Contributor, Benzinga
August 13, 2021
Overall Rating:
securely through BitIRA's website

BitIRA combines the best of tradition and innovation with its Bitcoin IRA platform. You can secure your financial future by funding your retirement account with cryptocurrency and other alternative assets. BitIRA brings institutional, quality retirement accounts to alternative asset investors.

Best For
  • Long-term investors
  • Alternative asset investors
  • Diversification of your retirement account
  • Those experienced in cryptocurrency investment strategy
  • Fully-assisted setup, account rollover and funding process
  • Cold storage wallet to secure your funds offline
  • Tax-deferred gains
  • Bitcoin and other crypto protected against inflation by several key factors, reducing risk of devaluation and debasement
  • Potentially long waiting period between account set-up → funding → ready to invest
  • High minimum investment

BitIRA Ratings at a Glance

Overview of BitIRA

Investment retirement accounts are great for those who want to invest for the long-term. There are clear tax advantages to buying investments with a retirement account, and you can now buy digital assets with certain IRAs. With institutions buying Bitcoin and countries considering making this digital asset legal tender, Bitcoin may be among the best long-term investments one can make.

Cryptocurrency is still a relatively new asset class and wasn’t an eligible investment asset for retirement accounts until 2014. The IRS then released Notice 2014-21, classifying crypto as property for tax purposes. Due to this lag, there’s still a need for an institutional-level push to provide traditional financial products (like retirement and savings accounts) to digital currency investors.

Luckily, BitIRA is ahead of the game. It has over 100 years experience, and focuses on alternative investments in IRAs. Its goal is to provide easy access to IRAs and to help you fund them with bitcoin and other alternative assets (although traditional assets are invited to the party, too).

Products/Services Offered

BitIRA does just 1 thing and does it well: it provides you with a world-class bitcoin IRA. But there are several things that put BitIRA ahead of the competition. 

It prioritizes investor education, provides tailored attention and puts your satisfaction above all else. Take a look at our breakdown of what sets BitIRA apart:

Maximum Security

BitIRA puts your security above all else. Your digital currency must be stored in what is known as a cryptocurrency wallet. Digital wallets are often attached to the Internet (a “hot wallet") and are susceptible to security breaches. 

But BitIRA prides itself on offering cold wallet storage, which is stored offline in individual hardware wallets for each investor. These personal hardware devices are kept in a vault under the watchful eye of armed guards 24 hours a day. 

You’ll be reassured your funds are secure with end-to-end insurance, multi-factor encryption and authentication and U.S. regulatory registration and governance.

IRS and U.S. Law Compliant

Many people are still unaware that assets like bitcoin and other alternative assets are usable as funding for retirement accounts. When the IRS classified bitcoin as property, it did more than designate its tax status. It also immediately rendered cryptocurrency as an eligible asset class for self-directed IRAs. 

Because BitIRA works with Equity Trust Company and Preferred Trust Company, your accounts are always handled by licensed trust custodians. It will helm the administrative duties for your account, ensuring you remain IRS-compliant throughout your investment journey. And all your deposits are insured up to $3.75 million.

All Hands on Deck Support

If you’re newer to the world of digital assets or retirement funding, you may feel like you’re wading through murky waters full of confusing terms and jargon. BitIRA does a great job of putting investor education 1st, so it won’t be long before you’re sailing smoothly. 

But if you need some more help along the way, BitIRA boasts a hands-on approach to customer service and support. You’ll have access to both Digital Currency Specialists and Dedicated IRA Specialists. BitIRA makes sure to provide transparent invoicing and ongoing assistance with all present and future transactions. 

Why Cryptocurrency?

In addition to the unique features that set BitIRA apart, there are a multitude of benefits that come with funding an IRA with digital currency. Some examples include tax-deferred gains due to the tax status of cryptocurrency and rules of IRAs. And you can protect your portfolio from market volatility and inflation through diversifying your assets into different asset classes. 

Crypto is designed with decentralized management, and it’s not tied to a market like a nation’s economy. There’s also a finite cap on the amount of bitcoin that can be mined, creating true scarcity that other assets don't have. These factors mean your IRA funds are protected from digital asset inflation. 

Account Types

With BitIRA, you can choose which type of IRA you want to set up and fund. You can select a traditional or Roth IRA, and you have a wide range of cryptocurrencies to choose from like Bitcoin, Bitcoin Cash, Ethereum, Zcash and more. Altcoins are typically higher risk investments than Bitcoin, as many of them haven't seen the widespread adoption that Bitcoin has.

You also aren’t limited to crypto assets. Because these are a self-directed IRA accounts, it’s up to you what you want your mix to look like. Go the route of more traditional assets like stocks and bonds or look for further alternative assets.

Account Minimums

You’ll need a solid chunk of capital to fund your individual retirement account with BitIRA. $20,000 is the minimum investment due to current legal restrictions. 

Fee Structures and Pricing

Creating a BitIRA account may be free depending on the account type, but there are custodial fees for your retirement investment account. Your custodial fees depend on factors like the size of your account and are determined by the custodians that BitIRA works with. Bitcoin IRA believes its custodians, Equity Trust Company and Preferred Trust Company, offer industry-low custodial fees.

Pricing is offered on an account-by-account basis. You can contact BitIRA to get some more insight. 

When discussing your retirement account, BitIRA recommends asking the following questions:

  • What are the ongoing flat fees? Do I pay these fees on a monthly or annual basis?
  • Are there any variable fees? How do those work?
  • If I hold more than one coin in my account, do I pay additional fees for those?

How to Open a BitIRA Account

To open up a BitIRA account, click here

If you are rolling over prior accounts into your new bitcoin IRA, you may see a delay. This will depend on how responsive and proactive your prior custodians are. 

From there, funding your BitIRA with Equity Trust Company or Preferred Trust Company does require some legwork on the custodial side. It needs to do its own due diligence before your account is ready to start investing in bitcoin. Iit can take between 1 to 3 weeks for your account to go live.

Ease of Use

If you have a base knowledge of investment, retirement accounts and the world of digital currency, BitIRA is easy to use. If not, the platform itself is a breeze to use once you gain that base understanding. The BitIRA website is full of useful information and knowledge about all things Bitcoin, IRA and investments.

The BitIRA set up process is simple. It facilitates the entire process, making sure you understand your asset options, taking the lead on rollovers and providing 24/7 support from start to finish. 

Digital Currency Specialists are always ready and able to lend a hand. Call 800-299-1567.

BitIRA Overall Rating

There’s no better time than the present to start planning for your retirement. There’s also no better time than the present to jump into the world of crypto assets if you haven’t already. BitIRA is a great platform for setting up and funding a self-directed IRA with bitcoin or other cryptocurrencies. 
Enjoy the flexibility to choose your asset class mix, world-class security, stellar customer support and a wealth of cryptocurrency and investment knowledge. There’s no need to wait any longer. Take the leap and get in touch with BitIRA to set up your cryptocurrency IRA today.

Related content: BEST CRYPTO IRA

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