Bitcoin’s fate of becoming the world’s first truly digital precious asset is already sealed.
Though traditionally seen as a volatile investment option with massive price swings, time has proven this golden child has not only sustained but grown exponentially in value since its inception.
And the crypto kid is here to stay.
Bitcoin was originally conceived as a medium of exchange, but over the years, it has found more popularity as a store of value. This turns it to be a CLASSIC LONG-TERM INVESTING ASSET, especially considering its total supply will be realized by the year 2140.
90% of the total supply of Bitcoin has already been mined. However, there are still some best Bitcoin IRA companies to consider when wondering about making cryptocurrency investments for your retirement savings portfolio.
There is no limit to the number of IRAs an individual can own (though there is an annual contribution limit). Diversifying investments is always advisable and more and more people are putting some of their retirement savings into crypto.
While these are called Bitcoin IRAs, they allow you to invest in other cryptocurrencies as well as, or instead of Bitcoin, including Ethereum and Litecoin.
When looking into a cryptocurrency IRA, you need to be careful just who you let manage your individual retirement account. This is your pension pot. Expertise in cryptocurrency trading is a given, along with security, fees, and a number of other very important factors.
Luckily, we have done all the hard work for you, trawling the web so you don’t have to. We reviewed 22 of the highest-rated Bitcoin IRA companies and made a list of the top 7 of them for you.
Best Cryptocurrency & Bitcoin IRA Companies – First Look
- Best overall cryptocurrency IRA – Bitcoin IRA
- Top crypto account and trading fees – iTrustCapital
- Responsive IRA customer service – Bitcoin Advizers
- Best for security – BitIRA
- Great crypto storage options – Coin IRA
- No middleman IRAs – Broad Financial
- Lowest Bitcoin minimum investment – BlockMint
1. Bitcoin IRA – Best Overall Cryptocurrency IRA
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Pros:
- Simple to set up and begin trading
- Exceptional customer service
- Been around since 2016
- Digital assets insured up to $100 million
Cons:
- Only nine crypto coins supported
- High setup and maintenance fees
Individual investors can invest in crypto with their retirement accounts with this excellent exchange, which has been around since 2016 so Bitcoin IRA is no new kid on the block.
We like that.
It’s super simple to create a cryptocurrency IRA account and we love that this Bitcoin exchange platform has an app as well as a website, all with 256-bit encrypted SSL. There’s no doubt this platform is secure.
Bitcoin IRA stores your cryptocurrency funds in separate BitGo Trust segregated cold storage accounts. Cold storage is incredibly secure and safe from online hacks. On top of this, a $100 million Lloyd’s of London insurance policy covers investments.
We like what we’re hearing here.
Via your digital wallets, you can buy and sell nine types of cryptocurrency 24/7 in real-time. Woohoo! These 9 are the usual suspects including Bitcoin, Ethereum, Ripple and Litecoin. The big boys, in other words.
The other thing we love about this platform is that it’s easy to dip your toe in the water without going all-in with your retirement funds.
Bitcoin IRA have far lower minimum contributions than many platforms making this platform accessible for regular Joes.
Or Joannes. Because women rock at making savvy investments in the crypto market, it’s not just anoraks who live at home with their moms. No, really. Of course, women can be anoraks, but we are kinda digressing.
My point is, Bitcoin IRA is good for normal people.
There have two types of cryptocurrency IRA:
Bitcoin IRA Earn
- Minimum deposit US$3,000
- Earn up to 6% interest annually on cash and cryptocurrency holdings.
Bitcoin Saver IRA
- US$100 initial deposit
- US$100 minimum monthly contribution
Bitcoin Saver IRA is perfect for those wishing to diversify their investments.
This platform has high fees BUT Bitcoin IRA has an exceptional trading platform and customer service, which is always at hand to help you. Moreover, you also get up-to-date educational content in the form of an online library, videos, tutorials, and ebooks.
Great platform. That makes it our Number One.
2. iTrustCapital – Best for Low Account and Trading Fees
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Pros:
- Low account & trading fees
- Digital assets secured up to US$370 million
- Tax advantages and savings
- 27+ cryptocurrencies supported
Cons:
- No interest earned on cryptocurrency
- $2,500 account minimum
US-regulated company, iTrustCapital is another great option because of its low account and trading fees. And no monthly fee. Yeah, you heard that right.
Where iTrustCapital excels over traditional crypto exchanges is the potential tax savings to be had. Cryptocurrencies are subject to capital gains tax when traded on traditional exchanges. Ouch.
I don’t know about you, but the IRS has had more than enough of my hard-earned money, thank you.
With iTrustCapital crypto IRAs, you can choose whether your account will be tax-deferred or tax-free, depending on which type of IRA you choose.
You say what, now? I said tax-free.
IRA clients can buy and sell precious metals as well. You can invest in both to have a well-diversified portfolio.
iTrustCapital’s 24/7 trading platform is compliant with IRS standards. It places and executes orders instantly and its customer service is praised through the roof.
There is no mobile app but this shouldn’t be a deal-breaker.
Unlike most Bitcoin IRA firms, iTrustCapital charges very affordable fees for its services.
You pay just $29.95 a month for your account custodial and management. For transactions, they charge 1% for every cryptocurrency trade and $50 over the spot for gold.
iTrustCapital was founded in July 2019 by alternative investment IRA industry leaders. They’ve helped over 22,000 clients and carry funds of $2 billion on their platform.
3. Bitcoin Advizers – Best Client Service
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Pros:
- Great service by phone, email & online
- Tailored service for you
Cons
- New company with no track record
- Minimum $10k investment
Bitcoin Advizers go the extra mile to guide you through the complexities of making cryptocurrency investments – which is why they’re our number 3.
The online reviews rave about the customer service and financial advice they get from this firm.
A huge plus is someone real is at the end of the phone. That’s a winner for me.
Experts at Bitcoin Advizers discuss your needs, expectations, and financial situation, then recommend the cryptocurrency that suits your retirement goals and the best IRA option.
Clearly, the emphasis is on clients’ education and awareness. The chief investment officer and advisors work together to design the best investment strategy for each individual client. You get all the required information, and advisors assist you in your investment decisions.
Magic!
Furthermore, Bitcoin Advizers offer in-depth annual portfolio performance reports. Specialists revisit your investments and retirement goals and help you to readjust your investment plans accordingly.
4. BitIRA – Exceptional Security
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Pros
- Dollar for dollar insurance
- Expert staff on hand
- Tax-deferred gains
- Digital wallet & cold wallet storage
Cons
- High minimum investment (US$5,000)
- Long account processing period
- Fees undisclosed on website
If security is a priority for you, BitIRA is the way to go. This company calls itself the world’s most secure IRA and rightfully so. Five-layered protection is no joke. These five layers are:
- Cold storage wallets kept under armed guards
- Multi-factor authorization
- Grade-5 guarded nuclear bunkers
- $1 million insurance
- Level II Cryptocurrency Security Standards (CCSS)
To match the 5-layer security is the dollar for dollar insurance.
BitIRA provides proper guidance throughout the investment procedure. A cryptocurrency expert sets up a rollover IRA and buys or sells crypto coins for you. They also help you choose the best cryptocurrency blend for your Bitcoin IRA.
The control over digital funds is always in your hands, but you’re provided with help whenever you need it. Digital Currency Specialists and Dedicated IRA Specialists will be on hand to assist you.
With BitIRA, you’ll always work with a licensed trust custodian, so you remain IRS-compliant during your time investing with them.
A huge plus. Much as I hate the IRS and all.
This is because BitIRA works with Equity Trust Company and Preferred Trust Company
A negative is you must initially invest at least US$5,000 and it can take 3 weeks to verify your information to get your account up and running. It’s also annoying that no fees are listed, as the site claim they offer these on an individual basis.
Maybe they do but I always worry with things like this I’ll get screwed and not offered the best rates.
I’m also short on time and don’t want the stress of going through an application process just to find how much I MAY get charged when I’m trying to decide which bitcoin IRA to invest with.
However, this hassle MAY well be worth it because of BitIRA’s security and advice. In addition, BitIRA ensures that all current and future transactions are invoiced transparently.
I hate hassle but I love transparency. If only they’d be as transparent about their fees.
BitIRA accepts seven cryptocurrencies for IRA – Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, Zcash, and Stellar Lumens.
5. Coin IRA – Best for Crypto Storage Options
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Pros:
- Three storage options
- Low fees
- Insured up to US$100 million
- Compliant with U.S. laws regulating IRAs
Cons:
- No fees listed
- High minimum investment ($20,000)
- Limited crypto coins supported
- Phone confirmation needed for trades
Coin IRA was founded by Goldco, one of the most popular IRA companies for trading precious metals.
Coin IRA ensures seamless communication between clients and representatives, proper custodial for your account, and secure crypto wallets for every single client.
Investors can conveniently call an account professional to place trade orders for Bitcoin and other cryptocurrencies.
While many will see this as a plus (an extra security feature), investors accustomed to using only online exchange platforms may find crypto trades on Coin IRA inconvenient since they must confirm them over the phone.
Coin IRA enables you to store your digital assets in 3 different ways once you’ve purchased crypto for your account:
- Coin IRA’s own secure offline vault
- A separate hard wallet, e.g. ones hosted by Ledger or KeepKey
- Your own self-hosted digital wallet.
Despite the fact that there are a number of crypto IRAs that provide offline asset storage with excellent security, only a small number offer the option of storing your assets yourself at home.
The option might not be right for everyone, but it’s great that it’s available.
Coin IRA accepts several different cryptocurrencies including Bitcoin, Ethereum, Ethereum Classic, Chainlink, Zcash, Dash, Litecoin, and Stellar Lumens.
However, I’m irked that it’s not transparent about its fees on its website, which everyone has to agree is a pretty basic thing.
I tried contacting them through chat as a new customer about fees and was left hanging before I gave up. Not impressed.
Coin IRA’s website includes several sections to educate investors about the rules and benefits of crypto IRAs. Moreover, you also get live price-action charts for different cryptocurrencies.
6. Broad Financial – No Middleman IRAs
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Pros
- Ability to invest in all cryptocurrencies
- No minimum investment
- No middleman
- Low fees
Cons
- Little guidance for inexperienced investors
If you need hand-holding this is not the Bitcoin IRA site for you. But the very lack of a middle man will be the beauty of Broad Financial to many.
In comparison to other companies that rely on brokerage models, Broad Financial’s Bitcoin IRA is self-directed enabling you to invest in any cryptocurrency. As it’s a non-custodial site, there is no need for third-party interactions and associated allocation and transaction fees.
You say what now? I said no middleman.
With this Bitcoin IRA, a special LLC will be created on your behalf so that you can purchase bitcoin through an exchange or digital wallet.
You can also invest in anything from real estate to precious metals to cryptocurrencies and businesses, as well as other asset classes without being bothered by bureaucracy and lengthy authorization processes.
Broad Financial has a flat rate startup fee of just under $1,400.
Though the IRA setup cost is relatively high, you will save on trading fees and have complete control over your assets. After the upfront payment, you’ll also have to pay an $80 quarterly fee.
7. BlockMint IRA – Lowest Minimum Investment
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Pros
- Simple to setup and begin trading
- Very easy to use
- Tax-free IRA transfers
Cons
- Not insulated from market volatility
- New company
- No 24/7 support
- High-risk asset class
BlockMint is a subsidiary of Lear Capital, a company that has been in the IRA business for more than 20 years now. The company boasts dedicated account executives who walk consumers through the pros and cons of investing in various cryptos.
By acting as a cryptocurrency broker, BlockMint buys and sells Bitcoin, Ethereum, or Litecoin for its clients through a cryptocurrency exchange, then arranges funding from an IRA account and wallet storage.
As BlockMint does not operate 24/7, investors cannot immediately react to sudden fluctuations in the markets. IRAs are meant to be long-term investments, so this shouldn’t pose a problem for most investors.
To invest in BlockMint, you must invest at least $20,000. The minimum purchase is a hefty $10,000 per one type of cryptocurrency. You can’t split the $10,000 between Bitcoin, Ethereum, and Litecoin.
How We Chose The Best Bitcoin IRAs
When deciding our top 7 IRAs for Bitcoin, we evaluated different options to find the best pick for you. These are the criteria we considered when making our choice:
1. Bitcoin IRA Company Principles
The principles of any firm are the clearest reflection of its vision. We specifically searched for cryptocurrency IRA companies that prefer ethics and morals over profit-making. We preferred companies that do not limit clients’ freedom by forcing them to buy some specific digital currencies.
2. Services Provided By the Cryptocurrency IRA Provider
We compared and evaluated the services of each provider. The companies with new investor support and great policies for independent investors made it to our final list.
We also looked for other important factors, including secure storage options (e.g., cold wallets) and complete tax reporting services.
3. Cryptocurrency IRA Customer Feedback
No matter how many experts review or evaluate the best bitcoin companies and services, the most authentic feedback comes from the consumers or users themselves. We weighed each Bitcoin IRA company based on the reviews and ratings it got from its customers over time.
4. Cryptocurrency IRAs Fees and Options Available
No one likes to deal with companies that charge exorbitant fees for the most basic services. And we don’t want to recommend them.
We therefore selected only those Bitcoin IRA companies that charge fair fees for their different service levels. Another important factor we considered while compiling this list of best bitcoin IRAs, was the types of cryptocurrency each company offered to its clients.
How Do Bitcoin IRAs Work?
Cryptocurrency IRAs, more commonly known as Bitcoin IRAs, are counted as self-directed IRAs. It is your choice to pick the digital assets to invest in over the long term. These investments are held by custodians, who are responsible for their security and reporting to the IRS.
As far as making trades is concerned, either your account manager/custodian does the trading for you, or you make trades through a reliable platform. Since crypto IRAs are self-directed IRAs, it’s entirely up to you to decide which cryptocurrency you want to trade.
Before you invest, you should become familiar with concepts like blockchain, cryptography, and crypto-wallets. Moreover, knowledge about cryptocurrency exchanges is also crucial to buying or selling crypto assets.
Cryptocurrency IRA Pros & Cons
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Pros:
- Institutions and big whales are starting to get into Bitcoin and other crypto-assets
- Safe from hacks and theft because of blockchain technology
- Tax-free growth
- Total supply is fixed, which means no inflation
- Much more secure in case of an economic downturn
Cons:
- FDIC deposit insurance and SIPC doesn’t cover cryptocurrencies
- Custodial services, optimal security, and platform development for cryptocurrency investments are expensive
- Digital currencies are highly volatile, and price actions fluctuate a lot
More Ways to Benefit From the Crypto Boom With Your IRA
One more way to indirectly benefit from Bitcoin and cryptocurrency is to invest in stocks of the companies associated with the crypto industry. When crypto booms, these companies also perform well in the market.
You can use a self-directed IRA and buy stocks in companies like PayPal and Square.
Best Bitcoin IRAs: FAQs
What Is A Bitcoin IRA?
Bitcoin cannot be deposited into an existing regular IRA that holds your retirement funds. Instead, you have to set up a self-directed IRA (SDIRA). This is because the IRS views cryptocurrencies as property, which is off-limits to regular IRAs.
This is where Bitcoin IRAs come in.
Are Bitcoin IRAs Worth It?
All investments are a risk. Even money in a traditional bank. But cryptocurrency is seen as high risk due to its volatile nature. Whether a Bitcoin IRA is worth it, only time will tell. An IRA is not a get-rich-quick scheme. There are other ways to invest in cryptocurrency for that.
Those who invested a number of years ago and have seen their profits soar would say it is absolutely worth it. Of course, past performance is no guarantee of future gains.
Which Cryptocurrency IRA Is Best?
Which cryptocurrency IRA is best for you will depend on how much you have to invest (as some have a high minimum investment), plus how much handholding you need.
We rate Bitcoin IRA as the best overall cryptocurrency IRA. However, we also love iTrustCapital’s low fees. Then again we love BitIRA’s exceptional security and dollar-for-dollar insurance.
Broad Financial is a brilliant investment choice for those who have some experience in the crypto markets. This self-directed IRA is not recommended for newbies though.
How Are Bitcoin IRAs Taxed?
Bitcoin (or any cryptocurrency) is treated as an investment by the IRS, so you must pay capital gains tax when you sell it at a profit. But that’s not the case if the crypto is held in your IRA. The gain in your retirement account saving accounts is tax-free, just as any transactions in any self-directed IRA are.
You only pay taxes on funds that you withdraw, when you withdraw them in a traditional IRA and as long as you comply with the rules, you will never pay tax when withdrawing funds from a Roth IRA.
When picking a suitable cryptocurrency and trading digital assets for a tax-exempt or tax-advantaged account, the best Bitcoin IRA companies can provide you with proper guidance on self directed IRA investments and you should also consult your financial advisor.
Do Bitcoin IRAs Have Any Insurance?
The U.S. government facilitates citizens by providing insurance for their investments through the Federal Deposit Insurance Corporation and Securities Investor Protection Corporation. But unfortunately, FDIC and SIPC do not cover investments in the form of cryptocurrencies.
However, many Bitcoin IRA companies provide investors with high-value insurance to cover loss in case of an unlikely event like a hack or breach.
The amount of insurance offered differs from firm to firm. Make sure to discuss it before opening a crypto IRA account.
Are Bitcoin IRAs Volatile?
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Volatility is the biggest risk factor when it comes to digital currencies and other crypto assets.
This volatility is caused by the uncertainty of cryptocurrencies being accepted as fiat currencies. However, the industry is experiencing growth and more institutional investments are accepted by every passing day. The future of cryptocurrency looks bright.
Is a Bitcoin IRA Safe?
Despite their impressive past performance, Bitcoin and other cryptocurrency IRAs are still considered risky.
Historical data can never guarantee future performance. Investors should, therefore, consider the possibility of losing money as well as making it in a self-directed IRA.
Investors in crypto should seek a good IRA company such as those on our Top 7 list and go with one with insurance and excellent security.
To avoid scams, stay away from crypto IRA investments that are self-labeled as “IRS-approved” or “IRA-approved.”
Are Bitcoin IRAs at Risk From Hackers?
The best Bitcoin IRA services have an incredibly secure system, and most offer offline cold storage wallets to store your digital assets. Cold wallets are not connected to the internet, so they are safe from cyber-attacks.
In the past, there have been a few hacking incidents where the cryptocurrency accounts were breached and drained. Blockchain technology has made it increasingly difficult to hack.
All crypto investors must take all proper precautions in guarding your keys. Even if you take precautions, your exchange may get attacked by hackers. It will result in you losing your coins, and will also negatively impact the market.
Do Bitcoins Have Built-in Security?
Bitcoin’s blockchain has a highly secure structure that is nearly impossible to hack. That is why hacks and such incidents have been so rare throughout the history of blockchain.
If someone tries to fake a transaction, the private keys become invalid. These invalidated keys then prevent the loss by informing the network automatically.
What are the Economics of Bitcoin?
Unlike traditional commodities, the value of Bitcoin is not tied to anything. The value is purely determined by its demand and people’s desire to hold it. The total supply of Bitcoin and most cryptocurrencies is fixed, which will retain its value against inflation and other economic mishaps.
What are Bitcoin IRA Costs?
The fee structure for most cryptocurrency IRA have these costs included:
- Setup fee
- Monthly or annual fee
- The custodial or administrative fee
- A percentage each time you trade any digital currency
Though the fee structure is more or less the same, the cost can vary from company to company. Carefully compare different options, their cost, and the services provided.
If you hire a professional to buy and sell for you or sign up for step-by-step guidance, you’ll have to pay more, though this fee is totally worth paying for the peace of mind and comfort you will get as a result. It is highly recommended for those who are new to the concepts of blockchain and digital assets.
Best Bitcoin IRAs – Final Thoughts
So there you have it, the top 7 bitcoin IRAs that we believe are worth investing in – in 2022.
If we had to pick the best alternatives, we highly recommend Bitcoin IRA for exceptional customer service and ease of use. Whereas iTrustCapital offers some of the best trading fees in this field!
The other options on our list offer other fantastic perks: like affordable fees, more crypto options, and reliable security.
Good luck!
