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Best Bitcoin IRAs

One personal finance advice that will always remain relevant is to prepare for retirement as early as possible. While most working adults know this and often use individual retirement accounts (IRAs) to save and invest for the future, Bitcoin IRA offers an alternative investment option.

Thankfully, interest in cryptocurrencies has grown, and just like other traditional financial areas now feature crypto services, people can also plan for retirement with cryptocurrencies. Moreover, despite occasional market declines, consumers seem to maintain a positive long-term view of cryptocurrencies, which draws them to crypto IRAs.

Crypto IRAs allow you to add Bitcoin and other cryptocurrencies to your retirement account to benefit from potential appreciation in the future. If you find the concept exciting and want to check it out, read on to learn more.

In this article, you'll find a detailed list of the best Bitcoin IRA companies that can help you get started, as well as explanations of what Bitcoin IRAs are about, how they work, their benefits, risks, and other details. Let's get into it.

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Also Consider: Best Crypto Lending Platforms - Best Crypto Staking Platforms

Summary 

  • BitIRA: Best crypto IRA for account security.

  • Coin IRA: Best for customer support.

  • Bitcoin IRA: Best for convenient rollovers.

  • iTrustCapital: Best for low fees.

  • Broad Financial: Best for seasoned investors.

  • BlockMint: Best for beginners.

BitIRA

BitIRA is a crypto IRA provider founded in 2017 that allows US residents to send a range of digital assets into retirement accounts. It stands out among other crypto IRA companies because it heavily prioritizes security.

The platform has custodial partnerships with Equity Trust Company and Preferred Trust Company to handle all administrative duties of users' accounts. All users' assets are held in cold storage, and you can only access funds through multi-factor authentication.

Also, the company provides end-to-end insurance to protect customers from various risks, including internal fraud or theft. Its crypto retirement accounts also comply with Cryptocurrency Storage Security Standards (CCSS).

Core Features

BitIRA offers traditional IRA accounts, Roth IRA accounts, SEP IRAs, and SIMPLE IRAs. It requires a minimum investment amount of $5,000, and users must pay setup fees, annual maintenance fees, and crypto storage fees, which are not listed on the website.

The platform supports over 15 cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Bitcoin Satoshi's Vision, Ethereum Classic, Chainlink, Aave, Stellar Lumens, and Zcash.

How Does BitIRA Work?

BitIRA retirement accounts have easy setup-and-use procedures for users who are knowledgable about investments. However, if you are just starting, the website provides valuable information and support to help you get started.

BitIRA will allow you to select the type of IRA you want to set up and fund, including the cryptocurrency to invest in. You can also roll over your existing retirement funds without penalties in most cases.

Typically, it will take between one and three weeks to verify and fund your account, especially if you are rolling over assets from a different IRA. After the setup and funding, you can begin to buy cryptocurrencies and allow them to grow till you retire.

Pros

  • $100 million in custody insurance.

  • Fully-aided account setup, rollover, and funding process.

  • Cold storage for the security of users' funds.

  • Multi-factor authorization to protect against fraudulent transactions.

Cons

  • Lengthy waiting time between the account setup, funding, and when it's ready for investing.

  • High minimum investment requirement.

Summary

BitIRA offers different IRA accounts with support for several cryptocurrencies, all with a strong emphasis on security. BitIRA might be the best option for you if the security of your funds matters to you above everything else.

Note

Traditional brokerage firms, cryptocurrency exchanges are not members of the Securities Investor Protection Corp. (SIPC). Therefore, unless user terms specify otherwise, investors with cryptocurrency assets commingled on a custodial cryptocurrency exchange could potentially lose their funds as unsecured creditors.

Coin IRA

Coin IRA is a customer-focused IRA company that allows investors to place buy and sell orders through account professionals. The firm was founded in 2017 and is a subsidiary of Goldco, a company that deals in precious metals.

Coin IRA provides abundant resources for customers looking to add cryptocurrencies to their IRA accounts. One of these resources is a free cryptocurrency IRA guide that explains all you need to know about crypto retirement savings, tax benefits, inflation hedging, etc. Also, the company has consultants that answer any questions you may have about cryptocurrencies and other IRA account details.

Core Features

Coin IRA allows users to access IRA and non-IRA crypto trading accounts through their Self-Trading Platform. According to the platform's website, it charges no setup fees, account maintenance, or storage fees. It also has low transaction fees of 1.25% on crypto buy trades and 1% on sell trades.

The platform supports three storage wallets from which you can choose. There's the option of a secure offline vault owned and managed by the company, a separate hard wallet, and your self-hosted digital wallet. The consultant will explain each strategy and help you pick the best fit for you.

Additionally, Coin IRA does not have a maximum purchase limit on cryptocurrencies. Popular cryptocurrencies, including Bitcoin, Ethereum, and Litecoin, are all supported on the platform.

How Does Coin IRA Work?

Coin IRA is similar to other crypto IRA platforms. You can register through the company's website to get started. Also, thanks to the company's partnership with New Direction Trust, account approval processes are significantly faster.

As soon as your account is available, you can purchase digital assets using fiat currencies or rollover funds from a different IRA. You'll also choose a wallet for your funds from the three options available.

Furthermore, all platform transactions must undergo an extensive verification process to reduce the chances of malicious actors initiating fraudulent transactions. It also has a minimum deposit requirement of $20,000, or $3,500 if funds are moved from a non-IRA account.

Pros

  • Liberty to choose your storage wallet.

  • Consultants are available to answer questions and offer guidance.

Cons

  • High minimum investment.

Summary

Coin IRA allows users to choose storage wallets that suit each individual's needs. The platform also offers the best customer support and learning resources. Therefore, Coin IRA is the platform for you if you want wallet options and need expert guidance.

Note

Traditional brokerage firms, cryptocurrency exchanges are not members of the Securities Investor Protection Corp. (SIPC). Therefore, unless user terms specify otherwise, investors with cryptocurrency assets commingled on a custodial cryptocurrency exchange could potentially lose their funds as unsecured creditors.

Bitcoin IRA

Bitcoin IRA is a Los Angeles-based crypto investment company founded in 2015. It was the first to offer cryptocurrency IRA accounts and has enabled over 150,000 investors to add crypto to their individual retirement accounts.

The platform allows you to invest in one crypto asset or a blend of several assets in a tax-friendly manner. This means that you can choose to defer your taxes or deposit tax-cleared funds into your retirement account, provided it is above $3,000. It also offers 24/7 trading services, allowing you to trade outside traditional market hours.

Interestingly, in IRA Earn interest accounts, you can receive up to 6% interest on your Bitcoin, Ethereum, and US dollar deposits of $10,000 and above. The platform also keeps users' assets in cold storage with BitGo Trust, with up to $700 million in insurance.

Core Features

Bitcoin IRA offers traditional IRA accounts, Roth IRA accounts, SEPs, and 401(K)s. It also allows users to roll over funds from existing IRAs.

Despite its name, Bitcoin IRA does not support only Bitcoin. It also supports over 60 cryptocurrencies while allowing investors to earn interest on crypto holdings.

How Does Bitcoin IRA Work?

Bitcoin IRA account setup is pretty straightforward and only takes minutes. You can also roll over existing IRAs to the platform.

You'll be required to pay a one-time service fee which covers retirement funds rollover, security storage, and support services. The setup cost for a self-directed IRA with BitGo Trust is also included in the fee. However, the platform does not have a flat fee structure as it differs depending on the deposited amount.

Once you've set up your account, you'll gain access to a personalized dashboard and a digital wallet for your savings. You'll be able to fund your account the same way you would a conventional self-directed IRA.

However, your account may not be ready to trade until five days. Once it is ready, you can add money to the account by buying crypto through the platform's cryptocurrency exchange.

Pros

  • Earn interest on crypto holdings.

  • Quick account setup time.

  • Supports over 60 cryptocurrencies.

  • Assets are insured and stored in a cold wallet.

  • 24/7 trading.

Cons

  • High minimum investment.

  • Fees are not fixed.

Summary

Bitcoin IRA makes it possible for users to earn up to 6% on digital assets. It is also easier to set up an account and rollover funds from separate IRAs and 401(k)s. Plus, you can access 24/7 trading services with your account.

Note

Traditional brokerage firms, cryptocurrency exchanges are not members of the Securities Investor Protection Corp. (SIPC). Therefore, unless user terms specify otherwise, investors with cryptocurrency assets commingled on a custodial cryptocurrency exchange could potentially lose their funds as unsecured creditors.

iTrustCapital

iTrustCapital is a digital asset management company founded in 2018. It offers crypto IRA services to US investors but is unavailable to New York and Hawaii residents.

It stands out among competitors for its low fees. iTrustCapital charges zero monthly account fees, relatively low trading fees, and has a low minimum deposit requirement of $1000. 

iTrustCapital allows for precious metal trades within its platform, thereby creating room for more portfolio diversification within users' IRA accounts.

Core Features

iTrustCapital allows users to invest crypto in traditional IRA accounts, Roth, SEP, and SIMPLE IRA. You can also roll over funds from 401(k)s, 403(b)s, thrift savings, and 457 plans.

The platform supports over 25 cryptocurrencies, including Bitcoin, and precious metals like gold and silver. iTrustCapital charges users a 1% fee for crypto trades and $50 for precious metals. Note that the value of the assets does not affect fees.

How Does iTrustCapital Work?

New users must complete an online application to set up an IRA account with iTrustCapital. The process is short, as the company provides resources to help you get started.

Applications take about three business days to get approved, after which you can fund your account and start trading cryptocurrencies. However, if you are transferring funds to your account, it has to be in US dollars, as you can't fund your IRA with crypto you already own unless it is part of a separate crypto IRA.

As soon as you are done setting up your account and funding it, you can proceed to buy and sell cryptocurrency through the platform's online platform, which is available for trade 24/7.

Pros

  • Low trading fees

  • Low minimum investment

  • Supports precious metals

  • Secured and insured

Cons

  • You can't transfer crypto you already own to a new IRA account.

Summary

The platform will make sense for you if you actively manage your cryptocurrency retirement portfolio because of its transparent fee structure. It is also the best fit if, alongside crypto, you are interested in diversifying your portfolio with precious metal investments.

Note

Traditional brokerage firms, cryptocurrency exchanges are not members of the Securities Investor Protection Corp. (SIPC). Therefore, unless user terms specify otherwise, investors with cryptocurrency assets commingled on a custodial cryptocurrency exchange could potentially lose their funds as unsecured creditors.

Broad Financial

Broad Financial is a cryptocurrency IRA provider that pays attention to user autonomy. It offers a self-custody option that allows customers to choose the crypto exchange to use and crypto assets to invest in.

The checkbook control feature is most suitable for experienced users as it allows total control over one's retirement funds. This also means that you will be responsible for your assets' storage and security. You will need to set up your own hot or cold wallet and hold the private keys while still enjoying the benefits of holding crypto in a tax-friendly retirement account.

The platform has no minimum investment, and users only have to pay account setup and quarterly maintenance fees.

Core Features

Broad Financial self-directed IRA is available as both traditional and Roth IRA. Self-employed individuals can also invest through the platform's Solo 401(k)s. Users can leverage various investment options, including cryptocurrencies, precious metals, real estate, blue-chip companies, and other asset classes.

How Does Broad Financial Work?

The account setup process on Broad Financial is streamlined. Broad Financial offers specialists and client support to walk you through the process. You will also receive a comprehensive welcome package to help you get started on basic forms and detailed instructions regarding your next steps.

When you apply for an account, you can choose between an IRA Trust and IRA LLC account with its checkbook. And since you are in charge of the account, you can buy a broader range of assets.

Interestingly, with the checkbook control method, you don't also have to pay transaction fees. Users only pay a flat fee which will be more favorable for users with large assets holding.

Pros

  • Self-custody IRAs.

  • Access to a wide range of alternative assets.

  • No trading fees.

Cons

  • Self-custody may place new investors at security risks.

Summary

Broad financial allows for maximum self-reliance coupled with the ability to invest in diverse asset classes. If you are an experienced investor and desire to maintain total control over your retirement accounts, this is the option for you.

Note

Traditional brokerage firms, cryptocurrency exchanges are not members of the Securities Investor Protection Corp. (SIPC). Therefore, unless user terms specify otherwise, investors with cryptocurrency assets commingled on a custodial cryptocurrency exchange could potentially lose their funds as unsecured creditors.

BlockMint

BlockMint is a crypto IRA provider owned by Lear Capital, a financial company famous for its precious metal dealings. Its platform facilitates the quick buying and selling of cryptocurrencies for retirement purposes.

The company boasts of dedicated support executives that educate users on the entire concept of crypto IRA, as well as its pros and cons. They also help users find the right assets to invest in, which makes the platform ideal for new investors.

However, BlockMint charges a high transaction fee of 15% per trade in exchange for its hands-off approach. You'll also pay a 2.5% buy fee and 1% sell fee, in addition to annual maintenance and monthly storage fees. It is worth noting that you can only trade during business hours.

Core Features

BlockMint offers traditional IRAs, Roth IRAs, and SIMPLE IRAs. It acts as a broker between users' orders and the custodian. The platform allows users to invest in a plethora of digital assets and precious metals like silver and gold. The minimum investment for BlockMint is $10,000.

The platform supports popular cryptocurrencies like Bitcoin, Ethereum, Ripple, Litecoin, Bitcoin Cash, and Ethereum Classic, and they are kept in cold storage.

How Does BlockMint Work?

To get started, you must sign up for an account through the platform's website, fill out a form and decide how much you want to add to your IRA. You can only transfer funds from traditional IRAs, Roth IRAs, SEP IRAs, SIMPLE IRAs, 401(k)s, 403(b)s, 457(b)s, thrift savings plans, or TIAA CREF plans.

You'll also choose the cryptocurrency to invest in, and if you have no idea where to start, you can always speak to a BlockMint representative to guide you through the process.

Pros

  • Dedicated account specialists

  • Easy online application

Cons

  • High fees

  • Trading is only available during business hours

Summary

BlockMint allows investors to invest and trade cryptocurrency with the assistance of dedicated support executives. The platform isn't suitable for you if you need more control and access to 24/7 trading while paying lesser fees. However, the platform is ideal if you need extensive assistance understanding the crypto IRA process.

Note

Traditional brokerage firms, cryptocurrency exchanges are not members of the Securities Investor Protection Corp. (SIPC). Therefore, unless user terms specify otherwise, investors with cryptocurrency assets commingled on a custodial cryptocurrency exchange could potentially lose their funds as unsecured creditors.

What is Bitcoin IRA?

Bitcoin IRA is a regulated investment vehicle that allows US citizens to add Bitcoin to their retirement portfolio safely and with tax benefits. It is simply a self-directed IRA that you can fund with Bitcoin which enables you to benefit from potential price increases without dealing with the complexities of buying and holding digital assets.

Bitcoin IRAs have the same tax rules as standard IRAs. A traditional crypto IRA will allow you to make tax-deductible crypto investments, and you will only pay taxes when you reach the withdrawal age of 59½. You must understand that you'll incur a tax penalty if you withdraw your funds before the specified age.

In the same way, Roth crypto IRAs allow you to pay taxes upfront, avoid tax penalties for premature withdrawal and withdraw your investment at the specified age.

It is worth noting that SIPC does not cover these investment options; however, the providers offer a layer of security by insuring assets deposited in their platform against cyber theft or fraud. They also partner with custodians to handle the administrative duties of the platforms' IRA accounts.

How it works

Bitcoin IRAs work in the same way as standard IRAs. However, instead of investing in stocks, bonds, and mutual funds to build a retirement account, you will buy Bitcoin instead.

Typically, legal US residents must provide their social security numbers and personal information to open IRA accounts. While there are no restrictions on when to open an IRA, providers have a minimum investment amount, which you must provide to get started.

The tax rate and payment deadline largely depend on the type of account you choose; this also applies to traditional and Roth IRA.

Bitcoin IRA vs. Traditional IRA

As already established, Bitcoin IRA providers and Traditional IRA providers operate similarly. The only difference between the two investment vehicles is the asset class available for investment.

While you can still keep a conventional IRA, a crypto IRA will add diversification to your account and provide potential gains in the long run.

Bitcoin IRA Benefits

Potential Tax Benefits

The IRS categorizes cryptocurrencies as taxable properties in the same way as real estate. This means that trading cryptocurrencies in a regular exchange have tax implications. 

However, a Bitcoin IRA allows you to grow your Bitcoin for retirement in a tax-efficient environment. Your investment can be tax-deferred or tax-free, depending on your chosen account type.

Portfolio Diversification

A Bitcoin IRA adds a mix to your investment asset classes. Some IRA providers allow users to access various assets in one account, including cryptocurrencies, real estate, precious metals, and others.

Bitcoin IRA challenges

Volatility

Cryptocurrencies are highly volatile. Prices can move dramatically, which makes it unsuitable for investors approaching retirement. This is because such investors may not have all the time to hold and ride out a bear market if one occurs.

Fees

Bitcoin IRA crypto trading differs from regular trading on exchanges as Bitcoin IRAs require custodians, and users must pay fees for their services. Also, these platforms require users to pay setup, storage, trading, and other fees. These are significant expenses to consider.

How to choose a Bitcoin IRA

Selecting a Bitcoin IRA company will depend on your needs. The criteria to consider before choosing include fees, control, security, and customer support.

If you have smaller accounts, platforms with low minimum investment amounts with a percentage-based rate system will make more sense for you in terms of transaction fees. On the other hand, if you want access to more assets, find a platform that supports more currencies or offers checkbook control. While most providers limit their offerings to the most popular coins, some offer an extensive list of supported assets.

On the other hand, security is non-negotiable. Ensure to do your research on how your choice platform secures funds before getting started. And finally, if you are new to retirement investments and crypto, find a platform that provides extensive resources to help walk you through the details, especially the assets to invest in.

No matter your needs, there is a suitable platform for you. However, there are few reputable providers in this industry, so you must take the research process seriously. Check out each platform's terms of service, customer reviews, and possibly real-life feedback from people you know.

Every provider is reputable for something. Therefore narrow your search down to platforms that prioritize your needs.

FAQ

Is Bitcoin IRA safe?

Investing in cryptocurrency carries significant risk as the market is relatively new, and prices can move dramatically. Many crypto investors have massive gains from cryptocurrency investments; however, many others have made bad investments.

The market is largely unpredictable, although crypto enthusiasts believe in its potential to be incredibly popular in the future, thereby returning massive profit to long-term holders. While there are no guarantees, the asset class does have some potential.

Therefore, financial advisors often recommend extensive research to make an informed decision concerning crypto investments.

On the other hand, crypto IRA providers offer secure cold storage for your digital assets. They also provide insurance through their partners in case of any unplanned occurrence.

How Much Do You Need to Retire?

The amount of funds you need for retirement is entirely up to you to decide based on your spending habit and how well you intend to live when you retire.

While some persons will be content with digital assets worth a few hundred thousand dollars, others may need to hold cryptocurrencies worth billions to enjoy the quality of life they desire.

Is Crypto or Bitcoin A Good Retirement Option?

The answer to this question is purely subjective. So far, we have identified the risks associated with this asset class while noting its potential to yield massive gains. Therefore, if you have the risk appetite to speculate in cryptocurrencies, you should get started with crypto IRAs right away.

However, it's best to diversify your retirement account with investments from other asset classes like real estate, businesses, precious metals, etc.

Conclusion

Bitcoin tops the list of risky assets with the potential for massive profits. However, a Bitcoin IRA allows you to add this asset class to your retirement account.

While at it, you could still enjoy the tax benefits that apply to regular IRAs and avoid the tax implications of trading Bitcoin in exchanges. Therefore, if Bitcoin aligns with your long-term retirement plan, choose a provider that suits your needs to get started.