With the rise of cryptocurrency, more people are turning to digital assets as a means to diversify their portfolio. This includes investing for retirement, and these days, you can even invest in crypto through your IRA to help save for the future.
Bitcoin IRA is one of the most popular companies for crypto IRA investing. And with support for over 60 popular coins, it offers far more than just Bitcoin.
But retirement investing isn’t something you should do lightly, especially when it comes to alternative assets. That’s why our Bitcoin IRA review is covering the features, pros and cons, and fees of this IRA investing platform to help you decide if it’s right for you.
Quick Summary:
- Support for 60+ cryptocurrencies
- Trade, sell, and swap cryptos right from your Bitcoin IRA account
- Incredibly easy set-up process
Bitcoin IRA Details | |
|---|---|
Product Name | Bitcoin IRA |
Product Type | IRA cryptocurrency investing account |
Minimum Deposit | $3,000 |
Fees | 5.99% set-up fee, 2% trading fee, and a 0.08% monthly management fee |
Pros & Cons
Pros:
Cons:
About Bitcoin IRA
Bitcoin IRA is a crypto IRA investing platform that began in 2015 and operates out of Sherman Oaks, California.
The company states it’s the world’s first, largest, and most secure cryptocurrency IRA platform. It’s certainly one of the most popular and first-movers in the space, and these days over 100,000 members use its self-directed IRA to invest in crypto.
What It Offers
Crypto IRA investing has become a crowded space in just a few years. Numerous alternative investing platforms like Alto and Rocket Dollar have also added crypto IRA products in recent years.
But what makes Bitcoin IRA so popular is largely its ease-of-use. Plus, you can invest in several different tax-advantaged account types and even open a crypto savings account with the company.
Multiple Account Types
One advantage of crypto IRA companies like Bitcoin IRA is that they support multiple account types. This helps you open the right type of retirement account depending on the type of tax benefits you want.
Currently, Bitcoin IRA supports traditional IRAs, Roth IRAs, SEP IRAs, and even a Bitcoin 401(k). You can also rollover funds from your existing IRA, 403b, or 401k into a self-directed Bitcoin IRA account.
60+ Available Cryptocurrencies
Despite its name, Bitcoin IRA supports far more assets than just Bitcoin. You can invest in some of the most popular cryptos and altcoins, including:
There’s a $3,000 minimum to open an account. Additionally, you can’t use other crypto exchanges like Coinbase or Gemini to purchase crypto for your IRA. Also note that you can’t transfer crypto you currently own into your Bitcoin IRA account. This is because Bitcoin IRA lets you self-trade crypto 24/7 unlike many other crypto IRA providers that partner with a particular exchange.
The advantage of this is that Bitcoin IRA offers more trading features than much of its competition. This includes live price tracking, a portfolio performance dashboard, and an easy-to-use order process.
In short, Bitcoin IRA is an all-in-one crypto IRA investing platform, and the number of coins it supports has steadily grown.
Saver IRA
Bitcoin IRA also has a Saver IRA product that helps you automatically invest in crypto.
This savings account lets you set up automatic investments for assets Bitcoin IRA supports. There’s a $100 monthly minimum requirement, so it’s beginner-friendly. If you’re struggling to regularly invest in crypto, this feature helps you build good habits and regularly contribute to your IRA.
Gold Investing
One new Bitcoin IRA feature is the ability to buy physical gold through your IRA. According to Bitcoin IRA, this helps you capitalize on the best aspects of physical and digital assets, especially since gold is often used to hedge against volatility.
You buy gold on Bitcoin IRA in units of one fine troy ounce. Gold is investment-grade, US-certified, and gold is stored in Brink’s bullion vaults. The value of your gold is tied to real-time gold value.
Crypto IRA investing is still the main reason to open a Bitcoin IRA account. However, the fact the platform is expanding its support for different cryptos and alternative asset classes is a good sign.
Pricing & Fees
If you review Bitcoin IRA’s FAQ to look for pricing and fee information, there’s a convenient lack of information. Bitcoin IRA states you pay a one-time service fee plus a minimal custodian and security fee. However, it asks customers to call a representative to get pricing information.
But if you do some digging, you can find Bitcoin IRA’s fee breakdown. Currently, Bitcoin IRA fees include:
- Set-Up Fee: A one-time 5.99% fee collected from deposited funds.
- Trading Fees: 2% on buy and sell orders.
- Monthly Fees: 0.08% of all assets.
The set-up fee is steep, but other companies like RocketDollar also charge up to $600 in set-up fees, which might be comparable to Bitcoin IRA depending on your portfolio size.
Bitcoin IRA Alternatives
Bitcoin IRA is one of the most popular self-directed crypto IRA solutions out there because it’s easy to use. It was one of the first companies to market, and you don’t need to open an LLC or jump through legal hoops to open an account.
That said, Bitcoin IRA’s main advantage is ease-of-use. But if you want support for more cryptocurrencies, alternative assets, and lower fees, some of its competitors could be better choices.
Here’s how Bitcoin IRA compares to Alto CryptoIRA and RocketDollar, two other leading crypto IRA platforms:
Header | |  |  |
|---|---|---|---|
Our Rating | |||
Supported Cryptos | 60+ | 130+ | 80+ |
Other Alternative Investments | Gold | Fine art, real estate, farmland, startups, and more | Energy, farmland, precious metals, and more |
Fees | 5.99% set-up fee, 2% crypto trading fee, and a 0.08% monthly fee | 1% crypto trading fee | $15 or $30 per month depending on plan plus setup fee |
Cell |
Right now, Alto isn’t charging fees on its new CryptoIRA product. Plus, it supports far more cryptos and alternative assets than Bitcoin IRA.
RocketDollar also supports more asset classes than Bitcoin IRA. You open an LLC with RocketDollar so you have more control and investing options. But the trade-off is RocketDollar is more complex than Bitcoin IRA and takes longer to open an account.
If you want to avoid fees and have more investing choices, Alto’s CryptoIRA is your best choice. For ease-of-use, Bitcoin IRA is the winner, but calculate the fees to see if this luxury is worth the premium.
Account Opening Process
As mentioned, you don’t need to open a LLC or business bank account to invest with Bitcoin IRA. In contrast, its website states you can open an account in just three minutes and three simple steps:
- Create An Account: Enter your name, email, phone number, and create a password. You also verify your identity since Bitcoin IRA follows know your customer (KYC) requirements.
- Transfer Funds: Transfer funds from an existing IRA or from your bank account to fund your new Bitcoin IRA account. Funding typically takes three to five business days.
- Begin Trading: Buy, sell, and swap cryptocurrencies using Bitcoin IRA’s own platform; no need for a third-party provider or exchange.
Safety & Security
Bitcoin IRA stores digital assets with BitGo Trust, which provides up to $700 million in custody insurance. BitGo Trust also stores assets in cold storage accounts, greatly reducing the risks of hacks or loss of funds.
The fact that 100% of your assets are stored offline is what makes Bitcoin IRA and BitGo Trust so secure. You still need to create a strong password and protect your personal information, but overall, Bitcoin IRA is a safe and secure investment platform with a robust insurance policy in place.
Customer Service
You can reach Bitcoin IRA’s customer service team by calling 866-374-1530. There’s also a live chat widget on its website where you can reach customer support.
The company has a 3.7 star rating out of 5 on the Better Business Bureau. Some customer reviews praise its customer service while others cite difficulties with rollovers and getting timely responses.
The fact you can call customer service is plus, but know that customers have had various levels of service.
The Bottom Line
If you’re looking for a simple way to invest in crypto through your IRA, Bitcoin IRA is one of your best options. It has one of the simplest onboarding processes, and you don’t have to open an LLC or submit dozens of documents to get started.
That said, alternatives like Alto CryptoIRA are superior if you want lower fees and more crypto selection. Plus, Alto also supports far more alternative assets like artwork, farmland, and real estate.
But if the fees and $3,000 minimum opening requirement aren’t too steep, Bitcoin IRA could be the crypto IRA solution you’re looking for.
Bitcoin IRA Features
Product Type | Crypto IRA investing platform |
|---|---|
Minimum Deposit | $3,000 |
Supported Cryptos | 60+ |
Other Investing Options | Gold and silver |
Investing Fees | 2% |
Maintenance Fees | A 5.99% set-up fee and 0.08% monthly management fee |
Withdrawal Fees | No |
Insurance | Bitcoin IRA stores digital assets with BitGo Trust, providing up to $700 million in custody insurance |
Security | Majority of assets are held offline in cold storage |
Mobile App Availability | No |
Desktop Availability | Yes |
Customer Support Phone Number | 866-374-1530 |
Customer Service Email | Use Bitcoin IRA’s live chat feature on its website |
Tom Blake is a personal finance writer with a passion for making money online, cryptocurrency and NFTs, investing, and the gig economy.