Michael B.
My review of BitcoinIRA
Positives: Customer service representatives were all great and very courteous each time I spoke with them. Security was pretty tight up front when I initiated the account and when I completed my TOA into another brokerage. Almost extreme level when they were telling me I had to complete a video verification to verify it was in fact me trying to complete the TOA. Negatives: Very slow execution of trades. If you’re expecting to trade often or day trade crypto, you will have trouble. Fees are extremely high for each trade. Again, if you’re planning to trade often the fees will hamper your profit or amplify your losses for each individual completed trade. Monthly maintenance fees are high as well. Again, most brokerages don’t have these type of monthly maintenance fees which are concerning. I complained and was informed it was due to the high level of security at which my crypto assets were stored resulting in the higher fees. Lastly, the termination of account closing fees are ridiculously high. $300 to close a Roth IRA after being charged monthly maintenance fees is very excessive. On top of that a $35 fee to send my funds via wire versus a snail mail check is also extreme..
Reply from Bitcoin IRAOct 31, 2025
Hi Michael, thanks for your feedback. Regarding the wire fee, it is standard for banks to have wire fees. The wire fee along with all fees are included on the fee schedule that every applicant receives prior to funding their account. While our fees may be higher than some out there, like you mentioned, we offer up to $250M custody insurance, military-grade cold storage, etc. We have worked hard to lower our fees while still being able to offer these features. While OTC (over the counter trading) can take longer than riskier hot wallet trading, we now offer instant settlements for trades now, so we are a little confused about the comment on slow trade execution. We wish you the best of luck in your future endeavors!