Archive: September 19, 2022

BGASC Review

BGASC Review

When you're buying gold and silver online, you typically want a company that's well established. If an advertisement sounds too good to be true, it probably is. But even popular companies sometimes have poor overall reputations among gold and silver professionals. So what are you supposed to do?

BGASC is a massive gold dealer that ships to people throughout the US. They have been positively reviewed thousands of times, but are their services actually the best? We've broken down what you should know about what the company offers.

If you want to purchase gold for your retirement account, we do have other IRA-specific companies that we recommend instead.

  • Product Type: Precious Metals
  • Owner: Martin Bgasc (Founder)
  • Rating: 3.5/5

About BGASC

BGASC Review

BGASC is a gold and silver dealer that has a massive inventory, wide network of connections, and deeply established reputation among other industry professionals. They have grown significantly since first starting out. Though they don't have much online information regarding their management, they do talk a lot about their policies.

According to the company website, BGASC was created with customer care in mind. The goal was to make a company that the actual owners would want to trade with. That means having inventory on hand instead of back ordered, having fast shipping times with reasonable policies, keeping price fair and balanced, and operating with a high level of integrity and ethics.

BGASC also has several impressive qualifications within the industry itself. In addition to having an A+ with the Better Business Bureau, they are part of the Certified Coin Exchange, certified as a PCGS dealer, a member of the NGC Collector's Society, and an authorized bulk purchaser of non-bullion products from the US Mint.

When packages ship out from the company, they are all fully insured. The team at the company is dedicated to customer service. They make an effort to fill every customer's needs the first time, but if those needs change, the company is flexible enough to look for solutions.

There have been more than 500,000 orders shipped to tens of thousands of customers. Billions of dollars worth of product have been processed. Rather than selling items that are owned by other wholesalers, BGASC fully owns their inventory. They also don't have any debts.

The company is often chosen by people who want to make large purchases of silver and gold. But you can order whatever you want. Since there is no minimum order size, many customers are just buying a small handful of coins.

IRA Services

BGASC Review

Like many gold and silver companies in the US, BGASC has some IRA services. However, their main focus remains on smaller orders of non-investment coins. They also focus on collectible purchases, which can't be placed in an IRA.

Some companies will take you through all of the paperwork step by step, including the rollover paperwork. That doesn't seem to be the case with BGASC. They will connect you with one of their partner custodians, but then they expect the custodian to do all of the paperwork for you.

It's only when your account is fully opened and funded that you'll talk to your BGASC representative again. They can give you insights on the different products that are available to hold in an IRA, as well as which products are the best for your situation.

There's another important note. If you make a purchase for an IRA through BGASC, you need to pay at least $30,000. That's a far cry from the zero minimum investment of the regular cash purchases. It's even higher than most minimum purchases at some of the most prestigious IRA-focused companies on the market.

If you do decide to use BGASC's IRA services, you will need to do so over the phone. The package will then be shipped to the depository of your choice. Your custodian will handle the unpacking and storage of the items, managing your account from there. BGASC itself has very little involvement in the IRA process.

For $30,000, you can easily invest with a company that will actually go over your paperwork with you. Many of these companies will even waive your first year of account fees if you meet a certain minimum investment threshold. Since BGASC doesn't focus on IRAs, their services are slightly lacking.

Other Products

BGASC Review

When you want to make a purchase in cash, it's easy to browse the website and look at different products. The massive inventory covers investment bullion, numismatic rarities, limited edition collectibles, circulated coins, junk silver, foreign currencies, and more.

If you make a purchase of at least $250 (using cash, not retirement funds), then your shipping will be totally free.

As you browse the website, you can sort products by their price ranges. This allows you to easily look at either the cheapest or the most high quality investment pieces. The prices of different products will change as the spot price of gold and silver changes in real time.

You can make payments with your credit card, debit card, a bank transfer, or a check. Checks must be mailed and take a while to process because they need to clear with the bank first. The quickest payment method is a card or wire transfer.

The products are also sorted into easily-navigated categories. For example, you can look at pure bullion, gold, silver, non-IRA products, collectibles, assorted coins, and even products used to store coins.

The Featured Products and Best Sellers pages show you some of the latest deals that BGASC offers. The Best Sellers page gives you an idea of which items are the most popular, which can be helpful especially when you're deciding whether to invest in a certain collectible.

If you're concerned about your purchases, you can also call to talk to a company representative. They'll be able to answer your questions and make recommendations. For example, if you're looking for a gift, they might recommend certain collectible or historic coins based on your loved one's interests.

Is BGASC a Scam?

BGASC Review

BGASC isn't a scam. This is one of the largest precious metals companies in the world, and you can see thousands of reviews from customers. On Trustpilot, there are well over 7,500 reviews, and almost every one is positive. Customers report being pleased by their purchases and the inventory selection.

The Better Business Bureau gives them an A+. There have been very few complaints, and the company has responded swiftly and appropriately to any potential issues. On Facebook, the company has over 3,000 "likes." There are also very few reports of mismanagement or scam activity.

Ripoff Report has three reports about the company. However, these mostly seem to be either misunderstandings or talking about the wrong company. Because of this, we feel that we can discount these reports and assume that BGASC performs adequately. If they didn't have thousands of other good reviews, it would be different. But since they do, these reports are inconsequential.

However, there are some considerations to keep in mind. A big one is that there are competitors that have more in-depth and streamlined IRA services. They have in-house IRA teams that handle all of the paperwork, including the rollover paperwork. They even speak to your custodian for you. With BGASC, you have to do a little more of the heavy lifting yourself.

Pros & Cons of BGASC

Pros
  • Huge inventory full of both IRA and non-IRA products.
  • Good for casual investors who want to buy a coin or two with their non-retirement savings.
  • Super good reviews, with thousands of 5-star ratings on Trustpilot and an A+ from the BBB.
Cons
  • Doesn't have the same streamlining as some of the competitors.
  • Most products are not eligible for an IRA.
  • IRA services are just a bare fraction of all the available services.

Final Thoughts

BGASC is a solid company that has a high customer satisfaction rating. Most customers report being happy with their purchases, with about 87% rating 5 out of 5 stars. Another 11% rate 4 out of 5 stars. There has been almost no negative feedback, and the company quickly responds to any negative issues.

They do have some IRA services available. But they focus on much more than just being an IRA company. Most customers are making cash purchases of just one or two coins, so they aren't investing very much. The majority of reviews come from people who were just buying a few collectible coins.

Because of this, we recommend working with one of the highly rated competitors if you open an IRA. BGASC's services are perfectly acceptable, but there are other companies that focus more sternly on IRAs. As such, they have larger teams of people who can help with your specific issues.

If you are a collector looking for specific products, though, you'll be happy with how big BGASC's inventory is. These items can't be held in a retirement account, but they can be purchased using your savings.

Onegold Review

Onegold Review

In today's day and age, it's much easier to shop than ever before. The internet has revolutionized the face of commerce. It's also easier to sell your assets. That's part of where platforms like Onegold come in.

Onegold is a precious metals trading platform where you can buy and sell both gold and silver. But the question is how it compares to the competition. Who is behind the platform? Is it legitimate, and is using it better than working with an official dealer? Here's what you should know.

  • Product Type: Precious Metals
  • Owner: APMEX and Sprott (Founder Scott Thomas, CEO Ken Lewis)
  • Rating: 3.0/5

About Onegold

Onegold Review

Onegold is an online platform and marketplace backed by several large precious metals companies. It combines the resources of its main two partners, Sprott and APMEX. Each has networks and materials covering different aspects of the precious metals industry.

The basic goal of Onegold is to help people invest in precious metals without any hassle or fuss. You can hold your assets within your account without worrying about storage or shipping. In addition, you can sell your assets to other people or back to the platform without any hassle.

You are the sole owner of your precious metals. This means that you can have your items shipped to you at any time, if you decide that you want to close your account. It also means that you are not liable financially if anything happens to the company itself. Your assets will continue to belong to you.

To understand more about Onegold, it helps to learn about both of the companies behind it.

APMEX

APMEX is among the top precious metals dealers in the world. With headquarters in Oklahoma City, this company has been operating since 1999. It has customers all over the world, having served 1.5 million different people over the past two decades. It has processed sales of $10 billion worth of precious metals.

APMEX has a strong reputation in the precious metals industry. It is known for having one of the largest ranges of available products.

Sprott

Sprott specializes in the management of alternative assets. It is also one of the top global providers of real assets, like precious metals and real estate. The goal is to connect customers to tangible holdings to help them protect and diversify their investments.

Sprott has been in operation for over 40 years, though it has expanded widely since being founded in 1981. Nowadays, there are over 200,000 clients spread throughout the world. Sprott manages about $7 million in assets and holdings for its customers.

Sprott has multiple subsidiaries located in Canada, Asia, and the US. Each operates as a slightly different branch of the main business, with services tailored to the region's clientele and needs.

Onegold Products

Onegold Review

Onegold has a variety of products available from all over the world. You can choose to invest in US precious metals, which are also stored in a variety of vaults throughout the US. Or you can choose one of the international purchasing and storage solutions instead.

Onegold has several partnered storage companies, widening the number of available locations for storage. They mainly work with APMEX, Brinks, and Loomis. All of these companies have vaults that meet the IRS specifications for holding precious metals in an IRA. Each vault also has a full insurance policy from Lloyd's of London, the world's biggest insurer.

Another product is precious metals offered through Vaultchain. Vaultchain is the name of the online Onegold trading platform, which was developed through TradeWind. It is a way that people can purchase and trade precious metals digitally. The goal of the platform is to change the way digital trading of precious metals is handled.

When you trade through Vaultchain, you have full control over your account and its assets. There are advanced ways to track your holdings and their value. All of the metals are vaulted and stored with the Royal Canadian Mint, which is the sovereign mint located in Canada.

How It Works

Onegold Review

The process of using Onegold's platform is relatively simple. In fact, the simplicity is one of the biggest draws of the platform. Unlike with many other precious metals companies, there aren't a lot of complicated contracts to sign or applications to do before you get started.

The first step is to create your account at the Onegold website. This will involve setting up a login and password, as well as a basic profile with information about you. You can do this before ever entering any financial information. So if you just want to see what's available to purchase, you can do that.

As soon as you create your account, you can browse the available products on the marketplace. You have the option of purchasing products from the Royal Canadian Mint or from the United States. All Canadian products are stored with the Royal Canadian Mint, while the US products have a range of available storage locations.

You can also start purchasing precious metals immediately. These are real assets that will be stored in a vault for you. But you will manage them digitally, the same way you'd manage intangible investments. That way, you don't have the complication of figuring out your own storage or your own methods of liquidation.

If you're not sure which precious metals to buy, but you know that you want to make a purchase, then you can pre-fund the account. Several different payment methods are available to do so. You can switch between multiple global currencies.

If you want to keep investing in precious metals over time, then you might consider using the Autoinvest program. With this program, you can choose either a dollar amount or an ounce amount to automatically invest in precious metals. You also have your choice of frequencies, such as weekly, monthly, or quarterly.

Throughout the life cycle of your account, your metals will remain stored in high security vaults. You can use the mobile app or the Onegold website to see how your investments are performing.

When you want to sell your holdings, you can easily liquidate them by selling them back to Onegold or another person using the platform. Alternatively, you can have the metals removed from the vault and physically shipped to you. It's all up to you. If you do choose to liquidate your holdings online, you can withdraw funds from your account and cash out after the sale is done.

IRA Services

Onegold Review

Onegold has some IRA services available. If you are interested in purchasing precious metals for a retirement account, you can do so through their platform. They work with two main custodians: Preferred Trust Company and STRATA Trust. You have your choice of which to work with.

However, the IRA services are not as robust as with some other companies. Instead of walking you through the whole process themselves, Onegold has you reach out to your custodian. Your custodian will walk you through the creation of an account, then they'll help you fund it. Only then will Onegold come back into the picture as your gold dealer, when you make a purchase with your IRA funds.

There are other companies that will take you through the entire custodial application. Some will even speak to your custodian for you, so you never have to interact with more than one entity. This is an ideal solution for people who find paperwork to be a hassle. You're better off working with a company that specializes in IRAs or has an in-house IRA department of experts.

In addition, it should be noted that other precious metals IRA dealers work with a variety of other custodians. You'll want to research the available custodians to make sure that yours has good reviews. Different custodians have different annual maintenance fees, and they may also have extra fees for transactions or reports.

Fees

Onegold Review

As with any precious metals company, you can expect to pay certain fees when you make a purchase. There are fees for both buying and selling precious metals with the Onegold platform. If you have an IRA, there may be fees with your custodian as well.

You'll be able to see the prices of different products once you create your account and access the marketplace. Before making any purchase, it's important to double check the spot price of the products. You want to make sure that you're getting a reasonable deal when compared to other precious metals dealers.

Onegold does seem to have relatively reasonable prices, judging by the reviews from past customers. However, a few customers have mentioned being unhappy with the number of transaction fees there are. If you make a lot of small purchases or sales, then these can add up quickly.

Onegold has transparent information regarding the pricing of its storage. Unfortunately, the storage rates are based on a percentage of your holdings. Because of this, you'll be paying more for storage as you add more to your holdings. The best way to calculate storage fees is to have a flat cost that doesn't change no matter how much or how little you store.

The website also has a helpful calculator that allows you to figure out how much you'll pay in fees for your investments.

The lowest storage rate is for gold, which costs 0.12% of your holdings per year. Meanwhile, the rates for platinum and silver are exactly the same, costing 0.30% of your holdings per year. That means that as far as the storage fees go, it's more than twice as expensive to hold silver and platinum compared to gold.

Still, even though these fees are calculated by percentage, they are relatively low for the industry.

Mobile App

Onegold Review

Onegold has a mobile app available for download, helping to bring the platform to your phone. This is a solid choice since more and more eCommerce is taking place on smartphones. You can buy and sell precious metals while casually waiting for the train or on a lunch break at work.

The app can be downloaded from both Google Play and the Apple Store, so it's compatible with iOS and Android. You can use it to log into your account and view your holdings. The app also has information about how the marketplace has changed, as well as how the prices of your holdings have changed over time.

You can find some level of education through both the Onegold app and website. There are resources that will teach you about different aspects of the precious metals market. However, these educational resources are not quite as in depth as some of the competition. You might learn the basics, but it's hard to tell whether you'll learn enough to be truly confident as a precious metals investor.

All in all, though, the mobile app is solidly designed and well maintained.

Is Onegold a Scam?

Onegold Review

Onegold is not a scam. The company has a high level of transparency regarding its operations and its staff. There is information available regarding the founder and the CEO. In addition, most of the online reviews seem to be positive. On the BBB website, the company's average customer rating is more than 4 out of 5 stars.

There has been just one complaint filed with the BBB in the past three years, in November of 2020. This came from a person who said that his transaction was cancelled without his entire purchase price being refunded. The company responded to explain that the cancellation was due to insufficient funds in his account, but that they were filling the order anyway as a courtesy to him.

The customer said that he was satisfied with the resolution and thankful to the company.

There is one negative review from a customer who said that Onegold was claiming not to have his account information. He said that he had proof that he'd transferred funds into the account. Onegold responded to say that they didn't have his email on file, but that once the correct account information was located, they'd be happy to help.

There's also one negative review from someone who was disgruntled about the extra fees to purchase and sell metals. If you prefer not to have fees for making transactions on a platform, then Onegold is likely not the right choice for you.

But many other customers say that setting up an account and getting started has been super quick and convenient. They also say that they've received solid support from the staff.

Pros & Cons of Onegold

Pros
  • Ability to buy and sell gold from an online platform without any hassle.
  • Mostly positive online reviews from past customers.
  • Accredited with the Better Business Bureau.
Cons
  • Fees are charged for every transaction made with the platform.
  • A few disgruntled past customers who say they had trouble with their accounts.

Final Thoughts

Onegold is one of the most popular platforms for people to buy and sell precious metals. By using the app's storage solutions, you can own and trade precious metals without ever worrying about needing them delivered to your door.

But there are a few potential drawbacks. Some customers have mentioned being disgruntled about the fees that are charged for purchasing and selling precious metals. If you want to trade precious metals without these fees, you might be better off using a different platform.

In addition, the platform doesn't have the strongest IRA offerings. It's better to work with a company that specializes in IRAs. That way, you'll have an account representative that can walk you through each of the steps. For this reason, if you're looking for a precious metals IRA, we recommend working with one of our other top companies instead.

Oxford Gold Group Review

Oxford Gold Group Review

When you're saving for retirement, one of the most important things you can do is diversify your assets. It's possible to secure some of your funds in precious metals through a self-directed IRA. This allows you to have a hedge against inflation and economic turbulence.

Oxford Gold Group is one of many companies that claims to offer precious metals IRA services. In addition, they have bullion available to purchase as a personal investment. But what's their reputation in the industry? Can you trust that their services are legitimate?

We've broken down all the basics that you should know before you decide who to invest with.

  • Product Type: Precious Metals
  • Owner: Patrick Granfar (President and Co-Founder)
  • Rating: 4.0/5

About Oxford Gold Group

Oxford Gold Group Review

Oxford Gold Group has operated out of Los Angeles, California since launching in 2017. Though they are one of the newer businesses in the industry, they have garnered a solid reputation from their past customers. In addition to serving the Los Angeles area, they also ship precious metals to customers throughout the US.

When you work with Oxford Gold Group, you have the option to buy precious metals like platinum, palladium, gold, and silver. You also have the opportunity to sell your own precious metals to them, if you're looking to liquidate your holdings. If you make a purchase from the company for a retirement account, you can sell it back to them when the time comes to take distributions.

IRA Services

Oxford Gold Group Review

There are IRA services available for those who want to buy gold and silver for their retirement account. When you fill out the paperwork and open your account, you'll be able to transfer money from your current retirement fund into your new IRA without any penalties.

As part of the process, you'll work with a customer service representative to create an investment strategy. They will talk with you about different types of diversification, along with the benefits and risks of investments. Then they will ask you questions and help determine which investments are most ideal for your specific needs.

On top of this, the staff at the company is constantly doing research and staying up to date on the precious metals industry. They want to learn about the global factors that might affect not just the price of precious metals, but also the economy at large. If you have questions about how specific current events affect your account, you'll be able to ask them.

Available Resources

Oxford Gold Group Review

Oxford Gold Group has a number of different resources available to their customers. They believe that it's important for clients to be educated about their decisions. That way, no matter which precious metals dealer you buy from, you can be confident that you're making the right choice for your future.

You can receive an investment guide for beginners for free. This has all of the basic tips that you'll need when you're getting involved with precious metals for the first time. In addition to explaining the basics, it also includes the company's biggest recommendations for precious metals products. There's a lot of information about opening a precious metals IRA as a hedge against economic turbulence.

Those in charge of the company have over two decades of prior experience with working in the investment industry. They have handled many products and basic investments, including precious metals.

When asked why they founded this company, the founders said that it was because their previous brokerages charged too many high fees for clients. Oxford Gold Group doesn't have these kinds of fees.

Is Oxford Gold Group a Scam?

Oxford Gold Group Review

Oxford Gold Group is not a scam. In fact, this is one of the most positively reviewed companies on the market. The vast majority of customers seem to have good things to say about their experiences. On the BBB website, the company has 4.91 out of 5 stars with 56 reviews. Consumer Affairs has 55 reviews with 4.8 out of 5 stars on average. Trustpilot shows an average of 4.9 stars with 170 reviews.

Customers have left reviews discussing their representatives by name. They report being extremely happy with the service, saying that the employees are very helpful and knowledgeable. Multiple customers have praised the patience of the employees, noting that they've done their best to answer all of the customer's questions.

As with any large company, there have been a few complaints. But the BBB has accredited the business and gives them an A+ rating. To achieve this rating, a company must make an effort to respond to every complaint.

There have been five complaints in the past three years, four of which were filed in the past year. Let's take a look to see what people had to say and how they were resolved.

Customer Complaints

Of the five complaints, four were related to delivery issues, while one was related to an issue with a product or service.

It's important to note that over the past year, there have been supply chain issues throughout the precious metals industry. Sometimes this has resulted in shipping delays for large companies. It's common for precious metals dealers to have more complaints now than they did before, not necessarily through any fault of their own.

This happens when the company doesn't keep their full inventory on hand. If a customer orders something that isn't in the store, then the company has to backorder it. This can lead to significant processing delays. Some companies are better at communicating about this with their clients than others.

All but one of the complaints has been resolved, with the final complaint being answered but not marked as resolved.

Delivery Issues

The complaints about delivery issues all seem to follow the same basic pattern.

One complaint was filed regarding items that were purchased in February of 2022. Despite being told that they would be delivered in about four weeks, the customer still hadn't received them in June. Both times that the customer had contacted the company, they'd been told that the items would be delivered in ten more days, only for that to fall through.

The customer followed up to say that the company owner called immediately after the report was filed. He sent the shipment, and the customer received it a little over a week after filing the complaint.

Another complaint was filed around the same time by a customer who'd made separate purchases in March and April. At the time of purchase, the customer was told that the high demand might cause shipping delays of up to six weeks. But in June, eight weeks after placing the second order, neither shipment had arrived.

The customer followed up again to say that the company had contacted them right after filing the complaint. The representative had apologized, and the customer had received their products about two weeks after the complaint was filed.

Another customer said they were having issues with having their precious metals shipped to their IRA depository. They were especially disappointed because Oxford Gold Group had been very friendly and easy to work with up until that point.

But it had been almost 12 weeks since placing the order, and the customer had not received any indication that the package was being sent to the depository. In addition, they said that they were having trouble getting in contact with the people in charge.

They followed up to note that the company had called in less than three hours after the complaint was filed. The owner himself explained everything that had happened and reassured the customer that everything would be made right. The customer said that they were completely satisfied with the resolution and would keep working with Oxford Gold Group in the future.

The final delivery complaint is from June of 2021, but it doesn't have much detail. The customer just said that Oxford Gold Group had their money and wouldn't return it. But they followed up on the following day to note that they'd finally been given the product that they'd paid for.

Answered Complaint

There is one complaint that hasn't been marked as resolved, but has been answered. Though it's labeled as an issue with the product, it's actually another delivery complaint. The customer had placed an order four months prior, but hadn't ever gotten their metals. They were writing the complaint in February of 2022.

Oxford Gold Group responded to say that they had gotten in contact with the customer and discussed the issue with the order. The order was scheduled for shipment and would be sent out on February 11, about ten days after the complaint was filed. The customer had been contacted prior that week.

The reason that this is labeled "answered" rather than "resolved" is because the customer never followed up to indicate whether they accepted the resolution. But given that every other customer reported satisfaction, it seems likely that this one also received their products shortly after the package was shipped out.

Pros & Cons of Oxford Gold Group

Pros
  • Very positive online feedback from past customers across multiple trusted third party websites.
  • Solid options for investing in a gold and silver IRA.
  • Employees are often praised by name for how easy they are to work with.
Cons
  • Some complaints about slow delivery times, especially in the past year.
  • Not the most streamlined IRA services in the industry, although their offerings are very solid.

Final Thoughts

Oxford Gold Group is a precious metals dealer that has grown significantly since getting started. Much of this growth has been related to their reputation. They are favored by hundreds of people, with tons of positive reviews on websites like Trustpilot and Consumer Affairs.

There are a few things to keep in mind before you decide whether you want to invest with this company, though.

One is the handful of complaints filed with the BBB. There's nothing inherently wrong with a few complaints, particularly with a company of this size. But all of the complaints are related to the same thing. People say that they had to wait months for their products to be delivered, much longer than the wait time they were told. When they tried to contact the company, they had trouble getting a straight answer.

In all of these cases, the company owner personally called and talked to the complainants. He made an effort to apologize and to solve the issue. All of the products were eventually delivered, and some customers even said that they were so satisfied that they'd keep doing business with Oxford Gold Group in the future.

Another thing to keep in mind is that this might not be the most streamlined IRA company. It's true that their employees have been praised for providing excellent customer service. And there are good educational resources available through the website. But there are also other companies that may be quicker and more efficient when walking you through paperwork and answering questions.

All in all, though, there are no major red flags with regards to Oxford Gold Group. The company has a good reputation and seems to operate well. Despite the occasional delivery issues, there have never been complaints about malice or underhanded sales tactics. People report feeling very relaxed and secure when working with them, which is what you want when investing for the future.

Nationwide Coin and Bullion Review

Nationwide Coin and Bullion Review

Nationwide Coin & Bullion Reserve is a Houston-based company that sells precious metals to people all over the world. They have a number of different services, and they ship everywhere in the US. The company has been in business since 2009 and specializes in connecting individual investors to gold and silver.

But Nationwide also has a questionable reputation. Is this business actually run legitimately? What have prior customers said about their experiences? Are there any concerns that you should have before investing?

Here are the main things that you need to know.

  • Product Type: Precious Metals
  • Owner: Lawrence Kuykendall (CEO)
  • Rating: 1.5/5

About Nationwide Coin & Bullion Reserve

Nationwide Coin And Bullion Review

When you combine the experience of all of the representatives with Nationwide, you get over a century of time spent in the precious metals industry. Nationwide sells coins issued by a variety of sovereign mints, including the US Mint. They are willing to work with beginning and experienced clients throughout Europe and the US.

While the company does have a number of IRA-eligible products, that isn't all that's on offer. There are also foreign coins, pre-1933 historical coins, rare American coins, startup packages for new investors, and basic bullion products. Products need to meet IRS guidelines on purity and type before they are eligible to hold in an IRA.

The team is made up of experts in a variety of different disciplines. There are economists, numismatic experts, trend analysts, and rarities consultants. These staff members make Nationwide a favored place to buy rare coins and numismatics. You can talk to a staff member about the history of the coins, their market, and their potential for growth in the future.

Nationwide has a customer satisfaction guarantee, with the website promising that every client will receive excellent service. However, some of the past reviews indicate that they may not have fully succeeded at this.

Free Shipping

One of the biggest draws of Nationwide is their offer of free shipping. If you buy any product through the website, you can have it shipped to you for free. You don't have to meet any prior requirements on the size of the order.

After an order is confirmed, the package will be processed and released. It will usually arrive at the customer within 10 business days, although shipping times may vary based on the customer's location.

Is Nationwide Coin & Bullion a Scam?

Nationwide Coin And Bullion Review

Nationwide Coin & Bullion isn't a scam. The company has some positive reviews online from past customers, and it has been in business for too long to be a scam. However, a business can be legitimate and still not be an ideal company to invest with. That seems to be the case with Nationwide.

When you go to the company's Better Business Bureau page online, you'll find that it is not accredited. Not only that, but it doesn't have a rating. Unrated businesses might lack a rating because the BBB doesn't have enough information about them to make a judgment. But this rating is also given when the BBB is in the middle of investigating a business.

Though we can't say for sure, it seems very possible that the BBB is investigating Nationwide. There have been 16 complaints in the prior three years, four of which were from the past year. That's not a major red flag by itself, as large companies often have dozens of complaints without major management issues.

But there are also only 27 customer reviews on the BBB website. And the average rating is 3.37 out of 5 stars, indicating that Nationwide has received some extremely mixed and negative feedback.

Pattern of Complaint Alert

The biggest red flag is the alert at the top of the BBB page. The BBB has put out an alert about a pattern of complaint seen in this company. The complaints have been observed since June of 2017, and they seem to continue today. While the BBB doesn't intervene in issues that seem like one-off incidents, they have issued this alert because it seems to point to ongoing mismanagement.

The complaint details are so similar that it is suspected that the business uses the same tactics and strategy across multiple customers. These consumers said that they were exposed to bait and switch tactics, which caused them to overpay massively for coins.

The pattern would go as follows:

  • The customer would call to purchase a 1 ounce coin.
  • The transaction would be confirmed alongside a reasonable purchase price.
  • The customer would receive a call saying that the 1 ounce coin was either out of stock, or that there were new coins that are of interest instead.
  • The new coin would be sold to the customer at a slightly higher price.
  • The sales representative would not mention or at least emphasize that the new coin was 1/4th ounce, not 1 ounce.

Customers thereby would end up overpaying for a 1/4th ounce coin, even though the price would have been agreeable for a 1 ounce option.

The company has had a chance to respond, which they did in 2018. They categorically denied that they use or ever have used these tactics. Then they explained how authorized purchases are made and how packages are delivered.

In response to the BBB's findings, Nationwide created a company Compliance Department. The purpose of this department is to train and educate employees about company policies, salesmanship, and appropriate sales tactics.

If you have an issue with Nationwide, it will be addressed through the Compliance Department. Each customer will talk directly to a representative from this department instead of to a sales rep. Ideally, this will make interactions more secure.

Let's take a look at the most recent customer complaints to see whether the Compliance Department has had an effect on Nationwide's reputation.

Customer Complaints

Of the 16 complaints filed, only four were filed in the past three years. It has been too long for the original complaints from 2017 and 2018 to be displayed; we can only examine the history of the past three years. Most of the most recent complaints appear to have been resolved peacefully.

Rude Representatives

There was a complaint filed in July of 2022 from a customer who said that he had been treated extremely poorly by a company representative. The issue began when the customer noticed a price discrepancy with his order. When he had confirmed the order verbally, he was told a different price than the one on the invoice.

He called the company to clarify the issue, but the representative accused him of lying. The representative then told him that he clearly just couldn't afford the purchase. According to the customer, the offensive remarks continued.

The customer pointed out that the original order had been recorded over the phone. He asked the representative to listen to the recording and confirm the price that was stated verbally. The representative said that he wouldn't listen to this recording because he had wasted enough time on this business.

The customer then called the manager of the business, who said that he could keep a silver coin in the order for free. If he only paid for the ounce of gold he bought, he could return the rest for a full refund. The customer seemed satisfied with that, but despite emailing several times, he was not given any further elaboration on when the refund would be processed.

As of writing the complaint, the customer said that it had been two weeks since the company had received the package. The refund should have been processed within 5 days of the package arriving.

The customer did follow up to state that Nationwide had satisfactorily resolved the issue. Nationwide didn't respond on the public BBB website.

Dementia Purchase

There was another complaint filed in July on behalf of the complainant's husband. The complainant said that in May, her husband had used $25,000 of their savings to buy coins from Nationwide. She explained that her husband had received an early dementia diagnosis, but it was still unusual behavior for him to make this kind of huge purchase.

The woman said that she blocked calls specifically to keep people from manipulating her husband. But in June, the husband received a call promising a great deal and offering a personal cell number. Despite the woman telling the representative to stop calling, he continued.

The woman said that she called back and explained the situation, asking not to be called again. But less than two weeks later, a message was left from the same representative, demanding to talk to her husband. Her husband had been moved into a care home very recently.

The representative then became extremely agitated. The woman said that she was not just in fear for her finances, but also in fear for her safety. She also mentioned that all $25,000 worth of coins were dropped on the porch without being signed for, even though the delivery was supposed to be insured.

The company responded to say that the Compliance Director had personally reached out to the woman and apologized. During the discussion, they came to a resolution which included:

  • The husband and wife were both put on a Do Not Call list, and the wife confirmed that she had stopped receiving messages.
  • The husband had called Nationwide himself to make the purchase, rather than being solicited to do so.
  • The wife was upset to find out that such a purchase had been made without consulting her, so she discussed the issue with her husband.
  • The husband wanted to keep the coins, but Nationwide was willing to repurchase them with the full price.
  • The sales representative was given a refresher course on company policies and customer service.

The wife confirmed that the company had done everything necessary to resolve the situation, stating that they had gone above and beyond to clarify and fix the issues.

Delayed Refund

In June of 2022, a complaint was filed about a delayed refund for a customer. The transaction had taken place at the end of April. Originally, when the customer was called to complete the transaction, they had no interest in buying anything else. But the salesperson pitched an optional discounted item.

The customer had hesitations about buying it, even at the discounted price. But the salesperson said that there would be a 100% money back guarantee for the next 60 days after purchase. With this in mind, the customer accepted.

A month later, the customer decided to return the item. The salesperson attempted to convince the customer not to do so, but eventually relented. A Fedex truck was sent to pick up the package. It was delivered at the beginning of June.

The customer called to ask about the status of the refund four days after the delivery. They were told that the refund had been processed, so it would post to their card by the 13th of June at the latest. By the time the 15th rolled around, the funds still hadn't arrived. The customer called back and was told that the transaction had been delayed by another week.

The customer said that the refund did not seem to be coming. They were also struggling because they were unable to get in contact with anybody except the original salesperson, who they did not trust to process the refund correctly.

Nationwide responded to say that the refund actually had been made on June 15th. They stated that if the funds had not reached the customer's bank account, then that was an issue with the eCommerce merchant and the bank, not with them. They said that the issue was not their fault at all, and therefore the complaint shouldn't be on the record.

The customer never followed up to indicate whether they had received the refund or not. But that seems a good indicator that the funds eventually arrived. If they hadn't, the customer likely would have posted a followup complaint.

Pros & Cons of Nationwide Coin and Bullion

Pros
  • Compliance Department handles negative feedback, although some complaints have slipped through the cracks.
  • Company newsletter provides a wealth of positive information about the industry and current economics.
  • Variety of products sold to people all over the US.
Cons
  • No BBB accreditation or rating, with previous poor ratings.
  • Pattern of customer complaint about bait and switch tactics, though there don't seem to be recent complaints about this.
  • Customers have reported frustrating experiences with the sales representatives.

Final Thoughts

Nationwide Coin & Bullion Reserve might seem like a good option for investment at first. But that doesn't take into account the company's middling reviews. There has been a significant amount of negative feedback, and the BBB page indicates that there have been past patterns of complaint.

It does seem that the company has changed their practices and implemented policies to prevent the same issues from occurring. The complaints have become much less frequent, especially about the specific issue noted. But customers have still reported contentious interactions with the sales representatives.

In the past, the BBB gave the company a D+ rating. But that has since been changed to NR, or not rated. That's something they do when they're investigating or don't have enough information to make a judgment. Nationwide isn't accredited with the BBB, and it has poor customer reviews on the site.

Because of all of this, we can't recommend working with this company. Instead, we believe it's a good idea to work with an IRA specialist. There are many precious metals dealers that have the same robust services while also having more consistently reliable customer feedback.

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