Broad Financial holds a strong position in the self-directed IRA industry, however, Bitcoin IRAs are just one of the many types of IRA they offer. It seems that Bitcoin IRAs may not be the most sought-after option or a competitive advantage for them. Nonetheless, for those seeking a diverse range of assets in their IRA, Broad Financial does provide a variety of alternative asset classes to choose from. As a result of numerous factors, we have ranked Broad Financial as our top-rated custodian for 2023, as detailed below.
Pros
- Broad Financial offers a wide range of different types of Self Directed IRAs.
- They can facilitate and administer numerous alternative assets including bitcoin, tax liens, private business, real estate, gold, and much more.
- Their size and scope gives them the ability to cut out the custodial middleman, making them an attractive choice in terms of price.
Cons
- There is no mention in their company website of any other cryptocurrency options beyond bitcoin.
- While they offer a flat fee, their Bitcoin IRA charges are still not transparent.
Company Information & Background
Broad Financial Bitcoin Ultimate IRA is convinced that Bitcoin is a powerful investment asset and takes pride in providing its clients with the opportunity to incorporate it into their retirement portfolios. The firm has a track record of embracing asset classes that were once viewed as unconventional, starting with its inception in 2004 as a private real estate firm that specialized in constructing and managing industrial, retail, and residential properties along the eastern seaboard of the United States.
In January 2009, Broad Financial made a significant change in their priorities after witnessing their clients lose up to 40% of their IRA and 401K retirement savings during the Global Financial Crisis and Great Recession, mainly due to investing in conventional asset classes like stocks, mutual funds, and bonds. Consequently, Broad Financial resolved to assist clients in regaining control of their IRAs and liberating themselves from Wall Street investments by pursuing alternative, promising, and optimistic asset classes.
Broad Financial came up with a system to transform conventional IRAs into self directed IRAs that evolved into their Ultimate Self Directed IRA and Solo 401(k) programs. They created an exceptional application that offers promptness, extensive asset options, and flexibility in switching between IRA asset categories, named the Checkbook Control. All of their diverse offerings and amenities are prominently displayed on the media outlets demonstrated on the right-hand side.
The Checkbook Control IRA offers a speed advantage as a means to transfer assets among IRA accounts. It allows for investments to be made via check, which bypasses the typical need for drawn-out authorization procedures and paperwork. Using this method, investors can select from a wide range of asset classes including private businesses, real estate, gold, bitcoin and other cryptocurrencies, and more. In addition, Checkbook Control also eliminates the associated transaction and asset fees.
Broad Financial’s various Self Directed IRAs are attractive due to their superior pricing structure. With options such as real estate, gold, or Bitcoin IRAs, they do not burden clients with transaction or asset allocation fees. Instead, they charge a single flat-rate fee that covers administration and storage costs. Their unique approach allows for direct investment in chosen assets, eliminating the need for a middleman custodian and reducing counterparty risk. By doing so, clients can have direct contact with their investments.
Broad Financial is not asserting its position as the leader in gold IRA, a title that belongs to Regal Assets, and neither in Bitcoin and Ether IRA, which BitcoinIRA.com has established. Rather, they assert themselves as the overall leader in the Self Directed IRA industry.
Broad Financial Bitcoin Ultimate IRA Opening Process
While there is not much information provided regarding the procedure for opening a Bitcoin Ultimate IRA with Broad Financial, it is mentioned that their competent sales representatives possess the required expertise to expedite the setup of your Self Directed IRA account. Additionally, they emphasize that they eliminate the need for a custodial middleman as they perform the custodian responsibilities themselves. This makes them the effortless choice for self-direction that they assert themselves to be.
Broad Financial Bitcoin Ultimate IRA’s Bitcoin Storage
Irrespective of the Bitcoin IRA provider you select, safeguarding Bitcoin storage is of utmost importance. However, we found a drawback with Broad Financial as they do not furnish sufficient details on their website regarding the location and methodology employed for Bitcoin storage in their purported Ultimate Bitcoin IRA. Although they assure to provide all pertinent information when you contact their customer service or fill out their website form, their lack of transparency on such crucial aspects is unsatisfactory for a major player among the top three in the Self Directed IRA market.
Broad Financial Bitcoin Ultimate IRA Company Products
The corporation offers a variety of Self-Directed IRA items, among which bitcoin is included. With the Broad Financial Bitcoin Ultimate IRA, you can also hold a diverse selection of alternative asset classes in your checkbook, gold, real estate, or Bitcoin IRAs. These consist of non-traditional investments in private enterprises, personal loans, and tax liens. The Stonefield Tax Lien Fund is suggested for individuals who desire to engage directly with a trustworthy fund that handles only high-grade tax liens.
Even though the company promotes Bitcoin as a viable investment option, there is no mention of Etherium IRAs or ether investments. This suggests that, at the time this was written, the company was not involved in trading Ether or any other cryptocurrencies besides the widely-known Bitcoin.
Key Pages from Broad Financial Bitcoin Ultimate IRA’s Website
These are the key pages from the website of Broad Financial Bitcoin Ultimate IRA. Reading this material can provide a greater comprehension of the company.
Review All Bitcoin IRA Options Before Investing
Before investing in bitcoin or any other cryptocurrency using your IRA, it is essential to thoroughly evaluate and explore all the reliable options. It is important for you to have complete trust and confidence in the company managing your IRA funds and transactions. Choosing to purchase bitcoins with your IRA is a significant choice.
BONUS: The Best Crypto and Bitcoin IRAs
Saving several thousand dollars on your tax bill can be made possible by using a cryptocurrency IRA.
Cryptocurrency IRAs may not be suitable for all scenarios, but they present an excellent choice for investors seeking long-term wealth accumulation while reducing their tax obligations.
Our guide will provide you with comprehensive information about cryptocurrency IRAs, including an analysis of the benefits and drawbacks of four commonly used options.
What is Bitcoin and cryptocurrency?
Bitcoin is the inaugural peer-to-peer currency of its kind, fortified by cryptography. Decentralized cryptocurrencies, such as Bitcoin, enable anonymous parties to conduct transactions directly with each other without requiring a third party to authenticate or authorize their transactions.
Individuals involved in the rapidly growing cryptocurrency industry can adhere to tax regulations and make investments by utilizing cryptocurrency IRAs and tax software, such as CoinLedger.
What are the best Bitcoin and cryptocurrency IRA platforms?
There exist several cryptocurrency IRA platforms presently. We advise conducting your own investigation to determine the suitable platform; nevertheless, we will examine some of the leading platforms below.
BitIRA
BitIRA offers comprehensive cryptocurrency insurance for assets stored on their platform. Moreover, they present a cold storage alternative for safeguarding custody that employs multi-signature technology, enabling you to keep your crypto on your personal device while guaranteeing the security of your private keys from unlawful access and cyber-attacks.
You can also choose to have BitIRA keep your cryptocurrency safe in cold storage. The company uses secure grade-5 nuclear bunkers that are under constant surveillance and protection by security experts to ensure the safety of your crypto.
At present, BitIRA facilitates various digital currencies comprising of Bitcoin, Ethereum, Litecoin, Aave, and Chainlink.
BitIRA entails multiple charges, such as $50 for creating an account and $195 as yearly upkeep expenses.
To begin with BitIRA, a minimum investment of $5,000 is required.
Rocket Dollar
With Rocket Dollar, advanced investors can have full authority over their retirement accounts by means of opening a self-directed solo 401k or self-directed IRA, enabling them to embrace a wider range of assets, including cryptocurrency, real estate, and startup investment opportunities.
With Rocket Dollar, you can avoid the issue of “not your keys, not your crypto.” You have the power to manage your storage solutions and can purchase hot or cold wallets, as well as physical storage devices using your Rocket Dollar LLC checking account.
The Rocket Dollar pricing is highly competitive compared to others listed. For a checkbook IRA, one only needs to pay $360 for setup and a $15 monthly flat fee with no AUM fees. The selected platform determines the trading, custody, and burn fees.
Bitcoin, Ethereum, and Litecoin are presently supported by Rocket Dollar.
It should be noted that Rocket Dollar is not designed to cater to novice cryptocurrency investors as there is currently no provision for a crypto trading portal on the Rocket Dollar dashboard.
Bitcoin IRA
Bitcoin IRA was at the forefront of providing a complete solution to enable investors to trade and invest in digital currencies such as Bitcoin via an IRA account. Its massive user base reinforces its user-friendly approach.
Bitcoin IRA utilizes multiple solution providers to assist in managing your IRA. These providers are linked together by Bitcoin IRA, creating a centralized location to manage your IRA needs. Connecting these providers allows for a secure platform to store, insure, and handle your IRA transactions.
Bitcoin IRA offers investment options in a variety of cryptocurrencies such as Bitcoin, Ethereum, Ripple, Litecoin, Bitcoin Cash, and Ethereum Classic.
Furthermore, the platform provides the opportunity to earn interest on multiple cryptocurrencies. Bitcoin IRA currently offers an annual percentage yield (APY) of 2% for Bitcoin and 2.7% for Ethereum, as of this writing. Nonetheless, an individual must possess a value of $10,000 for each coin to accrue interest.
Investors should take note of the high transaction and account fees associated with Bitcoin IRA in comparison to other options on this list. The account requires a set-up fee of 5.99% and a trading fee of 2%.
SwanBitcoin IRA
At Swan Bitcoin IRA, you can opt for either a self-directed Bitcoin IRA or Roth IRA that will be maintained in a custodial account at Prime Trust, a regulated U.S. trust company. This ensures compliance with regulations and safeguards your assets from fraud and unauthorized use through independent oversight.
Swan Bitcoin has additional options available for certain clients in addition to the Traditional and Roth IRAs. Swan Private clients are eligible for Solo 401k, Checkbook IRA LLC, or IRA financial trust options, which offer flexibility and cater to different investment needs.
Swan Bitcoin applies a fixed monthly administration charge of $20 until your account balance hits $100,000. Once it goes beyond that amount, the monthly administration fee becomes 0.02083% of the balance at the close of each month (equal to a yearly fee of 0.25%). It’s to be emphasized that these administrative fees are taken out every month from funds other than those in your IRA balance.
Swan applies a fee of 0.99% for both buying and selling transactions. Bear in mind that these charges are deducted from your IRA funds. Additionally, it’s important to mention that Swan Bitcoin is exclusively dedicated to Bitcoin and does not provide any other cryptocurrency choices for IRAs.
iTrust Capital
With iTrust Capital, you can benefit from a budget-friendly platform for your crypto and Bitcoin IRA needs. Moreover, their IRA/401K accounts enable you to trade not only crypto but also physical gold.
iTrust claims to have fees that are up to 90% lower than other IRA providers. Other cryptocurrency IRA firms impose transaction fees of up to 15%, while physical gold IRA firms impose a spread of 30%. iTrust, on the other hand, has a distinct approach and only collects a 1% transaction fee.
At present, $2500 is the minimum amount needed to initiate an iTrust Capital account.
iTrust Capital provides support for various cryptocurrencies such as Bitcoin, Ethereum, Cardano, Chainlink, and Dogecoin.
Curv, a cryptocurrency wallet management solution that allows financial institutions to store their funds securely with multi-authorization, is custodianship for cryptocurrency assets.
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