Coin IRA Review

Coin IRA
Coin IRA - by, April 1, 2011
4/ 5stars
on
Coin IRA
  • Editor Rating
  • Very Good
  • 0/5 Avg. User Rating
  • 0 No reviews yet!
Review Summary :

Coin IRA is a cryptocurrency IRA company. As there are companies that assist clientele in setting up Precious Metals IRAs, likewise, companies such as Coin IRA help customers establish self-directed IRAs that hold cryptocurrency. Coin IRA has a preferred relationship with Equity Trust. Pertaining to storage, the company states the following,”Coin IRA sets the industry standard with the world’s most secure Cryptocurrency IRA”. There is even a free investing guide about cryptocurrency. Some of the cryptocurrencies that can be held include  Bitcoin, Chainlink, Ethereum, Icon, Tezos, Bitcoin Cash, Dash,  Ethereum Classic, Litecoin, ZCash, Bitcoin SV, Dogecoin, EOS, Stellar Lumens, Basic Attention Token. Coin IRA was founded in 2017 by Trevor Gerszt.

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Pros:

- Makes holding cryptocurrency in an IRA easy
- Some of the most popular cryptos are available
- Has a preferred partnership with Equity Trust

Cons:

- The company only deals with cryptocurrency rather than, additionally, Precious Metals IRAs
Quick Facts about Coin IRA
Year Founded:2017
Company Headquarters: Woodland Hills, California
Annual Fees:Variable
Supports 401(k)?:Yes
Supports Roth IRA?:N/A
Crypto Offered?:Bitcoin, Chainlink, Ethereum, Icon, Tezos, Bitcoin Cash, Dash, Ethereum Classic, Litecoin, ZCash, Bitcoin SV, Dogecoin, EOS, Stellar Lumens, Basic Attention Token
Assets Offered:N/A
Offers Other Assets?:No
Custodian:Equity Trust Company
Current Promotion:N/A
Supports Home Storage?:N/A
International Storage?:N/A
Segregated Storage?:N/A
Preferred Storage Location:N/A
Preferred Storage Vault:N/A
Reviewed By::Sarah Bauder
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Company Info & Background

In press material, Coin IRA (www.coinira.com) states the following”

“Formed in April of 2017, Coin IRA was one of the first companies in the United States to offer investors the ability to add cryptocurrency as an alternative investment in their Self Directed IRAs. Coin IRA was accredited by the Better Business Bureau in December of 2017, has an A+ rating and no complaints. It is not a subsidiary of Goldco, but it is a sister company to Goldco. Coin IRA is a leader in customer experience. Our customers range from those with new interest in crypto to experienced crypto owners and traders. Coin IRA’s broker fee is competitive, and we will always do everything possible to win the business. The company website is www.coinira.com.”

 

Coin IRA Management Team

Founder and CEO Trevor Gerszt 

The Coin IRA LinkedIn page says: CoinIRA was founded by Goldco CEO Trevor Gerszt in 2017 to meet the increasing demand for Bitcoin and other Cryptocurrencies.  We offer future retirees the ability to roll over a portion of their current 401(k) or IRA to open a self-directed IRA focused on Bitcoin, Ethereum, Ripple, Litecoin, Ether Classic, and other popular digital currencies.

 

Coin IRA Custodians and Storage

Coin IRA has partnered with Equity Trust for custodial services.

Regarding storage, the company states the following on its website: “Coin IRA sets the industry standard with the world’s most secure Cryptocurrency IRA. Our hybrid multi-layer protection of digital assets is best-in-class:

  1. Cold storage wallets take digital funds offline when not in use and protect your account from being hacked.
  2. Multi-factor authorization is required for account access.
  3. Keys are held in cold storage in “grade-5 nuclear bunkers” and protected 24/7 by armed guards and cryptographic technology experts.
  4. Funds are covered from physical loss, internal and external theft, damage, and destruction by end-to-end, dollar-for-dollar insurance from a reputable panel of London-based insurance companies with S&P ratings of A or better.
  5. Level II Cryptocurrency Security Standards (CCSS) ensures compliance with external compliance audits.

With a custodian, cryptocurrencies held in an IRA will normally be much safer than cryptocurrencies held at an exchange or in an online wallet. You can gain peace of mind knowing your digital currencies are protected with a combination of advanced security practices and a suite of customized insurance solutions.”

 

Coin IRA Products

 In press materials, the company states the following:

“Coin IRA offers two types of cryptocurrency transactions – Self-Directed Cryptocurrency IRAs and Direct Purchases (using non-IRA funds). IRA transactions are preferable and alleviate a need for state licensing in most cases.

  • Coin IRA works primarily with Equity Trust, with an IRS-approved, regulated trust company, to facilitate the establishment, funding and trading of cryptocurrency inside Self-Directed IRAs (Individual Retirement Accounts). IRA funds may be invested in various types of digital currency, and eligibility of a digital currency for IRA investment is determined by the custodian. Equity Trust, has approximately $30B USD in assets under custody, and has been providing custody for alternative assets since 1974.
  • Coin IRA also offers Direct Purchases (non-IRA transactions) for self custody or non-IRA custody accounts with high trading limits for investors wishing to purchase crypto with funds from a savings, checking, CD or other non-qualified source. A wide array of eligible cryptos is available outside of an IRA. (Anything listed on Kraken or Genesis Global Trading).”

Additionally, Coin IRA outlines the compliance requirements for all customers.

“There are important requirements that must be met in order for customers to qualify to transaction in crypto:

For IRAs:

  • Customer must reside in the U.S. and must provide their DOB, Social Security Number and possibly their Driver’s License or State Issued ID and other proof of residency.
  • Customer must pass the custodian’s identity and residency verification.
  • Cannot by a NY resident (at this time).

 

For Direct Purchases:

  • Customer must complete an onboarding form and provide proof of identity, such as a Driver’s License or state issued ID; Coin IRA will then run an authorized background check; a past record of any type of financial fraud, money laundering, or other forms of illegal activity will result in ineligibility to conduct business with Coin IRA for a direct purchase.
  • Funds must be wired to Coin IRA from a bank account in the name of the person or entity on which the background check was performed.
  • Funds may only be wired to Coin IRA upon background check approval. All Customers will be required to sign a Coin IRA Customer Agreement.”

It is important for customers to note the differences in state licensing, as explained by the company:

“Each state determines their own licensing requirements; therefore, we may be ineligible to do business with residents of certain states for a Direct Purchase, but may be able to offer the customer the option to open a Cryptocurrency IRA.

Coin IRA is in the process of seeking further opinions and obtaining licensing in order to be in compliance with states’ laws at all times. Understand that at this time, legislation is being introduced as states decide how to categorize digital currency and protect consumers. As bills pass and new laws are implemented, we do our best to stay current.

Self-Directed Cryptocurrency IRAs are generally available in most states, since our custodial partners are exempt from licensing requirements. Coin IRA does not hold funds or store crypto on behalf of any customer.

**PLEASE BE ADVISED** Leads may or may not be eligible to proceed with a transaction, even though they may be willing to.”

Regarding the types of cryptocurrency:

“Custodians determine the cryptocurrencies available for investment within an IRA. The type of cryptocurrency desired by the customer will determine the custodian we choose for the IRA, which will then determine the storage provider. Currently they are: Bitcoin, Chainlink, Ethereum, Icon, Tezos, Bitcoin Cash, Dash,  Ethereum Classic, Litecoin, ZCash, Bitcoin SV, Dogecoin, EOS, Stellar Lumens, Basic Attention Token.”

To invest in cryptocurrency with Coin IRA, have a look here.

Moreover, there are strict transaction regulations that must be followed as outlined:

“Coin IRA must adhere to stringent rules pertaining to the Anti-Money Laundering (AML)/Bank Secrecy Act (BSA):

  • Coin IRA follows strict AML guidelines according to its BSA/AML Policy.
  • These guidelines have a KYC (Know Your Customer) Requirement: Each customer’s identity must be verified for IRAs, and a background check run for Direct Purchases..
  • The customer’s residency must be verified or proven in the event of a non-match with public records.
  •  In rare cases where additional customer due diligence is required, customers may be asked to identify their source of wealth, occupation, or respond to questions regarding suspicious or unusual activity.”

 

Coin IRA Precious Metals IRA Info

CompanyCoin IRA
Annual CostVariable
Scaled or Flat Fees? Flat Fees
Partnered CustodianEquity Trust
Assets availableSeveral cryptocurrencies
Partnered Storage VaultsSeveral partnered locations
Years in Business4 years (2017)

 

Coin IRA Reviews, Ratings, and Complaints

Below we offer a diverse selection of reviews, ratings, and complaints pertaining to Coin IRA from trusted consumer reporting and rating agencies sites. Simply click on the links provided to study the reviews in greater detail.

  • BBB Rating: A+ (Details)
  • BBB Complaints: 0 Complaints (Details)
  • BCA: N/A
  • BCA Complaints: N/A
  • Ripoff Report: No Reports
  • Yellow Pages: N/A
  • Trustpilot: Profile (Details)
  • Yelp: N/A
  • TrustLink: N/A
  • SiteJabber: Profile (Details)
  • Facebook: Profile (Details)

 

Coin IRA Contact Information

  • Address: 21215 Burbank Blvd Suite 600, Woodland Hills, CA 91367, United States
  • Phone: 888-998-COIN
  • Email: info@coinira.com
  • Website: www.coinira.com

 

Coin IRA
Coin IRA - by, April 1, 2011
4/ 5stars
on
Coin IRA
  • Editor Rating
  • Very Good
  • 0/5 Avg. User Rating
  • 0 No reviews yet!
Review Summary :

Coin IRA is a cryptocurrency IRA company. As there are companies that assist clientele in setting up Precious Metals IRAs, likewise, companies such as Coin IRA help customers establish self-directed IRAs that hold cryptocurrency. Coin IRA has a preferred relationship with Equity Trust. Pertaining to storage, the company states the following,”Coin IRA sets the industry standard with the world’s most secure Cryptocurrency IRA”. There is even a free investing guide about cryptocurrency. Some of the cryptocurrencies that can be held include  Bitcoin, Chainlink, Ethereum, Icon, Tezos, Bitcoin Cash, Dash,  Ethereum Classic, Litecoin, ZCash, Bitcoin SV, Dogecoin, EOS, Stellar Lumens, Basic Attention Token. Coin IRA was founded in 2017 by Trevor Gerszt.

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Leave your rating

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