Coin IRA Review: Tax Friendly Retirement Investing in Crypto Assets 2022

Coin IRA is a company providing professional IRA investing into crypto assets

At one time, ‘Cryptocurrency is my retirement’ was simply a funny quotation depicting the increasing rage of digital assets among finance and tech enthusiasts!

However, it has now become a real-life concept with many platforms allowing you to add decentralized coins to your IRA portfolio. Over 55% of millennial's and Gen Z’ers have included digital coins in their retirement savings.

Multiple platforms let investors dip their toes into the cryptocurrency market for retirement funds!

One such alternative is Coin IRA, a subsidiary of Goldco, where you can invest yourself or seek expert advice. Originated in 2017, this platform has slowly gained recognition owing to its ease of use and the range of cryptocurrencies available.

If you want to deep dive into the Coin IRA pros, cons, and functionality, keep reading!

Pros and Cons of Investing in Coin IRA

Before signing up at Coin IRA, you must know all its benefits and disadvantages. Below are some standard pros and cons noted by regular platform users.

Pros

⦁ There is no storage fee or monthly maintenance charge imposed on the investor.

⦁ You can contact IRA consultants to get expert advice on your investment decisions.

⦁ You can invest in all kinds of popular cryptocurrency options.

⦁ Investors get to secure their wallets with the latest, optimized features.

Cons

⦁ It includes a 1.25% trade fee, which is higher than other platforms.

⦁ You cannot add precious metals like silver or gold to your IRA account.

⦁ The rollover process can take a few weeks.

⦁ Compared to other IRA platforms, it is relatively new.

Top Benefits of Investing in Coin IRA

It's a full-service cryptocurrency IRA provider known for its range of coins and ease of use. Some of the benefits you should know about are listed below.

Multiple Coin Options Available

The cryptocurrency market is highly volatile. It is one of the reasons financial experts have been skeptical regarding it from the beginning. However, one way to deal with this uncertainty is by investing in a range of coins instead of just purchasing Bitcoin or Ethereum. In short, you don't have to put all your eggs in a single basket while trading with Coin IRA.

Coin IRA's available cryptocurrency options are Ripple, Bitcoin, Litecoin, Stellar Lumens, Tezos, etc. The risk of losing money decreases when you invest in different digital assets. If one asset loses its value over time, you will still have other alternatives to make a profit for your retirement fund.

Expert Consultation Available

Knowing the detailed market analysis and expert predictions is crucial when investing in cryptocurrency. To know the digital economy's nitty-gritty and get insight into future trends, you should get in touch with market experts.

At Coin IRA, you don’t have to seek external consultation. You can contact the industry IRA experts and fix an appointment. Doing so will allow you to make a calculated decision regarding your retirement investments.

Top Reasons to Not Invest With Coin IRA

As per the Better Business Bureau, Coin IRA maintains an ‘A’ rating. Similarly, TrustLink has given it a 5-star rating with over 250 positive reviews. Even though most people are highly satisfied with this platform, there are a few complaints. Some of them are as follows:

Rollover Process is Slow

A rollover process is when you decide to shift your monetary assets from one 401(k) plan to another 401(k) plan or IRA. Rolling over to a low-cost investment alternative or your current employer's 401(k) plan can help you save significant money in taxes or transaction charges.

With Coin IRA, the rollover process is quite complicated and can even take weeks at a time. Therefore, you need to be mindful about choosing the right plan beforehand.

Trading Fee is High – 1.25%

Usually, self-directed IRA providers levy monthly fees or account maintenance taxes on their users. Even though Coin IRA does not include hidden taxes, it charges a 1.25% trading fee. Considering other platforms like iTrustCapital, it is significantly higher.

As per the US Department of Labor, even a 1% increase in trading fees can cost you 28% of your retirement savings. As such, Coin IRA is not the most financially feasible option available.

How Does Coin IRA Work?

They follow the same working process as any other retirement fund platform. Here, you can set up a Coin IRA account and add cryptocurrency assets, using fiat money or rolling over the funds from another 401(k) plan.

After purchasing the digital assets, you can decide whether to store them in an offline vault managed by the Coin IRA team or in a different hard wallet. You can also store your cryptocurrencies in a self-hosted wallet.

Like other cryptocurrency storage platforms, Coin IRA also offers you excellent security measures. However, you must make a minimum investment of $30,000 to buy crypto in cash accounts. It can deter most beginners as it is a significant amount to start your cryptocurrency journey.

Wrapping Up

If you are also planning to start an Individual Retirement Account or an IRA, you must be aware of all the ways you can save money for your future. Apart from mutual funds, gold, and silver, you can now invest in various cryptocurrencies.

Coin IRA is one digital platform that lets you start a fresh 401(k) or roll over the funds from another. Given its high minimum investment limit of $30,000, this platform is most suitable for seasoned financial enthusiasts. Wealthy crypto IRA investors will find that this platform meets most of their needs.

For retirement seekers, Coin IRA is an ideal platform to start investing with. Here, you can easily set up expert consultation for your financial queries. Additionally, you get a vast range of coins available compared to other crypto IRA platforms. If you are looking to invest in gold and crypto in the same IRA, then you will have to look elsewhere.

FAQs

Q) How can I set up a Coin IRA?

A) To set up a Coin IRA, you can head to its official website and go through the bitcoin IRA guide available free of cost. You can also speak with a specialist to clear any doubts beforehand. Once satisfied, you can open a Coin IRA account and wait for its approval. Once approved, you can go ahead and start investing.

Q) Who manages Coin IRA?

A) Goldco CEO Trevor Gerszt manages coin IRA. He founded the platform in 2017 to offer retirees an option to roll over some portion of their current IRA to a self-directed IRA with digital assets. GoldCo is a well-known precious metals company that has a reputation for solid Silver & Gold IRA investment products.

Q) What are the benefits of a coin IRA?

A) There are several benefits of a Coin IRA, such as the availability of expert advice on the requirement or an impressive range of digital coins. Additionally, the platform provides 24*7 service to all its users.

Q) Where can I find the best coin IRA?

A) You can find their product offerings on its official website.

Risk Disclosure: Any investments, such as in cryptocurrency, come with an inherent risk, where you could end up making less money than what you put in. Before investing your hard-earned cash, be sure to speak with licensed professional financial advisor first. Always remember that past performance is not an indication of future returns.

Disclaimer:  The website's owners of Cryptowealthbay.com may be compensated for suggesting certain businesses, goods, and services. While we do everything possible to verify that all of our content is accurate, the information we provide may not be impartial or unbiased, and it does not constitute financial advice.