Bitcoin IRA is a cryptocurrency IRA provider based in Nevada. They pioneered crypto IRAs and were the first company in the US to allow average consumers to invest in Bitcoin through an IRA. They have been in the industry since 2015 and have grown substantially since. The company has an A+ rating on BBB, a dedicated mobile app and a partnership with BitGo.
Fees & Charges
Honesty & Transparency
Pioneered crypto IRA
1000+ positive reviews
$700 million insurance coverage
Dedicated mobile app
Received complaints for high fees
No fee-related information available on the website
Bitcoin IRA is a cryptocurrency IRA provider based in Nevada. Their office is located at 7336 W Post Rd #111, Las Vegas, NV 89113. Similarly, their contact number is 866-443-7968.
They are the first cryptocurrency investment provider for IRA holders. The company is widely popular and has been featured in many notable publications including Forbes, Wall Street Journal, CNBC, Barron’s and CoinDesk.
They have been in the industry since 2015 and have been a dominant player since.
However, the recent arrival of other crypto IRA providers such as Noble Gold and BitIRA has made the industry more competitive.
Still, being the first has its benefits. It has allowed the company to garner a lot of industry experience and build a strong reputation as one of the best crypto IRA companies.
Initially, they offered customers the facility to invest in Bitcoin through Traditional and Roth IRA accounts. At the time, there wasn’t any online service available in the US for average consumers to invest in Bitcoin.
A year later, the company began offering Ethereum as an investment option to customers as well. Since then, Ether (ETH) has become the second-largest cryptocurrency in the market.
In 2019, the company started offering gold bullion to investors. Hence, their customers can also add gold to the same portfolio which holds their cryptocurrencies.
People Behind Bitcoin IRA:
Camilo Concha – CEO and Co-Founder
Camilo Concha is the current CEO of this crypto IRA company. Apart from being at the helm of Bitcoin IRA, he has a lot of accolades under his belt.
He is a Young Presidents Organization (YPO) Member and has received the title of EY Entrepreneur of the Year. Furthermore, he is an Inc 500 winner as well as a Lendit Award winner.
Also, he is the founder of LendingUSA, an online marketplace lender.
Camilo has more than 20 years of experience in launching and running businesses.
Chris Kline – COO and Co-Founder
Chris Kline is the COO and co-founder of Bitcoin IRA. He has a Bachelor of Arts in International Business, Leadership and Spanish from the University of Colorado Boulder.
Before launching this crypto IRA firm, he founded and operated Digital Gold. Chris ran that company for nearly 4 years.
He oversees the day-to-day operations of the company. Also, he handles the company’s products and partnerships. Apart from being a finance professional, Chris Kline is also a member of the Forbes Finance Council.
Johannes Haze – Chief Marketing Officer and Co-Founder
Johannes Haze is the Chief Marketing Officer, board member and co-founder of BitcoinIRA. He is also the co-founder of LendingUSA.
Before running these companies, he was the managing partner of 1800mySurgeon from 2002 to 2015. At the same time, he was the managing partner of Marketing Holdings.
Johannes Haze is a graduate of California State University, Northridge.
Robert Broomandan – Chief Technology Officer
Robert Broomandan is the CTO of BitcoinIRA. He is a highly experienced software architect who has helped organizations with Cloud Migration and the development of automated software delivery pipelines.
Robert specializes in DevOps, distributed software architecture and microservices.
He joined Bitcoin IRA as a solutions architect in 2018 and became its CTO in 2019. Robert has been at this position since.
Apart from this crypto IRA firm, he has also been the CTO of Digital Trust since December 2021.
Prior to BitcoinIRA, he was a senior software architect and VP at AmeriHome Mortgage Company.
Robert has a Bachelor of Science in Software Engineering from Shahid Beheshti University.
How does Bitcoin IRA work
Signing up with Bitcoin IRA is quite easy. It only takes 3 steps to create an account with this firm.
How to Sign Up with Bitcoin IRA
You can sign up directly from their website. Or, you can download the Bitcoin IRA app on your mobile and begin the process there.
The process is quite similar on both platforms.
First, you would need to click on the “Create an account here” button on their website. This would prompt you to submit the necessary information including your name, phone number, email and a custom password.
Your account creation would be done within a few minutes.
Once you have an account on Bitcoin IRA, you can begin adding funds to it. The company says that all you have to do is tell them how much you want to invest and how you want to fund the account.
They will ask for your profile information and the process will only take 3-5 business days.
You can add funds to your crypto IRA from an existing IRA account or directly from your bank account. Both of the processes take the same amount of time.
After you have added funds to your account, you can begin trading digital assets through the new self-directed IRA.
Bitcoin IRA points out that they have their own proprietary platform which enables you to buy, sell or swap anytime through your dashboard.
By following these 3 steps you would have a proper self-directed retirement account with cryptocurrency investments.
Bitcoin IRA Products and Investment Options:
At Bitcoin IRA, you will find a vast collection of products to invest in. The company allows customers to buy, sell and trade more than 60 cryptocurrencies. On top of that, you also have the option to invest in gold bullion, a welcome feature in my opinion.
Some of the notable products available in this selection include:
Shiba Inu (SHIB)
Having such a large selection to choose from helps ensure that you create a personalized portfolio. Every investor has a unique set of goals and such variety in product selection makes it easier for you to diversify your IRA.
Apart from these cryptocurrencies, you can buy gold bars to add to your IRA here. The company shares that it stores your gold bullion in secure vaults of Brink’s, a reputed storage provider.
You wouldn’t find other conventional retirement investment options here such as ETFs or stocks.
Bitcoin IRA Fees and Cost: How Much Do They Charge?
Surprisingly, the company doesn’t share any fee-related information on its website. To learn about their fees and charges consumers would have to get in touch with one of their representatives.
Here, the Bitcoin IRA fee for setting up the account is a one-time charge of 10-15% of your investment.
Furthermore, you would need to pay an annual custodial fee of $250 along with a $75 asset conversion fee. On buy orders, you would have to pay a ~5% charge and a ~1% charge on sell orders.
Also, they charge a $100 opening position fee and a $100 closing position fee. Clients with interest-earning accounts don’t pay the opening and closing position fees.
Their charges can be a bit much for some investors. However, the company’s reported year-over-year gain makes their fees seem negligible. Between 2020-2021, Bitcoin IRA offered 100% gains to its clients.
The minimum deposit requirement here is $3000 but you don’t need to invest this entire amount altogether. You can avail of their monthly recurring contribution plan which costs $100 per month. Customers who want to get an interest-earning account would need to invest at least $10,000.
Initial Setup Fee
10-15% of your total investment
Annual Maintenance Fee
$240 per annum
Asset Conversion Fee
Buy Order Fee
Sell Order Fee
Opening Position Fee
Closing Position Fee
$3,000 ($10,000 for interest earning accounts)
Additional Highlights of Bitcoin IRA
Apart from being the first company to offer crypto IRAs in the US, there are plenty of other qualities which make Bitcoin IRA stand out from its competition. Here’s a quick overview of those qualities:
Tax-Free Crypto Investing:
One of the biggest benefits of investing with a Bitcoin IRA is you’ll be able to make tax-deferred investments in cryptocurrencies.
The company allows you to set up a self-directed IRA. Like traditional IRA accounts, your contributions in a self-directed IRA are tax deductible in the year you make them.
You would only need to pay taxes when you make a withdrawal.
This is a benefit you wouldn’t get with crypto exchanges or brokers. If you’re interested in investing in cryptocurrencies but don’t want to pay taxes on them, Bitcoin IRA might be the right fit for you.
Being an industry leader, Bitcoin IRA takes customer security very seriously. The company uses various security measures to ensure your data and funds remain safe.
They use military-grade security from industry-leading wallet solutions. Similarly, the company protects your data through cold storage. It allows them to prevent data leaks.
Your assets will be stored offline with their US-based qualified custodian.
They have partnered with BitGo, the world’s largest processor of Bitcoin transactions. BitGo processes more than 20% of all global transactions. The transaction processor is SOC 2 Type 2 certified and offers SSL secure trading.
BitGo holds over $2 billion in assets in its wallet. Hence, you can rest assured that your assets are completely safe with them.
With Bitcoin IRA, your assets will become part of BitGo Trust, which offers custody insurance of up to $700 million. They offer this insurance through Lloyd’s of London, one of the industry’s leading and most reputed insurance providers.
Certainly, they are an industry leader in insuring assets.
Bitcoin IRA App:
For investors who like to trade 24/7, there’s a dedicated Bitcoin IRA app. It allows you to buy, sell and trade cryptocurrencies through your self-directed IRA on the go.
Their mobile app gives you complete access to your investments.
There aren’t many IRA providers in the industry which offer mobile apps and 24/7 accessibility to their customers.
Free Educational Resources
Another major highlight of this crypto IRA provider is its vast collection of free resources. Bitcoin IRA has a knowledge centre on its website where you can check out articles, videos, guides and plenty of other resources to learn about cryptocurrency investing.
The knowledge centre has a section of cryptocurrency guides where you can learn about specific cryptocurrencies such as Bitcoin Cash, EOS and Litecoin and many others.
Similarly, they have a “Videos and Webinars” section where they have shared videos on how you can trade and set up an IRA with them.
If you’re an avid reader, you might like their collection of crypto eBooks.
These include 5 Reasons Gold Can Save Your IRA and Bitcoin IRA Investor Guide.
Both BitcoinIRA and iTrustCapital provide a number of features. However, before choosing any of these Bitcoin IRAs, it is advisable to check which company provides the best benefits.
Each cryptocurrency IRA does not offer the same number of cryptocurrencies. In this case, iTrustCapital currently supports 28 coins, whereas BitcoinIRA offers over 60. You can also invest in precious metals with iTrustCapital, and you can invest in digital gold with BitcoinIRA.
iTrustCapital currently supports 28 different cryptos, including BTC, ETH, ADA, BAT, ENJ, ALGO, ATOM, XTZ, CRV, SOL, AAVE, MATIC, YFI, SUSHI, COMP, XLM, and more.
BitcoinIRA supports 60+ cryptocurrencies, including 1INCH, BNT, DASH, ADA, BAT, ENJ, ALGO, ATOM, and XTZ.
iTrustCapital has some of the industry’s lowest trading and investment fees. While it is usual to pay up to 15% for each transaction when trading cryptocurrencies, iTrustCapital charges only 1%.
BitcoinIRA charges a custodian fee, a security cost, and a one-time service fee, though exact figures must be obtained from a customer care person.
All parties involved require a secure IRA.
BitcoinIRA offers 256-bit protected SSL trading, separate cold storage accounts for digital assets, and insurance up to $700 million.
iTrustCapital uses Coinbase Custody to store up to $370 million in digital assets. This is in addition to the company’s baseline coverage, which begins at $50 million and is provided by Munich Re, a prominent provider of insurance-related risk solutions.
You must be a US citizen to use BitcoinIRA and iTrustCapital.
Bitcoin IRA requires a $3,000 initial investment, or $100 each month through their Saver IRA, which is linked to a bank account. The quantity of money that can be invested is unlimited.
The minimum investment on iTrustCapital is $2,500, and there is no maximum.
Bitcoin IRA Reviews: What Do Their Customers Say?
The veteran crypto IRA provider claims on its website that it has more than 170,000 customers. When you look at the quantity of Bitcoin IRA reviews available online, the claim seems credible.
The company has received thousands of positive reviews across different consumer platforms. Here’s a detailed overview of their reviews and complaints:
Bitcoin IRA BBB:
On BBB, the company has received an A+ rating. However, their customer review rating is 2 out of 5 stars based on 4 reviews.
The positive reviews talk about the company’s customer-focused approach. On the other hand, there were several 1-star reviews on their profile. I have went through them below.
Bitcoin IRA Reviews on Google:
At the time of writing this review, the crypto IRA provider has 705 Google reviews. Their aggregate rating based on these reviews is 4.6 out of 5 stars.
Most of the reviews there praise the company’s promptness. For example, Tatiana says that she highly recommends this company. She had a great experience with them. It only took them 14 days total to complete the entire set-up.
Also, she points out that the company’s representatives are very prompt at returning phone calls and emails. She was thrilled with the decision to transfer over her 401(k) as it was a seamless transaction.
Bitcoin IRA App Reviews:
Their mobile app is quite popular. It has received thousands of reviews on the Google Play Store and hundreds of reviews on the App Store.
The app has a 4.5 out of 5 stars rating based on over 1300 reviews.
Most of the reviews here talk about the easy-to-use interface of the app and how it is very easy to get acquainted with.
Similarly, their app has a 4.4 out of 5 stars rating based on 400+ reviews on the App Store.
Are There Any Bitcoin IRA Complaints? Should You Be Concerned?
Yes, I found several negative reviews on the company. Most of the complaints were about their fee structure.
However, the sheer number of positive reviews indicates that the issue isn’t that humongous. Many of their customers were happy with their services and features.
Their positive reviews outnumbered the complaints by a lot.
Hence, I wouldn’t worry about the complaints too much.
Is Bitcoin IRA Legit?
Pioneered crypto IRA
1000+ positive reviews
$700 million insurance coverage
Dedicated mobile app
Received complaints about high fees
No fee-related information available on the website
Yes, Bitcoin IRA is a legitimate crypto IRA company. They are the first-comers of the cryptocurrency IRA industry and pioneered the formula. The company has been in the industry since 2015 and has more than 170,000 customers.
They enable consumers to invest in 60 cryptocurrencies through a self-directed IRA. Furthermore, they allow clients to buy gold bullion and store it with a reputed storage provider (Brink’s).
The Bitcoin IRA app has received thousands of positive reviews on both app stores, indicating it’s quite useful and effective at what it does.
Bitcoin IRA offers a plethora of free resources to help educate consumers on cryptocurrencies and personal finance. Their selection of videos, guides and eBooks is among the largest among crypto IRA providers.
Furthermore, the company has put a lot of effort into client education. They offer videos, webinars, eBooks, articles and guides on various topics to help you get familiar with crypto investing.
The only drawback is their fee structure which might seem daunting to some investors.
Their unparalleled experience and security features make their crypto IRA one of the best in the industry. Furthermore, the company’s interest-earning program ensures that you get guaranteed returns on your cryptocurrencies.
Opening a crypto IRA can help you diversify your portfolio and enhance your security. The cryptocurrency market has grown substantially. With sufficient knowledge and familiarity, you can easily secure and grow your wealth in this market.
Bitcoin IRA has plenty of features and benefits which you might not get with other crypto IRA providers.
Hence, they can be worth checking out.
On the other hand, if you’re interested in learning about other IRA providers, you can check out the best crypto IRA companies here.