BitIRA Review: Everything You Need to Know to Invest in 2023
Bitcoin and IRA are terms that are often mentioned together, but very few people understand how they can actually use them both to their advantage.
With trading using crypto platforms having been a continuous topic of discussion over recent years, some people are still curious whether it is a good idea to invest in Web3.
On the other hand, gold IRA companies and precious metals IRA companies allow an individual to save for retirement while enjoying certain tax benefits.
That is where the combination of crypto IRA platforms comes into play.
BitIRA is one of these crypto IRA platforms to consider.
In this article, I will go into detail about everything you need to know about investing with BitIRA so that you can make a well-informed decision if this platform is the right fit for you.
Let’s get right into it.
What Is BitIRA?
As a platform, BitIRA calls itself the world’s most secure digital currency IRA.
With the ability to invest in various cryptocurrencies, while ensuring that your safety and security remain their number one priority, BitIRA is one of the most popular service providers in the space.
Established in 2017, the company has been growing rapidly and now serves people with retirement accounts in various countries.
One key critical factor to consider is that this platform is not a self-trading platform.
This means that you cannot do the investing yourself; instead, you will have experts to help you with your investments.
In addition to traditional IRA, Roth, SEP, and SIMPLE IRA accounts are also available.
One key benefit of using an IRA and investing in it is that you will get to pay fewer taxes since you will only pay when you withdraw your retirement savings account.
While various conditions depend on the type of IRA account you choose, you will generally be able to grow your money tax-deferred or even tax-free.
This huge advantage can compound over time and allow your money to grow much faster.
However, the best way forward is to get the experts at BitIRA to give you the right advice as they’re with every step of the process.
Aiming to help BitIRA customers use cryptocurrencies to fund their IRS-approved retirement account, BitIRA makes it easy and convenient to do so.
Who Will Benefit From BitIRA?
Some specific types of investors can get the most out of this platform when compared to others.
For example, if you are a person that wants an expert to take care of creating your account and providing additional ongoing customer support, BitIRA may be a good fit for you.
Additionally, if you are new to cryptocurrency investment, this platform may be an excellent way to get started as it offers a wide range of services and support that can help you get started in the investing space.
Conversely, this platform is not for those who want the freedom to invest in cryptocurrency by themself, as this is not possible with BitIRA.
Get started with BitIRA.
The platform focuses on some of the most commonly traded coins in the market today.
- Ethereum Classic
- The Graph
- Ethereum (ETH)
- Bitcoin (BTC))
- Stellar Lumens
- Bitcoin Cash
- Basic Attention Token
You will need to invest at least $5,000 to open an account on this platform.
This might put off some potential customers as this is a high minimum investment.
However, it is essential to remember that with an IRA account, you can grow your money tax-deferred or even tax-free.
This can compound over time and help your money grow much faster.
In addition, with the help of experts, you will be able to make the most of your investment.
Another great thing to consider is that experts will take care of the whole process – ranging from setting up your account to the ongoing maintenance.
Using Equity Trust Company and Preferred Trust Company, BitIRA can provide a secure way to hold your digital currency.
BitIRA Account Types
As I briefly mentioned earlier, there are various types of accounts you can consider when it comes to this platform.
While the primary focus is on Crypto individual retirement accounts, they also offer the following accounts for your consideration:
- Traditional IRA
- Roth IRA
- SEP IRA
- SIMPLE IRA
The platform can also help you roll over various types of accounts without incurring any penalties.
- Traditional or Roth IRA
- Thrift Savings Plan (TSP)
This is an excellent feature as it can help you consolidate your accounts and make the most of the available tax benefits.
To get started, you will need to discuss what you’re looking for with one of the platform’s experts.
The good news is that it is straightforward to set up an appointment and get the ball rolling.
When it comes to their guidance, as mentioned earlier, these experts assist in all you need, providing you with the resources needed to make informed decisions every step of the way.
- Filling out the required paperwork, so you never have to worry about it
- Handling rollovers from other accounts BitIRA digital currency IRA with ease
- Explaining all fees and pricing associated with your account so there are no surprises
- Walking you through different investment options so you can make the best choices for your portfolio
- Assisting with contributions and distributions as needed
- Providing ongoing support, so you always have someone to turn to with questions or concerns
They can also help set up an LLC if you want to ensure that your digital currency is held in a single-member LLC.
This can provide some tax advantages and help keep your investment more secure.
All you need to do when it comes to setting up your account is to answer some questions from their side that will help them better understand your investment goals.
You will also be asked to sign the relevant paperwork, and once this is all done and everything is approved, you will be able to start funding your account.
When it comes to rolling an account from a previous provider, they will need certain documents to get this process started.
However, even in this situation, they will still take care of most of the work for you.
They will finally help you execute any orders needed to move your digital assets into the account set up for you.
BitIRA Fee Structure
One area in which the company can be better is when it comes to fee transparency.
Their website does not list any fees associated with their services.
However, after doing some research, I was able to find out that they do have a few fees that are worth mentioning.
It’s good to know that there are no setup fees and no maintenance fees, which are two factors that will help keep the costs of using this platform down.
However, there is a monthly fee that varies based on the type of account.
This is one of the best features that the platform has to offer.
They use state-of-the-art security measures to protect your investment at all times.
The site is secured with SSL, and all data stored on its servers are fully encrypted.
In addition, specialists provide 24/7 monitoring that ensures that all systems are running smoothly and that there are no vulnerabilities.
They also use grade 5 nuclear bunkers to store any physical assets, meaning that BitIRA focuses on the safety and security of your investment.
They also provide various types of insurance on investments:
- $1 million in consumer protection insurance policy when it comes to testing or internal fraud
- $1 million in cybersecurity insurance.
With various offline cold storage options and insurance policies that protect your investment, you can ensure that your digital currency is in safe hands with BitIRA.
Finally, with multi-factor encryption and authentication, you will have peace of mind knowing that only you can access your account.
The website is a user-friendly platform that is easy to navigate.
The site provides a lot of helpful information that will help you make an informed decision about investing in digital currency.
Setting up an account is a simple process and it’s easy to get started, so you can begin funding your investment.
The website also provides you with all the options needed to get your custodian to manage your account on your behalf.
When setting up your account on their website, there are three main account options that you have to consider.
These include the following types of accounts:
- Popular: contains the most common cryptocurrencies
- Balanced: your investments are equally distributed along with different currencies
- Custom: you will have the option to customize your account in a way that fits your needs.
On the website, you can also provide all the necessary details, including your name and surname, address, date of birth, bank details, SSN, and other documents required to get the process started.
Once you have submitted all the required documents, the process takes 1 to 3 weeks to complete.
This ensures your investment’s safety and avoids fraud.
The team at BitIRA also offers their help in the form of digital currency specialists and IRA specialists.
These experts can provide guidance and support through setting up your account, as well as giving you helpful tips on which digital currencies to invest in.
The customer service team is available by phone Monday-Friday, 8 AM to 5 PM (PT), and can also be reached by email at firstname.lastname@example.org.
BitIRA Review – FAQ
What’s A Self-Directed IRA?
Digital currency investors can use a self-directed IRA to invest in digital currency, including alternative assets off the stock market.
This can also happen with the help of a professional custodian.
The advantage of using a self-directed IRA is that it offers the same tax benefits as a traditional IRA along with more choices.
What Is A Digital Wallet?
IRA providers use software wallets to store digital currency.
You can think of these like a bank account, but instead of storing dollars, they hold digital currency.
Whether dealing with crypto IRA, trading cryptocurrencies or using a cryptocurrency exchange, the right wallet is essential for security.
Note that security features such as multi-encryption and multi-factor authentication can prevent hackers from breaking into your account and stealing your digital currency.
What Are Some Other Alternatives For Retirement Funds?
Real estate, private equity, and venture capital are some other popular retirement investment options.
These all come with their own pros and cons, and may not offer the same tax advantages as an IRA.
Speaking with a financial advisor to see if these options are suitable for you is essential.
Who Are The Main Competitors Of BitIRA?
Cryptocurrency IRA providers such as BitIRA have seen a surge in popularity in recent years as investors look for ways to invest in alternative assets.
As such, Birch Gold Group, Bitcoin IRA, and Augusta Precious Metals are some of the main competitors of BitIRA.
What Does The Better Business Bureau Do?
The Better Business Bureau (BBB) is a nonprofit organization that helps consumers find businesses they can trust.
The organization also sets business standards and provides a forum for customers to file complaints against companies.
Investing in a cryptocurrency IRA is a big decision.
Considering the above factors, you can make an informed investment decision that meets your needs and goals.
One important disclaimer is that alternative investments such as this one are not without risk.
An asset class that can go either up or down in value can affect your retirement planning significantly, so always ensure that your retirement portfolio is diversified.
Want to learn more about BitIRA?
You can get a free 16-page guide on digital IRAs that shows you how to supercharge your retirement by making the right investments.
Further reading on AdamEnfroy.com: Looking back at history can teach us a lot about the future of investing.
For example, knowing about past Gold IRA Scams can help you avoid being scammed in the future.
In addition, knowing how a gold IRA rollover works can help you diversify your retirement portfolio and make the most of your investment.