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Is Bitcoin IRA a scam? Or are they a legit crypto IRA company?
Are there any customer complaints, negative reviews and lawsuits against them?
My guide below tells you everything you need to know.
Use these jump links to get there faster.
Table of Contents
Bitcoin IRA Lawsuits
I was able to find only one lawsuit Bitcoin IRA was involved in. If there are others they’re not published online. As you’ll see right below.
Bitcoin IRA Wins Key Legal Battle Against Kingdom Trust
Here’s the gist of this lawsuit.
Bitcoin IRA, a leading provider of cryptocurrency IRAs, has won a court victory against its former custodian Kingdom Trust. A federal judge ruled that Kingdom Trust must restore Bitcoin IRA clients’ full access to their account data and reinstate Bitcoin IRA’s status as the Account Designated Representative chosen by its clients.
The judge ordered Kingdom Trust to restore the functionality that existed before August 21, 2019, when Kingdom Trust had cut off Bitcoin IRA’s ability to access client account data and provide online account access. The ruling allows Bitcoin IRA clients to once again self-direct their retirement accounts online.
Bitcoin IRA views this as an important win to protect its clients and their digital assets that were being “held hostage” by Kingdom Trust. Bitcoin IRA remains committed to serving its clients and providing the best technology platform for buying and selling cryptocurrency for IRAs.
Despite the lawsuit, Bitcoin IRA has continued innovating with new offerings like a custodian partnership with BitGo Trust, $100 million in custody insurance, interest-earning options, self-trading with crypto swaps, and enhanced account security. Existing clients can upgrade to BitGo Trust, while new clients can open a Bitcoin IRA.
Here’s proof that at the time of writing this research, there were no other lawsuits filed against Bitcoin IRA.
Note: I regularly update my articles and as soon as Bitcoin IRA get sued or they sue someone, I’ll update my article accordingly.
Bitcoin IRA lawsuits- has Bitcoin IRA ever been sued? Share on XIs Bitcoin IRA Legit? Are They a Scam? Why Aren’t There More Lawsuits Against This Bitcoin IRA Company?
Bitcoin IRA is a legit company and they’re not a scam. There aren’t many lawsuits against them (the one I talk about above is Bitcoin IRA suing another company) because they’re a legit player in the Bitcoin IRA space helping people who want to diversify their portfolios with Bitcoin and other types of cryptocurrency.
Here are some positive reviews Bitcoin IRA has gotten on the popular consumer watchdog websites.
Note: Trustlink is another major consumer watchdog website, but Bitcoin IRA doesn’t have a profile there.
Bitcoin IRA Complaints and Negative Reviews- Is Bitcoin IRA Legit or a Scam?
Bitcoin IRA also has its share of customer complaints and negative reviews.
Here are some I singled out below.
Complaint 1
Here’s someone complaining Bitcoin IRA have too many different fees, from monthly custodial fees, trading fees, to even account-closing fees (in this case it was $300 to close an account with Bitcoin IRA).
Complaint 2
Here’s someone who says Bitcoin IRA staff were helpful and prompt to respond up until their IRA rollover.
And after the sale happened, it’s been crickets on the company’s end. The person is seriously considering pulling their money out and switching companies.
Complaint 3
Here’s a really scathing review of Bitcoin IRA’s previous customer who in their own words “can’t rate this company low enough”.
They complain about the slowness of the processes within the platform, high fees, the inability to quickly trade crypto via the platform, the $300 account cancellation fee and everything else in between.
To circumvent these issues, users might consider options to buy USDT directly, which can offer a faster, more cost-effective way to engage in trading and mitigate some of the platform’s limitations.
The person suggests anyone reading should get a self-custodian IRA (self-directed IRA). The custodian they went with charges just $15/mo.
It’s a long complaint which you can see in the screenshot below.
Complaint 4
Here’s someone who complains Bitcoin IRA lost $7000 of their retirement money. They also claim Bitcoin IRA’s customer service is bad and the people working there lack people skills.
Complaint 5
Here’s another person complaining about the inept Bitcoin IRA customer support. They claim the processes within the platform take too long and are riddled with errors costing the customer a lot of money.
The person concludes their complaint:
“Every time I have had to deal with them it has been one excuse after another or a different story. They are a joke !”
Complaint 6
Here’s someone complaining that the funds they sent from their bank to their Bitcoin IRA account haven’t arrived. They tried contacting Bitcoin IRA support but to no avail.
Right below this complaint is a very helpful response from the Bitcoin IRA staff where they detail all the ways they tried to help this person get their money back.
Complaint 7
Here’s someone complaining that Bitcoin IRA keeps making unauthorized transactions from their PayPal account. The person is trying to cancel their subscription via PayPal, but doesn’t know how (they aren’t tech-savvy and it was their son’s PP account).
Bitcoin IRA Review (Summary)
- Name-Â Bitcoin IRA.
- Date founded-Â 2016.
- Headquarters-Sherman Oaks, California, United States
- CEO-Camilo Concha
- BBB score-Â A+.
- Types of crypto- Bitcoin+ 60+ types of crypto.
Bitcoin IRA Pros
- Simple fee structure.
- Excellent customer support.
- Plenty of storage options.
- Pristine online customer reviews.
- No lawsuits filed against Bitcoin IRA.
- Low number of complaints on major consumer watchdog websites.
- Strong focus on customer education.
- Lifetime account support.
Bitcoin IRA Cons
- No refunds.
- Very young Bitcoin IRA company.
- Mediocre BBB score- 2.7/5 stars based on 6 customer reviews (also a low number of reviews)/
BitcoinIRA is a leading self-directed platform that offers SDIRAs for cryptocurrency and precious metals investing. They allow you to trade more than 60 cryptocurrencies within your retirement account and you can also roll over existing funds from several different retirement account types. You can set up automated contributions with Bitcoin IRA’s “Saver IRA” option
My honest recommendation: Bitcoin IRA is best for savvy savers and investors who want to build retirement wealth through Bitcoin and other types of cryptocurrencies. The BI platform offers both web and mobile interfaces, 60+ cryptocurrencies, and multiple IRA options.
Bitcoin IRA also offers a gold IRA option, but I don’t recommend you open a precious metals IRA account with a crypto IRA company. Instead, check out my guide to the best gold IRA companies to really find the best gold IRA provider for you.
The best way for you to start with Bitcoin IRA is to open an account with them. It’s free and takes less than 3m.
Bitcoin IRA Lawsuit and Complaints- Is Bitcoin IRA a Scam or Legit? (Conclusion)
Based on my research at the time of writing this article, no one has ever sued Bitcoin IRA. There are very few customer complaints against them and there are plenty of positive customer reviews on popular consumer watchdog websites.
Bitcoin IRA is not a scam.
If you have experience with this crypto IRA company, positive or negative, LMK in the comment section below.
Some more reviews to read:
Nikola Roza
Nikola Roza is a blogger behind Nikola Roza- SEO for the Poor and Determined. He writes for bloggers who don't have huge marketing budget but still want to succeed. Nikola is passionate about precious metals IRAs and how to invest in gold and silver for a safer financial future. Learn about Nikola here.
