Unchained IRA Review

You gain maximum control of your cryptocurrency IRA as you have the liberty of storing your private keys on two hardware wallets that remain in your possession.

This is a legit yet uncommon storage method, and I cover the benefits and fees in my Unchained IRA review.

The Verdict for Unchained IRA

I’ve given them a rating of 9 out of 10.

Criteria	Rating (out of 10)
Cryptocurrencies Supported	8.5
Pricing & Fees	9
Storage & Security	9.5
Account Setup & Maintenance	9.5
Resources & Tools	9
Reputation & Reviews	9.5
Customer Service & Support	9
Overall Rating	9

In this review of Unchained Capital, I’ve followed BIC’s detailed criteria for evaluating the Bitcoin IRA platform.

About Unchained Capital

Unchained started in 2016 as a Bitcoin financial services company with taxable and retirement accounts for individuals and businesses. 

With over $6.5 billion in assets, its vision is to provide long-term guidance and concierge services for investors of any net worth tier. 

The Unchained Bitcoin IRA offers cold storage or the ability to store your private keys on hardware wallets.

Few companies provide tax-advantaged retirement accounts with self-storage and designate a third-party custodian instead for simplicity.

You’re also able to request one-on-one onboarding and dedicated ongoing account support.  

You can open traditional, Roth, and SEP IRAs to hold your retirement crypto assets.

While my review specifically focuses on the crypto IRA, Unchained Capital also offers:

• Personal and business trading accounts
• Cold storage vaults (you hold two of the three keys)
• Inheritance planning
• Bitcoin-backed commercial loans
• White-glove account management

Depending on your goals and portfolio size, you may also sign up for these additional services.

The trading platform is accessible by web and iOS mobile app.

Unfortunately, an Android app isn’t available.

Cryptocurrencies Supported

Unchained Capital only offers Bitcoin-only portfolios to avoid excess speculation.

Moreover, its trading desk is for long-term holdings instead of frequent trading back into fiat currency to time the market.  

Casual investors and those who like dollar-cost averaging will find this investment selection satisfying, although altcoin traders must find another platform. 

If you’re transferring an existing cryptocurrency IRA, the platform will convert your non-Bitcoin holdings into BTC, and you’ll pay a flat 1.50% conversion fee.

This fee schedule is the same as your IRA trading fees when funding buy orders with uninvested cash.

I would like them to consider offering the most significant altcoins by market cap, such as Ethereum.

However, Bitcoin is the least volatile and most sought-after cryptocurrency suitable for most investment strategies. 

Prices & Fees

Each buy or sell transaction has a $2,000 minimum. Additionally, all rollovers, transfers, and annual contributions have a similar funding floor. 

Depending on which setup and ongoing services you choose, various mandatory and optional fees apply.

Required fees

The mandatory charges include trading fees and, starting after your first 12 months, a $250 annual account fee applies.

DIY Setup Fee	$0
Annual IRA Account Fee	$0 for the first year, then $250
Trading Fees	1.50%
Bitcoin Conversion Fee	1.50%
Inbound Wire Fee	$15 per transaction

These expenses are competitive, although budget-minded investors will encounter lower fees with entry-level platforms.

Several of the best crypto IRAs are more likely only to charge a 1% trading fee. However, you sacrifice research tools, self-storage access, and extensive customer support.

You only pay the Bitcoin conversion fee when transferring non-Bitcoin portfolio holdings. Thankfully, the charge is the same as buying with cash.

Optional fees

You don’t have to opt into these services to invest with Unchained, but they help you get personalized support.

Concierge Onboarding	$750
Hardware Wallets	$75 each ($150 minimum)
Unchained Signature	$500 monthly (billed annually)

If you already use hardware wallets, you can either bring your own or buy them through Unchained. You need two devices to use a self-custody vault. 

In case you’re opening multiple accounts, such as a traditional and Roth IRA, you only pay the concierge onboarding fee once, although each IRA incurs separate annual fees.

Custody fees

Unchained recently began offering a delegated IRA, in which you can control one or zero keys and pay corresponding custody fees.

The pricing differs slightly from the platform’s flagship self-custody IRA.

IRA Account Fee	$250 annually, starting year two
Custody Fee (control no keys)	0.30% quarterly ($500 minimum & $5,000 maximum)
Custody Fee (control one key)	0.15% quarterly ($250 minimum & $5,000 maximum)
Trading Fee	1.50% or less
Concierge Onboarding	$1,200

The trading fees are reduced to a lower tier as you place bigger transactions:

• 1.50% on transactions less than $100,000.01
• 1.25% on transactions less than $1,000,000.01
• 1.00% on transactions less than $5,000,000.01
• Custom amount on transactions exceeding $5,000,000.01

Overall, these fees are relatively expensive compared to competing providers.

It’s worth comparing membership benefits and customer service quality to find the best match.

Storage & Security

Most Unchained vaults require hardware wallets. Your keys are kept in a multi-signature wallet, consisting of three keys for extensive security.

You have near-total control of your keys, which is rare among crypto IRAs as you don’t rely solely on a third-party custodian.

However, you can also enroll in a delegated IRA where you can control up to one key.

This is a multi-signature wallet consisting of three keys too.

Unchained IRA

The Unchained IRA uses a two-of-three “lead” custody model, in which you hold two keys on separate hardware devices.

This is the predominant storage method, as you essentially have full control over where you store your personal keys.

Specifically, you get to store these devices at a geographic location of your choice, such as a safe deposit box, home vault, or with a close relative. 

Unchained keeps the third key and is involved in all transactions to help prevent fraud and maintain tax compliance.

It can also help you or your heirs access your account if you need to replace a key or can only access one wallet when it’s time to make a transaction.

Once again, you can bring your own or buy them through Unchained and receive help setting them up.

Fortis Bank is Unchained’s IRA custodian to assure your purchased assets are tax-advantaged and generate the necessary account documents.

The custodian also helps recover your assets in case Unchained closes.

Storing your own crypto keys may seem daunting to some.

Thankfully, additional security benefits include:

• Two-factor authentication (2FA): You can enable 2FA to prevent account breaches by adding extra requirements to verify your identity.
• Cosigning: Video verification to validate the identity and intent of the request. 
• Shared keys: You can designate a spouse, relative, or trusted contact to hold one of your keys. The “connections” feature makes this easier, particularly if they have an Unchained account themselves.
• Key replacements: Unchained can assist with replacing your keys if one becomes compromised or misplaced.

As you’re responsible for protecting your wallets, Unchained doesn’t offer custody insurance or digital crime insurance as a typical third-party wallet.

Further, the institution will “make it right” with security errors on its behalf. 

Overall, I’m pleased with the collaborative storage method for more flexibility with storing your keys or seed phrases.

Holding your own keys is the best reason for many to use Unchained.

Delegated IRA

Holding your own keys isn’t the best option in every situation. For this reason, you can sign up for a designated IRA where all three keys can be stored with a key agent.

This practice is similar to how most crypto IRAs custody your digital assets for a convenient, hands-off experience.

You can still control one key on a hardware wallet device if you don’t want to relinquish all autonomy.

Account Setup & Maintenance

You can follow these steps to open your Unchained Bitcoin IRA:

1. Request a free consultation: You can meet virtually with a client specialist to review your storage options and decide which platform features match your investing goals.
2. Choose IRA types: Decide which tax treatments you prefer on your crypto assets. Do you want traditional, tax-deferred contributions or after-tax Roth contributions?
3. Complete onboarding: DIY onboarding is free but you’re responsible for setting up your wallets and transferring your retirement accounts. Inexperienced crypto investors may opt for 1-on-1 concierge onboarding with moving your assets and setting up your wallets.
4. Buy Bitcoin: You can start purchasing tax-advantaged crypto once your funds settle. Your private keys remain on two cold storage wallets in your custody and Unchained keeping the third part of your multi-signature wallet.
5. Pay annual fee: Starting in Year 2, you pay the annual account fees. High net worth clients may benefit from Unchained Signature for in-depth membership benefits.

Resources & Tools

There are abundant educational resources beneficial to new and experienced Bitcoin investors. 

• Live webinars and replays: There is a 45-minute video replay that discusses how the Unchained Bitcoin IRA works and answers viewer-submitted questions. Other videos cover inheritance planning, account security, and more.
• Reports: Informational articles discussing Bitcoin basics, Unchained’s investment philosophy, and how-to guides.
• Blog: Read about the latest happening on the platform and within the Bitcoin ecosystem.
• Sound Advisory: Financial planners who can help you craft a Bitcoin-friendly wealth management and inheritance plan.

This content is more extensive than most competitors.

It can help you feel more confident with having a self-custody retirement account and create a long-term investment strategy.

Reputation & Reviews

Most Unchained IRA reviews praise the platform, although there are fewer testimonials than some of the oldest crypto IRA companies.

One possible reason is that Unchained attracts wealth management clients who may be less likely to leave open reviews.

The most credible insights are on the Apple App Store, scoring 4.8 out of 5 stars with 69 ratings and on Unchained’s testimonials page.

High notes from long-term users include superior security, financial planning services, along with user-friendly guides and trading platforms.   

There are few negatives, except potentially high annual fees for small balances and the lack of reviews on consumer rating platforms, including Trustpilot and the Better Business Bureau (BBB).

It’s also worth mentioning that Unchained Capital isn’t currently BBB accredited.

However, it has an “A” BBB rating and the company quickly resolves complaints on that website.

Customer Service & Support

Phone support and live chat are available Monday to Friday between 9 am and 5 pm Central.

Multiple investors reiterate that the how-to guides are easy to follow, even if you’re not tech-savvy.

I also find the videos and online knowledge base informative. 

If you’re familiar with setting up hardware wallets, you can opt for the free self-service onboarding.

Several experienced customers mentioned they are happy using the concierge onboarding for a hassle-free account opening to answer your technical questions.

Unchained Signature

Once you have a sizable account balance, consider joining the Signature program ($500/month) to enjoy these white-glove benefits:

• Expedited onboarding service
• Direct contact number for ongoing support
• Emergency support with same-day responses
• Quarterly account reviews
• Personalized Bitcoin education
• VIP access to exclusive events
• Reduced trading fees
• Inheritance protocol and replacements

Unchained IRA Alternatives

You can start out with one of these self-service crypto IRAs for lower fees and the ability to trade altcoins.

They are some of the oldest in the business too.

iTrustCapital

iTrustCapital supports 50+ cryptos with a flat 1% trading fee. There are no account minimums, making it easy to trade small amounts at a time.

Additionally, you won’t pay any monthly account fees.

Open an account with iTrustCapital today

Bitcoin IRA

Trade over 75 cryptocurrencies with Bitcoin IRA using its 24/7 mobile and web trading platforms.

The minimum initial investment is $3,000 and only $10 for subsequent trades. Similar to Unchained, setup fees and ongoing account service fees apply.

Open a Bitcoin IRA account in just 3 minutes!

BitIRA

BitIRA lets you buy or sell over 25 cryptocurrencies and a trading fee of 1% or less. The minimum initial deposit is $5,000. Zero setup or ongoing account service fees apply.

This provider offers 24/7 live chat account support, instead of only during business hours.

Get a free Ledger Nano from BitIRA

Is Unchained Capital a legitimate company?

Unchained Capital is a shoo-in if you want to hold your own crypto keys without losing your IRA tax benefits.

They have extensive how-to instructions and provisions to securely share keys with trusted contacts. 

They also provide ongoing white-glove service and financial planning tools so you can pass your crypto-backed retirement accounts to your loved ones.

Some may balk at the relatively expensive setup and annual service fees. However, the self-service onboarding and no first-year fees make it easy to start investing.

Further, I believe the flat annual fee benefits large account balances instead of percentage-based asset fees.

FAQs