CoinIRA, found online at CoinIRA.com, promises to help you add digital currency to your retirement portfolio. Find out how it works today in our review.
What is CoinIRA?
CoinIRA is an informational website created by Goldco. The website helps visitors add cryptocurrencies like bitcoin to their investment portfolio.
Using CoinIRA, you can roll over an existing IRA or 401(k) into a bitcoin IRA. In other words, investors can choose to save for their retirement by investing in digital currencies and cryptocurrencies.
There are a number of different websites promising to offer bitcoin IRAs. However, CoinIRA is one of the major names on the internet. The website even features a quote from Dr. Ron Paul endorsing their crypto IRA service. It’s been mentioned in Forbes and The Street, among other major media outlets.
Goldco introduced CoinIRA in August 2017. The company launched its flagship crypto investment product, their Bitcoin IRA, at the same time.
How Does CoinIRA Work?
CoinIRA will eventually offer a number of different investment products. Initially, however, they’ve launched with their flagship product, a Bitcoin IRA.
CoinIRA’s Bitcoin IRA works much like any other retirement account. You make regular, tax-advantaged contributions to your retirement account. That account is recognized by the IRS and is administered by a custodian. The only difference, obviously, is that you’re investing in bitcoin instead of traditional assets.
Why do you need a custodian for a bitcoin IRA? Here’s how the CoinIRA website explains it:
“The main purpose of having a custodian for your bitcoin IRA is so that the transactions are accurately reported to the IRS. This ensures that your IRA meets all of the rules and regulations for the IRS and you get to maintain all of the tax benefits that an IRA affords you.”
There’s a common misconception that the IRS has no laws in place to deal with bitcoin and cryptocurrencies. That’s not really true. The IRS currently recognizes bitcoin as a property rather than a currency. Like any asset, it can be used in a retirement account like an IRA.
The same rules apply to your bitcoin IRA as they would apply to a traditional IRA, Roth IRA, or company-sponsored 401k. If you take a distribution from your IRA before age 59.5, you’ll pay a 10% penalty. If your bitcoin IRA did not require you to pay income taxes on the money you contributed, like a traditional IRA, then you’ll also have to pay income taxes on that amount when you withdraw it. If you already paid income taxes when depositing the money into an account, you will not be taxed a second time.
Ultimately, CoinIRA’s Bitcoin IRA isn’t much different from a traditional IRA. The same rules are in place. You’re just investing in bitcoin instead of more traditional assets.
CoinIRA is Features
Should you roll over your IRA into a cryptocurrency fund? Here are some of the key features advertised by CoinIRA:
High ROIs: Bitcoin has provided high returns on investment since its introduction.
Low Fees: CoinIRA promises to offer lower fees than traditional investment options.
Secure: CoinIRA investors can hold their bitcoin in a secure digital wallet – they don’t need to trust a third party with their bitcoins.
Currency Hedge: Many use bitcoin to hedge against the dollar. The USD and other fiat currencies can drop in value due to inflation.
CoinIRA is a subsidiary of Goldco. Goldco is based in Woodland Hills, California. They introduced CoinIRA in August 2017.
Goldco is a major retirement service company in the United States. Prior to introducing their CoinIRA platform, the company was best known for its gold and silver IRAs. Goldco was originally established as Gerson Financial Group LLC, but changed its name to Goldco Direct in 2011.
Today, the company is one of the fastest growing companies in the greater Los Angeles area. the company employs over 90 people.
CoinIRA, found online at CoinIRA.com, is a service run by Goldco that offers a Bitcoin IRA. The company’s Bitcoin IRA lets investors access all of the benefits of an ordinary IRA while investing in bitcoin. It’s not America’s first IRA, but it’s one of the first.
Ultimately, CoinIRA’s Bitcoin IRA isn’t different from a traditional IRA – aside from the obvious fact that you’re buying bitcoin instead of traditional assets. The same rules and taxes are in place.
To learn more about CoinIRA, visit online today.