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Individual retirement accounts, or IRAs, are a powerful way to prepare for retirement. They are also quite popular with around 22% of all assets held in mutual funds represented by IRAs. This equates to an amount of $4.9 trillion.
But mutual funds are not the only investment option for IRAs—far from it. Gold, silver, and even cryptocurrencies can all play a critical role in strong retirement plans. Alternative investment options like these can be incredibly valuable because they diversify your portfolio and decrease your dependency on fiat currency.
One excellent platform offering IRAs with cryptocurrency is Coin IRA.
As one of several new financial firms supporting crypto IRAs, Coin IRA allows you to make cryptocurrency investments with your retirement account.
An account from Coin IRA will come with the same tax advantages and features that you would expect from a traditional IRA. Still, choosing an IRA account that’s right for you can be a challenge.
In this review, we’ll help you understand how a crypto IRA fits into an overall retirement plan. Then we’ll give you the details you need to decide if Coin IRA is the right investment platform for you. Keep reading to find out more.
How Coin IRA Works
A crypto IRA works just like any other IRA, particularly those that support precious metal investments. You can buy cryptocurrency to fund your account by paying in fiat currency or rolling over funds from a separate IRA.
Once you purchase crypto to fund your account, Coin IRA offers three separate ways you can store your digital assets:
In a secure offline vault owned and managed by Coin IRA
In a separate hard wallet, such as ones hosted by Ledger or KeepKey
In your own self-hosted digital wallet
While there are other crypto IRAs that provide offline asset storage with excellent security, few other IRAs give you the option to store your assets in your own wallet at home. While this would not be the right decision for everybody, it’s good to have the option.
When you buy crypto in cash accounts, there’s a minimum investment requirement of $30,000. This is a lot for inexperienced investors. However, this purchase minimum is waived for Bitcoin IRA account purchases.
Using Crypto in Your Retirement Strategy
Having an IRA is essential to preparing for retirement. Too many people go half their lives without thinking about their retirement plans.
By getting started right now, you can avoid reaching retirement age unprepared. And by using a platform like Coin IRA to add crypto to your portfolio, you’ll be more prepared than most for unpredictable market changes.
If you want to make the most of your cryptocurrency investments, Bitcompare.net has you covered. From crypto calculators to platform reviews, we have all the information you need to make confident investments. Keep reading our blog for more valuable ideas.