Unlike more common IRA accounts where you can invest in stocks, ETFs, mutual funds or bonds, with BitIRA you can only invest in cryptocurrencies. However, there’s a limited number of cryptocurrencies you can invest in, and this can cost you way more than other IRA accounts.
$5,000
Minimum deposit
| Option trade fee | $0 |
|---|---|
| Available asset types | Cryptocurrency |
| Account types | Retirement |
| Minimum deposit | $5,000 |
You can only buy cryptocurrencies in your BitIRA retirement account, but not all of them. Here are your options:
BitIRA is designed for anyone who wants to include cryptocurrencies in their retirement portfolio. Since there are no other assets available, such as stocks or ETFs, this can be a complimentary account to one you already have with another financial service. Some IRA accounts may be eligible for a rollover to BitIRA, but the company doesn’t provide any details on how this works. Reach out to BitIRA to find out whether your account is eligible if you’re interested.
This isn’t your standard retirement account. Because of that, BitIRA and its partners charge various fees to manage your account. Below is an overview. But fees will vary for different accounts, so you should speak with a BitIRA specialist who can disclose how fees may affect your unique account.
BitIRA allows you to sign up online or by phone. But you must start by contacting BitIRA by phone or email to let a specialist know you’re interested in opening an account.
The specialist helps you complete the paperwork, fund your account and initiate any applicable rollovers. A digital wallet is then set up for you and connected to your IRA. This process may take up to three weeks, but it’s usually faster than that.
To open an account, you must meet requirements that include:
When you open an account through BitIRA, you’ll provide your:
BitIRA lacks proper research tools that you’ll find with other trading platforms. Instead of charts and screeners and such, you get a few educational articles to help you better understand how BitIRA works. This is underwhelming to say the least, but since you have only a few cryptos to choose from, there’s nothing more to expect.
Unlike most traditional IRAs issued by banks and brokerages, cryptocurrency IRAs let retirement savers invest in digital currencies on a tax-deferred basis.
BitIRA provides:
Digital currency IRAs can be an effective way to save for retirement. But like any investment, they come with potential drawbacks that include:
The company itself is legit. It’s been in business since 2017, and it’s headquartered in Burbank, California. It was accredited by the Better Business Bureau in 2018, and it earns an A+ rating.
The relatively few BitIRA’s reviews we found online are mostly positive. They praise the company’s professionalism and high-quality service. Those who rolled over their IRA to BitIRA were happy with it and surprised at how fast and seamless the process was.
There are three ways to reach out to BitIRA customer support:
Compare your options by minimum deposit, annual fee and asset type. To learn more about a particular platform, select the Go to site button.
Information on this page is for educational purposes only. Finder is not an advisor or brokerage service, and we don't recommend investors to trade specific stocks or other investments.
Finder is not a client of any featured partner. We may be paid a fee for referring prospective clients to a partner, though it is not a recommendation to invest in any one partner.
BitIRA digital currency IRAs may be an innovative way to diversify your retirement investments, offering features and flexibility that you won’t find with most bank- or broker-issued IRAs. But opening and managing your accounts is complicated, and it comes with fees, making this retirement vehicle better suited for experienced investors.
How do I buy assets with BitIRA?
After setting up and funding your account, log in or contact a BitIRA specialist to manage your portfolio. You can’t make the transactions yourself, but your requests are carried out by your custodian.
Does BitIRA have an office?
Yes. BitIRA’s headquarters are in Burbank, California.
Are there penalties for selling assets?
No. As long as your cryptocurrency and other asses are kept in your IRA, you can buy and sell without penalty.
If you take any distributions before you’re eligible, you will likely face fees and penalties.
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