This is still a young field, and information on a firm may be hard to come by. Frankly, some are little more than sales platforms. So, no matter which custodian you're considering, be sure to do your due diligence on it.
Visit its website or call its customer service line to confirm and compare its fee structure, operations. Ask how your bitcoins will be stored, exactly, and about security procedures and measures — you don't want your account holdings vulnerable to hackers.
Why invest in a bitcoin IRA?
There are plenty of positives to consider with bitcoin IRAs.
Portfolio diversification. Bitcoin tends to be "a great diversifier" for your financial assets, Bogner explains. Holding a bit of bitcoin "can be a good way to own something that doesn't move exactly like the rest of your investments move," she says. It could also be a hedge against inflation as the dollar's value against some other currencies has declined.