Founded in 2004, Broad Financial is among the limited self-directed IRA providers that provide cryptocurrency services. They propose a highly competitive fee system, various opportunities to invest in Bitcoin, and have gathered excellent reviews from customers across different platforms. Determine whether this self-directed IRA provider is suitable for your necessities.
Pros:
- Very reasonable fees
- Offers Bitcoin investing options
- Solid customer reviews
- Great customer support
Cons:
- Bitcoin IRA fees unclear
- Does not offer any other cryptocurrency
Located in Montvale, New Jersey, Broad Financial was established in 2004 as a real estate investing firm with a focus on retail, commercial and residential real estate. In 2009, the company decided to broaden its investment opportunities and shifted its focus. This decision was made after the global economic crisis hit Wall Street in 2008 and their clients lost an estimated 40% of their retirement account values, prompting the company to move away from Wall Street.
After some time had passed, Broad Financial concluded that establishing their own custodian on the East Coast was necessary for them to effectively manage their clients’ funds and assets. This custodian was named Madison Trust Company. Presently, Broad Financial is flourishing due to its inventive leadership and its capacity to provide diversified investment options other than just real estate or standard stocks and bonds.
This all-inclusive evaluation will detail the advantages of selecting a smaller self-directed IRA investment company such as Broad Financial over larger options, and highlight the standout qualities that make Broad Financial the ideal choice for most investors. However, it’s important to note that there are also drawbacks to working with Broad Financial.
What is Broad Financial? What is a Broad Financial IRA?
As previously mentioned, Broad Financial is a self-directed IRA firm that provides a diverse set of investment options. Unlike bigger discount brokerages such as Fidelity investments and Charles Schwab, which typically steer retirement investors towards conventional investments such as stocks, bonds, and certificates of deposit, smaller self-directed IRA companies like Broad Financial give investors the freedom to explore other investment avenues, such as precious metals, real estate, private lending opportunities, and even acquisitions of private businesses.
Investors can diversify their assets by opting for a Broad Financial IRA. By enrolling in an LLC and thereby gaining checkbook control, investors can freely make investment decisions and avoid custodian intervention, resulting in better accessibility and convenience.
About The Founders and Management Team of Broad Financial
The innovators behind Broad Financial consist of three principal owners according to the company’s website.
Brian Finkelstein, Partner, Broad Financial
At the top of the list is Brian Finkelstein, who boasts a 25-year tenure at some of the biggest bond trading firms worldwide, namely Kidder Peabody, UBS, and Kantor Fitzgerald. He carries with him a wealth of experience which he now brings to Broad Financial.
Mervyn Klein, Partner, Broad Financial
Over the past 20 years, Mervyn Klein has gained experience in developing various real estate investments, including residential, retail, and commercial properties, while working for Hudson Development and Read Group, among others. He has been involved in developing millions of square feet of such investments.
Daniel Gleich, Partner, Broad Financial
Completing the group is Daniel Gleich, who collaborated with Klein at Hudson Development and possesses a decade and a half of knowledge in supervising real estate and building initiatives. His primary responsibility at Broad Financial is to lead groups of individuals.
Customer Service and Support at Broad Financial
At Broad Financial, our clients receive lifetime customer support at no charge, regardless of whether they choose a traditional self-directed IRA or a self-directed IRA LLC with checkbook control. While the latter option may come with a higher cost, our support remains completely free. It’s important to note that while third-party mutual fund and ETF providers may charge fees, we don’t make any profit from our interactions with clients via phone or online.
Broad Financial provides convenient options for investors to get their questions answered, whether they choose to call a toll-free number or schedule a call at a specific date and time. This is particularly helpful for investors who require extensive discussion to address their concerns.
Broad Financial Customer Reviews
Broad Financial sets itself apart from other self-directed IRA competitors with its exceptional customer support, evidenced by the positive reviews left by real customers on their website. This personal touch adds credibility to new prospects browsing the site, highlighting the value of word-of-mouth promotion. Furthermore, the company’s A+ rating from the Better Business Bureau cements its reputation. Investors seeking independent investment with reliable support will find an excellent partner in Broad Financial.
Should You Choose Broad Financial for your Self-Directed IRA?
Broad Financial leads the way in customer reviews, indicating the effectiveness of their approach to retirement investing planning for clients. While they could expand their account types to compete more widely in the IRA sector, Broad Financial remains one of the top players in the field of smaller self-directed IRA providers.
Similar to their rivals, they provide an exclusive method for expanding investment portfolios. The firm’s website advises against solely investing in securities and instruments connected to Wall Street such as bonds and stocks. Their primary objective is to eliminate the unfavorable recollections resulting from the worldwide financial crisis of 2008, and they have evidently accomplished it efficiently during the past 12 years.
Broad Financial is highly recommended as one of the best providers for self-directed IRAs in the current industry. In case you remain unconvinced, peruse our exclusive roster of the finest IRA providers in the market to compare with other top firms.
Best Crypto IRAs
If you are seeking to dive right into top Crypto IRAs, iTrustCapital and Bitcoin IRA are two of Benzinga’s top picks. Keep reading to discover which one is the most suitable for you!
If you are seeking to grow your cryptocurrency assets, owning a crypto IRA may be the optimal solution. With a cryptocurrency IRA, you can evade capital gains tax if you refrain from withdrawing your investments from the IRA account. Although it may appear to be a minor benefit, postponing capital gains taxes can enable investors to reinvest the profits sans taxation, thereby potentially leading to greater compounded growth over time. Ultimately, this can yield a more substantial investment portfolio and lower tax obligation upon withdrawal.
Despite their volatility, cryptocurrencies have demonstrated their ability to perform better than almost any other investment over the past decade.
Throughout its history, the cryptocurrency market has undergone distinct cycles of bullish and bearish periods, often accompanied by devastating drops subsequent to impressive surges. However, with the exception of the most recent instance, every time the cryptocurrency market has experienced a crash (specifically with regards to Bitcoin and Ethereum), it has inevitably rebounded and achieved unprecedented heights. For those who maintain a steadfast faith in the potential of a decentralized world, one could ponder establishing an investment account for retirement with a platform that offers access to cryptocurrencies with the same tax advantages as an IRA.
Best Crypto IRAs
After becoming familiar with the cryptocurrency IRA’s overall regulations and restrictions, it’s time to examine the top contenders. Numerous choices are available in the market to compare, and although these platforms usually have more expensive fees than standard crypto exchanges, the tax advantages make the compromise extremely advantageous.
1. iTrustCapital: The Best Crypto IRA for Beginner Cryptocurrency Investors
iTrustCapital is a platform for trading digital asset IRAs which allows individuals to purchase and exchange cryptocurrencies and physical gold in real-time using their retirement accounts, and which is considered to be the most prominent of its kind.
Their pricing structure is fully transparent, with a crypto trade fee of 1% and a $50 premium over spot for gold. Additionally, they offer the following services:
- IRA setup at iTrust Custodial Services
- Facilitation of any transfers to your IRA
- IRS and tax reports by iTrust Custodial Services
- Unlimited storage with institutional custody partners
- Platform support and maintenance
2. Bitcoin IRA
With Bitcoin IRA, investors can fully invest in Bitcoin, Ethereum, Ripple, Litecoin, Bitcoin Cash, and Ethereum Classic via their IRA account. This selection is superior to similar services offered by Bitcoin IRA’s competitors. The company strives to simplify and secure the intricate world of crypto investing.
BitGo Trust keeps your digital assets safe and protected to the tune of $100 million and operates on the technology of BitGo Inc. The latter is responsible for processing a huge 20% of all on-chain bitcoin transactions worldwide and holds a wallet with assets exceeding $2 billion.
Opening an account with Bitcoin IRA is a quick process, regardless of whether you require assistance with a rollover, traditional, or Roth IRA.
3. Broad Financial: The Best Crypto IRA for a Variety of Alternate Assets
With Broad Financial’s flexible platform, you have the freedom to direct your IRA towards your desired path. Their crypto IRA trust comes with flat fees, devoid of any asset-based or transaction fees. You have the liberty to choose from a diverse range of tokens to invest in and select an exchange of your preference to carry out the trades.
The structure of the fees includes:
- $1195 one-time setup fee
- $100 one-time custodian setup fee
- $380 annual maintenance fee (payable in $95 quarterly installments)
- Free lifetime customer support
- Tax-advantaged accounts
Broad Financial’s ability to set itself apart from other companies lies in its significant advantage of enabling its clients to hold their private keys. This perk comes with a number of benefits that cannot be matched by competitors, such as:
- Choosing the storage format you prefer
- Using an existing wallet
- Customizing your security for your own peace of mind
4. My Digital Money
My Digital Money is a crypto trading platform situated in the United States that collaborates with My Equity Trust to offer cryptocurrency IRA products that you can control. By paying a single setup fee of $50, you can utilize your IRA funds to invest and obtain untaxed or tax-advantaged earnings to enhance your retirement account.
There is a variety of IRA accounts that one can open, such as:
- Simple IRA
- Traditional IRA
- Roth IRA
- Simplified Employee Pension Plan (SEP) IRA
Creating a cash account is necessary to initiate trading. The MDM platform enables you to trade independently of the current markets, lessening the threat and aiding in acquiring goods at the optimal price. Additionally, limit orders can be utilized to purchase or sell at designated prices or following particular price fluctuations.
If you desire, you can trade cryptocurrency independently of your IRA on the same platform as your IRA funds while retaining full control over them.
5. BitIRA
While the majority of crypto IRA firms do not assume the responsibility of safeguarding your cryptocurrency, BitIRA goes against this norm and provides complete coverage all the way through for your account.
You will receive actual cold storage for your cryptocurrency which is securely stored on a hard drive within a constantly guarded vault. Additionally, you will receive excellent customer service that will put you at ease, even if you are inexperienced in cryptocurrency investing.
BitIRA offers a range of cryptocurrencies such as Bitcoin, Bitcoin Cash, Litecoin, Ethereum Classic, Ethereum, and Ripple.
Can You Buy Crypto In a Roth IRA?
Regrettably, if you possess a Roth IRA at present, it’s improbable that you can use it to purchase cryptocurrencies like bitcoin. A majority of cryptocurrency investment retirement accounts are user-directed, and it’s probable that you’ll need to initiate a new IRA account specifically for investing in cryptocurrencies, as most typical IRAs don’t allow investment in cryptocurrency. Alternatively, you could suspend investing until cryptocurrencies are accommodated under traditional Roth IRAs, but this could take a considerable amount of time, and Bitcoin’s value may have soared even higher by then.
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