Pros, Cons, and Who Should Set Up an Account

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Is a Bitcoin IRA right for you?

If you want to use it crypto currency for retirement investment, you can’t do it like usual sinew. You will need to set a Self-directed IRA (SDIRA) since investments like cryptocurrencies and precious metals are classified as alternative assets.

Founded in 2016, Bitcoin IRA offers SDIRA for cryptocurrency and precious metal investments. The account lets you roll over existing funds from several different types of retirement accounts, and you can set up automatic contributions with its Saver IRA.

Although it allows you to exchange gold and more than 60 cryptocurrencies, it is not the best idea for traders looking for other alternative assets such as silver and real estate. Plus, it charges some fees, and – while the minimum account list is $3,000 – you need to call a representative to get basic information because the deposit fee is based on the amount of your investment. However, we have listed the trading fees, monthly fees, and Saver IRA fees below.

Bitcoin IRA vs BitIRA

Bitcoin IRA and BitIRA offer similar IRA services for alternative assets such as cryptocurrencies, but you will get more from a Bitcoin IRA. Not only does it offer lower minimum requirements, it also offers a wider selection of gold and crypto assets. Plus, it offers up to $700 million in insurance coverage. BitIRA offers $100 million in insurance coverage.

Bitcoin IRA vs iTrust Capital

While both Bitcoin IRA and iTrustCapital offer SDIRA services for cryptocurrencies and other assets, the two platforms have different features. For one, you will pay less to set up an account in the latter, and you can trade both silver and gold.

Bitcoin IRA has a strong cryptocurrency option. It offers more than 60 cryptocurrencies, while iTrustCapital only provides 30. But iTrustCapital makes up for this by allowing you to earn rewards of up to 9.5% for polkadot staking.

Ways to invest with Bitcoin IRA

Bitcoin IRA

Bitcoin IRA is best for retail investors who want to build wealth for retirement with cryptocurrencies. It offers SDIRAs that allow you to invest in such alternative assets, and it allows for 24/7 over-the-counter trading. You need at least $3,000 to get started, and the platform allows you to roll over existing assets from 401(k)s, 403(b)s, IRAs, Roth IRAs, SEP IRAsand Simple IRAs.

But the costs are on the high side. In addition to the minimum requirements, you will have to pay a set-up fee that varies according to the amount you want to invest. On average, this fee is 3.99%, but it varies based on your balance. You’ll also pay $20 per month if you have a balance below $25,000. If your balance exceeds that amount, you’ll pay 0.0008% every month.

However, it offers more than 60 cryptocurrencies, including bitcoin, litecoin, cardano, dogecoin, and many more. It has a 2% transaction fee, meaning you will pay 2% every time you buy or sell. Although the platform is not a wallet or a crypto exchange, it connects you to an exchange to allow trading.

This is an extensive crypto selection compared to other platforms (for example, CoinIRA and iTrustCapital) that offer 30 or more cryptocurrencies. But the choice of Bitcoin IRA is still limited when compared to our Alto IRA. Alto IRA now supports more than 200 cryptocurrencies, thanks to its Coinbase integration.

But when it comes to the rollover process, transferring assets from an existing retirement account seems quite simple. After you set up an account with a Bitcoin IRA, it will request a transfer of those assets from your 401(k) custodian. You can then buy the cryptocurrency of your choice when the funds reach your account.

But you can also invest in real gold. It allows you to buy ownership rights to US certified gold bullion. Plus, you can exchange gold 24/7, and the platform says it insures gold through Brink’s vault bullion facility.

Saver IRA

This account option costs $100 per month and gives you access to automatic contributions and recurring monthly contributions (ie, you can link a savings or checking account to contribute regularly). Just like any other IRA, you will also be limited to cryptocurrencies and gold with this account.

Bitcoin IRA: Is it reliable?

The Better Business Bureau gives Bitcoin IRA rating A +. Bureau ratings range from A+ to F, so this is the highest rating a company can receive.

When evaluating a business, the BBB considers several factors. This includes business type, time in business, customer complaint history, licensing, government actions, advertising issues, bankruptcy, and more.

The Bitcoin IRA slate is clean of any lawsuits or scandals. It closed two complaints in the past 12 months, and currently has no unresolved complaints, as shown by its BBB profile.

Bitcoin IRA – Frequently Asked Questions (FAQ)

Yes. Bitcoin IRA was founded in 2016, and it uses a number of security measures – including cold storage wallets, multi-signature encryption, and custody insurance – to keep your assets safe. The exchange also has no record of website hacks.

Bitcoin IRA has a one-time service fee that it charges up front. This amount varies based on your initial investment amount. Plus, the platform also says it charges custodial and security fees. You should call their representative to get fee information for your investment amount.

Not. You can only buy cryptocurrency through the Bitcoin IRA platform.

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