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.
About iTrustCapital
iTrustCapital is an IRA provider founded in 2018 to allow investors to invest using their individual retirement accounts. Through the iTrustCapital platform, clients can take advantage of IRA tax benefits and invest in cryptocurrencies and gold and silver bullion. Currently, over 100,000 iTrustCapital user accounts have been created, and approximately $2 billion in assets are held on the platform.
Invest in over 30 cryptocurrencies from your checking account with no trading fees with the Current mobile app crypto feature.
Titan is an investment platform with a team of experts actively managing your portfolio based on your chosen strategy, including cryptocurrencies.
Alto IRA allows you to invest in stocks, bonds, mutual funds, ETFs, real estate, cryptocurrencies, and even gold for your retirement.
The iTrustCapital Crypto IRA Account
An iTrustCapital Crypto IRA account can be set up relatively easily by clicking “Create Account” on their website 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 an iTrustCapital Crypto account requires a minimum $2,500 investment, with a subsequent $1,000 minimum deposit.
Once you have completed the short setup process, 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 self-invest, in real-time, 24/7, with minimal, straightforward 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).
iTrustCapital offers industry-grade security and storage and is regulated by the specific IRA investment rules that apply to your particular account.
Digital storage and security are provided by Coinbase Custody and Fireblocks, which both feature cold storage, and SOC 2 Type II security certification. Client funds in USD are also FDIC insured.
How Much Does iTrustCapital Cost?
The iTrustCapital platform is relatively unique in that there are no account fees or additional charges. Instead, you will only need to pay a transaction fee, which depends on the asset you are trading.
iTrustCapital fees:
- Cryptocurrencies: 1% transaction fee
- Gold bullion: $50 over the spot price per ounce
- Silver bullion: $2.50 over the spot price per ounce
iTrustCapital Customer Reviews
Customer reviews for iTrustCapital are overwhelmingly positive. For instance, iTrustCapital’s Google reviews give the company a 4.7-star rating out of 275 reviews, while Trustpilot gives the company a 4.5-star rating from 1,929 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.
Invest in over 30 cryptocurrencies from your checking account with no trading fees with the Current mobile app crypto feature.
Titan is an investment platform with a team of experts actively managing your portfolio based on your chosen strategy, including cryptocurrencies.
Alto IRA allows you to invest in stocks, bonds, mutual funds, ETFs, real estate, cryptocurrencies, and even gold for your retirement.
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.
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 keys for your cryptocurrency are held by iTrustCapital as they invest in cryptocurrency for you. 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 trade and manage your investments. 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.
Similarities
Both iTrustCapital and Broad Financial give you the ability to trade cryptocurrencies. They also both give you the power to manage and trade 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 trades will save you more money than a $1295 account setup fee with a quarterly custodial fee of $95.
