Having an IRA is simply said, a part of being a responsible adult. Like it or not, we all have to think about our future and how to place our savings for the future.
Nowadays, you can even save or roll over your IRA into cryptocurrency. So, is BitIRA a good place to do just that?
To find out, continue reading our thorough, detailed BitIRA review!
Who & What Is BitIRA?
BitIRA is a new company founded in 2017, and they are based in Burbank, California. The goal behind the company’s foundation was to meet the need of those who want to diversify their retirement investments for optimal risk management.
Founded by the precious metal provider Birch Gold Group, they simplified buying cryptocurrency and rolling it over into an IRA. Although BitIRA only offers one service – to open a self-directed IRA, that doesn’t mean that you have to do it all on your own.
BitIRA offers you experienced digital currency specialists that can guide you every step of the way if you need them to. They can guide you through complete or partial IRA rollovers, they can advise you on what cryptocurrency to invest in, what to sell, and so on.
Investing with BitIRA means getting a digital wallet so you have all the freedom in the world to work with your investment as you wish. Some people are concerned about the safety – but BitIRA offers exceptional security , meaning investors are perfectly safe from hackers with the multiencryption, end-to-end coverage insurance-wise, and multifactor authentication.
BitIRA offers investments into seven attractive cryptocurrencies including Bitcoin as the most popular crypto. For those worried about the whole rollover process – don’t worry since the in-house department can help you understand every step – including the layered security to protect each account.
Don’t get the wrong idea – even though BitIRA exists for only 4 years today, the holding company, Birch Gold Group has plenty of experience. For over 100 years, they help people place investments, nw including digital assets and a digital currency IRA!
Digital Currency IRA Products & Services Offered By BitIRA
If you are interested in getting a self-directed IRA, you need to be careful as to where you want to open the account. If you aren’t acquainted with holding digital assets, you will need a specialist to help you pick out the digital currency you wish to invest in.
Below, we will discuss all the products and services offered by the BitIRA, so, buckle up!
Cryptocurrency Individual Retirement Account
Of course, the most important thing BitIRA is bringing to the table is rolling over your IRA. There are many things that make BitIRA special, but the most important one would be the tax-deferred gains.
The reason behind that is the official status of cryptocurrency with IRS. As if that is not great enough, you can protect your crypto portfolio from the effects of inflation and volatility
Since BitIRA lets you open self-directed IRA accounts, and your crypto assets come with decentralized management. Don’t worry about whether your Bitcoin IRA is less safe than with a traditional IRA account – because of the finite cap on each type of crypto, your funds are protected from devaluation!
However, we wanted to make a point of the BitIRA fees. Nothing is free in life, and that means that holding digital assets or a retirement account comes with a price. The fees BitIRA requires you to pay for cryptocurrency trading are a setup fee, an annual fee, and a monthly storage fee.
What we didn’t like is that investors are faced with a minimum investment of $5,000 – which we deem high, even for cryptocurrencies IRAs and other alternative assets. BitIRA account, since it offers digital IRA retirement accounts, should lower their minimum for the initial cryptocurrency investment.
Different Types Of Self-Directed Accounts Available
What is so great about trading cryptocurrencies with BitIRA is that you can choose what kind of retirement account you want to open to investing in digital currency. You can opt for the usual IRA or a Roth IRA.
There are several types of digital currencies from which you can make your retirement savings like Bitcoin, Zcash, Stellar Lumens, Bitcoin Cash, Ethereum Classic, and so on. What we liked about BitIRA is that you aren’t required to invest in cryptocurrencies alone – you can choose what your portfolio looks like for your digital IRA.
You can make your portfolio entirely out of digital currencies and other alternative assets, or you can get options, stocks and bonds for your IRA account. It’s entirely up to you!
Account Security
The principal thing is the special care BitIRA takes of your retirement accounts. We have already mentioned that you get a digital wallet with your BitIRA account.
Those digital wallets are commonly tied to the Internet, meaning that your investments can be prone to security breaches. So, the security of the BitIRA platform is what got us going – because they offer the service of insured “cold storage” – meaning that the funds are stored in offline storage in an individual piece of hardware for each customer they have.
The hardware storage devices of each customer are kept in a vault in a secure location. The location is watched by armed guards at all times of the day and night.
In fact, BitIRA is so proud and sure of their security, that they offer end-to-end insurance for their investors. That means, that BitIRA will return all of your funds in case of a security breach !
Compliant With The US Law & IRS
Investing in cryptocurrencies is not new, but it’s a relatively new way for investors to make a profit. Making a retirement account is also hardly new, but most people don’t know much about the Bitcoin IRA, or a precious metals IRA (aside from the gold one).
IRS did classify Bitcoin as property – but it didn’t just designate the tax status, making it a hot investment for self-directed IRAs into cryptocurrency.
BitIRA works with Preferred Trust Company and Equity Trust Company, meaning that your retirement investment is always handled by professionals . The professionals will make sure that you are always compliant with the law and the IRS requirements thought-out your life.
Maximum Support
Many people are new to cryptocurrency investment for retirement, and that’s nothing unusual. However, finding your way around cryptocurrencies can be a tad confusing for someone new on the platform.
That is why BitIRA helps with their fantastic customer service . They take special pride in their customer education – teaching investors how to take the best care of their money and what currencies to invest in for their IRAs
Their hands-on approach on the platform will make all investors feel in control of cryptocurrencies and their account BitIRA. The company offers you access to IRA specialists and digital currency specialists on the BitIRA website to assist you with anything and everything – even showing you the way to invest.
BitIRA Reviews
We had to scour the Internet and see how people were liking the Bitcoin IRA company!
Better Business Bureau Reviews
- A+ rating for the business
- Customers rating: 5/5 stars
- 6 complaints, all resolved
ConsumerAffair Review
- 5/5 stars
ScamReport Review
- Verification that the company uses responsible practices to invest in cryptocurrencies
BitIRA Pros & Cons
- Maximum security for your Bitcoin Cash, Stellar Lumens & Ethereum Classic with cold storage
- Your digital currency wallet is fully insured by BitIRA
- Cryptocurrency and other alternative assets investment available
- Tax-free investing and trading
- Tax compliant trading on the platform thanks to the collaboration with the Preferred Trust Company and Equity Trust Company
- The specialists can guide you through the process of trading assets
- Investors don’t have to convert their assets to cash, ever
- The pricing is not transparent on the website, not even the minimum investment
BitIRA Review – Bottom line
To conclude, BitIRA is a great place open up your cryptocurrency account and invest in assets like Bitcoin. The reviews are positive, to say the least!
The fees are competitively priced, although we didn’t like the initial investment which is rather high, even for a Bitcoin IRA account. However, we have liked everything else about BitIRA!
Their account specialists can help you out with anything through the entire process of investing, which we loved. They make sure that you are always IRS-compliant and completely safe from security breaches!
We were pleased to see all the positive reviews from all around the Internet about this great Bitcoin Company!
About Tim Schmidt
Tim Schmidt is an Entrepreneur who has covered retirement investing since 2012. He started IRA Investing to share his expertise in using his Self-Directed IRA for alternative investments. His views on retirement investing have been highlighted in USA Today, Business Insider, Tech Times, and more. He invested with Goldco.