Money Metals Exchange Review 2024: Are they Legitimate?

March 7, 2024

Welcome to my Money Metals Exchange Review.

Is Money Metals Exchange legit?

If you have doubts, you should read this entire review.

So who (or what) is Money Metals? Are they legit? How is their customer support? What do others have to say about them? Are they the right fit for 2024?

We answer all that for you in this review.

Please use this quick navigation menu to jump to the parts that interest you quickly.

Money Metals Exchange Review Quick Summary

Name: Money Metals Exchange

Founder: Stefan Gleason

Price: Varies depending on your investments

Rating: 3/5

Is Money Metals Exchange Legit Reviewed

What is Money Metals Exchange?

Money Metals Exchange is an online precious metals provider and news service based in Eagle, Idaho.

The company's foundation year is 2010, and since then, it has offered various products at competitive prices and even has different services for its clients.

Money Metals Exchange stated its success and growth are due to its discreetness, dependability, and highly competitive product pricing.

Lately, Investopedia has named it "Best Overall" online precious metals dealer due to its high integrity, competitive prices, products, and services, and the fact that it also takes time to educate its clients about the industry, the precious metals market, and how to wisely invest in precious metals.

Money Metals Exchange Products

Money Metals Exchange offers a wide range of precious metal products in coins, bars, and rounds

Its website has a product catalog that shows all of the products that they have to offer.

The product categories are the following:

  • Gold
  • Silver
  • Platinum
  • Palladium
  • Rhodium
  • Copper
  • Gold and platinum jewelry
  • Vault metals

In addition to these, Money Metals Exchange also offers gift ideas such as Silver Statutes, Goldback Currency, Proof Silver Eagles, and more.

Check out their website to view their complete list of products.

How to buy from Money Metals Exchange?

Buying from Money Metals Exchange is made quick, easy, and simple through its website.

It has a product catalog showing its complete list of products and services.

You can either create an account or not.

It is highly suggested that you have an account on their website if you want to track your orders or be eligible for subscriptions, discounts, and special offers.

Don't worry because it is free.

First, you go to the product catalog and check out the products.

Once you have chosen the products you want, add them to your "Cart."

For simplicity, Money Metals Exchange only allows ONE product order at a time.

If you wish to order multiple products, you must repeat the process.
After adding them to your "Cart," you can edit your orders.

Once finalized, proceed to "Check-Out."

After that, pay for your orders and provide your billing and shipping information.

After you have placed your order, it usually takes 1 to 5 days for your products to be delivered, depending on your chosen depository.

If you ever encounter any issues in the buying process, feel free to call Money Metals Exchange.

Their staff are more than happy to help you out.

How to sell to Money Metals Exchange?

Apart from buying from Money Metals Exchange, you can also sell to them.

If you have precious metals that you wish to liquidate, then give the company a call.

Money Metals Exchange accepts goldsilver, platinum, and palladium products.

The steps to sell to Money Metals Exchange are the following:

  1. Call Money Metals Exchange and inform them that you wish to sell them your precious metals.
  2. They will give you a price for your precious metals, and once you are satisfied with it, you can confirm and lock the price.
  3. Check your email because they will send you your purchase order. Moreover, they will provide shipping instructions.
  4. Ship your precious metals to Money Metals Exchange.
  5. Once they receive your precious metals, they will verify them through an independent third-party scale service provider based on their weight.
  6. Once confirmed, they will send you your money and base the final price on the live bid.

Does it offer IRA services?

However, since Money Metals Exchange is not an IRA custodian, it can only provide you with IRA-eligible precious metals.

Moreover, it can, instead, connect you with IRA custodians.

It highly recommends New Direction Trust Company, a precious metals IRA service provider specializing in holding various assets, including precious metals, real estate, and private loans.

Moreover, it has very competitive pricing, with fees starting at only $75 per year.

You can also choose another IRA custodian you select, and Money Metals Exchange can work with them.

To get started, follow the steps below:

  1. Choose an IRA custodian, open an IRA, and fund your account.
  2. Purchase IRA-eligible precious metals from the Money Metals Exchange.
  3. Your custodian will issue a payment for your metals and have it shipped to your chosen depository for storage.

Other Money Metals Exchange Services

Besides selling precious metals, buying precious metals, and providing IRA services, Money Metals Exchange offers its customers other features, including the following.

Loans Against Your Gold

If you lack cash and are looking for ways to earn it, you can use your precious metals to do so without selling them. 

Money Metals Exchange offers low interest on gold, silver, platinum, or palladium bullion bars, rounds, and coins.

Here are the following requirements:

First, you must own at least $20,000 worth of precious metals, which you must store in a Class 3 vault facility owned by Money Metals Exchange in Idaho.

With that, you can apply for a $15.000 or more loan.

However, this does not apply to all 50 states.

Furthermore, the main conditions are that you must use the loan for business or investment purposes instead of family, personal, or household purposes.

However, the loan must wait to be used to buy precious metals.

Referral Program

Money Metals Exchange also has a referral program in which you gain FREE Silver if you refer others to the company's services and products.

Here is how it works.

  1. You, the referring customer, will receive a FREE 1 oz. SILVER if a new customer mentions your name and places an order.
  2. You will also receive an additional SILVER AMERICAN EAGLE if your referrals' first order reaches at least $5,000.
  3. New customers who mention the name of their referring customer will also receive ONE FREE HALF-OUNCE PAUL REVERE SILVER ROUND on their first order with the company.

Furthermore, there are specific rules that you must follow:

  • Your referrals must be people outside of your household. Money Metals Exchange referral program will accept only one referral per household. And the referrals must place the order and pay themselves.
  • Order values must be rounded down to the nearest $5,000 to calculate the bonus. For example, if the total order is $19,500, it will only give you three free coins instead of 4. The order must reach $20,000 to receive four free coins.
  • Referring customers will be granted payment at the beginning of the month for all of the products paid and cleared by their referrals from the prior month.

Shipping and Payment Methods

The shipping time of your products will depend on your payment method because the company will send you your products once you clear the payment. 

Different payment methods take days to clear, and I have listed them below, along with their minimum and maximum purchases.

Moreover, Money Metals Exchange will grant you free shipping for orders that exceed $500.

Money Metals Exchange accepts various types of payment methods, including the following:

  • Credit/Debit Card - cleared takes 1 to 2 calendar days. Limited to a maximum of $575 per purchase
  • Paypal - takes 1 to 2 days to be cleared and is also limited to a maximum of $575 per purchase.
  • Personal check - limited to a maximum of $25,000 per purchase, and it takes 7 to 10 calendar days to clear. There is no minimum purchase amount; however, small purchases may require paying some fees.
  • ACH Transfer: It takes 7 to 10 calendar days to be cleared. It is limited to a maximum of $575 per purchase, but to be free of charge, you need to buy at least $500.
  • Wire Transfer: The minimum purchase is $3,000, and the maximum is $50,000. It usually takes 1 to 2 business days for the transaction to be cleared.
  • Money Order - maximum purchase order of $25,000 usually takes 7 to 10 calendar days.
  • Cryptocurrency: You can purchase products up to $200,000 using this method. Usually, it takes 1 to 2 business days for the transaction to clear.

Money Metals Exchange Pricing

Compared to its competitors, Money Metals Exchange's pricing is slightly higher.

  • But it does offer reasonable buyback prices.

Buy Prices

In May 2020, a spot check on the Money Metals Exchange website showed that they sold an ounce of American Eagle coins from an uncirculated random year costing $1,867.70.

However, this price is much higher than that of JM Bullion and Golden Eagle Coin, two of the company's competitors.

They only differed by $25 and $4, respectively, though.

Furthermore, payment via PayPal and credit card requires a 4% fee.

Sell Prices

As for the sell prices, Money Metals Exchange offers are higher than the competitors. 

In May 2020, Money Metals Exchanged offered $1,776.70 for an uncirculated American eagle.

This selling price is higher than JM Bullion ($1,752.21) and Golden Eagle Coin ($1,750.75).

Storage and Fees

Money Metals Exchange also offers storage services for your precious metals, making them safe and secure.

Delivered Storage Accounts

Money Metals Exchange will store your purchase of precious metals in their vaults.

Furthermore, these products will be assigned a physical serial number, which the company can use for tracking.

Storage Accounts

You can leave your precious metals with Money Metals Exchange for storage and safekeeping.

This storage account will cost you a minimum of 0.46% yearly fee.

This value changes depending on the size of your account and the value of your items.

Sealed Monster Boxes

Sealed monster boxes are a storage option unique to Money Metals Exchange.

It provides total protection from theft and damage.

Money Metals Exchange Customer Service

Customer Service is an essential aspect of a company.

Most clients, especially new ones, have many questions regarding the products and services offered.

A company must have excellent customer service to attend to these clients.

Money Metals Exchange has quality customer service, which is good for helping clients, especially with their programs.

Clients can contact them via email or their phone number, Monday through Friday (7:00 AM to 5:30 PM MT).

However, if you contact them through email, it might take a few business days for them to respond.

Money Metals Exchange FAQ

What is the minimum amount of gold  you can buy?

As a private investor, the minimum amount of gold you can buy is 1 gram.

However, precious metals are usually in troy ounces

This means that your investment budget and the seller's transaction fees and premiums will add up to your minimum purchase amount.

Does the company disclose client information to the government?

No, Money Metals Exchange does not disclose client information to the government without issuing a valid search warrant upon proof of probable cause.

Can I hold gold and silver coins to my IRA?

Yes, of course you can.

Moreover, platinum and palladium coins are also eligible as long as they meet the Internal Revenue Service (IRS) requirements.

Money Metals Exchange Ratings & Reviews

Well, here is a short blurb from the "reviews" page of their website:

"At Money Metals Exchange, we take customer service seriously and want beginner or experienced investors to feel safe when purchasing bullion online.

We welcome customer reviews and have a team of proffessional precious metals experts to tackle any complaints that may arise." - Moneymetals.com

The typo in "proffessional" is probably not the most convincing thing you'd wish to see on a company website in an industry where a "fat finger" can cause significant financial issues.

This typo could be overlooked depending on your point of view.

According to the third-party review site BBB.com, they have an "A Plus" rating and have been in business for 13 years.

As of March 2024, they have received 158 customer reviews; their average rating is 4.24 out of 5.

Is Money Metals Exchange Legit BBB June 2023

March 2024 Update: As of March 2024, Money Metals Exchange's rating on Scamreport.com is 4 out of 5 (based on 19 reviews), and 2 out of 4 of the most recent reviews left gave them a 1 out of 5 rating.

One of the reviewers left the following comment,

"Do yourself a favor and buy metals someplace else. Very misleading with their website and advertisements."

Take that for what you will.

Moreover, in Trustpilot, Money Metals Exchange received a poor rating of 2.4 out of 5.

Many reviews expressed their frustration with the company's customer support and shipping. 

Moreover, another review accused the company of deceptive advertising.

You can check them out below.

Is Money Metals Exchange Legit Trustpilot Negative Review 1
Is Money Metals Exchange Legit Trustpilot Negative Review 2
Is Money Metals Exchange Legit Trustpilot Negative Review 3

Lawsuit Against Money Metals Exchange

Money Metals Exchange has received lawsuits in the past, which is unsuitable for a company, especially in the investment industry.

One case was the SANCHEZ v. MONEY METALS EXCHANGE LLC.

Sanchez filed the lawsuit on March 2, 2021. 

You can check out the link to view the whole case.

But in summary, Sanchez filed the lawsuit because the website of Money Metals Exchange does not pass the accessibility standards as per WCAG 2.0 and WCAG 2.1

These are guidelines for accessing web content.

Moreover, a customer filed another lawsuit involving Money Metals Exchange.

According to this source, the plaintiffs stated that the defendants, Goldman Sachs, JPMorgan Chase & Co, London Metal Exchange, and the warehouse operators, allegedly inflated the price of zinc, one of the main ingredients in making galvanized steel.

Ultimately, the Federal Sovereign Immunities Act dismissed the case as it was outside their scope. 

The London Metal Exchange is immune since it is from the United Kingdom.

In this complaint, it did not make sense because the article's source is unclear.

If you read it, Money Metals Exchange is not among the defendants, which is a bit confusing as to why It is mentioned.

Money Metals Exchange Pros & Cons

Pros

  • Live pricing on the website
  • Fairly easy to navigate website
  • Offer quite a few more products (like rhodium bars for example)
  • Has several modes of payment, including cryptocurrency
  • A+ BBB rating
  • Has good services
  • Offers IRA services
  • Offers several storage options

Cons

  • Payment method restrictions
  • Apparently someone had a payment issue with them, but its a bit hard to say if it was the customers issue or theirs...
  • Limited support
  • Received lawsuits in the past
  • Received really negative reviews on Trustpilot about their customer support, advertising and shipping

Money Metals Exchange Management Team

Let us get to know the people behind the Money Metals Exchange.

According to the City of Eagle, Idaho's website, the company started in 2010 with just one employee on the second floor of the historic Eagle Hotel.

This employee is Stefan Gleason, the company's founder and president.

He created Money Metals Exchange as a response to other companies that claim to offer rare and collectible precious metals priced 50% to 100% more than their actual value.

He didn't like this and considered it an abusive practice that preys on investors' money instead of helping them.

Stefan is very decorated and is currently a business leader, investor, and political strategist.

Moreover, he has appeared on various media networks, such as CNN, CNBC, Fox News, and Fox Business.

Other people behind Money Metals Exchange are the following:

  • Clint Siegner — Co-Manager of Money Metals Exchange
  • Mike Gleason — Co-Manager of Money Metals Exchange

Both of them have extensive experience in the industry and are more than capable of helping investors look for their dream lives and success in the future.

Are there "better" options out there?

If you want to diversify or re-up your current stack, Augusta might be an excellent choice.

They're a trusted and experienced full-service precious metals firm.

They specialize in taking care of gold and silver IRAs.

Is Money Metals Exchange Legit logo

Money Metals Exchange

PRODUCTS:

Gold, silver, copper, palladium, rhodium and platinum

SERVICES:

Buy, sell, loans, storage referral program, IRA

SHIPPING:

Free shipping on all $500+ orders

Best Online Gold Bullion Dealers Augusta Precious Metals

Augusta Precious Metals

PRODUCTS:

Gold and silver premium and bullion

SERVICES:

Buy, sell, IRA, storage educational resources, investment guidance, affiliate program

SHIPPING:

Free shipping and free insurance on all orders

Goldco Logo

Goldco

PRODUCTS:

Gold and silver 

SERVICES:

Buy, sell, IRA, storage, affiliate program

SHIPPING:

Free shipping and full insurance

Money Metals Exchange Review: So are they Legit?

Judging by most reviews left on places like the BBB website, it seems unlikely that Money Metals is a scam. Could a company be in business for ten years with an "A Plus" rating from the BBB if they were a scam?

However, I suggest that you also be careful. Money Metals Exchange has a history of negative customer reviews and even received a lawsuit.

You must research before picking someone to work with about precious metals. 

You need to do your homework and only proceed with people if you are 100% comfortable with them and your decision. 

No precious metals company is ever going to be "perfect."

Some may offer a better fit than others.

It comes down to which company you feel most comfortable with.

I hope you found this helpful info.

If you choose to work with Money Metals Exchange, please leave a review in the comment section below so that this article can be updated with your experience, as it could help out your fellow readers by giving them the most up-to-date info.

If you have any questions, please leave them in the comment section below.

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Anis is a digital marketing expert that enjoys writing blogs and helping people avoid scams online; he is passionate about investing in real estate and gold; in his free time, Anis loves playing football, going to the gym, and hanging out with friends.


By the way, if you are tired of scams and want to invest with a legit gold company, check out my 6 top legit gold IRA companies of 2024!

Anis

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  1. I have bought and sold coins many times with MME and always had a very good experience. As long as you follow all the rules for buying and selling to them you will have a good experience. They are fair in pricing, very quick to ship, package items very securely, and deliver exactly what you buy from them. I have used MME since they started business around 10 years or so. I highly recommend MME to anyone wanting to purchase or sell coins.

  2. We have dealt with MME for the past year and we have been very satisfied with our purchases. Our items have always arrived in a timely manner and we received exactly what we purchased.

  3. I find that most people who comment are usually ones that have had a poor experience. I have only been working with MME for four months but everything I have purchased has been delivered as expected and has been exactly what I have ordered. I think it is unfortunate that Larry think that one bad review is one too many. He must not want to do business with anyone then because there will always be a bad review from someone.

  4. I have been dealing with Money Metals Exchange for at least 5 years. I have never had a problem with them. They are an excellent company and are one of the few that allow you to buy as little or as much precious metals as you like. Some of the big name companies require you to buy at least $5000.00 or more for a minimum purchase. At money metals exchange you can buy one ounce or 1000 ounces of any precious metals.

    I am not familiar with Goldco and I won't say anything good or bad since I have never worked with them. This reply is not ment to promote or debase any company that deals in precious metals.

  5. Money Metals is an Excellent firm.
    MONEX is good for bulk.
    Asset Strategies is good for advice.
    SD and JD are good.

      1. I think this article is trying to push people to goldco, booooooo and shame on you. play fair and write an article about goldco if you think their so good.

        I have used MME once and they were AMAZING and i even talked to someone on the phone. they were very nice and adjusted my shipment for my personal needs.

        I highly recommend MME……

        1. Hi Luke, I never said that Money Metals Exchange is a scam and I already have an article about Goldco on my website, thanks for dropping by.

  6. I ordered 8 silver rounds and the website said the promotional code entitled me to an additional 1 full oz silver. I expected a 1/2 oz bonus. I received the 8 silver rounds, but no bonus silver of any kind.
    Customer service said I was mistaken regarding their website offering me the 1 oz bonus. (I should have taken a screenshot.) They said they would only send me the 1/2 oz bonus if I bought more.
    I will not do business with these 'company' again.

    George Theders

    1. I bought from them last month, paid with PayPal. I had trouble getting the order placed, I had to do it twice for it to go through. I did get my shipment on time, but, later I got a call from them saying that they were holding my order awaiting payment. I was scolded by the person calling when I told her my trouble placing the order. She said "We will cancel it, but, in the future you will be liable for all orders placed".

      Last night I decided to order some silver from them and put the order on a debit card instead of PayPal. When I went to check-out it said that I have gone over my limit of $1,000 within a 60-day period on a debit card and needed to select a different payment option. I then selected PayPal and again it said the same thing. Both times I had to sign a statement that said that I was liable for payment on the order placed. I now have two identical orders that I signed as liable, but it will not take my payment for either one.

      I called them right after and they were closed for the day. I am awaiting their return call.

  7. Have been buying from money metals since 2015, have had no issues with them..they don't pressure you into buying anything and you get what you buy..

  8. I but small amounts that all i can afford to do so i get a few ounces of metal sent to me göt a small amount over supôt prices. I want to check with you about my options as to find out if your company sales and ships silver on small amounts? Mybe 5 oz's at a Time. I understand you guys saré highly trusted göt IRA accounts but on my case i can not do that just yet. Could i buy only small amouts for

  9. I have worked with Money Metals for three years at this time. I have a monthly investment account for gold. I also purchase silver monthly on the side. I could not ask for better customer service, fair pricing, quick shipping and quality product. Never had a single issue to date!

  10. I have been dealing with MME for about nine years. I have used their automatic monthly purchases, purchased silver & gold on line and grabbed great deals by phone. I received the 1/2oz silver round several times but I made sure I phoned my order in and checked the emailed order confirmation asap which shows what is being shipped. Never had a problem. I also check randomly with a silver/gold test kit- everything, everything is just what I ordered.

    I continue to use them today. I also go to the BBB site and check complaints and find that it has usually been problems with the purchaser not reading the length of time for a check to clear before MME ships and the purchaser expects the order shipped sooner. All the guidelines are there do the "Due Diligence" the old school way- READ and cross reference, slow down and do not get distracted or rushed- Use Your Common Sense.

    MME is the Best I Have Found and my continued purchasing confirm that.

  11. If you are looking to buy coins, go somewhere else, I received a disclaimer after payment and was told the transaction was final. No refunds

    1. Transactions are always final. They may, and have, refunded customers as long as they dont lose money when the value of the purchase goes UP. In that case, deals off.
      This is all explained in the purchase agreement. Purchasing is incredibly simple and easy.

  12. i have done a lot of business and they are great, i have bought a lot of silver dollars from them and im VERY satisfied

  13. MME is a great company to deak with. Very professional. Always answer the phone and respond very quuckly.

    Tge fact tgat you post this in order to try to flip people to buy from goldco is a HUGE RED FLAG!

    Quality companies promote themselves.

    They do not need to bash the competition.

    You may want to reconsider your marketing tactics.

    I have dealt with Money Metals for a couole years and have great service.

    Also anyone tossing out tge race card is the true racist.

    Good day

    1. How am I bashing Money Metals Exchange? I could promote them too and make a commission off them as well, but what I shared are facts and I did not say they are a scam just do your research before you make a decision that goes for Goldco or Money Metals Exchange.

      Thanks for visiting and dropping a comment!

  14. I just got my order today Aug 28. They short changed me one mercury (ordered $5 face).
    I sent an email an hour ago. I will see how they handle my situation before purchasing any more from mme.

  15. I have dealt with MME for only 6 months and I honestly say they are very reputable and you receive exactly what you order. Orders are sent timely, well packaged, insured, and customer service is easy to be in touch with. I highly recommend them as a dealer in gold and silver. Give them an option of fufiling your needs as it comes to your investments in precious metals.

  16. MoneyMetalExchange actually answers the phone, their customer support was very good in the three times I called them, and they only had 34 complaints on the BBB website over the course of 11 years. They worked hard to resolve almost every one of them (except one) and most were the fault of inexperienced and ignorant customers, not MoneyMetalExchange.

    1. Hi there Lisa, yes I do promote Goldco as one of my top recommended gold companies, thanks for sharing with us, glad that Money Metals Exchange is working for you.

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