Welcome to my DBS Coins Review.
(UPDATED AUGUST 2023)
In times of economic crises, you should take the necessary measures to protect your investments and secure your future.
One of the best proven ways to do this is to diversify your investment portfolio with gold investments. But you need to make sure first that you find a legit and trustworthy precious metals company.
If you have bumped into DBS Coins and are currently considering it, then you must read this DBS Coins Review first to learn more about it.
Without any further ado, let's get started:
DBS Coins Review Quick Summary
Name: DBS Coins
Owner: David Smoler
Price: Varies depending on your investments
Rating: 3/5
What is DBS Coins?
DBS Coins is a California-based family business that offers precious metals products that was founded in 2008.
The company claims to have over 40 years of experience in the precious metals industry.
DBS Coins is a member of PNG, PCGS, and NGC.
Although there is not much information about the people behind the company, BBB has listed David Smoler as the DBS Coins' founder and president.
DBS Coins Products and Services
DBS Coins offer gold and silver coins and bullion bars. Platinum and palladium bullion are also available.
The company also provides IRA-eligible precious metals. For storage services, DBS Coins caters to the following countries:
- Germany
- Canada
- Singapore
- Switzerland
DBS Coins does not offer any IRA services. However, it recommends you its partner IRA custodians: New Direction IRA and GoldStar Trust Company.
IRA fees vary depending on the IRA custodian.
How to buy from DBS Coins?
You can purchase products from DBS Coins online or via call. If you wish to order online, there are payment limits.
- Paypal and credit card - $1,500.00
- Check - $30,000.00
- Bank Wire - $80,000.00 and above
Orders that total more than $80,000 are required to be made via call.
DBS Coins offer free shipping on all orders over $25 within the USA.
Does it offer precious metal IRA services?
Currently, DBS Coins does not offer any IRA services on its own since it is not an IRA custodian.
However, it can help you set up your IRA buy recommending you to their preferred IRA custodians which are Gold Star Trust and New Direction IRA.
Furthermore, DBS Coins can provide you with IRA-eligible gold and silver products and other precious metals.
How does its IRA service work?
If you are interested to set up a precious metals IRA with DBS Coins, follow these steps properly.
1. Contact one of DBS Coins' approved IRA custodian, either Gold Star Trust or New Direction IRA. Inform them that you want to open a self-directed IRA account.
2. Once your precious metals IRA is created, you must fund the account through your IRA custodian, with enough money to pay for your precious metals, as well as the storage fees. Take note that depositories will charge a small percentage as a fee for storing your gold assets.
3. If your precious metals IRA is funded already, the IRA custodian will then send a Buy Direction letter to DBS Coins, which will show how much funds you have in your account that can be used to purchase gold bars, gold coins or even silver bars and coins, depends on your investment.
4. Once DBS Coins receive the Buy Direction letter, they will contact you to go over the pricing, as well as the products. Take note that DBS Coins will not lock in prices until the prices are confirmed by you or the clients.
5. DBS Coins will send the precious metals to you and the IRA custodian the moment that the prices are locked in. Then, the IRA custodian will send the payment from your IRA account to DBS Coins.
6. For the final step, the IRA custodian will ship for free, your precious metals to your depository for storage. For security purposes, both the IRA custodian and the depository will send you shipping confirmations of your precious metals.
Storage Options
As per the Internal Revenue Service or IRS regulations, IRA-eligible precious metals cannot be stored in your home. It is imperative that you ship them to a safe and secure depository.
DBS Coins offers international storage, as well as in Singapore, USA, Europe and Canada.
To avail the storage services, just be sure to contact DBS Coins and they will assist you throughout the whole process.
With that, DBS Coins will also handle all of the shipping fees via USPS and FedEx. Furthermore, precious metals are stored in segregated storage, which means that your gold and silver and other precious metals will not be mixed with other investors' gold assets.
Also, all of the precious metals in the storage facilities are insured up to a total value. Currently, DBS Coins give private insurance worth $50,000,000 daily for their products.
Lastly, there are some minimum requirements if you choose to store in places like Europe or Singapore. So be sure to check them in DBS Coins' website.
How to sell to DBS Coins?
Besides buying from DBS Coins, you can also sell your precious metals to them. This is an excellent way of liquidating your precious metals if you want money.
Selling to them is easy. Again, contact them between their business hours, Monday and Friday, from 6 am to 5 pm PST or over the weekend from 10:30 am to 1 pm PST. Please let them know you'd like to sell precious metals to DBS Coins.
The company is willing to buy any quantity, but some bullion products require reporting. Moreover, buyback prices will always differ depending on your precious metal and its condition.
Once DBS Coins receive your precious metals, they will evaluate them, and once confirmed, they will pay you via bank wire or check.
You can also "trade" your precious metals if you don't want cash. They will give you precious metals at the same value that your precious metals have.
Lastly, when shipping your precious metals to them, DBS Coins have recommended shipping options for you. But you can also choose your own shipping and insurance services.
DBS Coins Pricing
DBS Coins' products' prices will change according to the live spot price. In its website, there is a live spot pricing for gold and silver. A red arrow indicates a drop in the price, while a green arrow indicates a price increase.
Whenever you lock in a price, it means that you have agreed to purchase the said precious metals at a specific price at a time. However, this locked price will only last for 3 business days.
Whenever you place your precious metals in the Cart in DBS Coins' website, the spot price will remain in a minute. It will then be locked in for 10 minutes, the moment you check out.
Depending on your location, sales taxes may be incurred. For example, if you reside in California, a 8% sales tax will be incurred for all your purchases under $1,500.
But there are no hidden or additional fees. Furthermore, DBS Coins usually give a 2.8% discount on purchases, but this does not apply if you pay via credit card.
Payment Instructions
Check Payment
All check payments are held for 7 to 10 business days.
Checks Payable: DBS Coins
Check Forms Accepted: Personal, Bill Pay Checks
Checks Must be received: 3-5 Business Days after Order Confirmation.
Furthermore, only orders under $30,000 can be paid via check.
Bank Wire Payment
After the sale is confirmed, the bank wire must be done within 2 to 3 business days.
If you want to pay via bank wire, be sure to contact DBS Coins first. All orders over $30,000 must be paid via bank wire.
DBS Coins Shipping
DBS Coins offers FREE SHIPPING AND INSURANCE to all domestic USA orders. They use UPS, USPS and FedEx for shipping.
Currently, DBS Coins ship to all 48 lower states. They do not ship to Alaska and Hawaii anymore. Also, unfortunately, DBS Coins does not currently ship internationally.
Furthermore, orders over $700 will require a signature upon delivery. So be sure to be present when your precious metals arrive.
DBS Coins usually ship the products within 1 to 4 business days after the payments are cleared. Once shipped, DBS Coins will send you a tracking number so that you can check the whereabouts of your precious metals.
DBS Coins Ratings and Reviews (August 2023 Update)
Below are the DBS Coins reviews and ratings online.
- BBB - They have dropped from an "A+" rating to just an "A" rating with 3 complaints closed in the last 3 years, and are still not BBB accredited as of August 2023
- BCA - AA rating with no reviews as of August 2023
- Trustlink - still no reviews listed as of August 2023
However, there is a subreddit that discussed whether DBS Coins is legit. So far, so good. Redditors have expressed that the company is legit and some of them have been purchasing from the precious metals company for quite some time.
As you can see, DBS Coins reviews and ratings are not that impressive. Although they have been in business for more than 14 years already, they still lack enough ratings and reviews.
Here in Your Gold IRA Guide, we really value precious metal company ratings and reviews for checking their legitimacy and getting a glimpse of your services and products.
That proves to be a challenge with DBS Coins since they lack it. If you are the type of investor who likes a company with excellent ratings and reviews, then check out Goldco.
DBS Coins Pros and Cons
Pros
Cons
Is DBS Coins a scam?
Let's conclude this DBS Coins Review with an answer to this commonly asked question.
DBS Coins is not a scam. It is a legitimate company that offers good products and services. Moreover, the fact that it is a member of various organizations says that it is legit.
As a company overall, it is ok. However, it is not the best. First and foremost, DBS Coins lacks a lot of ratings and reviews. Moreover, it is not good for large orders since there are limits.
If you wish to know the best precious metals company, check out my top recommendation below.
Thank you so much for reading my DBS Coins Review. If you have any comments or questions, feel free to leave them in the comments section.