Read BitIRA Reviews - Let the Experts Decide

• BitIRA.com is a platform that allows U.S. investors to invest in the cryptocurrency Bitcoin (BTC), specifically in a Roth IRA or Traditional IRA.
• The company was founded in late 2014 and launched in April 2020.
• BitIRA describes itself as a "bitcoin IRA company." The company allows customers to buy, sell, and hold bitcoins within their IRAs.

BitIRA.com, launched in April 2020, provides U.S. investors with the ability to store Bitcoin in an IRA account. BitIRA describes its platform as "the only Bitcoin IRA provider allowing investors to buy, sell and exchange Bitcoins in their Tax-Deferred IRAs," but the company has recently come under fire for allowing its account holders to buy, sell, and exchange Bitcoin. BitIRA, however, has responded to these criticisms, claiming its users are in full control of their Bitcoin and that the company is in full compliance with the law.
In this article, we'll consider BitIRA reviews, including what these reviews reveal about the platform. We'll also examine BitIRA's offerings and determine whether BitIRA is truly the only Bitcoin IRA provider.

Pros Explained

BitIRA is a U.S.-based cryptocurrency IRA provider that has been around since 2014. They have a large network of cryptocurrency IRA custodians and advisors, and they are accredited with the American Institute of Certified Public Accountants (AICPA). BitIRA's founder, Jordan Goodman, is a well-known figure in the cryptocurrency world.
BitIRA has relatively low fees. They charge $1,000 per year, which is more competitive than many of the traditional IRA providers.
Cons Explained
BitIRA only supports Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC).
BitIRA doesn't offer a ROTH IRA.
BitIRA only supports one custodian.

Cons Explained

There are two main drawbacks to BitIRA. The first is that, as of 2020, there aren't many companies offering its services. Only a handful of companies are offering this service, and many of them are only doing so in a limited number of states.
Another drawback to BitIRA is that true bitcoin IRAs, which hold only bitcoins, aren't available yet. Right now, BitIRA requires you to convert any bitcoin you already own into U.S. dollars, and then hold the dollars in your BitIRA account. This is a workaround, but it limits your access to bitcoin.

Available Services

Bitcoin IRA offers the following services:
Bitcoin IRA - A self-directed individual retirement account (IRA) that enables investors to buy and sell bitcoin using their IRA. The account owner controls their account, including the ability to buy and sell bitcoin.

Crypto IRA - A self-directed IRA that enables investors to buy and sell cryptocurrency such as bitcoin, ethereum, or litecoin using their IRA.

Crypto Wealth - A non-IRA (non-retirement account) that hosts cryptocurrency portfolios and provides cryptocurrency investment analysis.

Fees and Charges
Bitcoin IRA charges a $100 set-up fee, which is refunded if the account owner opens a bitcoin IRA. Other services, such as the Crypto IRA, charge a $100 set-up and $10 per month management fee.

Getting Started

Bitcoin IRA is a fully online robo-advisor that offers a seamless and simple way to buy and sell bitcoin and other cryptocurrencies. It works with Fidelity and Coinbase, two of the largest custodians of cryptocurrency.
The company was founded in 2015 and is headquartered in Los Angeles.

What is BitIRA?

BitIRA is a Bitcoin IRA company that allows users to buy and store Bitcoin in their retirement accounts. The company offers custodial services for Bitcoin, Litecoin, and Ethereum. In addition to the crypto-IRA services, BitIRA also offers fractional ownership in Bitcoin and other cryptocurrencies.

How Does BitIRA Work?

BitIRA is a bitcoin retirement account that employs bitcoin as the medium of exchange. It lets people buy bitcoin, store it, sell it, or invest in bitcoin without owning it directly. They can even buy bitcoin using an IRA account.
BitIRA provides end-to-end compliance. Its investments are structured as debt instruments, and its custodianship services follow Title III of the BitIRA Trust, LLC Trust Agreement.
BitIRA is a product of Bitcoin IRA, LLC, a Delaware Limited Liability Company (LLC). The Trust Agreement and the LLC agreement are the first of their kind.

How Much Does a BitIRA Cost?

BitIRA's cost structure is quite straightforward. It offers three plans for investors to choose from, each with their own set of features. The most basic plan costs $100, but investors will find it has many of the features you might otherwise pay a premium for. For example, you'll get 24/7 support, your choice of custodian, and the ability to use BitIRA for IRA rollovers and traditional IRA account conversions.
The second-tier plan costs $200 and includes all the features of Basic plus the ability to open a self-directed IRA (SDIRA). An SDIRA is an IRA that is managed by a self-directed custodian, which allows investors to invest in alternative assets like crypto. The third plan costs $500 and includes the features of Basic and Professional, plus an SDIRA and the ability to rollover traditional IRAs and 401(k)s.

When Do I Pay Taxes?

Taxes are due on profits from selling bitcoin, and capital gains are taxable at ordinary income tax rates. However, taxes on bitcoin profits are delayed.
The good news for bitcoin investors is that they are not required to pay taxes on bitcoin gains until they actually sell the digital currency. In the meantime, the IRS treats bitcoin gains as a capital asset, like stocks or bonds, and taxes them as such. As a result, investors do not owe taxes on profits until they actually sell the bitcoin.

What Are My Investment Options?

BitIRA offers four investment options for its bitcoin IRA. The insured bitcoin IRA account offers a bitcoin wallet, bitcoin debit card, cold storage, and an insured vault. The account comes with a $1,000 minimum investment. The insured gold IRA account offers gold-backed IRAs backed by a 0.25% premium over spot gold prices.
The noninsured bitcoin IRA comes with a $10,000 minimum investment. The noninsured gold IRA also comes with no minimum investment.

Should I Choose Bitcoin or Ethereum?

Bitcoin and Ethereum are both cryptocurrencies that allow users to transfer value on a peer-to-peer network, but they offer different features and purposes.
Bitcoin is the original cryptocurrency, created in 2009 by Satoshi Nakamoto. It allows users to transfer value, (in the form of bitcoins), over the internet without having to go through banks or third parties. Bitcoin transactions take less than 10 minutes, and its unique blockchain allows for a proof of work, or mining, system.
Ethereum's network also allows users to transfer value in the form of ether, which is the native cryptocurrency of the Ethereum blockchain. Like Bitcoin, Ethereum's transactions are verified by a network of miners, but it's not the only cryptocurrency that relies on proof of work.

Are ETFs Available?

BitIRA currently offers two exchange-traded funds (ETFs) that invest in bitcoin or other cryptocurrencies.
BitIRA Bitcoin Trust (GBTC)
The first ETF that BitIRA offers is the BitIRA Bitcoin Trust, an exchange-traded fund that invests in bitcoin. GBTC, which trades under the symbol GBTC on the Cboe BZX Exchange, has experienced significant growth over the last several years. GBTC is listed on the CBOE under the ticker symbol GBTC.
GBTC is a regulated, insured, and insured investment product, and is one of the first Bitcoin ETFs to be listed on the Cboe.
GBTC's current net asset value (NAV) is $9.76, and the fund trades near its all-time high of $27.62.
BitIRA Bitcoin Trust (COIN)
The second ETF that BitIRA offers is the BitIRA Bitcoin Trust, an exchange-traded fund that invests in bitcoin. COIN, which trades under the symbol COIN on the OTC Markets OTCQB, has experienced significant growth over the last several years. COIN is listed on the OTC Markets under the ticker symbol COIN.
COIN is a regulated, insured, and insured investment product, and is one of the first Bitcoin ETFs to be listed on the OTC Markets.
COIN's current net asset value (NAV) is $9.76, and the fund trades near its all-time high of $27.62.

Who Is Behind BitIRA?

BitIRA is a digital IRA custodian that was founded by Ryan Taylor, who serves as the company's CEO. Taylor has founded several other successful startups, including ProPay and GoldMoney. BitIRA's website is cleanly designed, and it features several official links to the important financial regulators that govern its business.
BitIRA's services are protected by FDIC insurance, and its client's funds are also held in segregated accounts. The company's website claims that it is "Certified Trust & Financial Advisor" by iTrustAdvisor.
BitIRA's website features numerous positive reviews from satisfied customers. From them, we can see that BitIRA offers reliable service, and that investors seem to be satisfied with its attention to detail. However, there are also some negative reviews from unsatisfied customers. These customers cite slow and unresponsive customer service and high fees as some of their biggest complaints.

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The Bottom Line

BitIRA is the Amazon of iras. It offers a lot of options and features for its users and lets them customize their iras to their specific needs. It also gives users the opportunity to sell their iras back to the company or trade them on an open exchange.