Welcome to this Money Metals Exchange Review.
Is Money Metals Exchange legit? Well... if you're having doubts, you should probably check out the TOP Gold Dealer of 2023 by clicking here first.
That said... If you are still not convinced, feel free to read on...
Quite a few people are wondering if the worldwide economy will ever recover. While no man can know all the future for sure, it seems like it might take quite some time.
Countless people are wondering what will happen next. As a result, some are starting to think about whether pivoting into precious metals like gold and silver might be their ticket out... Perhaps you are one of those people.
And perhaps you have heard about a company called "Money Metals Exchange".
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 in 2023?
WARNING: Before getting started, it needs to be said that you need to do 100% of your own due diligence and research before choosing to work with any company, especially when it comes to precious metals. Do not work with anyone if you do not feel comfortable doing so.
With that being said, let's jump right in and take a look, shall we?
Money Metals Exchange Review Quick Summary
Name: Money Metals Exchange
Founder: Stefan Gleason
Price: Varies depending on your investments
Comparison to other companies
Money Metals Exchange
Gold, silver, copper, palladium, rhodium and platinum
Buy, sell, loans, storage referral program, IRA
Free shipping on all $500+ orders
Augusta Precious Metals
Gold and silver premium and bullion
Buy, sell, IRA, storage educational resources, investment guidance, affiliate program
Free shipping and free insurance on all orders
Gold and silver
Buy, sell, IRA, storage, affiliate program
Free shipping and full insurance
What is Money Metals Exchange?
Money Metals Exchange is an online precious metals provider and news service based in Eagle, Idaho.
The company was founded in 2010, and since then, it has offered various products at competitive prices and even has different services for its clients.
Money Metals Exchange stated that its success and growth are its discreetness, dependability, and highly competitive pricing on its products.
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 very wide range of precious metal products in forms of coins, bars, and rounds. Its website has a product catalog that shows all of their products that they have to offer.
The product categories are the following:
- Gold and platinum jewelry
- Vault metals
Apart from these, Money Metals Exchange also offers gift ideas such as Silver Statutes, Goldback Currency, Proof Silver Eagle and many 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 the complete list of products and services it offers.
You can either create an account or not. If you want to track your orders or be eligible for subscriptions, discounts, and special offers, then it is highly suggested that you have an account on their website. 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."
Note that Money Metals Exchange only allows ONE product order at a time for simplicity. 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 ever you have encountered 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 gold, silver, platinum and palladium products. The steps to sell to Money Metals Exchange are the following:
- Call Money Metals Exchange and inform them that you wish to sell them your precious metals.
- They will give you a price for your precious metals and once you are satisfied with it, you can confirm and lock the price.
- Check your email because they will send you your purchase order. Moreover, they will provide shipping instructions.
- Ship your precious metals to Money Metals Exchange.
- Once they receive your precious metals, they will verify it based on its weight through an independent third-party scale service provider.
- Once confirmed, they will send you your money. The final price will be based 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 of your choice and Money Metals Exchange can work with them.
To get started, follow the steps below:
- Choose an IRA custodian, open an IRA, and fund your account.
- Purchase IRA-eligible precious metals from Money Metals Exchange.
- 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 that include the following.
Loans Against Your Gold
If you don't have cash and look for ways to grab it, you can do it using your precious metals without actually selling them.
Money Metals Exchange offers you low-interest for your 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 and they must be stored in a Class 3 vault facility owned by Money Metals Exchange in Idaho. With that, you can apply for a loan $15.000 or more. However, this is not applicable to all 50 states.
Furthermore, the main conditions are that the loan must be used for business or investment purposes, instead of family, personal or household purposes. But the loan must not be used immediately to buy precious metals.
Money Metals Exchange also has a referral program in which you gain FREE Silver if you refer other people to the company's services and products.
Here is how it works.
- The referring customer, which is you, will receive a FREE 1 oz. SILVER if a new customer mentions your name and places an order.
- You will also receive an additional SILVER AMERICAN EAGLE if your referrals' first order reaches at least $5,000.
- The new customers who will mention the name of their referring customer will also receive ONE FREE HALF-OUNCE PAUL REVERE SILVER ROUND on their first order in the company.
Furthermore, there are certain rules that you must follow:
- Your referrals must be people outside of your household. Only one referral per household will be accepted. And the referrals must place the order and pay themselves.
- For calculating the bonus, order values must be rounded down to the nearest $5,000. For example, if the total order is $19,500, it will only give you 3 free coins instead of 4. The order must reach $20,000 so that you can receive 4 free coins.
- Referring customers will be granted with their payment at the beginning of the month for all of the paid and cleared products of 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 your payment is cleared.
Different payment methods take days to be cleared and I have listed them below, along with their minimum and maximum purchases.
Moreover, free shipping is granted for orders that exceed $500.
Money Metals Exchange accepts various types of payment methods including the following:
- Credit/Debit Card - takes 1 to 2 calendar days to be cleared. 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 be cleared. No minimum purchase amount; however, small purchases may require you to pay some fees.
- ACH Transfer - takes 7 to 10 calendar days to be cleared. Limited to a maximum amount of $575 per purchase, but for you to be free of charges, you need to buy at least $500 worth of purchase.
- Wire Transfer - minimum purchase of $3,000 and a maximum purchase of $50,000. Usually takes 1 to 2 business days to be cleared.
- Money Order - maximum purchase order of $25,000 usually takes 7 to 10 calendar days.
- Cryptocurrency - using this method, you can purchase products up to $200,000. Usually takes 1 to 2 business days to be cleared.
Compared to its competitors, Money Metals Exchange's pricing is slightly higher. But it does offer good buyback prices.
On 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.
They only differed by $25 and $4 respectively, though. Furthermore, payments made via Paypal and credit card requires a 4% fee.
As for the sell prices, Money Metals Exchange offers higher than the competitors. On May 2020, Money Metals Exchanged offered $1,776.70 for an uncirculated American eagle.
This 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 secured.
Delivered Storage Accounts
Your purchase of precious metals from the company can be stored in Money Metals Exchange's vaults.
Furthermore, these products will be assigned to a physical serial number, which can be used by the company for tracking.
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% fee per year. This value changes depending on the size of your account and value of your items.
Sealed Monster Boxes
This is a storage option that is unique to Money Metals Exchange. it provides total protection from theft and damage.
Customer Service is a very important aspect for a company. Most of the time, clients, especially the new ones, will have a lot of questions regarding the products and services offered.
A company must have an excellent customer service to attend to these clients.
Money Metals Exchange has a quality customer service, that is good for helping out the 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.
Frequently Asked Questions
What is the minimum amount of gold that 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, as well as the seller's transaction fees and premiums, will add up to your minimum amount of purchase.
Does the company disclose client information to the government?
No, Money Metals Exchange does not disclose any client information to the government without the issuance of 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 requirements of the Internal Revenue Service (IRS).
Ratings and 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. Still, it 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 June 2023, they have received 158 customer reviews; their average rating is 4.24 out of 5.
June 2023 Update: As of Spring 2023, Money Metals Exchange's rating on Scamreport.com sits at 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 ratings.
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. A lot of reviews expressed their frustration on the customer support of the company, as well as their shipping. Moreover, another review accused the company of deceptive advertising. You can check them out below.
Lawsuit Against Money Metals Exchange
Money Metals Exchange have received lawsuits in the past, which is not good for a company, especially in the investments industry.
One case was the SANCHEZ v. MONEY METALS EXCHANGE LLC. This was filed on March 2, 2021. You can check out the link to view the whole case.
These are basically guidelines for accessing web content.
Moreover, another lawsuit was filed that included 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, which is one of the main ingredients in making galvanized steel.
In the end, the case was dismissed because it was outside the scope of the Federal Sovereign Immunities Act. The London Metal Exchange is immune since it is from the United Kingdom.
Now, in this complaint, it did not really make sense because the source is not clear on the article. If you read it, Money Metals Exchange is not part of the defendants, which is a bit confusing as to why Money Metals Exchange is mentioned.
Pros and Cons
Money Metals Exchange Management Team
Now, let us get to know the people behind 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 who claim to be offering rare and collectible precious metals that are 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, currently being 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 are highly experienced in the industry and more than capable of helping investors look for their dream lives and success in the future.
Are there "better" options out there?
If you are looking to diversify or re-up your current stack, Goldco might be an excellent choice for you. 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?
Judging by most of the 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 should also be careful. Money Metals Exchange has a history of negative reviews from customers 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 usually just 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.