If you are looking for a platform to trade precious metals like gold, silver, and platinum, Money Metals Exchange might be an exchange to consider. In this article, we will be taking you on a deep dive into what you need to know about this exchange.
Money Metals Exchange Founder
Stefan Gleason founded Money Metals Exchange in 2010. Gleason went into business with a friend who published a national newsletter on personal self-reliance and alternative investment strategies in the previous year.
Gleason realized that people were more concerned about inflation, government debt, and economic disruption and sought to provide a way for people to personally protect their assets.
His target customer for Money Metal Exchange was the investor who wanted to diversify into hard assets and avoid a “dollar-centric” portfolio too reliant on government actions. Gleason also sought to provide options for people who want more control over their financial strategies.
What is Money Metals Exchange?
Money Metals Exchange is an online bullion exchange company that trades and stores gold, silver, platinum, copper, rhodium, and palladium. These precious metals come in different shapes, sizes and weights. Hence, they vary in their worth, from coins, rounds, jewelry, and bars, to bullions and even statues from countries all around the world.
In terms of security, Money Metals’ vaults are among the most secure, and all assets are insured with Lloyd’s of London. Money Metals offers services beyond just buying and selling precious metals; they take it a step further by providing storage and loan services. This allows clients a wide range of choices when deciding how to manage their financial assets.
Clients can choose to purchase any of the precious metals that the company deals in, or they can simply sell their existing metal assets. In 2015, Money Metals won Bullion Directory’s prestigious Bullion Dealer of the Year award, recognizing it as the best dealer. Since then, it has remained one of the top dealers in the US.
How to use Money Metals Exchange
You can use Money Metals Exchange to either buy or sell precious metals. All you need to do is to sign up on the website. All you need to register on the company’s website is your name and a valid email address.
To create an account, visit the Money Metals site and click on the “Shop Now” button. Fill in some required basic information, and you will be all set up in no time. While buyers don’t need to sign up compulsorily, you would need to do that if you’d like to track your purchases. Once you have added certain orders to your cart, you will proceed to fill in your billing and shipping information. Orders are typically processed and shipped depending on your location.
As a seller, you can sell palladium, gold, silver, and platinum to the money metals exchange using the following steps:
- Give the exchange a call during business hours through their phone number. A representative provides you with a buyback price.
- If you are satisfied with the company’s quote, you can confirm your order by locking in the price.
- Go to your email to check your purchase order. Follow the shipping instructions.
- Place the order on the website.
- Money Metals Exchange will verify your shipment based on weight through an independent third-party scale service provider using the most current prices available.
- The final price that you will pay is based on the live bid and ask prices for the metals at the time of verification. The typical settlement time is two business days but may vary according to market conditions.
Bear in mind that you need to ensure that your metals satisfy the firm’s buyback conditions before giving them a call.
Money Metals Exchange Review: Pricing
Money Metal Exchange prices are slightly higher than that of other competitors. The good thing is that the buyback prices are one of the best if you are a seller.
As of May 2020, American eagle coin prices on Money Metals Exchange were higher than the offer rate at JM Bullion and others. However, the difference was between $4 and $25 dollars. Credit card payments also attract an extra fee.
Money Metals Exchange Review: Safety
Money Metals has a highly secure depository located in Eagle, Idaho, and strategically close to the sheriff’s office. The vault is a custom-made UL-certified Class 3 Vault, and the depository is monitored 24/7.
All contents in the vault are completely insured by Lloyd’s of London, one of the largest insurance firms in the world. Money Metals doesn’t charge additional fees for storing or insuring if you choose to store your assets in Money Metals’ Depository. All holdings on the Money Metals Depository are audited internally on a weekly basis and by an external auditor yearly.
Money Metals Exchange Review: FAQs
Is Money Metals Exchange legit?
Yes, the company is legit. After a thorough assessment, we concluded that their operations are quite transparent and are within lawful jurisdiction. The company takes client privacy very seriously and adopts advanced SSL technology to encrypt personal data.
What is the minimum quantity of gold you can buy?
The minimum quantity of gold you can buy as a private investor is one gram.
Does Money Metals Exchange Disclose Customer Information to the Government?
No. Money Metals Exchange does not disclose its customers’ personal information to government officials, law enforcement agencies, or any other third parties except when a valid search warrant is presented to them. Additionally, the company does not provide specific transaction information that discloses or identifies a particular purchase or sale of metals made through it.