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Best bitcoin IRAs of June 2021
Several companies offer such access through self-directed IRAs. These companies also provide custodial services, storage options, and in some cases 24/7 trading access. Keep reading for the best places to set up a bitcoin IRA:
Bitcoin IRAs can be an alluring investment option for those who want to avoid capital gains taxes while building wealth. Without an IRA, you’d be subject to capital gains taxes for regular crypto transactions. But self-directed IRAs eliminate those extra costs (or at least defer them).
In other words, although you won’t have to pay capital gains taxes on a crypto IRA, you’ll either have tax-deductible contributions (with a traditional IRA) or tax-free distributions that allow you to withdraw funds without paying taxes when you surpass age 59 and a half (with a Roth IRA).
Keep in mind that cryptocurrencies are typically highly volatile and carry unique risks, since they aren’t regulated by any banks or central financial institutions. If you’re interested in investing in a bitcoin IRA, though, keep reading to find the best option for you.
Best overall: Bitcoin IRA
Why it stands out: Bitcoin IRA supports 24/7 trading of multiple cryptocurrencies, including bitcoin, ethereum, litecoin, stellar lumens, zcash, bitcoin cash, ethereum classic, and digital gold. You’ll need a minimum of $3,000 to get started, and the platform lets you invest in one coin or a blend of multiple coins.
There’s a one-time service fee, which Bitcoin IRA says covers support services for retirement fund rollovers (Bitcoin IRA lets you rollover funds from traditional IRAs, Roth IRAs, SEP IRAs, SIMPLE IRAs, 403bs or 401(k)s), security storage, and setup costs for a
with BitGo Trust. Bitcoin IRA also offers up to 6% interest in crypto IRAs.
When it comes to crypto storage, Bitcoin IRA stores your assets with its partner BitGo. The custody includes $100 million in insurance and complete offline storage.
What to look out for: Fees and pricing aren’t straightforward. You’ll need to reach out to a company representative for more information.
Best for account security: BitIRA
Why it stands out: BitIRA is another popular IRA option for investors looking to add bitcoin and other virtual assets to their retirement accounts. As the custodian of your IRA, the company handles all of the administrative duties of the account, while simultaneously giving you complete control over your assets.
BitIRA supports several cryptocurrencies. These include bitcoin, bitcoin cash, ethereum, ethereum classic, litecoin, zcash, stellar lumens, and bitcoin sv. You’ll need at least $5,000 to get started, and you’ll incur a $195 annual maintenance fee and 0.05% fee for crypto storage.
BitIRA also heavily prioritizes security. The company only lets you access your crypto assets through multi-factor authentication, and it relies on offline cold storage to protect your assets. In addition, BitIRA provides $100 million in custody insurance to shield you against theft, destruction, or loss.
What to look out for: In addition to the $5,000 minimum requirement, you’ll run into three other fees: a $50 setup fee, $195 annual maintenance fee, and 0.05% crypto storage fee.
Best for expert assistance: CoinIRA
Why it stands out: CoinIRA offers several resources for investors interested in…