Frequently Asked Questions
WHY CHOOSE BITTRUST IRA?
It might seem like every company in the digital currency space is alike. On closer inspection, you’ll see that they’re not. What makes BitTrust IRA different is what makes us better. We’re a full service company founded on the principles of honesty and outstanding customer service. That means we’re always here to answer your questions and you’ll always get straight-forward, honest answers. If we’re not the right fit for you, we’ve got no problem pointing you in the right direction.
WHAT ARE THE FEES?
BitTrust IRA charges a one-time fee for our complete, one-on-one service. That includes setting up your account, rolling over funds, executing the exchange, and securing your funds. We ensure the safety of your transaction and complete IRS compliance. There is an annual custodian fee of $240 and small management fees in addition to this. Give us a call to receive a detailed pricing layout, down to the penny. Or click here for a free quote.
WHAT CRYPTOCURRENCIES ARE AVAILABLE FOR IRA INVESTMENT?
At BitTrust IRA we currently offer Bitcoin (BTC), Ethereum (ETH), Ethereum Classic (ETC), Ripple (XRP), Litecoin (LTC) and Bitcoin Cash (BCH). You can invest entirely in one coin or a combination of multiple coins. We plan to add more coins to the platform in the coming months.
WHICH ACCOUNTS ARE ELIGIBLE FOR A CRYPTOCURRENCY IRA?
You can rollover funds from an existing IRA, Roth IRA, SEP IRA, SIMPLE IRA, 403b or 401k. Certain annuities, CDs and other investment vehicles may be eligible as well. Call us for details.
IS THERE A MINIMUM OR MAXIMUM INVESTMENT LEVEL?
We have a minimum investment of $20,000 and no investment cap.
HOW DO I INVEST WITH BITTRUST IRA?
It’s simple, just give us a call. We like to make things as easy as possible for our clients. That means we take you through the entire process, from start to finish. You’ll receive as much time as you need with our specialists who will set up your account, rollover your funds from an existing retirement fund, execute the cryptocurrency exchange and move your coins securely into a digital wallet.
IS THIS SAFE?
Yes. Our digital wallet provider is BitGo, the leader in multi-signature encryption. BitGo generates three unique keys for your protection. The first key stays with the wallet provider, Bitgo. The second key is stored in an air-gapped computer with your custodian, Kingdom Trust. The third key is kept by Keytern.al, a data recovery service. You need to use two of the three keys to access the funds.
WHAT IS BITCOIN / CRYPTOCURRENCY?
Bitcoin is arguably the best known example of cryptocurrency. Cryptocurrency is a digital form of currency that uses cryptography to secure transactions and create new units. Transactions occur in a peer-to-peer framework using blockchain technology.
For a full explanation of cryptocurrency and blockchain technology, visit our LEARN page.
CAN I SPEND THE CURRENCIES FROM MY DIGITAL IRA?
Spending or withdrawing the funds from any IRA account before you reach the retirement age of 59 ½ will result in early withdrawal penalties. Any IRA account is meant to be a fund drawn upon only after you retire. Selling your funds is approved so long as it is used to reinvest in an IRA or is held in your BitGo wallet in a liquid state.
CAN I USE THE CRYPTOCURRENCY THAT I ALREADY OWN TO FUND MY IRA ACCOUNT?
At this time, you cannot roll your current cryptocurrency into an IRA. The IRS requires buying into a cryptocurrency based IRA be done with US dollars.
WILL THERE BE PENALTIES FOR TRANSFERRING MY ASSETS?
We will ensure that your transaction is 100% IRS compliant, which will not result in any fees.
WILL I PAY TAXES ON MY DIGITAL IRA ACCOUNT?
According to an official IRS ruling, digital currencies are legally eligible to be held as an asset for a self-directed IRA account. That means your account will receive tax deferred status, allowing it to appreciate in value without immediate tax liability. After you reach retirement age of 59 ½ and begin withdrawing funds, you will pay taxes at that time.
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PLEASE READ THE IMPORTANT DISCLOSURES BELOW.
BitTrustIRA.com is a platform that connects consumers to qualified custodians, digital wallets and cryptocurrency exchanges. The company is not a custodian, is not a digital wallet and is not an exchange.
Self-directed investments processed through BitTrust IRA have not been endorsed by the IRS or any government or regulatory agency. The IRS does not review, approve, or endorse any investments, including cryptocurrency in an IRA.
BitTrustIRA.com facilitates the self-directed transfer from an existing IRA to Kingdom Trust. Kingdom Trust is a non-fiduciary trust company, registered and regulated in the state of South Dakota as a non-depository trust company. Kingdom Trust is a passive, non-discretionary custodian that does not provide, promote, endorse, or sell investment products and does not endorse or promote any individual investment advisor or investment sponsor. Kingdom Trust complies with IRS regulations regarding retirement accounts.
*BitTrustIRA.com offers a $1 Million Consumer Protection insurance policy that covers consumers on the transactional side from any internal cases of fraud or theft. BitTrustIRA.com is not FDIC-insured and is not a bank.
Cryptocurrencies are very speculative investments and involve a high degree of risk. Investors must have the financial ability, sophistication/experience and willingness to bear the risks of an investment, and a potential total loss of their investment. See Risk Disclosures.