It's easier than ever to buy things online, and precious metals are no exception. You can now buy gold, silver, and other metals online on various platforms. One of these platforms is OneGold.
OneGold is a precious metals trading platform that allows customers to buy and sell precious metals. If you haven't heard of OneGold, you are not alone. I want to take a closer look at this company. Who runs this platform? Is it a legitimate and safe way to buy metals? How does it compare to competitors?
I did the work so you don't have to, and this is what I found about OneGold:
About OneGold - Buy Gold and Precious Metals
OneGold is one of the unique investment tools that new investors, and young investors, are starting to look at. It's an online platform and marketplace where people can go to buy precious metal like gold, silver, or platinum products. What is good about OneGold is that it is backed by several precious metals companies that are well-known and legitimate. The two main partners, Sprott and APMEX, are highly regarded in the precious metals industry.
OneGold offers ways for people to invest in precious metals without any hassles. In other words, they make it very easy for people to buy any physical metal as an investment, and they don't have to worry about storing it or shipping it. The assets are simply held in an account. When you want to sell your assets, you can sell it back to OneGold with ease, or even to other people, without any issues.
If you buy metals from OneGold, you are the only owner of your metals. If you want to close your account, but keep your metals, you can do that, too, simply by choosing to ship them to your home. This also means that if anything happens to the company, you are not financially liable, nor will you be responsible for any charge.
To best understand what OneGold was founded on, and why it's a great option for those looking for gold or other metals, I think it's best to look at the two main partners a little more closely:
APMEX
When you look at all of the top precious metals dealers, APMEX is a name that you will see over and over again. Headquartered in Oklahoma City, the company has been in business since 1999. There are customers all over the world who work with APMEX, and the company claims to have worked with more than 1.5 million people and processed more than $10 billion in sales of precious metals.
Sprott
Sprott is another partner of OneGold, and it specializes in managing alternative assts. It is also one of the top providers in the world of real assets like real estate and precious metals. The company has been in operation for more than 40 years, though it has grown and expanded throughout the world, including into Canada, Asia, and the US. The company has over 200,000 clients and it manages around $7 million in assets.
OneGold Products
OneGold has products available from all over the world. Of course, you can choose to invest in US precious metals. These are stored in secure vaults here in America. You can also choose an international precious metal, including those from Switzerland, Canada, and the U.K. Those metals are stored around the globe in their countries of origin.
In the US, OneGold has partnered with a number of different storage companies, including Brinks, Loomis, and APMEX. These are all IRS-approved, too, so they can also hold precious metals that are part of a self-directed IRA. Additionally, every vault used by OneGold is fully insured by Lloyd's of London.
How It Works
Opening a new account on OneGold is fairly simple, and it's an easy way to set up a precious metals portfolio. Unlike other companies that sell precious metals, there aren't a lot of hoops to jump through to get started.
The first thing to do is to create an account at the OneGold website. You don't need anything fancy, you don't have to deposit money, and you don't have to share any financial information...at this point, anyway.
When you create your account, you can start looking at the available products. You don't have to wait to verify and account, or wait a business day. You can buy immediately. These are real assets that are stored for you, but you manage them digitally, most commonly from the OneGold mobile app.
One thing I really like about OneGold is that if you don't know which metals to buy, but you know you want to buy something, you can place funds in your account, and then buy when you are ready. There is also an auto-invest option, which is very cool, too. Simply choose an amount, and you will automatically invest into precious metals daily, weekly, monthly, or quarterly.
When you go to sell your assets, you can sell them back to OneGold, or you can sell them to another person on the platform. Alternatively, you can also have your metals shipped to you. If you choose to liquidate your account, you can withdraw the funds and cash out after the sale is complete.
IRA Services
If you are looking for a gold IRA, there are some IRA services available from OneGold, but the IRA options are not as available as they are with other companies. They essentially will tell you to reach out to a custodian, who will walk you through creating a new IRA or transferring an existing IRA. Then, you can purchase gold or other IRS-approved metals with your IRA funds.
I don't think most people would find an advantage with OneGold over other IRA dealers. However, the option is there if you want it. Click the reviews below for some of our recommended gold IRA providers:
Fees
As with most precious metals companies, there are some fees associated with OneGold. You have to pay a fee for both buying and selling, and if you are using OneGold for an IRA, you may have to pay the custodian.
The prices of the products are clear when you create your account and access the product page. Before you make a purchase, you should check the spot price of the products. It's always a good idea to compare those prices with other dealers.
Judging by reviews, and from what I have seen, OneGold does seem to have reasonable prices. Just keep in mind that if you make a lot of small purchases or sales, transaction fees can add up.
Another thing to keep in mind is that the more you hold, the more your storage fees are. Unfortunately, it's not free to invest. The company takes a percentage of your holdings each year, but when compared to others, these fees are still relatively low.
Mobile App
There is a mobile app available for both iOS and Android devices. You can buy and sell from the app, and you can get custom market alerts and read daily market news.
There are also opportunities for education on the OneGold app, and it gives you access to different resources to learn about different aspects of the precious metals markets. I found that they weren't extremely detailed, but it's good for the basics.
The app is easy to use and well designed.
Is OneGold a Scam? Are the OneGold Offers Legit?
No, OneGold is not a scam. The company is very transparent regarding how it works, and there is a lot of information out there about it, so you can do your own research. Additionally, online reviews are overwhelmingly positive.
OneGold is accredited with the BBB, and it has been since 2018. It has an A+ rating, and 3.8/5 stars with 9 reviews.
On TrustPilot, OneGold has a rating of 4.2/5 with 65 reviews.
On Google, the company has 4.6/5 stars with over 180 reviews.
Pros & Cons of OneGold
As with any company, there are some pros and cons that you should consider before you invest in precious metals from OneGold. Here are some of the pros and cons I think everyone should consider:
Final Thoughts
OneGold is becoming a very popular option for people who want to buy and sell precious metals. When you use the app, there are very few hassles, and you don't need to worry about spending a lot of time setting up an account. You can set up the account in minutes via email, and it's easy to place an order. There is a link that requires you to verify your email, but that was really the biggest issue, which is really no issue at all.
There are some drawbacks, including the fees. You must pay a fee every time you buy or sell metals. So, it's best to make large purchases instead of doing something like buy in December, and then sell in January. Instead, do your best to capitalize on your investments.
The other main drawback is that the company doesn't have great IRA offerings. I definitely think if you are at the age of thinking about retirement, you should pass on this one, and work with another company. I have plenty of reviews that you can look at. You can fund your IRA with gold bullion and coins with another choice.
Do I recommend OneGold? Yes, especially if you are using it to buy precious metals without putting them into an IRA. The company has many years of experience in the industry, and they seem to respond quickly when you need an answer.
About Tim Schmidt Sr.
Tim Schmidt is an Entrepreneur and Serial Investor. Since 2012 he's been an advocate of alternative investments using a Self Directed IRA. His work has been featured in Yahoo! Finance, USA Today, Business Insider, and Tech Times, among others.
