Thank you for visiting our BitIRA review (2023). In this in-depth review, we have looked into BitIRA’s digital IRAs, fees, customer reviews, ratings and complaints, cold storage vs online wallets, and much more to see whether BitIRA is a legit company and the best self directed IRA for cryptocurrency.
If you do not wish to read the full review, let us start with a quick summary of our BitIRA rating:
Since this is a comprehensive review, feel free to use the quick links in the TOC list to jump straight to any section:
Cryptocurrencies are a new asset class, and they are certainly a novelty when it comes to placement in an individual retirement account. The same holds true for crypto IRA companies.
There are only a few companies offering digital assets in an IRA and even fewer that can claim a spotless record.
BitIRA is undoubtedly among them, and in our in-depth BitIRA review (2023), we will detail exactly why this company stands out among the rest and continues to dazzle its customers with service and support. We will also give you our honest opinion on whether it is the best self directed IRA for cryptocurrency.
Let us start by looking at the company’s history and mission.
The company has a somewhat unique benefit of being the sister company of one of the top gold IRA providers, Birch Gold Group. This has obviously given them ample experience and a kind of head start when it comes to opening crypto IRAs.
With that said, cryptocurrencies were listed as IRA-eligible assets by the IRS in 2014, and BitIRA opened its doors in 2017.
The company’s growth can be described as both steady and explosive. They have been cautious when it comes to building up their brand and selecting the cryptocurrencies to offer.
On the other hand, the accolades have piled up, which we will look closer at in section BitIRA reviews and ratings.
But their listing in the International Business Times’ Hottest Fintech Startups 2021 is just an example. The list included various companies that are positively and significantly disrupting the fintech industry.
Certainly, the inclusion of an IRA company on this list speaks volumes.
Have a look at this short video to get an introduction to BitIRA and learn the tax benefits of a Bitcoin IRA:
It would be fair to say that BitIRA is a legit company with a primary mission to offer the best self directed IRA for cryptocurrency. And it is a goal they have not missed in the slightest so far.
More so, from the moment a customer reaches out to them to the point when their crypto IRA is set up and ready for action, no compromises or oversights are made.
But BitIRA’s mission extends past just offering good crypto IRAs. Not unlike their gold IRA company, BitIRA places a heavy emphasis on customer education and service.
Since the company’s inception, they have gone above and beyond to educate visitors on their website on all things crypto, let alone the customers who open an account with them.
A quick glance shows that the site is a fairly comprehensive information hub. For one, it features regular updates on the crypto market, the financial markets, and various economic and legal affairs. And other sections go in-depth into the cryptocurrencies they offer and everything else pertaining to IRAs or crypto investment.
Getting a flawless record of customer service is not easy, and maintaining one is even harder. Certainly, this can prove all the more true when dealing with cryptocurrencies.
One imagines that the volatility of the market causes crypto IRA owners plenty of panic sometimes, yet BitIRA has clearly found a way to mitigate this.
For starters, the company boasts an AAA rating from the Business Consumer Alliance (BCA) and an A+ rating from the Better Business Bureau (BBB).
These are two of the biggest consumer watchdogs. And plenty of companies are unable to even obtain a rating with these two, let alone maintain it.
Furthermore, the company has not received any complaints on the Complaint Board in its five years of operation. This shows that they treat every individual customer with care and aim for maximum satisfaction.
From there, the spotless record continues. Sites like ConsumerAffairs and Birdeye give us an insight into what it is like to be a BitIRA customer.
Here is a sample of BitIRA reviews on Birdeye:
When going over the reviews, we can consistently see customers praising their experience with BitIRA from top to bottom. They laud the company’s transparency, honesty, competence, and perhaps most of all, customer approach.
In addition, BitIRA even has a Facebook page, where interested parties can reach out and get a timely reply.
It does not take a lengthy examination of these reviews to see that they are warranted. Oftentimes, BitIRA representatives will reply to the customer and say that they, too, have had a great time dealing with them.
This kind of attention to individuals can be a rarity, definitely when talking about companies that are spearheading an industry. Yet BitIRA, much like their gold-oriented sister company Birch Gold Group, sticks true to its mission even amid what one imagines is constant expansion.
Cryptocurrencies are the asset class everyone is talking about, but not everyone dares invest in. They are infamous for their volatility and upside.
They have caused huge losses for inexperienced or hasty investors, but also tremendous gains for true believers and those who have done their research.
Although Bitcoin has been in use since 2010, it only truly exploded into the mainstream in 2017. By the end of 2017, it climbed from what was already a massive $2,000-a-token price to almost $20,000 in December.
The bear market that followed wiped out an enormous amount of wealth as the top token plunged to around $3,000.
One can only imagine what it must have been like to run a crypto IRA company around this time. Swathes of customers reaching out and seeking reassurance as mainstream media says that crypto is going back to zero.
This is why BitIRA’s record is so impressive: they have kept their spotless record through what was the worst bear market in crypto history. How much patience must it have taken to convince a customer that their $19,000 Bitcoin purchase was not a bad idea when the token fell to $3,000 and everyone screamed bust.
But now, the bear market has the token trading at around $40,000. So, not only did BitIRA expertly navigate these turbulent waters, it rewarded customers who placed their faith in them, in more ways than one.
Cryptocurrencies are undoubtedly the asset with the most upside, but getting gains requires very meticulous timing or long-term holding.
The second is popularly known as HODLing, which refers to purchasing tokens and holding onto them irrespective of short or medium-term market fluctuations.
From this standpoint, one can see how cryptocurrencies fit quite well into an IRA despite their risk-on status. They are a hedge that appreciates over time, functioning in this manner, not unlike gold.
The difference is that gold investors do not have to read headlines about their assets shedding anywhere between 20%-50% in a short timeframe.
But again, those who can power through this end up being rewarded, as the long-term chart of Bitcoin or any other cryptocurrency so clearly demonstrates.
In the early days of cryptocurrencies, which one might say was as late as 2017, it was a highly speculative idea that there might be thousands of altcoins.
Today, it is the norm. The market has expanded to a multi-trillion dollar cap, both due to rising valuations and the release of new tokens.
Out of all the crypto IRA companies out there, BitIRA might be the most careful when it comes to their token selection. They have clearly taken cues from their precious metals branch and are focusing on tokens with long-term value.
BitIRA’s expansion of their token offering is somewhat curious. They started with a very basic palette and hinted at offering more coins in the future, together with providing overviews of them.
Since then, they have included a plethora of other tokens that were not initially named, but the named ones remain on the sidelines.
That is because the regulatory space around the coins is still murky and BitIRA only offers coins that have a solid base in the retail and institutional market with a strong regulatory stance. For example, they no longer offer Ripple due to their regulatory issue.
BitIRA Digital Assets
Right now, the company offers 18 different tokens. And these are:
On its website, BitIRA lists Cardano, Horizen, Dash, EOS, IOTA, Ripple, TRON, and Bitcoin SV as tokens that they are interested in, but do not offer yet.
Many of these tokens are older and more well-established than some of the tokens on the aforementioned list.
Furthermore, BitIRA has hinted at offering these tokens long before many of the above were listed, but they still remain in a tentative status.
As mentioned, this is because of regulatory issues and will change whenever the regulatory status of these coins changes.
As with their gold IRA company, BitIRA emphasizes a hands-off approach for investors. That is not to say you will not have control over your self-directed IRA.
The opposite, really: BitIRA’s custodian even has a platform that lets you perform tax-deferred trades of cryptocurrencies inside your account. Think of it as an exchange within an IRA.
As long as you do not take out any distributions, both the capital gains and the trades you have made in the account will be tax-deferred, which is a tremendous perk when it comes to dealing with crypto assets.
Frequent trading of cryptocurrencies is immensely popular, and a digital IRA lets you engage in it without worrying about taxes on capital gains.
Rollovers and transfers are one of the most popular methods of funding a self-directed IRA. After reaching out to BitIRA’s representatives and setting up an account, the custodian will look into how you might fund it.
Your digital IRA can be funded with one or several retirement plans, including existing or former 401(k)s, government-sponsored plans like a TSP, and so on.
Likewise, an existing IRA can be liquidated and the funds transferred to the new self-directed account. Transfers from custodian to custodian are preferred, but not always possible. If you are looking at a rollover, it might take longer to set up your account.
Similarly, retirement plans that are currently active are not always eligible for an IRA rollover and are generally more difficult to liquidate and transfer to a new self-directed IRA than regular ones.
BitIRA’s approach to digital asset storage is one of the reasons why we believe that the company offers the best self directed IRA for cryptocurrency.
Because the digital assets inside your IRA can be traded over-the-counter, you might get the idea that they are no less secure than those on an exchange.
The opposite is true. BitIRA, unique among its competitors, offers true cold storage for all of their customers’ digital assets.
Cold Storage Vs Online Wallets
1. Cold Storage Options
A common point of contention among cryptocurrency enthusiasts is the security of the assets. We keep hearing about exchange hacks and the like, but even without them, storing long-term assets on an exchange is less than ideal.
Hardware wallets in the form of a USB stick are the only truly secure method of storing cryptocurrencies. Once the digital assets are placed on the stick and the stick is plugged out, nobody but you can access them. They are impervious to hacks, breaches, and everything else.
An even more secure option and unique for BitIRA is their grade-5 nuclear bunkers, monitored and guarded 24/7 by specialist staff.
*No other Digital Currency IRA company can offer you this.
2. Online Wallets
The reason why so many people opt for online wallets over hardware ones is convenience. An online wallet can be accessed much more easily and quickly than a hardware one, and the same goes for moving assets in and out of them.
Through its unique storage solution, BitIRA gives you the best of both worlds.
BitIRA Assets: Secure, Yet Available At All Times
BitIRA utilizes a multi-layered system of security and insurance to give their customers maximum accessibility and security.
The over-the-counter platform we mentioned facilitates the purchase and storage of the digital assets in your IRA, but it does not actually hold them.
The assets themselves are stored offline, in a grade-5 nuclear bunker. So, you can rest assured knowing that the security of the vault that houses these hardware wallets is comparable to a bullion vault or safer.
Not even James Bond could get into this place.
To give you even greater peace of mind, all of the assets in your account are fully insured. So, even if something should happen when purchasing or trading cryptocurrencies in the IRA, or if the vault experiences a breach, you will sustain no losses.
BitIRA refers to this as end-to-end insurance, and we have to concur. Offering their customers the ability to safely buy and store the digital assets in their IRA is one of BitIRA’s strongest points, and it has been the company’s bottom line since the very beginning.
What Are The Fees Associated With A BitIRA Account?
The fee structure that BitIRA utilizes is less transparent than some of their competitors, but this is because every account is individual.
With the kind of meticulousness and zero-room-for-error that the company is known for, one should not be surprised that they are reluctant to list a flat fee structure when these fees can vary from account to account.
There is a general overview of fees we have compiled that you can expect to encounter when opening your BitIRA account:
Also, if you liquidate the assets in your account, you can also expect additional fees associated with it. Additionally, BitIRA used to have an annual custodian fee, which they removed.
Its fee structure is subject to change, so you should definitely check with the company to get a better estimate or an exact figure.
If you have any interest in the cryptocurrency market, the answer is probably yes.
There is definitely a bit of risk tolerance involved when it comes to crypto investment. But those who can handle it have reaped the rewards time and again.
For one, holding cryptocurrencies in your IRA will dissuade you from panic selling and similar things that often trouble crypto investors.
Second, you will gain exposure to the fastest-growing asset class without necessarily having to worry about minute fluctuations.
And, unlike the regular crypto investor, you will have the benefit of having BitIRA’s experts at your disposal. Though neither BitIRA nor Birch Gold “formally” offer investment advice, they will be there to guide you through various phases of the crypto market and clear things up.
The amount of confusion surrounding crypto investment can be overwhelming, and having experts available to you during times of market tumult or industry innovation is a massive bonus.
And, to top it off, a digital IRA is an extremely versatile retirement account that lets you allocate your savings to your liking. The “standard” investments for IRAs and employer-sponsored retirement plans are stocks and bonds, which can leave one wanting when it comes to diversity, safety and returns.
BitIRA’s appeal comes from its bottom line: a tried-and-true company that treats customers well and avoids legal oversights.
Their experience when it comes to IRA management is hard to match, so you will have the bonus of dealing with both cryptocurrency experts and IRA experts.
Many companies cannot resist rushing things, especially when it comes to an alluring market such as the crypto one. BitIRA has avoided this pitfall and ensured full compliance every step of the way, which is quite a chore in a market that can often be difficult to get a handle on.
Choosing BitIRA will give you excellent long-term prospects. However the market moves, the company will be there to stay on top of it and ensure that their customers are satisfied and their assets protected.
It has been a challenge over the past five years, and it will undoubtedly continue to be one as the market continues to expand in ways that surprise even true crypto enthusiasts.
Yet BitIRA has made this challenge look like a walk in the park.
To top it off, you will get the best customer service out of any IRA company out there. Remember how we said BitIRA carefully assesses the tokens in its offering and treats them on an individual basis?
The same can be said for their customers. Every customer is treated with care and made to feel valuable even as the company grows.
The long-term prospects extend to the company itself. Partly because of its experience in offering precious metals IRAs, it is much easier to place one’s faith in BitIRA and imagine the company being operational years and decades from now. The same holds true for the retirement account you open with them.
While BitIRA’s negative sides are few and far between, we will still outline how they might come up short when compared with competitors.
The main downside is the limited choice of assets, and it is one that even some of the 5-star reviews will mention. BitIRA just recently raised the number of tokens it offers to 18 after sticking to less than 10 for most of the company’s operations.
Some digital IRA providers offer a greater number of tokens and even facilitate the purchase of other assets natively. However, with a market as quickly expanding as the crypto one, the urge to invest in new tokens can be overwhelming, and some might find a limited selection off-putting.
Still, this is in line with the company’s careful approach to regulations, investment, and customer relations.
It can also be mentioned that the minimum amount to open an account is $5,000, which is several times that of some of the competitors.
To give you a quick recap, here are pros and cons of BitIRA:
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Opening a digital BitIRA is an easy and straightforward process. Here is the 4-step opening process:
Lastly, accounts are generally ready within a few weeks, after which you will have free room to invest in cryptocurrencies inside the IRA however you see fit.
Is BitIRA The Best Self-Directed IRA For Cryptocurrency?
Nearly all of BitIRA’s reviewers have given it top marks, and we would struggle to do anything else. The company excels at every aspect of IRA investment.
In short order, it has merged an old investment vehicle with an emerging asset class in an exceptional fashion and now ranks as not only the top digital IRA provider but one of the best IRA providers in general.
Whatever your retirement goals are, if they involve cryptocurrencies, BitIRA will help you fulfill them. And if you would like to get an idea of what you can expect from this relatively new company, you can always check their precious metals branch, which has been at the top of the heap since 2003.
Besides offering what might very well be the best crypto or Bitcoin IRA, the company also boasts some of the best customer service and support you can find.
Add to this constant innovation and a devotion to customer education, an A+ rating by the BBB and an AAA rating by the BCA, plus inclusion in the International Business Times’ Hottest Fintech Startups 2021, and you have a formula that is hard to beat.
To sum up, we believe that BitIRA is the best self directed IRA for cryptocurrency on the market and would highly recommend the company to any person who is looking to diversify and grow their retirement savings with digital assets.
If you are still not convinced and want to look around a bit more before deciding what digital IRA company to choose, we have rated and reviewed another big player for alternative assets IRAs, Regal Assets.