Do you want to gain exposure to cryptocurrencies through your retirement account?
Our review on BitIRA believes this platform is excellent for investors who want to take advantage of alternative investments. Read more of this BitIRA review to find out more about how it all works.
- Due to legal requirements, the account minimum is currently $20,000.
- Access to a bitcoin IRA with multiple cryptocurrencies and extensive educational material.
- $195 monthly fee, $50 setup fee, and 0.05% storage fee per month.
|Ease of Use
- There is a learning curve for those who aren’t beginners, but this platform is a breeze for experienced bitcoin investors.
- Because this is an IRA, you have the same tax advantages as any other IRA.
What is BitIRA?
BitIRA is a relatively young platform, having been founded in Burbank, California, in 2017. It was founded by the Birch Gold Group to help U.S. citizens to take advantage of the rise in cryptocurrencies.
You can use any standard type of IRA to invest in cryptocurrencies with BitIRA, including traditional, SEP, and Roth. You may also use any retirement account that’s eligible to be rolled over to an IRA, which means the majority of investors with a retirement account will be able to use this platform.
We believe BitIRA is a groundbreaking platform because the average retirement account tends to restrict investment options to stocks and bonds. If you want to diversify, BitIRA is one of the easiest ways to do it.
Our review on BitIRA classifies BitIRA as one of the most tax-efficient ways to trade cryptocurrencies. Take advantage of your IRA account to get broader exposure to different markets. Below, we examine the core features of this platform.
Multiple Currencies Available
Most reviews on BitIRA talk almost exclusively about trading Bitcoin. You can trade Bitcoin with BitIRA, but you can also trade a wide variety of other currencies. These include Ethereum, Litecoin, and Stellar Lumens.
It’s widely expected that this platform will continue to expand the number of available cryptocurrencies you can trade with.
BitIRA is a turnkey service because the platform creates your account on your behalf. Unlike other ways to trade cryptocurrency, you don’t need any technical knowledge. All you need is a minimum of $5,000 to invest.
Funds are stored through a cold storage wallet and BitIRA utilizes both Preferred Trust Company and Equity Trust Company to take custody of your funds.
Like with any other investment through an IRA, any trading done within your IRA is completely tax-free. For as long as your funds remain in your BitIRA account, you’ll never pay any federal taxes. Taxes are only paid if you take distributions before age 59.5.
This is one of the most tax-efficient ways of trading cryptocurrency.
Access to Other Investment Assets
Although your BitIRA account is mainly geared towards cryptocurrencies, this is in essence a self-directed IRA. In addition to cryptocurrencies, you can use this account to invest in other non-traditional investment assets, such as real estate and precious metals.
BitIRA fees can be on the high side. You pay fees for setting up your account, annual maintenance fees, storage fees, and trading fees.
Its custodial fees are simple enough to understand. All account holders will pay:
Setup Fees – $50
Annual Maintenance Fees – $195
Storage Fees – 0.05% per month
Where there’s some ambiguity is in the trading fees. BitIRA claims that trading fees depend on the account, the asset, and the quantity, therefore you’ll need to contact the platform to find out more about the trading fees that apply to you.
BitIRA may be difficult to understand for investors who are used to traditional investment platforms. We answer some of the most common questions below.
Is BitIRA Legit?
Yes, it already carries high ratings with the Better Business Bureau.
Is My Money Safe?
BitIRA utilizes insured cold storage for your cryptocurrencies. All assets are covered against theft. Any cash you hold on your account is covered by the Federal government’s FDIC protection up to $250,000.
Is BitIRA Worth It?
This is a platform specializing in IRA cryptocurrency investing. The infrastructure has been aligned to provide maximum protection for your assets. At the same time, they handle the account creation process, so you don’t need any prior knowledge of crypto to get started.
Is BitIRA Right for You?
Our review on BitIRA can comfortably recommend BitIRA as a viable trading platform for those who want to invest their retirement savings into cryptocurrency. However, we do advise traders to get clarity when it comes to trading fees.
This is a solid, reliable crypto investment platform that’s well worth checking out.
Sign up for an account with BitIRA today and start trading cryptocurrencies.
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