Name: Rocket Dollar
Brand: Rocket Dollar

Rocket Dollar might be for you if: You want to put your retirement savings into alternative investments. If you're looking for a tax-advantaged way to invest in more than stocks and ETFs, consider a self-directed retirement account (SDRA). Rocket Dollar's accounts unlock opportunities including precious metals, crowdfunding, cryptocurrency, and real estate rental income. Find out if this self-directed platform is right for you in our full Rocket Dollar review.

Ratings Methodology

Rocket Dollar

Our Rating:

Rating image, 3.5 out of 5 stars.

3.5/5

Bottom Line

Rocket Dollar is all about alternative retirement investments. Users can access every self-directed investment the IRS allows. However, it won't suit everyone. Not only is there an upfront fee of $360 (or $600 for Gold), but this is not a passive investment. Self-directed takes work and you'll need to understand the IRS requirements. Even so, if you're ready to take the reins, Rocket Dollar may be worth the added cost and work.

Fees:

$350-$600 setup fee, $15-$30/mo

Account Minimum:

$0

Alternatives to Consider

We recommend comparing brokerage options to ensure the account you're selecting is the best fit for you. To make your search easier, here's a short list of our best trading platforms of 2024.

Account	Fees	Account Minimum
Rating image, 4.5 out of 5 stars. 4.5/5 Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.	$0 for stocks, $0 for options contracts	$0	Open Account for SoFi Active Investing
Rating image, 4.5 out of 5 stars. 4.5/5 Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.	$0 for stocks, ETFs, and options; up to $6.99 monthly for Robinhood Gold	$0	Open Account for Robinhood
Rating image, 4.5 out of 5 stars. 4.5/5 Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.	Commission-free; other fees apply	$0	Open Account for E*TRADE

Full Rocket Dollar review

Rocket Dollar simplifies the complexity of self-managed retirement accounts. It handles back-office documentation and connects users with preferred investment partners. The broker offers self-directed IRAs and solo 401(k) accounts. Customers can put their retirement money into anything from cryptocurrency to farmland. Investors should perform due diligence before deciding whether self-directed investing is right for them.

Our brokerage rating methodology

At The Motley Fool Ascent, brokerages are rated on a scale of one to five stars. We primarily focus on fees, available assets, and user experience; however, we also take into account features like research, education, tax-loss harvesting, and customer service. Our highest-rated brokerages generally include low fees, a diverse range of assets and account types, and useful platform features.

See our full methodology here: Ratings Methodology

My investing experience

I've been a retail investor for about five years, after spending most of my career contributing to a managed retirement account. The majority of my portfolio is in relatively safe ETFs, with a smaller percentage in individual securities. I invest for the long term and look for low fees, ease of use, and decent research and educational tools.

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This broker is a good fit for: Traders seeking off-the-market opportunities with self-directed alternative investments.

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Investment offerings

Rocket Dollar customers have the entire universe of IRS-approved investments at their fingertips. However, it does not offer traditional investments such as stocks, mutual funds, or ETFs. If that's what you're looking for, check out our selection of best stock brokers.

The company also allows users to register their own deals on the platform. If you already have a deal you want to bring to the table, Rocket Dollar can accommodate that, too. Its team will work with you to turn an unlisted deal into an investable opportunity.

Investments

Consumer lending & notes
Consumer goods
Crowdfunding
Cryptocurrency
Energy
Farmland
Franchises
Hedge and quant funds
Precious metals
Private equity and debt
Real estate
Securitized assets

Brokerage accounts

Self-directed Beneficiary/Inherited IRA
Self-directed IRA
Self-directed Roth IRA
Self-directed Solo 401(k)

Commissions and fees

Many popular stock brokers are in a race to the bottom when it comes to fees. Rocket Dollar won't charge commissions or transaction fees, but there's a hefty upfront set-up fee as well as a monthly cost. This is lower than other SDRA providers, but could still give investors sticker shock.

It has two membership tiers:

Tier	Silver	Gold
Set-up fee	$360	$600
Monthly fee	$20	$30
Accounts	Direct Custody IRA	Direct Custody IRA Checkbook IRA Solo 401(k)
Key features	Investment tracker dashboard Free IRA cash transfers Some tax reporting	Priority support 4 free annual wire transfers Additional tax reporting Checkbook and debit card

Data source: Rocket Dollar.

There are a couple of other fees to be aware of:

Reason	Cost
ACH transfer	Free (up to $75K limit)
Incoming wire transfer	Free
Outgoing wire transfer	$35 for Direct Custody, $10 for IRA LLCs, IRA Trusts, and Solo 401(k)s
Closing fee	$50

Data source: Rocket Dollar.

Margin rates

Rocket Dollar does not offer margin trading. While Rocket Dollar's self-directed 401(k) accounts allow for loans, users cannot borrow with margin as they can with other brokers.

Research and education

Because Rocket Dollar does not offer traditional investments, you won't find traditional research reports on the platform. However, there are a variety of resources available, including guides, webinars, and e-books.

This is important because you'll need to take an active role in managing your SDRA. Read its detailed guide to self-directed retirement plans to understand how SDRAs work and which account will make most sense for you.

You'll also find courses and a wealth of resources on different types of alternative investments. These assets aren't the same as traditional investments -- they carry different levels of risk and will require different strategies. Rocket Dollar's educational resources will help you understand the ins and outs of each one.

Interface

Rocket Dollar's trading platform is incredibly simple to use -- so much so that the team says you can open an account in under five minutes. Once open, users can view their balance, investments, and funding history. The broker's IRA as a Service (IRaaS) platform is available on desktop only.

Don't expect the features of an online brokerage. This is not a platform where you can trade securities, view charts, and track live prices. Many of the alternative investments available to users are not traded on exchanges. As such, the normal tools you'd look for in a brokerage account don't apply.

App

Rocket Dollar doesn't have an app per se. However, its partnership with Digital Trust allows IRA LLC & Solo 401(k) clients to use a mobile banking app and access mobile check deposits. If you want to manage your investments on the go, check out these top free stock trading apps.

Customer service

Rocket Dollar does not have customer reviews on Trustpilot or BBB, so it is hard to get a good sense of people's experiences. A couple of comments on Reddit reflect mixed opinions. One Reddit user complained of errors and typos in formal documents. Another said they were happy with the service.

Rocket Dollar customers can contact support by phone or email. Rocket Dollar says it will respond to inquiries within 24 hours on business days.

Email support is available to gold and silver customers.
Silver customers can schedule a support call.
Gold customers can call the phone line between 9 a.m. and 4.30 p.m. CT, Monday to Friday.
Non-customers can email [email protected] or call 1-855-762-5383 for assistance.

Security

Rocket Dollar carries out an annual SOC2 Type II audit. This is in line with industry norms. It's an external security check that covers data integrity, privacy, and more. Customers can use 2-factor authentication when logging into their accounts. Instead of using a password, users will receive an SMS containing a login code.

Rocket Dollar is not FDIC insured, as it is not a bank. However, it partners with FDIC-insured banks for cash deposits. It does not mention SIPC insurance. However, the website does promise that if the company went out of business, customers would be able to move their IRA or Solo 401(k) to another provider.

About

Rocket Dollar was founded in 2018 by Henry Yoshida, Thomas Young, and Richard Dude. Their mission is to make it safe and easy for people to explore different retirement investment options. The company is headquartered in Austin, Texas and has customers and partners throughout the U.S.

Review sources

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Rocket Dollar: Accessible Alternative Retirement Investments