This guide conducts a 360 degree review of BitIRA. BitIRA is a cryptocurrency Individual Retirement Account (IRA), that simply means that it allows you to invest your retirement funds in cryptocurrencies.

Please note that there is no IRA accredited by the Internal Revenue Service (IRS), which entirely focuses on investing in cryptocurrencies. Rather, a cryptocurrency IRA, allows you to invest in cryptocurrencies apart from other alternate investment options in its portfolio.

What is BitIRA

BitIRA is a self-directed IRA (SDIRA), or an IRA custodian, which allows you to invest your IRA retirement savings into high-growth, high-risk-cryptocurrencies.

Founded in 2017 it provides one of the best security measures among all the crypto IRAs. It provides security to your cryptocurrencies as well as your transactions.

Besides it also provides dollar-by-dollar, unlimited insurance coverage for your cryptocurrencies.

What are Self Directed IRAs

  • A self-directed IRA (SDIRA) is a form of traditional IRA. It offers the same tax advantages and the same contribution limits as the traditional IRA.

    However, the SDIRA allows you to invest in a broader yet potentially riskier and more rewarding portfolio of financial products, which are not included in the traditional IRAs.

    These potentially riskier and more rewarding financial products include real estate, cryptocurrencies, precious metals, and other forms of alternative investments.
  • SDIRA allows you to manage your portfolio, besides being administered by a custodian or trustee.
  • Stocks, bonds, mutual funds, and other relatively popular and comparatively safer investments are often the only products kept in regular/traditional IRAs.

    SDIRAs have a lot more options. You could, invest in real estate, cryptos, precious metals, and other forms of alternative investments.
  • To proceed, you need a qualified IRA custodian that specializes in that type of account or investment. Banks, trust corporations, and other organizations that are approved by the Internal Revenue Service (IRS) are examples of custodians.

BitIRA Review

Gauging the goodness of any crypto IRA depends on a few primary factors:

  • The number of cryptocurrencies the crypto IRA allows investments to
  • Additional assets (besides crypto) available in the IRA for investment
  • Minimum Account Balance you need to maintain
  • Transaction Fee for trading crypto
  • Quality of Customer Services
  • Ease of setting up the account and the most important
  • Security of funds in the IRA

A complete review of BitcoinIRA on different parameters is given below.

Ease of use

BitIRA is not recommended for first-time users. It is not that easy to set up an account and navigate through the application.

BitIRA is not a self-trading or DIY platform. You will need a digital assets expert to execute your orders in BitIRA. If you are more of a DIY investor, you can opt AltoIRA or iTrustCapital IRA.

Digital Currency Specialists are always ready and able to lend a hand. Call 800-299-1567

Fees and the minimum amount needed to open an account

Account minimum: BitIRA requires at least a $5000 to open and initiate investments.

Fees: For most account types, setting up a BitIRA account is free of cost.

BitIRA has not mentioned any specific fee structure in their website. The fees varies with every account basis the number of cryptocurrencies invested, the services taken, etc.

You can email BitIRA at [email protected] or call at (800) 299-1567 for more details.

Rollover from traditional IRA accounts

For nearly all cases, you can transfer or rollover your entire or part of your retirement funds to BitIRA. Or you can open a separate BitIRA account in addition to your normal retirement account.

This means that you can simply rollover your existing IRA like Traditional, Roth, SEP to BitIRA. However if you have 401?9k) or any other employer-sponsored retirement plan like 403b, 457 or TSP), your eligibility to rollover to a BitIRA is not always possible.

For more information and advice customized to your needs and requirements, you can contact BitIRA at [email protected] or call at (800) 299-1567.

Number of cryptocurrencies and alternate investment options

BitIRA does not provide an extensive list of cryptocurrencies and tokens to invest into. Rather it allows you to invest in the popular cryptocurrencies and tokens.

  • Bitcoin
  • Bitcoin Cash
  • ChainLink
  • Ethereum
  • Ethereum Classic
  • Litecoin
  • Zcash
  • Stellar Lumens
  • Aave
  • The Graph
  • Basic Attention Token
  • Livepeer
  • Uniswap
  • Decentraland
  • Compound
  • DAI
  • Maker
  • yearn.finance

Security and insurance

BitIRA claims to be providing one of the best security for your retirement funds. The cryptocurrencies are stored in grade-5 guarded nuclear bunkers with round-the-clock protection.

  • Multi-encryption and Multi-factor authentication for your transactions: Your transactions are encrypted in not one but multiple layers of encryption.
  • Crypto funds are stored offline in cold storage in grade-5 nuclear bunkers, monitored and guarded 24/7 by specialist staff.
  • End-to-end insurance: End-to-end insurance means that BitIRA provides insurance from transit to storage. Whether your funds are in transit or in storage, your funds are insured from hacks, physical loss, or any damages.

Check this.

BitIRA pros and cons

Pros

  • Offers one of the best security measures for your digital assets, both at the time of transactions (multi factor encryption) and at storage (cold storage –¬†grade-5 nuclear bunkers protected by armed guards and computer security specialists 24/7)
  • End-to-end insurance provided from transit to storage.
  • Plethora of educational materials and support is available. You cab get a free guide on crypto IRAs here-https://www2.bitira.com/essential-guide-digital-ira/
  • Tax deferred gains on your cryptocurrencies

Cons

  • Does not support altcoins and less popular coins. Until now, BitIRA supports 18 cryptocurrencies and tokens. This list is smaller as compared to other players in the market like AltoIRA and iTrustCapital.
  • You may need an expert to execute a trade in BitIRA.
  • Fees and other associated costs are not clearly mentioned in the website.

Conclusion

By now we have known that BitIRA is a self-directed IRA which allows you to invest in cryptocurrencies or digital assets. It helps you to invest in cryptocurrencies and reap in benefits in a tax deferred manner.

BitIRA is preferable for long term investors who are willing to diversify their retirement funds into the more riskier, volatile, yet potentially more rewarding cryptocurrencies. BitIRA offers one of the best security and insurance of your digital assets in the market.

However, I will not recommend it to novice investors who are just ushering into the digital assets’ space. It requires some knowledge of the space. Though there are digital experts always available to you at some consulting costs in case you need them.

Until now BitIRA offers support to 18 digital assets including Bitcoin and Ether. If you want to explore and choose from a larger list of cryptocurrencies then other players like Alto and iTrustCapital and Bitcoin IRA are suited to you.

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