Is Rocket Dollar A Scam? (Worth The Fees?) (Updated 2022)

June 6, 2022

Is Rocket Dollar A Scam?

Hello and welcome to my 'Is Rocket Dollar A Scam?' article.

(UPDATED 2022)

Do you want to put your retirement money into real estate, precious metals, or cryptocurrency? Well then, this 'Is Rocket Dollar A Scam?' article will help you in more ways than one!

Rocket Dollar allows one to open a self-directed IRA or solo 401(k). In line with this, I will be reviewing this company to give you a grasp on whether or not this firm is for you.

Without further ado, let us get this 'Is Rocket Dollar A Scam?' started!

Rocket Dollar Review Quick Summary

Name: Rocket Dollar

Website: https://www.rocketdollar.com/

Founder and CEO: Henry Yoshida

Account minimum: $0

Fees: Varies

Rating: 3/5

rocket dollar logo

What is Rocket Dollar?

rocket-dollar-website

Established fairly new in 2018, this Austin, Texas-based company boasts business transactions involving non-traditional assets. Also, the company provides opportunity to invest in the local level.

Tactically, they offer a plethora of investment options. Some of these are listed below.

  • Precious Metals (such as gold and silver)
  • Real Estate
  • Cryptocurrency
  • Commodities
  • Private Equity Lending

Furthermore, a unique way to invest namely 'Bring Your Own Deal' is also in Rocket Dollar's book. More on this will be explained in the coming sections.

Equally important, Rocket Metal also has LLC (limited liability company) for IRAs. On top of that, a trust plan is available for solo 401(k). Again, we will tackle this further.

Augusta Precious Metals, our top recommended company, allows all of these to be experienced by its customers.

How Does It Work?

Essentially, creating an account in Rocket Dollar is a piece of cake! You visit and open their website, accomplish some important documents, and then put funds onto your investments!

Additionally, if you have an existing IRA, you can rollover it! In a sense, these are all the things you need to do. But, a lot of complicated events are happening behind the curtains.

As mentioned, starting a self-directed IRA automatically opens an LLC. What's more, this company will be under your account. In this way, all of the cash and funds that enters and leaves are monitored.

Obviously, you cannot take or put money without adding it in the checkbook. But, this makes all the difference because you will be, at the very most, law-compliant. However, you are still not safe from scams.

Moreover, there are some limitations and policies you need to look out for. For example, 'self-deals' are not allowed. To explain, you are not capable of buying or selling any assets or properties you have.

Product and Services

The following are the retirement accounts one can dabble in Rocket Dollar:

  • Solo 401(k)
  • Roth IRA
  • SEP IRA
  • Traditional IRA
  • Inherited IRA
  • Roth Custody IRA

Consequently, these are the assets you can invest in:

  • Real Estate
  • Cryptocurrency
  • Precious Metals
  • Peer-to-peer Loans
  • Small Business and Startups
  • Private Equity

As I have noted, another unique investment technique one can use is the 'Bring Your Own Deal'. This feature is open to all investors that have a unique and creative mindset.

To show difference, this opportunity will be termed 'Rocket Dollar IRA', along with the other self-directed IRA. The following section will explain on which deal BYOD falls under.

Prices and Fees

rocket-dollar-fees-and-prices

As you can see from the image above, there is a big difference from a silver and gold account. Investing in either of which will give some benefits. Although, opening a gold account will yield more.

One thing to note here is that their setup fee is way too high. This can dissuade clients especially those that are just starting to invest. Not to mention, fees are continually incurred for every transactions made.

Pros and Cons

Pros

  • Account creation is extremely easy
  • Investment choices are diverse
  • Flat annual fees
  • Expedited option for those who wants fast deals
  • Multiple account types
  • Online tools to monitor your account performance

Cons

  • High setup fees
  • Flat fee is high especially to those just investing small amounts
  • Limited customer service options
  • Does not allow investments on traditional assets such as stocks, bonds, ETFs
  • Relative young company
  • No reviews and ratings

Customer Ratings and Reviews

As you can see, reviews and ratings are non-existent for this company. You have no way to check whether or not this firm is really good when handling your investments. Certainly, there are better alternatives!

With that, I suggest conducting business with a legitimate firm that has thousand of good reviews and ratings. Naturally, accreditations and affiliations with many reputable organizations is a plus too!

Hence, I heartily recommend investing in Augusta Precious Metals. Not only does it have everything for you, its rating and review will leave you satisfied! Learn more about this company here!

The Verdict!

To conclude this 'Is Rocket Dollar A Scam?' article, let me just start by saying that is a legitimate firm. Being relatively young in the industry, it has its own fair share of problems to face in the future.

Firstly, this company is for those experienced and shrewd investors. The types that can work without supervision or advices from the company. In this manner, those that understand the risks of IRAs are welcomed by this company.

Secondly, the setup fee is way too high, even when compared to other companies. As a consequence, many investors will be discouraged into actually investing with this firm.

Lastly, no reviews and ratings can be found, not even one! Although, this might not seem a problem to some, it is essential for new investors in order to get valuable information.

Right now, I am not recommending this company. A better alternative is Augusta Precious Metals. This company is perfect for new and expert investors alike!

As usual, I thank you for taking the time to read this article of mine. 'Is Rocket Dollar A Scam?' is among the many articles I have written. You can leave any comments in the appropriate section below.

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