Money Metals Exchange Complaints: Are They Legit?  

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Money Metals Exchange, a prominent dealer specializing in precious metals such as gold, silver, platinum, and palladium, has been in business for the last 14 years. 

While the company has garnered many positive reviews from customers and holds a commendable rating on the Better Business Bureau (BBB) website, it has not been without its share of complaints. 

A deeper look into customer feedback reveals that, despite its efforts to resolve issues, the company has faced complaints on platforms like the BBB and Trustpilot. 

This overview will delve into the nature of these complaints and provide insight into the overall customer experience with Money Metals Exchange.

Are there any Money Metals Exchange Complaints? 

According to the Better Business Bureau (BBB), Money Metals Exchange has been in business for the last 14 years and has received many positive reviews from customers. 

However, thorough research reveals that 46 official complaints have been filed against the company on the BBB in the last few years. Additionally, there are complaints about the company on Trustpilot.

The Complaints

1. The order was placed on 11/8/2023 with a delivery method requiring a signature upon receipt. Despite being marked as delivered, it was not received by the intended recipient nor at their address. 

Efforts to resolve the issue with the post office have been unsuccessful, and Money Metals Exchange has provided even less assistance. The customer feels like they are caught in the middle and are likely to lose out.

There are questions about whether this is an isolated incident with Money Metals Exchange or if it is part of a broader pattern. 

Despite the complaints, Money Metals Exchange does resolve issues and reships clients’ orders when necessary. Documentation has been attached to clarify the situation.

2. The customer reports an issue with Money Metals Exchange where they accidentally placed an order while trying to check the price with taxes. 

They received emails from the company requesting payment and stating that the order could not be canceled. The customer expresses dissatisfaction with the level of customer service received. 

While there are complaints about the company’s service, Money Metals Exchange also has positive reviews on Trustpilot.

What Money Metals Exchange Customer Reviews Suggest 

The company has received mixed reviews across different platforms. On the Better Business Bureau (BBB) website, the company holds an overall rating of 4.2 stars based on 161 customer reviews. 

Here are some recent customer reviews of Money Metals Exchange from various platforms:

1. According to a satisfied customer, Money Metals was praised for its ease of transaction and professionalism. They appreciated the prompt shipping after payment and recommended the company as a reliable metals dealer.

2. Another first-time buyer shared a positive experience, noting their surprise at the high quality of the silver dollars received. They expressed satisfaction with the readable dates and condition of the coins, mentioning their intent to make future purchases.

3. A new customer recounted their initial apprehension about the purchasing process but found Money Metals Exchange supportive and responsive to their inquiries. They received their ordered coins within the promised timeframe and were pleased with both the service and product quality.

Additionally, there have been 46 complaints filed against them. Despite these complaints, the company has been proactive in resolving the issues raised by their clients.

In contrast, the company has a significantly lower rating of 2.5 stars on Trustpilot. Many of the reviews on Trustpilot are negative, with customers expressing dissatisfaction with both the services and products offered by the company. 

Moreover, despite some negative feedback on platforms like Trustpilot, where the company has a lower rating, Money Metals Exchange has maintained a proactive approach in addressing customer complaints.

This dedication to resolving issues reflects their commitment to customer satisfaction and suggests that while individual experiences may vary, the company strives to uphold high standards in service and product delivery.

About Money Metals Exchange

Money Metals Exchange is a company specializing in the buying and selling of precious metals, including gold, silver, platinum, and palladium. As an online-based dealer, it provides a platform for individuals to purchase bullion coins, bars, rounds, and other related products.

Founded in 2010 and headquartered in Eagle, Idaho, Money Metals Exchange strives to offer competitive pricing and a diverse selection of precious metal products for both investors and collectors.

Products & Services Offered by Money Metals Exchange

Money Metals Exchange boasts an extensive inventory of products made from platinum, silver, gold, palladium, rhodium, and copper. Their catalog features a variety of coins and bars, many of which are approved for inclusion in an IRA. 

Some of these include the Silver American Eagle, Gold Austrian Philharmonic, American Gold Buffalo, Gold Canadian Maple Leaf, Gold American Eagle, Gold Australian Kangaroo, Palladium American Eagle, Platinum Britannia, and Platinum Australian Kangaroo.

In terms of gold pricing, Money Metals Exchange is highly competitive. Their 1-ounce gold bullion bars are listed at just $62 above the daily spot price. This offers a significant saving compared to many other American dealers who typically sell gold bars at a premium of 5% or more, amounting to at least $85 based on current prices. 

However, the pricing for silver is different. 

Money Metals Exchange offers 1-ounce silver bullion products at $5.50 over the spot price, which is approximately 35% higher than the current market rate.

Money Metals Exchange Fees & Charges 

Unfortunately, Money Metals Exchange doesn’t provide much fee-related information on its website. However, they do accept multiple payment methods:

• Credit or Debit Card: Payments typically clear within 1-2 calendar days, with a maximum purchase limit of $575 per transaction.
• PayPal: You can use PayPal for purchases up to $575, with payments clearing in 1-2 days.
• Personal Check: Accepted with no minimum purchase amount, but small purchases may incur additional shipping charges. Payments take 7-10 calendar days to clear, with a maximum limit of $25,000.
• ACH Transfer: Limited to $575 per purchase. To avoid shipping costs, purchases must exceed $500. Clearing takes 7-10 calendar days.
• Wire Transfer: Requires a minimum purchase of $3,000 and a maximum of $50,000. Payments clear within 1-2 business days.
• Money Order: Payments up to $25,000 are accepted and take 7-10 calendar days to clear.
• Cryptocurrency: Accepted for purchases up to $200,000, with payments clearing within 1-2 days.

In addition to payment options, Money Metals Exchange offers several features and services:

Buying:

You can buy a variety of precious metals, with all transactions being safe, secure, and fast. Each order is covered by the company’s insurance policy.

The checkout page allows you to choose your preferred payment type, including e-transfers, credit/debit card payments, wire transfers, checks, and cryptocurrency.

If you change your mind after receiving your gold bars or bullion coins, you can request a refund within three days of delivery.

Selling:

Money Metals Exchange has a buyback program for gold, silver, platinum, and palladium. Prices are negotiated over the phone, and a purchase order is sent via email once an agreement is reached. After verifying and finalizing the transaction, you will receive payment.

Additional Services:

Monthly Payment Program: Allows you to make monthly payments towards the purchase of gold, silver, platinum, or palladium products. Plans start at $100 per month, and payments can be made via automatic bank drafts, checks/money orders, or credit cards (with a 4% processing charge).

Loans: Clients can borrow against the gold and silver they own, with low-interest rates and an advance rate of about 75%. The process is quick, and the collateral is securely stored and insured.

Storage: Offers a state-of-the-art depository building with full insurance coverage. Storage fees depend on the value of your holdings, with a flat fee for holdings valued up to $15,999 and percentage-based fees for higher amounts.

Referral Plan: Both the referrer and the person being referred receive rewards. Referrers receive a bonus and a Silver American Eagle coin for each new customer referred, with additional coins for every $5,000 the referred customer spends on their first order. 

The referred customer receives a half-ounce Paul Revere silver round.

For holding smaller amounts (valued between $0 and $15,999), Money Metals Exchange charges a fee of $96 per year.

If you’re serious about investing in precious metals, you should start with this free gold IRA scam checklist. It will help you identify potential scams and invest safely.

Should you be concerned about Money Metals Exchange Complaints?

While Money Metals Exchange has garnered both positive and negative feedback from customers, it’s essential to consider several factors before forming an opinion. 

Firstly, despite some complaints, the company has demonstrated a proactive approach in resolving issues raised by clients. This commitment to customer satisfaction suggests that they take complaints seriously and strive to rectify any shortcomings in their service.

Secondly, the nature of complaints can vary widely among customers and may not necessarily reflect your potential experience. 

Issues such as delivery problems, customer service interactions, or misunderstandings with ordering processes are common in retail transactions but can often be resolved satisfactorily through effective communication and follow-up.

Thirdly, Money Metals Exchange offers a diverse range of products and services, competitive pricing, and various payment options, which may appeal to different customer needs and preferences.

Ultimately, when considering any company, including Money Metals Exchange, it’s advisable to conduct thorough research, read customer reviews from multiple sources, and perhaps even contact the company directly with any specific concerns or queries you may have. 

This proactive approach can help you make an informed decision based on your individual requirements and expectations.