Is GoldStar Trust Company Legit or Scam? Complaints Info & IRA Reviews
GoldStar Trust Company Review
This review is for those wondering if the company GoldStar Trust is legit or have heard about a scam or complaints relating to them.
GoldStar Trust is just that, a trust company with regards to precious metals. In other words, they are just the custodian. They are not a scam and are a legit business.
They have dealings with precious metals dealers and brokers but it is GoldStar that handles the physical transfer, storage, and servicing of accounts, etc. And ultimately it is up to you to choose your own precious metals dealer/broker along with the right investment grade bullion whether for direct purchase or for an IRA.
GoldStar Trust Complaints
One thing that could be viewed as a negative is that as a customer, you and your precious metals dealer are responsible to ensure the funds are appropriated to purchase gold or other precious metals, and then you would deal with a separate company (GoldStar) to store the metals and receive their other services.
Other complaints from people were that they weren’t able to get answers right away as to where there metals were exactly or how much the value of the account had gone up, etc. It is important that you receive a monthly statement and are able to monitor your metals. The BBB has reported 4 complaints within the last 3 years, mostly relating to advertising, sales, billing/collection, and problems with products or services.
Goldstar Trust Ratings
Now to clarify a couple of things here, GoldStar Trust is just the custodian of precious metals investments. You may come across a story that at one time there was negative media surrounding Superior Gold Group, a dealer that used their services.
GoldStar Trust Company informed their clients they discontinued their business dealings with Superior Gold Group and that they were working hard to deal with the outstanding issues to make it right with their customers. This is a big positive.
It was actually GoldStar themselves that contacted the BBB and District Attorney of Los Angeles and Santa Monica to investigate the reported crimes over at Superior Gold Group. They did the right thing by disassociating themselves from this problematic company.
They’ve been accredited with the BBB (Better Business Bureau) since 2004 and currently hold an A+ rating and are run by the parent company Happy State Bank & Trust in Texas.
Summary
Since GoldStar is diligent in its screening process with the dealers/brokers that they do close business with, this should not be an issue anymore. Ultimately it is their duty to protect and give their customers quality recommendations or warn them if there is anything suspicious going on.
By them not selling the precious metals directly to you, most likely you will spend more time finding your own dealer and it may feel like you’re dealing with the whole process twice.
Which Company Are We Recommending?
For you it might make more sense to go with a company that is not only one of the most successful and growing broker/dealers but also has custodial services all in one company, much easier to keep track of everything.
Check them out below. Or read about our top recommended dealer/custodian and get their free investor kit: Goldco company review
If you have used GoldStar Trust and would like to leave a comment below letting us know about your experiences please feel free. Every little bit of information helps everyone. Thanks.