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BitcoinIRA is one of the most trusted cryptocurrency IRA platforms for diversifying your retirement portfolio with popular digital coins and tokens. It offers segregated cold storage, 24/7 trading access, and tax-free IRAs.
Business Insider's personal finance team compared Bitcoin IRA to the best bitcoin IRAs. We found it to be an industry leader for security and ethics.
BitcoinIRA
On BitcoinIRA's website
Insider’s Rating
4.25/5
Perks
Earn a $150 bonus when signing up
Account Minimum
$1,000
Fees
0.99% - 2.99% one-time deposit fee ; 2.00% transaction fee; and a 0.08% security fee billed monthly
Account Types
Traditional IRA, Roth IRA, Solo 401(k), Solo 401(k) Roth, SEP IRA, and Simple IRA
Bonus
$150 bonus when signing up
Pros
- Bitcoin, ethereum, litecoin, and several other cryptocurrencies available
- Supports IRA rollovers, traditional IRAs, Roth IRAs, SEP IRAs, and 401(k)s
- Secure, cold-wallet storage
- Top-not security and encryption technology
Cons
- High setup and maintenance fees
- Only offers cryptocurrencies and gold
Product Details
- Features: 24/7 trading, offline storage, and $250 million insurance
- Better Business Bureau rating: A+
- Awards: Earned the Mobile Web & App of the Year award for the 2022 Globee American Best in Business Awards
Introduction to BitcoinIRA
BitcoinIRA is an industry-leading crypto IRA platform for securely investing in IRA-eligible cryptocurrencies and physical gold. It prides itself on being a trustworthy platform for retirement-focused investors who believe that crypto investments like Bitcoin and Ethereum have long-term growth potential.
Cryptocurrencies pose significantly more risk and volatility than traditional retirement investment options (like stocks, bonds, ETFs) and are not advised for beginners or conservative investors. Only experienced investors with a high-risk tolerance should consider adding cryptocurrencies to their retirement portfolio.
BitcoinIRA is a trustworthy platform due to its robust security, fee transparency, and education-forward approach. The platform encourages account holders to improve their market knowledge and trading strategies with articles, videos, guides, eBooks, and tutorials.
In addition to cryptocurrencies, Bitcoin IRA offers gold assets. But that's the only other alternative asset class available through the platform. Investors interested in further diversification through commodities or real-estate investing should consider the best brokers for trading commodity futures instead.
BitcoinIRA: Overall Rating
| Feature | Insider rating (out of 5) |
| Fees | 3.00 |
| Investment selection | 4.00 |
| Access | 4.50 |
| Ethics | 5.00 |
| Customer service | 4.50 |
| Security | 5.00 |
| Overall score | 4.25 |
How BitcoinIRA Works
BitcoinIRA offers a variety of self-directed IRA options with varying qualifications and tax advantages. Self-directed IRAs provide account owners more control and flexibility over how their money is invested than traditional IRA accounts. Keep in mind that traditional IRA withdrawal and contribution rules still apply.
Remember, too, that you can also invest in real gold, as BitcoinIRA lets you purchase ownership rights to U.S.-certified gold bars. Gold is insured through Brink's bullion vault facility.
BitcoinIRA offers the following account options:
- Bitcoin traditional IRA
- Bitcoin Roth IRA
- Bitcoin SEP IRA
- Bitcoin SIMPLE IRA
BitcoinIRA's web and mobile trading dashboard provides investors 24/7 access to 60+ cryptocurrencies. Since cryptocurrency trading isn't limited to regular stock market hours, 24/7 trading and features like live price tracking and portfolio performance are crucial for maximizing retirement growth.
You'll need at least $1,000 to get started, and the platform lets you roll over existing assets from existing:
- 401(k)s
- 403(b)s
- Roth IRAs
- SEP IRAs
- SIMPLE IRAs
Regarding the IRA rollover process, transferring assets from an existing retirement account is fairly simple. After you set up an account with BitcoinIRA, it will request a transfer of those assets from your 401(k) custodian. Once the funds reach your account, you can purchase your desired cryptocurrencies.
BitcoinIRA Security
BitcoinIRA uses military-grade security and encryption technology to protect investors' assets and personal information. Security features and protocols include multi-signature digital cold wallets, video authentication checks, two-factor authentication, and comprehensive digital asset insurance. BitcoinIRA also works with a regulated state-chartered trust company.
Cold wallet storage is the most secure digital wallet since it holds your private keys offline, protecting you against potential theft and hacks. Your investments aren't held on the BitcoinIRA platform and are instead geographically dispersed.
BitcoinIRA Fees
Fees are on the higher side. In addition to the $1,000 minimum requirement, you'll have to pay a setup fee, which varies based on the amount you plan to invest.
Cryptocurrencies have a 2% trading fee, meaning you'll pay 2% each time you buy or sell. Bitcoin IRA also charges a one-time service fee of 2.99% upfront and a monthly 0.08% security fee. You may also be charged another account service fee.
Pros and Cons of BitcoinIRA
| Pros | Cons |
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BitcoinIRA Trustworthiness
The Better Business Bureau gives BitcoinIRA an A+ rating. Bureau 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.
BitcoinIRA's slate is clean of any lawsuits or scandals.
BitcoinIRA vs. Other Bitcoin IRAs
BitcoinIRA vs. BitIRA
BitcoinIRA and BitIRA offer similar IRA services for alternative assets like cryptocurrencies. Like BitcoinIRA, BitIRA offers cold wallet storage, top-notch security, and multiple retirement plan options.
BitIRA's platform is less accessible and more outdated-looking compared to BitcoinIRAs. However, BitIRA is a reputable online brokerage platform offering crypto-specific IRA accounts, such as a Bitcoin Cash IRA, Ethereum IRA, Litecoin IRA, and much more. It also provides other non-IRA retirement plan options for investing in crypto.
In addition, BitIRA offers a greater selection of alternative assets, including precious metals, real estate, and equity. You can also invest in traditional assets like stocks and mutual funds. BitIRA has no setup or ongoing fees.
BitcoinIRA offers a greater selection of cryptocurrencies than BitIRA and a smaller initial minimum deposit. If you're interested in opening a self-directed SIMPLE IRA, BitcoinIRA is best, as BitIRA does not offer this option.
BitcoinIRA vs. iTrustCapital
Like BitcoinIRA, iTrustCapital specializes in self-directed IRAs for investing in alternative assets like crypto and precious metals.
Overall, BitcoinIRA has a stronger cryptocurrency selection. With iTrustCapital, you'll only have access to 40+ coins and tokens. But iTrustCapital also offers gold and silver IRAs. Remember, BitcoinIRA's precious metal selection is limited to gold assets.
Compared to BitcoinIRA, iTrustCapital is cheaper, with a $1,000 minimum and no monthly fees, and reduced trading fees. That said, gold transactions do cost $50 over spot per ounce. Spot per ounce refers to the current market price of traded gold per ounce of gold.
As stated above, BitcoinIRA offers a greater selection of IRA-eligible cryptocurrencies as well as more account options than iTrustCapital. BitCoin IRA is best for investors who value the platform's dedicated security features, education-forward approach, and various IRA account options.
BitcoinIRA FAQs
Is BitcoinIRA a safe way to invest in crypto?
Yes. BitcoinIRA is a safe way to invest in crypto as it utilizes several security measures — including cold storage wallets, multi-signature encryption, and custody insurance — to keep your assets secure. The exchange also has no record of website hacks, fraudulent activity, or scams.
What are the fees associated with BitcoinIRA?
BitcoinIRA has several fees, including a 2% trading fee, a one-time service fee of 2.99%, and a monthly 0.08% security fee. Compared to other Bitcoin IRA platforms, BitcoinIRA's fees are on the higher side.
Can I hold other cryptocurrencies besides Bitcoin in my Bitcoin IRA?
Yes. BitcoinIRA offers over 60 cryptocurrencies, including Ethereum, Litecoin, and Dogecoin. BitcoinIRA secures your cryptocurrencies in an offline, cold storage wallet, but you can still buy, sell, and trade on the Bitcoin IRA platform 24/7.
Why You Should Trust Us: How We Reviewed BitcoinIRA
We examined Bitcoin IRA using Business Insider's rating methodology for investing platforms to compare account types, pricing, investment options, and overall customer experience when reviewing investing platforms. Platforms are given a rating between 1 and 5.
Cryptocurrency platforms offer multiple assets, trading tools, fees, and other resources. Some investing platforms are better for more advanced investors or active investors, while others may better suit beginner investors and passive investors. Bitcoin IRA was evaluated, focusing on how it performed in each category.
Investing and Retirement Reporter
Tessa Campbell is an investing and retirement reporter on Business Insider’s personal finance desk. Over two years of personal finance reporting, Tessa has built expertise on a range of financial topics, from the best credit cards to the best retirement savings accounts.ExperienceTessa currently reports on all things investing — deep-diving into complex financial topics, shedding light on lesser-known investment avenues, and uncovering ways readers can work the system to their advantage.As a personal finance expert in her 20s, Tessa is acutely aware of the impacts time and uncertainty have on your investment decisions. While she curates Business Insider’s guide on the best investment apps, she believes that your financial portfolio does not have to be perfect, it just has to exist. A small investment is better than nothing, and the mistakes you make along the way are a necessary part of the learning process.Expertise:Tessa’s expertise includes:
- Credit cards
- Investing apps
- Retirement savings
- Cryptocurrency
- The stock market
- Retail investing
Education:Tessa graduated from Susquehanna University with a creative writing degree and a psychology minor.When she’s not digging into a financial topic, you’ll find Tessa waist-deep in her second cup of coffee. She currently drinks Kitty Town coffee, which blends her love of coffee with her love for her two cats: Keekee and Dumpling. It was a targeted advertisem*nt, and it worked.
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