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February 9, 2023

Is Millennium Trust Company a Scam: Know The Truth Here! (2023)

You might have heard about this company and want to work with them. However, is Millennium Trust Company a Scam?

Recently, the global economy has been shaky and a lot of people have lost their money because of this. So, trying to protect their money has been the top priority of some people. You can do this by investing into a lot of things. However, for the sake of this review we will look at investing in precious metals and if Millennium Trust Company can help you with it.

So, let's go and discover if Millennium Trust Company is a Scam.

Millenium Trust Company Summary Review

  • Name: Millennium Trust Company
  • Website: https://www.mtrustcompany.com/
  • CEO: Gary Anetsberger 
  • Rating: 3/5
Is Millennium Trust Company a Scam Reviewed

What is Millennium Trust Company?


Millennium Trust Company is based in Illinois and was established in 2002. They are a company that offers custodial services as well as administrative services. So, they serve individuals, advisors, and institutions. Additionally, corporates or limited liability companies can open an account to diversify their investment portfolio.

Now, they are serving over 300,000 accounts and more than $11 billion in assets. They have a user friendly platform that is good for people who want a quick and easy experience.

The Management


Gary Anetsberger is the current CEO of Millennium Trusts Company since March 2016. He is an expert in his field. Plus, he has over 40 years of experience in working with financial services. He started as their Chief Operating Officer in 2002. In the companies 14 years of record breaking growth, he has managed and handled a lot of job from team operations to team management.

Millennium Trust Company Services

To summarize, Millenium Trust Company offers four types of IRA accounts. These accounts are  Traditional, ROTH, SEP, and Simple IRAs. Furthermore, they also offer 401K (K) Plans.

Below, I'm gonna list these services and some details to help you.

Traditional and Roth IRA

This is recommended for individuals who want to save and secure for their retirement years. So, these accounts offer the best plans for retirement when compared to other types of accounts. However, there are two main differences between these accounts.

For a traditional IRA, you can write off contributions from your income tax but pay taxes upon retirement or when you withdraw. However in a Roth IRA, the opposite is true. Contributions cannot be used to write off income taxes but when you withdraw your money you will not need to pay taxes for it.

401K (K) Plans 

These plans cater mostly for larger corporates that can shoulder huge administrative costs. So, this is only recommended if your company has a lot of employees. Furthermore, the more people the company has the better the return on investment (ROI) you will get. 

To summarize, this allows the company to share the profits with their employees as retirement benefits. Additionally, 401K plans holds lower income tax liability since it is taken directly from the employee paycheck.

SEP and Simple IRA

A Simplified Employee Pension (SEP) IRA is usually offered by the Millennium Trust Company to smaller businesses. This can help them give their employees retirement benefits. Plus, SEP IRAs has lower administrative costs which makes it sustainable for long-term gains for small business. Furthermore, this will give you the choice to either contribute more or cut contributions depending on the state of your business. 

On the other hand, if you are a company of 100 employees or less, then you can choose to open a Simple IRA account with MTC.  With this account, you can choose to pay a percentage of your salary or profit. However, there is a limit on how much you can contribute into a simple IRA. Plus, the employees might pay income taxes when they decide to withdraw.

Self-Directed IRA

Millennium Trust Company offers you a choice to open a self-directed IRA account. To put it plainly, a self-directed IRA account allows you to have more control over your investments. Below, you can find the things that you can invest in your self-directed IRA portfolio.

  • Stocks
  • Bonds
  • Mutual Funds
  • Real Estate
  • Hedge Funds
  • Futures
  • Private Equity/Debt
  • Marketplace Loans
  • Precious Metals (Gold, Silver, Platinum, and IRS approved coins)

Investing in precious metals will cost you a $200 annual fee. Plus, if you decide to hold it in a segregated storage then it will be an additional $75.

Millennium Trust Company Fees

Accounts Fee

Millennium Trust Company collects a $50 fee when a client wants to open an account. Plus, there is also a $100 annual fee for alternative and other traditional assets.

Investment Custody Fee

Millennium Trust Company charges an annual investment custody fee. However, this is quite different from other companies that usually charges this fee monthly or quarterly.  Some company calculates the fee based on the total number of assets the account holds. Millennium Trust Company calculates the investment custody fee this way. Plus, the fee differs if the its traditional or alternative assets. 

  • Traditional Assets - $50 for investing in bonds and certificates done on a phone order. Plus, a mutual fund has a charge of $25. Additionally, any cab that is publicly traded would cost $10 up to $25.
  • Alternative Assets -  MTC charges between $250 up to $650 for alternative assets depending on either you are investing in real estate or foreign currencies. Additionally, there is a $200 per account charge on Forex and Futures investments.  While real estates has a flat fee of $600 per holding. Hedge funds, private debt, and private equity investments are charged a $100 fee. REITs and BDCs are charged $75 up to $200.

Processing Fees

Processing fees can cover anywhere from documentation to wire transfer or any MTC processes that might occur. For renewing a certificate, it will cost you $25. However, real estate systematic processes are much more expensive at $350. 

Is Millennium Trust Company a Scam: Customer Reviews

Below, you can find the Millennium Trust Company reviews from customers.

  • Trustpilot - 4.2 out of 5 based on 30,085 reviews
  • Yelp - 1.5 out of 5 based on 307 reviews
  • BBB - 1.18 out of 5 based on 98 reviews, A+ Accredited Business

To summarize, it seems like their customer ratings and reviews are all over the place. Plus, it's either customers love them or despise them and there is no in between.

This alone would make me think twice about investing with them. So, if you are thinking the same thing then I have listed some precious metals companies that can help you with your invesments.

However, my most recommended is Goldco. So, better check them out!

What I Like About Millennium Trust Company

  • Offers a variety of ways you can invest in
  • Treats every customer nicely and with respect.
  • They are experienced and well-known with thousands of clients.
  • All fees are transparent. So, there are no hidden fees.

What I Don't Like About Millennium Trust Company

  • Mixed reviews
  • Precious metals investments have higher fees

Final Verdict

To conclude this review, we have to answer the question "Is Millennium Trust Company a Scam". Well, with all the information above, it is safe to say that Millennium Trust Company is not a scam. They are a well-known and established company who caters to thousands of clients. Plus, they offer many ways for you to invest for your future. However, they do have a lot of negative reviews online. Plus, if you want to invest in precious metals, then you better be prepared for the expensive fees.

This is why I recommend GOLDCO. Goldco is a precious metals company that is well-known in its field that specializes in precious metals IRA. Plus, they are highly rated and positively reviewed by thousands of people. 

So, click the button below to learn more about Goldco!

I hope I helped you answer the question in your mind on whether Millenium Trust Company is a scam or not. If you have comments then feel free to leave them down below!

Need Information? Call Here: (844) 577-0028

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