Read this Bitcoin IRA Review Before Making Your Investment
Reid Sletten- Bitcoin IRA is a Bitcoin brokerage company that offers Bitcoin IRAs (individual retirement accounts) that are compliant with federal regulations for the tax-deferred retirement savings plan.
- The company was founded in 2017 by a veteran of the financial planning industry.
- Bitcoin IRA is a bitcoin brokerage company that offers Bitcoin IRAs (individual retirement accounts) that are compliant with federal regulations for the tax-deferred retirement savings plan.
Bitcoin IRA is a Bitcoin brokerage company that offers Bitcoin IRAs (individual retirement accounts) that are compliant with federal regulations for the tax-deferred retirement savings plan. The company was founded in 2017 by a veteran of the financial planning industry.
What Is Bitcoin IRA?
Bitcoin IRA, a privately held company, was founded by veteran financial experts with years of industry experience. The company offers investors the opportunity to store their bitcoins in IRAs, which are among the most secure investment accounts on the market.
Pros and Cons of Bitcoin IRA
Bitcoin IRA reviews suggest that this service is convenient for people looking to invest in Bitcoin, as the investment process can be done online. The cryptocurrency is held in cold storage, and clients can buy and sell Bitcoin directly through the company. Bitcoin IRA reviews also highlight that the company is transparent, as clients can access all transaction logs.
Pros
The MyBitTrust platform provides Bitcoin IRAs, which allow you to buy and store Bitcoins in an IRA account. The offer different custodian options, including Coinbase and BitGo.
MyBitTrust IRAs do not require a minimum investment amount. You can begin with as little as $100.
Cons
MyBitTrust charges a 1% fee on Bitcoin IRA trades.
MyBitTrust does not appear to provide Bitcoin IRAs for individual investors.
Cons
Taxes: Bitcoin is not officially recognized as money by the U.S. Internal Revenue Service (IRS). This means that any investment you make in crypto assets, such as Bitcoin, will be subject to capital gains tax, which is different than income tax.
Risk: Like stocks, cryptocurrencies can lose value.
Security: Bitcoin is stored in digital wallets, which are susceptible to hacking.
Exchange risks: The value of cryptocurrencies can fluctuate from exchange to exchange.
Volatility: Bitcoin and other currencies can be highly volatile.
How Does Bitcoin IRA Work?
Bitcoin IRA is a division of Bitcoin IRA, LLC, a company founded in 2013. The company offers cryptocurrency IRAs, and, as of April 2020, it was one of the 10 largest Bitcoin IRA issuers in the United States, according to CoinSchedule.com. An IRA account can be opened with a minimum investment of $5,000.
A Bitcoin IRA holds only crypto assets. Traditional IRAs, on the other hand, can hold a wider array of assets, including stocks, mutual funds, and bonds.
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The Bottom Line
Bitcoin IRA is a popular name when it comes to investing in bitcoin. However, the fees charged by this company are significantly higher than its competitors, and it might make sense to invest with a firm that provides lower fees for bitcoin investment.
