Exceeded

Score

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/10

BITCOINIRA

United States

|

5-10 years

MSB License|

Suspicious Overrun|

High potential risk

https://bitcoinira.com/

Website

Rating Index
Influence

Influence

B

Influence Index NO.1

United States 4.92

Better than 99.43% exchange(s)

Biz Area

Search Statistics

Advertising

Social Media Index

Influence
B

Licenses

FinCEN

FinCENExceeded

MSB License

Exchange Info

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Company Name
BITCOINIRA
Phone of the company
877-936-7175
Company website
More
Customer Service Email Address
support@bitcoinira.com
info@bitcoinira.com

WikiBit Risk Alerts

2
Previous Detection 2024-06-16

The number of this Exchange's nagitive field survey reviews has reached 1, please be aware of the risk and the potential scam!

MSB License goes beyond their business with the licenses United States FinCEN (license number: 31000128516015), please be aware of the risk!

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User Reviews

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2 ratings

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World Wide
The trading interface of BITCOINIRA is very intuitive and clear, offering a wide range of cryptocurrencies for trading, allowing me to diversify my personal investments. Highly recommended!
2024-02-21 21:48
4
Hoàng Thắm
BitcoinIRA is great with low transaction fees. The support community is very enthusiastic, making it easier to convert virtual currency.
2023-09-14 14:23
9
Aspect Information
Company Name BITCOINIRA
Registered Country/Area United States
Founded Year 2016
Regulatory Authority FinCEN (Exceeded)
Cryptocurrencies Offered 60+
Trading Fees maker fee is 0.75%, the taker fee is 1%
Pament Method E-wallets,bank transfer
Customer Support Phone of the company877-936-7175Company websitehttps://bitcoinira.com/Twitterhttps://twitter.com/bitcoin_iraFacebookhttps://www.facebook.com/BitcoinIRA/Customer Service Email Addresssupport@bitcoinira.cominfo@bitcoinira.com

Overview of BITCOINIRA

BITCOINIRA is a virtual currency exchange company based in the United States. It was founded in 2016 and was regulated by the Financial Crimes Enforcement Network (FinCEN). The company offers 60+ cryptocurrencies for trading on its online platform, BITCOINIRA Online Platform.

For educational resources, BITCOINIRA offers a range of materials and resources on their website to assist users in understanding virtual currency trading. Additionally, they provide 24/7 customer support through email and phone, ensuring that users can receive assistance whenever needed.

Overview of BITCOINIRA

Pros and Cons

Pros Cons
Diversification High volatility
Potential for high returns Limited investment options
Tax advantages Security risks
higher fees

Pros of Bitcoin IRAs:

  • Diversification: Bitcoin IRAs allow you to diversify your retirement portfolio beyond traditional assets like stocks, bonds, and real estate. This can help mitigate risk by reducing your exposure to market fluctuations.

  • Potential for high returns: Bitcoin has historically exhibited high volatility, with the potential for significant returns. However, this also translates to a higher risk of substantial losses.

  • Tax advantages: Contributions to traditional IRAs are typically tax-deductible, and earnings grow tax-free until withdrawal in retirement. While specific tax rules for Bitcoin IRAs are still evolving, similar tax benefits may apply depending on your chosen IRA structure.

Cons of Bitcoin IRAs:

  • High volatility: Bitcoin's price is highly volatile, meaning its value can fluctuate significantly in short periods. This volatility can lead to substantial losses and makes it a risky investment for individuals with low-risk tolerance or those nearing retirement.

  • Limited investment options: While some Bitcoin IRAs offer a variety of cryptocurrencies, the selection is typically much smaller compared to traditional investment options.

  • Security risks: Bitcoin and other cryptocurrencies are susceptible to hacking and theft. Choosing a reputable and secure custodian with robust security measures is crucial.

  • Higher Fees: Bitcoin IRAs often come with higher fees compared to traditional IRAs, including setup fees, transaction fees, and annual account management fees.

Regulatory Authority

BITCOINIRA operates under the regulatory oversight of the Financial Crimes Enforcement Network (FinCEN). The Regulation Number associated with BITCOINIRA is 31000128516015. The current Regulation Status of BITCOINIRA is “Exceeded”, indicating that it has met the necessary regulatory requirements set by FinCEN. The exchange holds an MSB License, specifically issued to Alternative IRA Services, LLC. This regulatory framework helps to ensure compliance and safeguards for users engaging in virtual currency trading on the platform.

exceeded FinCEN license

Security

BITCOINIRA prioritizes the security of its users' assets. The exchange implements various protection measures to safeguard against potential threats. These measures include the use of robust encryption techniques to secure sensitive information and the implementation of two-factor authentication for user accounts, adding an additional layer of security.

Furthermore, it is essential for users to be vigilant and ensure that they follow best practices for online security, such as using strong and unique passwords, regularly updating software, and being cautious of phishing attempts. Taking these precautions can contribute to maintaining a secure trading environment.

Cryptocurrencies available

BITCOINIRA offers 60+ cryptocurrencies available for trading on its platform. As the most well-known and widely used cryptocurrency, Bitcoin is known for its price volatility.

Cryptocurrency prices are subject to fluctuations on exchanges due to various factors, including market demand, investor sentiment, and external events. Prices can rise or fall rapidly within short periods of time, presenting both potential opportunities and risks for traders.

bitcoin

Trading Market

Target Market:

  • Individuals seeking to include cryptocurrencies in their retirement portfolios: Bitcoin IRA caters to people interested in diversifying their retirement savings beyond traditional assets like stocks and bonds.

  • Investors comfortable with the volatility of cryptocurrencies: Unlike traditional IRAs, Bitcoin IRA investments are subject to the significant price fluctuations inherent to the crypto market.

  • Individuals willing to pay premium fees: Bitcoin IRA's services tend to have higher fees compared to traditional IRAs or crypto exchanges.

Trading Instruments:

  • Limited to Bitcoin and other major cryptocurrencies: While the specific selection might vary, Bitcoin IRA primarily focuses on established cryptocurrencies with wider adoption and liquidity.

  • Investment options:

    • Direct purchases: Buy supported cryptocurrencies using deposited funds within your IRA.

    • Gold IRA transfers: Convert existing gold IRAs to crypto IRAs through Bitcoin IRA's facilitated process.

    • Automatic recurring purchases: Set up regular investments to gradually build your crypto holdings over time.

Market Advantages:

  • Specialized service for crypto IRAs: Bitcoin IRA is a pioneer in the crypto IRA space, offering expertise and experience in navigating the complexities of holding crypto within retirement accounts.

  • Secure storage: Assets are held in secure cold storage solutions provided by reputable custodians.

  • Educational resources: Bitcoin IRA offers various educational materials to help investors understand the crypto market and make informed decisions.

Overall, Bitcoin IRA caters to a niche market of retirement-focused crypto investors by offering a unique service and access to secure crypto custody solutions. However, understanding the inherent risks of cryptocurrencies, higher fees, and evolving regulations is crucial before considering this investment approach.

Fees

  • Account fees: BITCOINIRA charges a monthly fee of $20 for standard accounts and $40 for premium accounts.

  • Trading fees: BITCOINIRA charges a maker-taker fee model for spot trading. The maker fee is 0.75%, while the taker fee is 1%.

  • Margin trading: BITCOINIRA charges an interest rate of 0.1% per day for margin trading.

  • Deposit fees: BITCOINIRA charges a deposit fee of 5% for credit card deposits and 10% for bank wire deposits.

  • Withdrawal fees: BITCOINIRA charges a withdrawal fee of 0.0005 BTC for Bitcoin withdrawals.

Service Fee
Account fees $20 per month for standard accounts, $40 per month for premium accounts
Trading fees Maker fee: 0.75%; Taker fee: 1%
Margin trading Interest rate: 0.1% per day
Deposit fees 5% for credit card deposits, 10% for bank wire deposits
Withdrawal fees 0.0005 BTC for Bitcoin withdrawals

Bitcoin IRA APP

The Bitcoin IRA mobile app allows you to conveniently manage your cryptocurrency IRA investments directly from your smartphone or tablet. Here's what you can do with the app:

Features:

  • View your portfolio: Monitor the performance of your crypto holdings within your IRA.

  • Buy and sell cryptocurrencies: Purchase supported cryptocurrencies using funds in your IRA or set up recurring investments.

  • Deposit and withdraw funds: Easily transfer funds to and from your IRA account.

  • Track market movements: View live crypto prices and charts.

  • Access educational resources: Learn more about cryptocurrencies and retirement investing through articles and videos.

  • Manage account settings: Update your personal information and security preferences.

Benefits:

  • Convenience: Manage your IRA on the go, anytime, anywhere.

  • Mobile-friendly interface: Intuitive and user-friendly design for easy navigation.

  • Real-time updates: Stay informed about your investments with live market data.

  • Secure access: Protected by multi-factor authentication for enhanced security.

Downloading the app:

  • The Bitcoin IRA app is available for both iOS and Android devices.

  • For iOS: Download the app from the App Store: <invalid URL removed>: <invalid URL removed>

  • For Android: Download the app from Google Play: https://play.google.com/store/apps/details?id=com.bitcoinira&hl=en_US&gl=US: https://play.google.com/store/apps/details?id=com.bitcoinira&hl=en_US&gl=US

Overall, the Bitcoin IRA mobile app offers a convenient and user-friendly way to manage your crypto IRA investments. However, remember that cryptocurrency investments are inherently risky and subject to price fluctuations. Conduct thorough research and understand the risks involved before investing.

app

How to Buy Cryptos

Methods to Buy Crypto via Bitcoin IRA:

1. Direct Purchase:

  • Choose your desired cryptocurrency from available options (typically major coins like Bitcoin, Ethereum, etc.).

  • Specify the amount you want to invest (minimums may apply).

  • Fund your IRA using supported methods like bank transfer, wire transfer, or rollover from existing IRAs (traditional or gold).

  • Bitcoin IRA facilitates the purchase and securely stores your crypto within your IRA.

2. Recurring Purchase:

  • Set up automatic, regular investments into your chosen cryptocurrency.

  • Choose the investment frequency (weekly, bi-weekly, etc.) and amount.

  • This dollar-cost averaging strategy can help mitigate price volatility over time.

3. Gold IRA Conversion:

  • If you have an existing gold IRA, Bitcoin IRA can help facilitate its conversion to a crypto IRA.

  • The process involves selling your gold holdings and using the proceeds to purchase crypto within your IRA.

  • Consider tax implications and consult with a qualified financial advisor before proceeding.

fill in personal information

Is BITCOINIRA a Good Exchange for You?

Based on the features and offerings of BITCOINIRA, certain target groups find the platform suitable for their virtual currency trading needs.

Individual Investors: BITCOINIRA's user-friendly online platform appeals to individual investors who are looking for a secure and transparent trading environment. The convenience of online transactions for deposit and withdrawal, as well as the availability of various educational resources, can benefit individual investors who are seeking to enhance their knowledge and trading experience in the virtual currency market.

Bitcoin Enthusiasts: BITCOINIRA exclusively offers Bitcoin (BTC) as the cryptocurrency for trading. This attracts Bitcoin enthusiasts who have a specific interest in trading this particular cryptocurrency. However, it can not be suitable for individuals looking to trade a broader range of cryptocurrencies.

While these target groups may find BITCOINIRA suitable for their trading needs based on the information provided, it is advisable for individuals to conduct thorough research and assessment of their individual requirements before deciding on a platform for virtual currency trading.

Conclusion

In conclusion, BITCOINIRA offers more than 60 cryptocurrencies for trading, with its price subject to fluctuations on exchanges. Users are advised to visit the official website or contact BITCOINIRA directly for comprehensive details. Overall, individuals should carefully assess their individual requirements and conduct thorough research before choosing a platform for virtual currency trading.

Frequently Asked Questions (FAQs)

Frequently Asked Questions (FAQs)

Q: Is BITCOINIRA regulated well?

A: No. It only holds an exceeded FinCEN license.

Q: What cryptocurrencies are available for trading on BITCOINIRA?

A: BITCOINIRA offers Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Solana (SOL) and others as cryptocurrencies available for trading on its platform.

Q: What are the trading fees on BITCOINIRA?

A: The maker fee is 0.75%, while the taker fee is 1%.

BITCOINIRA User Review

User1: As of 20 May 2022, I have yet to get a reply from an email sent 4 days ago. Not impressed with service or responsiveness. They will take your money with no issues but when it comes to moving money out, THEY MAKE YOU JUMP THROUGH MANY HOOPS.

User2: Don't use them at all. It costed me a lot of money. What I suggest doing is going with a self-custodian IRA. The one I chose is 15 dollars a month and that is the only fee. With that I basically can do whatever I want with the money whether it being transferring it to an exchange and basically doing the same thing as this company except everything is instant, has low fees and the fees aren't hidden.

Risk Warning

Cryptocurrency exchange investments come with inherent security risks. It is important to be aware of these risks before engaging in such investments. Cryptocurrency exchanges are susceptible to hacking, fraud, and technical glitches, which can result in the loss of funds. It is recommended to choose reputable and regulated exchanges, stay updated on security measures, and be vigilant in detecting and reporting any suspicious activities. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.