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Broad Financial

4.5 Stars (1 Review)
Updated: January 24, 2023
By: Jeff Smith
Jeff Smith
Sr. Content Manager
As Retirement Living’s senior content manager, Jeff oversees the product and publishing of all retirement, investing, and consumer wellness content on the site. His extensive expertise in brand messaging and creating data-driven stories helps position Retirement Living as a top authority for senior content and community resources.
Sr. Content Manager
Edited By: Lauren Hamer
Lauren Hamer
Sr. Editor
Bringing more than a decade of editorial experience to Retirement Living, Lauren focuses on reporting senior-related issues, including retirement planning, finance, consumer protection, and health and wellness. Lauren has edited consumer content for Credible, Angi, Slickdeals, Jobs for the Future, and more.
Sr. Editor

Have you been thinking about diversifying your retirement accounts? Broad Financial’s Bitcoin IRAs are an option worth considering for saving for retirement. The company also offers an individual retirement account for investing in any cryptocurrency, and Broad Financial provides both traditional and Roth IRAs with no minimum investment.

Broad Financial

Editorial Breakdown

Investment Options 4.6 Stars
Ease of Application 4.5 Stars
Investment Fees 4.4 Stars
Customer Service 4.5 Stars
Overall Rating 4.5 Stars

Bottom Line

Broad Financial offers Bitcoin IRA investments for everyone without the need for a custodian with no minimums or asset-based fees.

Broad Financial Review

Broad Financial is an investment and financial services company headquartered in Montvale, New Jersey. Broad Financial was founded in 2004 as a private real estate investment company. Over the years, the company broadened its specializations to include self-directed gold, simplified employee pension (SEP), Roth and real estate IRAs. They now also specialize in Bitcoin IRAs. They work closely with their partner, Madison Trust Company, who works as a custodian for all of their clients.

Cryptocurrency is a non-government-backed, digital form of currency. Some investors believe bitcoin and other cryptocurrencies may be a wise alternative to diversify their portfolio. The argument is that bitcoin can weather the fluctuations and unpredictability of financial markets. Cryptocurrency IRAs are gaining traction as an investment option, and many people are buying bitcoin. With Broad Financial’s Bitcoin IRA, you pay a setup and annual fee and purchase and sell your cryptocurrency investments to fit your needs and budget.

Pros

  • No minimum investment
  • No flat-rate fees
  • Self-trade options
  • Traditional or Roth IRA format
  • Can invest in any cryptocurrency

Cons

  • Not ideal if you need or prefer support from a financial advisor

Bitcoin and other cryptocurrency IRAs are an investment and carry risk. Consumers should be alert to claims that customers can make a lot of money in these or any investment with little risk. As with any investment, you can lose money and past performance is not a guarantee of future performance results. Consumers should also obtain a clear understanding of the fees associated with any investment before agreeing to invest.

Broad Financial Bitcoin IRA

We rated Broad Financial the best option for making trades on your own in our guide to the best Bitcoin IRAs. Use Broad Financial’s services to purchase bitcoin or other cryptocurrencies on exchange platforms, then hold your investments in a tax-deferred or tax-free account (depending on whether a traditional or Roth IRA is best for you). Be sure to check the IRS guidelines on cryptocurrency taxation to understand what tax laws might apply.

While Broad Financial specializes in Bitcoin IRAs, their flexible options allow you to use your self-directed IRA to invest in any cryptocurrency. The company supports your investment process by creating and filing a specialized LLC on your behalf to allow you to invest. Use that LLC to open an investment account used to fund bitcoin purchases, either through an exchange or using a bitcoin digital wallet.

Broad Financial’s self-directed Bitcoin IRA model is quite different from other companies that use a brokerage model, as you can see in the chart below. The right choice for you depends on how much control you want over the process and the specific contents of your portfolio.

Broad Financial Self-Directed Bitcoin IRA vs Broker IRA
Features Broad Financial Bitcoin IRA Brokers
Fees Set up: $1,295
Annual maintenance: $320		 Up to 15% of the value of your portfolio
Who can access funds? Only you Only the broker
Include other assets like stocks or real estate? Yes No, only bitcoin
Who chooses exchange You Broker
Who directs investments You Broker

How to Invest in a Bitcoin IRA with Broad Financial

To learn more about a self-directed Bitcoin IRA through Broad FInancial, contact the company and talk with a representative. They explain the setup process, including the startup and yearly fees for accounts. Most accounts take two to three weeks to finalize. There are six steps to set up your Bitcoin IRA with Broad Financial:

  1. Fill out a one-page online application. This step also includes taking Broad Financial’s online quiz to see which type of Bitcoin IRA is best for you.
  2. Wait for an email. Your account representative will send you some forms to fill out and information on what to do next.
  3. When your application is approved and you pay the startup fees, Broad Financial will set up an LLC on your behalf to handle your investments.
  4. Connect with Madison Trust Company, Broad Financial’s sister organization. This company will work as a custodian by holding your funds to transfer into your investment account.
  5. Receive your binder of necessary documents in the mail from Broad Financial, which will allow you to set up a new bank account for your LLC.
  6. Madison Trust Company will transfer your investment funds into your new investment account.

Broad Financial Costs

Broad Financial is known for having a flat-rate fee structure. No matter how much you want to invest, you’ll pay a flat rate startup fee of just under $1,400 and then a yearly fee of around $320. These rates are subject to change.

Broad Financial Complaints

Broad Financial is a highly-rated option among do-it-yourself Bitcoin IRA companies. Broad Financial receives an A+ rating from the Better Business Bureau and 5 out of 5 stars from customer reviewers on the BBB site. The Business Consumer Alliance gives the company a AAA rating and lists no official consumer complaints over the past three years. Google Reviews yields a 4.5 out of 5-star rating, and SophisticatedInvestor.com gives Broad Financial 9 out of 10 stars for quality, service and pricing.

Broad Financial Q&A

  • Can I talk to a representative before I decide if a Broad Financial Bitcoin IRA is right for me?

    Yes, Broad Financial offers free 15-minute phone consultations with no obligation. You can schedule it online at your convenience.

  • Is there a fee if I need additional help or support with my Broad Financial account?

    Both Broad Financial and Madison Trust Company offer free, lifetime support for clients.

  • Is there any option to the setup fee Broad Financial charges for a Bitcoin IRA?

    Broad Financial offers an option to pay a portion of the setup fee with rolled over funds. A new client can pay $495 upfront, and pay the rest when their funds are rolled over and received.

  • What other types of assets can I add to my Bitcoin IRA held with Broad Financial?

    You can add many assets, including tax liens, real estate, private business or gold.

  • My account representative used the term “checkbook IRA” to describe my Bitcoin IRA. What does that mean?

    A checkbook IRA is any self-directed IRA where the owner has “checkbook control” or signing authority to direct the account’s funds. No intermediary or broker has to sign off on funds.

Conclusion

Broad Financial’s Bitcoin IRAs can be a great way to get started with investing in cryptocurrency. The set up is simple, with no minimum investment and fees are reasonable. Broad Financial Bitcoin IRAs are best suited to those who are comfortable with making trades independently.


1 Broad Financial Reviews

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2 Stars

December 27 2021 7:51PM

Bad customer service. Called several times and had to wait for long time. Able to schedule online call and "MENTIONED" about canceling and the service staff CANCELED my scheduled call single handedly. Wow... just worst experience ever.

Han C.
ARcadia, CA
Broad Financial
Hi Han, thank you for your feedback. We apologize our level of service did not meet your expectations. We can assure you that our team is highly trained to provide the best customer service possible, evident by our thousands of 5-star reviews. However, we do drop the ball sometimes and will take ownership of our mistakes. In general, we strive to provide a positive and productive experience for every client. Based on your feedback, we will look for opportunities to improve. We wish you the best of luck.
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