Money Metals Exchange Review 2023: Legit or Scam?

What Is Money Metals Exchange?

Money Metals Exchange is a U.S.-based company that specializes in the trading of precious metals. It offers an extensive selection of products, ranging from bullion bars to coins, and serves as a resourceful platform for both novice and experienced investors. Its market presence has been established on the principles of reliability and diversity in product offerings.

Money Metals Exchange Pros & Cons

Money Metals Exchange Product Spectrum

Gold

Money Metals Exchange provides a diverse selection of gold products including rounds, fractionals, coins, bars of various weights, jewelry, and goldback currency. These offerings can serve as both a long-term investment and a hedge against market volatility.

Silver

With an assortment that includes coins, rounds, fractionals, and bars of different weights, Money Metals Exchange addresses the varying demands of silver investors. The availability of unconventional products like silver bullets and building blocks adds to the diversity.

Platinum

As a prominent precious metal, platinum finds its space in Money Metals Exchange's product range through coins, bars, and jewelry.

Copper

Although not as high-value as gold or platinum, copper's versatile nature makes it a noteworthy investment. The company offers copper rounds, pennies, and bars.

Palladium and Rhodium

For the discerning investor looking at niche markets, Money Metals Exchange offers palladium and rhodium in the form of coins, bars, and sponges.

Premade Precious Metals Portfolios

Expertly curated portfolios are available for investors seeking a guided investment pathway, perfect for beginners. 

Others

Money Metals Exchange features an assortment of overstocked, discounted, and rare items for those seeking unique investment options

Money Metals Exchange Services & Features

Buyback Program

For those looking to liquidate their holdings, the company accepts a broad spectrum of precious metals. The negotiation process for prices takes place over the phone, and upon reaching an agreement, customers receive a purchase order via email.

 Photo by Jason Dent on Unsplash

Secure Storage Services

Money Metals Exchange offers secure storage services in its custom-built depository facility. The depository features top-of-the-line UL Class 3 vaults, 24-hour monitoring, and stringent security protocols. All contents in the depository are fully insured by Lloyd's of London. 

Self-Directed Precious Metals IRA

Money Metals Exchange extends a Self-Directed Precious Metals IRA option, which accommodates a wide selection of bullion coins, rounds, and bars. You can even contact the support team for assistance in setting up an IRA account. 

Loans Against Precious Metals

Financial agility is crucial for investors. Money Metals Exchange addresses this need by offering low-interest loans against gold, silver, platinum, and palladium bullion coins, bars, and rounds. With a loan advance rate standing at 75% of the market value of the precious metal collateral, the service ensures liquidity for investors. 

Automatic Monthly Savings Plan

For those who favor regular investments, Money Metals Exchange offers an automatic monthly savings plan. The plan allows you to set up recurring purchases of popular bullion forms such as gold and silver bars. You can opt for either a fixed monthly dollar amount or a specific quantity in ounces for regular purchases.

Educational Scholarship Program

In partnership with the Sound Money Defense League, Money Metals Exchange demonstrates a commitment to education through its gold-backed scholarship program. This scholarship is aimed at providing financial assistance to exceptional undergraduate and graduate students who demonstrate a profound understanding of economics and monetary policy. 

Contact Details & Customer Service

Fees & Cost Structure

Money Metals Exchange exemplifies its commitment to transparency by publishing live spot prices, premiums, weight, purity, and current buyback prices on product pages.

The premiums, which are market-based, generally range from 2% to 20% over the spot price of gold and 4% to 40% over the spot price of other precious metals. These premiums encompass costs associated with minting, wholesalers, shipping, logistics, and other market variables.

Shipping: How Long Does It Take for Money Metals to Ship?

Orders are typically shipped within approximately 2 business days following payment clearance. For orders exceeding $500, shipping is complimentary.

All shipments are fully insured by Lloyd's of London and are discreetly packaged to safeguard privacy. Additionally, packages are professionally packed under surveillance, ensuring accuracy and security.

Payment Options

Money Metals Exchange offers multiple payment options, but availability and processing time may vary based on the amount spent:

• ACH transfer: $0 minimum, $575 maximum, 7–10 calendar days processing time
• Cryptocurrency: $0 minimum, $200,000 maximum, 1–2 calendar days processing time
• Credit or debit card: $0 minimum, $575 maximum, 1–2 calendar days processing time
• Money order: $0 minimum, $25,000 maximum, 7–10 calendar days processing time
• PayPal: $0 minimum, $575 maximum, 1–2 calendar days processing time
• Personal check: $0 minimum, $25,000 maximum, 7–10 calendar days processing time
• Wire transfer: $3,000 minimum, $50,000 maximum, 1–2 business days processing time

Return Policy

Money Metals Exchange accepts returns initiated within three days of delivery. Payments made with PayPal or credit card will cost a 5% stocking fee.

In addition to shipping costs, you’re also responsible for market losses. This means that if the price of your items is down from what you initially paid, Money Metals Exchange will refund you at the lower value.

Customer Reviews & Ratings 

Overall, there are mixed reviews about Money Metals Exchange. While there are complaints regarding shipping, there are also many who have reported a smooth purchasing process and appreciated the competitive prices. 

Prospective customers should consider both positive and negative experiences before making a decision, ensuring an informed choice based on individual preferences and priorities.

FAQs About Money Metals Exchange

1. What Is the Minimum Amount of Gold You Can Buy?

The minimum amount of gold available for purchase through Money Metals Exchange is one gram. It's important to note that since gold bars are typically sold in troy ounces, the minimum purchase may be subject to transaction fees and premiums that can affect the overall cost.

2. Who Owns Money Metals Exchange?

At Money Metals Exchange, Stefan Gleason serves as the president, and the company is co-managed by Clint Siegner and Mike Gleason.

3. Where Is Money Metals Exchange Located?

Money Metals Exchange is located in Eagle, Idaho, USA.

Final Thoughts: Is Money Metals Exchange Legitimate? 

Money Metals Exchange is a well-established precious metals dealer offering a wide range of products and services. While there are mixed reviews from customers, it is important to consider individual experiences and conduct due diligence before making a purchase. 

Contacting their customer service can help address any concerns or questions regarding their services. It is advisable to review all available information and compare it with other reputable dealers to make an informed decision when purchasing precious metals.