BitcoinIRA.com is a website that claims to be “the world’s first Bitcoin IRA” which facilitates people buying bitcoin and digital currencies using your IRA or 401k.
How Does It Work?
According to the website, Bitcoin IRAs are a “one-of-a-kind” investment opportunity that services people who want to transfer their current IRA or 401k funds into Bitcoin or other digital currencies, like Etherum, Ripple, Litecoin, and more.
Their website promises that after your Bitcoin or other cryptocurrency is purchased, it will be stored securely in their exclusive digital wallet with BitGo, who they say is the leader in multi-signature encryption technology.
There website says that there is a one-time, initial service fee which will vary depending on your investment amount. This fee is described as covering their full support services for rollover of retirement funds, a complete set up of Kingdom Trust IRA retirement account, and best in-class security storage. This fee also covers a “minimal custodian and security fee.”
They do require a minimum investment of $20,000 but they do not have an investment cap. They do warn their customers that retirement accounts which hold Bitcoins require significantly more steps and procedures than accounts with cash purchases.
The best way to determine what kind of fee you will have to pay to transfer your current IRA over to a Bitcoin IRA is by calling their offices and speaking to a company representative.
Since this is a specific kind of financial service, there really isn’t an option for a Refund Policy. Instead, customers who want to leave their Bitcoin IRA behind and change their investments to a different kind of IRA will have to go through the process of opening another account and transferring funds once again.
Customer Service Contact Info
Customers who would like to contact their Customer Service team with questions, concerns, or complaints can do so by phone at 877-936-7175.
It is difficult to find a review that is specific to BitcoinIRA.com, but there are a variety of articles online that address the general concept of Bitcoin IRAs and whether or not they are recommended as a retirement investment.
According to an article on Forbes.com, there actually isn’t anything as a Bitcoin IRA. Instead, you would be setting up a self-directed IRA and then choosing to put an alternative holding in that IRA. In this case, it would be Bitcoin or another digital currency, rather than real estate or collectibles.
There are many different warnings available about companies that promote Bitcoin IRAs as being “IRS approved” or “IRS recommended,” and the reality is that this isn’t true. In fact, the IRS expressly does not recommend any IRA that uses non-traditional investments. They leave those choices up to each individual investor.
The bottom line seems to be that if you want to take your current IRA and invest it into Bitcoin, the best route would be to go to a trusted financial service provider and choose a self-directed IRA. You can then choose to invest it in Bitcoin, and in the future if you choose to invest your retirement funds in something else, you will just change your investment and not your entire account provider.
Competitors and Alternatives?
As mentioned above, there are many different companies that specialize in Bitcoin IRAs, as well as many different providers of self-directed IRAs that you could use to set up your own Bitcoin IRA.
If you have experience with this company or their products, please leave your BitcoinIRA.com reviews below.
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