Everyone is familiar with the gold IRA or a 401K system of pension savings. After all, it’s the only responsible thing to do, to be prepared for your retirement comfortably.
A traditional IRA account is a little different than saving in Bitcoin. However, we would say that the future is finally here, and you can save in Bitcoin just like anything else.
Saving in precious metals was a solid option for a long time, but digital currencies are becoming more and more popular. Right now, several companies offer a Bitcoin IRA or creating a retirement account with other cryptocurrencies.
So, what are the best companies for Bitcoin IRA investing? Continue reading to find out!
Best Bitcoin IRA Companies In 2023 – Reviews
1. Bitcoin IRA – Our Top Pick
Without a doubt, Bitcoin IRA is the first company that started working with crypto retirement accounts, meaning they have years of experience. Also, this IRA company is the largest company working with cryptocurrency-related retirement accounts.
The Bitcoin IRA is our top choice because their platform is extremely simple and easy to set up & manage, which is something we deem very important. The platform is so secure that you should never worry about potential breaches because it’s Pentagon-like. They take their security very seriously, and the cold storage for the assets is just proving that point.
Creating your IRA account with Bitcoin IRA, setting up your digital wallet, and IRA account will take no more than a few minutes via the app or the desktop. Once you allow the transfer to your Bitcoin IRA account, you can start trading or save within 3 to 5 business days. After the funds are transferred, you can trade at any time of the day or night – whenever you like!
The Bitcoin IRA platform supports up to nine forms of cryptocurrency – Bitcoin, Ethereum, Litecoin, Ripple, and others. We didn’t like that the minimum to open the regular account is to transfer at least $3,000. However, the fact that the assets up to $100 million are insured is a nice touch.
The positive is that the company offers the service to open a Saver IRA account. That requires you to place a deposit of $100, and you are obligated to invest $100 monthly through the bank account you linked to your Bitcoin IRA account.
- Easy to set up
- Cold storage of assets
- Saver IRA account option
- Insured assets
- Setup fees are high
2. BitIRA – Most Secure Option
What made BitIRA stand out from the competition has to be the security they offer for your cryptocurrency assets. They offer IRA Bitcoin with dollar-for-dollar insurance regarding digital, alternative assets. Also, their offline cold storage of the private keys makes it the most secure company out there.
BitIRA may be a relatively young company, taking into account that they opened their doors in 2017. However, the safety of assets in their hands made them incredibly popular for cryptocurrency transactions and storage.
It seems that their unlimited insurance coverage made it one of our top choices – but we are not alone in this. Their multi-encryption encoding of transactions made the transactions extremely safe, even in very vulnerable conditions. Once the transactions do go through, they are kept in an offline, grade-5 nuclear bunker – which is guarded by armed guards and computer security specialists at all times.
Security BitIRA has gives them absolute confidence – so much that they offer unlimited insurance of all their clients’ assets. Also, they offer a one-million protection insurance policy against internal cases of fraud, and a one-million cybersecurity policy.
BitIRA offers you to invest and trade in 6 types of virtual currency – Ethereum (but not Ethereum Classic), Bitcoin, Ripple, and Litecoin. So, you have plenty of cryptocurrencies to choose from for investing!
However, their fantastic safety comes at a rather hefty price – your initial deposit has to be $5,000 or more. Also, the thing that we didn’t like as well is that you have to work with a digital currency specialist to open the account.
- Guarded storage
- Assets fully insured
- Multi-encryption encoding of the transactions
- The account has to be opened with a specialist
3. Coin IRA
You can’t go wrong with Coin IRA, a company who at last check had an impeccable BBB rating and a 4.9 TrustPilot rating. The Coin IRA reviews are as good as any other Bitcoin IRA company out there, so let’s look deeper at why you should consider them when you set up a Bitcoin IRA account.
- Low annual fees
- Cold storage and offline wallet
- Overall rating of five out of five possible stars
- Fully insured
- Extremely secure wallet
—> Visit CoinIRA.com to find out more
4. Regal Assets – Variety Of Cryptocurrencies
All investors know – the key to success is a diversified portfolio. To have a diversified portfolio, you have to have lots of different investments under your belt, so, that’s how Regal Assets were founded!
Out of all our top picks, Regal Assets offers the best variety of cryptocurrencies to choose from for your retirement IRAs. This custodian knows what’s up!
Ever since they started in 2010, they started working with alternative investing and currencies. Only a few years later, they started offering the service of trading cryptocurrency. Originally, Regal Assets had their focus on gold and other precious metals, but they saw the popularity of cryptocurrency coin trading.
The variety they offer comes from the fact that this company is one of the first in the industry to get a trading license for cryptocurrency. They now list 14 types of cryptocurrency, but everyone is free to invest in whatever they like.
The setup of the account is fairly easy for investors, but the process comes at a price. The initial investment has to be a minimum of $25,000 – which you have to admit, is not a small amount. However, the process is fairly easy – once the investors fill out the online application, someone from the company will come into contact for account setup.
What we liked is that they charge flat fees, without any monthly service charges. They charge an annual administration fee, and a yearly storage fee, which are both free for the first year.
- Every cryptocurrency available
- Flat fees
- Insured assets
- The minimum initial investment is very high
5. BlockMint – Best For Newbies
Let’s face it – cryptocurrency is new, and to invest at least some of your money, you need experience. Nobody wants to lose money in real-time, and BlockMint was well aware of this.
This is precisely the reason why their platform & service comes with advisors. Their advisors will not only let you in on secrets of the financial part, of the trading, and so on, but they will guide you through the whole process of buying cryptocurrency or gold.
Also, some people want to invest but they don’t want to handle their own financial transactions, because let’s face it – sometimes you just want to let someone else do the job. Of course, this custodian service is not free – the fees are hefty, meaning they will charge you 15% of each purchase. Also, the minimum initial investment for your IRA accounts is $10,000.
They also have other fees regarding investing like purchase and sell fees, and a monthly fee for the storage, along with a flat fee for annual maintenance. The maintenance and monthly storage fee are charged by another custodian, Equity Trust, which handles this part of the currency trading.
BlockMint supports a wide array of cryptocurrencies – Bitcoin, Litecoin, Ripple, Bitcoin Cash, Ethereum. Every fairly popular coin and cryptocurrency is available for investing.
We have to say that we don’t like the numerous charges for your digital retirement account and the fact that there are so many different fees. However, the upside is that this custodian does everything for the accounts.
The investor doesn’t have to know anything about retirement, security, or cryptocurrencies to work with BlockMint. They will handle everything regarding your IRA Bitcoin, or the tax for your capital gains.
- Advisors offer help for the cryptocurrency IRA accounts
- No knowledge needed
- Variety of supported cryptocurrency
- Hefty fees
- The large initial investment for Bitcoin IRAs
What To Keep In Mind Before Opting For Bitcoin IRA
Like all things, there are a few things you need to keep in mind before you finally decide on Bitcoin retirement accounts. All these things we will talk about below are equally important, so listen up if you’re interested in crypto IRA!
The Private Key
If you are new to the Bitcoin IRAs and investment in cryptocurrency, you need to understand what is a private key. First of all, there are two ways to buy crypto currency – with a Crypto IRA Custodian, or the Wallet Control IRA. Both of these come with their own pros and cons.
Investment with a brokerage or a custodian means that the purchased currency is stored in your IRAs’ digital wallet, and that requires multiple verifications. However, the investor, or you, don’t hold the private key to the digital wallet. Trading cryptocurrency, in this case, requires contact with a broker, and it comes with various fees.
However, going with the Wallet Control IRAs, you have all the control (this is also known as a self-directed IRA). This digital wallet is completely owned by the Bitcoin IRA, and it’s managed by the investor. You have all the power to trade or hold the cryptocurrencies you want, and you have full control of the private key.
If you decide on a brokerage firm to help you with your crypto trade, know that you will have to trade through your broker. The crypto is commonly bought via a telephone, but it can be bought with an e-mail, too.
The offer of crypto is limited, and the broker will charge various fees for the purchase or sale. On the other hand, if you opt for the Wallet Control IRA, you can sell and buy crypto, with fewer fees on every transaction.
Perhaps the most important thing to understand about crypto is the risk it comes with. Trading comes with substantial financial risk, especially when it comes to IRAs. Every investor needs to have in mind that the security – or insurance, cannot help them out if it comes down to a total loss of the investment.
The regular stock market prices change all the time during market hours, but for crypto, it’s a little different. Their value can change at any given time, at any day – so it bears more risk for your IRAs. That is precisely the reason why going with a brokerage may be a better idea because of the security of the accounts and every investment.
Cryptocurrency IRA – FAQs
What Are Bitcoin IRA Companies?
Bitcoin IRA companies specialize in the opening and managing individual retirement accounts – IRAs, using cryptocurrency assets. Commonly, these companies are making their profit with transaction fees and trading fees.
How Does Opening & Having Bitcoin IRAs Work?
When you open your Bitcoin IRA account, you can trade Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Ethereum Classic, and many other cryptocurrencies. The whole process is very similar to how you would buy and sell stocks, bonds, and funds with a traditional IRA account and a traditional brokerage.
There are no age limits as to when you can open your IRA account. Generally, opening one requires your social security number, contact details, and so on. Do note that there are annual limits as to how much funds you can contribute to your IRA account each year, and those limits are set by the IRS.
What is great about the Bitcoin IRA is that you can roll over whatever IRA account you have into Bitcoin. If you already have a Roth IRA, 401k, gold, or other precious metals IRA, you can rollover your balance.
Is It Safe To Have A Bitcoin IRA?
Of course, we have talked about the insurance and security features of every notable Bitcoin IRA company. Each company holds these values very close to its heart.
However, we shouldn’t forget that cryptocurrencies are considered a new, and therefore a very risky asset. Investments in cryptocurrency can equal zero at one point or another – so do your due diligence before you open and start a Bitcoin IRA account.
Are Bitcoin IRA Companies Different From Other IRA Companies?
Well, they are different because their focus is on different things. Traditional IRA companies focus on things like stocks, bonds, ETFs, and other traditional investments in the stock market. On the other hand, Bitcoin IRA companies allow you to trade digital currency instead of traditional investments.
Do note that some traditional IRA companies are now starting to support investments in cryptocurrency, but most companies still don’t offer this option. If you are serious about setting up a Bitcoin/cryptocurrency retirement account, it might be best to stick to cryptocurrency IRA companies.
How Much Bitcoin Do I Need For My IRA Account?
Well, there is no one-size-fits-all answer to this question, because there is no limit on what is the bottom amount you need for your retirement. How much Bitcoin you need depends on your lifestyle and your budget.
Bitcoin IRA – Bottom Line
To conclude, cryptocurrencies are here, and they are here to stay. Nowadays, nothing is more attractive for investment than crypto, even so, that Bitcoin made it into retirement accounts.
Finding that one company to handle your capital gains is no easy. That is why we have compiled a list of the best companies to go with for investing in Bitcoin (or gold) and talked about all the things you need to consider before you roll over your investment account into crypto!