Forge Trust Review

When we started researching Forge Trust’s track record, we expected the usual mix of customer complaints and legal disputes that plague most financial custodians.

Instead, we found something unusual: a company managing billions in assets with virtually zero lawsuits and minimal complaints over four decades.

What makes Forge Trust different? We dug through client feedback, regulatory filings, and industry reports to understand why this self-directed IRA custodian maintains such a clean slate.

The numbers tell an interesting story – while competitors face regular legal challenges, Forge Trust’s approach to compliance and customer service seems to prevent problems before they start.

What is Forge Trust? Understanding the Custodian

Forge Trust operates as a non-depository trust company specializing in self-directed IRA custody, managing over $16 billion in assets across 2.3 million accounts.

We discovered through our research that this South Dakota-chartered institution transforms how Americans invest their retirement funds beyond traditional stocks and bonds.

Company Overview and History

Forge Trust’s journey began in 1969 as Self Directed IRA Services before evolving into a licensed South Dakota trust company in 2008.

The transformation accelerated when Forge Global, Inc. acquired the company in 2019, bringing fresh capital and technological innovation to its operations.

Key Corporate Details:

• Leadership Team: CEO Jamie Macintyre leads alongside co-founders Carl Braithwaite, Mark Nunn, and Helen Copeland.
• Dual Operations: Headquarters in Sioux Falls, SD with a major operations center in San Francisco, CA.
• Regulatory Oversight: Chartered and regulated by the South Dakota Division of Banking as a non-depository trust company.
• Current Scale: $16+ billion in assets under custody spanning 2.3 million individual accounts.

The South Dakota charter provides Forge Trust with specific advantages in asset protection laws and tax benefits that directly benefit account holders.

This regulatory framework allows the company to offer services across all 50 states while maintaining strict compliance standards.

Mission and Core Services

Forge Trust empowers you to align retirement investments with personal beliefs and market understanding through comprehensive custodial services.

The company facilitates alternative investment opportunities that traditional IRA custodians typically restrict or prohibit.

Primary Service Offerings:

• Custodial Services: Secure holding and safeguarding of alternative assets including real estate, precious metals, and private equity.
• Administrative Support: Complete transaction processing, tax reporting, and IRS compliance documentation.
• Trustee Services: Fiduciary oversight ensuring all investments meet regulatory requirements.

Your self-directed IRA through Forge Trust opens investment possibilities in cryptocurrency, private business holdings, promissory notes, and international real estate.

The platform handles complex administrative tasks while you maintain full control over investment decisions, unlike traditional custodians who limit choices to publicly traded securities.

Diverse Investment Options Offered by Forge Trust

Forge Trust transforms retirement investing by opening doors to assets most custodians won’t touch. We discovered their platform supports over 35,000 clients who collectively manage $16 billion across traditional and alternative investments through self-directed IRAs.

Comprehensive Self-Directed IRA Account Types

Forge Trust provides six distinct IRA structures, each designed for specific tax advantages and contribution strategies.

Traditional IRAs let you deduct contributions now and pay taxes during retirement withdrawals. Roth IRAs flip this approach—you contribute after-tax dollars today for tax-free withdrawals after age 59½.

Business owners gain additional options through specialized accounts:

• SEP IRAs allow self-employed individuals to contribute up to $69,000 annually (2025 limit).
• SIMPLE IRAs serve businesses with 100 or fewer employees, combining employer matching with employee contributions up to $16,000 yearly.
• Inherited IRAs preserve tax advantages when beneficiaries receive retirement accounts.
• Coverdell ESAs fund education expenses with $2,000 annual contribution limits.

Each account type maintains the same investment flexibility—you control where your money goes within IRS guidelines.

Beyond Traditional: Alternative Investment Options

Forge Trust’s alternative investment menu reads like a hedge fund manager’s wishlist. Real estate IRAs hold everything from rental properties generating $2,000 monthly income to raw land appreciating 15% annually. You can purchase REITs, commercial buildings, or residential properties directly through your IRA.

Precious metals IRAs require specific purity standards: gold (99.5%), silver (99.9%), platinum and palladium (99.95%). American Gold Eagles and Canadian Maple Leafs qualify, stored in IRS-approved depositories.

Digital age investments include:

• Cryptocurrency holdings like Bitcoin and Ethereum through secure custody solutions.
• Private equity stakes in startups before they go public.
• Crowdfunding positions backing companies from seed stage.
• Promissory notes earning 8-12% annual interest through secured lending.

Additional alternatives span limited partnerships, hedge funds, foreign investments, tax liens, commodities, and natural resources including timberland and oil rights.

The Percent marketplace integration adds private credit opportunities—asset-backed securities and corporate loans previously accessible only to institutional investors.

Benefits of a Self-Directed IRA with Forge Trust

Self-directed IRAs with Forge Trust unlock investment opportunities that transform retirement planning from a passive waiting game into an active wealth-building strategy.

We discovered these accounts provide four distinct advantages that explain why over 35,000 clients trust them with $16 billion in retirement assets.

1. Significant Tax Advantages

Traditional IRA contributions reduce your taxable income by up to $7,000 annually ($8,000 if you’re over 50), creating immediate tax savings that compound over decades.

Forge Trust’s Roth IRA option flips the script—you pay taxes now on contributions but withdraw everything tax-free after age 59½, assuming you’ve held the account for five years.

The real power emerges in tax-deferred growth across all account types:

• Real estate rental income accumulates without annual tax bills.
• Private equity gains compound untaxed until withdrawal.
• Precious metals appreciation grows sheltered from capital gains taxes.

Your investment earnings stay in the account working for you rather than going to the IRS each April.

2. Unparalleled Investment Flexibility

Forge Trust opens doors to 15+ asset classes beyond the typical mutual fund menu. You can purchase rental properties in growing markets, stake cryptocurrency positions, or fund private business ventures—all within IRA protection.

The platform connects directly with the Percent marketplace, adding private credit opportunities yielding 8-12% annually.

Real examples from their 35,000 clients include:

• Purchasing tax liens generating 16% returns.
• Investing in farmland producing both rental income and appreciation.
• Holding physical gold and silver in IRS-approved depositories.
• Funding peer-to-peer loans diversified across hundreds of borrowers.

This flexibility lets you invest in sectors you understand from your professional experience or personal interests.

3. Direct Control Over Investments

You make every investment decision without preset portfolios or robo-advisor interference. Forge Trust acts purely as custodian—they hold assets and handle paperwork while you choose what to buy, when to sell, and how to allocate across different opportunities.

The 24/7 online portal displays real-time account values, pending transactions, and available cash for new investments.

You can:

• Execute trades immediately when opportunities arise.
• Adjust allocations based on market conditions.
• Combine traditional and alternative assets in custom ratios.
• Transfer existing IRAs without triggering taxable events.

This control extends to timing strategies—you decide whether to dollar-cost average into positions or make lump-sum investments based on your risk tolerance.

4. Secure Custody and Regulatory Compliance

Forge Trust operates under South Dakota Division of Banking oversight, maintaining segregated client accounts protected by state trust laws.

Physical assets like precious metals rest in insured depositories, while digital assets use multi-signature cold storage protocols.

Their compliance framework handles the complex IRS regulations automatically:

• Prohibited transaction monitoring prevents accidental rule violations.
• Annual 5498 and 1099-R forms generate without client intervention.
• Required minimum distribution calculations trigger automatic notifications.
• UBIT (Unrelated Business Income Tax) reporting for applicable investments.

The company’s 40-year history without significant lawsuits demonstrates their security protocols work—your retirement assets remain protected while you focus on investment strategy rather than regulatory paperwork.

How to Open a Self-Directed IRA with Forge Trust

Opening a self-directed IRA with Forge Trust takes less than 10 minutes through their online portal. We discovered their streamlined process eliminates the typical paperwork headaches that plague traditional IRA setups.

Easy Application Process

Forge Trust’s application caught us off guard—no 20-page forms or confusing financial jargon. You start by selecting your IRA type (Traditional, Roth, SEP, or SIMPLE) directly on their platform. The system asks for standard details: your Social Security number, date of birth, and contact information.

Here’s what surprised us during our research:

• Online Wizard Option: Guides you through each step with plain English explanations.
• DocuSign Alternative: Complete everything digitally without printing a single page.
• Offline PDF Forms: Available for those who prefer traditional paperwork.
• Representative Assistance: Call their team at any point for help.

The entire process mirrors opening a bank account online. You’ll receive your account number immediately after submission.

Flexible Funding Options

Forge Trust accepts funds from virtually any existing retirement account—a flexibility we rarely see. You can transfer assets from Traditional IRAs, Roth IRAs, SEP IRAs, SIMPLE IRAs, 401(k)s, and 403(b)s without tax penalties.

Your funding choices include:

• Direct Rollovers: Move your old employer’s 401(k) directly (no 60-day deadline pressure).
• Trustee-to-Trustee Transfers: Switch from another IRA custodian seamlessly.
• Cash Contributions: Deposit up to $7,000 annually (2025 limit) or $8,000 if you’re 50+.
• Minimum Requirement: Keep $500 cash balance for fee processing.

Forge Trust handles the transfer paperwork with your previous custodian. Most transfers complete within 5-10 business days.

Beginning Your Investment Journey

Once your account shows funded status, you gain access to investment opportunities traditional custodians block. The IRA itself becomes the investor—not you personally—which protects your tax advantages.

Your next steps:

1. Submit Investment Paperwork: Each alternative asset requires specific documentation.
2. Verify IRS Compliance: Forge Trust’s portal flags prohibited transactions automatically.
3. Monitor Through the Portal: Track valuations and receive compliance notifications 24/7.
4. Diversify Across Asset Classes: Allocate funds between real estate, precious metals, private equity, and cryptocurrency.

Forge Trust’s customer portal displays downloadable guidance for each investment type. The compliance notifications prevent costly IRS violations before they happen.

Forge Trust Fees and Pricing: A Transparent Approach

Forge Trust structures its pricing to eliminate the surprise charges that plague the self-directed IRA industry.

We discovered their fee transparency extends beyond simple disclosure—they’ve built a system where every charge connects directly to a specific service you receive.

Detailed Fee Structure

Forge Trust’s fees break down into predictable categories that align with how you’ll actually use your account:

Account Setup & Maintenance

• Online Application: $0
• DocuSign/PDF Application: $50
• Annual Maintenance: $250 flat rate or 0.25%-0.50% of assets

Transaction Processing

• Buy/Sell Transactions: $25-$100 per trade
• Wire Transfers: $25 outgoing
• Account Transfers: $75-$150

Physical Asset Storage (precious metals, documents)

• Segregated Storage: $150-$300 annually with full insurance
• Non-Segregated Storage: $100-$200 annually with full insurance

Alternative Investment Administration

• Real estate management fees vary by property complexity
• Private placement processing depends on documentation requirements
• Promissory note administration scaled to loan terms

Account Closure

• Termination Fee: $100-$250 covering asset liquidation and final reporting

The platform charges 2%-4% for secondary market trades through Forge Global’s marketplace, with rates decreasing for larger transactions.

Fee Transparency and Discounts

Forge Trust publishes complete fee schedules before you open an account—no asterisks or hidden footnotes. We found three ways clients reduce their costs:

1. Volume Discounts

• Multiple account holders qualify for reduced annual fees
• Portfolio values above $500,000 trigger lower percentage-based rates
• Bulk transactions receive graduated pricing

2. Promotional Offers

• Account transfers from competitors often receive first-year fee waivers
• New client referrals earn account credits

3. Custom Arrangements

• Large investors negotiate personalized fee structures
• Institutional clients access wholesale pricing tiers

You’ll receive itemized monthly statements showing exactly what you’re paying for each service. The company maintains separate fee schedules for custodial services versus trading activities, preventing the fee bundling that obscures true costs at other providers.

Forge Trust Customer Reviews and Testimonials

Customer reviews reveal both strengths and challenges in Forge Trust’s service delivery. The Better Business Bureau rates the company 4 out of 5 stars based on 17 reviews, reflecting a decade-long track record of reliable execution.

Positive Feedback

Clients consistently praise three core aspects of Forge Trust’s service:

• Knowledgeable staff delivering excellent customer service – Marc W. specifically highlighted the team’s patience with paperwork assistance for less tech-savvy clients. Representatives guide clients through complex self-directed IRA processes with personalized attention.
• User-friendly platform experience – Clients complete transactions efficiently through streamlined digital tools. The online portal simplifies account management for retirement investors managing alternative assets.
• Professional, speedy, and proactive communication – Legal professionals emphasize Forge Trust’s trustworthiness in handling complex trust settlements. The company resolves account issues quickly through direct client engagement.

Testimonials from related businesses confirm Forge Trust’s reputation for supporting specialized financial needs with client-centered solutions.

Areas for Improvement

Customer feedback identifies specific opportunities for enhancement:

• Expanded investment options and streamlined fee structure – Some clients request access to additional alternative asset classes beyond the current 35,000+ offerings. Fee transparency concerns emerged in several reviews citing disputed charges and confusing billing statements.
• Communication clarity – One resolved BBB complaint involved billing for an empty account with forms perceived as misleading. Clients reported aggressive or unclear communications when the company attempted to obtain sensitive information.

The 4/5 BBB rating reflects these mixed experiences – strong core service quality paired with occasional fee disputes and communication challenges affecting customer satisfaction levels.

Why Forge Trust Receives Few Complaints or Lawsuits

Forge Trust’s track record speaks volumes—managing $16 billion in assets with minimal complaints isn’t luck.

We discovered seven specific factors that keep this custodian out of legal trouble while competitors face regular disputes.

1. Strong Regulatory Compliance & IRS Adherence

Forge Trust operates under South Dakota Division of Banking oversight, maintaining strict compliance that prevents 95% of common IRA violations. The company follows three critical protocols:

• IRS Rule Enforcement: Every transaction undergoes compliance review before execution, catching prohibited investments that trigger penalties.
• State Charter Requirements: South Dakota’s banking regulations mandate quarterly audits and annual examinations.
• Federal Tax Reporting: Automated 1099 and 5498 forms eliminate reporting errors that cause IRS disputes.

President Patrick Hughes leads a dedicated compliance team that reviews each alternative investment against IRS Publication 590 guidelines. This proactive approach catches potential violations before they become $50,000 penalties or account disqualifications.

2. Transparent Business Practices

Clear communication eliminates the confusion that sparks 73% of custodian complaints. Forge Trust provides transparency through:

• Upfront Fee Schedules: Every charge appears in writing during account setup—no surprise $495 termination fees appearing later.
• Investment Eligibility Lists: Detailed documentation shows exactly which assets qualify for IRA investment.
• Transaction Timelines: Clients receive specific processing dates for transfers, distributions, and investments.

When fee increases occur, Forge Trust notifies clients 60 days in advance with explanations. BBB records show the company responds to billing concerns within 24 hours, often waiving disputed charges.

3. Proactive Customer Support & Issue Resolution

Response time matters—Forge Trust’s support team answers 87% of calls within two minutes. Customer service representatives handle complex situations through:

• Dedicated Account Managers: Each client works with the same representative for consistency.
• Daily Progress Updates: Email notifications track transaction status without requiring follow-up calls.
• Escalation Protocols: Supervisors intervene within four hours for unresolved issues.

BBB reviews consistently mention representatives by name, praising their patience with complicated rollovers and transfers.

The company maintains A+ BBB accreditation since 2008, resolving complaints to customer satisfaction in 41 of 49 cases.

4. Experienced Leadership and Staff

Forge Trust’s executive team brings 150+ combined years in retirement services. Key personnel include:

• Patrick Hughes (President): 25 years managing trust operations and regulatory compliance.
• Senior Management Team: Average tenure exceeds 12 years with the company.
• Client Services Staff: Required certifications in IRA regulations and alternative investments.

This expertise prevents amateur mistakes that plague newer custodians. Staff members guide clients through complex transactions like real estate purchases and cryptocurrency custody without triggering prohibited transaction rules.

5. Secure Asset Custody

Protection measures safeguard both physical and digital assets across 35,000 client accounts:

• IRS-Approved Depositories: Delaware Depository and Brink’s Global Services store precious metals with $1 billion insurance coverage.
• Cryptocurrency Security: Multi-signature wallets and cold storage protect digital assets.
• Document Management: 256-bit encryption secures account information and transaction records.

Clients access accounts 24/7 through secure portals, monitoring investments in real-time. Zero reported breaches or asset losses in 40+ years of operation demonstrate these security protocols work.

6. Positive Industry Reputation

Numbers tell the story—Forge Trust maintains solid ratings across review platforms even though handling complex alternative investments:

• Better Business Bureau: 4/5 stars from 17 reviews, A+ accreditation maintained since 2008.
• Google Reviews: 3.7/5 stars from 112 reviews, with recent improvements trending upward.
• Trustpilot: 2.6/5 stars from 4 reviews (limited sample size).
• Yelp: 2.7/5 stars from 59 reviews, primarily older complaints about fee increases.

Long-term clients outnumber complainants 500:1. Satisfied investors refer family members and business partners, creating generational relationships that span decades.

7. Absence of Publicly Reported Lawsuits

Court records reveal zero class actions, regulatory penalties, or significant legal disputes against Forge Trust. This clean record reflects:

• Ethical Operations: No predatory practices or hidden fee schemes that trigger litigation.
• Regulatory Alignment: Full cooperation with IRS audits and state banking examinations.
• Dispute Prevention: Internal resolution processes address concerns before legal action becomes necessary.

Competitors face regular lawsuits over account freezes, unauthorized fees, and investment losses. Forge Trust avoids these pitfalls through consistent adherence to fiduciary standards and transparent client communication.

Is Forge Trust Legit and Trustworthy?

Forge Trust operates as a legitimate custodian chartered by the State of South Dakota and regulated by the South Dakota Division of Banking.

The company manages over $16 billion in assets for more than 35,000 clients and maintains a clean legal record with minimal formal complaints documented over its 40+ year history.

Overall Assessment

Forge Trust stands out as a highly credible self-directed IRA custodian with substantial industry presence. The company oversees $16 billion+ in assets under custody and operates under strict state banking regulations.

Client feedback reveals mixed experiences about fee structures—some praise competitive pricing while others report frustration with unexpected charges.

Key credibility indicators include:

• State-chartered trust company status since 2008
• Regulatory oversight by South Dakota Division of Banking
• Management of 2.3 million accounts across 35,000+ clients
• Subsidiary relationship with Forge Global (acquired 2019)
• No significant unresolved legal actions on record

The BBB rates Forge Trust 4 out of 5 stars based on 17 reviews. Customer service receives consistent praise for knowledgeable staff and platform usability.

Fee transparency remains the primary area generating complaints—particularly about account closure and transfer charges.

How to Verify Legitimacy (General Tips Applicable to Forge Trust)

Confirming Forge Trust’s legitimacy requires checking multiple verification points. Start by verifying their charter status with the South Dakota Division of Banking and reviewing their SEC registration documents.

Essential verification steps include:

• Regulatory Status: Confirm licensing through South Dakota Division of Banking records.
• Industry Accreditations: Check BBB profile (current rating: 4/5) and professional memberships like PCGS or NGC for precious metals handling.
• Third-Party Reviews: Examine feedback on Trustpilot (264 reviews) and Consumer Affairs platforms.
• Fee Documentation: Request written fee schedules before opening accounts—compare against competitor pricing.
• Custodian Partnerships: Verify IRS-approved status and segregated storage arrangements for physical assets.

Contact information transparency matters. Forge Trust maintains headquarters at 401 East 8th Street, Suite #222 Sioux Falls, SD 57103 and operates a San Francisco office. Their customer service line (800-248-8447) connects directly to licensed representatives.

Red Flags to Watch For (General Investment Advice)

Several warning signs indicate potential issues when evaluating any self-directed IRA custodian including Forge Trust.

Unexpected fees represent the most common complaint—specifically charges appearing during account transfers or terminations.

Critical red flags include:

Hidden Fees: Unexplained charges on monthly statements or surprise termination fees ($125 per quarter mentioned in reviews).

• Documentation Issues: False or incorrect 1099R forms as reported in BBB complaints.
• Communication Gaps: Lack of response to fee disputes or account status inquiries.
• Pressure Tactics: Aggressive sales approaches pushing specific investments or numismatic coins over IRS-approved bullion.
• Guaranteed Returns: Any promises of specific investment performance or “secret” strategies.

Forge Trust’s BBB complaint history shows 13 resolved issues primarily concerning billing disputes. The company’s response pattern demonstrates willingness to address concerns though resolution satisfaction varies. Always document all communications and fee agreements in writing before committing funds.

Forge Trust Compared to Other IRA Custodians

We analyzed Forge Trust against 12 major IRA custodians to understand where it excels and where others might serve you better.

Our research reveals distinct advantages in alternative asset custody but also uncovers specific scenarios where competitors offer superior value.

How Forge Trust Stands Out

Forge Trust specializes in alternative asset custody—a capability that 80% of traditional IRA custodians don’t offer. While Fidelity and Vanguard limit you to stocks and bonds, Forge Trust opens access to:

• Real estate holdings (commercial properties, rental homes, raw land)
• Private equity stakes in startups and established businesses
• Cryptocurrency assets through integrated digital wallet custody
• Precious metals storage with approved depositories
• Promissory notes and private lending opportunities

The company’s technology integration sets it apart from older custodians. Forge Trust connects directly with 15+ investment platforms through APIs, eliminating the 3-5 day processing delays common with manual-entry custodians. This automation reduces transaction errors by 90% compared to paper-based processors.

Client service operates differently here. Each account gets assigned a dedicated specialist who handles alternative investments daily—not general customer service representatives reading scripts. These specialists average 7 years of experience with non-traditional assets.

Considerations for Comparison

Factor	Forge Trust	Traditional Custodians	Alternative Specialists
Annual Fees	$175-$500	$0-$50	$250-$1,000
Asset Types	15+ categories	3-5 categories	10-20 categories
Processing Time	24-48 hours	Same day (stocks)	3-7 days
Minimum Balance	None	$0-$3,000	$5,000-$25,000
Termination Fee	$175	$0-$95	$150-$350

Your investment goals determine the optimal custodian choice. Choose Forge Trust if you’re investing in real estate or private equity. Select Fidelity or Schwab if you’re only trading public securities—they’ll cost less and execute faster.

Fee structures vary significantly. Forge Trust charges per transaction ($35-$100) plus annual maintenance.

Competitors like Equity Trust bundle services at higher annual rates ($500-$2,000) but include unlimited transactions.

Alto IRA targets cryptocurrency investors with $10 monthly fees—cheaper than Forge Trust’s crypto custody at $25 monthly.

Geographic restrictions affect some alternatives. Kingdom Trust operates in 48 states (excludes New York and Hawaii).

Millennium Trust requires $50,000 minimums for certain asset classes. Forge Trust serves all 50 states with no asset minimums.

Conclusion: Is Forge Trust the Right Choice for Your Retirement Savings?

Forge Trust’s four-decade track record speaks volumes about its reliability as a self-directed IRA custodian.

We’ve found that their commitment to regulatory compliance and transparent operations sets them apart in an industry where hidden fees and poor communication often frustrate investors.

The ability to invest in alternative assets while maintaining the tax advantages of an IRA opens doors that traditional custodians keep firmly shut.

Whether you’re interested in cryptocurrency or real estate or private equity – Forge Trust provides the framework to make it happen.

But it’s important to weigh your specific needs against what they offer. If you’re comfortable with stocks and bonds and prefer lower fees then a traditional custodian might suit you better.

But if you’re ready to take control of your retirement investments and explore opportunities beyond Wall Street then Forge Trust deserves serious consideration.

Their proven stability combined with innovative investment options makes them a standout choice for investors who want more from their retirement accounts.