Is Bitcoin IRA a scam? Well, that is the question we are going to answer in this Bitcoin IRA review!
Cryptocurrency, especially Bitcoin, has gained a lot of traction and popularity lately. Furthermore, a lot of people and business have been using cryptocurrency lately for their transactions. However, have you heard of an IRA that uses cryptocurrency? If the crypto market is so volatile, then how can it be safe and trusted?
Well, we are going to talk about all of these in this Bitcoin IRA review. Hopefully we can then have a definite conclusion on whether Bitcoin IRA is a scam or not.
So, sit back and let's learn more about them!
Bitcoin IRA Summary Review
- Name: Bitcoin IRA
- Website: https://bitcoinira.com/
- Founder: Camilo Concha
- Minimum Account Balance: $3,000
- Rating: 4/5
What Does Bitcoin IRA Do?
Bitcoin IRA is a company that uses cryptocurrency for self-directed accounts. Plus, they claim to be the first and leading full-service solution for your cryptocurrency needs. However, they have also added Gold IRA in their portfolio. So, you can also invest in precious metals IRA with them.
Camilo Concha, Chris Kline, and Johannes Haze founded Bitcoin IRA in 2015. Based in Sherman Oaks, California, they have been continuously helping investors into this new way of investing using cryptocurrency. In 2017, they have processed over $1.5 billion in transactions. Currently, Bitcoin IRA has over 170,000 users.
You can also convert your existing IRAs like 401k, Roth, or Traditional IRA into a similar Bitcoin IRA. This can be a quite tedious task to do; however, they are going to help you process this to make is as painless as possible. All you have to do is follow their instructions. Furthermore, you don't have to worry about your accounts being mishandled as they are quite competent in their job. They also have an app for your mobile phones which is going to make everything much easier.
To summarize, Bitcoin IRA offers services that helps its clients connect with a custodian that can guide them through setting up a Bitcoin IRA.
Products and Services
As what I said earlier, they help investors setup an account for IRA using cryptocurrency. If you have an existing IRA account, they can also help you transfer those investments.
Below, you can find some of the cryptocurrencies that you can invest in using Bitcoin IRA:
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Dogecoin (Doge)
- Cardano (ADA)
- Uniswap (UNI)
- Solana (SOL)
- Shiba Inu (SHIB)
- Polygon (MATIC)
- Zcash (ZEC)
Those are just 10 of the 60 cryptocurrencies that you can invest in with Bitcoin IRA. You can find the entire list of cryptocurrency on their website.
Now if you are someone new to the crypto-space, you might be wondering what is this cryptocurrency is all about. Well to summarize, cryptocurrency nowadays is being used as a substitute for cash, especially in online transactions. It has been touted as the future of the internet. That is why some people invest in it heavily. However, this is also the reason why the crypto market is very volatile and lately Bitcoin has suffered a crash in its value.
So, you must be very careful in dealing with crypto especially if it is your life savings you are investing.
Physical Gold Investments
However, they have also added physical gold in their investment portfolio. When you buy gold on their platform, you are getting the ownership rights for an investment-grade, US-certified gold bars. 1 Gold is equal to a one fine troy ounce of London Good Delivery gold bar.
Unlike crypto, gold is a physical item and needs to be stored in a secure location. However, you don't need to worry since the gold you are going to buy will be stored in a professional vault facility handled by Brink's. Furthermore, your gold is directly tied to the real-time market value of gold.
Mobile App
Bitcoin IRA has a mobile application that will make any transaction simple and easy. Furthermore, it is available in both the Apple and Android store. Plus, the app is also highly rated. With this app, you can keep track with your investments and access them 24/7
Fees
Below, you can find the fees that Bitcoin IRA will collect from you:
- Set-up fee: 3.99% from your initial deposit
- Transaction fee: 2% on all transactions
- Maintenance fee: 0.08% of your accounts monthly value
Furthermore, there are also other fees but it they do not indicate how much you would have to pay for these. You can pay these fees using credit/debit cards, un-invested cash in your account, or some of your digital assets.
If you have any more questions and concerns regarding this, then you can contact their them at 866-374-1530. However, you can also reach them via their e-mail at support@bitcoinira.com.
Is Your Crypto Investments Secured?
Traditional IRA companies store your investments with their partner custodian. Since the IRS treats crypto investments as physical property, it needs to be stored with a custodian. So just like traditional IRA companies, Bitcoin IRA stores your invested crypto with BitGo Trust as a custodian with $100M insurance policy.
BitGo uses cold storage technology which is certified with bank-grade class 3 vault identification. Furthermore, they have a SOC1 + SOC2, type I and II rating for their storage. To summarize, your investments are kept offline thus eliminating the risk of it being hacked by hackers outside the facility.
They are also partnered with Lloyds of London as their insurance provider.
They are currently using a 256 bit encrypted SSL certification for any transactions on their platform. So, you can rest easy knowing your transactions are safe. Your digital wallet is also protected by highly secured methods like multi-sig (P2SH) and HD (BIP32).
How to Start
To start working with Bitcoin IRA, all you have to do is follow these 3 simple steps.
- Create an account - creating an account with Bitcoin IRA is simple. You just need to fill up the form with all the relevant information needed. After this, you will then have access to all of the content inside their platform like live pricing or articles.
- Transfer Funds - After creating an account, you can now start depositing funds into your account. So, all you need to do is tell them how much you want to invest and your payment information. You can fund your account using Wire, ACH, or Check methods. However, you must keep in mind that they require a minimum of $3,000 per account
- Start Trading 24/7 - After funding your account, you now have full reign on what you want to invest in.
Bitcoin IRA Reviews and Ratings
Below, you can find the customer reviews and ratings for Bitcoin IRA:
- Trustpilot - 3.1 out of 5 based on 5 reviews
- ShopperApproved - 4.6 out of 5 based on 1,707 customer reviews
- BBB - 2 out of 5 based on 4 customer reviews, A+ rated Accredited business.
- Google Play - 4.4 out of 5 based on 1.5k reviews
- Apple Store - 4.4 out 5 based on 512 ratings
If you want to check out other IRA companies before investing, then check out these IRA companies below!
However, my most recommended here is Goldco! Check them out!
What I Like About Bitcoin IRA
- Simple and easy to use
- Tax-deferred investments
- Offers physical gold IRA
- High quality security measures
- You can access your investments 24/7
- Will help you in completing rollovers for your existing IRAs
- Offers many tools for making an educated decision
What I Don't Like About Bitcoin IRA
- Expensive fees which adds up
- Does not support 401k IRA
- You can't deposit funds into your account using crypto
Is Bitcoin IRA a Scam? - Final Verdict
Now to answer that question, it is safe to say that Bitcoin IRA is not a scam! Even though they are still new in the industry, they have proven themselves to be competent in what they do.
However, I must still warn you about the volatility of the crypto market. Furthermore, it is still a fairly new technology and a lot of people have already lost their money in the crypto market. So, deal with it at your own risk.
Precious metals IRA is still the most secure way of diversifying your investment portfolio without worrying of a market crash. This is why I recommend GOLDCO. Goldco is trusted by a lot of people as what customer ratings and reviews says. Plus, they are also trusted by bigger companies in the precious metals field.
If you want to learn more about Goldco, then click the button below!
So, this is the end of this Bitcoin IRA review. Hopefully, we have answered your question regarding if Bitcoin IRA is a scam!
Do you have comments or experience about Bitcoin IRA? Then don't hesitate to leave them below at the comments section!