Hello and welcome to my ‘Is ICCoin A Scam?’ article!
Nowadays, a lot of people are spending a lot of money towards metals. As such, bullion dealers are being created at a fast pace. This ‘Is ICCoin A Scam?’ article will focus on listing valuable information about this firm.
Currently, our world is slowly adjusting from the economic problems brought by the pandemic. Moreover, many are becoming more and more anxious about their financial security. Are you one of them?
If so, then this good read is for you. A couple of decades ago, a new investment venture came into light; precious metals. Consequently, companies then started to revolve their businesses around these metals. Later on, self-directed IRAs were introduced.
Now, for you to have assets in your IRA, you need to acquire these from certified bullion dealers. In this way, you have the guarantee to receive legitimate coins and bars. Example of these dealers is ICCoin.
But, is ICCoin the best choice out there? Put side by side, how does it compare to the giants in the industry, such as Goldco? To give an accurate evaluation, this article will provide you with necessary details about this firm.
Without further ado, let us start this ‘Is ICCoin A Scam?’ article!
ICCoin Review Quick Summary
Name: ICCoin
CEO: Richard Thurston
Prices: Varies per coin type
IRA Services: Not available
IRA-eligible Coins: Available
Rating: 3.5/5
What is ICCoin?
To start, ICCoin is a Vermont-based precious metals dealer. Founded in 1974, it is among the world’s oldest dealers of quality metal coins. As a dealer, they mostly offer gold, silver, platinum, and palladium products.
By this point, you might wondering about the benefits of investing in precious metals. First and foremost, it is an industry that is on the rise and exercises benefits from tax deductions. On top of that, it is among the most secure business ventures around.
Normally, companies that deal with precious metals, in any form, will have a healthy stock of these items. In our case, ICCoin is among these firms. Additionally, them being in the industry for well almost five decades speaks of their resiliency and ethics.
In perspective, many bullion dealers cannot stay afloat in the industry for too long. Several reasons are behind these ranging from incompetent service, issues about the authenticity of their products, and many more.
For their coins, they are separated into two major categories: US Coins and World Coins. Therefore, if you are looking for coins apart from US-minted, you can freely do so. In this way, this adds positive points to ICCoin.
About their customer service, there is a varied consensus about their contact support. Perhaps, the different outlooks on their business ethic might just be isolated cases, but it is something to look into.
Moving on, their online platform looks neat and simple. Personally, I am a fan of simplistic layouts where it leads me directly to the product I need. Furthermore, their website is not ladled with many advertisements which tends to become messy.
By the points above, it would seem that purchasing your metals from ICCoin is an excellent move. However, a meticulous and savvy investor would dive deeper. For that reason, do read the upcoming sections on what makes ICCoin a good company or not.
But before that, if you want to skip to my preferred precious metals company, do visit Goldco. Frankly speaking, this gold IRA firm outshines many metals company around.
Products and Services Offered
As previously mentioned, ICCoin is mainly focus on precious metals offerings. That is why, they offer no IRA services. Unfortunately, in these times, many investors are looking for IRA custodians to help them with their account.
Nevertheless, let us focus on the inventory that ICCoin has to offer. First off, we will be discussing the items they have under ‘US Coins’. Commendably, their inventory is wide that it can almost cater to every need possible.
However, it must be noted that I was only able to ascertain a couple of items that can be used for an IRA. For instance, they have offerings of American Silver Eagles. Sadly, this is the only IRA-eligible coin they have at their disposal.
For a comprehensive list of their US Coins, please take a look below:
- Early Coinage
- Currencies (Cents, Nickels, Dimes, Quarters, Half-Dollars, Dollars)
- American Silver Eagle
- Proof and Mint Sets
- Commemoratives.
On the other hand, these are the offerings they have for World Coins
- Ancient
- African
- Australian
- Canadian
- Chinese
- Germany
- Philippines
- Among many others
From what you can see, they have a lot to offer in terms of coins. Do note, however, that the actual stock available is not available. Therefore, these items becoming available to you may come solely as luck.
How Does It Work?
For new buyers, purchasing from ICCoin is as easy as counting from one to three. Similar to other companies, ICCoin asks you to create an account in their online platform.
After which, you can then scroll and check out items you want from their offerings. Normally, you will be given some major details about the product and most importantly, its price.
In the checkout counter, you will need to check whether or not you have the right item in your cart as well as its quantity. And, after this, you can start purchasing them.
Payment Methods
For their payment methods, ICCoin supports a lot of platform. To name a few, you can make your payments thru AmazonPay, ApplePay, PayPal, and credit cards (VISA, MasterCard, Discover and American Express)
Shipping
Fortunately, they allow purchases from around the globe. As such, if you are a buyer outside of U.S.A., then you need to contact them about the specifics of your package. Let us say, the additional shipment fees and the expected time of shipment.
On top of that, buyers that purchase $499 or more will have no shipping fee. Sadly, there is no information available about this promotion being open to non-American buyers.
Below are the shipping fees in ICCoin.
U.S. Orders
- Orders over $499 have FREE shipping
- Standard shipping fee is $6.95 with an estimated delivery of 10 to 14 business days
Canada Orders
- Shipping fee of $16.95 with an estimated delivery of 3 to 4 weeks
International Orders
- Shipping fee of $30 with an estimated delivery of 3 to 4 weeks
- If you pay via credit card, expect that the delivery time will take around 4 to 6 weeks. If you wish for an immediate order processing, ICCoin recommends paying using PayPal.
Return Policy
Next, one can return their items within 30 days of receiving. Meanwhile, special products can only be returned before 10 days. So, it is worthwhile to check your items for their quality and quantity.
Customer Ratings and Reviews
- Better Business Bureau - A rating, accredited since 1987, no reviews and has 2 complaints closed in the last 3 years
Sadly, this is the only available review for ICCoin. For a company that's already been around for too long, this seems to put ICCoin at a disadvantage compared to its competitors. For example, they have no listings on Business Consumer Alliance or TrustLink!
With this, ICCoin might be better off as your alternative choice for a metal dealer. Of course, this does not speak entirely on their business ethics, but it certainly gives off a warning.
Pros and Cons
Pros
Cons
The Verdict!
As a conclusion, this 'Is ICCoin A Scam?' article managed to arrive at an answer. Fortunately, this company is not a scam! Moreover, their products are legitimate and alluring.
First off, their website is great and intuitive. It is easy to navigate and pleasing to the eyes. As for their products, they are very diverse and it is a welcoming sight to see other national coins being offered.
Although, there are still some areas that they need to improve. For instance, they have no IRA offerings. On top of that, only one of their products is eligible for IRA-usage!
Next, they seem to have little to no online presence. For a company that's been around for too long, this seems a little fishy. Not to mention, they have reports of uncooperative representatives.
Generally, coin dealers are supposed to be amicable and diverse. Amicable in a way that they are willing to put their customers' needs first. Furthermore, additional IRA-eligible items must be at their priority.
Regardless, if you are an avid coin collector, this is a place for you. They have tons of beautiful items on display. However, I would not recommend this firm if you are an investor or IRA-holder.
If you are looking for a better suggestion, conduct business with Goldco. Among the bullion dealers out there, this company alone holds the top spot!
As usual, I extend out my gratitude towards you for reading this 'Is ICCoin A Scam?' article of mine. For comments and suggestions, do leave them at the appropriate section below.
