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How can I invest in cryptocurrencies using a Navy Federal IRA savings account?

avatarr6vksvl748Dec 26, 2021 · 3 years ago1 answers

I have a Navy Federal IRA savings account and I'm interested in investing in cryptocurrencies. How can I go about doing this? What are the steps involved in using my Navy Federal IRA savings account to invest in cryptocurrencies?

How can I invest in cryptocurrencies using a Navy Federal IRA savings account?

1 answers

  • avatarDec 26, 2021 · 3 years ago
    Investing in cryptocurrencies using a Navy Federal IRA savings account is a great way to diversify your retirement portfolio. However, it's important to note that not all IRA custodians allow for alternative investments like cryptocurrencies. Before getting started, make sure to check with Navy Federal or your IRA custodian to see if they support this option. If they do, you'll need to set up a self-directed IRA. This will give you the flexibility to invest in cryptocurrencies and other alternative assets. Once your self-directed IRA is set up, you can choose a cryptocurrency exchange that supports IRA investments. Open an account with the exchange and fund it using your Navy Federal IRA savings account. From there, you can start investing in cryptocurrencies within your IRA. Just remember to do your due diligence and consult with a financial advisor to ensure you're making informed investment decisions.