Broad Financial and iTrustCapital offer investors the ability to invest in cryptocurrencies and other alternative assets using your individual retirement account (IRA). However, there are significant differences between the two companies, particularly with their fee structures.
This article outlines the differences and similarities to help you choose the cryptocurrency investment platform that works best for you.
Best Crypto Exchange Apps
Cex.io is an online marketplace where you can buy or sell cryptocurrencies, trade crypto assets or exchange them for fiat money.
Kraken is a Bitcoin and cryptocurrency exchange platform to sell, buy and trade cryptocurrencies no matter your trading experience level.
Gemini is a cryptocurrency exchange, digital wallet, and custodian to securely store crypto and easily buy and sell cryptocurrencies.
Nexo is helping crypto holders earn interest on crypto and borrow cash and stablecoins. In this Nexo review, learn what the company offers.
About iTrustCapital
iTrustCapital is a leading fintech software platform for alternative assets. The company provides 24/7 access to digital assets, cryptocurrencies, and precious metals through self-directed, tax-advantaged* IRA, and Non-IRA account options. Leveraging a highly secure closed-loop system and third-party US banks and custodians, iTrustCapital provides greater asset protection and flexibility for a broad range of retail and institutional clients.
The iTrustCapital Crypto IRA Account
An iTrustCapital a Crypto IRA account can be set up relatively easily by clicking “Create Account” on their website or application and selecting how you would like to fund your account.
iTrustCapital offers three ways to fund your account, either by transferring from another IRA, a rollover from previous employer plans, or a cash contribution.
Opening a Crypto IRA requires a minimum $1,000 contribution, with a subsequent $500 minimum deposit.
Once you have completed the short setup process and funded your account, you can begin to invest in cryptocurrencies, or gold and silver bullion, with the tax benefits* of an IRA account.
The iTrustCapital platform avoids many of the pitfalls of traditional IRA accounts, allowing clients to buy and sell, in real-time, 24/7, with low fees.
iTrustCapital’s platform has been designed with ease of use and is highly rated by its customer reviews. If you need help or have a question after setting up your account, customer service is available Monday through Friday during regular business hours (PST).
Crypto assets are stored with US-based third-party institutional storage providers within a fully secure, audited, and regularly stress-tested institutional environment using Cold Storage, MPC, and HSM.
How Much Does iTrustCapital Cost?
The iTrustCapital platform is relatively unique in that there are no setup, monthly, annual, maintenance, or commission fees. Instead, you will pay a 1% crypto transaction fee when you buy or sell. With gold the fee is $125.00 over spot per ounce (for buy and sells) and and with silver fees are $3.25 over spot per ounce for buys and $1.50 over spot per ounce for sells.
Best Crypto Exchange Apps
Cex.io is an online marketplace where you can buy or sell cryptocurrencies, trade crypto assets or exchange them for fiat money.
Kraken is a Bitcoin and cryptocurrency exchange platform to sell, buy and trade cryptocurrencies no matter your trading experience level.
Gemini is a cryptocurrency exchange, digital wallet, and custodian to securely store crypto and easily buy and sell cryptocurrencies.
Nexo is helping crypto holders earn interest on crypto and borrow cash and stablecoins. In this Nexo review, learn what the company offers.
iTrustCapital fees:
- Cryptocurrencies: 1% transaction fee (buys/sells)
- Gold bullion: $125.00 over spot per ounce
- Silver bullion: $3.95 over spot per ounce for buys, $1.50 over spot per ounce for sells
iTrustCapital Customer Reviews
Customer reviews for iTrustCapital are overwhelmingly positive. For instance, iTrustCapital’s Google reviews give the company a 4.9-star rating from over 4,000reviews, while Trustpilot gives the company a 5.0-star rating from over 6,000 reviews. In addition, Retirement Living gives iTrustCapital a near 5-star rating.
Breaking down iTrustCapital’s reviews from Trustpilot, 75% rate the company as excellent (5-stars), and 15% give the company a 4-star rating.
Typical comments from reviewers praise iTrustCapital as an IRA provider, particularly its customer service, user-friendly platform, and access to cryptocurrencies.
*Some taxes may apply.
About Broad Financial
Broad Financial is a New Jersey-based IRA provider specializing in providing self-directed IRAs and solo 401(k)s, with checkbook control, to invest in alternative assets, like cryptocurrencies.
Checkbook control means that you have control over your IRA funds without the need for custodian consent when making investments. Checkbook control also allows for zero transaction fees.
Checkbook control is achieved through Broad Financial’s sister company, Madison Trust, an accredited Trust firm licensed in South Dakota that acts as the self-directed IRA custodian for Broad Financial’s clients.
The Broad Financial Crypto IRA Account
Broad Financial’s Crypto IRA account allows you to invest in cryptocurrencies while taking advantage of IRA tax benefits.
While other self-directed IRA providers often restrict your cryptocurrency investing to a handful of the most popular coins, with Broad Financial, you choose the exchange platform, meaning all available cryptocurrencies are available to you. Security is also in your hands, as you hold the keys and can choose your wallet.
However, you are not limited to cryptocurrencies as Broad Financial’s Crypto IRA account also allows for investment in other alternative assets, such as real estate or private loans.
Broad Financial is not a broker or custodian that holds and invests your money. Instead, Broad Financial is a firm that provides you with a legal way to use your IRA to invest as you please, writing checks from your IRA directly to the exchange you choose to trade from.
Best Crypto Exchange Apps
Cex.io is an online marketplace where you can buy or sell cryptocurrencies, trade crypto assets or exchange them for fiat money.
Kraken is a Bitcoin and cryptocurrency exchange platform to sell, buy and trade cryptocurrencies no matter your trading experience level.
Gemini is a cryptocurrency exchange, digital wallet, and custodian to securely store crypto and easily buy and sell cryptocurrencies.
Nexo is helping crypto holders earn interest on crypto and borrow cash and stablecoins. In this Nexo review, learn what the company offers.
How Much Does Broad Financial Cost?
Broad Financial offers the choice of either a self-directed IRA plan with checkbook control (also called an IRA LLC) or a self-directed IRA plan (also called a custodial IRA plan).
Self-Directed IRA with Checkbook Control
- $1,295 set up fee (price may vary depending on state LLC set up fees)
- $95 custodial fees per quarter
- No transaction fees
- No asset-based fees
Broad Financial Self-Directed IRA
- $100 set up fee (includes application and first investment)
- $95 custodial fees per quarter
- Transaction fees that vary depending on the asset
- No asset-based fees
Broad Financial Customer Reviews
Most reviews of Broad Financial from various review sites give the business a rating between 4 and 5-stars. For example, Google reviews give Broad Financial a 4.8-star rating out of 244 reviews, Better Business Bureau gives Broad Capital a 4.92-star rating from an average of 64 reviews, and Retirement Living gives Broad Financial a 4.5-star rating. Broad Financial only has one Trustpilot review of 5-stars.
Reviews of Broad Financial generally praise its customer service as being fast and responsive. Support when setting up accounts and the various types of accounts they offer is also often mentioned.
iTrustCapital vs. Broad Financial
Differences
A significant difference between iTrustCapital and Broad Financial is the fee structure. iTrustCapital charges transaction fees with no account, setup, or custodial fees.
Broad Financial’s self-directed IRA Check Control plan does not charge transaction fees, but it does charge a $1,295 setup fee and a quarterly custodial fee of $95 a quarter.
If you were to go with Broad Financial’s self-directed IRA plan (without check control), there are transaction fees, a setup fee, and quarterly custodial fees to pay.
Also worth considering, the clients do not hold keys for their cryptocurrency at iTrustCapital. Whereas Broad Financial does not trade for you, you hold the keys for your cryptocurrency.
Another difference is that investing with iTrustCapital is done through the iTrustCapital platform, which allows you to buy, sell, and monitor your investments 24/7 through their platform (desktop or mobile). With Broad Financial, an LLC checking account at a bank of your choice is set up for you to invest from.
While the iTrustCapital platform allows you to set up your account online, Broad Financial mails you a binder of documents to assist with Madison Capital transferring your funds to your LLC checking account.
Setting up an account is generally faster with iTrustCapital. In most cases, it takes 1-3 business days to set up an account, although rolling over an employee plan may take up to 4 weeks. Broad Financial takes 1-2 weeks to set up your account.
iTrustCapital also specializes in cryptocurrencies and does not provide access to various alternative assets as Broad Financial does.
Best Crypto Exchange Apps
Cex.io is an online marketplace where you can buy or sell cryptocurrencies, trade crypto assets or exchange them for fiat money.
Kraken is a Bitcoin and cryptocurrency exchange platform to sell, buy and trade cryptocurrencies no matter your trading experience level.
Gemini is a cryptocurrency exchange, digital wallet, and custodian to securely store crypto and easily buy and sell cryptocurrencies.
Nexo is helping crypto holders earn interest on crypto and borrow cash and stablecoins. In this Nexo review, learn what the company offers.
Similarities
Both iTrustCapital and Broad Financial give you the ability to buy and sell cryptocurrencies. They also both give you the power to manage and make transactions as you would like to without the delay of dealing with a third party.
Reviews are also very positive for both companies, particularly when it comes to customer service.
Both companies also offer you the ability to fund your account directly, transfer from previous employee plans, and transfer from other IRAs.
iTrustCapital vs. Broad Financial Crypto IRA: Which One is Best for You?
If investing in cryptocurrencies and gold and silver bullion is what you are looking for, then iTrustCapital is the self-directed IRA provider that will likely appeal to you.
If being able to invest in other alternative assets such as real estate, private loans, and commodities appeal to you, Broad Financial provides this service.
The other primary consideration is the fee structure. You will need to decide if a 1% transaction fee for cryptocurrency transactions will save you more money than a $1295 account setup fee with a quarterly custodial fee of $95.
