OneGold Review 2023: Are They To Be Trusted?

Hello and welcome to my OneGold Review! 

The popularity of investing in precious metals has increased in recent years, as the economy has become more unpredictable. Precious metals are a good investment during times of economic instability because their value does not fluctuate as much as other assets.

Due to such, there has also been a rise of precious metals dealers that are offering each of their own products and services. While some are true to their words and promises, there are some companies that are tricking and scamming customers with their money.

With this reason, you must also be vigilant on where you purchase your precious metals. Furthermore, you should be keen on looking for precious metal companies that are reputable and legitimate. In this OneGold review, we are going to prove such.

Is OneGold to be trusted? Well, come and join me as I unravel this precious metals company.

OneGold Review Quick Summary

What is OneGold?

OneGold is a precious metals company that deals with buying, selling, and storing physical gold, silver, and platinum. The company was founded in 2017 as a joint project by APMEX, a leading precious metals dealer, and Sprott Asset Management, an alternative asset manager.

Both companies have promised to make precious metals investment as easy as possible. Their user-friendly and accessible platform is convenient to investors of all levels, allowing for a more secure and straightforward precious metals investing.

OneGold has been growing rapidly in recent years. In 2021, the platform processed over $1 billion in transactions. OneGold is a popular choice for both individual investors and institutional investors.

Who Owns OneGold?

OneGold is a precious metals investment platform that was founded by two industry leaders, Sprott and APMEX. Both companies have a long history of providing high-quality precious metals products and services to clients around the world.

APMEX

APMEX is an industry leader of online precious metals dealer. They have been operating since Scott Thomas founded the company in 1999. In addition, their headquarters is located in Oklahoma city.

They have a huge clientele numbering 1.5 million. Furthermore, they also have over $10 billion dollars in lifetime sales. 

In addition, they have also been called as leaders in the precious metals industry when it comes to innovation. You can learn more about APMEX in my in-depth review of them in this website.

Sprott

Sprott was founded in 1981 by Eric Sprott to provide investors with high-quality investment solutions. The company specializes in alternative asset management, with a focus on real estate and precious metals.

Sprott not only offers investment management services, but also has merchan They have over 200,000 customers worldwide, holding over $7 million in customer assets.

What Are OneGold Products?

OneGold divided their products into two types which are U.S. Products and Vaultchain Gold and Silver. Choosing between which investment product will ultimately depend on you individual needs and investment goals.

U.S Products

U.S. Products are physical investment-grade gold, silver, and platinum products that are distributed in the United States. They are created by the APMEX team and stored by OneGold's partners, APMEX, Brinks, and Loomis. The products are insured by Lloyd's of London and segregated in multiple locations.

U.S. Products are backed by London Good Delivery bars, which are the highest quality gold bars in the world. They are a good way to diversify your investment portfolio and are easy to buy and sell. However, they can be expensive and difficult to store. They are also not insured against theft or loss. 

Vaultchain Gold and Silver

VaultChain Gold and Silver are fractional ownership products that allow investors to own a small piece of a larger gold or silver bar.

They are developed by TradeWind, the world's largest gold and silver marketplace. TradeWind is also the most innovative company when it comes to digital goods, which is why they created VaultChain Gold and Silver.

The products are stored in the Royal Canadian Mint. VaultChain Gold and Silver are backed by physical metal that is held in trust by OneGold. This means that you own a small piece of a physical gold or silver bar, but you do not have physical possession of the bar.

VaultChain Gold and Silver are a more affordable way to invest in precious metals than buying physical gold or silver bars. They are also easy to buy and sell, and they can be a good way to diversify your investment portfolio.

However, they are not backed by physical metal that you can hold in your hand, and they are not insured against theft or loss.

Does OneGold Offer IRA Services?

Yes, OneGold offers IRA services. They are a qualified custodian of precious metal assets for IRA use. OneGold is able to provide ownership of IRA eligible gold, silver, and platinum by offering ownership of larger, wholesale bars. This is why precious metals premiums on OneGold are a fraction of those charged to buy traditional retail products.

They partner with a range of IRA providers that are qualified custodians as well. All you have to do is contact one of their custodians namely, STRATA Trust company, Kingdom Trust, and New Direction Trust Company.

OneGold offers two types of IRAs:

• Self-directed IRA: This type of IRA allows you to choose your own investment options, including precious metals.
• IRA with a Pre-Approved Provider: This type of IRA allows you to invest in precious metals through a pre-approved provider.

To open an IRA with OneGold, you will need to create an account and select the type of IRA that you want to open. You will then need to provide some basic information, such as your name, address, and Social Security number. You will also need to choose a custodian for your IRA.

OneGold charges a one-time account setup fee of $125 for IRAs. They also charge an annual administrative fee of $100. The storage fees for precious metals in IRAs are 0.12% for gold and 0.30% for silver.

OneGold Price and Fees

As one of their main advertisements, OneGold proudly puts in its banner that they give investors at all levels, direct ownership of vaulted precious metals an an "ultra-low cost".

While it is indeed slightly true, OneGold's prices are competitive, but it is definitely not the cheapest in the market. The premium that OneGold charges over the spot price is slightly higher than some other platforms, but what makes it up for them is that the storage fees are lower.

The following are the fees that can be charged along with your purchases at OneGold:

• Premium: OneGold charges a small premium over the spot price for gold, silver, and platinum. The premium is 0.8% for gold, 2.0% for silver, and 3.7% for platinum. This means that if the spot price of gold is $1,000, you would pay $1,008 to buy gold from OneGold.
• Storage: OneGold charges a storage fee of 12 basis points per year for gold and 30 basis points per year for silver and platinum. This means that if you store 1 ounce of gold with OneGold, you would pay $1.20 per year in storage fees.
• Transaction fees: OneGold does not charge any transaction fees for buying, selling, or redeeming gold, silver, or platinum. This means that you can buy, sell, or redeem your gold without having to pay any additional fees.
• Minimum deposit: The minimum deposit for OneGold is $100. This means that you must have at least $100 in your account before you can start buying, selling, or redeeming gold.

How to Get Started With OneGold?

OneGold is a simple and convenient way to invest in precious metals. Once you have completed these steps, you will be the proud owner of precious metals that are stored in secure vaults around the world. Here are the steps on how to get started:

1. Go to the OneGold website and click on the "Create Account" button.
2. Enter your personal information, such as your name, email address, and password.
3. Verify your email address by clicking on the link that is sent to you.
4. Choose the precious metals you want to purchase.
5. Pay for your purchase. You can pay using Bitcoin, check, credit card, PayPal, or bank transfer (for US customers only).
6. Pay annual storage fees. The storage fees are 0.30% for silver and 0.12% for gold.

OneGold Accepted Payment Methods

OneGold accepts various types of payment options. They even accept cryptocurrencies like Bitcoin and Bitcoin Cash as valid payment methods. To simplify and summarize them, you can check out the tabulated list below:

• Bank ACH Transfers (US Banks Only): This is a free payment method, but there may be fees associated with your bank's ACH transfer policy.
• PayPal/Credit Card: There is a 3.99% service fee for purchases made with PayPal or a credit card.
• Bitcoin: There is a 1% service fee for purchases made with Bitcoin.
• Wire Transfer:  This is a fast and secure payment method, but there may be fees associated with your bank's wire transfer policy.
• Pre-funded OneGold Account: You can also pre-fund your OneGold account with a credit card or bank transfer. This will allow you to make purchases without incurring any additional fees.

Does OneGold Have Buyback?

Yes, OneGold offers a buyback program that allows you to sell your gold back to them at any time. You will receive the spot price of gold minus a small spread, which is typically around 0.2%. This is a lower spread than many other gold dealers offer.

To sell your gold back to OneGold, you can log into your account and initiate a sell order. You will then be given a quote for the current buyback price. If you agree to the price, OneGold will then send you a check or wire transfer for the proceeds of the sale.

The buyback program is a good way to get cash out of your gold investment if you need it, or to lock in a profit if you think the price of gold is about to go down. 

Storage Facilities and Services

OneGold offers a variety of storage facilities and services for your precious metals. Whether you want to store your metals in a secure vault or have them delivered to your home, OneGold has a solution for you.

OneGold's storage facilities are all monitored 24/7 by armed guards and have multiple layers of security. These include biometric access, video surveillance, fire suppression, and insurance. The following are options you can choose upon:

• Allocated Storage: Your gold is stored in a specific vault, and you are the only owner of that gold. This is the most secure option, as your gold is not mixed with other people's gold. However, it is also the most expensive option.
• Segregated Storage: Your gold is stored in a vault with other people's gold, but it is kept separate from their gold. This is less secure than allocated storage, but it is also less expensive.

Your metals are held in Brink's vaults, which are some of the most secure in the world. Brink's vaults are monitored 24/7 by armed guards and have multiple layers of security.

The specific storage options and fees that are available to you will depend on your location and the amount of metal that you want to store. You can contact OneGold's customer service team to learn more about the storage options that are available to you.

Shipping Services and Fees

OneGold offers two shipping services for its customers. OneGold uses Brink's, a leading security company, to ship its precious metals. Brink's is insured for up to $1 billion, so you can be confident that your metals will be safe during shipping.

Moreover, OneGold offers free shipping for all orders above $1000. The following shipping options are:

• Standard Shipping: This is the default shipping option. Standard shipping typically takes 5-7 business days for delivery within the United States. For international orders, standard shipping typically takes 10-14 business days for delivery.
• Express Shipping: This option is available for an additional fee and typically takes 2-3 business days for delivery within the United States. For international orders, expedited shipping typically takes 5-7 business days for delivery.

You can purchase insurance for your shipment for an additional fee. This will protect your shipment in the event of loss or damage. OneGold can also gift wrap your shipment for an additional fee. This is a great option if you are sending gold as a gift.

Educational Resources

OneGold offers lots different educational resources to help potential precious metal investors learn more about gold and investing. They can all be found in their website, in the "Learn" section. It is straightforward and can be easily seen in their homepage.

The different education resources include a blog, a glossary, whitepapers, videos, and podcasts. The blog covers a wide range of topics, the glossary defines key terms, the whitepapers provide in-depth knowledge, the videos explain different aspects, and the podcasts discuss gold and investing.

OneGold Customer Services and Support

OneGold hs been praised for its exceptional customer support. After all, they are a subsidiary of APMEX, a leading precious metals company in the industry. The company prides itself in having a customer service that are able to help you with most issues quickly and efficiently.

You can contact their customer services via phone which is available 8AM-5PM, via email, and via their website's live chat feature, making them reachable and available 24 hours a day, 7 days a week.

Also, the knowledge base on OneGold's website contains articles and FAQs that can help you with common issues. This is a great resource for investors who want to learn more about precious metals or who need help with basic account-related tasks.

OneGold AutoInvest Feature

OneGold's AutoInvest is a unique feature allows you to set up a recurring investment in precious metals. You can choose to invest in gold, silver, or platinum, and you can set the amount of money or ounces you want to invest each month.

OneGold will then automatically purchase the metal for you on the schedule that you have specified. This is a great way to dollar-cost average into precious metals, which means that you will be buying more metal when the price is low and less metal when the price is high.

This can help you to reduce your risk and maximize your returns over time. OneGold also has a calculator that you can use to see your possible future portfolio value based on the presets you choose. This can be a helpful tool for planning your investment strategy.

OneGold Mobile App

OneGold's mobile app is a handy tool for their investors to track the market and their investments. With the app, you can buy and sell precious metals, track your portfolio performance, set up AutoInvest plans, create custom market alerts, access live spot prices, and get the latest news and insights on precious metals.

You can download their app in Google Play and in the App Store. In addition, their mobile app has Google Play rating of 3.9 out of 5, and an App Store rating of 4.8 out of 5.

Their mobile app has the following functionalities:

• Modern Metals Trading
• Portfolio Management
• AutoInvest
• Physical Redemption
• Live Spot Prices
• Market News
• Custom Market Alerts

OneGold Switch and Save

OneGold's Switch and Save feature is for potential investors which are on the fence about transferring to them from another company. In addition, they claim that they are willing to reimburse switching clients by offering them a reimbursement of up to $1,000 on their first purchase.

First, you have to create an account with OneGold. Your OneGold account name must match with the account name of the company that you are switching from.

Second, you have to contact them to let them know that you want to switch. Furthermore, tell them about their competitors invoice and the amount that you are going to transfer. 

Third, you have to sell your assets from the other company and transfer it into your bank account. You can start locking the current spot price of a precious metal you want to purchase while waiting for the funds to clear.

Fourth, you have to send them your final bill and they will give you credit in your account cash balance equal to 0.50% of your first purchase. However, they will only give you a maximum credit of $1,000.

Lastly, OneGold will transfer your credit into your account as cash balance once the transaction has been verified. To be eligible for the Switch and Save program, you must:

• Be a new customer of OneGold.
• Have an account with another precious metals dealer.
• Transfer your precious metals holdings to OneGold.
• Make a purchase of gold or silver with OneGold.

The reimbursement will be applied to your OneGold account within 30 days of your purchase.

What Is OneGold Difference With Traditional Investing?

OneGold is a digital platform that allows users to invest in physical gold. It is different from traditional investing in several ways. Firstly, OneGold is a digital platform, so you can buy and sell gold from anywhere in the world.

All precious metals are stored in allocated vaults, which means that it is 100% backed by physical gold. This makes it more liquid than traditional gold investments, such as gold coins or bars, which can be difficult to sell. 

Also, OneGold charges a low fee for storing and trading gold. This makes it a more affordable option than traditional gold investments, which can have high fees.

Overall, OneGold is a more liquid, affordable, and convenient way to invest in physical gold. However, it is important to note that gold is a volatile asset and its price can fluctuate significantly. As with any investment, you should do your research before investing in gold.

OneGold Reviews and Ratings

To invest wisely, you should be aware of how precious metals companies are rated by industry experts. We will look at how OneGold is rated and reviewed by other reputable websites. (Last updated August 2023.)

The following are OneGold reviews and ratings I have found online.

OneGold BBB Rating

Although they are a subsidy of the reputable and huge company APMEX, OneGold seems to be not that well-rated in their BBB profile. They only received a 3.62/5 star rating based on 13 customer reviews. However, these are too few to conclude anything.

This rating is very underwhelming for a company that has achieved huge success in the industry. Nevertheless, OneGold has an A+ BBB rating and they have been accredited since 2018.

OneGold Trustpilot Rating

Although they are a verified company with this reputable website, OneGold has a poor grading in their Trustpilot profile. Out of 6 customer reviews, they have received a 2.5/5 star rating. This is relatively low.

But then again, just like their BBB rating, these reviews are too few to conclude anything about the quality of their products and services.

It is safe to say that it seems there are mixed reviews about this site. However, they are still new to the industry, maybe one of the biggest reason why they have low reviews, unlike our most recommended precious metals company.

OneGold Customer Complaints

OneGold has received complaints from some customers, but this does not mean that the company is a scam. The number of positive experiences still outweighs the negative ones.

However, it is important to be aware of the sentiments of previous customers so that you can be prepared for any potential issues. The following are some customer complaints:

As you can see, the complaints are about OneGold having issues with their prices, as well as having very delayed responses to customers. There's no evidence, but it is a a common occurrence with many companies that they increase their prices once they have a loyal customer base.

However, I really recommend you to DYOR, or do your own research first so you will know if OneGold's cons can outweigh the pros, based on your own investment goals.

Company Pros and Cons

Better Alternatives to OneGold

Before you invest in precious metals, it is important to do your research and understand the risks involved. There are many reputable precious metals companies, but there are also some scams out there.

Final Verdict: Is OneGold a Scam?

To conclude this OneGold review, the company is not a scam. Furthermore, they offer many features to help their clients with their investments. In addition, the fact that they are created jointly by two renowned precious metals company tells you a lot about them.

So, if you are going to ask me whether it is fine investing with them, then I'll say go ahead. There is no reason not to. However, I recommend you to check out Goldco first.

My most trusted and recommended precious metals company. They have tons of positive ratings and reviews from different sites. Furthermore, they have superb customer service. Click the button below to learn more!