Investing in Bitcoin for Retirement
For those interested in investing in cryptocurrency for retirement, a Bitcoin IRA may be a great way to start.[0] With a Bitcoin IRA, you can invest in digital assets like Ethereum, Bitcoin Cash, or Litecoin and spread out the risk of any one cryptocurrency rapidly decreasing in value.[0] However, it’s important to understand the risks associated with investing in cryptocurrencies, as they are extremely volatile and risky.[1]
When it comes to funding a crypto IRA, you need to transfer your IRA contribution, transfer, or rollover to the IRA company. You cannot move existing crypto that you personally own into a Roth IRA.[2] A crypto IRA can be used to invest various digital assets in a retirement fund. The fees associated with a Crypto IRA consist of an Annual Account Fee charged by the custodian, a 0.50% (50 basis points) per trade fee, and a one-time new account establishment fee.[3]
The selection of cryptocurrencies currently available varies depending on the company, with some offering more than 60 types of cryptocurrency. The account minimum also varies, and there may be additional fees.[4] For example, Bitcoin IRA has a minimum to open a standard account of $3,000 and a Saver IRA that requires an initial deposit of $100 with a recurring investment of $100 per month through a linked bank account.[5]
The security of a crypto IRA is another important factor to consider. Bitcoin IRA stores your assets with BitGo Trust, which includes up to $700 million in insurance and complete offline storage.[5] Additionally, a $100 million Lloyd’s of London insurance policy covers investments.[6]
Another company, iTrustCapital, offers one of the lowest cost crypto and Bitcoin IRA platforms.[7] It charges a low rate compared to other crypto IRA custodians and allows you to directly buy and trade cryptocurrencies and physical gold in real-time through their retirement accounts.
When choosing a crypto IRA provider, it’s important to consider the fees, selection of cryptocurrencies, security, and the type of account you’d like to open. With the right provider, you can safely invest in cryptocurrencies and get the most out of your retirement savings.[6]
0. “How to Buy Bitcoin in an IRA: What You Should Know” financebuzz.com, 18 Jan. 2023, https://financebuzz.com/how-to-buy-bitcoin-in-an-ira
1. “Bitcoin IRA: How To Invest For Retirement With Cryptocurrency” www.forbes.com, 18 Jan. 2023, https://www.forbes.com/advisor/investing/cryptocurrency/bitcoin-ira/
2. “Buying Crypto With IRAs: Bitcoin IRAs & Crypto IRAs | Gemini” www.gemini.com, 18 Jan. 2023, https://www.gemini.com/cryptopedia/bitcoin-ira-crypto-ira-how-to-buy-crypto-with-ira
3. “Bitcoin Investing with a Self-Directed IRA – IRA Financial Group” www.irafinancialgroup.com, 18 Jan. 2023, https://www.irafinancialgroup.com/learn-more/self-directed-ira/bitcoin-investing-with-a-self-directed-ira/
4. “6 Best Crypto IRAs of 2023, Reviewed [Fees, Taxes, Security]” www.creditdonkey.com, 18 Jan. 2023, https://www.creditdonkey.com/best-crypto-ira.html
5. “Bitcoin IRA Review | The College Investor” thecollegeinvestor.com, 18 Jan. 2023, https://thecollegeinvestor.com/35126/bitcoin-ira-review/
6. “Best Bitcoin IRA Companies, Top 7 Crypto IRA Reviews in 2022” www.news5cleveland.com, 18 Jan. 2023, https://www.news5cleveland.com/brand-spotlight/best-bitcoin-ira-companies-top-7-crypto-ira-reviews-in-2022-paradise-media
7. “The Best Crypto and Bitcoin IRAs: A Comprehensive Breakdown” coinledger.io, 18 Jan. 2023, https://coinledger.io/tools/best-crypto-and-bitcoin-ira
