BitIRA – Never Too Old to Be Hip

These days, cryptocurrency seems to be all the rage. But what is it? Is it safe? Is it a legit form of investing? Its name even implies a kind of secrecy: crypto, cryptic, sealed off.

Hence why you never hear of cryptocurrency in the same conversation as retirement plans. Firstly, it is a volatile good; up one day, down the next, and with seemingly little cause to back up these wild fluctuations. Secondly, not many IRA providers offer options for investing in cryptocurrency.

That’s a pity, for there is real money to be made in this rather hip new coin. We think that IRA providers should at least allow you the option to explore crypto, and that’s where BitIRA comes into play. BitIRA sets up an IRA custodian to help you trade crypto through a tax-sheltered account – a rarity in today’s world of IRA providers.

See, crypto still has a little stigma attached to it – perhaps it’s the name, likely to evoke images of blasted landscapes from speculative fictions best forgotten (at least when it comes to your retirement). But the truth is, it’s great to diversify. We think any investing guru would tell you the same.

And cryptocurrencies like bitcoin or ripple can be part of that diversification. Look, it’s never good to put all your eggs in one basket, especially when you are dealing with crypto – for it can bottom out, leaving you with practically nothing. But what if it skyrockets, as it has done over the last 5 years? Then you certainly want a little in your portfolio.

BitIRA was founded in 2017 by the precious metals IRA and bullion dealer the Birch Gold Group. Check out Modest Money’s BitIRA review to learn more about the company and it’s origins.

What’s more, BitIRA allows investors to use any standard type of IRA to invest in cryptocurrency, such as the traditional stalwarts SEP and Roth. In this sense, BitIRA works differently than a crypto platform like Coinbase.

Let’s take a look at some of BitIRA’s defining features.

Notable Features of BitIRA

Multiple Currencies: BitIRA allows investors to trade in a number of popular cryptocurrencies. While Bitcoin is certainly the most famous of the bunch, as many reviews of the service doggedly attest, let’s not overlook the fact that BitIRA also allows Ethereum, Litecoin, and Stellar Lumens. With talk of even greater expansion in the near future, BitIRA ensures the kind of coin diversity and freedom all investors want on their side.

Turnkey Service: sounds like we are suddenly within the precinct of the automobile salesman, right? Well, turnkey service is just what the name implies: turn the key and go. BitIRA is made with the novice in mind, and requires no technical knowledge – the platform simply creates an account on your behalf. And what’s the “key”? – well, the initial minimum $5,000 deposit, to put things bluntly.

Tax-Sheltered Investing: this is one of the nifty things about combining crypto into your retirement fund: like any “moves” made within your IRA, trading is tax-free. As long as your funds remain in your IRA account, you won’t need to pay any federal taxes. This makes BitIRA one of the most efficient and cost-effective ways to trade in crypto.

Other Investment Assets: despite an emphasis on crypto, BitIRA also allows investors to branch out into other areas of under realized assets, like real estate and precious metals. In a nutshell, BitIRA diversifies and strengthens your financials by disclosing possibilities. Combined with more traditional options like stocks, bonds, and ETFS, we think this is the best way to ensure yourself against what is shaping up to be a strange, unpredictable future.

BitIRA Pricing

BitIRA’s pricing is a little on the high side, though if you are serious about this platform as a long-term solution to your investments and life, there is nothing abnormal about their rates.

That said, you must pay for setting up your account, annual maintenance fees, storage fees, and trading fees. All these can add up, so just be fully aware when you are managing your BitIRA account.

The setup fee is $50, the annual maintenance fee is $195, and storage is 0.05% per month. Trading fees depend on a variety of circumstances, so always contact a BitIRA representative before making any major move.

At the very least you are looking to pay around $250 a year.

The Bottom Line

BitIRA, while carrying significant fees and costs, is a novel, fresh way of looking at your retirement and long-term financials. Most people only think in terms of stocks and bonds when it comes to retirement savings, but crypto, in small doses at least, can be a great way to diversify your portfolio.

We still don’t know much about crypto. For example, who really knows what it will be worth 20 or 30 years from now? In all honesty, a single Bitcoin may be $1, or it could be $500,000. We wish we had a magic mirror with which to peer into the future, but alas, we have nothing of the sort – but we have BitIRA.

We can’t suggest going all in on the crypto craze, but having a small % of your fortune in this currency is a great way to cover all your bases and ensure yourself a “piece of the pie”.

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