Coin IRA specializes in allowing investors and retirees invest in crypto in their IRA by doing a rollover to a self-directed IRA. You have the option to invest in digital assets like Bitcoin, Ethereum, Ripple, Bitcoin Cash and Litecoin.
AT A GLANCE
- Best Overall Bitcoin IRA Company
- Offline and cold storage wallet
- Low yearly fees
- Fully insured
A BBB Rating
Average review rating 4.9/5 on TrustPilot
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Pros & Cons
Cryptocurrencies have been booming in recent years as institutional investors gradually begin to fully legitimize digital money.
Since business is mostly done online in the modern world, it is indisputable that digital money will eventually overtake physical paper as the most common medium of exchange.
Bitcoin has been around for over 13 years, and it has only continued to grow in importance with each passing year. Consequently, cryptocurrencies have become an important asset to hold in any investment portfolio.
Unfortunately, there are ordinarily significant barriers to holding cryptocurrencies with an IRA account. Coin IRA has, however, introduced a legitimate solution that can enable you to hold cryptocurrencies without making expensive withdrawals from your retirement portfolio.
By holding cryptocurrencies in your portfolio, you can securely maintain full control over your own money while enjoying exposure to a rapidly growing asset class.
Minimum Investment: $25,000
Annual Fee: $195
Promotion: No current promos
About Coin IRA?
Coin IRA is a reputable financial services company that helps holders of retirement accounts to own cryptocurrencies within their portfolios.
With Coin IRA, you can easily buy and sell cryptocurrencies with your existing IRA funds. Purchased coins are held in cold storage to eliminate the possibility of hackers stealing your money.
Accounts are also insured in case of a data breach, so you do not have to worry about losing your funds. The company also relies extensively on its existing relationships with traditional IRA custodians, so you can reliably move your money with fewer difficulties while complying with all relevant laws.
Overall, Coin IRA is designed for both amateurs and serious institutional investors who wish to invest in cryptocurrencies.
How Does Coin IRA Work?
Getting started with your new account is easy – as you can register directly on the Coin IRA website. Coin IRA works in partnership with New Direction Trust – and that helps to speed up the account approval process.
Request Your FREE Bitcoin IRA Guide
Once your account has become available, Coin IRA can help you to initiate the IRA rollover process if you have not already done so.
Once your account is legally considered self-directed, you can freely trade cryptocurrencies on your own with funds that you move into your Coin IRA account.
All of the complexities associated with purchasing and holding cryptocurrencies are handled on your behalf. Coin IRA uses a leading cryptocurrency exchange to help its clients complete transactions almost instantly with minimal fees.
You can use the company's trading platform to place trades immediately, and you can view market orders in a way that is very similar to a conventional stock exchange.
Once you have purchased your coins, the company can optionally transfer your assets directly into a segregated wallet that you control.
Coin IRA Services
The full range of services necessary to legally trade cryptocurrencies with an IRA account are provided by Coin IRA. The company goes to great lengths to safeguard the assets of its clients by using secure software that is updated on a regular basis.
The system is designed to put all transactions through an extensive verification process that prevents the possibility of fraud initiated by malicious actors.
To provide further protections for clients, trades are actually confirmed by Coin IRA over the phone. Coin IRA offers three different storage methods that you can choose from.
Firstly, the company can store your coins for you in a secure vault that is kept offline. Secondly, you can move your funds into a hard wallet that you control, such as Ledger or KeepKey.
Finally, you have the option of getting full control over the funds on your own by having the money transferred directly to your cryptocurrency wallet.
With the flexibility that Coin IRA provides, you can truly control your own coins with few restrictions.
Fees & Minimums
As with most investment accounts, Coin IRA requires a minimum financial commitment before allowing you to get started.
Coin IRA Fees For Cryptocurrency IRAs
Set-up fee for IRA
Coin IRA Minimums
$20,000 to $25,000
With an ordinary self-directed IRA account, Coin IRA's minimum investment is at least $20,000 before you can get started.
However, an investment of only $3,500 is required when you transfer funds from a non-IRA account. Coin IRA's fees are relatively low when you consider the broad range of services that the company provides on your behalf.
There is a fixed $50 fee that is charged upon opening your account. There is also an annual fee of $80 that you are required to pay to keep your account open.
If you elect to have Coin IRA store your funds in an offline wallet, you will have to pay a $100 fee. However, transaction fees are waived for the first year if you maintain a balance of at least $50,000 in your account.
You can also get 5% back on any qualified order of $50,000 or more.
Learn How To Buy Bitcoin with Your IRA or 401(k)
Get Your FREE Coin IRA Guide to Bitcoin Investing
Benefits of Investing in Cryptocurrencies
As a cryptocurrency investor, you will enjoy a wide range of benefits that will help to grow your portfolio over time. Unlike conventional securities that are essentially just pieces of paper, cryptocurrencies are real assets that you can fully possess and control.
Although the value of cryptocurrencies is derived from intangible sources, the value of the coins themselves is held up by real use cases in the economy.
Therefore, you can depend on the fact that your coins will continue to hold their value as time goes on. Cryptocurrencies are not backed by any centralized monetary authority, so you do not have to worry about a financial crisis in one nation disrupting the value of your portfolio.
Additionally, cryptocurrencies have been given legitimacy by the U.S. government, the IRS, and many local governments.
As a result, holding cryptocurrencies can reduce your risk exposure in a way that is fully legal and widely accepted.
How Safe is Your Investment?
Coins held by Coin IRA are extremely safe. You do not have to worry about the possibility of losing your money to an exit scam or hacking attempt when you rely on Coin IRA because the company has implemented strong safeguards to protect the funds of its clients.
Coins are stored offline, so they cannot be stolen by hackers. Additionally, Coin IRA outlines compliance and other digital currency IRA rulings imposed by the IRS to make sure you're informed and safe.
What's more, Coin IRA is owned by a reputable financial services company that is subject to U.S. laws and has an extensive track record of successfully safeguarding client funds.
Coin IRA vs. Competition
Let's see how Coin IRA's secure cryptocurrency IRA platform stacks up to their competition.
best CUSTOMER SERVICE
- Annual Fee: N/A
- Minimum Investment: $3,000
- Promotion: Crypto buyback program
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- Annual Fee: $300
- Minimum Investment: $5,000
- Promotion: Free ledger
Read Full Review
Coin IRA Customer Reviews & Ratings
Independent consumer protection agencies have vouched for Coin IRA's reputation for honesty and excellent customer service.
The company maintains an "A" rating with the Better Business Bureau, and it has been accredited by the BBB since December 2017.
Additionally, TrustLink has given Coin IRA a five-star rating. On Trustlink's website, Coin IRA has an extensive customer feedback history that features over 250 positive reviews.
Overall, Coin IRA maintains a great reputation among its customer base that has helped it to grow rapidly in recent years.
How to Get Started With Coin IRA
Get your free bitcoin IRA guide: Their bitcoin IRA account guide can help you to understand the wide variety of options that are available for investors who are considering alternatives to conventional securities.
Speak with a Coin IRA bitcoin specialist: Coin IRA will put you on the phone with bitcoin specialists who will help you to make the right investment decisions as you begin to gain exposure to digital currencies.
Open your Coin IRA account: Once you are ready to move forward, you should initiate the process of opening your account immediately so that you can get started as soon as possible.
Decide how much you want to invest: As you wait for your account to be approved, you should decide how much money you plan to allocate toward buying cryptocurrencies.
Fund your account: Coin IRA will guide you through the process of actually funding your account once your account has been fully opened.
Put your loaded wallet in cold storage: After purchasing cryptocurrencies, you should be sure to take advantage of Coin IRA's cold storage service so that you can keep your coins safe.
Should You Invest in Coin IRA?
Only you can decide what investments are right in your situation, but Coin IRA is certainly the best provider available for investors looking to explore alternative assets and purchase cryptocurrencies from a reputable financial institution.
Coin IRA specializes in allowing investors and retirees invest in crypto in their IRA by doing a rollover to self-directed IRAs.
Frequently Asked Questions
Should You Open a Precious Metal IRA?
You should be aware that precious metals cannot be covered by insurance. There are no ways to recover the money you lost in an investment. This includes all investments that are lost to theft, fire, flood, or other causes.
It is best to invest in physical gold coins and silver coins to avoid this type loss. These items can be lost because they have real value and have been around for thousands years. You would probably get more if you sold them today than you paid when they were first created.
You should choose a reputable firm that offers competitive rates. Consider using a third-party custody company to keep your assets safe and allow you to access them at any time.
You won't get any returns until you retire if you open an account. So, don't forget about the future!
What is a Precious Metal IRA and How Can You Benefit From It?
A precious metal IRA allows you to diversify your retirement savings into gold, silver, platinum, palladium, rhodium, iridium, osmium, and other rare metals. These precious metals are extremely rare and valuable. They are great investments for your money, and they can protect you from inflation or economic instability.
You can buy bullion through various channels, including online retailers, large coin dealers, and some grocery stores.
A precious metal IRA allows you to invest directly in bullion, rather than buying stock shares. This will ensure that you receive annual dividends.
Precious metal IRAs do not require paperwork nor annual fees, unlike regular IRAs. You pay only a small percentage of your gains tax. Plus, you get free access to your funds whenever you want.
Can I keep physical gold in an IRA?
Not only is gold paper currency, but it's also money. Gold is an asset people have used for thousands years as a place to store value and protect their wealth from economic uncertainty and inflation. Investors use gold today as part of their diversified portfolio, because it tends to perform better in times of financial turmoil.
Many Americans now invest in precious metals. While owning gold doesn't guarantee you'll make money investing in gold, there are several reasons why it may make sense to consider adding gold to your retirement portfolio.
Another reason is that gold has historically outperformed other assets in financial panic periods. Between August 2011 and early 2013 gold prices soared nearly 100 percent, while the S&P 500 plunged 21 percent. During these turbulent market times, gold was among few assets that outperformed the stocks.
Gold is one of the few assets that has virtually no counterparty risks. If your stock portfolio goes down, you still own your shares. If you have gold, it will still be worth your shares even if the company in which you invested defaults on its debt.
Finally, gold offers liquidity. You can sell your gold at any time without worrying about finding a buyer, which is a major advantage over other investments. You can buy gold in small amounts because it is so liquid. This allows for you to benefit from the short-term fluctuations of the gold market.
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal, so you would owe income tax on the item's value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (forbes.com)
- 7 U.S. Code SS7 – Designation board of trade as contract marketplaces
- 26 U.S. Code SS 408 – Individual retirement funds
Investing in gold vs. investing in stocks
This might make it seem very risky to invest gold as an investment tool. This is because many people believe gold is no longer financially profitable. This belief is based on the fact that gold prices are being driven down by global economic conditions. They feel that gold investment would cause them to lose money. In reality, though, gold investment can offer significant benefits. Below we'll look at some of them.
Gold is one of the oldest forms of currency known to man. Its use can be traced back to thousands of years ago. People around the world have used it as a store of value. Even today, countries such as South Africa continue to rely heavily on it as a form of payment for their citizens.
It is important to determine the price per Gram that you will pay for gold when making a decision about whether or not to invest. The first thing you should do when considering buying gold bullion is to decide how much you will spend per gram. You can always ask a local jeweler what the current market rate is if you don't have it.
It's worth noting, however, that while gold prices have fallen recently the cost of producing gold is on the rise. The price of gold may have fallen, but the production costs haven’t.
The amount of gold that you are planning to purchase is another important consideration when deciding whether or not gold should be bought. It is sensible to avoid buying gold if you are only looking to cover the wedding rings. It is worth considering if you intend to use it for long-term investment. It is possible to make a profit by selling your gold at higher prices than when you purchased it.
We hope this article has given you an improved understanding of gold investment tools. Before making any investment decisions, we strongly advise that you thoroughly research all options. Only after you have done this can you make an informed choice.
By: Donny Gamble
Title: Coin IRA Review: Is it a Legit Crypto IRA Company?
Sourced From: retirementinvestments.com/crypto/coin-ira-review/
Published Date: Fri, 03 Mar 2023 05:27:00 +0000