Is Bitcoin IRA A Scam? (Is Crypto The Answer?) (2022)

September 4, 2022

IS BITCOIN IRA A SCAM?

Hello and welcome to my ‘Is Bitcoin IRA A Scam?’ article.

Nowadays, everything is becoming digital. That is why, cryptocurrency is gaining a lot of attention. Thus, in this ‘Is Bitcoin IRA A Scam?’, we will be reviewing this company.

But, is cryptocurrency and IRAs a good combination for investing? If so, how does it fare against accounts that utilizes precious metals? Moreover, is it safe and reliable? These are just the few questions we will be tackling.

Without further ado, let us start this ‘Is Bitcoin IRA A Scam?’ article.

Bitcoin IRA Review Quick Summary

Name: Bitcoin IRA

Website: https://bitcoinira.com/

CEO: Camilo Concha

Account minimum: $10,000

Fees: Varied percentages based on account value

Promotion: Supports over 60+ cryptocurrencies

Rating: 4/5

bitcoin ira logo

What is Bitcoin IRA?

bitcoin ira website

As their name suggests, Bitcoin IRA is a company that utilizes cryptocurrencies for their self-directed accounts. Interestingly, they claim to be the world’s first and leading full-service solution for your crypto inquiries.

Since 2017, they have well over $1.5 billion in transaction volume value. Currently, they are also catering to 170,000 users. Surprisingly, a handful of these users also invest in the other assets such as physical gold.

Going back, Bitcoin IRA prides itself of their ingenious idea concerning IRAs using crypto. Relatively speaking, utilizing a self-directed IRA to a crypto IRA is tedious and rather lengthy. But, investors are willing to wait because their money will be tax-deferred.

However, there are some instances wherein a certain company mishandles your assets. That is why, instead of it being protected from tax, you’ll incur some. Now, that is something that everybody wants no piece of.

With Bitcoin IRA, investors only have to choose a certain type of self-directed IRA. After which, Bitcoin IRA will then initiate an IRA transfer. Fortunately, this company is a competent one when it comes to handling accounts.

In addition, this company has commendable support methods. First, they offer aid to those who are unsure about how to setup their e-wallet. Furthermore, they are willing to do their utmost when it comes to rollovers. More on this on the succeeding sections.

When all has been said and done, is Bitcoin IRA the right firm for you? If you have any crypto concerns, are they the top company? Judging from their company background, it only seems to be full of green flags. But, how about their products?

Also, before we proceed, it is important to diversify your portfolio. Truthfully speaking, savvy investors are perpetually looking way to improve theirs.

As such, you can check Augusta Precious Metals a top-rated gold IRA firm.

Bitcoin IRA Products

As of this writing, Bitcoin IRA supports 62 crypto coins. With this, it allows users to have the choice when it comes to their assets. In addition, this creates a healthy influx of monetary asset in the digital market.

Interestingly, this company employs a strategic way to inform their clients of how a certain crypto performs. For example, one of, if not the most popular one, Bitcoin has its own information page.

Likewise, the same is done with these cryptos that are also popular on their platform.

  • Ethereum (ETH)
  • Ripple (XRP)
  • Litecoin (LTC)
  • Bitcoin Cash (BCH)
  • Stellar Lumens (XLM)
  • Zcash (ZEC)

Now, you might be wondering of the practical uses of these popular cryptos. Well, depending on several factors, their trade value for physical cash will skyrocket. Generally, they offer several advantages for purchases and investments in the real world.

Take note, because of these several factors also, their value might also decrease. Hence, a wise investor will not put all of his eggs in a basket. Personally, it is imperative to do a thorough research of this before jumping the gun.

Already mentioned, Bitcoin IRA concerns itself with simple solutions regarding crypto concerns. That is why, they offer a lot of options for investors.

First off, here are the IRA types that this company frequently conducts business on:

  • Traditional
  • SEP
  • SIMPLE
  • ROTH

Fortunately, rollovers of these accounts for the consequent usage in a crypto IRA is possible. Normally, Bitcoin IRA takes about days to weeks to complete the whole process. Frankly speaking, this is among the fastest rollover process in the industry.

On top of that, the company claims to have IRAs that use precious metals such as gold and silver. Similarly, you can purchase these assets using your IRA or 401(k). Perhaps, some investors are contented with this normal way of investing.

Bitcoin IRA Services

Commonly, IRA companies that have their partner custodians are the best ones to work with. Hence, check the company you want to conduct business with if they do have one. For Bitcoin IRA, it is BitGo Trust.

BitGo is a large processor of chain Bitcoin. Commendably, they employ a ‘cold storage’ technology for their assets. In which, they have a bank-grade class 3 vault identification. Lastly, BitGo storage has a rating of SOC1 + SOC 2, type I and II.

In simpler terms, assets in a cold storage are impenetrable. Hackers and other culprits cannot access your funds because it is connected to the Internet in rare cases only. Thus, you are entirely working offline.

Lastly, since BitGo Trust has Lloyds of London for its partner insurance company, any unfortunate losses will surely be paid.

As for Bitcoin IRA’s personal security, it is nothing sure of excellent. They employ a 256 bit encrypted SSL certification. Hence, any self-trading done on their web or phone app is secured.

Next, your digital wallet is also protected from any form of scams or fraudulent activities. Utilizing a industry-leading standards of multi-sig (P2SH) for security and HD (BIP32), your financial privacy is protected.

How Does It Work?

  1. Account creation - first, you must create your own account. After this, you can already customize your personal dashboard and digital wallet. In addition, you can also monitor the performance of your account, gain access to hundreds of educational videos, and be part of their wide client base.
  2. Transfer funds - next, you need to inform Bitcoin IRA about how much funds you want to put into your account. Basically, all you need to is wait for 3 to 5 business days in order to facilitate this process.
  3. Start trading - now, you are ready to digital assets 24/7 using their digital platform. Of course, do read instructions and conditions before participating in activities like buying and selling.

Bitcoin IRA Fees

For this, Bitcoin IRA provides a percentage for every fee that you will incur. Consequently, this means that fees will vary from investor to investor. Again, the minimum investment amount is $3,000.

To illustrate, here are some of the things that you will need to procure payment for:

  • Set-up fee: 3.99% of your initial fund deposit
  • Transaction fee: 2% on all trades and activities done
  • Maintenance fee: 0.08% of the account's total monthly value

For any concerns and questions, you can always reach out to their hotline number, 866-374-1530. Alternatively, you can send them a message thru their email account, support@bitcoinira.com.

Bitcoin IRA Customer Ratings and Reviews

Bitcoin IRA Pros and Cons

Pros

  • Tax-deferred investments
  • Offers IRA
  • Privacy and security are important with them
  • Low minimum account deposit
  • Allows rollovers of existing IRA and 401(k)
  • 24/7 online trading on their platform and application
  • Lots of educational videos
  • U.S. regulated

Cons

  • Concurrent fees add up to be more expensive than other firms
  • Although allowing rollovers of it, they do not support 401(k)
  • Focused solely on cryptocurrencies and has no offerings on other assets

Is Investing in Bitcoin IRA Worth It?

To conclude, this 'Is Bitcoin IRA A Scam?' article arrives at a conclusive answer. No, this company is as legit as it gets and the services they offer are impeccable!

For example, they have a lot of educational videos regarding investments done with cryptocurrency. On top of that, they allow a lot of cryptos to encourage diversity in the market.

Next in line, the IRA services they have are competitive and measures to expectations. Investing in gold may not appeal to many, that is why this type of business venture can be the answer to your concerns!

Lastly, you can sleep soundly at night knowing that your assets will never be stolen. From being stored in a cold storage to working offline, your crypto will only be accessible by you alone.

Nevertheless, there are some things that they might improve or add. As a start, they might need to lower their fees in some way since it is really expensive. Also, tiptoeing on the idea of precious metals will always be a good move!

If, by any chance, you want to stick to the common and standard assets, you can always do so with Augusta Precious Metals. This is a top-rated gold IRA firm that allows investments in various assets.

As usual, I am thankful to you for reading this 'Is Bitcoin IRA A Scam?' article of mine. For any comments and suggestions, do leave them in the appropriate section below.

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