Retirement Living takes an unbiased approach to our reviews. We may earn money when you click a partner link. Learn More
BitIRA Review
4.5 Overall Rating
Bottom Line
BitIRA simplifies buying cryptocurrency within an IRA. Experienced digital currency specialists help to complete IRA rollovers and help customers invest in Bitcoin IRAs or other cryptocurrencies. BitIRA security includes a digital wallet that’s safe from hackers, multiencryption, multifactor authentication and end-to-end insurance coverage.
Updated:
About BitIRA
BitIRA simplifies buying cryptocurrency within an IRA. Experienced digital currency specialists complete IRA rollovers and help customers invest in Bitcoin IRAs or other cryptocurrencies. BitIRA security includes a digital wallet that’s safe from hackers, multiencryption, multifactor authentication, and end-to-end insurance coverage through Equity Trust’s internal specie policy.
Precious metals IRA provider Birch Gold Group founded BitIRA to meet the needs of those wishing to diversify retirement investments. The two companies combined have over 30 years of experience with alternative assets. BitIRA helps investors through all phases of using a Bitcoin IRA with seventeen digital currency options.
BitIRA’s in-house IRA department handles everything from the rollover process to helping you trade in your new account. The team assists clients with understanding cryptocurrencies and funding purchases. BitIRA implements five security layers to protect individual retirement accounts.
Pros
- Multilayer security protects IRA digital assets
- Excellent resources for learning about cryptocurrency investments
- Dedicated digital currency IRA specialists
- Broad selection of cryptocurrencies
- Works with trust custodian Equity Trust Company
Cons
- Pricing data on the website may be delayed
Bitcoin and other cryptocurrency IRAs are an investment and carry risk. Consumers should be alert to claims that customers can make a lot of money in these or any investment with little risk. As with any investment, you can lose money and past performance is not a guarantee of future performance results. Consumers should also obtain a clear understanding of the fees associated with any investment before agreeing to invest.
BitIRA Advantages
Holding digital funds in an IRA provides greater diversification for your retirement savings and tax benefits. But you’ll need to follow IRS rules to avoid paying penalties. BitIRA’s dedicated specialists handle the entire rollover process for clients. BitIRA helps consumers decide if a cryptocurrency IRA is right for them and select the right mix of digital currency.
BitIRA representatives are always there to answer questions at each stage of your investing experience. You also get access to BitIRA U, an online resource where you learn everything about cryptocurrency. BitIRA U explains digital wallets and keys, security levels, what impacts digital currency growth, and more.
How BitIRA Keeps Your Funds Safe
BitIRA says it sets the industry standard with the world’s most secure cryptocurrency IRA. We included BitIRA in our Best Bitcoin and Cryptocurrency IRAs for its five layers of protection for digital assets.
- Cold storage wallets take your funds offline when you don’t need them, so hackers can’t gain access.
- Account access requires multifactor authorization.
- Keys are held in cold storage in “grade-5 nuclear bunkers,” protected 24/7 by armed guards and technology experts.
- Assets are protected from loss, theft, damage, and destruction through comprehensive coverage that includes Equity Trust’s internal specie policy, plus up to $150 million in additional third-party coverage provided through the storage provider.
- Level II CryptoCurrency Security Standards (CCSS) ensure compliance with external compliance audits.
BitIRA Digital Currency Options
BitIRA offers investments in Bitcoin and sixteen other digital currencies. While more cryptocurrencies exist, they are not currently among the best options for an IRA.
| Digital Currency | Investment Features |
|---|---|
| Bitcoin | Responsible for the cryptocurrency revolution. The most popular cryptocurrency with a high level of trading. |
| Bitcoin Cash | Created by a split from Bitcoin to follow a new protocol. One of the most-purchased digital currencies. |
| Ethereum | Part digital currency and part distributed computing platform. Excellent long-term potential. Second-highest market cap after Bitcoin. |
| Litecoin | Exists on a high-volume, speedy network with decent volume. Appealing to new digital currency investors. |
| Stellar Lumens | Traded on a decentralized exchange, making it a popular addition to many cryptocurrency investors’ portfolios. |
| Solana | A high-performance blockchain known for fast transactions and low fees. Popular for decentralized apps (dApps) and crypto projects. |
| XRP (Ripple) | Designed for fast, low-cost international payments. Widely used by banks and financial institutions. |
| Chainlink | A decentralized oracle network that connects smart contracts to real-world data. Essential for DeFi applications. |
| Aave | A leading decentralized finance (DeFi) protocol for lending and borrowing cryptocurrency with flexible rates. |
| Basic Attention Token | Empowers a new digital advertising model by rewarding users for attention and supporting content creators. |
| The Graph | Indexes blockchain data for easy querying, making it essential for decentralized applications (dApps) and DeFi analytics. |
| Decentraland | A virtual reality platform where users can buy, sell, and build digital land and experiences using cryptocurrency. |
| Yearn.Finance | An automated yield aggregator in DeFi that maximizes returns on cryptocurrency investments. |
| Compound | A decentralized lending protocol that allows users to earn interest or borrow crypto assets. |
| Uniswap | A leading decentralized exchange (DEX) that enables seamless swapping of ERC-20 tokens without intermediaries. |
| Dai | A stablecoin pegged to the US dollar, providing stability in the volatile cryptocurrency market. |
| Livepeer | A decentralized video streaming platform that allows developers to build scalable, blockchain-based streaming solutions. |
BitIRA Costs and Minimum Investment
BitIRA fees vary depending on the type of account you transfer to your cryptocurrency IRA. There is a 5% transaction fee on purchases through the My BitIRA platform, with no fee to sell. Through the Equity Trust custodian, there is no setup fee, no annual maintenance fee, and there is a liquidity cost of up to 1% included in the asset price.
A digital currency IRA specialist will discuss currency-specific fees before you invest. You’ll need at least $10,000 minimum for rollovers or transfers, $7,500 to set up a BitIRA account due to partner exchange service rules, and there are no minimums on purchases after funding.
How to Set Up a BitIRA Retirement Investment Account
Contact BitIRA to determine if a digital currency IRA is an effective way for you to diversify retirement funds. If you decide to invest in cryptocurrency, a dedicated IRA specialist will handle all the necessary details to establish your account.
You buy and sell digital currency within the IRA. Your assets are stored in an omnibus custody model provided by Ledger Enterprise under BitIRA’s robust security solution. Assets are protected from loss, theft, damage, and destruction through comprehensive coverage that includes Equity Trust’s internal specie policy, plus up to $150 million in additional third-party coverage provided through the storage provider. You can speak to a cryptocurrency specialist for help choosing investments and view your portfolio online 24 hours a day, while trading is available 22 hours a day.
BitIRA Complaints
BitIRA has an A+ rating from the Better Business Bureau. BitIRA customers give the company 5 out of 5 stars on both the Better Business Bureau and ConsumerAffairs sites. Scam Report verified the company uses responsible practices, and Benzinga rates BitIRA a 4 out of 5 stars.
BitIRA FAQs
You pay no penalties to roll over an IRA to a BitIRA digital currency IRA. This rule also applies to Roth IRAs, SEPs, and SIMPLE IRAs, but not to all 401(k) accounts.
Rolling over your current retirement account to a new BitIRA account should take from one to three weeks. The amount of time required to complete the rollover has much to do with how quickly your current custodian transfers funds.
Yes. A BitIRA account is a self-directed IRA, so you can include IRS-approved assets, like stocks, bonds, gold, real estate, and more.
The holding period begins the day after you acquire digital currency in your IRA.
Yes. A BitIRA digital currency specialist will help you gather the information you need to make decisions about your account. However, whether you buy, sell, or liquidate assets is your choice.
Conclusion
You may find cryptocurrency IRA providers with slightly lower fees, but BitIRA offers five security levels and $150 million of insurance coverage. You also get all the educational resources you may need until you thoroughly understand trading cryptocurrencies. BitIRA’s affiliation with Birch Gold Group gives clients access to experts who have been trading alternative assets within IRAs for decades.