BitIRA Review: Is it a Legit Crypto IRA Company?
BitIRA is a digital investment platform that helps you diversify your retirement portfolio with a crypto IRA.
Best Security
Highlights:
Overall Rating 4/5
Fees
Investment Options
Ease of Use
Customer Service
Pros & Cons
All cryptocurrency sites have their advantages and disadvantages, and BitIRA is no different. Consider the site’s pros and cons to determine if it’s the right place for you to invest in Bitcoin.
Pros
- Offline Storage With Trustworthy Custodians.
- Invest in Up to Eight Cryptocurrencies.
- Registered with U.S. Government and IRS-Compliant.
- Knowledgeable and Responsive Support Staff.
Cons
- Fees Aren’t Clear Until You Start Investing.
- Newer Company Means Less of a Track Record.
Do you want to diversify your IRA but aren’t sure where to start? With the rise in cryptocurrency, why not invest in digital currency?
BitIRA is one platform where you can get started investing in cryptocurrency and diversifying your retirement portfolio.
With unparalleled customer service and fantastic crypto IRA opportunities, BitIRA sets you up for success. Read our BitIRA review below to learn if BitIRA is right for you.
Quick Summary
Service: Crypto IRA Rollovers
Custodian Fees: $300-$1,000 /year (depending on the amount in the account)
Promotion: Free Ledger for new customers
About BitIRA
BitIRA is a financial platform that lets you invest in cryptocurrency. You can diversify your retirement savings with a digital IRA using cryptocurrency. BitIRA helps you roll over your existing IRA or invest your eligible 401(k).
Since its inception in 2017, BitIRA has grown to become one of the country’s leading digital IRA setup specialists.
Their primary goal stands out from competitors: they want to help people understand how cryptocurrency can be a powerful tool in saving for the future.
Services
While BitIRA mainly focuses on selling digital currencies to invest in IRAs, the platform offers several services to enhance the customer experience.
Insurance at All Stages
BitIRA wants to protect every dollar their customers invest, so they offer end-to-end insurance. According to BitIRA’s website, most cryptocurrency exchange sites only provide insurance during exchanges, not while the digital money is stored.
With the added protection, BitIRA works to ensure your money is protected at all times.
Offline Storage Wallet
BitIRA’s cold storage wallet format stores your money offline, so it’s as safe as possible from hackers. Your funds stay disconnected from the Internet, in bunkers guarded by 24/7 security staff, until you need them.
Secure Exchanges and Account Access
How safe is it to use BitIRA’s platform? To ensure safety while using the online platform, BitIRA has multi-encryption codes for all exchanges. The multi-factor authentication ensures that only you are accessing your account.
IRS-Compliant Exchanges
BitIRA works with licensed trust custodians Equity Trust Company and Preferred Trust Company, who specialize in self-directed IRAs. They manage the admin side of exchanges to ensure your IRA stays IRS-compliant.
Also, BitIRA voluntarily registered as a money services business with the U.S. Department of Treasury’s Financial Crimes Enforcement Network to ensure every transaction is safe.
BitIRA was the first digital IRA platform to do so.
Top-Notch Support
BitIRA offers unparalleled support for investors. The company employs Digital Currency Specialists who are on-hand to help you digitally invest.
The support staff provides help when getting started and works with you through every transaction and process. The team also offers full-service assistance in working with custodians to store your money.
Fees & Investment Minimum
Getting started with BitIRA requires a hefty investment due to regulations. When you’re ready to invest in a crypto IRA, you’ll need to add a minimum investment of $5,000.
There are custodial fees for managing a BitIRA account, but it depends on how much money you have in it. There may be no fees, but it’s all considered on an account-by-account basis.
BitIRA encourages you to reach out to any crypto IRA services before investing with it to determine your fees.
FAQs
Is BitIRA legit?
BitIRA is an IRS- and U.S. government-compliant digital currency investment platform. It is a Better Business Bureau accredited company with an A+ rating.
Where are my Bitcoin or crypto stored?
BitIRA stores your crypto IRA in a cold storage wallet with Equity Trust Company and Preferred Trust Company. Your investments stay offline, disconnected from the Internet until you’re ready to use them.
Why invest in Bitcoin in my IRA
Investing in Bitcoin in your IRA allows you to diversify your profile and gain tax-free profits. Diversifying your retirement investments is essential as it lessens the risk of losing money if one of your investments takes a nosedive.
Do I need to set up an LLC?
You don’t need to set up an LLC to invest in cryptocurrency on BitIRA. The company deals specifically with SDIRAs, or self-directed IRAs. The account holder themself handles SDIRAs. BitIRA helps you set up a self-directed IRA account.
Does opening a Bitcoin IRA require lots of complicated paperwork
Transferring your 401(k) to a digital IRA account does require a bit of paperwork, but BitIRA’s specialists are available to help you complete it. They even offer to finish a lot of the admin work for you.
With BitIRA, you can apply for an account online or call their customer service line to work with a professional. After filling out an online application, a business specialist will contact you to finish opening an account.
Compare To Other Companies
Lowest Fees
iTrust Capital
- Straightforward, easy-to-use platform.
- Trades settle within 5 minutes.
- Services operate 24/7.
- Offers live chat and phone support.
Best Overall
Bitcoin IRA
- Trusted, US-based company is an industry pioneer.
- Effective way to avoid many tax penalties when trading cryptocurrency.
- Transferring funds into your bitcoin IRA account is simple and fast.
- The platform is intuitive to navigate and includes a robust knowledgebase.
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Reviews and 3rd-Party Ratings
Though the company is only a few years old, there are already raving reviews by happy customers. Read below for a BitIRA review overview.
Better Business Bureau
BitIRA has five stars and an A+ rating on BBB.org. Most reviews on the site praise customer service. Customers wrote the specialists made the rollover process as smooth as possible and helped them learn the ins and outs of crypto IRA investing.
Consumer Affairs
Twelve reviews gave BitIRA five-star reviews on Consumer Affairs. Again, customers sang praises about the excellent customer service and smooth-rolling over of retirement savings into a crypto IRA. One BitIRA review mentioned the high-quality security and insurance.
Out of 25 ratings on Google, only one BitIRA review was below five stars. The sole four-star review mentioned their rollover process took longer than expected but blamed it on their old custodian. Overall, the reviewer’s final verdict found that BitIRA is excellent and trustworthy.
Current Promotions
BitIRA dedicates itself to educating investors, so they put together a free guide about digital IRAs. All you need to input is your zip code, name, email, phone number, and BitIRA to send you a comprehensive guide to getting started with crypto IRA.
How to Open an Account
If it’s your first time on BitIRA’s website, finding the registration page could take a few minutes.
Use these steps to set up your BitIRA account and get started investing in cryptocurrency:
- On BitIRA.com, click the “LogIn” button in the top right corner.
- Click on the “Register” Tab. If you haven’t started creating an account with BitIRA, Click “Apply here.”
- You can apply using an online form or directly calling the support team. BitIRA recommends calling them if you plan to set up more complex accounts, like SEP and SIMPLE IRAs.
- If you fill out the online form, answer the question prompts, including information about your current investments, the type of IRA you plan to open, and contact information.
- After submitting your form, a BitIRA specialist will call you to finish setting up your account.
When the BitIRA specialist calls you, they will walk you through contacting your current custodian to get your 401(k) funds available to invest in a self-directed IRA.
You might find the process a bit complicated, but BitIRA’s specialists will walk you through the process and even help you by completing some of the more complicated paperwork.
Who is BitIRA Best For?
If you’re looking for a unique way to diversify your portfolio, BitIRA is excellent for you. Ideal investors want to maintain responsibility for their investment decisions rather than hand the reins to a custodian.
Digital IRAs are great for trendsetters in the investment sphere. It’s an opportunistic area with fantastic growth potential.
Are you worried about inflation and other risks affecting your retirement portfolio? BitIRA is also ideal for you if you want a cushion against inflation impacts. Holding a digital IRA provides you with an inflationary hedge.
Can You Trust BitIRA?
BitIRA’s digital currency investment platform allows those wanting to diversify their retirement savings to make transactions in cryptocurrencies. Their on-hand specialists are there for you each and every step of the way, from start to finish.
Besides educating investors, BitIRA makes it its mission to keep your money safe using a secure, offline storage system. They work with trusted custodians to manage assets and ensure the company remains compliant with the IRS.
If you found this BitIRA review useful, check out the platform for yourself and learn more about how to get started investing in digital currency.
Best Security
Rated #1 Safest Crypto IRA Company
When it comes to customer service, fees, safety, and overall customer satisfaction, BitIRA checks all of the boxes.