Bitcoin IRA Review: Are They Trustworthy?
Bitcoin IRA is one of the oldest and most well-established companies for cryptocurrency IRA trading. They offer an easy-to-use, turnkey service that doesn’t require you to create an LLC.
Ease of Use
Pros & Cons
Here’s a quick overview of the company’s pros and cons.
- Trusted, US-based company is an industry pioneer.
- Effective way to avoid many tax penalties when trading cryptocurrency.
- Transferring funds into your bitcoin IRA account is simple and fast.
- The platform is intuitive to navigate and includes a robust knowledgebase.
- Customer service can be difficult to reach on the phone.
- Fees are on the higher side compared to many other platforms.
Although cryptocurrency continues to enter the world of mainstream finance at a fairly steady pace, investing in crypto with an IRA is still a relatively new concept for most investors.
The prospect of yields that beat inflation, and well as the potential tax benefits, make a cryptocurrency IRA appealing – although it also has some unique risks to consider.
Bitcoin IRA is one of the oldest and most established cryptocurrency IRA platforms. Is their service secure, easy-to-use, and otherwise a worthwhile part of your retirement planning?
The following Bitcoin IRA review explores the good, the bad, and everything else you need to know!
Service: Crypto IRA Rollovers
Custodian Fees: $240 annual account fee, 0.05% wallet holding fee
Promotion: Custodial Setup Fee waived for a limited time ($150 value)
About Bitcoin IRA
Established in 2015, Bitcoin IRA is the oldest, largest, and most well-established company to offer cryptocurrency IRA trading.
They’re a US-based business that operates in accordance with all US financial security protocols. Additionally, all custodial assets are insured for up to $100 million by BitGo Trust and Lloyd’s of London.
They make a point to emphasize that they only work with bitcoin. Their customer service team is trained specifically in cryptocurrency, and they never attempt to push other types of products on you, such as stocks, bonds, or precious metals.
This specialization is a significant and welcome departure from many other platforms that offer bitcoin IRAs.
Bitcoin IRA offers everything you need to trade cryptocurrencies from your IRA. They’re a self-directed IRA provider, so you don’t have to form an LLC.
Their services are divided into four general categories:
- They facilitate the transfer of an existing IRA into a cryptocurrency IRA
- They provide 24/7 cryptocurrency trading
- They secure your crypto offline in segregated cold storage
- They provide financial and other performance reports
- You can use a Roth, SEP, or traditional IRA. You can also use your 401(k) if you’re 59.5 or older or if you’re no longer employed by the sponsor.
Instead of transferring bitcoin into an existing IRA, you can also start a new IRA with Bitcoin IRA. They only require a minimum deposit of $100.
While bitcoin is the most popular currency they offer, it’s not the only option. You can also invest in Ether, XRP, and Litecoin.
Bitcoin IRA offers a wealth of helpful info in their Crypto Knowledge Center. It features live cryptocurrency price charts, beginner-friendly guides, price predictions, and much more.
Aside from teaching you about the process, they also have a variety of videos to teach you how to use the platform.
Finally, if you create an account, you can download their free ebook, the Ultimate Guide to Crypto IRAs.
Bitcoin IRA Calculator Service
Another useful feature found on the platform is their Bitcoin Calculator. First, you input a hypothetical investment. Then you pick a date in the past. The Calculator then shows you what the return would have been if you’d made the investment at that point in time.
Past results certainly don’t guarantee future earnings. However, you can start to notice performance trends, which can help you make more precise predictions.
At the very least, it’s a fun “what if” tool to help you stay focused on the long-term.
Fees & Investment Minimum
If you’re shopped around, you might notice Bitcoin IRA’s fees are on the high side. However, keep in mind that they’re a full-service provider, so you’re saving money by not having to create an LLC and take other actions yourself.
Fees are based on a percentage of your account balance. They’re front-loaded for a five-year hold.
- Opening an account requires a minimum of $3,000. For an initial investment between $3,000 and $49,900, fees for a five-year hold are 2.5%, for a total percentage of 12.5%.
- With an initial investment of $50,000 to $99,900, fees for a five-year hold are 2.0% for a total of 10.0%.
- Finally, an initial investment of $100,000 or more, the five-year hold fee percentage is 1.5% for a total percentage of 7.5%.
All accounts have a custodial fee of $240 per year. Additionally, sell orders have a 1% trade fee, and buy orders have a 5% fee.
Is Bitcoin IRA Legit?
Yes. Their well-established reputation is a major way they differ from most of the competition. Bitcoin IRA is a pioneer in this type of investing, with over six years of experience.They’re also a US-based company operating in accordance with all federal laws. Plus, they’re backed by a $100 million custody insurance policy.
Where are My Bitcoin or Crypto Stored?
Even though bitcoin isn’t a tangible product, proper storage is required to prevent electronic theft and physical server damage. Bitcoin IRA keeps your cryptocurrency safe with offline, segregated cold storage through Bitgo Trust.
Why Invest in Bitcoin in My IRA?
There are two main advantages: Unlike traditional currencies, bitcoin has a cap on production. Once the cap is reached, no more coins can be made, so their value can stay ahead of inflation.Also, with a cryptocurrency IRA, you don’t have to pay taxes on capital gains.
Do I Need to Setup an LLC?
Not with Bitcoin IRA, which is a major selling point for their platform. One way to add bitcoins to an IRA is to first create an LLC, so your IRA becomes a self-directed IRA. It’s a reasonably time-consuming and costly process. However, Bitcoin LLC offers an all-in-one service that lets you skip creating an LLC.
Does Opening a Bitcoin IRA Require Lots of Complicated Paperwork?
Not at all. Creating an account and transferring funds is a simple process that typically takes less than 10 minutes.Bitcoin IRA customer service specialists are also available to provide live assistance.
Compare To Other Companies
- Straightforward, easy-to-use platform.
- Trades settle within 5 minutes.
- Services operate 24/7.
- Offers live chat and phone support.
Best for Tax Advantages
- No fees for setting up your account
- No fees for account management
- You can invest in over 200 different cryptocurrencies
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Reviews & 3rd-Party Ratings
Generally, Bitcoin IRA reviews online are positive.
Most Google Reviews praise how easy the platform is to use, although a few people do complain that the company is hard to reach if an issue needs resolving.
Reviews on ShopperApproved are overwhelmingly positive, with many verified users complimenting the live customer support and overall fast account setup.
Lastly, they have high scores on BirdEye. Many reviews within the past year describe how easy it is to sign up and use the platform.
At the time of this review, Bitcoin IRA’s biggest promotion is its new interest payouts. Your IRA can earn up to 6% interest. There’s no lockup period, aside from a five-day settlement period, and you can opt for monthly payouts.
How to Open an Account
Creating a Bitcoin IRA account is a simple three-step process that typically takes less than five minutes.
- First, you’ll need to sign up. They require basic information such as your name, email address, and password. Because this account is linked to fairly substantial financial info, make sure you create a new password that you aren’t using anywhere else.Bitcoin IRA also offers a managed service, where a live agent guides you through the application process.
- Next, you’ll transfer funds. After you select the amount you want to invest, Bitcoin IRA will submit a transfer request to your existing retirement account. The transfer usually only takes a few minutes to complete.
Note that you’re transferring assets to then buy bitcoin. The IRS currently prohibits individuals from transferring bitcoins directly into a new bitcoin IRA.
- Finally, you’re ready to trade in real-time. After funding your account, you can then use the Bitcoin IRA platform to buy, sell, or swap anytime you want.
Who is Bitcoin IRA Best for?
Investing in bitcoin through your IRA does carry certain risks, so it’s best for the investor who understands the potential volatility. It’s ideal for anyone looking to diversify their portfolio with investments outside the stock market.
It’s also a great choice for any cryptocurrency investor looking for an all-in-one platform. With Bitcoin IRA, you don’t have to mess around creating an LLC or any other complicated paperwork.
Instead, you can transfer funds and start investing in just a few minutes.
Can You Trust Bitcoin IRA?
Bitcoin IRA isn’t just a pioneer in cryptocurrency IRA investment; they’ve consistently remained an industry leader. They offer an easy-to-use platform, honest and well-regulated business practices, and services that don’t require you to create an LLC.
You can learn more about Bitcoin IRA, including how to create your own account, by choosing Bitcoin IRA today!
Our #1 Bitcoin IRA Custodian
When it comes to customer service, fees, safety, and overall customer satisfaction, Bitcoin IRA checks all of the boxes.