Bitcoin IRA Review
Bitcoin IRA is the world’s first and largest cryptocurrency IRA provider. Over 100,000 clients use Bitcoin IRA’s technology to invest in digital currency within a retirement account. Bitcoin IRA has processed over $500 million in transactions since 2016. Investors can buy gold alongside cryptocurrency assets.
Bitcoin IRA’s platform is easy to use and combines cutting-edge technology, excellent security and a human touch. Clients can trade 24/7, move funds to a multisignature BitGo wallet and speak directly to IRA specialists on the phone.
- Extensive knowledge center with videos, e-books, webinars and more
- First-class digital asset protection
- $1 million insurance coverage
- Secure crypto IRA custodians and exchanges
- Fee information not readily available
Bitcoin IRA Retirement Savings Accounts
You can set up an account with Bitcoin IRA online in three minutes, and fund transfers require just three steps. Bitcoin IRA says most accounts are fully funded and available for trading in three to five business days. If you’re rolling over an IRA, you may wait longer, depending on your current custodian’s policies.
Your Bitcoin IRA is a self-directed IRA holding cryptocurrency (and gold if you choose). You can transfer a 401(k), Roth IRA or traditional IRA to fund your account. The company also offers two unique IRAs: Bitcoin IRA Earn and Bitcoin Saver, explained below.
Bitcoin IRA Security
Investing in cryptocurrency can seem daunting because there are no physical assets or traditional cash — it’s all digital. Bitcoin IRA’s multilevel security helps resolve those concerns with 256-bit encrypted SSL certification and SOC 2 Type 2 security certification. Wallets are enhanced with multisig (P2SH) and HD (BIP32) for financial privacy.
The world’s largest on-chain bitcoin transaction provider, BitGo Trust, securely stores assets in offline segregated cold storage. Lloyd’s of London insures holdings for up to $100 million.
|Bitcoin IRA Retirement Investment Accounts|
|Bitcoin IRA Rollover||Seamlessly roll over funds from an existing IRA or 401(k) to fund a self-directed IRA holding digital currencies.||Diversifying your portfolio with high-risk investments with the potential for excellent returns.|
|Bitcoin IRA Earn||Earn monthly interest on cryptocurrency and cash held in the IRA. Interest rates go up to 6%.||Those with sufficient retirement assets who are willing to lend account funds in exchange for additional returns.|
|Bitcoin Saver IRA||Make small, recurring monthly cash transfers and automatically invest in your choice of alternative assets.||Getting started with cryptocurrency investments cautiously and slowly.|
Bitcoin IRA Earn
Bitcoin IRA Earn is an interest-bearing self-directed IRA. The annual interest rate is as high as 6%, far surpassing the current national savings rate. Clients may earn enough monthly interest on digital and cash assets to offset trading and custodial fees.
Bitcoin IRA partners with Genesis to offer the Earn program. Genesis is a subsidiary of Digital Currency Group, the largest investor in the bitcoin and blockchain industry. The disclosure on the website indicates that IRA Earn clients become lenders through Genesis to receive the interest.
Bitcoin Saver IRA
One of Bitcoin IRA’s original goals was to make cryptocurrency investments available to nearly everyone. The Saver IRA does just that by allowing clients to invest in small increments, starting with a minimum of $100 per month. That said, most people should only invest in a cryptocurrency IRA after accumulating sufficient traditional IRA assets.
You make automatic monthly contributions to the Saver IRA via electronic funds transfers from a checking account. You allocate the percentage of the funds to be invested in the digital currencies you choose. The Bitcoin Saver IRA is similar to making automatic investments in a mutual fund, but you select the investment mix.
Bitcoin IRA Costs
Bitcoin IRA charges three fees. The one-time service fee varies depending on your initial investment. You also pay a custodial fee, which is necessary with all IRAs. Bitcoin IRA also charges a security fee. Speak to a representative to learn about costs for the amount you plan to invest.
The initial service fee covers comprehensive IRA services to manage your cryptocurrency, including:
- Rollover IRA support services
- Setting up a self-directed IRA with BitGo Trust
- Best-in-class security storage
We found no information differentiating costs between a regular IRA, Saver IRA and IRA Earn. Speak to a representative to compare details and fees associated with Bitcoin IRA products.
How to Start Trading with Bitcoin IRA
Click on Get Started on the Bitcoin IRA website to complete a three-minute IRA application. You can also call to open an account. You should be trading cryptocurrency a few days after account funding is complete.
Bitcoin IRA Complaints
The Better Business Bureau gives Bitcoin IRA an A+ rating. Two complaints were filed with the BBB. One resulted from a “user error” when the client entered an incorrect bank routing number. Customer reviews on the BBB site average 3.88 out of 5 stars.
The few Trustpilot reviews available at our time of publishing rated Bitcoin IRA with an average of 3.5 out of 5 stars. However, the reviews with low scores are questionable since they all refer the reader to another bitcoin IRA company.
Investment news site Benzinga gives Bitcoin IRA a 5 out of 5 stars. Investopedia chose Bitcoin IRA as its best overall cryptocurrency IRA provider. Retirement Investments rates the company 4.5 out of 5 stars. Google reviews yield hundreds of consumer ratings, averaging 4.7 out of 5 stars.
Bitcoin IRA Q&A
Are there any penalties for rolling funds over to a Bitcoin IRA account?
There are no penalties for funding your cryptocurrency IRA by rolling over an existing qualified retirement savings account.
Do Bitcoin IRA representatives provide investment advice?
Bitcoin IRA representatives are not financial advisors. The company coordinates IRA account transactions with cryptocurrency exchanges, custodians and BitGo wallets. Representatives can assist with digital currency-related questions, but you choose your investments. Please see our Financial Advisor Guide to find a professional financial planner.
What are the details about buying gold with Bitcoin IRA?
Bitcoin IRA also offers gold IRAs. You can buy and sell gold within your retirement account 24/7 with Bitcoin IRA’s online platform. The gold IRA program cuts out the middleman to reduce costs associated with broker and storage fees.
Can I transfer cryptocurrencies I currently own into a Bitcoin IRA?
No. The IRS requires investors to buy cryptocurrency held in an IRA with U.S. dollars.
How long after creating a Bitcoin IRA account can I start trading cryptocurrencies?
You can typically start trading three to five days after funds are transferred to your account.
Bitcoin IRA coordinates all aspects of securely investing in cryptocurrency within a qualified retirement account. Reviews and website resources indicate Bitcoin IRA is at the top of its game educating clients about digital tax-free retirement investments. The company provides the tools and information required to diversify your retirement savings with speculative and potentially lucrative growth and income.