Today we review BitVest IRA for you. What is BitVest IRA? A scam or a legit custodian? Will they be your choice or are there better alternatives out there for you? These are some of the questions this short review will answer.
Company: BitVest IRA
Owner: Not mentioned on their website (not a good sign)
Price: Not clear
Who is it for: People who look to invest in Bitcoin from their retirement account
Overal rating: (3 / 5) Not recommended ==> Click here to read about our #1 recommended custodian
What is BitVest IRA – An overview
BitVest IRA is a new Bitcoin IRA custodian on the market, however, they have been around since 2014 but in the mining space under the name BitVest Digital Mining. The company claims to have been mining over 18,000 bitcoins since they started. In 2016 they started offering bitcoins for sale through their “spin-off” company named BitVest Mint, to the public at a discounted rate on a deferred delivery basis.
On the BitVest IRA website, you can see that they have partnered up with Madison Trust Company, an IRA custodian that has been providing retirement services since 2014. Their reputation is NOT among the best in the industry though (more on that further down in this review).
There is no owner listed on neither the BitVest IRA site or on the BitVest Mint site…
What cryptos do they offer?
Are there other cryptos than Bitcoin to invest in through BitVest IRA? No, the only cryptocurrencies available for you to invest in with the company are Bitcoins.
How does it work to get started?
Below is an exact excerpt from their website on how easy it is to get started:
We take care of everything for you and you will work directly with one of our tax partners and CPAs. Once the structure is complete, you will have “checkbook control” over your retirement funds so you can make investments in Cryptocurrencies, and much more tax-free by simply writing a check or sending a wire transfer from your local LLC bank account.
How safe is their storage?
Something you want to take very seriously on when you invest in Bitcoin and/or other cryptos is the storage, what you want is a cold storage as any online storage is simply not safe and will also never be.
So, what kind of storage does BitVest IRA offer to its clients? Well, to my big surprise the storage they provide for you is not even mentioned on their website. I went ahead and started to investigate if they write anything about the subject on the BitVest Mint website and managed to find out that you have to stand for the storage, below is an exact excerpt from their Mint website on the storage subject:
Your first 1/18th of your purchase will be delivered after 180 days has elapsed and another 1/18th will be delivered each and every month until you have received your entire purchase. Note: disbursements are sent the first and third Thursday of each month to the Bitcoin wallet address provided by the customer.
**Read about a Bitcoin IRA custodian that offer you the worlds safest storage by clicking here
How good is the support of BitVest then?
Well, at least they got a contact page, where you can find both an e-mail address where you can turn with your questions. They also got a phone nr for you to call if you prefer that.
There is no live chat function on the BitVest IRA (or BitVest Mint) website.
Is Bitvest IRA a scam?
So, is BitVest IRA a scam? No, I really don´t think so, however, if they are your best option is a whole other story. Sure, it seems like they have been around since 2014 and they have partnered up with a custodian that is both government-approved and regulated. However, the fact that they do not provide any info at all on the owner (or other staff) and also no storage options for you do actually make room for a bit of concern…
What does the most well-known and trusted review and rating sites online have to say about this company? Let´s see.
Reviews and ratings from their users
When looking into this subject (just as I suspected) there wasn´t that much info to be found at all, that can, of course, have to do with the fact that their IRA service is very new and not many have used it and/or left a testimonial on their experience. The only rating I managed to find was a 5 out of 5-star rating. However, it is located on their own Facebook page(keep in mind that if you got an FB page you are in full control of what you allow to be published on it).
I went ahead and checked for the reviews and ratings on their “partner company Madison Trust instead and there I was able to find more:
Score: (5 / 5) (out of 2 reviews) If you want to read them click here (opens in new window)
Score: (1.5 / 5) (out of 4 reviews) If you want to read all of them click here (opens in new window)
The conclusion from this:
Well, as you can see there is not that many reviews available even on their “partner company” and the ones that can be found are from the BBB (better business bureau) and the Yelp site. As you can see one is good and the other not very good at all, actually far below average…
Important to mention here:
You need to know that there are IRA custodians that got thousands of reviews with an average score of 4,9 out of 5 stars… You might want to check some of them out before making any kind of decision…
**Click here to read about the #1 rated one (with over 1,000 of testimonials from real users)
The pros and cons of BitVest IRA
It is always good to compare a company’s positive sides against its negative to get a better overall view, as always we point out some clear ones to make this job easier for you:
- Are partnered with a government approved company
- Offer a discount when you buy Bitcoins from them
- No owner listed
- Does not provide any other cryptos than Bitcoin
- Do not offer you any kind of storage option
Are there better alternatives out there?
Well, I have to say yes on that, you got both Regal Wallet and Bitcoin IRA that you might want to check out also. There are also a few other alternatives out there that provide you with both other crypto options and also safe storage and an overall more secure feeling as real verified owners are displayed and they also can show off multiple testimonials from happy clients.
Final words and verdict on BitVest IRA
Overal rating: (3 / 5)
Ok, I think that sums up the overall picture of this company pretty good. I think that this company still got some work to do before it can compete with the most well-known and trusted IRA custodians out there that offer Bitcoin (and other cryptos).
The rating 3 out of 5 stars is a pretty fair one, for now, I would say, this can of course change to a both higher or lower one in the future as we make sure to update our reviews as soon as any “news” comes up on the companies and services we review.
I simply cannot recommend you to go with BitVest, at least not for the moment. I would highly recommend you to check out the #1 rated one online and also the one that is the one I recommend by clicking the link below:
Hope you found this review on BitVest IRA to be helpful, you should now have a better understanding on what it is and if it is something for you or not. If you have used any of its services please share your experience in the comment section below as it can help others. Also if you got any other question about this review I will be more than happy to answer them below.
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I wish you success!
Founder of: King Cryptos