Topic: Bitcoin IRA - what exactly is that? (Read 1015 times)

Thx a lot for testing and update!

Cheers

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.

This has got to be the most sketchy thing I have ever seen. The color design looks like they were done by an amateur and I would think an investment firm for a speculative investment would not try to lure people with some cheesy calculator that shows them making millions in the future. I wouldn't trust this website at all.

Thx, very noble.

Could you pls specify for what nationalities this works?
I'd guess its only for US ?
You know sth for EU as well?

Cheers

Hello all,

Noble Bitcoin here. We offer the same service, but with significantly lower fees. We've been in the precious metals IRA game for a long time ($200MM in transactions) with a proven track record. We have been doing Bitcoin IRA's also.

I wanted to clarify what a Bitcoin IRA is useful for:

This service allows you to take existing funds from a 401(k) or IRA that you do not immediately have access to, and move them into crypto and some altcoins. Currently, we offer Bitcoin, Ethereum, Litecoin and Ripple. When done correctly, you have the benefit of rolling over your before tax (401k) funds, and moving them into alternate assets (gold, bitcoin etc) without any tax penalties. A 3rd party custodian (we use Kingdom Trust) is needed to hold the funds during the transition period into the wallet (we use BitGo) so that you never take possession of the funds (and suffer tax penalties for early withdrawal).

A Bitcoin IRA is for using a portion of funds you already have locked away, and diversifying into crypto with those funds and not suffering tax penalties.

I hope that clarifies what a Bitcoin IRA is and is not good for.

Cheers,
NobleBitcoin
https://noblebitcoin.com

Well judging by the calculator alone, seems to be running a dynamic multiplier. Most likely a scam

Yes. I find this quite risky. What happens when this "company" packs up, never to be heard of again, like those casino sites? Bitcoin in itself should increase in value even when just left in a wallet. You can probably find other ways to make more out of it. Heck, even traditional investments like real estate using the profit sound safer. And by holding on to your btc, you somehow maintain some liquidity.



Something I've heard people say... "If it sounds too good to be true, it probably is."

At first, I'm also wasn't aware about bitcoin IRA but because of this post, I tried to visit the site. I also tried their calculator on their site and I only put $100 in the calculator but the return is more than $560,000. It is too good to be true. After regarding how it works, I still cannot understand it. Maybe I'm a little stupid when it comes to English language. I will follow this thread to learn more about it.

I agree with the post I quote, makes really no sense using a Ira. Why would you even want to do it, cause Bitcoin is easy to hold and you can track the price hourly and even on a daily basis. By choosing to hold Bitcoin you are in full control to earn maximum profits and I would suggest you to deal directly in Bitcoin rather than opt for a Ira could be a trick as I don't think Bitcoin Ira is officially licensed approved, even if it were I would advise to stay away.

I completely agree,just common sense and hold your coins on some safe place until one day they reach a desired value so you can sold it for fiat or buy something with them.But there will always be people who see things differently and more trust others to manage their money.

Before investing everyone should read their risk disclosures which say :


https://bitcoinira.com/how-it-works

The site seems promising and the interest rates are really high. But even though this may be a legit site but I will not invest. Its not because I do not trust the site or I smell fishy about the return of investment that it is offering.  The main reason is I prefer to hold my bitcoin in my own wallet in which I have control over them rather than entrusting it to someone else. Though the site seems legit but I just want to make sure that my bitcoins are safe.

you dont need a bitcoin IRA
you just need a bitcoin JHI    - Just Hold It

bitcoin JHI - no middle men, no handing funds to strangers, no admin fee's, no worries of anyone running off.. you just need to hold onto it yourself

if you have fiat and want an IRA i see the niche.
but if you have bitcoin, normally best to just hold the bitcoin yourself

Thanks for share. I also didn't know about it before. I check their chief strategist Ed Moy, looks solid and legit.

Here, I found an interview on Ed Moy regarding BitcoinIRA

https://coinreport.net/conversation-ed-moy-chief-strategist-bitcoinira/

You may want to read it if you are investing on it. GoodLuck!!!

I'd say it's a good investment.

I guess thanks for the article, I didn't even know taking your retirement money and putting it into an IRA was possible with bitcoin.

Most people may be mad at this part, but I wouldn't recommend doing that at all. Bitcoin is way too volatile to want to put your hard earned retirement into so, don't even think about doing it.

Stick to the easy options (safer) in the stock market and just pray that you make 5 percent a year. In Bitcoin you could make tons more or lose it all. But I guess that could be said about all investments

https://bitcoinira.com/how-bitcoin-ira-works


Just found.