What Is BitIRA?
BitIRA is a system that allows you to craft your own digital currency IRA to trade cryptocurrencies.
This was created in 2017, and is based in California, as you might expect. To do this you can use SIMPLE IRA, SEP, or Roth. You could also use any retirement account which is allowed to be rolled over to an IRA.
While retirement accounts typically restrict your investment choices when it comes to trading in things such as stocks and bonds, this may not be the case here. BitIRA allows you to trade cryptocurrency through your IRA! Neat, huh?
Because you trade in the best bitcoin IRA, you also avoid any tax worries too!
This has only been a possibility since 2014, despite the fact that cryptocurrencies have been around much longer than this. However, the IRS saw cryptocurrency as property, which in turn, made them eligible as an investment for retirement accounts!
This whole process opens up new possibilities for those who enjoy trading in cryptocurrency. We have to wonder if it is worth it though and if what they offer is actually a good deal in the long run.
So, what do they offer? Well, luckily for you, they actually handle the process of setting up your account, so you can make a nice hot coffee while they get that done for you.
They do have a minimum account opening requirement though, which is $5,000.
Of course, you can look at a BitIRA review for more information too!
Straight To The Point.
Let’s not beat around the bush, you want to know more about what BitIRA has to offer and if it is worth it. For some, it might be a bit complicated, and heavy, for others it may be well worth it.
It is basically a combination of tradition and innovation. It is a way of achieving future financial security through funding your retirement account with cryptos.
So, let’s look at the pros and cons, who it works for, and what it works for.
As we said, it is not for everyone, and we cannot tell you it is worth it, because for some it is and some it isn’t. So, let’s start off with who and what it is good for.
What is it good for?
BitIRA works well for some people, those it works well for include;
- Alternative asset investors.
- People who have experience in strategies for cryptocurrency investment.
- Those who want to add diversity to their retirement accounts.
- People who fall into the category of long-term investors.
It may also suit other people who are hot-to-trot in the cryptocurrency investing world. However, only you can really decide if it is worth the effort for you.
What is good about it? There are plenty of pros to BitIRA, which many will find very appealing, they are as follows;
- You get a cold storage wallet, allowing you to secure your funds offline.
- Your gains are Tax-deferred.
- Your set-up is fully-assisted, as is the funding process. And also account rollovers too!
- Your Bitcoin and any other cryptocurrencies in the account are protected from inflation through a manner of factors. This reduces the risk of devaluation and debasement too! Something many will find very appealing in all of this.
Out of all of these, we believe that most people will find the reduction in the risk of devaluation to be one of the most attractive traits of BitIRA.
However, not everything is sunshine and rainbows. It simply cannot be. BitIRA also has a few downsides. You will probably have guessed these already, but we will list them in case you have not. They are as follows,
- There is a potentially lengthy waiting period between setting up your account to funding, and then being ready to invest. It takes quite some time, so you will spend a while twiddling your thumbs.
- You do need to invest quite a lot to set it up, with a minimum investment amount of $5,000. This may be restrictive to some or make it unlikely for some beginners in cryptocurrency investing to set up a BitIRA account.
That being said, there are only two downsides to all this, so it’s not that bad. This is enough for some people to find the time taken to set up an account worth it.
If you enjoy investing in the long term, a BitIRA account is worthwhile. Of course, you cannot ignore the tax advantages of buying investments with a retirement account, and you can also even buy assets with particular IRAs.
It is worthwhile to remember that cryptocurrency is still a bit of a young feature in terms of eligibility for retirement accounts, and there is still a need for a push to provide usual financial products to those who invest in digital currency.
In some ways, BitIRA is ahead of its time by doing this. Surprisingly with over 100 years of experience, it has always focused on alternative investments for IRA accounts.
How Easy Is It To Use?
We will assume that if you are a veteran in the cryptocurrency world, you will probably already be fairly tech-savvy, and financially savvy. If this is the case it should be pretty easy to use.
However, you do need knowledge of investing, retirement accounts, and digital currency equally. If you do then it is easy, but if you do not, in some ways it is not too bad, the actual platform itself is a walk in the park, and once you are used to that, it is easier from there.
They do have plenty of useful information about Bitcoin, investing in an IRA in general, so if you do feel a bit stuck, there is plenty of help there for you.
Since you do not actually have to do the whole setup yourself, it also takes some weight off your shoulders as well. However, if you do really struggle with using the site there will always be specialists in this field ready to lend a hand.
Products & Services
Let’s make it clear, BitIRA only does one thing, but that one thing they do very well. They provide you with a perfect Bitcoin IRA. However, as competition slowly grows in this field, it, much like Bitcoin, is ahead of the game already.
They prioritize investor education, and they tailor attention to help you and put your happiness above everything else.
BitIRA puts security at the front lines. After all, any currency needs to be safe and secure. As you will already know, they store your currency in a crypto wallet.
However, unlike most crypto wallets, it is not only an online wallet, or hot wallet. Rather, they also offer a cold wallet that is stored offline in your own unique hardware. These are kept in a vault under the eye of armed guards for 24 hours a day!
Your funds are totally secure, with multi-factor encryption, and authentication, as well as U.S. regulatory registration and governance.
BitIRA is compliant with the IRS and U.S. laws. Most of us are unaware that Bitcoin and other assets are available for funding in retirement accounts.
When the IRS claimed Bitcoin as a property, it did not only settle its tax status but also rendered cryptos as an eligible asset for IRAs.
If you are new to this it might feel overwhelming, but BitIRA does help you get on your feet, it helps you educate yourself so the jargon won’t be so confusing.
There is also a lot of customer service and support to help you on your way.