Last Updated on March 9, 2023 by Ben
BitIRA, the leader in Bitcoin IRA accounts, is a company that provides investors with high-quality cryptocurrency options and exemplary security. BitIRA offers a diverse range of cryptocurrency choices to ensure that all customers can find something they like. In addition to this, BitIRA has exceptional customer service representatives available 24/7 so that potential customers never have to wait for assistance.
In this review of BitIRA, you will learn what makes it unique as well as the benefits it offers potential customers!
When you invest in an asset, it is important to understand what makes it more useful than others. Cryptocurrency can aid in diversifying your portfolio and fund a retirement account for when you have long-term investments.
Cryptocurrency is a relatively new class of investment assets, and it wasn’t eligible to be included in retirement accounts until 2014. After the IRS published Notice 2014-21, declaring that cryptocurrencies would be classified as property for tax purposes, they became an eligible asset choice. There’s still a necessity for an institutional-level push to provide traditional financial products to cryptocurrency investors.
BitIRA is an alternative to traditional IRAs, enabling you to contribute bitcoin and other digital assets to your IRA account. It has over 100 years of experience placing these assets in IRAs. They provide easy access for you and fund the project with options like gold or silver, too.
BitIRA is a company that offers an innovative way to invest in cryptocurrencies for your retirement account. With BitIRA, you can easily create and manage both traditional IRAs and digital self-directed IRAs (SDIRAS). These SDIRAS are invested primarily in cryptocurrency such as Bitcoin or Ethereum but also other investments like stocks, bonds, mutual funds, etc.
BitIRA offers features for smart Bitcoin investors, including an IRA platform that lets you invest your digital currency directly.
In a conventional IRA, you cannot invest in mutual funds or stocks managed by someone else. You can only invest in a mutual fund or stock that the financial institution manages. The company provides an extensive range of investment knowledge and exemplary security while helping customers maintain complete control over their self-directed IRA.
Adding to that, customers can put both traditional and digital assets into their IRA. A digital wallet is needed to trade in cryptocurrency. But a hot wallet- one connected to the internet- is at risk to hackers.
BitIRA customers can access funds through an insured cold wallet, which is isolated from the internet to ensure optimal security of assets.
The options when it comes to cryptocurrencies in retirement accounts are limited:
- Bitcoin Cash
- Ethereum Classic
- Bitcoin Satoshi’s Vision
- Stellar Lumens
Investment & Fees
BitIRA is a different kind of retirement account. You pay fees if you manage your account. Fees rely on the kind of account you have, so be sure to talk with someone at BitIRA who can tell you how much and what kinds of fees could affect your account.
The account setup fee is $50, the annual maintenance fee is $195, and the storage fees are .05%/month.
One-time fees are charged when you open an account. You have to pay a custodian fee, the setup fee for IRA, wire fee, multi-coin digital currency initial purchase transaction fee, multi-coin digital currency subsequent purchase transaction fee, and the multi-coin and bitcoin only digital currency sell transaction fee. Transaction Fees also apply to the trading of digital assets.
BitIRA customers also pay an annual account management fee.
BitIRA is one of the most tax-efficient ways to trade cryptocurrencies. It offers a self-directed IRA account where you can have complete control and efficiently exchange digital assets.
Multiple Currencies Available
BitIRA lets you trade Bitcoin. You can also trade other currencies, such as Ethereum, Litecoin, and Stellar Lumens. It is expected that BitIRA will have more currencies to trade with in the future.
BitIRA is a turnkey service. The platform creates your account for you, and all you have to do is invest $5,000. Funds are kept in a cold wallet, and BitIRA uses two custodians, Equity Trust Company and Preferred Trust Company, to take custody of your funds.
When you trade cryptocurrency through your IRA, you will not have to pay taxes. You can only take distributions before age 59.5 if you want to be taxed. This is one of the best ways to trade cryptocurrency, and it is tax efficient.
Access to Other Investment Assets
You can use your BitIRA account to invest in other things, like real estate and precious metals. It is not just for cryptocurrencies.
Pros and Cons
Unlike banks and brokerages, cryptocurrency IRAs let you save money for retirement without paying taxes. You can invest in digital currencies on a tax-deferred basis.
- BitIRA offers an all-inclusive setup, rollover process, and cash funding for investors.
- Cold wallet options to securely store your funds offline.
- Tax-deferred gains
- Bitcoin and other cryptocurrency investments safeguarded against inflation by several key factors, such as quick exchanges, low risk of devaluation.
- You can invest in up to eight cryptocurrencies on the platform.
- Pricing is not disclosed upfront.
- New company with a little history on customer satisfaction.
What Makes BitIRA Unique?
- BitIRA understands how important it is to save for your retirement. That’s why they created a service that will help you save by using their experience with alternative assets and IRAs.
- The company offers excellent support, security, and independence.
- Conventional IRAs don’t let investors exercise the same degree of independence over their investment decisions while still benefiting from world-class support.
- The innovative digital IRAs offer an exciting new step forward into the future potential of retirement savings.
BitIRA Customer Support
If you are just getting into investing, it might seem complicated. However, BitIRA invests in education first and foremost, so you will quickly understand the terms. You’ll be sailing smoothly soon!
BitIRA has a lot of people who help you. You have the Digital Currency Specialists and Dedicated IRA Specialists. BitIRA makes sure to send you clear invoices, and they will help with any future transactions too.
BitIRA provides lifetime help and support for clients opting to roll over their IRA to digital currencies, ensuring that they have a capable team of experts on hand at every step.
How to Get Started with BitIRA
STEP 1: To start the rollover process, you need to contact a Digital Currency Specialist. This is a self-directed retirement account that you can control. But a qualified custodian must legally handle its administration.
STEP 2: BitIRA partners with Preferred Trust Company to open a new account for you. All you need to do is hand over some paperwork, and they will complete the necessary forms.
STEP 3: New accounts can be open in a few weeks, and then they can start to accept money from other accounts. The digital currency specialist and IRA department work with the old account. They do this while also keeping track of how much you are paying for fees.
You can buy digital currencies through an exchange and store them in a digital wallet. You will have to link it to your account. When these things are connected, you get access to the BitIRA corporate account, where buyers and sellers can trade with each other.
Who is BitIRA Best For?
BitIRA is designed to help investors add cryptocurrencies into their retirement portfolios with a selection of choices and the highest security standards.
BitIRA is a unique service that helps you invest in cryptocurrencies, which are currently the most profitable assets on earth. Most retirement accounts do not have any exposure to crypto investments, and BitIRAs can be an excellent way for them to get started with this lucrative asset class.
Though there may be some limitations of eligibility based on your current financial institution’s policies or regulations, it might still work as long as one has enough money saved up over time and wants diversification into digital currency.
Goldco Precious Metals, or Goldco, is a well-known direct seller of gold and silver. The company was established in 2006, by which point they had already amassed thousands of satisfied customers. Goldco can also help you set up your IRAs.
Their customer service team are experts at the topic and love to answer any questions that may arise, as evidenced by their extensive library containing detailed information on this subject available for download or purchase through an online store.
Goldco is best for:
- Reasonable fees
- Non-IRA transactions offer free storing
- Great customer support. Better Business Bureau A+ rating
iTrustCapital is a company that will let you invest in cryptocurrencies, gold, and silver with your retirement account. The company has a website that is easy to use, so it should be suitable for people who never bought or sold any investments before.
When you reach retirement, you can choose whether to take your money in cash or invest it. You will need to make a choice. It is hard to compare different brokers, but iTrustCapital offers a limited range of cryptocurrencies and is easy to use.
iTrustCapital is best for:
- Investors who wish to include cryptocurrencies, gold, and silver or to their IRA
- People who are taken in investing in cryptocurrency or metal can take a long-term approach.
- Beginner cryptocurrency investors
BitIRA is best for those who are willing to learn and go through the process of investing in order to gain a unique experience. However, the signup process is complex, and it takes a long time. Also the pricing on the site is not really advertised.
The BitIRA platform offers an extensive range of cryptocurrency choices, as well as exemplary security. This, combined with allowing customers complete control over their self-directed IRA, make it one that provides significant benefits for investors.