Crypto IRA Companies

Crypto IRA Companies

Have you been watching the performance of cryptocurrencies lately and been wondering if now is the right time to invest? Would you like to be able to help set yourself up for a successful retirement at the same time? If so, perhaps a Crypto IRA is something you'd be interested in considering.

A Crypto IRA is a type of Self-Directed IRA (Individual Retirement Account) where you're able to hold cryptocurrencies, rather than the traditional stocks and bonds, in your retirement account. Each year you can contribute up to $6,000 to your IRA (or $7,000 if you're over 50), so it doesn't take a math whiz to do the math and see the potential growth that can occur between now and the date of your retirement.

However, how do you even start investing in cryptocurrencies for an IRA? Fortunately, there are different cryptocurrency investment companies out there that can help you do just that. To help you select which of these Crypto IRA companies is right for you, we've put together reviews of three of the top choices. Keep reading to find out more about each option and decide which is the right fit to help you start investing in cryptocurrencies to prepare for your retirement.

Crypto IRA Company Reviews

CoinIRA

If you're looking for the best Crypto IRA company, Coin IRA is definitely a top contender. The company was founded in 2017. The company aims to help meet the interest of individuals looking to invest in cryptocurrencies, such as Bitcoin.

If you are looking to begin investing in cryptocurrencies for a retirement plan, Coin IRA offers a few different options to consider. They can either help you open up a new Crypto IRA, or if your current retirement account is eligible, they can also help you rollover an existing account into a new Crypto IRA.

If you choose to open a Crypto IRA with Coin IRA, you can choose from many different cryptocurrencies. Some of the options offered by Coin IRA include:

  • Bitcoin
  • Ethereum
  • Ethereum Classic
  • Litecoin
  • Dash
  • Zcash
  • Stellar Lumens
  • Chainlink
CoinIRA

The cryptocurrencies you purchase can be store in a hard walled from hosts such as KeepKey or Ledger or in an offline vault that Coin IRA offers. With Coin IRA, you also have the option to store cryptocurrencies for an IRA in your own digital wallet, which is not always the case for Crypto IRAs offered by other companies.

Another benefit of signing up for a Crypto IRA with Coin IRA is that you don't have to worry about a minimum investment amount. While other account types with the company require a minimum of $30,000 to open, Crypto IRAs are not subject to this rule. You can set up an account with less and contribute up to $6,000 each year (or $7,000 if you're over 50).

If you have an existing retirement account that you would like to rollover into a Crypto IRA, a member of the Coin IRA team will be able to work with you to complete the rollover. Since it can be a bit confusing trying to determine if a retirement account is indeed eligible for a rollover, the team member can help you assess eligibility. They will then work with you to make sure the money is transferred from your existing account to fund your new account.

There are a number of benefits you'll enjoy if you decide to use CoinIRA to set up your new Crypto IRA. First, CoinIRA is backed by Goldco. Seeing this connection between CoinIRA and such a trusted name in the precious metals investment industry should give you confidence that you are working with a reputable company.

CoinIRA's platform is also safe and secure. You won't need to worry about any of your personal information leaking out on to the web to compromise your identity.

Coin IRA is also very knowledgeable regarding the IRS rules and regulations for Self-Directed IRAs. They fully comply with these regulations to ensure their customers don't face any unexpected fees or penalties.

Finally, if you hate calling a company to ask a few questions and explore your options and getting a hard-sell, you'll feel at home with Coin IRA. They don't believe in using high-pressure sales tactics. Rather, they work to educate each customer about investing in cryptocurrencies and setting up a Crypto IRA to make sure each individual's investment needs and goals are met.

Pros

  • Coin IRA doesn't try to pressure their customers into making investments they aren't comfortable with.
  • The company is backed by Goldco, a reputable name in the precious metals investment industry.
  • Coin IRA offers protection against theft or fraud around your cryptocurrency purchases.

Cons

  • The website doesn't clearly lay out all of the service options, so you may need to call to learn more about the specifics of working with Coin IRA.

#2. BitIRA

BitIRA

BitIRA also offers Bitcoin, or Crypto IRAs. BitIRA works with respected IRA custodian companies to help individuals set up a Digital IRA to diversify their portfolio and help them start setting themselves up for a successful retirement. The two custodian companies that BitIRA works with are Preferred Trust Company and equity Trust company.

The account you open with either Equity Trust Company or Preferred Trust Company will hold your digital currency investments until you reach the age of retirement. Equity Trust or Preferred Trust will take over the administrative side of servicing your account, while BitIRA will help you with selecting and adding the digital currencies to your account.

BitIRA offers a variety of different cryptocurrencies for their investors. You can choose from:

  • Bitcoin
  • Bitcoin Cash
  • Ethereum
  • Ethereum Classic
  • Stellar Lumens
  • Ripple
  • Litecoin
  • Zcash
BitIRA

One of the benefits of opening a Crypto IRA is that you can also choose to invest in other assets. Since a BitIRA is a form of a Self-Directed IRA, you are in control over what assets you hold in your retirement account, and may choose to also investment in stocks, mutual funds, precious metals, and real estate, amongst other options.

The team at BitIRA are dedicated to helping their customers feel confident and informed about setting up their new Crypto IRA. The work with you throughout the process of setting up your new IRA and selecting the cryptocurrencies you'd like to add to it.

If you are unsure which specific cryptocurrencies you want to invest in or have other questions about the process, a member of the BitIRA team will be right there to explain everything to you. They'll also help you complete all of the necessary paperwork for your IRA, oversee the transfer of funds for an IRA rollover, and help you with making future contributions or distributions from your account.

If you have an existing retirement plan, it may be eligible for a rollover into a new Crypto IRA. Some of the account types that may be eligible include a Roth IRA, traditional IRA, 401(k), 403(b), 457, and TSP (Thrift Savings Plan). IRA regulations can sometimes make it challenging to determine whether your account is actually eligible. If you are not sure whether your account is eligible, let a member of the BitIRA team work with you.

When you work with BitIRA, you can rest easy knowing your investment and personal information are safe. They have put security measures into place to protect their customer's investments.

For example, rather than using a 'hot' wallet (one that is connected to the internet), BitIRA uses 'cold' wallets. These cold wallets are not connected to the internet, and thus, your information and investment is more secure. All of your credentials are stored on a hardware device that is not connected to the internet.

These devices are also protected to offer further peace of mind. They are stored in a secure vault with full-time armed guards. Additionally, your assets are fully-insured to remove any possible remaining hesitancy.

Pros

  • The team at BitIRA is helpful and experienced to walk you through setting up a new Crypto IRA.
  • Your information is stored on cold wallets that aren't connected to the internet to protect your information.
  • They offer a large selection of cryptocurrencies to choose from.

Cons

  • You can't set up your account on your own; you must work with a member of the BitIRA team.
BitcoinIRA

Last, but definitely not least, is BitcoinIRA. There is a lot to like about BitcoinIRA, and you may find that it is the best choice for your new Crypto IRA needs.

With BitcoinIRA, you'll be able to choose from numerous different cryptocurrencies for your IRA. The availability of different cryptocurrencies helps individuals with different financial needs and goals choose what they want to invest in. Some of the cryptocurrencies may be cost tens of thousands of dollars each, while others are less than $1.00 apiece.

With BitcoinIRA, you can invest in the following cryptocurrencies for your Crypto IRA:

  • Bitcoin
  • Bitcoin Cash
  • Litecoin
  • Ethereum
  • Zcash
  • Stellar Lumens
BitcoinIRA

BitcoinIRA allows their investors to set up a Crypto IRA, Crypto Roth IRA, Crypto 401k, IRA Earn, or Saver IRA. You can talk with one of the advisors at Bitcoin IRA to determine which IRA type is right to help you meet your financial goals. The advisor you work with can also help with rolling over an existing IRA, choosing the cryptocurrencies to add to your account, or addressing any other questions or concerns you may have.

One of the things that really makes BitcoinIRA stand out over some of the other companies out there is their trading platform. You can use the platform to make your own trades for your IRA (or personal accounts you may choose to set up). The platform can also help you generate reports on your holdings, track the prices of your investments, and more to monitor your account. It also offers useful videos and other educational resources to help you learn more about investing in cryptocurrencies.

When you invest with BitcoinIRA, you're protected with $100 million in custody insurance. They worth with BitGo Trust and Lloyd's of London to guarantee that your investment will be protected.

The cryptocurrencies you purchase for your IRA account are stored offline, so you won't need to worry about your account getting hacked. BitcoinIRA also offers SOC 1 and SOC2, Type I and II security certifications as further security measures.

BitcoinIRA was founded in 2015 by Camilo Concha, Johannes Haze, and Chris Kline to offer customers the opportunity to invest in cryptocurrencies for their IRA. The company strives to make the somewhat confusing process of investing in cryptocurrencies more straightforward to help each customer make informed decisions that will benefit their financial future.

If you'd like to further diversify your portfolio by investing in gold, BitcoinIRA can help you with that as well. Gold is a historically high-performing asset that, alongside your cryptocurrency investments, can help set you up for a successful retirement. When you invest in gold with BitcoinIRA, you purchase ownership rights to gold bars that are US-certified and investment-grade.

By investing in ownership right, you don't need to worry about the storage fees associated with holding physical bars or coins in your IRA. You'll also find that it is quick and easy to liquidate your assets when you're ready to.

Pros

  • Cryptocurrency investments are protected with $100 million in custody insurance.
  • BitcoinIRA offers offline storage for Crypto IRAs to protect your assets.
  • The platform makes it easy to make trades, view reports related to your account, or learn new information about investing in cryptocurrencies.

Cons

  • If you choose to invest in gold with BitcoinIRA, you are purchasing ownership rights to gold bars, rather than physical precious metals you could hold.

Frequently Asked Questions 

What is a crypto IRA?

A crypto IRA, also referred to as a Bitcoin IRA, is a type of self-directed IRA where you can hold cryptocurrencies rather than the stocks and bonds held in a traditional IRA. Self-directed IRAs, such as crypto IRAs, first were allowed beginning in the 1970s based on a revision of the IRS rules.

According to IRS regulations, individuals can contribute up to $6,000 each year to an IRA (or $7,000 for individuals over the age of 50). This is the total maximum contributions, however, so if you have other IRAs, you will need to make sure your total contributions don't exceed these amounts, or you will face penalties from the IRS.

Is a Crypto IRA safe?

A Crypto IRA to diversify your portfolio. When all of your money is invested in stocks and bonds, you will be severely impacted by a market crash. However, keep in mind that any investment has its risks, and should the value of the cryptocurrencies you invest in decrease significantly, it can also impact your retirement outlook.

Before starting a Crypto IRA, take the time to research each company you're considering. Look for one with experience and positive reviews from past customers.

What are the advantages of investing in cryptocurrencies?

There are a number of reasons you may want to consider investing in cryptocurrencies. They offer a way to diversify your portfolio and offer some protection against stock market volatility. Cryptocurrencies are still newer, and many have recently taken off and seem to be growing in popularity. Many signs point to this popularity continuing to grow over the coming years.

Cryptocurrency offers a very transparent investment. Transactions are monitored and recorded. A transaction also can't be changed after it is made. Additionally, transactions aren't able to be hacked or changed.

When you invest in cryptocurrencies, your personal information will not be accessible by others. It doesn't increase your risk of becoming a victim of identify theft. Cryptocurrency transactions are decentralized, so you can make transactions without working with a banking institute.

As we shared above, there is a huge potential for growth with cryptocurrencies. While some, like Bitcoin, may be expensive now, there are many lesser-known ones that could take off and grow in value quickly.

What are the risks of investing in cryptocurrencies?

While there are many benefits associated with investing in cryptocurrencies, there are also some risks and drawbacks to be aware of. First, understanding cryptocurrencies and how they work can be a challenge. Before beginning to invest in cryptocurrencies, you'll want to make sure you clearly understand how the market works.

Cryptocurrencies are also a very volatile investment. You'll need to be prepared for some investment highs and lows. Especially when you're investing for retirement, you'll need to be prepared to ride the market and deal with these highs and lows.

Signing up for a Crypto IRA will also mean you'll be paying higher fees that you would with a traditional IRA. Some of the fees you may face include setup, trading, and annual account maintenance fees. Additionally, you may also have a pay a transaction fee for each cryptocurrency purchase you make.

Can I own Bitcoin in my IRA?

Yes, Bitcoin can be held in a Crypto IRA, which is a type of Self-Directed IRA.

Can I have a Crypto IRA and a traditional IRA?

Yes, you can have multiple IRAs. Doing so is another good way to diversify your portfolio. Just keep in mind that the total amount you're able to contribute to your IRAs each year is $6,000 (or $7,000 if you're over 50). So, make sure your combined contributions don't exceed this amount.

What percentage of my portfolio should include cryptocurrencies?

The right ratio of cryptocurrencies for your portfolio may different from what is best for other individuals. The level of risk you're comfortable with as well as your age, income, and goals for retirement will all impact how much of your money you'll want to invest in cryptocurrencies.

Since cryptocurrencies are seen as a bit of a riskier investment, if you're nearing the age of retirement, you'll likely want to invest less money than someone who is just entering the workforce.

Are custodians required for Crypto IRAs?

Yes, regardless of the type of IRA you set up, you are required to have a custodian. With a Crypto IRA, the custodian will track the value of your account and help ensure you stay within compliance of IRS regulations to preserve the tax benefits associated with an IRA.

Can I remove money from my Crypto IRA before I'm 59 ½?

According to IRS regulations, individuals must reach the age of 59 ½ before they are able to begin making withdrawals from their account. While you can take money out before this time, you will be faced with taxes and fees, so if it is avoidable, try not to make early withdrawals from an IRA.

Can I rollover my current retirement account to a Crypto IRA?

In many cases, an existing retirement account will be eligible for an IRA rollover. However, there are some restrictions based on the account type you hold. For example, if you are currently working for the employer who sponsored your plan, it is likely ineligible for a rollover.

However, if you are not still working for that employer, you may be able to rollover your plan. Some of these plan types include 401(k)s, 403(b)s, TSPs, and 457s.

If you currently have an IRA set up, you will be able to roll it over to a Crypto IRA. This includes any of the IRA types, such as traditional IRAs, Roth IRAs, SIMPLE IRAs, and SEP IRAs.

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