Are you interested in adding bitcoin or other cryptocurrencies to your IRA, 401k or other retirement plan?
Bitcoin: 2023’s Silent Gold Rush
There’s a sea change underway in financial markets, and hardly anyone is talking about it. After a market reset in 2022, Bitcoin and other cryptocurrencies are back on a hot streak—in the first half of 2023, Bitcoin is up over 80% on the year. These returns far exceed those of stocks, bonds, and even other alternative assets like gold and silver.
Now that the tide is turning on Bitcoin, an increasing number of savvy retirement investors are looking to get their hands on some.
We’ve all heard about investing in gold, real estate, and stocks to help build and diversify an investment portfolio, and it’s common knowledge that individual retirement accounts (IRAs) are a great way to save for your retirement. But as world events continue to reshape the status of the global markets, investors have gradually began to look beyond those traditional investments in order to diversify their retirement portfolios hedging against a declining U.S. dollar. They are able to do this by diversifying their IRAs with alternative assets, such as Bitcoin and other cryptocurrencies.
As inflation rates cool off, it’s important to keep in mind that Bitcoin is a noted disinflation hedge—meaning it tends to perform well when inflation is on the downturn, while performing less-optimally when it’s rising. It makes sense, then, why Bitcoin has skyrocketed in value from just over $16,000 in January 2023 to now nearly $30,000 only seven months later!
As Bitcoin remains mostly an intangible asset, Bitcoin IRAs require more specialized management. They require a greater deal of security for their sensitive data, and deep expertise in cryptocurrency trading. With more people diversifying their IRAs with alternative assets, the number of retailers, banks and brokerages offering bitcoin investments has grown exponentially in the last few years.
This is especially true in today’s economic climate. With inflation still on the way down from 40-year generational highs and the federal overnight rate at 5.5%… there are plenty of causes for concern regarding the state of the economy right now.
In fact, many economists and market watchers believe with 60% confidence that the United States will enter a recession by mid-2024. I don’t know about you, but I don’t want to take those chances. To prepare for the worst-case potentiality, consider diversifying your investment portfolio outside of traditional assets like stocks, bonds, and cash.
To hedge against a recession, exposure to any stock or cash-correlated assets should be carefully managed. It’s no wonder, then, why so many investors are turning to alternatives such as Bitcoin, Ethereum, and other digital cryptos. These financial tools pack a ton of upside potential while helping insulate against the risks of recessions and market downturns.
It’s worth noting that cryptocurrency values can be exceptionally volatile, but risk typically flattens with subsequent trades over time. IRAs are intended for long-term investing, so a cryptocurrency IRA can be part of a diversified retirement savings plan. Remember to invest at your own risk, and to never invest more money than you can afford to lose.
For those who want to invest in a Bitcoin IRA, look no further than our exclusive list below. We based our rankings on a variety of factors including company longevity, security protocols, insurance coverage, asset diversity, and aggregated customer reviews.
1. My Digital Money
- URL: www.mydigitalmoney.com
- Phone: 833-636-2008
- Years in Business: 2
- Bitcoin IRA Annual Fees: None
- Full-Service Bitcoin IRA: Yes
- Insured Bitcoin IRA? Yes
The sunny, California-based My Digital Money was founded by industry veteran Collin Plume. Drawing on his profound understanding of the IRA industry, Collin initiated the establishment of the company from the ground up. His invaluable insights were honed through his principal venture, Noble Gold—a pioneering entity that specializes in facilitating Americans’ investment in gold, silver, and other precious metals within IRAs.
In a remarkably short span, My Digital Money has ascended to the summit of the Bitcoin IRA landscape, solidifying its position as the highest-rated firm nationwide. Their commendable distinction extends to their proactive efforts in progressively reducing fees over time, underlining their commitment to client satisfaction.
Central to their ethos is aiding individual investors in diversifying their portfolios and bolstering their retirement accounts by integrating precious metals and cryptocurrencies. At the core of their services lies a flagship trading platform that renders investing and trading Bitcoin and other cryptocurrencies within an IRA both convenient and cost-effective. This seamless experience is facilitated by an intuitive online dashboard, enabling users to engage with ease at the click of a button.
Notably, My Digital Money stands out as one of the few companies to impose low transaction fees for every asset sold or acquired within their accounts (1.9%). Despite their relative newness to the crypto IRA investment sphere, My Digital Money emerges as the unequivocal frontrunner in the quest for this year’s premier service provider.=
Pros:
- Excellent military-grade security protocols for all Bitcoin wallets
- Partnership with Equity Trust Company for custodian services
- Provides affordable access to all major cryptocurrencies
Cons:
- A relatively new company with fewer industry connections
2. Bitcoin IRA
- URL: bitcoinira.com
- Phone: 877-936-7175
- Years in Business: 5
- Bitcoin IRA Annual Fees: $240
- Full-Service Bitcoin IRA: Yes
- Insured Bitcoin IRA? Yes
- Selling/Buying Fees: 2%
Bitcoin IRA is the first and largest cryptocurrency IRA company that lets individuals invest in cryptocurrency with their retirement accounts. Founded in 2016, the platform has a user-friendly and easy account setup and management that allows for round-the-clock trading and customer support. Their military-grade security features also ensure users their sensitive data is handled well and can be trusted with the company.
Bitcoin IRA offers around-the-clock trading access to a diverse array of cryptocurrencies, encompassing Bitcoin, Ethereum, Litecoin, Stellar Lumens, Zcash, Bitcoin Cash, Ethereum Classic, and Digital Gold. To embark on this venture, a minimum investment of $3,000 is required, setting the stage for exploration. The platform affords the flexibility to invest in a singular cryptocurrency or create a harmonious blend of multiple coins, catering to individual preferences and strategies.
The initiation process is facilitated by a one-time service fee that encompasses an array of essential support services. These include assistance with retirement fund rollovers, safeguarded storage solutions, and the establishment costs associated with initiating a self-directed IRA, overseen by the reputable BitGo Trust. This comprehensive approach underscores Bitcoin IRA’s commitment to enabling accessible and secure cryptocurrency investment within the framework of a self-directed IRA.
Pros:
- Apps available for all operating systems
- Allow you to borrow against crypto
- Very user-friendly site and app
Cons:
- Not very clear what exactly you can and cannot invest in
- Offers 6% monthly payouts on IRA accounts, which brings up some tax concerns regarding withdrawing from an IRA and isn’t explained well on the site
3. BitIRA
- URL: www.bitira.com
- Phone: 800-299-1567
- Years in Business: 6
- Bitcoin IRA Annual Fees: $400
- Full-Service Bitcoin IRA: Yes
- Insured Bitcoin IRA? Yes
Renowned as one of the prominent figures in the realm of self-directed IRAs, BitIRA emerges as a financial services provider deeply attuned to your distinct financial circumstances. Their approach is rooted in collaborating with your individual financial standing, allowing you to craft an investment portfolio tailor-made to your unique needs. A BitIRA venture offers the avenue to leverage the power of Bitcoin and various other cryptocurrencies to diversify and fortify your retirement portfolio. This strategic approach enables the amalgamation of traditional assets with alternative investments, encompassing ETFs, cryptocurrencies, precious metals, and stocks.
A notable spectrum of supported currencies within BitIRA includes Bitcoin, Bitcoin Cash, Cardano, Chainlink, Dogecoin, Ethereum, and Litecoin. This expansive array of options caters to investors seeking to expand their holdings while potentially capitalizing on the substantial gains often associated with cryptocurrency trading.
BitIRA distinguishes itself through its commitment to economical fees, a facet that resonates with cost-conscious investors. Additionally, the company extends the opportunity for customers to opt for a reasonably priced storage solution that augments security measures—a decisive consideration within the realm of cryptocurrency investments. For retirement investors desiring diversification and the prospect of bolstering their savings through the substantial gains often witnessed in the world of crypto trading, BitIRA serves as a compelling option.
Pros:
- Perfect physical and cybersecurity track record
- Enhanced reporting and account holdings overview to track investment progress
Cons:
- Lack of transparency regarding all costs implied in transactions
- Higher than average minimum deposit ($5,000)
4. Broad Financial
- URL: www.broadfinancial.com
- Phone: 800-395-5200
- Years in Business: 19
- Bitcoin IRA Annual Fees: $300
- Full-Service Bitcoin IRA: Yes
- Insured Bitcoin IRA? Yes
Boasting an impressive track record spanning nearly two decades in the management of self-directed IRAs, Broad Financial emerges as a highly reputable platform catering to both traditional and alternative asset investors. Established as a financial services entity in 2004, Broad Financial expanded its horizons to encompass the realm of self-directed IRAs (SDIRAs) in 2009. This transition leveraged the company’s extensive expertise in both traditional and alternative investments, a distinction that has firmly positioned it as a frontrunner in the industry.
Broad Financial’s appeal is further underscored by its commitment to eliminating transaction fees, a facet that resonates with investors seeking cost-effective solutions. Additionally, the platform’s commitment to providing personalized guidance adds an extra layer of value, ensuring that clients receive tailored assistance in navigating their investment journey.
A noteworthy aspect of Broad Financial’s SDIRA offering is its absence of a minimum investment requirement. This feature resonates particularly with those who prioritize accessibility, providing an inviting entry point for investors at various levels.
Once the account is established, clients are empowered to engage in trading involving up to eight prominent cryptocurrencies, including notable names such as Bitcoin, Ethereum, and Litecoin. The absence of trading fees and a one-day settlement timeframe enhance the appeal of this offering, streamlining the investment process and facilitating efficient decision-making.
With a distinguished history, a comprehensive range of offerings, and a commitment to financial accessibility, Broad Financial stands as a compelling choice for investors seeking a credible and proficient platform to manage their self-directed IRAs.
Pros:
- A wide variety of assets classes is offered
- No minimum investment required
- Longevity in the industry (19+ years)
- Offer products and accounts for individuals, businesses, and professional investment managers
Cons:
- A great all-in-one solution, but lack the crypto expertise of some alternatives
5. Coin IRA
- URL: coinira.com
- Phone: 888-988-COIN
- Years in Business: 6
- Bitcoin IRA Annual Fees: No Fees
- Full-Service Bitcoin IRA: Yes
- Insured Bitcoin IRA?: Yes
Coin IRA presents an integrated platform that empowers clients to engage in self-directed trading encompassing cryptocurrencies, physical gold, and physical silver within their IRA accounts. This holistic approach is complemented by the platform’s commitment to offering competitive transaction fees, ensuring a cost-efficient investment experience. Notably, Coin IRA extends the convenience of continuous trading, enabling users to execute buying and selling activities around the clock, a distinction that sets it apart from some of its counterparts.
The safeguarding of client assets lies at the core of Coin IRA’s ethos, as evidenced by their deployment of institutional-grade storage solutions. This commitment to top-tier security standards reflects their dedication to providing clients with a trustworthy and secure environment for their investments.
Coin IRA also excels in delivering user-friendly accessibility akin to prominent platforms like Coinbase. This familiarity eases the investment journey, particularly for those venturing into the world of cryptocurrency and precious metals. Furthermore, Coin IRA’s adaptability to the surge in interest surrounding both cryptocurrency and security attests to their proactive approach in addressing contemporary concerns.
In essence, Coin IRA stands out as an all-encompassing solution, merging the realms of cryptocurrency and precious metals within the framework of self-directed IRA accounts. With a focus on competitive fees, continuous trading, robust security, and a user-friendly platform, Coin IRA offers a streamlined and secure avenue for investors looking to diversify their portfolios and engage in the dynamic landscape of cryptocurrencies and precious metals.
Pros:
- Institutional-grade storage, with best-in-class security
- Very upfront about their fees
- Great reviews listed on their site which we verified
- Heavily focused on tax benefits, so for investors looking long term this should be a contender
Cons:
- Fewer crypto tokens available to invest in when compared to some other service providers
Choose The Right Bitcoin IRA Provider Today
As an increasing number of firms open the door for clients to incorporate alternative assets such as Bitcoin into their IRAs, navigating the landscape to discern which ones provide optimal expertise, security, and support can pose a challenge. Ultimately, it is the companies possessing profound proficiency in handling both conventional and digital assets that are poised to safeguard and fortify their clients’ retirement strategies for the long term.
If you’re interested in viewing more extensive reviews, visit Sophisticated Investor’s list of America’s top-rated Crypto IRA platforms, which are updated regularly with the latest ratings and complaints.
However, if you’re looking for an excellent solution in the meantime, we recommend My Digital Money. Simply put, the California-based My Digital Money team is among the best in the business—between the low fees, comprehensive insurance, and easy-to-pick-up trading platform, there’s a lot to love about this excellent crypto IRA company.
1. My Digital Money:
- Full-Service IRA: Yes
- Fees: 1.9% per transaction
- Offers Other Alternative Assets: No
- Storage: Cold storage
- Headquarters: Pasadena, CA
- Free Kit Link
2. Bitcoin IRA:
- Full-Service IRA: Yes
- Fees: $240 annually + 10-15% on initial investment + 1% per trade
- Offers Other Alternative Assets: No
- Storage: Cold storage
- Headquarters: Sherman Oaks, CA
- Free Kit Link
3. BitIRA:
- Full-Service IRA: Yes
- Fees: $195 annually + 0.05% monthly storage fee
- Offers Other Alternative Assets: No
- Storage: Cold storage
- Headquarters: Burbank, CA
- Free Kit Link
4. Broad Financial:
- Full-Service IRA: Yes
- Fees: $300 annually
- Offers Other Alternative Assets: Yes
- Storage: Cold storage
- Headquarters: Montvale, NJ
- Free Kit Link
5. Coin IRA:
- Full-Service IRA: No
- Fees: 1% per sell, 1.25% per buy
- Offers Other Alternative Assets: No
- Storage: Cold storage
- Headquarters: Woodland Hills, CA
- Free Kit Link
Disclaimer: This article contains sponsored marketing content. It is intended for promotional purposes and should not be considered as an endorsement or recommendation by our website. Readers are encouraged to conduct their own research and exercise their own judgment before making any decisions based on the information provided in this article.
