If you haven't gotten on board with cryptocurrencies yet, you're behind the curve. And this isn't a curve you want to miss. As of the writing of this article, Bitcoin sits at an all-time high of $52,021.48.
The earliest adopters of cryptocurrencies were those who believed in the concept on a philosophical level. The same could be said for the first adopters of blockchain or the first users of electric cars.
But as we'll discuss in this Bitcoin IRA review, a wide swathe of the population is now turning to cryptos to meet their financial needs. These include investors working with Broad Financial Bitcoin IRA, an innovative company in the alternative currency sphere.
Here's what you need to know about Broad Financial's Bitcoin IRA.
What Is Broad Financial?
Founded in 2004 as a private real estate company, Broad Financial initially concentrated on developing retail, industrial, and residential real estate holdings in the Eastern United States.
But a dramatic shift occurred in January of 2009 as the company watched many of clients lose upwards of 40 percent of their 401(k) and IRA retirement accounts during the Great Recession, precipitating a global financial crisis.
Broad Financial decided to shift its focus radically, determining to help its clients take control over their finances and, more specifically, their IRA accounts.
The company rebranded as a platform to help individuals escape the confines of Wall Street investments. Within this promising new focus on "alternative asset classes," cryptocurrencies proved a natural fit.
Soon, Broad Financial developed a system that upgraded traditional IRAs into a self-directed variant. This product became known as the company's Solo 401(k) and Ultimate Self-Directed IRA.
From here, other improvements came quickly. Broad Financial developed an app, providing customers with much-needed asset choices and agility when moving funds into and out of IRA asset classes.
A Brief History of Broad Financial
Who are the individuals behind Broad Financial? The firm has three partners:
Daniel Gleich began his career as an entrepreneur before joining the partnership that resulted in Broad Financial. As for Mervyn Klein, he excels at efficient operational structuring and cutting-edge platforming.
Finally, Brian Finkelstein brings more than 25 years of experience to the Broad Financial team. Throughout his career, he's worked in worldwide financial markets. He's known for delivering phenomenal bottom-line results.
Features of Broad Financial's Bitcoin IRA
What do customers get with Broad Financial? For starters, the company's Checkbook Control IRA offers unprecedented speed of transfer within IRA accounts.
How? By permitting users to invest simply by writing a check. In the process, the company's IRA circumvents annoying paperwork and lengthy authorization processes.
Users can invest in everything from real estate to gold, cryptocurrencies to businesses, and even more asset classes without a bureaucratic hassle. But the advantages don't stop there.
By relying on the Checkbook Control method, individuals eliminate the need to pay transaction and asset fees. No wonder Broad Financial's various self-directed IRAs have such a robust fanbase!
Whether you opt for a gold, real estate, or Bitcoin IRA, you'll never face asset allocation or transaction fees with Broad Financial. This fact separates it from a competitive landscape often chock full of fees.
How does the company get around these fees? By charging one flat rate that covers everything from storage to administrative expenses. The company also eliminates the middleman associated with custodial-style services.
This approach permits users to invest directly in an asset of choice. It also lets them remain in closer touch with their investments.
How Broad Financial Bitcoin IRA Works
How does Broad Financial's Bitcoin IRA work? The platform lets you invest in all cryptocurrencies. But it also provides access to other assets, offering you the same control you'd get with a more traditional bank account.
Because the company deals in more than just Bitcoin IRAs, Broad Financial also permits users to invest their retirement funds off Wall Street in a wide range of alternative assets.
In other words, think of Broad Financial as your one-stop-shop for retirement investments. When you choose this company for your IRAs, Broad Financial will help you create, file, and set up a specialized LLC.
This LLC serves as the vehicle for investing your retirement assets. The company will handle everything for you except opening a business bank account.
That said, once you set up a business bank account, you can begin investing in Bitcoin as you would outside of an IRA. This approach means you'll maintain control of your banking account as well as the choice of Bitcoin platform or exchange.
In other words, you don't need to go through a Bitcoin IRA custodian each time you'd like to make a transaction. You'll still have access to the benefits of setting up a self-directed Bitcoin IRA (or any cryptocurrency IRA), but you have greater freedom when it comes to how you invest.
Broad Financial: Frequently Asked Questions (FAQs)We've gone over Broad Financial basics and taken a closer look at its founders, their vision, and the features they've built into the company. But which questions do the company's customers most often pose? Let's take a look at Broad Financials' FAQs. That way, you'll have a comprehensive understanding of how the company works.
What's the Process for Opening a Bitcoin Ultimate IRA?
Broad Financial makes self-direction an easy choice. That said, the website doesn't go into much detail when it comes to opening an account.
Instead, it directs consumers to contact one of the company's highly trained sales representatives. Representatives have all of the knowledge necessary to get customers up and running quickly with a Bitcoin Ultimate IRA account.
What Other Products Does Broad Financial Offer?
How Can a Customer Service Representative Help You?
Why Should You Consider a Self-Directed IRA?
It's hard not to see the real growth potential associated with Bitcoin and other cryptos. Especially compared with some of the less stellar results individuals may see with a traditional IRA.
Suppose your retirement account has plateaued, and you'd like to start taking advantage of the investment potential of Bitcoin or other alternative assets. In that case, there's never been a better time to give Broad Financial a try.
Pros & Cons of Broad Financial
- No investment minimums
- A hassle-free platform with no third parties
- Low, flat setup fees
- Low ongoing flat fees
- No fees tied to your coin values
- A wide selection of cryptocurrencies
- Available in both a traditional IRA and Roth IRA
- A wide range of different types of Self-Directed IRAs
- Facilitation and administration of numerous alternative assets (e.g., Bitcoin, tax liens, real estate, gold, private business, and more)
- Few mentions on the company website of any other cryptocurrency options beyond Bitcoin
- The flat fee doesn't translate into transparent Bitcoin IRA charges
- Lack of a middleman may not prove conducive to some traders
- Too much "freedom" for investors who would like more guidance
While there are many fantastic advantages of going with Broad Financial, you must be an investment maverick to get the most out of the platform. After all, the freedom it provides isn't for everyone.
Broad Financial Bitcoin IRA: The Takeaway
For those interested in an innovative approach to a Bitcoin IRA, Broad Financial offers a one-of-a-kind platform. Because it's a non-custodial website, you remove the necessity for third-party interactions and associated fees.
Yet, you still gain access to a wide variety of alternative assets. Are you interested in learning more about cryptocurrency savings accounts? Check out our comprehensive listing of the best crypto savings accounts of 2021.