BitIRA is a bitcoin IRA company based in Burbank, California.
The company offers the world’s first insured cold storage solution for your Bitcoin IRA. By signing up for a BitIRA bitcoin IRA today, you could hedge against inflation, diversify your retirement holdings, and enjoy tax-free growth, among other perks.
Does BitIRA live up to the hype? How does BitIRA work? Keep reading to discover everything you need to know about BitIRA.
What is BitIRA?
BitIRA is a bitcoin IRA company that takes care of setting up a bitcoin IRA for you.
If you’re interested in diversifying your account holdings, then a bitcoin IRA may be the right choice. Yes, you can now hold bitcoin in a self-directed IRA – like you can hold gold and other precious metals in a self-directed IRA.
You enjoy various tax advantages when you hold bitcoin in a self-directed IRA. Today, many people rollover an existing IRA into a Bitcoin IRA to enjoy those tax advantages.
In addition to offering bitcoin IRAs, BitIRA lets you setup Bitcoin Cash (BCH) IRAs, Ethereum (ETH) IRAs, Ethereum Classic (ETC) IRAs, Litecoin (LTC) IRAs, ZCash (ZEC) IRAs, Stellar Lumens (XLM) IRAs, Chainlink (LINK) IRAs, and Aave IRAs.
Anyone can get a free info guide on digital IRAs by signing up online at BitIRA.com.
How Does BitIRA Work?
BitIRA takes care of the entire bitcoin IRA setup process. Once you set up a bitcoin IRA with BitIRA, the company helps you create a self-directed IRA with a custodian.
BitIRA helps you coordinate the three main components of setting up a bitcoin IRA, including:
Custodian: Per IRS regulations, you must have a custodian who manages the administrative duties of your self-directed IRA. BitIRA connects you with a custodian who can manage your account on your behalf.
Exchange: BitIRA also connects you with a business (Genesis) to execute all purchases and sales of digital currency. You use Genesis to buy certain IRA-eligible digital currencies and add them to your account.
Wallet: Instead of managing your wallet and keys, BitIRA contains your wallet for you. There’s no need (or even choice) for having a hardware wallet, and you don’t need to remember your keys. Instead, BitIRA secures your bitcoin in offline cold storage. The company also encrypts all transactions and has an insurance policy protecting all assets.
BitIRA works with two partners, including Equity Trust Company (ETC) and Preferred Trust Company (PTC). Both are self-directed IRA custodians and are leaders in their industry.
When you open an account with ETC or PTC, they provide all administrative services for your account.
Once your account is open, you conduct all transactions through Genesis, the central crypto trading platform.
In 2014, the IRS ruled that you can add digital currencies to a self-directed IRA just like you can add certain other types of personal property.
Today, you can customize your BitIRA crypto IRA via the following:
- Type of IRA You Want: You can set up a bitcoin IRA with any classification you like, including traditional, SEP, SIMPLE, and Roth IRA accounts.
- Crypto Assets: You can add only bitcoin to your IRA. Or, you can add BCH, ETH, ETC, LTC, LINK, ZEC, XLM, or Aave, among other crypto options.
- Conventional IRA Assets: You can also add individual stocks, mutual funds, and other traditional IRA assets to your IRA.
- Other Alternative Assets: Because you’re setting up a self-directed IRA, you can add other unique assets to your retirement account, including precious metals (like gold, silver, and platinum bars or coins), tax liens, and real estate in commercial, residential, or raw land.
BitIRA Features & Benefits
There are several major bitcoin IRA companies available today. However, BitIRA claims to offer unrivaled safety and security that continues to set the industry standard. Originally, BitIRA was the world’s first insured cold storage solution for your Bitcoin IRA. Today, the company continues to emphasize intense levels of security.
Here are some of the features and benefits you enjoy with BitIRA:
Multi-Encryption and Multi-Factor Authentication: Encryption is secure, but encryption can be broken. That’s why BitIRA uses multi-encryption encoding for your transactions. Each added layer of encryption makes the underlying information order of magnitude more difficult for an adversary to overcome, making your savings more secure.
No Device or Keys to Track: You could misplace your private keys and lose everything. That’s not how retirement savings should work. BitIRA removes the need to track your device (like a hardware wallet) or private keys. To do that, BitIRA developed a bulletproof system:
BitIRA receives and validates incoming transactions
As soon as the transaction is complete, BitIRA moves the funds into cold storage, removing them from the internet completely.
You don’t need to worry about losing a hardware wallet or memorizing your private keys. Cold storage keeps your retirement funds as secure as possible.
True Cold Storage: BitIRA claims to make your crypto holdings invisible by storing them in a secure device wholly disconnected from the internet (i.e., a true cold storage device). Your coins vanish from the internet until you need them. BitIRA claims to hold your funds “in grade-5 nuclear bunkers” that are “monitored and guarded 24/7 by specialist staff.” offering a level of security that other bitcoin IRA companies do not offer.
End-to-End Insurance: BitIRA has end-to-end insurance that protects your digital currency from transit to storage. When your digital currency is in transit or storage, it’s insured against hacking or theft, embezzlement or internal theft, physical loss, damage, and destruction. Other crypto IRA companies offer insurance, but not when your coins are insurance. BitIRA secured $100 million of insurance coverage with a panel of London insurance companies with S&P ratings of A and better. Meanwhile, any cash in your account with the Equity Trust Company is insured for up to $3.75 million.
CCSS Compliant: BitIRA’s bitcoin IRA setup process is compliant with Level 2 Cryptocurrency Security Standards (CCSS). This industrial group defines global standards of security techniques and methodologies for cryptocurrency systems. Most digital currency IRA providers do not meet the CCSS’s strict requirements.
BitIRA Pricing & Fees
BitIRA, like other IRA setup specialists, charges a range of setup fees, maintenance fees, and storage fees. These fees cover the cost of setting up your Bitcoin IRA for the first time, maintaining your bitcoin IRA with a trusted custodian, and storing your crypto funds in a secure facility.
- Setup Fee: $50
- Annual Account Maintenance Fee: $195
- Storage Costs: 0.05% per month
- Minimum Investment Amount: $5,000
Why Invest in a Bitcoin IRA?
BitIRA claims you could enjoy all of the following benefits by investing in a bitcoin IRA today:
- Tax-Free Growth: As long as you hold your digital currency in an IRA, any growth is tax-deferred.
- Security: All bitcoin IRA transactions are confirmed via a peer-to-peer protocol on a blockchain network.
- Diversification: Bitcoin IRAs let you diversify your retirement savings to more than just stocks and mutual funds.
- Hedge Against Inflation: The adaptive scaling of digital currency makes it impossible to artificially inflate supply, which could drive bitcoin a good hedge against inflation.
- Cut Out Banks: Bitcoin has a decentralized infrastructure untouchable by big banks. You can separate big banks and centralized powers from your retirement savings.
BitIRA Pros and Cons
BitIRA has good ratings in the bitcoin IRA space. Most users agree that BitIRA works as advertised to provide superior crypto IRA services, and the company is one of the best-rated providers in the bitcoin IRA space.
Some of BitIRA’s pros and cons include:
Pros
- Easy setup and trading process
- Accepts multiple digital currencies, including BTC, ETH, BCH, LTC, XLM, ZEC, and others
- End-to-end digital asset insurance
- Secure offline cold storage
- A long-running and reputable name in the bitcoin IRA space
Cons
- High setup and maintenance fees, including custodian fees, security fees, and a one-time setup fee
BitIRA Reviews: What Do Users Say?
BitIRA tends to have strong reviews online, and most customers agree the company works as advertised to provide effective bitcoin IRA services.
Here are some of the reviews across the internet from BitIRA users:
- Many customers like BitIRA for making the account setup process as easy as possible
- Many users also like how easy it is to trade cryptocurrencies with BitIRA, even if you’re new to crypto
- Other customers like BitIRA for its secure offline (cold) storage solutions that are fully insured, protected 24/7, and designed with maximum peace of mind
- Customers also like that BitIRA offers multi-encryption encoding for transactions.
- Customers also like the ability to add new digital currencies to their IRA beyond bitcoin, including BCH, ETH, LTC, XLM, and many others.
- Some customers dislike that you must open an account with a digital currency specialist and that you need to have a minimum of $5,000 to invest.
About BitIRA
BitIRA was founded in 2017. The company is based in Burbank, California. BitIRA specializes in helping users set up a bitcoin IRA account. They partner with Equity Trust Company and Preferred Trust Company as custodians.
You can contact BitIRA via the following:
- Phone: (800) 299-1567
- Mailing Address: 3500 W. Olive Ave, Suite 300, Burbank, CA 91505
- Email: info@bitira.com
- Email Form: https://www.bitira.com/contact-us
BitIRA was founded by team members from Birch Gold Group with previous experience in the precious metals IRA space. The team launched BitIRA on the belief that Americans should have easier access to non-traditional investment opportunities.
Final Word
BitIRA is a bitcoin IRA provider that makes it easy to set up a digital currency IRA.
By signing up online with BitIRA today, you can create a digital currency to hedge against inflation, enjoy tax-deferred gains, and diversify your retirement savings.
To learn more about BitIRA and how the bitcoin IRA provider works, visit the official website at BitIRA.com.
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