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Money Metals Exchange Review: Pros, Cons, What You Should Know

Last Updated: March 19, 2024

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.

See where Money Metals ranks on our list of best gold companies in 2024.

We've also arranged for you to get a FREE free gold kit from our recommended partner until April 16, 2024

What Kind of Business is Money Metals Exchange?

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.

Contact Information for Money Metals Exchange

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

Does Money Metals Exchange Have a Facebook Page?

The business regularly updates its Facebook page with the latest news on gold coins, the stock market, and more financial issues.

Consumer Reviews & Ratings

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.

Customer Reviews & Complaints

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.

Pros & Cons of Money Metals Exchange

The following are some of the pros and cons of Money Metals Exchange:

Pros

Cons


Is Money Metals Exchange a Scam?

Money Metals Exchange is not a scam, but that does not make them a trustworthy company. 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.


What Precious Metals Does Money Metals Exchange Offer?

The company offers a range of precious metals, with plenty of options for just about any budget. These precious metal brokers provide the following:

  • Gold is available in coins, European gold bullion, gold bars, and rounds. They offer a wide selection of physical gold options for peace rounds, morgan heads, and other various forms.
  • Silver is available in silver coins, bars, and rounds. They promise to offer the best price so their customers can save money on their silver because they want to remain a trusted dealer.
  • Palladium Maples and Eagles are both available but are difficult to buy because of the lack of supply. We recommend checking back often to make a purchase order.
  • You will find a fair supply of platinum coins. Remember that all their orders ship with a USPS signature required. You must also purchase the minimum purchase.
  • Copper is available in rounds and bars. New customers will find this company to be one of the few precious metals brokers offering copper coins.

How Accessible is Money Metals Exchange?

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.

How is the Money Metals Exchange Buying Process?

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.

How is the Money Metals Exchange Selling Process?

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:

  1. First, you need to call 800-800-1865 and talk with a representative to provide information on the items you want to sell. The representative will give you a price.
  2. You can lock in the price if you are satisfied with the company's price quote for gold.
  3. Check your email and follow the shipping instructions precisely.
  4. Ship your silver items fully insured and wait for the message that the product has been confirmed delivered.
  5. Your metals will be inspected and weighed. Once everything checks out, you will receive your payment.

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.

What Are the Minimums?

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.


Does Money Metals Exchange Report Sales to the Government?

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.

Does Money Metals Exchange Accept Returns?

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.

What Kind of Storage Options Does the Dealer Offer?

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.

Does Money Metals Exchange Offer a Starter Kit?

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:

  • A One-Ounce American Silver Eagle Coin
  • A One-Ounce Canadian Silver Maple Leaf
  • A One-Ounce Walking Liberty Round
  • A 1/2 Ounce Walking Liberty Round
  • Five 1/10 Ounce Walking Liberty Rounds

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.

Why Should You Choose a Gold IRA?

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:

  1. Unlike paper money, gold continues to retain its value, even during times of economic downturn. Most people view this metal as a way to retain and pass on their wealth to future generations.
  2. People rely on this precious metal when economic crises occur. The United States dollar is much weaker and cannot be relied upon fully. We recommend you explore your investment options.
  3. Investing in metals broadens your investment potential by diversifying your portfolio. With diversification, you will not have to worry about a single catastrophic financial event wiping out your retirement savings.
  4. This metal also offers deflation protection which is just as volatile as inflation but does not receive the same amount of attention. Deflation occurs when the economy becomes burdened by excessive debt and slowed business activity.
  5. When world tensions begin to rise with rumors of war and conflict, people flock to this yellow metal because it offers financial sanctuary. During these times, you will discover gold outperforms all other commodities.
  6. Prices increase when supplies are low due to greater demand or decreased mining efforts. Knowing when to stockpile and when to sell is critical for your investment needs.
american eagle gold coins

Watch Out For Scammers!

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!


Should You Invest in Gold Bars or Coins?

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.

Do Gold Bars Lose Value?

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.

FAQ About Money Metals Exchange

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.


Final Thoughts

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, such as Goldco.

Get your FREE free gold kit until April 16, 2024 and see how to protect your savings and retirement using gold.

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