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Investing in Cryptocurrency in Your IRA

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Bitcoin and other cryptocurrencies on a computer

The cryptocurrency world is booming. Although digital assets are a relatively new asset class, interest is running high, especially among crypto and internet-savvy investors. Investing your retirement account in digital assets such as cryptocurrency is a unique opportunity that can diversify your portfolio and potentially offer substantial returns. However, there is no reward without risk. Placing funds in crypto means an investor must be willing to deal with a volatile and risky asset class.

Here is what you need to know if you decide to invest in cryptocurrency in your retirement account.

Why Invest in Digital Assets?

How Can I Invest In Cryptocurrency with My IRA?

Here are the steps for placing crypto in a retirement account.

  1. Open a Self Directed IRA account at a custodian.                                                                        Custodians are responsible for processing the investment requests and transactions as instructed by the Self Directed IRA owner. You have the option of the type of account you would like to open – Traditional, Roth, SEP, SIMPLE, Inherited Traditional, or Inherited Roth. You can also choose between a classic Custodial model or a more versatile Checkbook Control model. 
      2. Create an account at an exchange.
          Exchanges are where you trade your cryptocurrency. It’s similar to the stock market in the                    sense that you can buy and sell assets as you wish.
      3. Invest in Crypto.
          Buy/sell cryptos of your choice in a tax-sheltered account!  

Is Investing In Cryptocurrency Right For You?

Digital assets provide the opportunity to invest in a new asset class that can lead to maximized growth and diversification of your retirement portfolio. The optimal mix and allocation of digital assets in your retirement portfolio depends on both your investment strategy and risk tolerance. Be sure to understand that cryptocurrency is a very volatile and risky investment. It is also a complex investment that requires more due diligence to fully understand what it is and if it is the right investment for you.

If you are ready to discuss moving forward with crypto, give a Self Directed IRA expert a call today.   

2021-11-24T17:15:23-05:00 November 24th, 2021|Cryptocurrency, How To|

Custodial or Checkbook Control Plan: Which is Best for You? We Offer Both.

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