Bitcoin IRA Review

Many companies offer solutions for trading cryptocurrencies in an IRA. But the process of moving money from an existing IRA to a crypto IRA can be cumbersome and lengthy.

And if not done properly, it can even generate a taxable event. That means the money you thought would remain tax protected will eventually be taxed during the conversion process.

Bitcoin IRA has come up with a simpler solution to solve these problems. Customers just need to open an account with Bitcoin IRA and initiate an IRA transfer. From there, Bitcoin IRA will take care of the rest. Once the process is complete, clients can start trading cryptocurrencies in their IRA. Let’s see how it works.

Full Service Bitcoin IRA Provider No Need To Set Up Self Direct IRA LLC Assets Insured Up To $100 Million With BitGo Trust

Transferred IRA: $3,000

New Saver IRA: $100 (requires recurring fee)

Interest-earning account: $10,000

Setup fee: 5.99% of the first deposit

Trading Fee: 2%

Account Fee: 0.08% (billed monthly)

Who is Bitcoin IRA?

Alternative IRA Services (“AIS”) operates under the BitcoinIRA brand name. Bitcoin IRA describes itself as the world’s first, largest and most secure cryptocurrency IRA platform. It has more than 100,000 account holders. Bitcoin IRA was founded in March 2015 and is located in Sherman Oaks, CA. The founder and CEO is Camilo Concha.

What do they offer?

Bitcoin IRA is an all-in-one platform for trading cryptocurrencies from your IRA. The company is a full-service, self-directed IRA provider, which is different from many companies that offer similar services that require several components to be merged.

Bitcoin IRA offers its customers the following:

Transferring an Existing IRA to Bitcoin IRA24/7 Cryptocurrency Trading CustodyReporting — Performance and Financial Statements

Eligible IRA accounts are Roth, SEP, and Traditional. A 401(k) can be used if this is current. However, to use a 401(k), you must be over age 59.5 or have left the employer sponsoring the 401(k) so that it can be converted into an IRA. Annuities and pensions can also be used.

The minimum to open a standard account is $3,000. When we first reviewed Bitcoin IRA, less than 10 coins could be traded on Bitcoin IRA’s platform. But we are happy to see that the company has consistently added to its asset list over time and now supports over 60 coins, including popular altcoins such as Cardano (ADA), Dogecoin (DOGE), Solana (SOL) and Polkadot (DOT).

Open a new saver IRA

You can also set up a new IRA with Bitcoin IRA. They recently released a new product called the Saver IRA that can be started with a minimum deposit of just $100.

To open one of these accounts, you must link a savings or checking account and set up recurring contributions of at least $100. Your monthly deposits are automatically invested in the cryptocurrencies you have selected.

Earn interest on your cryptocurrencies

Bitcoin IRA customers can also lend their cryptocurrency to earn interest. According to the Bitcoin IRA website, you can earn as much as 6% interest on your crypto and cash. Income is accrued daily and paid out monthly. Compare Bitcoin IRA with other top crypto savings accounts.

Buy and sell crypto on mobile

Bitcoin IRA recently launched its mobile app on Apple and Android devices. Bitcoin IRA says it is the world’s first app that allows users to trade cryptocurrencies within a self-directed retirement account. You can also use the app to view advanced charts, set up custom price alerts, and more.

Should You Form an LLC?

Unlike other companies that offer cryptocurrency IRAs, you don’t need to create an LLC to hold a self-directed IRA with Bitcoin IRA. It’s a turnkey solution that does everything for you.

When you go the self-directed IRA route, it takes more time and costs more. In comparison, it takes about three minutes to open a Bitcoin IRA account and the cost is lower than a self-directed IRA.

Why trade Bitcoin in an IRA?

Bitcoin profits are taxed, just like profits from trading stocks. If the stock is held for a year or less, the profit is short-term and taxed at your regular income tax rate. If the gain is held for more than a year, the gain is long-term and will be taxed at the much lower rate of 0%, 15%, or 20%, depending on your income.

When you trade in an IRA, you don’t have to worry about taxes, as gains are tax-free or tax-deferred. With a traditional IRA, contributions are tax-free and taxes are deferred on gains. With a Roth IRA, contributions from earned income are already taxed. Profits are tax free on a Roth.

Given the volatility of most cryptocurrencies, they are often held for less than a year, leading to higher short-term gains – trading an IRA protects those capital gains from taxes.

Are there any costs?

Bitcoin IRA mainly charges three different fees. These are:

One-time start-up costs: 5.99% of the deposited moneyTrading Fee: 2% on all buy and sell ordersAccount Fees: 0.08% of assets under management (billed monthly)

There are also several service charges that can all be avoided, such as fees for domestic or international transfers. You can view the full reimbursement schedule here

How does Bitcoin IRA compare?

Alto and Rocket Dollar are two of the biggest competitors to Bitcoin IRA. Both companies allow you to invest in just about anything within your self-directed retirement account, while Bitcoin IRA currently only supports crypto and gold.

For smaller accounts, Bitcoin IRA’s AUM-based fee (0.08%) should cost about the same as Alto’s and Rocket Dollar’s fixed monthly fees (which range from $10 to $30). However, as your account grows, your monthly fee with Bitcoin IRA will also increase.

If investing in crypto is your main goal, Alto is a strong alternative to Bitcoin IRA as it has direct integration with Coinbase. However, it should be noted that Rocket Dollar is currently the only one of these three companies that allows you to invest in a self-driven Solo 401(k).

How do I open an account?

You can visit the Bitcoin IRA website to open an account. Bitcoin IRA says the process takes less than three minutes and consists of the following steps:

Open a Bitcoin IRA accountTransfer IRA fundsStart trading cryptocurrency

Related: Check out how Bitcoin IRA compares to our picks for the best Bitcoin trading sites.

Is my money safe?

Bitcoin IRA uses BitGo Trust as its custodian. BitGo Trust is the largest processor of Bitcoin chain transactions. In addition, all assets held in the custody of BitGo Trust are insured up to $700 million. Assets are also stored offline in 100% cold storage technology, in bank class 3 vaults. BitGo Trust storage has a SOC 2, Type 2 rating.

How do I contact Bitcoin IRA?

You can call 877-936-7175 to speak to someone from Bitcoin IRA’s general customer service team. Or if you want to speak to a specialist, you can make an appointment here

At the time of writing, Bitcoin IRA does not have a Trustpilot profile. However, it is accredited with the Better Business Bureau (BBB) and currently has an A+ rating.

Is it worth it?

Yes, if you want to trade cryptocurrencies in your IRA, want someone to fully set up the account and be comfortable with the fees, Bitcoin IRA could be what you are looking for. They are very secure, have phone support and make the whole process easy.

But if you want to use your IRA to invest in more alternative assets than just cryptocurrency, a self-directed IRA provider like Alto or Rocket Dollar is a better choice. Check out our list of the best self-directed IRA providers available today.

Bitcoin IRA FAQ

Here are some of the most common questions people ask about Bitcoin IRA:

Can I buy Ethereum in my Bitcoin IRA account?

Yes, Ethereum is one of the 60+ assets that the platform currently supports.

does Bitcoin IRA Offer Solo 401ks?

No, although transferring money from an existing 401k account is allowed, you can only move the money into an IRA.

Do Bitcoin IRA Interest Accounts Have Blocking Periods?

No, you can withdraw your assets at any time.

Can I transfer cryptocurrencies to my Bitcoin IRA account?

No, current IRS rules prohibit Bitcoin IRA from allowing account holders to transfer cryptocurrency assets from an exchange or external wallet.

Can I buy real gold in my Bitcoin IRA?

Yes, Bitcoin IRA allows you to buy ownership rights to investment grade physical gold bars stored in some of Brink’s best bullion vault facilities.

Bitcoin IRA Features

Transferring an Existing IRA to Bitcoin IRA24/7 Cryptocurrency TradingAutomatic Cryptocurrency InvestingCustodyReportingCrypto Loans and Recurring Interest Payments Setup Fee: Generally 5.99% of initial deposit Trading Fee: 2% Account Fee: 0.08% (billed monthly)

Transferred IRA: $3,000

New Saver IRA: $100

Interest-earning account: $10,000

Rates on Interest Earning Program

100% Offline Investment Storage

SOC 2 Type 2 Digital Wallet Security Certification

Customer service phone number

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