Bitcoin IRAs are a way for you to invest in cryptocurrencies using your retirement savings. They act as self-directed IRAs that are provided by a few financial institutions in the U.S. that allow alternative investments for retirement savings.
You can simultaneously retain other retirement accounts with traditional investments, and also use the self-directed option for cryptocurrency investments.
Traditional IRAs are used by individuals to keep their investments in traditional securities such as stocks, bonds, and money market funds. Bitcoin IRAs function in a similar way, but are an alternative for investing in cryptocurrencies.
They are generally referred to as Bitcoin IRAs, but they include investment in other crypto assets such as Ethereum, XRP, Bitcoin Cash etc. Holders of Bitcoin IRAs use custodians to hold their assets for proper management.
This takes the weight of portfolio management from the account owner. Hence, you don’t need to be an experienced crypto investor to use a Bitcoin IRA. This method of crypto investing is becoming popular among employees of different organizations because of the good reputation that bitcoin has as a store of value.
If you’re interested in crypto investing, you can opt for this if your employer provides such an alternative. The following are some of the best Bitcoin IRAs you can use for your crypto investing.
Bitcoin IRA
This is the first and oldest Bitcoin IRA, judging from the name. The platform engages in 24/7 trading of more than 60 cryptocurrencies, including bitcoin, ether, litecoin, stellar lumens, zcash, bitcoin cash, ethereum classic, and digital gold.
You’ll need to pay a one-time service fee to cover support services for retirement fund rollovers. The crypto custodian for this platform is BitGo, one of the leading crypto custodial services providers in the world.
The assets are covered by $700 million insurance, and assets are stored in offline, cold storage. The minimum investment on Bitcoin IRA is $3,000, which is low enough for nearly anyone to invest in. you may choose to invest in just one asset or have a whole arsenal of them.
BitIRA
This platform allows investors venturing into the world of crypto to add bitcoin and other digital assets to their retirement account portfolio. An account with BitIRA supports many crypto assets, including bitcoin, bitcoin cash, ether, ethereum classic, litecoin, zcash, stellar lumens, bitcoin sv, and more. Minimum investment is $5000 with a $95 annual maintenance fee. You’ll also pay 0.05% fee for crypto storage.
Assets under BitIRA are stored by Equity Trust Company which handles all of the administrative duties of the account. However, you will have full control of your assets. The platform is known for its priority for security, making it one of the most secure platforms available.
It uses two-factor authentication, and also employs cold storage for securing its customers’ assets. There is also a $100 million custody insurance that protects investments against theft, destruction, or loss.
If you’re looking for a secure and reliable bitcoin IRA platform to invest in, BitIRA is your place of choice. The only disadvantage is the several fees you have to pay for maintenance and other expenses.
Alto IRA
Alto IRA is a low-fee alternative bitcoin IRA that lets you access numerous alternative investments, including fine art, startups, real estate, cryptocurrencies, private equity, and more. In partnership with Coinbase, it is able to provide access to 200 crypto assets.
It is also big on security, using both hot and cold wallets with a commercial crime policy insurance coverage of $320 million and $3 million in cyber crime coverage. Some of its investments are however reserved for accredited investors, and it doesn’t offer SIMPLE IRAs. If you’re looking for a Bitcoin IRA with several options to choose from, Alto IRA will be perfect for you.
Conclusion
These are some of the best and most reliable crypto investment platforms for retirement accounts. If you are interested in using part of your retirement savings for crypto investing then any of them will serve you well.
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