Betting on bitcoin for your retirement isn't just risky—it's expensive.
Last March, bitcoin traded at around $1,000 a coin. Later in December, it was more than $19,000. This week, it's back around $11,000.
Type into Google,"bitcoin IRA" and you'll see a torrent of advertisements. But proceed with caution: These accounts come with heavy fees and risk. So if you want to invest your retirement savings in cryptocurrencies, you'll need what's known as a"self-directed" account, which you can fill with almost anything .
By comparison, many traditional IRA accounts come with no annual or opening fee. They do often charge small transaction fees when you buy or sell an investment. Fidelity's fee, for example, is $4.95. There can be other fees on your investments, including underwriting and low balance charges, as well as fees the underlying mutual funds assess, that you should check for.
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