Money Metals Exchange: In-Depth Review

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Money Metals Exchange has been around since 2010 and is one of the leading companies in its niche, having built a client base of more than a quarter-million account holders. Their business model is customer-focused, and their reputation is as good as can be for an online seller and buyer of gold and other precious metals.

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Money Metals Exchange: In-Depth Review

Overview of Money Metals Exchange (MME)

People who want to acquire precious metals quickly and safely have many options. One is a company called Money Metals Exchange. MME is a seller and buyer of bullion and operates nationally. Customers can choose from a long list of precious metals and make payments via cryptocurrency, EFTs, wire transfers, debit cards, credit cards, PayPal, and checks.

Their prices are generally completive, particularly when you choose to sell metals back to them. For rounds, grams, bars, coins, and other forms of precious metals (PMs), the company offers an extensive menu of not only metals but also weight categories of each.

Premiums are on the low side. MME has options for direct storage as well as a number of pre-assembled portfolios for newcomers who want to get a jump-start on their accounts. All prices listed are live, but some customers have noted slow shipping. Likewise, there are limits on the amount you can spend based on your chosen payment method.

Overall, Money Metals Exchange is a solid choice for those who are just getting involved in the precious metals markets and who can benefit from the pre-assembled portfolios. For buyers who are interested in "rare" or numismatic coins, MME is not the place to be. Overall, the company offers excellent value for the price of metals, even considering the fees on the usage of credit cards and methods like PayPal.

Carefully review the following details to learn all the facts about Money Metals Exchange.

Money Metals Exchange: In-Depth Review

Why Set Up a Precious Metals IRA

Precious metals IRAs are the only way to own tangible assets in a legal, IRS-approved retirement account. There are multiple advantages to taking this route. Legally known as SD (self-directed) IRAs, so-called "gold IRAs" are a unique way to protect your financial assets and long-term wealth.

Investors can use either after-tax or pre-tax income to set up SDIRAs, which means you can opt for a Roth gold IRA or a non-Roth version. The same contribution limits apply to gold IRAs, but they are ideal ways to offset inflationary pressures. Historically, gold and other PMs have tended to rise in value and/or hold their value in economically turbulent times and during stock market downturns.

Note that traditional IRAs with cash and near-cash assets dwindle in the face of inflation. Gold IRAs have a lot more protection against that kind of asset decay. With tangible gold, silver, and other metals in an SDIRA, there's a much greater chance that account holders can weather the storm of things like market crashes, political unrest, supply-chain backlogs, oil shortages, pandemics, and more.

Money Metals Exchange: In-Depth Review

Products Offered for Sale

There are six metals available, which include the four PMs (gold, silver, platinum, and palladium), as well as rhodium and copper (which is NOT a precious metal). Gold buyers can choose from European bullion, Maple Leaf coins from Canada, US "American Eagles," bars, rounds, several fractional pieces, and more.

Silver enthusiasts can purchase bars, coins, bullets, rounds, fractional pieces, and bars. Platinum and Palladium customers have their choice of various Australian, US, and Canadian bars and coins, as well as Maple Leafs, US Eagles, and bars of varying weights.

Copper devotees can buy Buffalo and Peace rounds as well as Morgan Head coins, plus bars in one-ounce sizes. Finally, for Rhodium purchasers, one-ounce and five-ounce bars are on the menu.

Money Metals Exchange: In-Depth Review

Methods of Payment

Note that PayPal, credit cards, and debit cards incur a 4% fee and come with purchase limits of $575 and a 1-2 day shipping time, based on calendar days. There are, of course, more convenient and less costly ways to pay, all of which have no additional fees added to the purchase price.

So, it appears that MME is discouraging people from using credit cards, debit cards, and PayPal for whatever reason. Here are other payment methods with upper purchase limits and estimated delivery times.

  • Wire transfers: There's a minimum of $3,000 and a maximum of $50,000, with a 1-2 business day shipping time.
  • ACH money transfers: With a 7-10 calendar days delivery time, the maximum buy is $575.
  • Cryptocurrency: Delivery is 1-2 calendar days with a maximum buy of $200,000.
  • Money Orders: You'll get your items in 7-10 calendar days, and the maximum buy is $25,000.
  • Personal customer checks: Delivery is 7-10 calendar days, and the maximum buy is $25,000.
Money Metals Exchange: In-Depth Review

Buying & Selling Methods

— Buying

Buying is simple at MME. View all the product tabs at the top of the main website page. Then just click on what metal you want to buy and indicate the quantity before adding it to the shopping cart. From that point, go back and shop for more or check out. After you begin to check out, you'll enjoy a 10-minute price lock-in period.

Follow all prompts for personal and payment information, and then wait to get a confirmation via email. The company does take returns as long as you act within three days of receiving your items. However, it's necessary to phone the MME special phone number, 800-800-1865, to start the return process.

Note: use the original package to return items. If you used a CC or PP, expect to pay five percent for restocking as well as the shipping expense on your end. Additionally, when you return an order, you will not receive the original pricing but the current market pricing, even if it has gone down.

— Selling

To sell PMs to MME, call their 800-800-1865 number for a quote on your items. If you agree with the price, they will lock in the offer and give you shipping instructions in detail. Look for the purchase contract via email, and then ship the items to MME. After the company gets the shipment and verifies it, they will pay you. If you have any questions about the process before deciding to sell, contact an MME representative via email, telephone, or through live chat on their website.

Pros & Cons of Money Metals Exchange

MME, on the whole, is a top service provider in their respective niche. However, before using them, review the following pros and cons to see whether they excel or fall behind in particular areas of interest for your personal needs.

Pros
  • Streamlined Storage: Account holders can request that their metals be sent directly to a secure storage/depository location.
  • Media Resources: Users can easily set pricing alerts on-site and view detailed historical price charts and data for all precious metals sold by MME.
  • Enhanced Privacy: The company notes on its legal page that it will never sell your customer data to anyone. However, they are, like their competitors, required to comply with legal subpoenas from law enforcement agencies.
  • High Level of Convenience: Money Metals Exchange was designed to make it simple for anyone to acquire varying amounts of precious metals, and they have achieved that goal without doubt.
  • "Starter" Portfolios: An excellent option for beginners, MME offers silver and gold gram-based and ounce-based package portfolios.
  • Competitive Prices: The base prices for all precious metals sold by MME are competitive and in line with most of the other providers in the niche.
  • Shipping Offer: On all orders that exceed $500, there is no charge for shipping.
  • Savings Plan: MME offers a unique "monthly plan" for customers who want to set up an automated savings plan for their metals purchases.
  • Current Pricing: All the site's prices are updated using to-the-second, real-time data.
Cons
  • Fees: There are higher-than-usual fees for buyers who use methods like PayPal or personal credit cards, to the tune of 4%.
  • Shipping Speed: MME is not known as the fastest shipper, and some orders can take several days to arrive.
  • Limited Support Hours: You'll only get weekday support, but no weekend help as an MME customer.
  • Purchase Caps: Oddly, the company imposes various low maximums on the dollar amount of metals you can buy, based on the method of payment you choose.
Money Metals Exchange: In-Depth Review

Buy & Sell Prices

Here's the long and short of pricing: If you're buying, you'll pay slightly more for most metals than you would from other companies. If you're selling, MME offers the most generous payouts compared to its competitors. Here are the details:

What You Pay and What You Get

MME's sales prices for standard one-ounce gold and silver items is slightly higher than their competitors. However, unlike most others, MME charges an extra 4% on PP and CC purchases. If you sell to MME, you'll get more than from any other online company because they offer the closest-to-spot offers.

It's important to note that all consumers who sell metals to MME will still receive payouts that are below the spot prices. It's common for PM companies to add a markup on all sales and a discount below the spot when buying from consumers. This so-called "bid-ask spread" is how metals companies earn a significant portion of their profits.

Minimum Buy Amount for Gold

While it's possible to buy a gram of gold from MME, that's not the most economical amount to purchase. Because of markups, fees, and shipping charges on small orders, most clients are better off buying the largest amount of gold, silver, or other metals they can afford. On orders above $500, there is no shipping fee, for example. Additionally, the larger the quantity you purchase, the less markup you'll pay. But it is possible to buy one gram of gold from Money Metals Exchange.

Money Metals Exchange: In-Depth Review

Reviews

On the large social review sites, MME scores well based on verified ratings from actual buyers, current and former customers included. The company's representatives also earn high marks for being honest, helpful, and knowledgeable. With the exception of a few complaints about slow shipping and no available client support on Saturdays and Sundays, the company routinely receives excellent reviews.

Safety

MME is safe for consumers to use. Not only does the company have a strict "non-disclosure" policy, but it will never sell client information to third parties. That includes sensitive data about account balances, names, email addresses, and transaction history. That's one reason they use SSL technology to disguise all telephone numbers, names, credit card information, and the like. The MME staff members follow federal and state regulations and laws at all times.

Storage

MME uses Class 3 UL vaults to store any metals you wish to leave on deposit with the company. The annual storage fees are competitive and are on a sliding scale. Generally, larger accounts incur smaller percentage fees for storage. For example, there's a flat $96 annual storage on accounts up to $16,000. From that point up to $100,000, the yearly fee is .59%.

Data Disclosure Practices

MME never voluntarily gives anyone, including government agencies, any information about client accounts or activities. The sole exception is when an official law enforcement agency presents what's known as a PC (probable cause) warrant to search records for a particular customer or to search someone's physical holdings. As noted above, MME is meticulous about protecting customer data and never sells any information to anyone under any circumstances.

Final Word on Money Metals Exchange

For those new to the precious metals markets, MME is a reputable, reliable company. Their pricing is fair all around, particularly when you want to sell to them. While they do have a few poor reviews related to shipping speed and fees, for the most part, MME is a good way to start amassing a portfolio of precious metals.

Clients can set up a gold IRA and benefit from a wide selection of rounds, bars, bullion, and fractional pieces. MME is one of the top choices in the competitive niche of precious metals online sales and service, with six metals to choose from, including rhodium and copper.

Money Metals Exchange is a solid company and certainly not a scam. Nevertheless, we do not recommend them as one of our top companies, because we think there are better!

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