Pros, Cons, and Who Should Set up an Account

Pros, Cons, and Who Should Set up an Account

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Fees

3.99% one-time fee; 2% trading fee $100/month Saver IRA Balances under $25,000: $20/month; balances over $25,000: 0.0008%

Investment Types

Cryptocurrencies and gold

Bitcoin IRA Bitcoin IRA

Fees

3.99% one-time fee; 2% trading fee $100/month Saver IRA Balances under $25,000: $20/month; balances over $25,000: 0.0008%

Investment Types

Cryptocurrencies and gold

Fees

3.99% one-time fee; 2% trading fee $100/month Saver IRA Balances under $25,000: $20/month; balances over $25,000: 0.0008%

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Overall rating

Is Bitcoin IRA right for you?

If you want to use cryptocurrencies for retirement investing, you can’t do so with a regular IRA. You’ll need to set up a self-directed IRA (SDIRA) since investments like cryptocurrencies and precious metals classify as alternative assets.

Formed in 2016, Bitcoin IRA offers SDIRAs for cryptocurrency and precious metals investing. The account lets you roll over existing funds from several different retirement account types, and you can set up automated contributions with its Saver IRA.

While it lets you exchange gold and more than 60 cryptocurrencies, it isn’t the best idea for traders in search of other alternative assets like silver and real estate. Plus, it charges multiple fees, and — while it lists a $3,000 account minimum — you’ll need to call a representative to get basic information since deposit fees are based on your investment amount. However, we’ve listed its trading fees, monthly fees, and Saver IRA fees further down.

Bitcoin IRA vs. BitIRA

Bitcoin IRA and BitIRA offer similar IRA services for alternative assets like cryptocurrencies, but you’ll get more out of Bitcoin IRA. Not only does it offer a lower minimum requirement, it also offers gold and a wider selection of crypto assets. Plus, it offers up to $700 million in insurance coverage. BitIRA offers $100 million in insurance coverage.

Bitcoin IRA vs. iTrust Capital

While both Bitcoin IRA and iTrustCapital offer SDIRA services for cryptocurrencies and other assets, the two platforms have different features. For one, you’ll pay less to set up an account at the latter, and you can trade both silver and gold.

Bitcoin IRA has a stronger cryptocurrency selection. It offers more than 60 cryptocurrencies, while iTrustCapital only provides 30. But iTrustCapital makes up for this by allowing you to earn rewards of up to 9.5% for staking polkadot.

Ways to invest with Bitcoin IRA

Bitcoin IRA

Bitcoin IRA is best for retail investors who want to build wealth for retirement with cryptocurrencies. It offers SDIRAs that let you invest in such alternative assets, and it allows for 24/7 over-the-counter trading. You’ll need at least $3,000 to get started, and the platform lets you roll over existing assets from 401(k)s, 403(b)s, IRAs, Roth IRAs, SEP IRAsand SINGLE IRAs.

But its fees are on the higher side. In addition to the minimum requirement, you’ll have to pay a setup fee which varies based on the amount you plan to invest. On average, this fee amounts to 3.99%, but it varies based on your balance. You’ll also pay $20 per month if you’ve got a balance lower than $25,000. If your balance exceeds that amount, you’ll pay 0.0008% each month.

However, it offers more than 60 cryptocurrencies, including bitcoin, litecoin, cardano, dogecoin, and more. These have a 2% transaction fee, meaning you’ll pay 2% each time you buy or sell. While the platform isn’t a crypto wallet or exchange, it connects you to exchanges to allow for trading.

This is an extensive crypto selection compared to other platforms (eg, CoinIRA and iTrustCapital) that offer 30 or fewer cryptocurrencies. But Bitcoin IRA’s selection is still limited when compared to that of Alto IRA’s. Alto IRA currently supports more than 200 cryptocurrencies, thanks to its Coinbase integration.

But when it comes to the rollover process, transferring assets from an existing retirement account seems fairly simple. After you set up an account with Bitcoin IRA, it’ll request a transfer of those assets from your 401(k)’s custodian. You’ll then be able to purchase your desired cryptocurrencies once the funds reach your account.

But you can also invest in real gold. It lets you purchase ownership rights to US-certified gold bars. Plus, you can exchange gold 24/7, and the platform says it insures the gold through Brink’s bullion vault facility.

Save IRA

This account option costs $100 per month and gives you access to automated contributions and monthly recurring contributions (ie, you can link a savings or checking account to contribute regularly). As with the other IRAs, you’ll also be limited to cryptocurrencies and gold with this account.

Bitcoin IRA: Is it trustworthy?

Tea Better Business Bureau gives Bitcoin IRA an A+ rating. Office ratings range from A+ to F, so this is the highest rating a company can receive.

When evaluating businesses, the BBB considers several factors. These include type of business, time in business, customer complaint history, licensing, government actions, advertising issues, bankruptcy, and more.

Bitcoin IRA’s slate is clean of any lawsuits or scandals. It’s closed two complaints in the last 12 months, and it currently doesn’t have any unresolved complaints, as shown by its BBB profile.

Bitcoin IRA — Frequently asked questions (FAQ)

Yes. Bitcoin IRA was founded in 2016, and it utilizes several security measures — including cold storage wallets, multi-signature encryption, and custody insurance — to keep your assets safe. The exchange also has no record of website hacks.

Bitcoin IRA has a one-time service fee that it charges up front. This amount varies based on your initial investment amount. Plus, the platform also says it charges a custodian and security fee. You’ll have to call its representatives to get fee information for your investment amount.

No. You’ll only be able to buy cryptocurrencies through the Bitcoin IRA platform.

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