can be part of a well-diversified retirement savings plan.
Start with traditional investments, like stocks, bonds, and mutual funds, when building your portfolio. Adding cryptocurrency to your portfolio is possible once you have a solid foundation in place. It’s a good idea to invest a smaller percentage of your retirement portfolio in different types of cryptocurrencies.
Cryptocurrency IRA Pros and Cons
The Pros and Cons of Cryptocurrency Investing
Some advantages of buying bitcoins are that you can do it privately, which can be a good investment. However, there are also some potential pitfalls. You should work with a specialist to learn about the different aspects of buying and investing in bitcoins. This includes learning about cryptocurrency exchanges, the technology behind them (like blockchains and digital wallets), and security features.
Volatility:
Cryptocurrency prices can be volatile because there is no certainty that digital coins will eventually be accepted the same as cash. However, more and more retailers, people, and institutional investors are working with digital currency. The future looks positive for cryptocurrency.
Hackers:
While it is very rare, hackers have successfully drained cryptocurrency accounts in the past. If this happens to you, your coins will stay safe. However, a hacked exchange can cause all crypto markets to dive within minutes. That is why it is important to choose a cryptocurrency IRA provider that has great security features, like cold wallet storage and insurance.
Built-In Security:
Hacking has been less common because blockchain technology makes it very difficult to change records without being noticed. Private keys work as digital signatures, and if a transaction is changed, the key becomes invalid. This notifies the network so that no one loses any money.
Insurance:
The U.S. government provides insurance for people’s deposits and investments through the Federal Deposit Insurance Corporation (FDIC) and Securities Investor Protection Corporation (SIPC). However, neither the FDIC nor the SIPC provides any protection for the use of cryptocurrency. For those IRA providers who specialize in virtual assets, high-value insurance is available to cover coins in the case of a breach. Before starting an IRA account, be sure you know how much insurance is included.
Economics:
In contrast to traditional currency, Bitcoin and other digital currencies are not tied to any tangible object. Because so many people want to own it, it has worth. Like Ethereum, Bitcoin, and Ripple, each currency has a finite supply of coins. When inflation or other economic factors affect the value of a currency, cryptocurrency is likely to hold its worth. There is still no way to predict the pricing of this product.
Frequently Asked Questions about Bitcoin IRA Reviews
Bitcoin IRA is the best company for people who want to invest in cryptocurrencies. This company has an easy account setup, 24/7 real-time trading, and advanced security features.
You can open a self-directed investment retirement account through an IRA custodian. You can find a bitcoin facilitator or purchase Bitcoin yourself from an exchange. You can fund your self-directed IRA through a transfer or rollover. You will need to hold Bitcoin in the IRA until you are 59 ½ years old. Otherwise, you will have to pay the penalty for early withdrawal.
You can have as many IRAs as you want. You can even have more than one of the same kind of IRA. This includes Roth, SEP, and traditional IRAs. However, just because you have more than one IRA doesn’t mean you can contribute more money to them each year.
Adding Bitcoins to your self-directed IRA is easy. You can do it through a secure e-sign application. First, open a self-directed IRA account. Then, fund the account with a rollover or transfer. Finally, complete a Bitcoin allocation order.
A crypto IRA is a retirement account that you can use to invest in cryptocurrencies. You will be taxed as you would for any other investment, but you will also enjoy the same tax benefits.
Yes, you can invest in Ethereum through a traditional IRA. However, most traditional IRA providers do not allow cryptocurrency investments. The good news is that there are companies that offer IRAs that will enable you to invest in cryptocurrencies like Ethereum. This way, you still receive all the regular IRA benefits.
You can open a self-directed investment retirement account through an IRA custodian. You can find a bitcoin facilitator or purchase Bitcoin yourself from an exchange. You can then fund your self-directed IRA through a transfer or rollover. Once you have funded your account, you will need to hold Bitcoin in the IRA until you are 59 ½ years old; otherwise, you will pay the penalty for early withdrawal.
Bitcoin Cash is great for using daily transactions as a medium because it is easy to use and has instant processing. This is making it more popular, and the development of new infrastructure and innovations will make it even more popular in the future.
Individual retirement accounts (IRAs) are tax-advantaged ways to save for retirement. An IRA is a financial institution account that permits you to invest for retirement tax-free or on a postponement.
Bitcoin IRA is the best company for setting up a cryptocurrency IRA. It has easy account setup, 24/7 real-time trading, and advanced security features.
Even though it is uncertain what will happen with cryptos, Bitcoin IRAs can provide a lot of potential for gains in the long run. Many people invest in bitcoin and other altcoins because of the possibility of making a lot of money.
A Bitcoin IRA is an IRA with Bitcoin or other cryptocurrencies in it. The IRS thinks of bitcoins as property. Some advantages of bitcoins are making a portfolio more diverse, becoming more popular and available, and having tax benefits for investors.
Bitcoin IRA does not charge any transaction fees or commissions on trades. You will pay a one-time initial service fee to cover the rollover service and account setup. You will also pay a custodian and security fee.
If you want to include Bitcoin in your IRA, you’re in luck. SDIRAs (self-directed IRAs) often allow for alternative assets like cryptocurrencies. Recently, more and more companies that help investors include Bitcoin in their IRAs.
The easiest way to defer or eliminate tax on your cryptocurrency investments is to buy them inside a retirement plan. If you buy them inside a traditional IRA, you will defer tax on the gains until you take distributions.
At Coinbase, we are committed to security by using the best practices and storing up to 97% of bitcoins in a secure, geographically separate, offline storage. All of the bitcoins stored online are insured to further protect our customers.
The Internal Revenue Service (IRS) currently classifies Bitcoins as “property.” This means that they are an allowable investment option for those with a self-directed IRA (SDIRA).
