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In your quest to diversify your investment portfolio with precious metals, you have likely come across many gold companies, including Money Metals Exchange. Many people have many questions about this company and want to know more about them.
We fully recognize the significance of your financial decisions and the trust you place in the information we provide. To ensure you receive the most accurate and detailed insights, we've conducted extensive research on each company we review. This includes a thorough examination of their reviews, reputation, product offerings, and history, as well as a careful comparison with similar products in the market. Rest assured, our dedicated efforts are aimed at guiding you with reliable and comprehensive information, so you can make informed choices with confidence.
Money Metals Exchange is a precious metals dealer that helps its customers buy investment-grade metals, such as gold and silver. Customers can pay for their items with wire transfers, debit card options, credit card payments, and more.
The dealer trades precious metals for its customers and also operates MoneyMetals.com, where customers are given direct access to precious metals coins, bars, and rounds.
Although, on the surface, Money Metals Exchange appears to be a decent business, what can you expect from them? Is Money Metals Exchange safe? Keep reading to learn more.
The Money Metals Exchange phone number is (800) 800-1865. The company is located in Eagle, ID. The mailing address for the business is:
PO Box 2599
Eagle, ID 83616
The business regularly updates its Facebook page with the latest news on gold coins, the stock market, and more financial issues.
Before you select any dealer, we highly recommend you check their rating on consumer rating sites like the Better Business Bureau. The B `1BB has rated Money Metals Exchange with an A+ rating. This dealer has 4.21 stars out of 5.
If you look at the Business Consumer Alliance website, though, the rating does not look nearly as good. The BCA has rated Money Metals Exchange with a CC rating, and there are no registered customer reviews on the site.
The BBB website reports 41 complaints against the business in the last three years. Unfortunately, these complaints are concerning because many customers had their precious metals orders shipped to the wrong address, and some never recouped their losses.
While the business website features glowing reviews, this does not seem to be the norm. If multiple customers say their orders were delivered to the wrong address, something seems fishy about the company.
We realize no company can serve all the needs of their customers perfectly, but so many complaints regarding the same issues raise red flags regarding Money Metal Exchange. We will say the company responded to each complaint on the BBB.
The following are some of the pros and cons of Money Metals Exchange:
Pros
Cons
Money Metals Exchange is not a scam, but that does not make them a trustworthy company in our opinion. We have many questions about why they have so many complaints regarding customers having their orders shipped to the wrong address. Money Metals Exchange says you must contact them within two days to get help with unreceived packages.
The company offers a range of precious metals, with plenty of options for just about any budget. These precious metal brokers provide the following:
In our research, we found Money Metals is not very accessible. Yes, they seem to want to focus on customer service, but they are only available during weekday business hours. What if a customer has a problem on the weekend or at night? The limited support on business days could be a deal-breaker for many.
They do not offer a physical location for the company because they do all business online. We found a PO box address, but it would not help in contacting the company for pressing issues. If you read real customer reviews, you will find the lack of accessibility of the company remains a consistent issue.
Money Metals Exchange seeks to make buying Palladium Eagles and other precious metals as simple as possible. The entire process is straightforward and uncomplicated.
All you have to do is select the precious metals you want to purchase and then click on the “Add to Cart” button. Unfortunately, you can only purchase one item at a time, though you can repeat this process as often as you like.
You do not have to set up an account to make a purchase, though you should because you cannot track your order when you buy silver without an account.
Once you have selected your purchase, click the “Checkout” button to enter your payment type. After placing your order, you can expect it to arrive within 5 to 7 business days.
The selling process is fairly straightforward. Is Money Metals Exchange a great business to sell to when you want to make some cash?
The buyback price is competitive and fair, though there are transaction fees that many people do not like when selling their silver bullions. If you want to sell to Money Metals Exchange, you need to know the current spot price and follow these steps:
If you have any questions about the process, make sure you reach out to a representative. As stated above, make sure you purchase full insurance before shipping your items. This is your responsibility and should not be overlooked in case something happens during the shipment process.
The smallest bars you can purchase as a private investor are one gram. Dealers like the Money Metals Exchange typically break down smaller bars into lots.
The downside to purchasing from one of these companies is that you must purchase a certain minimum amount.
Money Metals Exchange does not report customer purchases to the government willingly. Many investors are concerned about the government getting involved with their investments in silver and gold.
You may wonder if Money Metals Exchange offers information to the IRS when you purchase. This dealer will only offer information on customer bullion investing if they are given an active search warrant.
Money Metals Exchange does accept returns, but you must start the return process within three days of delivery. You must call them to start the process, and they will give you instructions on returning your items and the processing costs.
It is important to note that some payment options will result in a restocking fee of 5%. Keep this in mind, and make sure returning is your only recourse.
The Exchange offers several direct storage options when you purchase coins and bars after your wire transfer. Money Metals Exchange offers vaults, and each deposited gold item has a unique serial number that lets owners keep track of their precious metals.
You can buy any precious metals in stock and have Money Metals Exchange hold the item in their vaults. You will be charged .46% of the value of the stored items each year.
At the time of this writing, Money Metals only offers one starter kit for silver investors. The kit is valued at $118.22. The kit includes the following items:
This starter kit is an excellent way to start a monthly savings plan, and the shipping costs are fair. These pre-made portfolios allow you to get started investing in silver with ease.
As you begin preparing for the future, individual retirement accounts become essential. One of the main reasons these accounts are so popular among investors is that they allow you to set aside tax-protected savings for the future.
You should consider setting aside a solid portion of your IRA to gold investments. Gold acts as an inflation hedge and retains its value. Gold can also be used as currency should the dollar become worthless.
The following are some of the reasons you should consider investing in a precious metal IRA:
When economic issues arise, people start to panic. In a panicked state, people do not think clearly and can become victims of fraud. Before buying metals from any business, make sure to check them out with the BBB and other consumer sites. Read customer reviews carefully.
Remember: If it sounds too good to be true, it likely is!
You should invest in both gold bars and coins. Bars offer the most gold for your buck and can be easily stored because they stack well. Gold coins are an excellent addition and can be part of a gold IRA, but they sometimes have high markups because of their historical value or rarity.
Gold bars typically do not lose value and may even gain value over time. The problem comes in when you try to cash them into a dealer like Money Metals Exchange because they will offer less than the spot price, just like JM Bullion.
We have given you a lot of information to ponder, including Money Metals Exchange's prices, their shipping process, information on USPS GPS confirmed location, and their return policy.
The following are some of the top questions people ask about the company:
Money Metals Exchange appears, on the surface, to be a reputable business, but we do have concerns. We would like to know why so many customers have complained about having their orders sent to the wrong address. Is this an oversight issue on the part of Money Metals Exchange?
We highly recommend you conduct your own research before buying from this business. Read the customer reviews to determine whether you feel comfortable trusting them with your money.
All coin dealers must report certain sales to the IRS. Dealers are under a legal obligation to report any payments they receive that total $10,000 or more. You should ensure you are working with an accountant who understands tax laws regarding precious metal investments, so you report appropriately to the IRS.
Stefan Gleason owns Money Metals Exchange and is the president. Stefan founded the business in 2010. The goal of opening the company was to stop the abuse investors were experiencing when investing in metals with high markups.
Money Metals Exchange has been in business for 13 years since this writing. We know the business is legit because it could not have lasted so long without being shut down by the government.
As we researched Money Metals Exchange, we were intrigued initially. On the surface, the Exchange seems to have good intentions. They opened to help stop the abuse perpetuated by unscrupulous gold dealers selling gold at ridiculously high prices while preying on those uneducated in investing.
Customer reviews are very telling about any business. When it comes to money matters, people are quick to warn others. We became greatly concerned as we read Money Metal Exchange's customer reviews.
There is more than one downside to this company and there are a significant number of complaints from people who never received their gold and were told they had to report issues within three days. Most customers did not report in time, through no fault of their own.
While we will not say Money Metals Exchange is a scam, we do not recommend them to our readers. We feel there are far better options out there.
The information provided in this website is intended solely for educational purposes and general informational use. It is not intended as, nor should it be considered, financial or investment advice. Investing in gold or any other financial asset carries inherent risks, and decisions regarding investments should not be made solely based on the information presented here.
We strongly recommend that you consult with a licensed and qualified financial advisor or investment professional before making any investment decisions. They can provide you with personalized guidance and take into account your individual financial situation and goals.
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