Money Metals Exchange Review

Among major players in the United States, Money Metals Exchange is a solid company regarding precious metal investment. It offers a great lineup of products and is an overall respected American bullion company.

With that being said, if you start to look into the company, you will begin to see cracks in its perfect image. This started for me when I saw their Trustpilot page.

Additionally, many people have been quick to point out the sudden rise in negative reviews they have received. Why would an otherwise good company be having this trouble? I decided to find out in this Money Metals Exchange review.

Here, I will look at all the company’s services. I will also discuss how the company separates itself from its competitors. Furthermore, I will try and deduce why the company has suddenly gotten a lot of bad reviews.

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A Brief Overlook Of Money Metals Exchange

Money Metals Exchange was launched to ensure that the average customer never purchases any precious metal near its actual melt value. Becoming a national bullion dealer, the company has gained a high reputation regarding metal investment.

Along with enabling customers to buy, own, sell, and invest in quality metals, Money Metals Exchange offers various services. Featuring some of the lowest premiums in the industry, it sells various products such as coins, bars, and rounds.

Additionally, the company trades in physical bullion and has products for various customers. It also has an online retail division. This can be seen on their website when you look at their transparent prices.

Money Metals Exchange’s Mission And Promise

The people at Money Metals Exchange take their customers’ experiences very seriously. They aimed to include a variety of clients, both beginner and experienced, and did their best to give them a safe environment.

The staff at Money Metals welcomes all sorts of customers and has a team of professionals ready. They try their best to be discrete and dependable while maintaining competitive pricing.

Even the company’s founder is dedicated to helping clients in all aspects. This includes their assets and privacy. Overall, the personals at Money Metals Exchange will do their best to ensure you have a great time.

The Services Provided By Money Metals Exchange

The first step to gauge any company is to see just how many services the company can provide. Money Metals Exchange has a variety of different services that it offers to its customers.

The only issue many people have is that many of these services are not mentioned. I will rectify this error and discuss all the major services the company provides.

Precious Metal IRA Investments

All metal investment companies and brokers provide the most basic service of IRA facilities.

Along with standard gold and silver metals that most companies provide, Money Metals Exchange takes this further and provides more exotic metals. These include copper, palladium, and rhodium.

All of these metals include various products that the company sells. Not all of them will be IRA-approved due to IRS mandates but most of them are.

IRAs have always been a fantastic option to diversify assets and invest in more stable options. They offer clients a lot of variety to invest them, making them a very good choice overall.

Loans Against Gold And Silver

If you own some degree of precious metals, you may be eligible for a low-interest loan from Money Metals Exchange.

More specifically, the Money Metals Capital Group will help provide you with a fast and secure loan. This will help you stash away your gold and silver while meeting your financial needs.

Loans offered by Money Metals Exchange are 75% of the current market value. Tendering to high-quality collateral, it offers interest rates just a small margin above their current prime rates. Making it easy to get into, starting this process is just a phone call away.

Secure Storage Facilities

Many companies that allow for investment opportunities in precious metals also have storage facilities. Money Metals Exchange is no stranger to this concept. They understand that holding an impressive portfolio is one thing, and storing it is another thing entirely.

Moreover, Money Metals Exchange allows you to keep the metals but also has the facility to store the metals for you.

This should be preferred because your metals will be kept in a state-of-the-art security vault. This comes with a fully insured financial system and will cost you nothing regarding shipping.

Monthly Savings Plans

Money Metals Exchange offers monthly plans which allow you to get even lower premiums than the general public would. This results in you getting more gold or silver for every dollar you put in.

Also, the latter Exchange Company proposes 4 different dates to lock in your bullion prices. You can start by getting into this for as little as $100. Furthermore, they also have this offering in 3 different payment methods:

  • Credit Card
  • Automatic Draft
  • Money Order

These plans are also very flexible, as you can make changes to your existing monthly plans, making them even more appealing.

Buyback Program

Many clients have one issue: who to sell their metals to once they need to. Money Metals Exchange has considered this and has a stellar buy-back program. While they do not advertise this, it is written on their website as “Sell to Us.”

The company tends to buy back metals they have sold. They do so at virtually higher prices than their competitors. The procedure is quite long as they will have to verify the metals and their authenticity. Luckily, the process is very simple and can be summed up in 3 steps.

Steps To Follow

Here are the 3 steps that you will have to go through if you want to sell your metals back to Money Metals Exchange:

  1. Go to their website, click the “Sell to Us” link, or call their number to get started.
  2. Once everything is confirmed, ship the metal to them via United States mail.
  3. Finally, your metal will be received and inspected. Once everything has been cleared, your payment will be sent to you immediately.

Along with these 3 steps, your metals must adhere to a specific criterion. To read up on this criterion, you will have to read up on their site.

Money Metals Exchange Products

Out of all the companies I have reviewed, Money Metals Exchange seems to have a relatively larger lineup when compared to others. This can be seen immediately when you look at their product lineup.

This lineup features a variety of different metals. They have standard metals such as gold and silver but also include other exotic metals such as palladium and rhodium.

Gold Products

  • Gold Bars
  • Chinese Gold Pandas
  • Australian Gold Coins
  • Canadian Gold Coins
  • World Gold Mints
  • Gold Coins
  • Gold
  • Rounds
  • Gold Jewelry
  • Gold back Currency

Above is the list of a few products that Money Metals Exchange offers regarding gold. It is to keep in mind that all these products are not always IRA-approved.

Silver Products

  • Silver Bars
  • Silver Coins
  • Silver Rounds
  • Canadian Silver Coins
  • Australian Silver Coins
  • World Silver Coins
  • Silver Bullets
  • Silver Statues
  • Silver Building Blocks
  • Vault Silver (Securely Stored)

In silver category these are the products that they have for the clients. Again, not all of these products may be IRA-approved. You can only select IRA-approved products, so take that into account at the time of purchase.

Copper Products

  • Copper Bars
  • Copper Pennies
  • Copper Rounds

The selection of products for copper is a bit low but rest assured that all of the goods have superb quality. Furthermore, some of these products may also be IRA-approved.

Various Other Metal Products

  • Rhodium Bars
  • Palladium Bars
  • Platinum Bars
  • Palladium Coins
  • Platinum Coins
  • Platinum Jewelry
  • Vault Platinum

Alon with copper, there is a variety of other metals that the company has to offer. This is perfect for those who want to invest in all kinds of metals. It also helps pool your resources into metals aside from gold and silver. This also helps to diversify your investment assets.

Pros And Cons Of Money Metals Exchange

As a customer, you should always be on the lookout for a company with many positives. Additionally, you should ensure that the company does not have many downsides.

Likely, the company has been taking a hit when it comes to reviews due to a large number of drawbacks. Hence, I will be taking a look into all of the positives and negatives that you can expect from Money Metals Exchange.

Pros:

  • Live chat and support on their website
  • Easy to navigate the website
  • Fees can be paid via cryptocurrency
  • A variety of different metals are available for purchase
  • All shipments are insured
  • Various helpful resources are available on their website
  • The website is regularly updated with information
  • Podcasts are available on their website

Cons:

  • The slow rise of negative reviews
  • A good amount of payment issues
  • Free shipping only on orders above $500
  • Customer support is not available 24/7
  • Transaction fees

Money Metals Exchange’s Ratings

Feedback regarding Money Metals Exchange can also help you determine how the company treats its customers. This feedback should always be taken from trustworthy sites or verified customers.

This will help ensure the validity of the rating, guaranteeing that the image you form of the company is grounded in reality. Here is how various websites and organizations rate Money Metals Exchange:

  • 2 out of 5 stars on Trustpilot. Mostly 1-star reviews out of 42 different reviewers.
  • 4.4 out of 5 stars on the Facebook marketplace. This is from a total of 182 people.
  • Money Metals Exchange has an A rating given by the BBB.
  • Additionally, there have been only 38 complaints by the BBB. All of these have been resolved within the last 3 years.
  • According to Investopedia, Money Metals Exchange was named the best in the United States of America.

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Money Metals Exchange Complaints & Lawsuit Issues

Money Metals Exchange has been involved in legal battles several times, which shows how complex its operations can be. This is not surprising since the company is entirely based online and conducts most of its business online. Because of this, one of the lawsuits mentioned below is particularly significant.

Lawsuit & Legal Issues

Since 2017, Money Metals Exchange has been grappling with legal troubles. They have only grown since the years have passed by.

1. Breach Of Contract Allegations

Here, a lawsuit was filed by a former customer. They accuse the company of breach of contract and fraud. They also allege misconduct when it comes to their dealings. The case remains ongoing and is awaiting a conclusive ruling.

2. Artificial Inflation Of Zinc Prices

Here, the company faced allegations of artificially inflating the price of zinc. The plaintiffs argue that had affected 450 investors. Many of those investors were senior citizens.

The accused encouraged the investors to channel funds and allegedly imposed inflated prices. This would sometimes exceed 100 percent of the prevailing market value. This was misrepresenting the nature of the investments.

The crux of the legal challenge involves the alleged misrepresentation of investments. They aimed to mislead customers by presenting their investments as physical metals. Additionally, the company imposed fictitious storage fees.

These misrepresentations were spread through their websites and account opening documents. The judge dismissed the lawsuit, saying that it fell outside the scope. Despite this dismissal, lawyers representing plaintiffs intend to appeal the decision.

3. Lawsuit On Accessibility

Being an online dealer, this lawsuit takes a different dimension. A complaint was filed, which alleged accessibility issues on the company’s website. It helps in asserting noncompliance with various laws.

The issues cited include:

  1. Lack of alternative text.
  2. Empty links.
  3. Redundant links.
  4. Images missing alt-text.

This case has not yet been resolved and is still ongoing.

Customer Dissatisfaction & Complaints

A dissatisfied customer raised concerns over many of the company’s practices. He recounted an incident where PayPal had authorized payment. This was when he did not buy anything. The customer felt betrayed and did not do business with the company anymore.

Another disgruntled customer accused Money Metals Exchange of employing aggressive collection tactics. The customer claimed they never consented to any commitment. Yet they still had some of their information taken from them and stored.

Some customers have shared various accounts involving lost packages or bad shipping. They go on to emphasize issues with the delivery process as a whole. Some customers allege no receipt of emails. This shows a clear lack of integrity and care.

Look into the various issues the company has had to resolve over the years. You will see a lot of things to be concerned about. If you plan on pursuing or continuing with this company, you are urged to exercise vigilance.

The best thing you can do is to take a deep look into the company’s services. Look at all the recent reviews/ ratings that customers have left behind. Doing so will help you a lot in the future.

Fees In Money Metals Exchange

The first thing that tends to put off many people is that the company takes a 4% transaction fee. This is done only when you use your credit card to pay.

The annual fees that Money Metals Exchange will charge depend on the holding value of your account. If you have $15,999 in your account, you will have to pay $96. For amounts above this mark, you will have the following annual fees:

  • Between $16,000 & $99,999 – 0.59%
  • Between $100,000 & $999,999 – 0.49%
  • Between $1 million & $2.9 million – 0.39%

You will also have to pay fees on shipping if your order is less than $500.

Current Promotions By Money Metals Exchange

If you place an order of at least $200, you will be eligible for a free gold back! This offer is only running till December 18th and will not be available after this date.

Frequently Asked Questions

Q1: What Type Of Cryptocurrencies Does Money Metals Exchange Accept?

Not many metal investment companies accept crypto, which is why it is a huge positive that Money Metals Exchange can do so.

If you decide to invest with the company, you can pay your cash in various forms of crypto. Here are the currencies which are supported:

  • Bitcoin
  • Bitcoin Cash
  • Bitpay
  • Dash
  • EOS Token
  • Ethereum
  • Litecoin
  • Ripple

Q2: Does Money Metals Exchange Offer Silver On The Spot?

Unlike many companies that usually offer some amount of silver when you sign up with them, Money Metals Exchange does not do so.

They will not offer you any form of metal on the spot. Instead, they have a variety of cheap and meaningful starter kits that you can find useful. These kits can be a good starting point for investments.

Q3: Does Money Metals Exchange Offer Any Sort Of Military Discount?

At the time of writing this article, there is no mention of a military discount offered by Money Metals Exchange.

If you are a veteran, this might dishearten you, and you may find it better to look for another company. If you do not have military service, this may not affect you much.

Q4: Do You Have To Choose An IRA Custodian When You Invest In Money Metals Exchange?

Money Metals Exchange works closely with an array of different trustees. This allows you to choose between various storage facilities for storing your precious metals.

If you choose not to store your metals with Money Metals Exchange, you can work with companies on their trustee list.

Q5: Why Are Some Products Offered By Money Metals Exchange Not IRA-Approved?

Due to the mandates set by the IRS, not all products offered by Money Metals Exchange are approved for IRAs. Each product needs to have some degree of purity for it to be IRA Approved.

Conclusion

To sum up, everything stated in this Money Metals review, this company is a very good choice if you are getting into precious metal investment. It offers a lot of different metals and products for you to choose from.

Furthermore, you also have a huge variety of services that can give you an advantage. They have earned a lot of goodwill by giving their customers a reliable and easy-to-understand investment process.

While they may have many fees you will need to go through, they are most definitely worth it.

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9.8/10Our Score

PORS:

  • Given an A+ rating by the BBB
  • Reliable and trustworthy representatives
  • Bonuses for new clients
  • Setting up an account is efficient
  • Account support and access via multiple devices

CONS:

  • The minimum IRA investment is $25,000
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