Topic: Bitcoin IRA (Retirement Acct)? (Read 736 times)

I tried to use BitcoinIRA.com.  I went through all the paperwork, moved all the money from my T.Rowe ROTH IRA to them and got ready to buy Bitcoins.  All of the sudden they said they would not do business with me because I had traded on LocalBitcoins.com and they have a policy of not doing business with anyone they can show has done business with LocalBitcoins.com.

So I got all my money back.

I then went to Broad Financial and they are great.  I am so glad that BitcoinIRA.com turned me down!!!  Broad Financial is a much better deal:

1) The flat fee at Broad Financial is less than the percent fee I would have paid BitcoinIRA
2) At Bitcoin IRA they hold the private keys to the Bitcoins, with Broad Financial I hold the private keys to my Bitcoins and they have nothing to
do with them!
3) At BitcoinIRA you can only buy Bitcoins and a few other cryptos.  With Broad Financial I can hold ANY crypto, gold, silver, stocks, bonds, pretty much anything allowed by the IRS.
4) With BitcoinIRA you must use their one broker to buy the cryptos.  This is the broker that will not do business with anyone who has ever traded on localbitcoins.com.  With Broad Financial you buy the cryptos (or gold or whatever) using checks in the checking account of your IRA which you have access and control over.

There is no question, Broad Financial is the better plan.

The fee ranges depending on how much you roll over. Anywhere from 2 to 7 % one time fee.

I agree with you

The thing he probably wants to avoid is paying taxes every year over the bitcoin holdings. If he put it in a retirement fund, he only pays taxes once the funds are released to him, which are generally much lower (correct me if I'm wrong).


Because you have to pay taxes on all the funds you hold above a certain threshold. Sure, bitcoin may be difficult to tax at the moment, but this is bound to change..

This is exactly right, why in the world would anyone use third party for something they can do themselves?! The other plus is that you can
use the funds whenever you wish, as a rainy days fund if something happens and you need it sooner.

I quickly looked through your site, what is your fee? How you make money?

If you have a computer, an internet connection, and some Bitcoin, you can learn to make more Bitcoin for retirement or any other purpose.  It helps to be disciplined, observant, and patient. 

No thanks.  It takes no brains to buy and hold bitcoin for retirement and there are no storage fees.  There arent any dividends that you need a deferment of taxes on.  Why would you want a 3rd party to buy and hold bitcoin for you?  That goes against the spirit of what bitcoin stands for.

I am the Marketing Director for Bitcoin IRA. We are able to offer Bitcoin as an option in your IRA or 401K.

http://bitcoinira.com/bitcoin-401k-rollover/

Feel free to reach out to me personally if you have questions. [email protected]

I think I understand why people ask this question. For many folks around me and including myself, we don't have money to invest. Only money can be deployed to trade is some Ira from previous job's 401k.
I heard Ira money can be used to buy houses, I think Bitcoin maybe also posible, but don't know how. Maybe someone can start a firm doing this.
Another way is GBTC, orCOIN, if you cN wait a few months.

The tax issue will not be completely avoided, because at some time you would have to pay your share. This could be from Capital Gain or simply with VAT. It is not likely that they will include Bitcoin in the near future, because there are too many possible loopholes for them to cover. The regulation is always a few years behind the technology. ^smile^

You know what they say about death and taxes, completely unavoidable. ^hmmmm^

I'm no expert on this but would't a "Bitcoin" IRA be the same as a regular IRA, I mean you wouldn't be saving in terms of Bitcoin or would you? I imagine Bitcoin would just be the means by which you deposit into your account and that it would get immediately converted to dollars. I'm not sure how it would work if you mean storing in Bitcoin itself since the value fluctuates so much, how would the tax be handled?

Are there any big, reputable companies that let you buy bitcoins through an IRA? I know e*trade and fidelity don't. Anyone have experience or knowledgable in this area? Also, not sure if this is in best sub forum.

Thanks