BitIRA
3500 W Olive Ave Suite 730
Burbank, CA 91505
Products Available:
Best in Customer Service
- Top Ranked Bitcoin IRA
- Low Competitive Fees
- Outstanding Service
- Excellent Customer Reviews
I’ve always been intrigued by IRA investment plans, but have only been using conventional retirement account asset classes that only include mainstream properties such as stocks, mutual funds, and bonds.
But, when the IRS released a statement in 2014 that they would treat Bitcoin the same way they view stocks and bonds, I knew my chance for investment diversification had arrived.
However, in the summer of 2018, I was introduced to BitIRA—a novel Bitcoin IRA platform that helps you diversify your investment options. I’ve been there for more than a year, and here is my personal BitIRA review about this incredible IRA platform.
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Who is BitIRA?
BitIRA was founded in 2017 and comes from parent company, Birch Gold Group.
Birch Gold Group has years of experience and is one of the leading investment firms, helping investors purchase precious physical metals such as gold and silver into their IRAs.
BitIRA is a solution to help retirement investors gain better control over their retirement accounts, particularly in terms of adding cryptocurrencies to their portfolios. It was created to provide average IRA investors a simple and streamlined platform where they can open IRS-compliant IRAs.
Although BitIRA is parented by the highly reputable investment company, it remains independent and caters to the needs of investors looking to diversify their IRA with cryptocurrencies. As such, each company runs its own platform and marketing strategies to attract their respective target consumers.
An Overview of What BitIRA Offers
The 2014 Internal Revenue Service (IRS) official declaration serves as the basis for BitIRA and other cryptocurrency IRAs because it officially meant that digital currencies such as Bitcoin were eligible assets for holding in IRA accounts.
So, if you’re familiar with stocks and bonds, BitIRA offers you an alternative to investing in cryptocurrencies as taxable assets.
Using this platform, you can hold and grow a variety of cryptocurrencies under special tax-deferred status. Among the cryptocurrencies BitIRA offers are Bitcoin, Litecoin, Ripple, Ethereum, Bitcoin Cash, Ethereum Classic, Stellar Lumens, and Zcash.
All self-directed IRAs in this platform are managed by Preferred Trust Company as the custodian.
Even though you have full control over your assets and investment portfolio you are required to have a custodian help you manage your account. This expediency not only helps you prepare vital documents but also assists you in getting assets rolled over into a new cryptocurrency IRA.
Additionally, any cash deposits of up to $250,000 in your account with Preferred Trust Company will be fully covered by the FDIC. This will give you not only a sense of security but also of peace of mind knowing that your retirement savings and investments are highly safeguarded.
What are the Costs & Fees?
A new investor will need to deposit a minimum of $20,000 to fund their account and start investing in a Digital Currency IRA.
As for the custodian fees, they will vary depending on each account.
The good news is that Preferred Trust Company offers some of the most competitive fee schedules in the industry.
Rankings, Complaints & Customer Reviews
Despite being in business for only 2 years, BitIRA has received remarkable ratings from leading rating agencies in the industry.
This platform has an A rating from the Better Business Bureau (BBB) with a 5-star customer rating and zero complaints.
BitIRA received similar rankings from the Business Consumer Alliance (BCA) with a AAA company rating.
This goes a long way to show that the platform is not only legit but also trustworthy and reliable.
What are the Pros & Cons?
Pros
Cons
Should You Open an Account with BitIRA?
This is a question that most of us probe before any investment undertaking, right?
Adding cryptocurrencies to your IRA investment portfolio is right for a number of reasons.
First, security. One of the scariest things about investing your money in digital space is security. You can invest tens of thousands of cash in your Bitcoin IRA only to wake up and find all your investment gone!
BitIRA understands that your retirement savings may represent several decades of savings, and as such, don’t take the gravity of this lightly. The company has invested in the latest encryption technology to ensure that the digital wallet, where your digital cash is stored, remains secure and away from spying eyes of cyber-criminals.
Beyond this, the company protects your digital assets with "end-to-end" insurance with a $100 million coverage. This means your digital currency is insured from transit to storage. You can feel safe that your digital currency is insured against hacking, theft, physical loss, damage and destruction.
Additionally, the company has taken voluntary steps to register with the U.S government. Since most crypto institutions choose to remain decentralized, by registering with the government, BitIRA subjects itself to regulations to the good of their customers.
Second, first-rate pedigree. As I noted previously, BitIRA was founded by a team from Birch Gold, one of the pioneers in helping Americans place precious physical metals in their retirement investment accounts. This means not only an abundance of experience in the business but also reliability and trustworthiness.
Third, diversification. Unlike most crypto IRA companies, BitIRA allows you to buy up to eight digital currencies for your portfolio. This allows you to maximize profit while at the same time, minimize risks. You can also invest in other assets such as precious metals.
Lastly, unlike most competitors in this investment realm, BitIRA also allows tax-free investing in digital assets. Since cryptocurrencies are now classified as personal properties for tax purposes, you can add them to your IRA, and the growth won’t be taxed until withdrawal.
How to Get Started
To set up an account with BitIRA is fairly straightforward.
To apply, just visit BitIRA.com and choose to either apply online or have a professional assist you in the sign-up process.
Although setting up an account on your own is easy and fast, contacting the staff will be a great way of exploring and asking other questions before opening.
This is where you’ll inquire about the pricing and options you have with your IRA investment portfolio.
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Final Thoughts
BitIRA is still a young player in the industry where some people may feel it doesn’t have a satisfactory track record. But, most top rated BitIRA reviews are already recording consistently high scores regarding the platform’s offerings and reliability.
Ensuring BitIRA fees are clear and straightforward is a key suggestion for improvement in the company.
All things said, this is a top destination for investors looking for reliability, diversification, and flexibility.
Jinia Shawdagor is a fintech writer passionate about cryptocurrency, blockchain, and iGaming. She has been writing professionally since 2013. When she’s not writing, Jinia loves traveling and feels joy from the little things in life.
