Blockmint Review 2023: Legit Cryptocurrency IRA? (Here is the Answer)

May 28, 2023

Blockmint Review

Welcome to my Blockmint Review!

Individual Retirement Account's (IRA's) are becoming a more popular investment option because they offer a number of advantages over traditional ones. One form of which is the rising Cryptocurrency IRA's.

A Cryptocurrency IRA is typically set up through a self-directed individual retirement account custodian, which allows investors to invest in alternative assets, such as cryptocurrency. 

Investors have loved Cryptocurrency IRAs because they offer tax benefits similar to traditional IRAs. Although its volatility is a concern and a high risk, the rewards and returns can indeed be higher.

Are you interested in this cryptocurrency IRA service provider? Well, before you make any decision, it is crucial to do your research first to avoid being scammed. This Blockmint Review will help you with all the vital information you need about this company!

Blockmint Review Quick Summary

Blockmint Review logo

Name: Blockmint

Website: https://www.blockmint.com/

Owners: Lear Capital

Price: Varies depending on your investment

Rating: 4/5


88%
Fill Counter
Value
Security
Buyback
Transparency
Reputation

What is Blockmint?

Blockmint was created by Lear Capital which is a precious metals dealer company in the USA and is renowned as one of the biggest names in the industry.

They are applauded for how they deliver the said services, they’ve managed over $3 billion worth of retirement transactions. Their works have magnified Blockmint’s credibility. 

Blockmint’s forte is giving opportunities to investors to grow their 401(k) or IRA funds by using cryptocurrencies. That is where Blockmint comes in.

They guide and advise investors on how to invest their Bitcoin and other cryptocurrencies into appealing and professional tax-beneficial retirement portfolios.

Other than that, they also help them purchase cryptocurrencies that they can channel into cryptocurrency IRA, and sell their cryptos when they wish to withdraw their friends before they retire.

Blockmint partners with New Direction IRA who does the IRA custodian services. These two work together to make sure the clients’ transactions are safely and properly carried out.

Blockmint Management

As stated above, Blockmint was founded, and is now an affiliate company of Lear Capital. Their executive team is comprised of experienced professionals with a deep background in the industry.

Their management and executive team are the following:

  • Michael Terpin - CEO and Founder
  • Erica Randall - COO
  • David Gogel - CTO
  • David A. Silver - CFO
  • John S. Kim - General Counsel

With a team like this, rest assured that they are committed to providing investors with a safe, secure, and compliant platform to invest in cryptocurrencies.

Blockmint Investment Accounts

Blockmint has a website that features all the prices of the cryptocurrencies available within their company. These are the cryptocurrencies: 

  1. Bitcoin
  2. Litecoin
  3. Bitcoin Cash
  4. Ethereum
  5. Ethereum Classic
  6. Ripple - XRP

No matter when you’ll look up their website, the displayed prices for the mentioned cryptos are up to date. BlockMint's cryptocurrency holdings are custodied by Gemini Trust Company, which is a regulated digital asset exchange.

Blockmint Prices and Fees

Blockmint requires a minimum balance of $10,000 in your crypto IRA for a chance to invest in them. They also offer two pricing plans for its cryptocurrency IRAs.

  • Flat rate plan: This plan costs $499 per year and includes unlimited trades without commissions.
  • Per-trade plan: This plan costs 0.5% per trade. There is no monthly maintenance fee.

They also have other investment groups which are just portions of different amounts of funds that any investor can deposit in their crypto IRAs. These are the investment groups:

  1. $10,000 - $25,000
  2. $25,001 - $50,000
  3. %50,001 - $100,000
  4. $100,000+

Blockmint charges a $200 annual custodian service fee. This fee is based on your account size, the cryptocurrencies in your account, and a number of other factors.

Blockmint charges a commission fee of 15% of your cryptocurrency purchases, however, it also gives discounts if you do a huge purchase. The minimum investment amount which is $10,000 is not allowed to be split between the mentioned cryptocurrencies. 

The good thing is, Blockmint offers a guide about how investments work on the various categories above and they do it for free.

How Does it Work?

There are only three steps between you and your cryptocurrency IRA investment. Blockmint has made the steps very simple and easy to follow. The steps are the following:

  1. Application - Before anything else, Blockmint will ask you to answer an easy and secure retirement application form online. This will allow Blockmint to retrieve all the necessary information they need to set up your IRA account.
  2. Specify the amount - Next, you will be advised to decide and indicate the total amount you want to be transferred to your crypto IRA account from your current retirement account.
  3. Finalizing - Lastly, Blockmint will help you choose what cryptocurrency best fits you and the choosing of the lock-in pricing.

Blockmint Ratings and Reviews

Blockmint Crytpocurrency IRA is still a young company. As of this time of writing, there aren't too many ratings about the company. However, as I have researched, these are the only ones that come up.

  • BBB - 1.12/5 with 19 reviews (Accredited)
  • Trustlink - 4.4/5 with 100 reviews

It is important to take note that the ratings are extremely far from each other with one being good and the other bad. Based from the complaints, it was said that Blockmint had ugly customer service and takes too long to respond.

Nevertheless, Lear Capital, the parent company, maintains A+ rating with the Better Business Bureau (BBB).

Blockmint FAQs

Yes, you can have as many IRAs as you want. However, you can only contribute the maximum per year collectively throughout all of your IRAs. 

At BlockMint, they do not take any setup or account fees until your IRA has FUNDED.  Blockmint want a simple easy process all the way through for you.  Once you are happy with the account opening through to funding, they will then charge your account. 

You can have your new IRA account set-up in 24 hours. The wait time until you are able to trade in your account depends on the funding method.


Contributions: Immediately with good funds
IRA Transfers: 3 days – 2 weeks
Employer Plan Rollovers: 1 – 4 weeks (links go to pages for each of these separately write them from I trust)

Blockmint understands that while some people have a lot of experience trading crypto, many more are just learning. The company designed a simple, intuitive platform where you can quickly get comfortable trading. It’s very similar and just as easy as trading your stocks!

Blockmint will also provide you with educational tools such as links to relevant articles, blogs, an easy-to-use fee calculator and more.

Blockmint Pros and Cons

Pros

  • Trusted partners
  • Practices transparency
  • Low fees
  • Offers a wide variety of cryptocurrency IRAs
  • Easy to navigate platform

Cons

  • Volatile assets
  • High minimum investments
  • There are reports that customer service isn't that good in terms or responsiveness

Is Blockmint A Legit Company?

Let's conclude this Blockmint Review with the answer to this question. The chances of Blockmint being a scam company is very slim. It was owned by Lear Capital, which is a legit precious metals company offering good services.

Moreover, Blockmint is partnered up with New Direction IRA, which is another excellent company in the precious metals and IRA industry.

If you are looking for the best precious metals company and IRA service provider, check out my top recommendation below.

Thank you so much for reading my Blockmint Review. If you have any comments or questions, feel free to leave them in the comments section.

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Anis is a digital marketing expert that enjoys writing blogs and helping people avoid scams online; he is passionate about investing in real estate and gold; in his free time, Anis loves playing football, going to the gym, and hanging out with friends.


By the way, if you are tired of scams and want to invest with a legit gold company, check out my 6 top legit gold IRA companies of 2024!

Anis

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