Our review of Money Metals Exchange

Money Metals offers self-directed precious metals IRA accounts that enable investors to own gold, silver, platinum, and palladium bullion, coins, and more as part of their nest egg.

Their IRA accounts are also tax-advantaged, like traditional IRAs and other retirement accounts. In fact, you can even roll over or transfer the funds from these accounts to a Money Metals plan for a more diversified, inflation-hedged portfolio.

Our analysis of Money Metals in short

Company name: Money Metals Exchange

BBB grade: A+

Summary: Money Metals has all the makings of a savvy precious metals IRA company that also enables investors to make their asset purchases with cryptocurrency and also receive cryptocurrency in return for their buybacks. However, with so many complaints under their belt, we don’t know if it’s such a savvy idea to invest in them.

Our score: 4/5

four out of five stars
beware check if Money Metals Exchange is among our list of unreliable gold IRA companies that should be avoided

Should you work with Money Metals Exchange in 2024?

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Members Can Also Borrow Against Their Precious Metals

They boast that they are also one of the few alternative asset IRA companies that enable their members to borrow against their gold or silver up to 75% of the value of their assets, provided certain circumstances apply.

Clients also benefit from low-interest rates compared to pawnshop loans. They also receive their borrowed funds fast.

Valuable Investing Information and Low Product Fees

The company also promises to provide you with the best information on selling your assets to get the best value.

As their client, you also avoid costly middleman markups on their products. And they state that they will never pressure you to get anything.

In fact, the company’s president, Stefan Gleason, shares that the main reason for starting Money Metals was to offer the public fairer pricing on numismatic and collectible coins and more over other precious metal dealers that are known to charge a markup amount on their products that is well above their melt value.

The company is also hailed by industry experts, such as Investopedia, for its extensive educational support and friendly assistance to newcomers, regardless of their minimum investment or order size.

Voted Best Overall Precious Metals Company in the U.S. by Investopedia

Money Metals was named best in USA by investopedia and handles over 3 billions dollars in assets

Investopedia also named them as America’s best overall gold dealer for 2021 and 2022 based on its client-centered business model, price advantages over its competitors, and one-on-one service, all of which have contributed to the company’s favorable online reputation.

Pros about Money Metals Exchange:

They Work With Any Self-Directed IRA Custodian

After your account has been opened and contains funds, you will get to choose a custodian to make your precious metal acquisitions on your behalf, ensure they get to the depository safely, and oversee them from them on out.

The New Direction Trust Company is Money Metals’ preferred choice of custodians for its users.

This is because they specialize in holding alternative IRA investments, including precious metals, and their yearly costs start at just $75, which is lower than most other custodian companies. They state that their members also receive superior customer service with them.

However, they also works with various other custodians, including Mountain West IRA, Preferred Trust Company, Advanta IRA, and American IRA company, whom they also strongly recommend because they work with their storage service.

As for any other self-directed IRA custodian like Equity Trust or GoldStar Trust, they state that they will work with them but can’t guarantee their storage choices.

They Also Accept Bitcoin and Other Crypto Payments

Unlike many other gold IRA companies such as the Oxford Gold Group or Gold Alliance, this firm also allows you to get your silver and gold bullion using crypto, which can be done via phone or online.

The company states that it can also pay in their preferred cryptocurrency for their assets. However, you will be charged at least a 3% service fee for the transaction.

Money Metals boast that their platform can also be used by digital coin traders seeking more security in such assets during volatile markets or against underperforming crypto exchanges and more. If you’re interested in investing in such alternative assets with you IRA, have a look at our best bitcoin IRA company guide.

If you like, you can also trade them using cryptocurrency and then have them held in the company’s storage facility. Then, once they are ready to exchange their precious metals, they can trade them back for cryptocurrency to save on and more.

They Have Their own Depository

The organization also has its own depository, which you can choose for its many benefits over other storage facilities, including the county sheriff’s headquarters is also located in the building.

Your rare resources from the earth are also constantly monitored via video cameras and armed guards. Meanwhile, the vault itself is also outfitted with electronic security to also protect against theft. Clients’ precious metal deposits are also insured by Lloyd’s of London.

Once your assets reach the depository, they are also stored separately from all other clients’ precious metals, so the gold and silver, etc., you see during the time of your purchase are actually yours.

Your assets are also packaged on video and then unwrapped on video before being put into storage to serve as proof of your purchase, which can all be observed right from your residence.

Affordable storage fees

Clients can also monitor their account’s performance anytime online to remain in the know.

The company also boasts an affordable storage fee of $96 or more per year. You are also not charged insurance or shipping costs while your assets are in the depository’s care.

Lastly, since the facility is U.S. based, there are no government inspections, etc., to worry about.

However, their users can also choose to store their precious metals in a storage facility outside of their depository, depending on their chosen trustee.

They Offer IRS-Approved Products

Money Metals website homepage displaying their IRA products

When you put precious metals in your IRA, they must meet certain IRS standards for purity and fineness, which can be confusing if you are not familiar with their different grades.

However, the firm promises to help take the guesswork out of knowing which precious metals qualify for your IRA by providing you with a list of gold, silver, platinum, and palladium that are eligible for your retirement account.

This means that the gold bullion and coins are at least 99.5% pure, the silver bullion and coins are at least 99.9% pure, and they have also been produced by an accredited manufacturer or national government mint.

Your chosen custodian will also typically check that the resources you add to your IRA are IRS-approved to help keep your account compliant.

They Offer a Monthly Gold and Silver Savings Program

When you choose to invest in gold or silver via Money Metals’ Monthly Saving Plan, it allows you to save and then acquire your assets in monthly increments so that it’s easier to accumulate your precious metal stores.

It also enables you to get more because you are charged lower premiums than those who get their goods outsides of the plan.

You can also choose the amount you want to be charged for your bullion each month simply by locking it in each time period. Then, once you lock in the amount, simply complete your acquisition before the month’s end.

However, there is a minimum monthly investment amount of at least $100, after which time you can get as much gold and silver as you’d like, provided it’s not part of your IRA, which has a yearly contribution limit of $6,000 for those 49 and under and $7,000 for those over 49.

You can also choose the method you want for added ease of investing.

You Can Also Trade Your Valuable Assets to the Company

Money Metals states that it will also repurchase your gold, silver, platinum, and palladium at costs that far exceed its competitors’ offers. And this is true whether you acquired it from them or another dealer.

Simply contact them by phone to lock in your cost, which is typically slightly higher or the same as the current spot price for your precious metals.

They also boast that their payments are prompt and that all their sales are kept strictly private for maximum convenience.

They Offer Customer Perks

When you signup to receive emails from them, you will also receive a host of other resources, including a guide, a subscription to their newsletter with metals market updates.

They sometimes also give some extra gold or silver back when you trade over a certain amount.

This company also has a referral program that enables you to earn a complimentary silver Eagle coin when you refer someone to their company.

The person you referred can also earn silver Eagle coins based on the size of their order, which also means more silver for you.

Resources for Investors

The company states that its priority is on increasing its members’ understanding of the industry for more savvy investing; hence, they provide them with access to valuable market news and intriguing podcasts to help educate them and address any questions they may have.

They can also gain access to even more useful information by visiting Silver Market News Online from the company’s site for yet another level of education to help them meet their goals for retirement.

Users can also explore the articles, news updates, precious metals value charts, and more on their site for greater insight into the market and better investing.

Money Metals’ Cons:

They Don’t Include a Full Cost List on Their Site

While the company mentions its annual fee for storage, it does not make mention of any other costs that may be associated with your account, such as an account setup, custodian, wire transfer fees, and more, which is important for choosing the best precious metals IRA company for you.

However, you can contact them to get a list of them if you don’t mind taking the time to do so.

Is Money Metals a Scam?

One of the best places to begin your research to find out if a company is a scam is the Better Business Bureau website.

Here, if a company is registered with the BBB, which most reputable companies are, you can find loads of helpful information about them via their profile, including the overall grade they have with the website based on their business practices.

You will also find a company bio where you can learn how many years they have been in business, their registered company name, and more to help check the details of their website against the details provided on the site to see if they are legit.

Accredited with the BBB since 2011

If the company has any complaints filed against them with the BBB, you will also be able to skim through them to see if they mention anything about being wronged by the company.

That said, we did find a business page for Money Metals on the BBB website, which shows that the business is accredited with the Better Business Bureau and has been since 2011.

They also have an A+ with the BBB, which is the highest rating you can receive from the organization.

As of this writing, the corporation also has an overall score on the BBB of 4.21 stars out of 5 based on an average of 153 testimonies.

A few complaints but 100% business response rating

The company also has over 40 complaints, but none that actually expressed concern about them being a scam. To learn what concerns members did express about the company in their complaints, be sure to check out the section below titled “Are there any complaints filed on Money Metals?”.

So overall, we agree that the company does not appear to be a untrustworthy given its accreditation and credibility with the BBB; however, it may have a few kinks to work out regarding the high number of complaints it has on the site.

However, they also have a 100% business response rating with the BBB, which means they are responsive to their customers’ issues.

How is Their Member Support?

The company states that one of the reasons it was chosen as the Best Precious Metals Company in the United States for two years in a row by Investopedia is its customer-centered focus, which enables them to provide the best support.

And there are over 100 positive feedback on the BBB site, praising the company for their quick responses, polite service, budget-friendly prices, and more to back it up.

They also have several positive comments on Facebook recommending the company for its representatives’ all-out effort and friendly, professional support that made the account sign-up, funding, and trading smooth.

However, they also have various testimonies concerning poor customer service when addressing their transport issues.

Has There Been Any Complaint About Money Metals?

Unfortunately, for all the favorable consumer praises Money Metals has, they also have their fair share of complaints.

The many complaints filed with the BBB centered mostly around the company’s nonchalant attitude concerning wrong or lost shipments, leaving users at a loss both financially and asset-wise.

After checking Trustpilot, we found there were also a few complaints concerning being wrongly charged for uncompleted transactions, an inability to cancel transactions, and receiving a lower amount for their precious metals than what they were led to believe they would get.

However, there were nothing but positive online testimonies for the company on Reddit and Facebook, where they have a grade of 4.4 out of 5 stars based on 182 feedback.

To conclude our in-depth analysis of Money Metals

We like the company’s principles when it comes to the selection of alternative assets they offer, and at promised lower premiums, which provides investors with greater choices and investment strategies for their self-directed IRA.

Having their own depository is a plus

Having their own depository, which also stores your precious metals separately and provides you with video proof of them actually placing them into the vault, also sounds impressive and more convenient than going with another depository that you have no ties to.

It’s also located in Eagle, Idaho, which is notable for its low crime rates, and there is also a county sheriff headquarters on the premises for added confidence while storing your gold, silver, platinum, and palladium there.

Their customer service could be improved

However, it’s sad that judging from their number of negative evaluations, perhaps, sometimes, this same level of obligation does not extend to their customer service, which could simply be an issue of neglecting to provide their employees with ongoing training to ensure they are on the same page as the company when it comes to how they treat their members.

In this regard, when contacting Money Metals to see if they are the precious metals IRA company for you, it might not be a bad idea to inquire about if their staff undergoes ongoing training to help ensure you will receive the best experience.

Ask about their shipping policies

You may also consider asking about their shipping policies and what will happen if you don’t receive your shipment since this was another common issue that came up in their complaints.

This way, it’ll help you avoid the risk of losing your investments and hard-earned capital due as a result of a transport error that was due to no fault of your own.

A legit precious metals dealer but not the best one

So, do we recommend this dealer for your precious metals IRA? Only if you have done your due diligence and thoroughly researched the company for yourself and feel comfortable moving forward.

Otherwise, it may be a safer bet to go with a company that has few to no complaints like Augusta Precious Metals or Birch Gold Group, especially with the BBB, to instill more confidence in you when choosing them to invest such a large sum with.

Would you rather invest in silver?

>> Click here to take a look at our curated list of the most trustworthy silver IRA companies. <<