BitIRA is a California-based company that assists you to invest in digital currency using your IRA retirement accounts. This firm was founded in 2017 to help ordinary people navigate the sometimes complicated landscape of self-directed IRAs. According to BitIRA, they offer the world’s most secure digital currency IRA.
They offer the first-ever insured digital currency storage solution for your digital IRA. Opening an account with BitIRA means you can enjoy the following benefits:
- Tax-free growth
- Expand your retirement savings
- Combat inflation and much more
A Brief Overview of BitIRA
If you’re looking to expand your retirement savings by investing in digital currency, BitIRA might be ideal for you. This company helps you set up your digital currency IRA to store your Bitcoin in a self-directed IRA.
You can enjoy tax-free growth once you open your IRA; the rules are the same whether your IRA holds stocks or digital currency. While this firm mainly offers Bitcoin IRAs, you can also invest in other cryptocurrencies, including:
- Bitcoin Cash
- Stellar Lumens
- Ethereum Classic
Working Mechanisms of BitIRA
BitIRA is one of the well-known firms for setting up a digital currency IRA. As soon as you sign up with this firm, you can set up your self-directed IRA with the help of a custodian.
There are three primary components of opening an IRA. These include:
According to Internal Revenue Service (IRS) regulations, you need a custodian alongside you to manage your IRA’s administrative duties. BitIRA connects you with a custodian. BitIRA partners with Equity Trust Company (ETC) and Preferred Trust Company (PTC) to offer custodian services.
This firm also allows you to connect with an exchange to handle all your IRA sales and purchases. This way, you can buy specific digital currencies—BitIRA partners with Genesis as their exchange of choice. Genesis was created to serve customers with $10 million in assets; due to their arrangement with BitIRA, you will have the same service as multi-millionaire investors.
When dealing with cryptocurrency, there are several types of “wallets” – a so-called “hot” wallet is one in which the assets are connected to the internet, which leaves the assets vulnerable to hackers. BitIRA solves that issue by securing your digital currency in a “cold” wallet. Cold wallets store the cryptocurrency in a vault that is not connected to the internet. BitIRA’s cold storage vault is in a level 5 nuclear bunker, guarded by staff 24 hrs a day. In addition to that, BitIRA offers an end-to-end insurance policy of up to $100 million to protect your valuables while encrypting all your transactions.
Today, BitIRA allows you to customize your digital currency IRA through:
BitIRA gives you the option to create your digital currency IRA with any of your preferred IRA types, such as:
- Roth IRA
Apart from adding bitcoin, this firm lets you add other digital currencies, including Aave, Ethereum, ZCash, and many more.
BitIRA also lets you add other valuable assets to your account, including:
- Mutual funds
- Other traditional IRAs
The firm also allows you to add some alternative assets to your IRA account, including:
- Precious metals, including coins and bars of gold, silver, and platinum
- Real estate (raw land, commercial, or residential)
- Tax liens
How to Register with BitIRA
The BitIRA signup process is simple. You need to visit the company’s website and choose between two signup options:
- Online application
- Seek support from the helpdesk
The online application process is fast and straightforward. However, you can seek help from the company’s staff online on the website or via a call if you face any complications while completing the application form.
BitIRA has a team of trained professionals who can quickly walk you through each step of the paperwork and documentation. The paperwork is pretty short and straightforward – it might only require your signature and additional documents if you are rolling over a pre-existing IRA.
If you opt for the self-help or online option, you’ll be required to provide your information, including your current retirement account, current custodian, etc. Also, you will have to select one of three different configurations:
- Custom – This feature allows you to customize your account as per your preference and choice.
- Balanced – In this feature, investments are distributed equally among digital currencies
- Popular – This configuration has more digital currencies, including BHC, BTC, XRP, and ERH (based on the market cap)
One thing to note here is that to be eligible to open an IRA, you must have the following:
- You’re a valid US citizen with a Tax ID or Social Security Number (SSN)
- A valid ID issued by your state
- Valid US addresses
In addition, you’ll need to provide some additional details during the registration process, including:
- Date of Birth
- Account details
- Beneficiary’s details
Once you’ve applied, it will take about three weeks to complete. This time is necessary since the company must ensure that your account is secure (once established) and ready to trade in digital currency.
Perks and Features
It’s no secret that you can find numerous companies that deal with digital currency IRAs. However, BitIRA claims to offer the world’s most secure storage solution for your digital currency IRA. In addition to that, this firm always focuses on improving its security levels. Let’s explore some perks and features you can get from this company:
Encryption plays a crucial role in securing your digital currency IRA; however, it’s vulnerable sometimes. With this in mind, BitIRA encrypts all your transactions using multi-encryption encoding for maximum protection. This makes it challenging to break the encryption code, making your savings secure.
No Tracking of Device or Keys
It’s natural for anyone to misplace or lose their crypto keys or digital wallet, and BitIRA emphasizes this point. The firm has removed the need for a device such as a physical wallet or personal keys. BitIRA has done this by introducing a bulletproof system:
- As soon BitIRA gets incoming transactions, it validates them
- Once the transaction is processed successfully, the firm transfers the funds to cold storage, so they are removed from the network entirely.
- This way, your digital currency IRAs remain as secure as possible
True Cold Storage
BitIRA claims to offer the world’s most secure way of storing your digital currency IRA while entirely disconnecting it from the network. As soon as BitIRA transfers your funds to the storage, they disappear from the system until you need them.
In addition to that, the firm claims that your funds are stored in grade five nuclear bunkers (monitored by dedicated staff 24/7). This is a level of security that some IRA firms fail to offer.
Another top-notch feature this firm offers is end-to-end insurance to protect your IRA throughout the entire process (from transit to storage). This means your digital currency remains insured against theft, destruction, and physical loss.
BitIRA partners with a panel of London insurance firms and has secured $100 million in insurance coverage with them. Also, if you have cash deposits in your ETC account, they are insured for up to $3.75 million through FDIC protection. PTC accounts have cash protection of up to $250,000 through FDIC. Digital currency is not covered by FDIC insurance.
Another perk of working with BitIRA is the company’s digital currency IRA process is compliant with the Cryptocurrency Security Standards (CCSS) – level two. While most digital currency IRA companies miss the mark on this, BitIRA takes it seriously.
Another reason BitIRA stands out is it’s user-friendly website with a smooth interface. It helps you navigate through your account and perform desired actions with ease.
The website is straightforward to use, and you can enjoy the following features:
- Manage your account
- Get assistance
- Assess the tax implications
- Maintain your account’s withdrawal
- Maintain contribution limits
This way, you have full authority over your account, and the best part is a trusted custodian manages it under supervision.
Other Website Features
Here are some other excellent features of the BitIRA website:
This option allows you to exchange from one digital currency to another, or you can trade cryptocurrencies for fiat currencies. According to BitIRA, the firm has already mediated over one billion dollars in transactions.
This feature lets you check your digital currency’s current balance while updating how your assets are performing. The information this feature provides is in US dollars.
This refers to a portion of the BitIRA website that gives customers the latest digital currency market updates. You can also opt for free weekly email newsletters to stay on top of the crypto markets.
BitIRA and 401(k)
Though it is possible to hold bitcoin in your 401(k), you are unlikely to get this option. You can purchase Bitcoin in a 401(k), just like stocks. However, a company dealing with a 401(k) plan rarely provides alternative investment options because of the “Employee Retirement Income Security Act of 1974 (ERISA)” fiduciary rules.
According to these rules, companies should offer a range of investment options while protecting customers from significant losses. However, due to digital currency’s volatile nature, most firms are reluctant to provide these types of investment plans. There are a few platforms offering plans to hold five percent of users’ assets in digital currency.
Benefits of BitIRA
Here’s a brief rundown of some of the benefits of opening an account with BitIRA:
- It requires $5,000 as the minimum investment amount – less than some brokers
- You can enjoy tax-free growth as long as you store cryptocurrency in an IRA
- You can carry out all your digital currency IRA transactions through a blockchain network
- You have the option to keep your savings as mutual funds and stocks
- You can lessen the risk of inflation by partnering with BitIRA
- It has a straightforward signup process
- It has an easy trading process
- It offers end-to-end insurance
- Stores your cryptocurrency in true cold storage
- It allows you to deal in multiple digital currencies, including ZCash, Ethereum, and more
- It offers a secure storage solution
- It has a proven track record in the digital currency IRA space
Besides providing a top-notch digital IRA, there are a number of things that BitIRA has to offer – which makes it stand out. This firm offers tailored attention, prioritizes investor education, and puts customer satisfaction above everything else. Let’s have a look at why you should choose BitIRA:
BitIRA prioritizes the security of your valuable assets. Usually, your assets are stored in a secure digital currency wallet. These digital wallets are often linked to the Internet, leading to security breaches.
With this in mind, BitIRA has taken an out-of-the-box approach and introduced true cold storage. This allows you to store funds offline in each investor’s hardware vault. These devices are kept in a secure vault monitored by armed guards 24/7.
US Law Compliant Services
Many people are still unaware that they can deposit their digital assets like Bitcoin, Ethereum, etc., as savings in their retirement accounts. When the International Revenue Service (IRS) classified Bitcoin as property, it did more than just designating its tax status. It also immediately made digital currency eligible for self-directed IRAs.
BitIRA ensures that your digital assets are always handled by trusted custodians, such as Preferred Trust Company and Equity Trust Company. These custodians will run your account’s administrative tasks to ensure it is IRS-compliant throughout the investment journey.
Customer Support Services
If you are new to the digital currency world, you might initially struggle to deal with it. This is where BitIRA shines. It helps clear any confusion about retirement funding or digital currency by educating you about the important concepts. As a result, it doesn’t take you long until you’re trading confidently.
In addition, if you’re still confused about some aspects even after taking a fair share of investor education sessions, you can always ask BitIRA’s customer support team. This will allow you to have a chat with both dedicated IRA specialists and digital currency specialists. Another reason to choose BitIRA is that it provides transparent invoicing of all your transactions.
Ratings and Reviews
It’s no secret that BitIRA is right up there with the top-notch investment firms and has thousands of positive reviews and ratings. These include:
- BitIRA is a top choice among clients since it has a straightforward signup process
- Many clients prefer this firm since it makes it easy for them to trade digital currencies even as beginners
- Some investors give the edge to BitIRA because it offers secure storage solutions, 24/7
- Many clients prefer this investment firm because of its multi-encryption
- Some users also like the range of digital currencies offered by BitIRA
BitIRA is a California-based investment company that allows people to transfer their retirement savings to digital currencies. Founded in 2017, this firm helps customers create digital currency IRA accounts. The company uses custodians such as Preferred Trust Company and Equity Trust Company to add high levels of security to its signup process.
You can reach out to BitIRA through:
- Contact info: (800) 299-1567
- Address: 3500 W. Olive Ave, Suite 300, Burbank, CA 91505
- Email: email@example.com
- Email Form: https://www.bitira.com/contact-us
Frequently Asked Questions
There is no denying that BitIRA has a massive fan base. This firm is one of the most popular investment companies. However, some people are still confused about some aspects of BitIRA. Let’s take a look at frequently asked questions about BitIRA.
How does BitIRA keep my funds safe?
BitIRA claims that it is the world’s most secure digital currency IRA. The company stores your valuables using five layers of protection. By keeping your digital assets in offline cold wallets, the firm ensures that they are protected from malware, online theft, and hacking.
You need to go through multi-factor authorization in order to get access to your funds. All security keys are kept in grade-5 nuclear bunkers protected by technology experts and security guards 24/7.
BitIRA also partners with London-based insurance companies, ensuring that your digital assets are covered from loss, destruction, damage, and theft. Moreover, the company ensures compliance with external audits using Level II Cryptocurrency Security Standards (CCSS). This firm claims that it has insurance coverage of up to $100 million.
Are there any penalty charges for converting my retirement savings into BitIRA IRA?
You won’t have to pay any penalties to transfer your retirement savings to digital currency via BitIRA. This is also valid for SEPs, 401(k), Roth IRAs, and SIMPLE IRAs.
How long is BitIRA’s signup process?
Converting your savings account into a new digital currency IRA account may take about three weeks. This time of the entire process depends on how quickly the custodian transfers your funds.
Does the BitIRA account allow me to store other investments in it?
The answer is yes. When you sign up with BitIRA, you get the option to store your other valuables, including gold, silver, stocks, and so on.
When does the digital currency holding period start with a BitIRA retirement account?
This holding period commences the day after you purchase cryptocurrency in your IRA account.
Do I have the option to liquidate a BitIRA digital currency IRA?
The answer is yes. BitIRa’s representative will explain the entire process to you, helping you make decisions regarding your digital currency IRA account. However, whether you buy, sell, or liquidate your assets depends on you.
Ever since it came to people’s knowledge in 2017, BitIRA has dominated the digital currency investment space. This high-profile firm is a go-to choice among many people who want to transfer their retirement savings to a digital currency IRA. BitIRA edges its competitors since it offers tremendous benefits, customer service, and top-notch security and insurance. That said, this investment company has attained thousands of positive reviews and ratings online so far. If you’re looking for an investment company to transfer your retirement savings to a digital currency IRA, BitIRA will be ideal for you.
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