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If you are a long-term investor looking to build up your crypto portfolio, investing in a crypto IRA might be a good idea. By investing in a crypto IRA, you save on capital gains tax. Cryptocurrencies are volatile, but they have outperformed all other asset classes over the last years. In this guide, we will discuss the best crypto IRAs in the United Arab Emirates. Start building up your retirement by investing in an investment retirement account today.
Best Crypto IRAs in the UAE in overview:
iTrustCapital – Best Cryptocurrency IRA with Competitive Rates
iTrustCapital is a crypto IRA trading platform that allows users to buy and trade cryptocurrencies and physical gold. Traders can trade these assets in real-time through their retirement accounts. iTrust Capital charges a 1% fee and $50 on gold spot markets. Apart from trading gold and crypto users can:
– setup an IRA via iTrust Custodial Services.
– generate tax reports.
– store crypto and gold at institutional custody partners.
Bicoin IRA – Best Full-Service Cryptocurrency IRA
The Bitcoin IRA is a full-service IRA solution. It allows users to invest in Bitcoin and altcoins via their IRA. All investments are insured up to $100 million via BitGo Trust. Any investor can open a rollover, traditional, or Roth IRA at Bitcoin IRA within a few minutes.
BitIRA – Best Secured Cryptocurrency IRA
BitIRA takes the security of your crypto seriously. They offer insurance and keep all your cryptos offline on hardware wallets in vaults. You can invest in a series of cryptocurrencies on BitIRA including Bitcoin, Litecoin, Ethereum, and XRP.
How Does a Cryptocurrency IRA Work?
Cryptocurrency IRAs work by holding your cryptocurrencies for a long period of time. A cryptocurrency IRA is technically a self-directed IRA. Investment custodians don’t like the volatility and lack of regulation of crypto. Although many cryptocurrency IRAs have Bitcoin in their name, there are also cryptocurrency IRAs that contain other digital assets like Ethereum, Litecoin, and XRP. These IRAs charge higher fees, but still allow investors to avoid capital gains taxes.
Cryptocurrency IRAs charge investors holding fees and monthly account fees. They also charge users for transferring funds. Normal IRAs don’t do this. Note that cryptocurrency accounts held within an IRA are subject to regulation. Cryptocurrency IRA accounts can only trade during market hours, instead of 24/7.
Advantages of Cryptocurrency IRAs in the United Arab Emirates
Cryptocurrency IRAs allow investors to hold cryptocurrencies long-term with tax benefits. This is great for investors who believe in the future of digital assets and want to invest in them.
The Best Cryptocurrency Trading Platforms in the United Arab Emirates
It could be the case that you want to trade crypto whilst having a crypto IRA. To do this, you need an account at a crypto trading platform, exchange, or broker. We recommend only trading crypto at reliable and secure crypto platforms like eToro and Gemini. On some of these platforms, users can take part in cryptocurrency staking. By staking crypto users earn interest on their holdings. These interest rates can go as high as 14% per year.
Retire with Cryptocurrency
Cryptocurrency IRAs are a great way to save for your retirement. This has several good reasons, like the fact that investing in crypto is a hedge against inflation. Investing in crypto is also a great way to avoid the low-interest rates offered by banks on regular savings accounts.
Cryptocurrencies are very volatile, so if you want to preserve wealth instead of growing it, it might be smarter to open a regular retirement account. We always recommend investing in different asset classes and not putting everything in crypto.
Disclaimer
eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.
Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 51% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money
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Stefan Grasic (Dipl.-Jur) is the owner of Business24-7 and has considerable experience in the financial and investment niche, but also enjoys writing articles for the general readership. Stefan is an active stock, CFD, crypto and general investment researcher, advising blockchain companies such as Blockbird, GoCrypto, Hive Terminal at their start up level. Stefan began trading in 2010 as a college student. Money was tight,…