I thought this process was going to be an easy “no-brainer”. But after a call from their support, or perhaps better dubbed sales person, I learned about the hidden fees and “the rules”.
I started by filling out form onBitCoinIRA.com.One of their options was an “investment mix” where you theoretically split up your investment among the six coins they support: 1) BitCoin, 2) Ethereum, 3) Ripple, 4) LiteCoin, 5) BitCoin Cash, and 6) Ether Classic. But later, as you will see below, I learned this wouldn’t work.
This included downloading a PDF, having to sign it, then upload it. It was called a “Account Transfer”. I actually called them first, to ask a question about the beneficiary. The guy I spoke to was very American, very professional, and almost no wait time. I was trying to figure out if I could make my own estate the beneficiary, instead of a specific person or persons. He checked, and said if it was a trust, but I don’t have a formal trust yet. After I got my question answered about the beneficiary, I got the data for my beneficiary (SSN and date of birth) and completed the form.
After all that hassle and sending them the first form, THEN he called back to explain their fees and limits.
NOTE: When you submit and sign their PDF document, that doesn’t really kick off the process. They send you another form, which I think he called a “Transfer Document”. I’m not sure how it’s different than the one I already signed. But they give you a chance to absorb their fee structure, then tell them if you wish to continue or not.
A follow up question I will ask is about early withdrawals. Sounds like I would always have to keep a minimum of $10,000 with them.
So then, I decided to check out their competition. The first one I had already seen wasBitIra.com,. Minutes after filling out the form on their site, their rep called me. He was also very professional and helpful. They have a similar 15% origination fee, said custodian fee is about $300/year (pegged at entry amount), and they use Preferred Trust. I think there is one other competitor. The kicker there was they wanted a minimum of $20,000; and he checked if they could go lower, and the answer was yes, but I would have to pay the 15% fee instead of having it come out of my IRA.
I’ll keep you posted as I learn more and make my decision. The alternative is to cash out, pay the IRS penalty, and have more freedom with the money. Later the same day, that’s exactly what I did. I figured if I’m going to have pay another company a 15% origination fee, and high trading fees, and not have control over how I allocate my tokens, it’s better to pay the IRS penalty and have the freedom.
There were so many people asking me questions about BitCoin, Altcoins, and Cryptocurrency that I put together a this Free BitCoin Course, a short “mini” course at http://FreeBitCoinMiniCourse.com.
Most lessons can be done in 10-20 minutes. They include short summaries, and videos that I either created or those that I found on YouTube that best describe the topic.
Join Free Here:http://FreeBitCoinMiniCourse.com.
A few weeks ago when I heard about Gladiacoin, my “spidy sesnes” went off. I didn’t join. At a recent business conference at a Hollywood studio in Los Angeles, I met a guy who was earning his living with Gladiacoin. His idea was that it might not last forever, but for now, it was quite profitable. That planted a seed in my mind to consider this type of business, because everything points to the surge of interest in BitCoin.
When people I knew and trusted told me about JetCoin, I was already inclined to take a closer look than I had at Gladiacoin. Our upline has been succeeding in multiple online businesses for 5 or 10 years. I met Darren Little at a Prosperity Mastermind in South Beach Florida about 4 years ago, and I’ve been following him sense then. He works with Ari Macabi, who seems to be an American working from his home on some island in the Pacific. When you have an online business, you can live and work from anywhere in the world, as long as you have a laptop and a good internet connection.
Darren and Ari provide leads pages, capture pages, and training to teach us how to build our business better. If you never been in one of Darren Little’s trainign course, you are missing out. I joined another program a while back, not because I was thrilled about the program, but just to seit at the feet of this master marketer. Each time we study under someone like this, a little rubs off, and it makes us a better marketer. That’s the value-added bonuses with working with these seasoned professionals.
So basically, you loan your BitCoin to them, and they trade it. They make money, pass it on to you, and in addition, they payout based on the MLM (Multi-Level Marketing) binary compensation plan. The amount you get paid on the Matrix is based on how much BitCoin you put in, typically from a fraction, such as .1 BitCoin on upto 8 or 10 BitCoins.
There are two types of people that will get started:
Click here to see a BitCoin price chart.
Is MLM not for you? But you still want to make money with Bitcoin. I started trading BitCoin and other coins and derivatives with 1Broker.com. As a matter of fact, I made 29% my first two weeks. And I don’t even know what I’m doing. I just pick the most succesful traders on their system who make 150-300% returns per month, and I follow them. By clicking the “Follow” button, the system will make a trade for you similar to their trade. The only difference is the amount, which you set. If you invest 1 BitCoin for example, then when you follow someone, you should only risk about 2-5% of that per each trade, such about .05 BitCoins. Many of the trades are in and out in an hour or two. I think the longest one I’ve seen was about 7 hours.
I also found a company that provides a full educational package for beginners. I’ll be adding details here in just a few days. This market is changing so fast that it’s hard to keep the web sites up to date.