Bitcoin IRA review

Invest in crypto and earn high interest rates on your retirement assets. But watch out for hidden fees.

Bitcoin IRA is a retirement platform that helps users roll over their existing retirement accounts or open a new one. Invest in crypto and physical gold and earn high-interest rates on your cash and some coins. However, Bitcoin IRA doesn’t openly disclose its fees — you’ll have to talk to a representative to learn how much you’ll pay.

  • Consider Bitcoin IRA if you want to invest in cryptocurrencies for your retirement.
  • Look elsewhere if you want to invest in more coins than the ones Bitcoin IRA offers.
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$195 per year

Fee

Details

Asset typesCryptocurrency
Account typesRetirement
Minimum deposit$3,000

What I think of Bitcoin IRA

Bitcoin IRA is a platform that connects investors with custodians, crypto wallets and exchanges. It isn’t a standard IRA account but a self-directed IRA, meaning you can invest in assets other than stocks and funds. For now, Bitcoin IRA offers several cryptocurrencies and physical gold.

It works like this: You open an account and initiate an IRA or 401(k) rollover from your other platforms into Bitcoin IRA. You need a minimum of $3,000 to roll over, and the process should be completed within five business days.

Or, open an account without rolling over your retirement account by investing $100 each month. As soon as your funds land, you can start buying cryptocurrencies.

Cryptocurrencies you buy through Bitcoin IRA are automatically stored in a cold wallet by the trust company BitGo. A cold wallet means it’s 100% offline and can’t be accessed by hackers or fraudsters. When you have crypto or cash of at least $10,000 in your account per coin, you can enroll and start earning 6% annually on cash, 2.7% on Ether and 2% on Bitcoin, all paid monthly.

On the downside, the fee structure is hidden. There is a $195 annual fee. Contact a representative to learn how much you’ll pay beyond that.

Overall, if you want to invest some of your money in crypto for years to come, Bitcoin IRA could be worth considering. But make sure you do your due diligence and know how much it’ll cost you.

Bitcoin IRA offers 9 coins and physical gold

With Bitcoin IRA you can invest in:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Litecoin (LTC)
  • Stellar Lumens (XLM)
  • Zcash (ZEC)
  • Bitcoin Cash (BCH)
  • Ethereum Classic (ETC)
  • Digital Gold (DG)
  • Physical gold

Bitcoin IRA is best for a variety of investors

Bitcoin IRA isn’t only for crypto enthusiasts. It can be useful for investors who want to:

  • Diversify their holdings and avoid inflation
  • Invest in cryptocurrencies and hold them in the long run
  • Grow their crypto investments tax-free

Bitcoin IRA fees are hidden

Fee transparency isn’t Bitcoin IRA’s strongest feature. We know that there’s a $100 fee to start the program for earning interest on your assets and another $100 to stop the program.

Bitcoin IRA says there are the following fees as well:

  • An initial one-time service fee, which varies depending on the amount you’re investing
  • A custodian fee
  • A security fee

How do I sign up?

Signing up for Bitcoin IRA is a straightforward process. Here’s how to do it:

  1. Visit Bitcoin IRA’s website.
  2. Select either Get Started or Open An Account.
  3. Fill out the pop-up box with your personal information.
  4. Select Create an Account.
  5. Log in and select Finish your account.
  6. Select whether you’re rolling out your retirement account or making a new deposit from your bank account.
  7. Fill out the form and follow the onscreen steps.

Pros

Using Bitcoin IRA for your retirement has some benefits, including:

  • Tax-free growth of your crypto assets.
  • Earn interest on your assets, increasing your potential return when you retire.
  • Invest in gold by buying ownership rights for physical gold bars.
  • Simple retirement account rollover of your IRA, Roth IRA, SEP-IRA, SIMPLE IRA, 403(b) or 401(k).
  • $1 million consumer protection insurance policy that covers Bitcoin IRA users from internal cases of fraud or theft.

Cons

Investing through Bitcoin IRA also has its downsides to consider.

  • Fees are hidden. You must talk with a Bitcoin IRA representative to know what fees you’ll pay.
  • Not FDIC-insured. Bitcoin IRA isn’t a bank, so your funds aren’t insured.
  • A small selection of crypto. Only nine coins are available to buy. This may change in the future, though.

Is Bitcoin IRA legit?

Alternative IRA Services doing business as BitcoinIRA.com is a company located in California. The company is registered with the FinCEN (Financial Crimes Enforcement Network) under the number 31000188780487. Another company also uses the same number and that’s Blockchainpool.com

The latter is a crypto mining pool. Unfortunately, there isn’t much info about it online and there are no reviews. Also, the info on its website is insufficient.

Despite that, Bitcoin IRA works with BitGo Trust Company, which is a legit company owned by Galaxy Digital Holdings. BitGo is the company that acts as a custodian and a wallet for your Bitcoin IRA assets. Bitcoin IRA only acts as a platform that connects its users with the exchanges, custodians and crypto-wallets.

Bitcoin IRA reviews are generally positive

As of February 2022, Bitcoin IRA has a relatively small number of reviews and complaints on sites such as the Better Business Bureau (BBB) and Trustpilot, but it has several reviews on Shopper Approved.

Reviews are generally positive, but some of the reviews look like spam and others are one-liners, which makes it hard to determine if they’re legit or not.

The complaints mostly revolve around poor customer service once you sign up and start investing. Others don’t like what they get for the fees, which they claim are high.

Better Business BureauRating: A+
Better Business BureauAccredited since 3/3/2020
BBB customer rating3.7/5 stars based on 10 customer reviews
TrustScore3.9/5 stars based on 4 customer reviews
Google Play app reviews4.7/5 stars based on 411 customer reviews
Apple App Store app reviews4.4/5 stars based on 51 customer reviews
Data last updatedFebruary 2022

Contact Bitcoin IRA support by phone and online

Contact Bitcoin IRA by:

  • Phone at 877-836-5530.
  • Online through the integrated messaging service on its website.

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Disclaimer: The value of any investment can go up or down depending on news, trends and market conditions. We are not investment advisers, so do your own due diligence to understand the risks before you invest.

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