Unlike BitcoinIRA, Broad Financial is a non-full-service DIY investment firm. With Broad Financial, you are solely responsible for managing the funding and investment procedure. Broad Financial’s Ultimate Self-Directed IRA offers complete autonomy to invest in any asset category without any limitations or obstructions. This product is ideal for self-directed investors who wish to exercise the utmost freedom to shape their retirement portfolio as they see fit.
Despite this, they remain a top choice for Self Directed IRA services and possess the knowledge to assist you in initiating an account, providing financial support, and purchasing desired assets for a retirement account that provides tax advantages. The variety of assets available is not confined to cryptocurrencies, but may also incorporate precious metals, annuities, mutual funds, hedge funds, foreign currencies, and many other investment choices.
Company Information & Background
The Bitcoin Ultimate IRA offered by Broad Financial is seen by them as a valuable investment opportunity and they take pride in facilitating its inclusion in retirement portfolios. Broad Financial has a track record of including non-traditional assets, which started when they were established in 2004 as a real estate firm focused on developing commercial and residential properties on the East Coast of America.
Their focus underwent a major change in January 2009 following the Global Financial Crisis and Great Recession, which had caused clients to suffer up to a 40 percent loss in their IRA and 401K retirement accounts due to their reliance on conventional investment options such as stocks, mutual funds, and bonds. Consequently, Broad Financial resolved to assist clients in reclaiming control over their IRAs and steer them towards prospective and favorable “alternative asset classes” instead of being bound by Wall Street investments.
During that month, Broad Financial created a system that enables the transition of conventional IRAs to self-directed ones. This led to the evolution of their Ultimate Self-Directed IRA and Solo 401(k) programs and the development of an app that provides quick asset options and flexibility in transferring IRA asset classes, also known as Checkbook Control. Their wide range of products and services were showcased in various media outlets as presented on the right.
With the Checkbook Control IRA, you can effortlessly invest in a variety of asset classes such as private companies, real estate, gold, and even cryptocurrencies like bitcoin through the convenience of writing a check. This unparalleled speed of transfer bypasses the typically prolonged authorization process and tedious paperwork. Furthermore, the Checkbook Control IRA removes any imposed transaction and asset fees.
Broad Financial’s Self Directed IRAs are highly attractive due to their superior pricing structure. Their real estate, gold, and Bitcoin IRAs do not charge transaction and asset allocation fees, instead opting for a flat-rate to cover all administration and storage costs. They are able to achieve this by removing the middleman custodian, allowing customers to directly invest in their preferred asset classes. This strategy not only minimizes counterparty risk, but also provides a direct connection between investors and their investments.
Broad Financial doesn’t assert themselves as a gold IRA leader. Rather, they characterize themselves as a leader within the self-directed IRA field.
Broad Financial Bitcoin Ultimate IRA Management Team
Broad Financial Bitcoin Ultimate IRA stands out from its competitors, such as Bitcoin IRA, by providing extensive information on the principles of their management team. Specifically, the firm has three partners, who are:
- Brian Finkelstein
- Mervyn Klein
- Daniel Gleich
Brian Finkelstein, Partner
Coming to Broad Financial, Finkelstein brought with him extensive knowledge acquired over a quarter-century working in the global financial markets. He previously held top positions, including Chief Executive Officer and President, at Helix Financial Systems, which was fully controlled by Cantor Fitzgerald. Under his leadership, the company developed several systems that were acquired by prominent financial organizations. Before joining Helix Financial Systems, he worked at Swiss Banking corporation UBS as Managing Director of Global Finance Operations. He was responsible for turning the money market and global repo operations into one of the most formidable and influential entities in Wall Street.
Finkelstein has set himself apart even more at Broad Financial by displaying unwavering leadership that produces exceptional financial outcomes.
Mervyn Klein, Partner
Klein used his entrepreneurial skills and financially responsible business models to advance his career. Throughout the years, he held various positions at different companies. As a founding member of Hudson Development LLC, he played a crucial role in developing significant commercial projects, including the North American Distribution Center for Prada and the New York Distribution Facility for Anheuser-Busch. Klein later worked as a technological business consultant for MK Read and Company and collaborated with industry leaders like Lucent-Bell Labs and multiple tech startups. Now at Broad Financial, he continues to embody this same entrepreneurial spirit and determination.
His expertise in streamlining operations and using innovative technology has enabled Broad Financial to achieve the highest consumer ratings in the Self Directed IRA retirement industry.
Daniel Gleich, Partner
Daniel embarked on his journey as an entrepreneur during his initial year in high school by establishing his company, “DPG”. The first undertaking for DPG was Creditline, which aided clients in restoring their compromised credit and establishing new credit accounts. Throughout his subsequent years in college, he demonstrated his importance in the establishment of Time Equipment Corporation. By implementing an operational restructuring and devising a business roadmap for future expansion, the time and attendance corporation grew to be one of the foremost firms in New York’s metropolitan region.
Broad Financial Bitcoin Ultimate IRA Opening Process
The process of opening a Bitcoin Ultimate IRA with Broad Financial is not extensively explained, although their knowledgeable sales representatives are equipped to swiftly establish your new Self Directed IRA account. Additionally, they emphasize their elimination of intermediary custodians, opting to directly perform such duties. This contributes to their self-proclaimed status as the hassle-free option for self direction.
Broad Financial Bitcoin Ultimate IRA’s Bitcoin Storage
Regardless of which Bitcoin IRA firm you decide to team up with, storing Bitcoin is a crucial concern. Broad Financial’s lack of transparency regarding the specifics of how or where they secure the bitcoins in their so-called Ultimate Bitcoin IRA is concerning. They claim to provide this information only when you communicate with their customer service representatives or complete their website’s contact form. However, this level of detail is insufficient for a company that is one of the top three players in the Self Directed IRA industry.
Broad Financial Bitcoin Ultimate IRA Company Products
The corporation offers various Self Directed IRA products including bitcoin. The Broad Financial Bitcoin Ultimate IRA enables you to hold different alternative assets in your Self-Directed, checkbook, gold, real estate, or Bitcoin IRAs. Such assets consist of private business investments, private loans, and tax liens. The Stonefield Tax Lien Fund is recommended by the company for investors who seek to invest directly in a reliable fund that deals exclusively with top-notch tax liens.
The company promotes Bitcoin as a feasible investment option, but there is no mention of Etherium IRAs or investments in ether. Presumably, they were not involved in ether or any other cryptocurrencies apart from the prominent bitcoin when this was published.
Broad Financial Bitcoin Ultimate IRA Reviews, Ratings and Complaints
Provided are links to reviews and complaints from trustworthy reporting sites and rating agencies for you to read in greater depth.
- BCA Rating: AAA (details)
- BCA Complaints: 0 Complaints (details)
- BBB Rating: A+ (details)
- BBB Complaints: 0 Complaints (details)
- Complaint Board:None Listed
- Yelp:
( 2.5/5 ) based on 2 reviews ( details ) - TrustLink: Not listed
- Yellow Pages: Profile (details)
- CitySearch: ( 5.0/5 ) based on 1 review ( details )
- Google+: Profile (details)
- TrustPilot: ( 4.0/5 ) based on 1 review ( details )
- Facebook: (4.8 / 5) based on 5 reviews (details)
Broad Financial Bitcoin Ultimate IRA is among our top-rated companies for 2023 because it has received an A+ rating from the Better Business Bureau and a Triple AAA rating from the Business Consumer Alliance. Although it lacks reviews from TrustLink, this is not surprising considering its other impressive ratings.
Broad Financial is a dominant player in the self-directed IRA sector, but Bitcoin IRAs are just one of the several IRAs they offer. It seems unlikely that these are their most sought-after or strong suit. Nonetheless, for individuals who prefer to include a varied range of asset classes in their IRA, Broad Financial provides a diversified selection of alternative asset classes to choose from.
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.
What is Bitcoin and cryptocurrency?
Bitcoin is a type of currency that is peer-to-peer and secured through cryptography. What makes cryptocurrencies like Bitcoin unique is their ability to facilitate direct transactions between two strangers without requiring a third party for authentication and validation.
To adhere to tax regulations, individuals involved in the expanding world of cryptocurrency can make use of CoinLedger, a crypto tax software, and cryptocurrency IRAs for investment purposes.
What is an IRA?
A retirement savings account, known as an IRA, permits individuals to grow their funds without being levied with tax or to defer the charges until a later time. In contrast, a crypto IRA invests in cryptocurrencies like Bitcoin as opposed to other assets such as bonds, stocks, etc.
Although the majority of IRA providers don’t allow for direct investment in cryptocurrencies, individuals can utilize self-directed IRAs to construct their nest egg by means of alternate investments including real estate, precious metals, and cryptocurrencies.
A Bitcoin IRA can be appealing to individuals who are mindful of their taxes as trading within these accounts does not incur taxable events as it would on a cryptocurrency exchange.
How do crypto IRA taxes work?
The tax treatment of IRAs varies based on whether a traditional IRA or a Roth IRA is selected.
Traditional IRA
When you make contributions to a traditional IRA, they are deducted from your taxable income, and you need to pay taxes on any earnings you withdraw when you reach the retirement age.
Roth IRA
Even though Roth IRA contributions don’t lower your taxable income, taking money out of a Roth IRA won’t result in any taxes. This could significantly impact your overall tax burden if you anticipate moving into a higher tax bracket at some point.
Are crypto IRAs safe?
To commence a cryptocurrency IRA, it is crucial to thoroughly investigate the security measures implemented by your chosen IRA provider in safeguarding your assets. Certain providers offer insurance and collaborate with custody solutions to ensure the safety of your holdings.
BONUS: The Best Bitcoin and cryptocurrency IRA platforms
Today, there exist various cryptocurrency IRA platforms, and we advise you to conduct your own investigation to determine the suitable one for you. Nevertheless, we’ll review some of the top players in the market below.
BitIRA
BitIRA offers comprehensive insurance coverage for cryptocurrencies held on their platform, and also provides customers with the option of cold storage custody using multi-signature technology which ensures their crypto is stored safely on their own device, keeping private keys secure and protected against theft and hacking.
You also have the choice of having BitIRA store your cryptocurrency in cold storage for safekeeping. The company employs grade-5 nuclear bunkers that are under constant surveillance and protection from security experts to ensure that your crypto is secure.
BitIRA presently offers several digital currencies, comprising Bitcoin, Ethereum, Litecoin, Aave, and Chainlink.
BitIRA has a range of charges which include an account setup fee of $50 and yearly maintenance fees of $195.
To commence BitIRA, a minimum investment of $5,000 is required.
Rocket Dollar
Rocket Dollar provides the opportunity to establish a self-directed IRA or solo 401K to diversify your retirement account by investing in various assets, such as cryptocurrency. This feature may be appealing to seasoned investors who desire total management of their retirement accounts and the freedom to invest in alternative options, such as startups or real estate.
Rocket Dollar eliminates the issue of “not your keys, not your crypto” as you have control over your storage options. You have the flexibility to purchase either a hot or cold wallet, as well as physical storage devices using your checking account with Rocket Dollar LLC.
In comparison to other options mentioned, Rocket Dollar offers a highly competitive price. You can establish a checkbook IRA by paying only $360 for setup and a $15 fixed monthly charge, and there are no AUM fees. Your preferred platform will then decide on trading, custody, and burn fees.
At present, Bitcoin, Ethereum, and Litecoin are the cryptocurrencies that Rocket Dollar facilitates.
It should be noted that Rocket Dollar is not designed for novice cryptocurrency investors. As of now, the Rocket Dollar dashboard does not include a portal for crypto trading.
Bitcoin IRA
Being among the pioneers, Bitcoin IRA began offering a comprehensive solution that enabled investors to buy and sell cryptocurrencies such as Bitcoin via their IRA accounts. With the most extensive clientele in the sector, the company’s customer base attests to its user-friendly nature.
Bitcoin IRA utilizes multiple solution providers to assist with the management of your IRA. Through the integration of these providers, Bitcoin IRA offers a single, comprehensive location for managing your IRA. By consolidating these resources, Bitcoin IRA provides a secure platform for the safekeeping, protection, and the smooth operation of your IRA.
By opting for a Bitcoin IRA, you can diversify your investment portfolio by putting your money into a range of cryptocurrencies such as Bitcoin, Ethereum, Ripple, Litecoin, Bitcoin Cash, and Ethereum Classic.
Furthermore, the platform provides opportunities to earn interest on diverse cryptocurrencies. As of writing this, Bitcoin IRA presents a 2% APY for Bitcoin and a 2.7% APY for Ethereum. Nonetheless, an individual must own a minimum value of $10,000 for each coin to obtain interest.
Investors should take note of the elevated transaction and account fees associated with Bitcoin IRA, which are comparatively steeper than those of other options on the list. The account entails a 5.99% initiation fee, in addition to a 2% fee for any trading activities.
SwanBitcoin IRA
Swan Bitcoin IRA offers individuals the option to have a self-directed traditional Bitcoin IRA or Roth IRA, in which their Bitcoin funds are securely held in a legal trust account at Prime Trust. Prime Trust is a trusted U.S. trust company that operates under regulations to safeguard your assets and ensure compliance. Moreover, their system comprises of independent monitoring to avoid deceit and unapproved use of funds.
Swan Bitcoin provides various options for its clients, apart from Traditional and Roth IRAs. Certain Swan Private clients have access to Solo 401k, Checkbook IRA LLC, or IRA financial trust options which offer flexible investment solutions to cater to their specific needs.
Swan Bitcoin levies a fixed $20 monthly administration fee until your account balance hits $100,000. Beyond that threshold, the monthly administration fee equals 0.02083% of your month-end balance (equivalent to a yearly fee of 0.25%). It’s crucial to mention that these administration fees are withdrawn monthly from sources outside your IRA balance.
Swan Bitcoin imposes a fee of 0.99% on purchases and sales. Remember that these charges are extracted from your IRA funds. Additionally, it is important to point out that Swan Bitcoin concentrates exclusively on Bitcoin and does not endorse any other cryptocurrency choices for IRAs.
iTrust Capital
At iTrust Capital, you can take advantage of a cryptocurrency and Bitcoin IRA platform that boasts incredibly affordable fees. Furthermore, their IRA/401K accounts allow you to also engage in physical gold trading in addition to cryptocurrency.
As per iTrust, the expenses are reduced by up to 90% as compared to other IRA providers. In contrast to some cryptocurrency IRA companies that levy transaction fees of up to 15%, and physical gold IRA companies that have a 30% spread, iTrust adopts a distinct strategy and charges only 1% on transaction fees.
An iTrust Capital account can only be initiated with at least $2,500 as the minimum investment.
iTrust Capital provides backing for numerous digital currencies such as Dogecoin, Chainlink, Cardano, Ethereum, and Bitcoin.
Curv, a wallet management platform that utilizes multi-authorization technology, provides unparalleled security for financial institutions to store their funds as cryptocurrency assets in custody.
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