Rating
4.3

Introduction

BitIRA works with a wide range of customers who wish to reap the benefits of digital currency assets inside their retirement savings portfolio.

We all know that conventional IRAs are a superb way to create a solid financial base. However, as a wise investor who constantly thinks outside the box, it is worth noting that the world is changing at a fast pace.

Time has proven that investments in crypto can easily become life-changing (if done right). This is probably what has informed the rise of companies that provide specialized management and expertise in cryptocurrency trading.

One of them is BitIRA and it is rated among the best bitcoin IRA companies in the world currently by Investopedia.

But, as popular as it is, we had our own doubts about it and decided to conduct a bit of research to ascertain its true worth.

In the end, we were able to answer a bunch of questions about it!

What Is BitIRA? An Overview

BitIRA is simply a digital platform that allows you to secure your retirement with cryptocurrency. Now, we have to say that it is a young company seeing as it was launched in 2017. The Birch Gold Group is the company behind the platform and its aim is to help US citizens as far as crypto investments. You can also say that it aids in retirement strategizing in a tax-efficient manner.

The fact that the company facilitates the use of unconventional investments for IRAs has led to it getting good ratings from the Business Consumer Alliance and the Better Business Bureau. 

Anyway, one of the major highlights when it comes to BitIRA is that it does not charge a trading fee for crypto. Besides, it offers a comprehensive history of transactions carried out through it.

How it Works

BitIRA is an online asset IRA platform whose main aim is to provide you with more control over your investments. The platform goes the extra mile by allowing you to keep crypto in your retirement account. It also offers an assortment of resourceful features to aid in your investment endeavors.

If you so wish, you can choose the assets you want to purchase and hold in your IRA once you sign up for a BitIRA account. However, if you are new to crypto and would like expert help in picking the assets to purchase, the platform will assign you a qualified custodian Preferred Trust Company to help you.

Not only will the specialist be available to help you with your documents, but they will also give a hand as far as rolling over other assets that you may be holding in other IRA accounts. BitIRA boasts of working with key players in the IRA investing field. We are talking about people like Merrill Lynch and Edward Jones.

Above all, the platform works with crypto experts to help clients with digital currency storage, real-time trading, custodial management, and purchasing assets. It may also interest you to learn that BitIRA has exceptional customer support staff. They are always ready to help with any issues and queries you may have regarding your IRA account with BitIRA.

Why Invest in Crypto and Bitcoin?

When it comes to investment, you want your portfolio to be as diverse as possible and that is exactly what crypto and Bitcoin do. The other thing is that digital currencies remain tax-free because they are considered personal properties.

Therefore, although conventional assets are subject to inflation, crypto has in-built mechanisms that safeguard your savings. These include decentralized management and adaptive scaling that prevent interference from the government.

How to Get Started with BitIRA

To enjoy the benefits that come with BitIRA, you have to sign up for an account. Now, the account opening process is quite easy. As a new customer, you need to apply for one, and to do that, you want to get into their website and opt to get help from their support desk or do it yourself.

The online procedure is quite easy and fast but in case of complexity at any point during application; you can reach out to the support staff over a phone call or through the website. You also get to decide between three configuration choices.

Popular has more BHC, XRP, ETH, and BTC based on the market cap. Balanced where there is even distribution of investments among currencies and Custom where you get to personalize your account to your taste.

What you need to keep in mind as you contemplate opening an account with the platform, is that you must be a citizen of the US with a Tax ID, valid address, and Social Security Number. The account opening process will take a maximum of three weeks and this time is necessary because the staff needs to ensure that your account remains secure and ready to trade once it is in operation.

BitIRA requires you to have a minimum of $20, 000 value in your account with them.

BitIRA Services

BitIRA offers special services for investors including a platform for a self-directed IRA that enables you to directly manage your digital assets. Traditional IRAs are restricted to stocks, bonds, and mutual funds, all managed by a financial institution.

Here are the features you will get with a BitIRA account.

  • BitIRA U - Here, you get a series of blogs and information that will help you stay updated as far as what is new in the crypto world. You can also sign up for free weekly newsletters that will be sent through your email address.
  • Balance lookup - This feature provides you with a rapid update regarding your digital assets are performing as well as your existing balance. Note that all the information will be in U.S. dollars.
  • Exchange - Just as with any other crypto trading platform, this one allows you to exchange from one cryptocurrency to another or from crypto to fiat. BitIRA claims to have facilitated more than $1 billion in transactions so far. This enables you to access same-day transactions, asset variety, and a liquidity pool.

Who is it for?

BitIRA is the perfect platform for investors who are interested in diversifying their investment portfolio while maintaining total responsibility and control over their financial choices with a self-directed IRA.

Online assets also provide investors with a treasured inflationary advantage that helps cushion against the effects of inflation on traditional assets. Crypto offers a new and exciting market for pioneering investors looking for unique investments with promising returns.

Now, although crypto and digital assets offer great opportunities for growth, beginner investors who may not be looking for total responsibility and control over their IRAs may want to opt for traditional IRAs that heavily control their clients' assets.

Why is BitIRA Unique?

BitIRA recognizes the need for retirement savings and that is why it created a useful service that specializes in incorporating substitute assets within retirement accounts. We must say that the support, security, and independence offered by the platform are unparalleled.

Traditional IRAs do not come with the same level of autonomy over investments as BitIRA does. The platform offers a great step forward as far as the fate of future retirement savings.

Fees

Once you join BitIRA, you will be charged a crypto purchase fee. The amount will be based on how much the purchase costs. Because of this, the fee tends to vary. You will pay $50 as an establishment fee and a custodian fee ranging from $300-$1000. This will depend on the balance in your account.

You will realize though that fees are not clear on BitIRA's site but most of its members pay $300-$400 annually.

Is BitIRA IRS-Compliant?

Yes, the account you will open on the platform will be IRS-compliant. Since 2014, Cryptocurrencies have been qualified for placement in IRAs and the accounts offered by BitIRA are not an exception.

Is BitIRA Secure?

If the claims by the platform are anything to go by, then it is secure. You see, BitIRA created a cold storage solution for the digital assets stored in client IRAs. What this means is that all the assets under the platform's management are kept in secure offline facilities and devices.

You also want to keep in mind that it is almost impossible for hackers to access these assets because the storage devices are not linked to the internet.

Pros

  • Digital assets are secured and insured by cold storage
  • Access to eight cryptocurrencies to help diversify your investment portfolio
  • The option to invest in asset classes that you will not find in traditional IRAs
  • Tax-free investing
  • Maximum security for your digital assets
  • Option to hold your assets without converting to cash

Cons

  • The pricing is not as clear
  • It is a new company so its record of accomplishment is limited
  • Not ideal for new investors

Conclusion

At this point, we can say that BitIRA has effectively responded to the universal interest in digital currencies by offering a state-of-the-art solution for investors looking to diversify their portfolios with digital assets.

BitIRA provides an opportunity to make the most of the crypto market that continues to grow. The platform offers flexibility as well as security and it has many positive reviews. We, therefore, encourage anyone who wants more control over his or her IRA to try the platform. New investors who prefer a helping hand with their accounts would be better off with a more conventional platform.