I use a chain saw raker file by Oregon. I use the file to true up and sharpen the edges of the broad head, using a countdown method; and then I use the smooth edge of the file to steel/hone the broad head (like with a butcher's steel).
Raker files have no teeth on the edges -- the teeth are just on the flats. And the edge has a very slight texture sort of like e butcher's steel.
One tool and hair popping sharp in no time. It's inexpensive too.
By the way, raker files are fairly small, so put a handle on it for safety.