Bitcoin IRA & Crypto Investing FAQs

Bitcoin IRA FAQ

There is an initial one-time service fee that varies depending on your investment amount. This service fee covers our comprehensive services, which include full support services for rollover of retirement funds, complete set up of a self-directed retirement account with BitGo Trust, and best-in-class security storage, among other offerings. In addition, there is a minimal custodian and security fee. Please call our representatives to get the fees for your particular investment amount.

BitcoinIRA.com currently offers Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), Stellar Lumens (XLM), Zcash (ZEC), Bitcoin Cash (BCH), Ethereum Classic (ETC), and Digital Gold (DG). You can invest in entirely in one coin or a combination of multiple coins.

You can rollover funds from an existing IRA, Roth IRA, SEP IRA, SIMPLE IRA, 403b, or 401k into a self-directed Bitcoin IRA account.

There is a $3,000 minimum and no investment cap. Retirement accounts that hold Bitcoins require significantly more steps and procedures than with cash purchases. Bitcoin IRA provides a full-service solution that facilitates the process for account set up, rollover of funds from an existing IRA custodian, access to our self-trading platform, and moving funds to a secure digital wallet for all retirement account types.

No. You are unable to purchase cryptocurrencies for your retirement account with any other custodian or exchange at this time. Bitcoin IRA is the world's first, largest and most secure platform to offer this service.

Bitcoin IRA is a full-service company and we will walk you through the process from start to finish. Our specialists will set up your account, rollover your funds from an existing retirement fund, execute the self-directed trade, and move your coins securely into a digital wallet. Learn more.

Spending or withdrawing the funds from any IRA account before you reach the retirement age of 59 ½ will result in early withdrawal tax penalties. Any IRA account is meant to be a fund drawn upon only after you retire. Selling your funds is approved so long as it is used to reinvest in an IRA or is held in your BitGo wallet in a liquid state.

No. At this time, you cannot transfer your current cryptocurrency holdings into a Bitcoin IRA. The IRS requires that buying into a cryptocurrency-based IRA be done with US dollars.

No. Your IRA funds are rolled over from your existing IRA account to a new IRA with BitGo Trust. Your funds remain in a retirement setting and will not result in any early withdrawal fees.

BitcoinIRA.com will attempt, but cannot guarantee, customers will receive any tokens derived from “hard forks.”

 

Gold FAQ

Yes. You are receiving ownership rights (“allocated gold”) to investment-grade physical gold bars. The gold is approved and regulated by the New York State Department of Financial Services and is fully-backed by allocated gold.
For every purchase of 1 Gold on the Bitcoin IRA platform, you are receiving ownership rights to one fine troy ounce of gold. Its value ties directly to the real-time market value of physical gold.
Your gold bars are held in leading Brink’s bullion vault facilities and it is identifiable with a unique serial number, purity, and weighting for each bar.
You have immediate ownership rights of your gold, similar to buying or selling any stock. The order can take up to 24 hours to settle and appear in your account after your purchase.
Yes. Your gold is insured at Brink’s bullion vault facility and for any gold in transit. Learn more. Additionally, all digital assets purchased on the Bitcoin IRA platform are stored with BitGo Trust, a US-registered qualified custodian, with $100M insurance policy. Learn more.
Buying gold through a traditional firm has high broker fees, it’s difficult to transfer, and it’s expensive to store. Our gold program removes the middle men and is a cost-effective, convenient, and safe way to invest in physical gold using our proven, industry-leading platform.
The fees for Gold are the same as they are for all Bitcoin IRA products. See “What are the Bitcoin IRA fees?” above.


Interest-Earning Program FAQ

Your account earns interest by lending your assets through our partner Genesis Global Trading Inc (“Genesis”). Genesis is the largest institutional digital asset lender in the market with an active loan portfolio of $3.8B (as of 12/31/2020). In addition to its lending services, Genesis serves as a leading prime broker in the market offering both spot and derivative execution services along with custody. Learn more about Genesis here.

Your funds are sent to Genesis who lends them out to the leading institutions in the digital asset space including some of the largest hedge funds, trading firms and exchanges and does not underwrite any retail borrowers. Genesis utilizes a robust risk management framework composed of credit underwriting standards and procedures, 24/7 collateral management systems and live-time liquidity monitoring and the company has faced zero defaults since inception in March of 2018.

All of our rates are fully transparent and can be viewed here. The rate you see is the rate you’ll earn with no hidden fees or term commitments (Rates may change at any time. See your IRA Earn agreement for final rates).
We currently offer interest earning on Cash (USD), Bitcoin (BTC) and Ethereum (ETH).
The interest rates display on our website are the rates you’ll receive (Rates may change at any time. See your IRA Earn agreement for final rates). We charge $100 to start and $100 to stop your program.
Individuals in all 50 states are eligible, including New York, and a $10,000 minimum commitment is required.
You can sell immediately anytime. Your funds will then require a settlement period of up to 5 days before they are able to be used for other purchases or to be withdrawn.
We require a $10,000 minimum per coin to participate in our IRA Earn program.
New customers can create an account and then opt-in to the program during the online application process. Existing clients should call us at 877-936-7075.

 

Please call us at 877-936-7175 if you have any other questions.

Glossary

Bitcoin ATM – A bitcoin ATM is a machine similar to a cash ATM machine from which a consumer can buy bitcoin with cash.

Blockchain
– A public ledger against which individual bitcoin transactions are confirmed and individual bitcoin balances can be tracked.

Cryptocurrency
– Currency created mathematically . The term is frequently used in contrast to fiat currency the value of which has been arbitrarily assigned by a government.

Digital Currency
– Currency created anonymously by computer – also known as “virtual currency.”

Exchange
– A place to convert different types of money and other assets. Bitcoin exchanges, for instance, are typically used to trade cryptocurrency for fiat currency

Fiat Currency
– Is a currency like the dollar or euro, for instance, which is assigned arbitrary value by government decree, as opposed to a currency like gold which has intrinsic value. The term is used now in contrast to bitcoin which obtains its value progressively through peer-to-peer networks.

Mining
– The act of generating new bitcoins by solving cryptographic problems using computing hardware.

Peer-to-Peer
– Computer parlance for the distribution of the workloads between peers. The term is frequently used to contrast with banks or central clearing houses through which fiat currency transactions and stock and bond transactions must be verified.

Virtual Currency – Currency created anonymously by computer – also known as “digital currency.”

Wallet
– A method of storing bitcoins . Often compared to a physical wallet which holds printed currency. A wallet holds the coded keys associated with bitcoin addresses. The blockchain is the ledger of the bitcoin transactions which match up with those addresses.

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