A self-directed, cryptocurrency-compatible Roth IRA allows you to buy cryptocurrency with IRA funds and place them in the account. Generally, you won't be able to buy them with a regular Roth IRA. IRAs for cryptocurrencies are available to save for retirement with tax advantages. These crypto IRAs (also known as “Bitcoin IRAs”) can be opened with several account providers.
But if you already have a Roth IRA, chances are you won't be able to include cryptocurrency in it. There are different ways to take advantage of cryptocurrency, and possibly one of the best ways is with a self-directed Bitcoin Roth IRA. A Roth Bitcoin IRA on our platform allows people to invest in cryptocurrencies such as Bitcoin, Ethereum, Litecoin and more. If you're interested in the long-term value prospects of Ethereum-based cryptocurrencies, consider buying Ethereum within a self-directed IRA.
Creating a self-directed IRA allows you to invest in special assets that aren't allowed in conventional retirement accounts. In fact, you can invest in conventional and alternative assets and manage them in the same account. You can also transfer funds from another IRA to fund your cryptocurrency purchases and get a new Roth IRA for bitcoins. Since the Internal Revenue Service (IRS) considers cryptocurrencies to be property for tax purposes, it can add them to an IRA if the IRA buys and holds them.
A crypto IRA allows you to invest in cryptocurrency and you can get the same benefits that Roth and other IRAs offer. For more information on using a self-directed IRA for Ethereum investments, contact IRA Financial Group directly at 800-472-0646.
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