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Rocket Dollar offers self-directed IRAs (SDIRAs), solo 401(k)s, crypto, real estate, and more.
Rocket Dollar
Note: The prominent crypto exchange FTX recently filed for bankruptcy, setting off a chain reaction impacting other exchanges and leading various cryptocurrency values to plummet. Until the dust settles, proceed with extreme caution; it may be wiser to park your funds in a high-yield savings account until the crypto market stabilizes.
Bottom line: Rocket Dollar account is a great platform for individuals who want access to a vast range of alternative investments and account types. Its investment selection includes cryptocurrencies, precious metals, real estate, venture capital, international investments, and more. However, you should look elsewhere if you want to avoid setup fees and monthly fees. In addition, its solo 401(k) fees are on the higher side.
Overall rating
FeatureInsider rating (out of 5)Fees3.50Investment selection5.00Access4.75Ethics4.00Customer service4.00Overall score4.23
Is Rocket Dollar right for you?
Founded in 2018, Rocket Dollar account is a self-directed IRA (SDIRA) custodian that lets retail investors add alternative assets — including real estate, loans, international investments, private equity, and cryptocurrencies — to their portfolios.
The platform also takes its product selection a step further than many of its competitors by offering the option to invest with a solo 401(k). However, a downside to consider is that its fees for 401(k)s are hefty compared to other investment platforms that waive monthly fees and account fees.
Rocket Dollar vs. Coin IRA
Rocket Dollar
CoinIRA
Min. Investment
$0
Min. Investment
$5,000
Fees
Silver plan: $360 one-time setup fee and $15/month
Gold plan: $600 one-time setup fee and $30/month
Fees
1.25% buy trades; 1% sell trades
Investment choices
Cryptocurrencies, precious metals, real estate, private equity, startups, loans, and other Rocket Dollar-approved alternative investments
Investment choices
Cryptocurrencies
Rocket Dollar accountCoinIRA
Rocket Dollar is a stronger option for investors in search of a more flexible offering of alternative assets. It’s also a better option if you’re looking to avoid minimum requirements, but CoinIRA is a better choice for fees and those who want to focus solely on cryptocurrencies.
It doesn’t have any account setup fees, maintenance fees, or storage fees. You’ll just pay 1.25% on buy transactions, and 1% on sell transactions.
Rocket Dollar vs. BitIRA
Rocket Dollar
BitIRA
Min. Investment
$0
Min. Investment
$5,000
Fees
Silver plan: $360 one-time setup fee and $15/month
Gold plan: $600 one-time setup fee and $30/month
Fees
$50 account setup, $195 annual maintenance; 0.05%/month offline storage
Investment choices
Cryptocurrencies, precious metals, real estate, private equity, startups, loans, and other Rocket Dollar-approved alternative investments
Investment choices
Cryptocurrencies
Rocket Dollar accountBitIRA
Compared to Rocket Dollar’s $30 to $50 monthly fee, you’ll pay less overall in annual maintenance fees at BitIRA. Although Rocket Dollar’s silver plan is cheaper ( $180 per year), its gold plan — which costs $360 per year — is more expensive than BitIRA’s $195 maintenance fee.
But RocketDollar has a stronger selection of account types and investment choices. In addition to its solo 401(k), its SDIRA selection consists of traditional, Roth, SEP, and beneficiary IRAs. BitIRA only offers traditional IRAs, Roth IRAs, SEP IRAs, and SIMPLE IRAs.
Ways to invest with Rocket Dollar
Self-directed IRA
Rocket Dollar account is best for alternative asset-oriented investors who want to grow their retirement savings through cryptocurrencies, precious metals, real estate, private equity, and more. The platform has no minimum opening deposit requirements, but it charges one-time setup fees and monthly fees. However, these vary based on the plan you select:
Silver: This option has a $360 one-time setup fee, and it costs $15 per month. The plan gives you the option to bring your own deal/investment to its platform, meaning you can tell them what alternative investment you’d like to purchase, even if the company doesn’t offer it. In addition, the silver plan offers an investment dashboard, email support, online document storage, and $0 transfer and rollover fees.Gold: You’ll pay $30 per month and a $600 one-time setup fee with this plan. It includes all of the silver plan’s perks in addition to priority support, faster transfers and account services, four free wire transfers per year, tax filing services, and Roth IRA conversion guidance. Plus, you can set up a custom-named IRA LLC.
You can fund your account by using taxable income, transferring an external IRA, or rolling over a 401(k). And when it comes to cryptocurrencies, it lets you use any exchange that accepts registration of your solo 401(k) or SDIRA. It currently offers account registration instructions for its partner exchanges: Gemini, Cboe Digital, and River Financial.
Solo 401(k)
Rocket Dollar account solo 401(k) lets you contribute up to $61,000 annually (or $67,500 if you’re 50 or older), and while the platform doesn’t list out the available investments for this account option, it says you can invest in anything the IRS allows. It also has loan perks, allowing you to borrow a maximum of $50,000.
As for eligibility, you’ll need to be self-employed without full time employees to set up the account.
A drawback, however, is that the type of plan you enroll in impacts how long it takes to open the account. For instance, those with silver subscriptions might have to wait two to four weeks until their 401(k) is ready. Rocket Dollar’s gold plan expedites this process, cutting the time down to two weeks.
In addition, you can pay less to set up solo 401(k)s at brokerages like Fidelity and Charles Schwab.
Rocket Dollar: Is it trustworthy?
Personal Finance Insider evaluates a company’s Better Business Bureau profile when assessing trustworthiness, but Rocket Dollar account doesn’t have a BBB profile at this time.
The bureau uses a grade range of A+ to F when reviewing businesses, and its rating generally reflects its opinion of how well a company interacts with its clients. But the BBB also considers type of business, time in business, licensing and government actions, advertising issues, and customer complaint history.
Rocket Dollar suffered a security breach in April 2019, but its record is otherwise clear of any major lawsuits or scandals.
Rocket Dollar — Frequently asked questions (FAQ)
What does Rocket Dollar do?
Rocket Dollar account lets you invest in alternative assets like cryptocurrencies, precious metals, private equity, real estate, and more. It provides SDIRAs and solo 401(k)s.
Can you invest in an IRA if you have a 401(k)?
Yes. You can invest in both an employer-sponsored retirement plan and an IRA.
What assets can you invest in with a traditional IRA vs. an SDIRA?
Traditional IRAs allow for investments in stocks, mutual funds, bonds, and ETFs, while SDIRAs are reserved for alternative investments like cryptocurrencies, precious metals, startups, real estate, private placements, and more.
What happens to your investments if Rocket Dollar goes out of business?
If this ever happens, you’ll be able to protect those assets by transferring your IRA to another SDIRA custodian. In addition, Rocket Dollar account offers FDIC insurance of up to $250,000 on cash deposits.
Related terms
SDIRA: Unlike regular IRAs that rely on traditional investments, self-directed IRAs let you build wealth through alternative investments like real estate, cryptocurrencies, and precious metals.Cryptocurrency: Created in 2009, cryptocurrencies function as digital assets that rely on blockchain technology for decentralized (i.e., cryptocurrency holders can exchange these assets without a centralized institution like a bank) transactions. IRA: Individuals above age 18 with taxable income can open IRAs. Retail investors can mainly utilize traditional and Roth IRAs and earn several tax perks in the process. Both allow you to contribute up to $6,000 per year (or $7,000 for those 50 and older). In addition, small businesses and self-employed individuals will have access to other IRAs, such as SEP IRAs and SIMPLE IRAs.Crypto wallet: These storage vehicles are designed for digital assets like bitcoin and ether. You can generally either set up a hot wallet (i.e., a crypto wallet that uses software or online storage technology) or a cold wallet. The latter relies on hardware for storage.