Bitcoin IRA Security & Insurance: A Comparison of the Top 5 Companies
Drawing comparisons of top Bitcoin IRA companies and the security and insurance they offer is important. After all, investing in an IRA means building your nest egg for the long term. Security and insurance is something most people only think about when things go wrong, but as an investor, if you for the next economic meltdown to move your money into gold or wait for the government to tell you what to do, It will be too late. When it comes to your finances, being proactive is always the best policy.
Security and insurance is especially important when dealing with Bitcoin IRAs largely because the general public that doesn’t understand cryptocurrencies and blockchain technology still associates investing in Bitcoin with hacks, fraud, criminals and unscrupulous activity. While that certainly does exist, putting your Bitcoin IRA in the hands of a trusted custodian with a great reputation for dealing with other types of investments and commodities can really give you peace of mind.
That’s why in this post we compare the top five Bitcoin IRA companies. No need to worry about dealing with some shady nonprofit association located in Switzerland or the Cayman Islands. Each of these investment firms is properly registered with the .U.S. government and the head office of each of these firms is located in the United States of America.
The Top 5 Bitcoin IRA Companies
The top 5 Bitcoin IRA companies have a few things in common. They all offer Bitcoin as an investment for retirement (though some offer more coins aside from that). They all offer high levels of insurance in case of fraud or any potential damages. They also all offer custodianship and experience in managing other kinds of investment retirement accounts.
Still, just because all five of these companies share certain similarities, it doesn’t mean they’re all created exactly the same. In fact one stands out as the clear winner above the rest as far as the level of insurance it offers, the customer support, the range of assets available to the investor and the overall reputation of the company. Other competitors also have their own value propositions to offer. Their own advantages and disadvantages.
Let’s go through the companies in order, starting with the top ranking website. Here they all are:
- Regal Assets
- Noble Bitcoin
- Bitcoin IRA
Regal assets is by far the number one Bitcoin IRA company in the industry. Prior to becoming involved with cryptocurrencies, the company was a world leader in gold bullion IRA accounts. Customers do have to put down a minimum $10,000 deposit to get an IRA open, but that’s relatively small beings compared to some competitors.
As far as insurance goes in case of damages or emergencies, Regal Assets covers up to $100 million worth of damages. That ranks at the top. There are other companies that match that amount but some go all the way down to just $10 million, which is a relatively small amount for the IRA industry.
Assets are secured in California and stored on cold wallets meaning they are off-line and away from the Internet. Away from any potential hackers or unscrupulous activity. Regal Assets is so trusted in the industry that even celebrities use it to invest their money.
Other Reasons to Choose Regal Assets
Only one competitor comes even close to Regal Assets when it comes to the number of cryptocurrency projects available for IRA investing. That’s NobleBitcoin. We’ll talk about them in a moment. Regardless of how many coins they offer, only Regal Assets provides a whopping 10 different options. They include:
- Bitcoin Cash
- Bitcoin SV
- Bitcoin Gold
- Ethereum Classic
Another added bonus customers get when signing up for Regal Assets is that they don’t have to pay the first year of fees and they also get a 10th anniversary silver coin is a collectible. But the biggest reason to use Regal Assets has nothing at all to do with giveaways or fees, it has to do with the fact that the company is the only one that has a perfect track record on multiple websites that curate customer ratings.
Regal Assets is a five out of five star company across the board with customers. The company also has fewer complaints than any other competitor. A simple Google search for reviews on Google, TrustPilot, Better Business Bureau or any other consumer awareness website proves that Regal Assets is a cut above the rest.
Regal Assets is by far the top Bitcoin IRA company in the world, but that doesn’t necessarily mean it’s the company with the most experience. The main selling point for investing with a company like BitIRA is that their staff comes with over 100 years of experience in the industry. Given the fact that Bitcoin is only 11 years old, it’s obvious that most of that experience comes in precious metals.
As far as security goes, BitIRA has to rank near the top. Not only does it offer secure custodianship, it uses companies that most novice investors can name even if they’re not into cryptocurrency. Those companies include Fidelity, Edward Jones and Merrill Lynch. BitIRA clearly prides itself on allowing customers to invest quickly and safely. They are only working with the most reputable custodians in the industry.
As far as insurance goes, BitIRA matches Regal Assets, providing up to $100 million in coverage for what they call end to end insurance.
Noble Bitcoin may rank third on our list in terms of security and insurance, but the company is not exactly a slouch. Just like BitIRA and Regal Assets, the team behind Noble Bitcoin comes with extensive experience in the precious metals industry.
One of the cool elements about the company’s approach to security is that they handle everything in house, so there is no need to deal with a third-party company and ask questions separately about anything related to securing digital assets. Given that hacks and other kinds of mishaps are still common in the world of digital currencies, the fact Noble Bitcoin handles all of its security under one roof is really important.
Unfortunately the downside to using Noble Bitcoin comes with the fact that the insurance policy the company offers doesn’t cover nearly as much as other competitors. The insurance coverage only protects consumers up to $9 million. Anything above that is not covered. $9 million may sound like a lot of money but considering other competitors are covering up to $100 million in damages, it’s not that hard to do the math. Covering less than 10% of what your competitors cover is not at all competitive in the finance industry. Even if the financial instrument people are investing in is not exactly traditional.
Most people deciding to invest in a Bitcoin IRA today probably have a penchant for a high risk, high reward opportunity, but even those with the highest of risk tolerances would probably feel a better peace of mind pursuing a company that offers at least slightly more insurance coverage. There is of course always the option of purchasing insurance separately, but very few people would do that given that so many other competitors offer this as a built-in part of their services.
Coming in at number four on the list is BitcoinIRA, not to be confused with BitIRA. They share similar names but they are two different companies. BitcoinIRA doesn't offer as many coins as Regal Assets, but does go well beyond Bitcoin in offering multiple altcoins for investment.
BitcoinIRA clearly strives to be friendly to the entry-level Bitcoin IRA investor. The company requires just a small minimum deposit of $3,000 to get started. That’s a really tiny amount, and given the company’s marketing strategy, it actually makes sense that the insurance and security features BitcoinIRA offers don’t exactly stack up to the rest. The company clearly thinks that they don’t have to offer is much to the smaller investor, and to a certain extent that’s probably true.
CoinIRA asks customers to provide a $15,000 minimum deposit. That’s not the lowest barrier to entry but it’s also not the highest. Like Regal Assets, the company does offer up to $100 million in insurance coverage, which is really good and alongside the best IRA companies in the business.
CoinIRA uses a third-party custodian for security like most other IRA companies, but the real sense of security that CoinIRA manages to obtain from its customers comes because of the parent company associated with the Bitcoin offering. GoldCo is a company that offers gold and silver investments. CoinIRA is a subsidiary of GoldCo.
Many seasoned investors particularly in the California area trust GoldCo. Crossing into the cryptocurrency space was a natural fit for the company as it already has a large following and a pre-existing relationship with its target consumer.
Overall, CoinIRA -ranked last among a plethora of other categories considered in comparison to other Bitcoin IRAs, but the fact that there is $100 million worth of insurance coverage means there are definitely worst places to store one’s retirement Bitcoins.
Other IRA Investment Options
It should come as no surprise to most investors that outside of digital currencies, investing in gold and silver is probably the most popular higher risk, higher reward investment option inside of an IRA. Regal Assets, CoinIRA and other Bitcoin IRA companies already offer this.
Frankly getting into digital currencies was as much a marketing and revenue-generating move for these companies as it was about looking forward into the future. It makes sense that they’ve all aligned themselves with the promise of Bitcoin, but again it doesn’t mean that all these companies are the same.
As always, investors are encouraged to do their own research and make sure they are keenly aware of their own level of risk tolerance. There are many good investment opportunities out there, but there is no one size fits all solution.