Bitcoin IRA was the first retirement platform that offered crypto. While many financial institutions balked at providing retirement accounts for crypto, Bitcoin IRA led the revolution in 2015. The provider’s Roth IRAs let you accumulate crypto without worrying about taxes at retirement age. In addition, the company’s security (3) features and insurance policy provided by Bitgo can make you feel confident in your investment’s safety.
What is Bitcoin IRA?
Bitcoin IRA is the first IRA platform that specializes in cryptocurrencies. Serial entrepreneurs Chris Kline, Johannes Haze, and Camilo Concha founded the company in 2015 to give investors more choices with their crypto. The company provides various retirement accounts with tax advantages. In addition, you do not pay capital gains taxes on withdrawals from an IRA. Investors can buy and sell crypto 24/7, giving them more opportunities to trade and earn than with stocks and other investments. Bitcoin IRA has price tracking on cryptocurrencies which makes it easier to detect market movements and make timely trades.
Roth IRAs vs. Other IRAs in the Bitcoin IRA Platform
Roth IRAs hold various distinctions over Bitcoin IRA’s traditional crypto IRA choices. Roth IRA contributions pull from after-tax dollars, while Traditional IRAs use pretax dollars. Traditional IRAs can provide immediate tax relief. Roth IRAs offer tax-free withdrawals if all the requirements are met. Paying a little extra now can help in the future if your crypto investment soars while in your retirement portfolio.
Roth IRAs have lower contribution limits than 401(k)s. In 2022, you can only contribute $6,000 per year to a Roth IRA or $7,000 per year if you are 50 years or older. Traditional IRAs have the same limit. If you have a 401(k) plan, you can contribute up to $20,500 per year or $27,000 per year if you are 50 years or older.
Traditional IRAs and 401(k) plans allow you to contribute now without paying taxes, but you will get taxed on withdrawals. Roth IRA accounts don’t provide tax relief at the moment, but you may be able to withdraw the funds tax-free if you meet all the requirements. You can also take out contributions you put into a Roth IRA without paying taxes or penalties. For example, if you contribute $10,000, and the $10,000 turns into $12,000, you can take out the initial $10,000 without incurring taxes or penalties. The IRS would treat withdrawals as qualified distributions if your first Roth IRA contribution was at least five years ago and you have reached retirement age. If you withdraw earnings too early, it can trigger taxes and penalties, but Roth IRAs provide more withdrawal flexibility than traditional IRAs.
Can You Buy Crypto in a Roth IRA?
Not every financial institution will allow you to add crypto to your Roth IRA. A self-directed IRA gives you more flexibility and can let you invest in crypto. Instead of jumping through hoops with your current provider, you can open an account at Bitcoin IRA.
The Benefits of Opening a Crypto Roth IRA with Bitcoin IRA
You can open an account with several crypto IRA providers, but Bitcoin IRA is a cut above the rest. Discover the benefits of opening a crypto Roth IRA with Bitcoin IRA.
- Greater crypto diversification: Some crypto IRAs only let you invest in Bitcoin, Ethereum, and a few other altcoins. Bitcoin IRA has over 60 digital assets you can buy and sell. This greater diversification can add a layer of protection to your portfolio and give you more trading capabilities. Having more choices can lead to higher portfolio returns.
- Top-notch crypto security: Bitcoin IRA has more experience than any other crypto IRA provider. Assets in accounts are insured for up to $700 million with BitGo.
- Reasonable minimum investment: Other companies charge high minimums that exceed $10,000. Bitcoin IRA offers a reasonable minimum relative to its competitors, which makes it easier to get started with tax-free crypto gains.
- Educational resources: Bitcoin IRA provides complementary educational resources to help investors make informed decisions for their portfolios. Bitcoin IRA’s dashboard has videos, articles, and other educational assets that can make you a better investor.
- Tax-free crypto gains: Bitcoin IRA makes it easy to avoid capital gains taxes on your crypto. Cryptocurrencies have a history of frequent crashes and recoveries. Getting into crypto at the right time can yield substantial gains, and opening an IRA with Bitcoin IRA could let you keep more of the proceeds.
How Much Does It Cost to Trade Crypto in a Roth IRA with Bitcoin IRA?
The best way to obtain the latest pricing and get your questions answered is by contacting a Bitcoin IRA Specialist.
How to Create Your Crypto Roth IRA with Bitcoin IRA
Bitcoin IRA has a simple process for creating a crypto Roth IRA that only takes three minutes. You can get started with your crypto Roth IRA by completing the following steps.
1. Complete Your Application
A Bitcoin IRA application doesn’t take much time to complete. You only have to provide basic information such as your name and email address.
2. Fund Your Account
After completing your application, you will receive instructions about accessing Bitcoin IRA’s dashboard. You can go into this dashboard and select a funding source. You can roll over an existing retirement account, use your bank account, or designate another funding source.
3. Self-trade Your Chosen Assets
Bitcoin IRA lets you trade over 60 cryptocurrencies. After conducting due diligence, you can start trading and investing in crypto. Bitcoin IRA has educational resources that can help with your research and make you feel more confident about your assets.
Open Your Crypto Roth IRA with Bitcoin IRA
A crypto Roth IRA protects your gains from taxation, so you can accumulate crypto in your retirement account without worrying about how much you’ll have to give to the government in taxes. Bitcoin IRA led the charge in the crypto IRA industry and remains a reliable choice for crypto investors. Opening a crypto Roth IRA with Bitcoin IRA only takes a few minutes. You can open a Bitcoin IRA account today and start building wealth with tax-advantaged crypto.