Individual retirement accounts (IRAs) are a terrific approach to ensure financial stability in the future. However, as global market volatility continues to rise, some investors consider diversifying their IRAs with alternative assets such as Bitcoin and other cryptocurrencies.
Because Bitcoin is a digital rather than a physical asset, cryptocurrency IRAs need specialized administration, enhanced data security, and extensive knowledge of cryptocurrency trading. In this article, we’ll dive deep into the similarities and differences between two of the best Bitcoin IRA companies – iTrustCapital and BitcoinIRA.
What is iTrustCapital?
CEO Morgan Steckler established iTrustCapital in 2018, and the company is based in Irvine, California. Its goal is to give investors a way to maintain cryptocurrencies in their retirement funds.
iTrustCapital is the top digital asset IRA platform, allowing customers to purchase and sell cryptocurrencies and physical gold straight from their retirement accounts in real time.
iTrustCapital reduces the inefficiencies and obsolete methods of existing IRA models, allowing investors to shift money from their retirement accounts into the Cryptocurrency and real Gold markets safely, simply, and legally.
What is BitcoinIRA?
BitcoinIRA is the first and most popular full-service solution for investing in cryptocurrency through your IRA. The organization believes in making a complicated process simpler and safer, and its objective is to be completely honest and plain to assist you in achieving your cryptocurrency retirement goals.
To finance their retirement accounts, users can invest in various cryptocurrencies. Then, in just a few minutes, you can open an account.
Their trading platform is available to novice and experienced traders 24 hours a day, 7 days a week, through the web or mobile app, and trading may begin within 3-5 days of account financing.
In addition to BitcoinIRAs, they also offer a Bitcoin 401(k). Users can earn interest on their assets by lending them and bolstering their crypto accounts with gold deposits.
Differences and Similarities Between iTrustCapital vs. BitcoinIRA
Both BitcoinIRA and iTrustCapital offer a variety of features. However, before choosing any one of these cryptocurrency IRAs, it is advisable to see which company offers better benefits.
Cryptocurrencies
Not every cryptocurrency IRA offers the same number of cryptocurrencies. In this case, iTrustCapital currently offers 28 cryptocurrencies, while BitcoinIRA offers more than 60 cryptocurrencies. iTrustCapital also allows you to invest in precious metals, while BitcoinIRA offers you to invest in digital gold as well.
iTrustCapital supports BTC, ETH, ADA, BAT, ENJ, ALGO, ATOM, XTZ, CRV, SOL, AAVE, MATIC, YFI, SUSHI, COMP, XLM, and other cryptos, totaling 28, with more being added on a regular basis.
BitcoinIRA supports 1INCH, BNT, DASH, ADA, BAT, ENJ, ALGO, ATOM, XTZ – a total of 60+ cryptocurrencies.
Fees
iTrustCapital has some of the lowest trading and investment fees in the industry. While it is usual to pay up to 15% for each transaction to trade cryptocurrencies, iTrustCapital only costs 1% for every transaction. Clients are not paid a monthly fee, and there are no initial purchase costs, broker fees, or scaling depending on asset size. In addition, when new users fill out their accounts, they receive a $100 Bitcoin bonus.
A custodian fee, a security fee, and a one-time service fee are all charged by BitcoinIRA, although interested investors must contact a customer service representative for precise figures.
Security
A secure IRA is essential for all parties involved.
BitcoinIRA provides 256-bit secured SSL trading, keeps digital assets offline in separate cold storage accounts, and insures them up to $700 million.
Coinbase Custody is used by iTrustCapital to store up to $370 million in digital assets. This is on top of the company’s baseline coverage, which starts at $50 million and is offered by Munich Re, a major supplier of insurance-related risk solutions.
Requirements
To use both BitcoinIRA and iTrustCapital, you must be a U.S. citizen.
Minimum Investments
The initial investment required by BitcoinIRA is $3,000, or $100 per month, through their Saver IRA, which is connected to a bank account. There is no limit on the amount of money that can be invested.
The minimum investment in iTrustCapital is $2,500, with no upper cap.
Mobile App
BitcoinIRA offers a mobile app, both on Android and the Apple Play store, through which you can set up an IRA account and digital wallet in just a few minutes. You can also start trading cryptocurrencies after the account is set up, within three to five days after funds are sent to your account, and they can buy, sell, and trade online at any time.
Unlike BitcoinIRA, iTrustCapital only offers an application on the Apple Playstore. However, the features on the mobile app are limited, and for full functionality, users have to use the web version of the iTrustCapital.
Other Features
BitcoinIRA Earn is a unique feature that combines two popular crypto products: cryptocurrency IRAs and interest accounts.
Companies like BlockFi, Celsius, and Nexo have popularized interest accounts, which allow crypto investors to earn interest on their crypto assets at far greater rates than you’d get at a typical bank.
BitcoinIRA Earn users can obtain the same service as part of their tax-advantaged retirement investment plan with BitcoinIRA Earn.
They offer up to 6% APY. However, interest rates do change from time to time. They provide a $10,000 minimum commitment with monthly rewards and no lockup restrictions.
iTrustCapital doesn’t have a lot of features that aren’t linked to its core goal of assisting consumers in opening and managing crypto IRAs. The following are some of the services they provide:
- Help with IRA establishment (transfers, rollovers, and contributions)
- Taxation and the Internal Revenue Service
- With institutional custody partners, you may store an unlimited amount of data.
- Support and maintenance for the iTrustCapital platform
In summary, both BitcoinIRA and iTrustCapital are a great way to start your digital currencies investment journey and boost your retirement savings. However, BitcoinIRA does provide more features with additional cryptocurrencies, both of which are important factors when considering any crypto IRA.
