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May 22, 2023

What to Look for in the Best Crypto IRA

Summary and Key Points 

  • A Self-Directed IRA allows you to invest in cryptocurrency within a tax-advantaged retirement account.

  • A Checkbook IRA is a type of Self-Directed IRA that gives the account owner “checkbook control” of investment transactions made within the IRA.

  • The option to choose any crypto exchange, the ability to hold your own crypto keys, and the freedom to invest without fees are other features to consider when searching for the best Crypto IRA.

From the eye-popping price spikes of Bitcoin to the unfathomable successes of various meme coins, cryptocurrency has flexed its potential to yield attractive returns for investors. Some statistics show that the number of crypto owners nearly doubled from 2018 to 2020, followed by continued growth thereafter.

Investor inserting Bitcoin into a piggy bank indicating investing in the Best Crypto IRA.

The coming to light of crypto has many people exploring ways not only to invest, but also to maximize any potential returns. A Crypto IRA offers the unique ability to invest in cryptocurrency within a tax-advantaged retirement account so crypto gains can grow tax-deferred or tax-free. Here’s how the best Crypto IRAs work:

Using a Self-Directed IRA for Crypto Investing

To begin your crypto investing journey in a tax-advantaged way, you can open a Self-Directed IRA. Standard IRAs like the ones offered at large brokerages only allow you to invest in stocks, bonds, and mutual funds. Self-Directed IRAs allow you to invest in alternative assets such as real estate, private businesses, promissory notes, precious metals, and the focus of this article, cryptocurrency. However, while a Self-Directed IRA unlocks the possibility of IRA crypto investing, there’s a specific type of Self-Directed IRA that can function even more effectively as a Crypto IRA. It’s called a Checkbook IRA. 

Using a Checkbook IRA for Streamlined IRA LLC Crypto Investing

In a classic Self-Directed IRA, everyday transactions are completed by your Self-Directed IRA custodian, such as Broad Financial’s sister company, Madison Trust. Your custodian provides you with the necessary paperwork for them to finalize the transaction on your instruction and behalf. For active investing in crypto, a Checkbook IRA can remove the extra step of requesting your custodian to complete your everyday transactions. 

Cryptocurrency investor on his phone with a cryptocurrency exchange app open that says “buy” and “sell”.

A Checkbook IRA requires the additional formation of an LLC or trust in the name of your IRA, followed by a checking account at the bank of your choice. Having an entity and dedicated checking account for your IRA enables you to simply write checks and send wires on your own with no custodian involvement (known as checkbook control). Learn more about the benefits of a Checkbook IRA and the differences between an IRA LLC and IRA Trust. Understanding how a Checkbook IRA works will help you decide whether it’s the best Crypto IRA for you.

Best Crypto IRA for Advanced Investors

If you’re familiar with cryptocurrency investing, you might be considering or perhaps may already own a “cold wallet.” Taking physical possession of your cryptocurrency on a flash drive-like device with secret “keys” is widely considered to be the definition of truly “owning” crypto. Holding crypto in a cold wallet can spare your crypto from internet hackers, network crashes or, in extreme cases, a crypto collapse like that of FTX

Some Crypto IRAs only let you hold your crypto investments on certain exchanges—but not the best Crypto IRAs. At Broad Financial, we give you the option to hold your own private keys, so you can have full control of your crypto. Our Crypto IRA also has no transaction fees, enabling you to build and diversify your portfolio without feeling nickeled-and-dimed.

Best Crypto IRA for New Investors

Today’s crypto investing apps allow you to dabble with the funds you can comfortably afford to invest in crypto. You don’t need to be an advanced or high-volume investor to open a Crypto IRA for tax-advantaged crypto investing. If you’re currently lightly invested but want to get more serious, our Crypto IRA at Broad Financial lets you hold any crypto in your IRA. You’re not tied to one exchange or the other, and you’re not limited to certain coins. You have complete flexibility to choose your exchange(s), storage and currency.

Cryptocurrency investor on their phone and computer with different digital currency coins such as Bitcoin and Ethereum laying on a laptop’s keyboard.

What to Look for in the Best Crypto IRA

What To Look For In The Best Crypto IRA Infographic: (1) Streamlined Transactions - The formation of an LLC or trust (in the name of your IRA) along with a dedicated checking account enables you to place timely investments. This eliminates the need to contact a custodian for everyday transactions. (2) Dedicated Client Support Team - Whether you are a new or experienced crypto investor, it's beneficial to have a knowledgeable support team that can answer your questions. (3) Hold Your Private Keys - Gain full control of your crypto by holding your own private keys. With control of your private keys, you can store and trade on your time with no limitations from exchanges. (4) Investment Freedom - The best Crypto IRA gives you complete flexibility to choose your exchange(s), storage, and currency.

Get the Best Crypto IRA Support

Whether you’re an advanced or new investor, you’ll likely have questions about opening and using a Crypto IRA correctly. We believe the best Crypto IRA should come with free lifetime support from true Self-Directed IRA Specialists, and that’s exactly what we offer. Our team is here to explain the IRA crypto investing process to you, set up your IRA LLC or IRA Trust, and give you all the tools and information you need to leverage your Crypto IRA with confidence. Learn more about our Crypto IRA and call us today to get started!

Disclaimer: Broad Financial LLC does not provide legal, tax, or investment advice. Please consult with your tax or legal advisor before making investment decisions.


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