iTrustCapital vs Bitcoin IRA | Side By Side Comparison
Individual retirement accounts (IRAs) can help you plan for your future security. As global market uncertainty keeps rising, many are considering diversifying their portfolios.
Crypto IRAs, such as iTrustCapital and Bitcoin IRA, allow us to invest in cryptocurrency for retirement, tax-free or tax-deferred. But which of these companies is most suitable for you? Let’s explore the two choices, iTrustCapital and Bitcoin IRA.
What is Bitcoin IRA?
Bitcoin IRA was the first to offer cryptocurrency IRAs after launching in Los Angeles in 2016.
Bitcoin IRA has a wide range of cryptocurrencies for its users. They also have a Bitcoin 401(k) plan. Users can earn interest on their assets by lending them out and adding gold deposits to their crypto accounts. Bitcoin IRA is accessible online. After your account gets funded, you can trade within 3-5 days.
What is iTrustCapital?
The launch of iTrustCapital was in 2018, with headquarters in Irvine, California. Customers can buy and sell cryptocurrencies and physical gold directly from their retirement accounts with iTrustCapital.
iTrustCapital eliminates the inefficiencies and outdated methods of existing IRA models, allowing investors to transfer funds from their retirement accounts to the cryptocurrency and gold markets safely and legally.
What do both these companies offer?
The platform you choose influences what you can trade. When it comes to iTrustCapital and Bitcoin IRA, they do have a few things in common:
What does iTrustCapital offer that Bitcoin IRA does not?
iTrustCapital only requires an investment of $1,000 minimum, while Bitcoin IRA requires you to invest $3,000. iTrustCapital provides tax-advantaged cryptocurrency accounts and limitless storage with institutional custody partners. Users of iTrustCapital can also invest in gold and silver, whereas Bitcoin IRA holders can only invest in gold.
What does Bitcoin IRA offer that iTrustCapital does not?
Bitcoin IRA has a large selection of cryptocurrencies compared to iTrustCapital. iTrustCapital currently has 28 cryptocurrencies available, while Bitcoin IRA has over 60. iTrustCapital only provides service during business hours, whereas Bitcoin IRA provides it 24/7. Bitcoin IRA also assists with retirement funds or 401(k) rollovers.
iTrustCapital has a straightforward fee structure:
The fees for a Bitcoin IRA are:
Traders will find Bitcoin IRA more expensive than iTrustCapital due to its account minimum, monthly fees and higher purchase fee.
For crypto-focused retirement investing, both iTrustCapital and Bitcoin IRA are popular options. On the whole, Bitcoin IRA is a good option, though iTrustCapital has more to offer investors.
iTrustCapital’s selection of coins is much broader, and they offer both silver and gold. They also have a lower minimum investment, and their purchase fee is only 1%, as opposed to the 5% charged by Bitcoin IRA. iTrustCapital has some of the industry’s lowest trading and investment fees. There are no monthly fees, no initial purchase costs, no broker fees, and no scaling based on asset size for clients. In addition, new users receive a $100 Bitcoin bonus when they fill out their accounts.
There are also other fees that Bitcoin IRA charges that iTrustCapital does not, such as an undisclosed fee on initial investments.
Yes. iTrustCapital has partnered with Curv to secure the assets of its customers. Curv uses high-security software to encrypt your cryptocurrency keys. In other words, neither a hacker nor iTrustCapital will have easy access to your coins’ keys. Curv has an exchange hack insurance policy with Munich Re.
A collaboration with Coinbase Custody allows assets to be stored in cold storage and shielded from theft. Any money in US dollars is FDIC-insured. You’ll also find the usual personal account security features, including a two-factor verification.
One cautionary note. On the iTrustCapital website, there is no information about what would happen if the company closed. Likewise, cryptocurrency exchanges do not provide the same protections as traditional retirement accounts.
The Bitcoin IRA uses platforms and custodians based in and regulated by the United States. In addition to insuring your assets up to $100 million, BitGo Trust protects your account with stringent security protocols.
BitGo stores your assets in cold wallets or offline storage systems that safeguard your account from hackers. In relation to this, you can protect your identity and financial information, the Bitcoin IRA platform employs bank-level security. The same cautionary note applies here too.
Like most crypto IRA providers, iTrustCapital makes it simple to set up an IRA within minutes. The following is how it works:
In minutes, you can apply for an account online. Opening an account is free. Then you finish your IRA application and put money into it.
Most crypto IRA providers only allow you to invest in cryptocurrencies. iTrustCapital, on the other hand, offers two precious metals:
With iTrustCapital, you can buy and sell physical gold and silver and add them to your retirement account alongside cryptocurrencies and other assets.
All iTrustCapital gold and silver accounts use physical gold and silver. It is not a security, derivative, futures contract, or other financial contracts. For securing its physical gold and silver, iTrustCapital works with the Royal Canadian Mint, a Crown corporation owned by the Canadian government.