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.
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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
Read Full Review
- 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
What does gold do as an investment?
Gold's price fluctuates depending on the supply and demand. Interest rates are also a factor.
Due to their limited supply, gold prices fluctuate. In addition, there is a risk associated with owning physical gold because you have to store it somewhere.
What is a Precious Metal IRA and How Can You Benefit From It?
A precious metal IRA lets you diversify your retirement savings to include gold, silver, palladium, rhodium, iridium, osmium, osmium, rhodium, iridium and other rare metallics. These metals are known as “precious” because they are rare and extremely valuable. These are good investments for your cash and will help you protect yourself from economic instability and inflation.
Bullion can be purchased through many channels including online retailers and large coin dealers as well as some grocery stores.
An IRA for precious metals allows you to directly invest in bullion instead of purchasing stock shares. You'll get dividends each year.
Precious metal IRAs have no paperwork or annual fees. Instead, you pay only a small percentage tax on your gains. Plus, you can access your funds whenever you like.
Can I keep a Gold ETF in a Roth IRA
While a 401k may not offer this option for you, it is worth considering other options, such an Individual Retirement Plan (IRA).
An IRA traditional allows both employees and employers to contribute. A Employee Stock Ownership Plan, or ESOP, is another way to invest publicly traded companies.
An ESOP can provide tax advantages, as employees are allowed to share in company stock and the profits generated by the business. The money invested in ESOPs is taxed at a lower rate that if it were owned directly by an employee.
A Individual Retirement Annuity is also possible. An IRA lets you make regular, income-generating payments to yourself over your life. Contributions to IRAs will not be taxed
Who is entitled to the gold in a IRA that holds gold?
The IRS considers gold owned by an individual to be “a type of money” and is subject taxation.
To take advantage of this tax-free status, you must own at least $10,000 worth of gold and have been storing it for at least five years.
Gold can be used to protect against inflation and price volatility. However, it is not a good idea to own gold if you don't intend to use it.
If you plan to eventually sell the gold, you'll need a report on its value. This could impact the amount of capital gains taxes your owe if you cash in your investments.
To find out what options you have, consult an accountant or financial planner.
- You can only purchase gold bars at least 99.5% purity. (forbes.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)
- (Basically, if your GDP grows by 2%, you need miners to dig 2% more gold out of the ground every year to keep prices steady.) (smartasset.com)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
The History of Gold as an Asset
From the ancient days to the early 20th Century, gold was a common currency. It was universally accepted and loved for its beauty, durability, purity and divisibility. It was also traded internationally due to its high value. Different weights and measurements existed around the world, however, because there were not international standards to measure gold. For example in England, a pound sterling equals 24 carats. In France, a livre tournois equals 25. Carats of golden. Germany had one mark which equals 28. Carats.
In the 1860s the United States began issuing American currency made up 90% copper (10% zinc) and 0.942 gold (0.942 pure). The result was a decrease in foreign currency demand, which led to an increase in their price. In this period, large amounts of gold coin were minted by the United States, which caused the gold price to drop. Because the U.S. government had too much money coming into circulation, they needed to find a way to pay off some debt. To do so, they decided to sell some of the excess gold back to Europe.
Many European countries didn't trust the U.S. dollars and started to accept gold for payment. However, many European nations stopped using gold to pay after World War I and started using paper currency instead. The price of gold has risen significantly since then. Even though gold's price fluctuates, it is still one of the most secure investments you could make.
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