What is The Metal Exchange?The Metal Exchange Locations, Timings, Email, Phone, Services
The Metal Exchange stands as a prominent vendor within the precious metal market. However, there are notable aspects of the company that deserve closer examination. This review aims to delve into various facets of The Metal Exchange’s offerings, services, website design, fees, and overall performance.
Despite its reputation, The Metal Exchange’s website does not provide information about the qualifications of the company’s principles, which is a drawback. Nevertheless, the “Company Info” page outlines three competitive advantages that set them apart:
- Transparent Pricing and Shipping: The Metal Exchange ensures that all sales are shipped insured, and the listed prices are guaranteed, without hidden fees for shipping or taxes.
- Investment-Focused Products: They emphasize the sale of easily tradable products, catering to investors rather than collectors. This upfront clarity helps customers determine the suitability of their offerings.
- Tailored Portfolios: The Metal Exchange offers the flexibility for investors to purchase portfolios tailored to their specific needs and risk tolerance.
- Address: 1990 S. Bundy Dr., Ste 650 Los Angeles, CA 90025
- Phone: 1-800-844-3142
- Fax: 1-310-571-0194
- Website: https://www.themetalexchange.com/
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People Behind The Metal Exchange: CEO, Owner, Co-Founders & MoreWho owns The Metal Exchange? What is the management team behind The Metal Exchange?
Founded in 1997 by a group of “senior precious metal investors,” The Metal Exchange carries over two decades of experience in the industry. However, their website oddly claims to have completed transactions amounting to over $1.3 billion “in 13 years of business,” implying a lack of updated information.
The website also provides comprehensive policies and terms, payment methods, shipping agreements, and even a specialized page for Minnesota buyers due to unique regulations. However, it’s important to note that some information, such as contact details for a previous Attorney General, remains outdated.
The Metal Exchange faces a notable drawback due to its lack of transparency about ownership and its management team.
In business, sharing key personnel details, including owners and top management, is customary and crucial. Transparency in this regard not only builds trust but also offers insight into expertise, experience, and values that drive decision-making.
The company’s failure to provide owner and management information creates an information gap that can lead to uncertainty about its legitimacy. Customers seek to evaluate reputation, track record, and ethical commitment, making knowledge of the individuals behind a business crucial.
Additionally, the absence of ownership and management details complicates customer support, hindering issue resolution. Accessible contact information enhances customer experience and fosters stronger relationships.
Transparency is Important
In today’s digital landscape, transparent companies thrive by revealing operations and leadership. Sharing leadership information signifies accountability and openness, traits highly valued by modern consumers.
The Metal Exchange’s lack of owner and management details is a significant drawback. Addressing this gap through transparency could build trust, reassure customers, and enhance the company’s reputation in the competitive market.
The Metal Exchange Products: Bullion Coins, Bars, And Rare CoinsAll products offered by The Metal Exchange
True to their claim of simplicity, The Metal Exchange offers a limited range of products:
- 11 gold coins and bars
- 11 silver packages
While platinum is mentioned elsewhere, it’s not included in the “Buy Online” section. The absence of listed prices is notable, as customers are encouraged to call to initiate a purchase, unlike many other modern online merchants.
Each product page provides detailed information about the respective coin or bar, including alternate weights available and historical context. Curiously, all products are tagged with an average rating of “5 stars,” though the credibility of these ratings remains uncertain.
The company also extends its services to offering Individual Retirement Account (IRA) products. Information is available both in a description and a web-based form to kick-start the application process.
Surprisingly, The Metal Exchange’s website lacks the usual resources found on similar platforms. The absence of guides, blogs, or information to foster customer confidence is striking. However, a live-updated gold and silver price chart is present.
Notably, a “limited time” offer promises a free copy of “Precious Metals Profit Strategies” with each order. Paradoxically, this resource is only accessible after placing an order, a counterintuitive approach.
Website design showcases a functional yet outdated appearance. While mobile-friendly and responsive, there’s a concerning inconsistency with dated information, like a carousel ad promoting no-fee IRAs for 2019.
How to Invest in The Metal Exchange IRA?Step-by-step guide for investing in The Metal Exchange IRA
To invest in a precious metals IRA through The Metal Exchange are the general steps:
- Open a Self-Directed IRA
Select an IRA company that handles opening precious metals IRA accounts and fill out an application. You can work with The Metal Exchange to recommend an IRA company and provide the necessary paperwork. However, I don’t recommend doing so.
- Fund Your IRA
Once you have selected an IRA company, you can move your funds into your new IRA account. You can work with the IRA company representative to transfer or rollover funds into the new account.
- Select a Precious Metals Dealer
One of the forms you need to fill out along the way is typically called a Buy Direction Letter. This is where you list the precious metals dealer you have selected, such as The Metal Exchange.
- Decide Which Precious Metals to Purchase
You can choose to invest in gold, silver, platinum, or palladium for your IRA. There are some restrictions regarding fineness requirements and allowable coin types, so it’s important to get guidance from The Metal Exchange in this area.
- Place Your Order
Once the funds are available in your IRA account, you can call them to place your order for the desired precious metals.
However, I don’t recommend opening an IRA with The Metal Exchange. Why? Because there are plenty of better options available for you.
Opening a precious metals IRA is a major decision. That’s why I suggest checking out our top gold IRA providers list. There, you can find the best precious metals dealer in your state and choose accordingly.
Also, the list will help you understand what the industry’s best has to offer and what you might miss out on.
The Metal Exchange Fees and Charges: Do they overcharge?What are their fees? Do they have hidden fees?
In contrast to outdated information, the website offers clear information about fees: $24 + $1 per $1,000 for gold and platinum products, and $23 + $13 per $1,000 for silver products. However, the last update date for these fees remains unclear, raising questions about their current accuracy.
Companies like Augusta charge ZERO fees for up to 10 years, allowing you to choose your gold & silver. The Metal Exchange on the other hand provides fewer options.
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Social Media Presence of The Metal Exchange:Twitter, Facebook, & Instagram
Twitter Handle of The Metal Exchange:
The company has an account on Twitter. They have no followers and are following 11 accounts. The Metal Exchange joined Twitter in February 2013.
You can get a free guide on gold IRAs below. It will help you understand the process:
The Metal Exchange Reviews and Complaints: BBB, Trustpilot, SitejabberRead all the Metal Exchange reviews & complaints
Yelp:
There are no star ratings or customer reviews available for The Metal Exchange on Yelp. According to users on Yelp, this business appears to be closed, and there have been indications of a relocation of the business premises.
Business Consumer Alliance (BCA):
On Business Consumer Alliance, The Metal Exchange has AAA ratings in its BCA account. They are the proud members of BCA since 04/12/2013. The business has 5 stars out of 5 stars ratings based on only one review.
BCA assigns letter grades and star ratings to businesses based on a variety of factors, including the number and severity of complaints received, the company’s response to complaints, and the company’s overall business practices.
An AAA grade or a 5-star rating is the highest possible rating that a company can receive from BCA. These ratings indicate that the company has a strong track record of resolving complaints and providing good customer service. A company with an AAA grade or a 5-star rating is considered to be a good risk for consumers. This means that they are less likely to engage in unfair or deceptive practices.
If you are considering doing business with a company, it is a good idea to check their BCA rating before you make a decision. A high rating can be an indication that the company is a good risk and that you are likely to have a positive experience doing business with them.
It is important to note that BCA ratings are not perfect. They are based on several factors, and a company can receive a high rating even if they have had some complaints. However, BCA ratings are a good starting point for consumers who are looking for information about the trustworthiness of a business.
Some Reviews Online:
#1. Raymond shared that he converted an existing IRA into a Gold and Silver IRA. He highlighted the exceptional friendliness of the specialist who guided him throughout the process. The application was swift, and the turnaround time was impressive. The team assisted him in communicating with his former brokerage to facilitate a seamless fund transfer, making the entire experience trouble-free. As a first-time customer, he also enjoyed the benefit of waived fees.
#2. Rossie has bought metals from various online companies in the past, but she finds The Metal Exchange to be a cut above the rest. She expresses satisfaction with her order due to the combination of prompt shipping and competitive prices they offer.
#3. Roger confirms that the experience was exactly as advertised. He acquired two Gold Eagles, opting to pay with a check. The shipment was dispatched after 7 days after the clearance of the check, which aligns with the terms indicating that check payments require 10 to 15 days for shipping. He reports that the items arrived in excellent condition, and he’s extremely content with the overall transaction. Roger has already initiated another purchase and is optimistic about a similarly positive outcome. He promises to provide an update once the new transaction concludes.
Our top companies have a clean background and aren’t involved in any kind of major legal dispute. You can check out the list here.
Is The Metal Exchange Legit? Should You Invest With Them?Is The Metal Exchange a scam or legit? Are they worth it?
The Metal Exchange was a precious metals dealer. They are no longer in the industry. Little information is available on them online. I have shared all that I found with you.
Before you make any final decision, I recommend checking out our top gold IRA providers.
There, you will find out what the industry’s best has to offer. Also, it will ensure you make an informed decision.
Or, you can check out the best gold dealer in your state below:
Pros:
- Highly experienced
- Used to have a decent online presence
Cons:
- No longer in business
- Limited product catalog
Each state has its regulations and rules, so we’ve sorted and found the best Gold IRA company for each state.
Find the best Gold IRA company in your state