4 Ways To Avoid Gold IRA Frauds

fraudThe golden rule to avoiding IRA frauds is simple: if there is easy money to make there is a fraud around the money making system. One of the best ways to make money is via investment management.

Most of the investors in the market are always looking for ways to increase the value of their hard earned wealth. However, with the large market, there is always a minority group of service providers that will be working to make some money in an easy and moreover a dirty way.

Instead of working to provide the real value to their clients, they will make recommendations that will cost you considerable amounts of money. The problem has worsened due to the growth of self-directed IRAs. But this is not a surprise.

Any time you give people an option related to IRA investments opportunities, most of them will turn to sales people who will provide them with investment ideas and opportunities some of which will never materialize.

In most cases, individuals trying to manage self-directed IRAs may end up investing in some opportunities that they think are viable, but at the end they turn out to be completely the opposite. This is mostly the case with most gold IRA frauds.

The best way to avoid any type of fraud is to learn how they do it and read a 401k to gold ira rollover guide that explains the process from top to bottom. Heres 4 ways to avoid a gold IRA fraud:

• Only take a custodian that you can highly trust

Self-directed IRA programs requires custodians who are mostly companies that work to track self-directed IRA actions and also provide a home for the accounts. Always pick a custodian who will provide you with the relevant information relating to possible shady movements within your account. You can only build trust through accountability and proper account tracking.

• Select a custodian with a good track record

Some self-directed IRA custodians have an understanding on IRA frauds. Furthermore, they are able to easily track a suspicious activity. Therefore, it is good to select a custodian with a good track record in customer protection. However, you should not totally rely on the custodian.

Their major work is to ensure that your account has a home. Unless they are operating on a legal notice, they have no jurisdiction to deter you from undertaking an investment. In addition, a good custodian will always be keen to identify any fraud or any other bum investment.

• Never deal with any unsolicited gold sale offers

Be careful with any unsolicited offer of gold sales. Most people who have suffered from gold IRA frauds fell for letters or emails that look so good. If the offer looks good to be true then the greater chance is that it is a fraud.

• Only deal with the accredited gold sellers

If you highly want to convert your IRAs into gold IRAs, then it is better if you deal with the accredited gold sellers. The sellers have much to lose in case they are involved in gold IRA frauds. You can deal with only the respected names in the industry.

These people will be at a greater risk by getting you involved in a fraud than the unaccredited gold sellers. They will always value their long-term business rather than the short-term gains they might get from a fraud.

About Jason Lessard