A legit option for your retirement?

A legit option for your retirement?

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Bitcoin IRA is an IRA provider which lets you invest in cryptocurrency as part of your retirement plan. But is it legit? Read on to find out.

Invest in Cryptocurrency with Your IRA

Overall Score

3.8

Cryptocurrency Trading

4.0

Commissions and Fees

3.0

Ease of Use

5.0

Research

2.0

Safety

5.0

5-point scale (the higher, the better)


Pros and Cons

  • Interest on your cash and coins
  • Self-trade 24/7
  • 60+ cryptos
  • No SEP IRA
  • Higher fees than some competitors

Bottom Line

Solid crypto IRA offering tax-advantaged investing plus interest

Worried about taxes eating up your crypto gains?

With Bitcoin IRA, you can invest in crypto on a tax-advantaged basis.

But is it legit? And what fees do they charge?

Find out in this review, including Bitcoin IRA’s fees, coins, and how it compares to popular competitors, like iTrustCapital and Coinbase.

What is Bitcoin IRA?

Bitcoin IRA is an IRA platform that lets you invest in cryptocurrency.

Based in Los Angeles, Bitcoin IRA was the first custodian to offer crypto IRAs, back in 2016. Members can invest in a range of cryptocurrencies (not just Bitcoin) to fund their retirement accounts.

Their beginner-friendly trading platform is available through the web or their mobile app. It’s easy to get started, and you can begin in as little as 3-5 days after funding your account.

Plus, they offer 24/7 trading, so you won’t miss out on shifts outside traditional market hours.

In addition to their Bitcoin IRAs, they also offer a Bitcoin 401(k). Users can earn interest by lending their assets and supplement their crypto accounts with investments in gold as well.

Are crypto IRAs a good idea? Crypto IRAs, like those offered by Bitcoin IRA, can be a good way to get the tax benefits of an IRA and the high growth potential of long-term crypto investing. As with any IRA, be sure to do your due diligence and research the custodian you want before signing up.

What Cryptocurrencies Do They Support?

Despite the name, Bitcoin IRA doesn’t just offer Bitcoin. Users can invest in a range of cryptocurrencies to fund their retirement accounts.

Currently, Bitcoin IRA supports 60+ coins for IRA investment, including:[1]

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Litecoin (LTC)
  • Stellar Lumens (XLM)
  • Zcash (ZEC)
  • Dogecoin (DOGE)
  • Chainlink (LINK)
  • Shiba Inu (SHIB)
  • Bitcoin Cash (BCH)
  • Ethereum Classic (ETC)

Bitcoin IRA has come a long way since it first started. At first, there were only a handful of the most popular coins. Now it offers many of the more novel altcoins. We hope to see it continue to expand its offerings.

Wondering which coins are the right investments for you? Check out our comprehensive guides to Cardano, Tron, Chainlink, and Monero.

Bitcoin IRA Features

Bitcoin IRA’s product offerings are fairly limited, but still worth looking into. Review their main features below to see if Bitcoin IRA fits your investment needs.

Investment Accounts
Bitcoin IRA’s main offerings are their crypto IRA accounts and crypto 401(k)s. These accounts offer tax-advantaged investing options for a roster of 9 popular cryptocurrencies.

Account types include:

  • Bitcoin IRA
  • Bitcoin Roth IRA
  • Bitcoin 401(k)
  • Saver IRA

Their minimum investment requirement is $3,000, or $100 a month through their Saver IRA via linked bank account. There is no investment cap.

Bitcoin IRA users can also trade real, physical gold.[2] You will actually get ownership rights to investment-grade, US-certified gold bars.

Note: You can’t buy your cryptocurrency on other exchanges or custodians and transfer it, nor can you transfer in coins you already own. It all must be purchased through Bitcoin IRA due to rules set by the IRS.

IRA Earn
Bitcoin IRA Earn is an uncommon feature combining two popular products in the crypto space: crypto IRAs and interest accounts.

Interest accounts, popularized by companies like BlockFi, Celsius, and Nexo, let crypto investors earn interest on their crypto holdings, usually at much higher rates than you’d currently find at a traditional bank.

With Bitcoin IRA Earn, Bitcoin IRA members can get that same service as a part of their tax-advantaged retirement investing plan.

At time of writing, they offered up to 6% APY, though interest rates may vary. Their minimum investment is $10,000 with monthly payouts and no lockup periods.

Bitcoin IRA Fees to Look Out for

Bitcoin IRA’s main fees are:[3]

  • 5.99% setup fee (of your investment amount)
  • 0.08% monthly fee
  • 2% trading fee
  • $3,000 minimum deposit

However, your exact fees may vary by customer.[4] To find out precisely what their fees would be for your situation, you would need to call Bitcoin IRA and speak with one of their representatives.

Bitcoin IRA Security

When it comes to your retirement savings, you want to know that your custodian is taking the safety of your money seriously—and that’s just as true for crypto as it is for cash. Here’s a look at some of the security features that Bitcoin IRA has in place to protect your investments.

  • Insurance: Digital assets are insured by BitGo Trust for up to $100 million
  • Cold Storage: Coins are stored safely offline
  • Encryption: 256-bit SSL Encryption
  • Gold is insured at Brink’s bullion vault facility as well as in transit

How Does It Compare?

Let’s take a look at how Bitcoin IRA stands up to some of its most popular competitors.

iTrustCapital
iTrustCapital is another leading provider of crypto IRAs. They were founded a little later, in 2018, and are based in Irvine, CA.

Compared to Bitcoin IRA, iTrustCapital offers a wider range of cryptocurrencies to invest in, with around two dozen coins listed. They allow for investments in gold and silver, where Bitcoin IRA only supports gold.

iTrustCapital has a $2,500 investment minimum, which is lower than Bitcoin IRA’s, and charges a flat 1% fee on trades with a $29 monthly fee, which is less than you’ll pay at Bitcoin IRA as well. Overall, unless you’re particularly interested in Bitcoin IRA’s Earn feature, iTrustCapital has more to offer.

Coinbase
While it isn’t entirely fair to compare Coinbase (a cryptocurrency exchange) and Bitcoin IRA (an IRA provider), many are interested in how they differ. The most profound difference between the two will be access to your investments.

Buying and selling crypto through Coinbase will give you immediate access to your funds, while doing it through a crypto IRA means you have to wait till the age of 59 1/2 to access your money.

Otherwise, you’ll incur a tax penalty that will undo anything you would have saved by investing in an IRA in the first place.

Overall, if you are a short-term investor, consider an exchange, and if you can afford to wait many years before touching your money, an IRA may be for you.

Bottom Line

Bitcoin IRA is a solid provider of crypto IRAs and a worthy candidate for consideration. However, they aren’t the most affordable, and they don’t have the widest selection among their competitors.

Their standout feature is their IRA Earn feature, which lets you earn interest on your cryptocurrency investments inside of your tax-advantaged account.

However, if that isn’t what you’re after, or you want access to a wider range of coins, another provider may be more worth your time.

References

Jeremy Harshman is a protector of art and writing at CreditDonkey, a crypto comparison and reviews website. Write to Jeremy Harshman at [email protected] Follow us on Twitter and Facebook for our latest posts.

Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.