If you've been paying attention to the global economy, you know things aren't exactly as stable as one might hope. Things feel uncertain now, and with uncertainty tends to come a tendency to invest in precious metals.
It's important to know where to start if your goal is to invest in this market. You need to know which companies you should work with and how to find them. You also need to know whether or not any given company is legitimate.
Money Metals Exchange is one of the many companies that allow its customers to invest in precious metals online. We'll take a brief look at the company so that consumers can better understand how they work.
IMPORTANT NOTE BEFORE STARTING:
We understand that selecting a company to invest with is a critical decision. Our team has spent thousands of hours researching and reporting on the good, bad, and ugly of thousands of gold dealers.
We take great pride in providing the most in-depth, researched, and comprehensive information as possible so you can make the best decision for yourself and/or family.
Out of the thousands of dealers that we've reviewed, there are only 5 companies that we'd personal choose to invest with ourselves.
Did Money Metals Exchange make it to the top 5? Read the above review to find out. Or continue on.
Who is Money Metals Exchange?
Like many others in the industry, this company works by helping its customers invest in precious metals. The purpose of this particular company is to help its investors get the metals they need without paying more than they should. Doing so requires not only the right pricing but also the right kind of sales philosophy.
So, who invests with this company? For the most part, independent investors are looking to control their financial futures through investing in metals. They tend to look at the company's prices and the fact that the company is quite dependable.
Investopedia has recognized Money Metals Exchange as one of the best online precious metals companies. Investopedia noted that the company is not only one that offers plenty of services and great prices but also one that seems to have a sense of integrity.
For the average investor, the company does an excellent job of making every customer feel like they matter. There are no unique tiers unlocked by spending more, and everyone gets the same customer service experience no matter their level of investment.
As you might expect from the company's founding, the company does not offer collectible coins. Instead, they provide coins that have value based on the metals that they are made of.
One of the more unique facts about Money Metals is that the company doesn't just offer gold, silver, platinum, and palladium like most metals companies; instead, it has also expanded its offerings to copper and rhodium.
How To Purchase?
Purchasing from this company requires using its website. Consumers start by going to the site and then picking a product category from a tab at the top of the page. From here, it's easy to choose a product quantity to send to the user's cart. The process should be pretty simple for anyone who has ever bought online.
Checkout is where things do get a bit different. Because the price of metals fluctuates, the price of the items in the cart is only locked for about ten minutes. Users are informed of when the prices will expire, and those who can't finish the process in under ten minutes will have to start over.
Luckily, the checkout process really shouldn't take that long. Again, this entire process should be quite familiar to anyone who has shopped online. You'll enter your name, address, and payment information and then get an email from the company confirming that your purchase was completed.
Most customers have noted that the return policy for this company is pretty strict. Customers have three days after delivery to return their packages if they choose to do so. Starting the exchange can be done over the phone, but the clock will start ticking as soon as the package has been shown to have arrived at your home.
To return the product, you'll have to have it back in its original packaging, and you will also have to pay to have the product shipped back. Those who paid via credit card or Paypal will also have to pay a five percent restocking fee even if they return the product in time.
It's also important to note that your refund will be based on the market price of the metals when you return the item. As such, you may well take a loss if you choose to return an item that has had a significant fluctuation in price in the period between the shipping and the return.
One of the few places customers will see differences in experiences at different price levels is with the various payment options Money Metals Exchange provides. Regardless of what you spend, though, spending on Paypal or via a credit card will require you to pay a four percent processing fee.
For the most part, the payments don't have a minimum fee. The one exception here is with wire transfers, which can only be used if you are spending a minimum of three thousand dollars and a maximum of fifty thousand dollars. If you choose this method, you can expect it to go through in one to two business days.
Paypal and credit card users can only spend up to five hundred seventy-five dollars in a single transaction. These customers can expect their transactions to clear in one to two calendar days.
Money Metals Exchange also allows its users to use cryptocurrency for payments. Pricing here will vary greatly, but it allows users to spend up to two hundred thousand dollars in their cryptocurrency of choice. The processing time here is again just one or two calendar days.
Money Metals Exchange does allow a few other payment options, but all of them take a bit longer to process. ACH can be used for up to five hundred and seventy-five dollars but requires about ten calendar days to process. Money orders and personal checks can be used for up to twenty-five thousand dollars, but they take just as long as ACH transfers to process.
The shipping speed with this company largely depends on your type of payment. Once the payment clears, you'll generally see your item ship within forty-eight hours, and you should see your package arrive between two and four days later.
Shipping generally varies in price by the value of what you purchased, though all purchases are fully insured. All packages must be signed for when they arrive as well.
There are three tiers of pricing for shipping. Orders under one hundred fifty dollars ship for seven dollars, while orders between one hundred fifty and five hundred dollars ship for ten dollars. If you choose to order more than five hundred dollars of materials at one time, your shipping fees are waived.
Money Metals Exchange does have a buyback program for those customers who want to liquidate their holdings by selling them back to the company. Doing so requires calling the company's customer service number, getting a price quote from the representative, and confirming the order. Once confirmed, an email will be sent out with shipping instructions. Once Money Metals receives the package, the customer will get paid.
It's important, though, to remember that the company will only buy back those items that fall within the bounds of its buyback policy. This means that any bars or rounds must be clearly marked as their purity and weight, while all bars must have a visible manufacturer marking. All metals that are sold back have to be clean enough that the company can sell them to future buyers, with clear minting on coins manufactured before 1965.
If you aren't sure whether your items qualify for the program, you can always talk to a representative. The company is also good about answering questions via email about this program.
Pros and Cons
Are They a Scam?
Given its popularity with investors, it's good to know that this company isn't a scam. It has a unique business philosophy, of course, but it really does work in the consumer's favor.
With a great BBB rating and a president frequently seen on television, it's pretty easy to see that this is a company with a vested interest in operating well. The company's diverse offerings are great, even if they aren't necessarily going to be every investor's best choice. They're not really a great fit for IRA investors, for example.