BitcoinIRA Exchange Summary
In the interest of full disclosure, we at Best Gold Investment Review are ready to concede that we knew BitcoinIRA was going to be #1 on our recommendation list. Almost from the start this was something we were preparing for.
Well, the simple truth is that the tax shelters and benefits of an IRA are almost impossible to compete with. Take the high returns that are paired with cryptocurrency investing, and you have a slam dunk.
The other 4 companies being reviewed are excellent companies. However, the benefits of holding Crypto in a self-directed IRA are almost hard to quantify with words.
IRA averse investors should consider a consult with our other companies listed in the top 5 cryptocurrency brokers and exchanges
Diversification is often at the front of an intelligent investors mind to hedge against potential losses.
Please read on to learn more about BitcoinIRA and why we are recommending this company.
Product Rating Summary For BitcoinIRA
Most exchanges are focused on providing solutions for trading cryptocurrencies in an IRA. But the process of moving funds from an existing IRA to a crypto IRA can be tedious and lengthy.
And if done incorrectly, it can trigger a taxable event. That means the money you thought was going to remain tax-sheltered becomes taxable during the conversion process.
Bitcoin IRA has come up with a simple solution to fix these obstacles. Clients now only have to open an account with Bitcoin IRA and initiate an IRA transfer. Upon successful account creation, Bitcoin IRA will take care of the rest. Once the process completes, customers can begin trading cryptocurrencies inside their respective IRA.
Bitcoin IRA Program Details
Transferred IRA: $3,000
New Saver IRA: $100 (requires recurring contribution)
Bitcoin, Ethereum, Ripple, Litecoin, Bitcoin Cash, Ethereum Classic
Platform Fees: 1.5% to 12.50%
Transaction Fees: 1% (sell orders) or 5% (buy orders)
Pros and Cons of BitcoinIRA
Who Is Bitcoin IRA?
Alternative IRA Services (“AIS”) operates under the BitIRA name brand. BitIRA in its own words, describes itself as the world’s first, largest, and highest security cryptocurrency IRA platform. It has over 80,000 account holders. Bitcoin IRA was founded in March 2015 and is based in Sherman Oaks, CA. It’s founder and CEO is Camilo Concha.
What Do They Offer?
Bitcoin IRA is an all-in-one platform for trading cryptocurrencies inside of an IRA. This company is a full-service, self-directed IRA broker, which is different from the many companies offering similar services that require users to mash together different investing assets.
Bitcoin IRA provides its customers with the following:
- Transfer of an existing IRA to Bitcoin IRA
- 24/7 cryptocurrency trading
- Reporting — performance and financial statements
Eligible IRA accounts include Roth, SEP, and Traditional. A 401(k) can be used if it is current. However, to use a 401(k), you must be over 59.5 years of age or have left the employer sponsoring the 401(k) so that it can be rolled over into an IRA. Annuities and pensions can also be used.
The minimum to open a standard account is $3,000. Coins that can be traded on Bitcoin IRA’s platform include:
Open A New Saver IRA
You can also set up a new self directed IRA with BitcoinIRA. The company recently released a new product called the Saver IRA that can be started with a minimum deposit as low as $100.
To get started on one of these accounts, you'll need to connect a savings or checking account and set up recurring contributions of at least $100. Your monthly deposits can be automatically invested in the cryptocurrencies that you pre selected.
Earn Interest On Your Crypto
Bitcoin IRA clients can also lend out their cryptocurrency to earn interest. According to the Bitcoin IRA website, you can earn as much as 9% interest on cryptocurrency holdings. Earnings are accrued daily and paid out on a monthly basis.
Do You Need To Form An LLC?
Unlike most companies that offer cryptocurrency IRAs, you do not need to create an LLC to open and keep a self-directed IRA with Bitcoin IRA. It's is a turnkey solution that does all the heavy lifting for you.
When you go the self-directed IRA route, it can take longer and the costs can be higher than expected. By comparison, it takes about three minutes to open a Bitcoin IRA account and the fees are less than that of a self-directed IRA.
Why Trade Bitcoin In An IRA?
Bitcoin profits are taxed just like profits from trading stocks. If the stock is held for a year or less, the gain is short-term and taxed at your ordinary-income bracket of tax. If held for more than a year, the gain is considered longer-term and taxed at the much lower rate of 0%, 15%, or 20%, depending on your income at the time of filing.
When you trade within an IRA, you don’t have to worry about taxes since gains are tax-free or tax-deferred. With a Traditional IRA, contributions are tax-free, and taxes are deferred on capital gains.
Given the volatility and risk of most cryptocurrencies, statistics show they are often held for less than a year, generating higher short-term gains in the process — trading in an IRA shelters those capital gains from taxes.
Are There Any Fees?
Yes, there are platform fees based on a percentage of your account balance. These fees are also heavily front-loaded based on an estimated hold of 5 years. We recommend speaking to a specialist to further understand front loading and what it means for your investing strategy.
$3,000 to $49,900
$50,000 to $99,900
There's also a one time custodial fee of $240. And there are trade fees of 1% per transaction for sell orders and 5% per transaction for buy orders.
These fees aren’t cheap, this company operates under a full-service model. Therefore you are also paying for convenience, ease of access and the all in one solution.
$3,000 to $49,900
$50,000 to $99,900
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