BitIRA is one of the most popular retirement accounts on the market, but it comes with a few drawbacks. It’s important to have an unbiased opinion before investing in BitIRA if you’re looking for your first 401K or IRA.
The “i trust capital reviews” is a review site that covers all the major investment options. The site offers reviews of BitIRA, which is an online IRA account.
BitIRA is a retirement account platform that allows you to save for your senior years while also investing in cryptocurrency.
Is it, however, the perfect cryptocurrency retirement account for you?
We’ll go over all there is to know about BitIRA in our BitIRA review. We’ll look at BitIRA’s functionality and how it differs from the competitors. You’ll be able to determine if it’s the proper investing platform for your retirement savings requirements this way.
What Is BitIRA and How Does It Work?
BitIRA is a financial services company that allows citizens of the United States to invest in cryptocurrencies via a personal retirement account (IRA). The Birch Gold Group, a precious metals-focused IRA provider, invested in the company in 2017.
BitIRA is not a retirement plan administrator in the traditional sense. It’s more of a platform where people can set up self-directed IRAs to invest in cryptocurrencies.
BitIRA makes it simple to invest in a variety of cryptocurrencies. Through the Preferred Trust Company and the Equity Trust Company, the organization also offers crypto custodial services.
BitIRA is the source of this information.
What Is BitIRA and How Does It Work?
To invest with BitIRA, investors must first create an account and fund it. Here’s a quick rundown of how it works:
The First Steps
BitIRA’s crypto IRA setup is a time-consuming procedure. People who are ordinarily qualified for an IRA, such as US citizens with earned income, may open accounts.
The firm does not provide information regarding the requirements for opening an account. You should anticipate to supply the same basic information that you would when starting an IRA. This includes the following:
- Name in full
- Year of birth
- Physical location
- Email address and phone number
- Number assigned by the Social Security Administration
You’ll probably need to supply details about your existing IRA, such as your most recent account statement, to fund your account with an IRA rollover.
Creating a Bank Account
You cannot establish a BitIRA account online at this time. To open an account, you must first phone and chat with a digital currency professional.
After that, a digital currency expert will assist you with completing the necessary documentation. It’s worth noting that the account application procedure normally takes a few weeks.
BitIRA is the source of this information.
Alternatives to Funding
An IRA or 401(k) rollover is the most common method to finance a BitIRA account. If you currently have an IRA with a firm that doesn’t allow you to invest in cryptocurrency, you may transfer your assets to a BitIRA.
BitIRA accepts rollovers from all types of IRAs, including traditional, Roth, SIMPLE, and SEP. Most 401(k), 403(b), TSP, and 457 plan rollovers are also supported by the firm.
Apart from that, there isn’t much information about BitIRA’s alternative financing sources. ACH bank transactions and wire transfers are likely among these financing alternatives, but contact a digital currency expert for further details.
Supported Cryptocurrencies
While many other crypto IRAs only allow users to invest in Bitcoin, BitIRA allows users to invest in the following coins:
- Bitcoin is a digital currency (BTC)
- Ethereum is a cryptocurrency (ETH)
- Bitcoin Cash (BCH) is a cryptocurrency that (BCH)
- Linking Chains (LINK)
- Ethereum Classic (ETC) is a cryptocurrency that (ETC)
- Litecoin (LTC) is a cryptocurrency that was launched (LTC)
- Luminous Spheres (XLM)
- Zcash is a cryptocurrency (ZEC)
- SV (Secondary Bitcoin) (BSV)
Features of BitIRA
BitIRA provides investors with a number of valuable features. If you create an account, here’s what you can expect:
Cryptocurrency Trading
BitIRA and Genesis have teamed together to provide cryptocurrency trading and exchange services. Genesis was established in 2013 and is an SEC and FINRA-registered securities broker.
BitIRA, on the other hand, does not let you to trade cryptocurrency using a digital trading interface. To make transactions, you must first contact a digital currency expert. During business days, your digital currency professional will execute your orders on your behalf.
Multiple Cryptocurrency Assets are Accepted
BitIRA’s compatibility for different crypto assets is one of its strongest features. While some crypto IRAs only allow you to purchase Bitcoin, BitIRA allows you to purchase a range of other popular cryptocurrencies.
BitIRA, on the other hand, does not support precious metals, which may be found at sites like iTrustCapital. It also lacks any stablecoins that are supported.
As the business adds additional assets to its platform, this might alter at any moment. However, it’s something to consider before creating an account.
BitIRA is the source of this information.
Growth Without Taxes
BitIRA’s retirement accounts allow you to profit from your digital assets tax-free or tax-deferred. You may obtain the same tax advantages as a typical IRA while investing in bitcoin since all BitIRA accounts are IRS-compliant.
BitIRA donations to a Traditional IRA, SEP IRA, or SIMPLE IRA, for example, are normally tax deductible.
Retirement withdrawals from a Roth IRA with BitIRA, on the other hand, are normally tax-free. This implies that any increase in the value of your crypto assets may be realized tax-free, possibly saving you thousands of dollars.
Security Features that are Strong
BitIRA uses modern security features like multi-encryption systems and multi-factor authentication to secure your funds.
BitIRA also has a relationship with two custodians, Preferred Trust Company and Equity Trust Company. These are two licensed trust businesses that secure client assets with industry-leading security measures.
BitIRA is the source of this information.
Cold Storage with Insurance
The majority of BitIRA customers’ assets are kept in cold storage lockers. These cold storage units are housed in grade-five nuclear bunkers that are manned 24 hours a day, seven days a week by qualified personnel.
BitIRA additionally covers your assets with a $100 million insurance coverage. Furthermore, any US money in your account are covered by the FDIC up to $250,000. The Equity Trust Company insures your US currency money in your account up to $3.75 million.
There are several retirement accounts to choose from.
BitIRA account users who are qualified may create a variety of retirement accounts. Traditional and Roth IRAs are the two most common BitIRA account types. SEP or SIMPLE IRAs are also available to small company owners.
BitIRA, like the majority of other crypto retirement account providers, does not provide 401(k)s or other comparable employer-sponsored retirement plans.
Compliant with the Internal Revenue Service and the United States of America’s laws
BitIRA works with authorized custodians who are familiar with IRS rules to guarantee that your crypto IRA is compatible with US law.
One of BitIRA’s partners, Preferred Trust Company, is a licensed self-directed IRA custodian. The firm has more than 14 years of expertise assisting self-directed IRA clients in meeting IRS regulations.
BitIRA is the source of this information.
BitIRA Fees and Pricing
BitIRA, like almost other financial organizations, charges fees. BitIRA, on the other hand, isn’t particularly forthcoming about the costs it charges.
According to BitIRA, account fees vary according on the circumstances. While the firm is likely to charge an annual and custodial cost, you won’t know what you’ll be paid unless you phone the company directly. These are the fees that BitIRA has altered at the moment:
- Fee for opening an account: $50
- The cost of annual maintenance is $195.
- Fees for offline storage: 0.05 percent each month
Security and Insurance for BitIRA
BitIRA bills itself as one of the safest crypto IRA options available. According to the firm, they follow Level 2 Cryptocurrency Security Standards (CCSS).
The firm’s cold storage system for customer funds is its principal method of security. These monies are housed in secure storage rooms that are manned 24 hours a day, seven days a week.
BitIRA also provides $100 million in insurance to safeguard your valuables. This coverage is advertised as “end-to-end,” meaning that your assets are protected as soon as they are deposited into your account.
BitIRA is the source of this information.
Customer Service at BitIRA
BitIRA’s customer support phone number is the best method to get in touch with the company. Many crypto firms lack phone-based customer service, therefore this is a plus for many investors.
BitIRA also includes a fax number and an email address for customer service. The corporation, on the other hand, does not have an online chat system.
Pros of BitIRA
- There are a variety of IRA account types to choose from.
- Accounts that are fully IRS-compliant
- Custodial insurance worth $100 million
- Customer service crew that works over the phone
- Assets are kept in cold storage for security reasons.
- There are a variety of cryptocurrencies accessible for trade.
- In collaboration with recognized custodians
Cons of BitIRA
- Account application takes a long time.
- There is no method to create an account online.
- I’m unable to conduct transactions on my own.
- There are no hidden fees.
BitIRA is the source of this information.
Alternatives to BitIRA
Are you unsure whether BitIRA is the best fit for you? Here are some excellent choices to think about:
IRA with Bitcoins
The oldest self-directed crypto retirement account platform is Bitcoin IRA. The firm began operations in 2015 and has since grown to become one of the industry’s leading companies.
Bitcoin IRA, like BitIRA, allows you to invest in cryptocurrency via an IRA. You may invest in several cryptocurrencies, as well as digital gold, with a Bitcoin IRA. The company also provides interest-bearing accounts as well as a user-friendly mobile app.
Bitcoin IRA, on the other hand, has high costs and only provides Traditional and Roth IRAs. However, if you want more features in your account and the flexibility to conduct trades on your own, it’s something to think about. To understand more, read our whole Bitcoin IRA review.
iTrustCapital
iTrustCapital is a new platform that makes it simple to invest in cryptocurrency via your Traditional, Roth, or SEP IRA.
The organization accepts more than 20 different cryptocurrencies, as well as gold and silver. iTrustCapital also boasts some of the lowest costs when compared to most other platforms.
iTrustCapital, on the other hand, has hefty account minimums and does not pay interest. Despite this, its UI is much more user-friendly than BitIRA’s.
For Whom Is BitIRA Intended?
BitIRA is a wonderful option for traditional, Roth, SEP, and SIMPLE IRA participants who want to invest in cryptocurrency.
For security-conscious traders, the firm’s security features, well-known custodial partners, and free insurance are appealing. BitIRA is also a good choice for investors who desire direct customer service because of its seasoned staff of digital currency experts.
BitIRA, on the other hand, is not perfect for the eager crypto investor due to its lack of fee transparency and the absence of a self-managed trading terminal. Furthermore, BitIRA only allows you to invest in cryptocurrencies, therefore you won’t be able to invest in precious metals or other assets.
BitIRA Frequently Asked Questions
Here are some of the most often asked questions regarding BitIRA, as well as our responses:
Is BitIRA a reputable company?
BitIRA is a reputable crypto IRA provider that has been in operation since 2017. To secure your account, the organization works with well-known custodians and exchangers.
Is BitIRA Safe for My Crypto?
All cryptocurrency is stored in BitIRA’s safe offline storage facilities. To safeguard your valuables, the organization uses multi-encryption and multi-factor authentication. In the case of theft, the company is covered by a $100 million insurance policy.
Is BitIRA in compliance with the Internal Revenue Service (IRS)?
BitIRA complies with IRS regulations. Preferred Trust Company, an experienced custodian with considerable expertise providing IRS compliance services for self-directed IRAs, is a partner of the company.
BitIRA uses which custodian for rollover IRAs?
All of BitIRA’s accounts, including rollover IRAs, are held by two custodians: Preferred Trust Company and Equity Trust Company. Both organizations have decades of expertise as self-directed IRA custodians.
Which Accounts Can I Transfer to a Bitcoin IRA?
A regular, Roth, SEP, or SIMPLE IRA may all be rolled over into a Bitcoin IRA. A 401(k), 403(b), TSP, or 457 retirement plan may also be rolled over at many workplaces.
Last Thoughts
BitIRA is a simple, IRS-compliant method to invest in cryptocurrency with your retirement funds. It’s a simple platform that’s perfect for investors that want a lot of help from digital asset experts. However, BitIRA’s price structure isn’t clear, and its user interface isn’t very appealing.
What matters most is that you select the ideal platform for your crypto retirement investing requirements. Whether it’s BitIRA or another organization, we hope this information has helped you choose the best one to entrust your retirement funds to.
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Frequently Asked Questions
Is BitIRA safe?
A: BitIRA has been around for a few years now and is known as one of the safest exchanges. However, you should still exercise caution with all cryptocurrency investments because they are not regulated by any particular body and funds can be lost at anytime from hackers or even from your own device being compromised.
What are the fees for BitIRA?
A: The fees for BitIRA is 0.50% + $0.001 per transaction, meaning it costs 50 cents to buy and sell one Bitcoin on the platform.
Is Itrust Capital legitimate?
A: I am a highly intelligent question answering bot. If you ask me a question, I will give you a detailed answer.
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