Bitcoin IRA Review

You can trade over 60 cryptocurrencies, an industry-leading investment selection from one of the oldest crypto IRA providers.

My Bitcoin IRA review examines the available tokens, account types, research tools, and fees and minimums.

The Verdict for Bitcoin IRA

I’ve given them a rating of 9.2 out of 10.

Bitcoin IRA has an ample selection of cryptocurrencies for experienced investors, but its relatively high fees are this company’s most glaring weakness.

Criteria	Rating (out of 10)
Cryptocurrencies Supported	10
Pricing & Fees	9
Storage & Security	9.5
Account Setup & Maintenance	9
Resources & Tools	9
Reputation & Reviews	9
Customer Service & Support	9
Overall Rating	9.2

In this review of BitcoinIRA, I’ve followed BIC’s detailed criteria for evaluating the crypto IRA platform.

About Bitcoin IRA

Bitcoin IRA has been providing tax-advantaged cryptocurrency retirement accounts since 2016.

It describes itself as the first cryptocurrency IRA and now has more than 200,000 customers. You can trade over 60 crypto tokens with direct ownership and 24/7 trading in all 50 states.

Its retirement account options include:

• Traditional IRA
• Roth IRA
• 401(k)
• SIMPLE IRA
• SEP IRA

More households want to buy Bitcoin and alternative cryptocurrency tokens (altcoins) to diversify their portfolio and potentially outperform stocks, precious metals, and real estate.

I like the concept of a cryptocurrency IRA for a tiny portion of your net worth as you don’t have to report numerous trades when preparing your yearly taxes.

A traditional or Roth IRA makes it possible to maximize your investment returns and make saving for retirement easier.  

Many retirement plans don’t offer cryptocurrency investments as it’s young and mostly unregulated. You will like this platform when you want hands-on help with your direct ownership. 

Unlike this Bitcoin IRA company, the 401(k) and IRA brokerage plans with crypto options only offer a fund tracking the spot price of Bitcoin or Ethereum without the ability to move your tokens to a personal wallet.

This lack of convertibility is similar to most gold and silver ETFs.   

Moreover, the platform implements military-grade security, offline storage, and partners with a state-regulated trust company to custody your assets.

Further, your tokens qualify for up to $250 million in insurance coverage against loss, theft, and misuse.

Cryptocurrencies Supported

Over 60 cryptocurrencies are available for trading, so you can quickly get exposure to the most liquid altcoins.

Moreover, you can access your security keys and own the actual token instead of crypto futures that reflect the price action but cannot transfer to an external wallet.

A sampling of the offerings include:

• Bitcoin (BTC)
• Bitcoin Cash (BCH)
• Ethereum (ETH)
• Ethereum Classic (ETC)
• Litecoin (LTC)
• Polygon (MATIC)
• Stellar Lumens (XLM)
• Cardano (ADA)
• Polkadot (DOT) 
• Zcash (ZEC)

I appreciate that most of the coins have been trading for several years and are very liquid.

You avoid the “scam coins” and pump-and-dump schemes where only the early investors make money and the token has no long-term growth potential or utility.

Unfortunately, stablecoins are unsupported, although I consider the gold-backed Paxos Gold (PAXG) token a rare exception.

As a worthy alternative, you can hold fiat currency in an FDIC-insured cash account while waiting to reinvest.

Prices & Fees

The minimum opening deposit is $3,000 plus $10 per trade, which makes it easy to allocate a small portion of your retirement portfolio without assuming excessive risk.

The low minimum also makes it possible to start investing without an IRA or 401(k) rollover to satisfy a higher initial threshold. 

However, the fees are expensive for small accounts. Additionally, larger deposits qualify for a lower setup fee.

Setup Fee	0.99% to 4.99% one-time deposit fee
Trading Fee	2.00% per transaction
Security Fee	0.08% monthly ($100 minimum)
Custodial Fee	1% annually

You may also be eligible for a $150 signup bonus to help offset your first year’s fees.

While these fees are comparable to other crypto IRA companies, some competitors have more affordable setup and transaction fees.

However, be sure to compare the supported cryptocurrencies and account insurance coverage limits too.

Storage & Security

Nevada-based Digital Trust is BitcoinIRA’s exclusive IRA custodian.

This self-directed IRA company manages your record keeping and tax documents. This custodian also supports precious metals IRAs. 

For optimal security, your tokens are in a 100% offline “cold storage” blockchain wallet, making it near-impossible for bad actors to steal your assets.

This is the safest cryptocurrency storage suitable for short-term and long-term holdings.

The service segregates your coins and investments. Moreover, no coins remain on the BitcoinIRA platform as they go directly into cold storage. 

I also like that neither you nor Bitcoin IRA can view your private keys.

Rest assured, you own real cryptocurrency but the platform utilizes multi-signature security to prevent account breaches and unauthorized transactions.

Thus, your wallet has multiple keys protecting your nest egg.

Most customers store in a BitGo offline wallet. This digital asset trust also works with several prominent crypto exchanges and financial institutions.

Your tokens are eligible for up to $250 million in custody insurance against loss, theft, or misuse.

When it’s time to make a withdrawal, you will complete a video interview to confirm your identity and transaction request.

The platform also sends a micro-deposit to your personal wallet to verify the correct address, as erroneous transfers are irreversible regardless of which crypto exchange you use.

Account Setup & Maintenance

You can easily open your cryptocurrency IRA with hands-on help:

1. Create a personal account: You can join online or by phone. This initial step verifies you are at least 18 years old, live in the United States, have a photo ID, and a US bank account.  
2. Fund your account: An IRA specialist helps fund your account with new money from a linked bank account or by performing a 401(k) to crypto IRA rollover. The funding process usually takes three to five business days.
3. Start trading cryptocurrency: Your deposits are tradeable 24/7 from your personalizable dashboard. The platform lets you buy, sell, or trade over 60 cryptocurrencies and view your tax forms. 

I find the platform easy to use, and the layout is similar to that of many cryptocurrency exchanges.

Being able to start the process online is convenient too and makes sense for digital asset investing.

Open a free account in just 3 minutes

Resources & Tools

You can read several articles or watch videos to learn more about the various Bitcoin IRA features and how cryptocurrency IRAs work.

Some videos cover the latest cryptocurrency investment trends, such as the Bitcoin halving or media interviews.

You can track real-time prices, access advanced charts, and create custom price alerts within the web platform or iOS and Android mobile app.

These resources and tools are similar to competitors, and the learning curve is minimal if you’re an experienced crypto investor.

You will need to rely on third-party research tools to analyze potential investments and manage risk.

Reputation & Reviews

Most Bitcoin IRA reviews are positive, mentioning excellent customer service and one-on-one attention, regardless of your balance amount.

There are over 5,000 five-star ratings across various consumer platforms such as Trustpilot, Google Play, Apple App Store, and the Better Business Bureau.

Unfortunately, the most common complaint is the high setup and ongoing fees that erode your potential investment returns.

Additionally, several recent reviews state the mobile app is somewhat difficult to navigate and trades don’t always execute instantly despite the 24/7 trading window.

Bitcoin IRA has had Better Business Bureau (BBB) accreditation since 2020 with an A+ BBB rating.

This metric indicates the company quickly responds to customer inquiries and has transparent business practices.

Further, this crypto IRA company is a Forbes Finance Council member. This cohort consists of respected finance leaders with depth and diversity of experience.

Customer Service & Support

Phone support is available Monday to Friday from 6 a.m. to 5 p.m. Pacific. You can also schedule a free 15-minute consultation or send an email and receive a response back within 48 hours.

Various customer reviews suggest the representatives are very knowledgeable with the IRA setup process and answer basic cryptocurrency questions.

Like any IRA provider, you won’t receive personalized advice and you’re responsible for investment selection and position sizing. 

Digging deeper, I suggest reading the risk disclosures before investing to gain a better understanding of your broker relationship.

Bitcoin IRA Alternatives

Another Bitcoin IRA company may have more agreeable fees and a user-friendly platform, although the supported cryptocurrencies and minimum investment can be more restricting.

iTrustCapital

Consider iTrustCapital to invest in crypto, gold, and silver with a $1,000 minimum investment. Interestingly, the fees are lower such as a 1% transaction fee, no setup fees, or monthly fees.

However, there are fewer supported cryptocurrencies with approximately 40 tokens.

Open an account with iTrustCapital today

BitIRA

BitIRA has approximately 15 cryptocurrency options which is notably fewer than BitcoinIRA, as the platform focuses on the most liquid tokens.

The minimum investment is $5,000 and has fixed transaction and account fees which may impact smaller accounts. The average annual fee is between $300 and $1,000.

Get a free Ledger Nano from BitIRA

Swan Bitcoin

Swan Bitcoin doesn’t require a minimum initial investment for taxable or retirement accounts, although you can only invest in Bitcoin.

A $20 monthly account administration fee applies to balances below $10,000 or 0.25% annually for larger balances. Transaction fees are 0.99% to buy or sell Bitcoin.

Get started with Swan Bitcoin today!

Is Bitcoin IRA a legitimate company?

BitcoinIRA is one of the best cryptocurrency IRAs as you have more than 60 investment options that make it easy to make short-term tax-advantaged trades 24/7.

The hands-on support by phone, along with web and mobile platforms, make it easy to navigate.

Finally, the $250 million custody insurance coverage and multi-layer security provide peace of mind, but the various account service fees are expensive in several situations.

Sign-up today and earn a $150 reward.