Updated June 15, 2022

BitIRA Review

Read more about BitIRA
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BitIRA is an IRA custodian which lets you invest in cryptocurrency for your retirement. But is it right for you? Keep reading to find out.

BitIRA
Invest in Cryptocurrencies Tax Free with IRA

Overall Score

3.5

Cryptocurrency Trading

3.5

Commissions and Fees

3.0

Ease of Use

4.0

Research

2.0

Safety

5.0
5-point scale (the higher, the better)

Pros and Cons

  • World class security
  • Excellent customer support
  • Limited cryptos
  • Account opening takes a few weeks
  • No DIY trading

Bottom Line

Crypto IRA platform for those looking for hands-on assistance and high security

Are you investing in crypto for the long haul?

If so, getting a crypto IRA with BitIRA, a crypto IRA custodian, could be worth looking into.

But is it trustworthy? And how does it compare to popular platforms like iTrustCapital?

In this review, learn about BitIRA's fees, coins, availability, and more to see if it's the right platform for you.

What is BitIRA?

Founded in 2017, BitIRA is an IRA custodian that lets you invest in cryptocurrency in IRA retirement accounts.

BitIRA calls itself the world's most secure digital currency IRA. You can invest in a range of cryptocurrencies, and rest safely knowing they're stored offline in grade-5 guarded nuclear bunkers with round-the-clock protection.[1]

BitIRA is not a self-trading platform. It's simple to get started, though you will have to talk to a digital currency specialist to open your account and make trades.

BitIRA offers traditional IRAs as well as Roth, SEP, and SIMPLE IRA accounts.

Why invest in an IRA? IRAs allow you to pay less in taxes by either only paying taxes upon withdrawal after retirement (a traditional IRA), or investing with post-tax income and paying no taxes on your earnings, as in a Roth IRA. Just be sure to find a custodian that offers the kinds of investments you want. Some offer crypto, others offer gold, and many offer mutual funds and stocks.

Who is BitIRA Best for

BitIRA may be a good choice for those who:

  • Want hands-on support in setting up your account and ongoing assistance when executing trades.

  • Are new to cryptocurrency investing and are not sure what to do on your own.

  • Are looking for the highest security when it comes to storing your cryptocurrencies.

  • Want to invest in the most popular coins (BitIRA does not offer many smaller altcoins).

BitIRA is not for self-traders who want the flexibility of 24/7 trades without having to speak to someone. You need the assistance of an account specialist to execute orders. If you're a DIY trader, look at Alto or Bitcoin IRA instead.

What Cryptocurrencies Do They Support?

If you're interested in altcoins, BitIRA probably isn't for you. They primarily offer access to only the most-widely traded coins.

BitIRA supports 18 digital currencies, at time of writing:[2]

By focusing on major coins, you lose out on the potential gains of cryptocurrencies that are currently small. Ultimately your investing strategy depends on your personal risk tolerance and is up to you.

However, if you're interested in small-cap coins, you'll have to choose a different custodian.

Minimum Investment

BitIRA's minimum investment is $5,000. This is higher than some competitors.

BitIRA Account Types

As their name should tell you, BitIRA's primary offerings are their crypto IRA accounts. They offer tax-free or tax-deferred investing options for a limited selection of 9 popular cryptocurrencies.

Account types include:

  • Traditional IRA
  • Roth IRA
  • SEP IRA
  • SIMPLE IRA

If you've already opened a retirement account, BitIRA can help you roll over any of the following without penalties:

  • Traditional or Roth IRA
  • 401(k)
  • 403(b)
  • Thrift Savings Plan (TSP)
  • 457

How to Open a BitIRA Account

As mentioned before, you cannot open a BitIRA account yourself online. You need to call and speak with their IRA Specialists and Digital Currency Specialists to set up an account.

They will guide you through every step of the process, including:

  • Filling out the required paperwork
  • Handling rollovers
  • Explaining fees
  • Walking you through investment options
  • Assisting with contributions & distributions
  • Ongoing support

You'll need to provide input for some questions and sign at the end, but aside from that, BitIRA takes care of everything else for you.

If you're rolling over an account, BitIRA will handle the communication with your old custodian. After that, your new custodian (Equity Trust Company or Preferred Trust Company) has some due diligence to do on their part too.

In total, it can take between 1 to 3 weeks for your account to be fully set up.

Once your account is open and you're ready to purchase cryptos, BitIRA's Digital Currency Specialists can help you execute orders.

What are the Fees

BitIRA is not very transparent about their fees on their website. But we got in touch with a representative to get the details. BitIRA charges:

  • No setup fee
  • No annual maintenance fee

BitIRA uses either Equity Trust Company or Preferred Trust Company as their custodian. Starting March 2022, all accounts set up with Equity Trust Company will no longer have monthly fees (previously $29.99/mo). Customers with Preferred Trust Company still have custodial fees.

Security

BitIRA prioritizes security. This is crucial considering that improperly-stored crypto is vulnerable to theft.

In addition to the security features detailed below, they also lock down your funds in grade-5 nuclear bunkers that are monitored and guarded 24/7 by specialist staff.

Here are the rest of their security measures:1

  • Insurance: Dollar-for-dollar insurance policy
    • $1 million consumer protection insurance policy against internal fraud or theft
    • $1 million cybersecurity policy

  • Cold Storage: Coins are stored safely in a guarded vault
  • Encryption: Multi-encryption encoding on transactions
  • Multi-factor Authentication
  • Custodial Partnerships: Equity Trust Company and Preferred Trust Company.

How Does It Compare?

BitIRA isn't the only option out there for investing in crypto for your retirement. Let's take a look at how it compares to some of its well-known competitors.

BitIRA vs iTrustCapital
iTrustCapital is another leading provider of crypto IRAs. They were founded in 2018, not long after BitIRA, and are based in Irvine, CA.

Compared to BitIRA, iTrustCapital offers a wider range of cryptocurrencies to invest in, with around 29 coins listed—though this still doesn't compare to the actual number of cryptocurrencies available.

They also allow for investments in gold and silver, which BitIRA does not.

iTrustCapital has a $1,000 investment minimum,[3] lower than BitIRA's, and charges a flat 1% fee on trades with a $0 monthly fee,[4] while BitIRA's trading fees are unlisted.

Overall, iTrustCapital's wider variety, greater transparency, and lower minimums make it a compelling choice.

Looking for other crypto IRA providers? Review your options in our guide the best crypto IRAs.

BitIRA vs Bitcoin IRA
Bitcoin IRA is a self-trading platform, whereas BitIRA requires the assistance of their specialists to execute trades. If you're a DIY trader, you may prefer Bitcoin IRA.

Bitcoin IRA has a lower minimum at $3,000,[5] making it potentially more accessible.

Plus, Bitcoin IRA has 60+ cryptos available, including many popular altcoins.

BitIRA stands out primarily for their security, so if that's your major concern, it may be the better choice.

Bottom Line

Ultimately, BitIRA provides a good service that's comparable to many of their competitors.

There are some downsides, namely the limited range of cryptocurrencies and fees aren't clearly listed on the website. But the excellent customer service and security make up for it.

BitIRA will appeal to those who want very hands-on support and assisted trading. And if security is your primary concern, BitIRA may also be right for you.

References

  1. ^ "The World's Most Secure Digital Currency IRA": BitIRA, 2022.
  2. ^ "Types of Digital Currency": BitIRA, June 2022.
  3. ^ iTrust Capital, Inc. What is the minimum account balance in order to start an IRA with iTrustCapital?, Retrieved 6/15/2022
  4. ^ iTrust Capital, Inc. Fees, Retrieved 6/15/2022
  5. ^ Bitcoin IRA. Are there minimums and investment caps?, Retrieved 6/15/2022
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Jeremy Harshman is a protector of art and writing at CreditDonkey, a crypto comparison and reviews website. Write to Jeremy Harshman at jeremy.harshman@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.

Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.

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