Have you ever wanted to invest in the digital version of precious metals? Believe it or not, when you invest digitally, the investment itself still has the physical precious metals for backing, but you don’t physically own them and you don’t have to pay storage fees. OneGold is currently a company that gives investors the chance to buy digital precious metals.
Another thing is investors have a chance to invest in platinum, silver, and gold from 4 countries around the globe. Buying these digital metals means your holdings are available and safely stored in a vault, which you can periodically check on from time to time. If this sounds even remotely interesting, you should continue to read more to find out the truth about OneGold to determine if this is a company you should do business with.
If you are buying precious metals, especially in a retirement account, make sure you read my list of the top 3 companies. (My #1 Recommendation is offering up to $10,000 in FREE Silver.)
Was the Onegold review good enough to make the list? You’ll have to find out, and then keep reading my full summary below.
OneGold Company Info
The OneGold partnership came about when Sprott and APMEX joined forces and came together to create a customer experience that would revolutionize the precious metals buying process. First founded in 1999, APMEX is a trusted precious metals dealer in the online space. They have a wide selection of bullion to offer their customers on the Internet.
Their partner Sprott is a company that focuses on managing precious metals, real estate and other alternative assets. They have a number of subsidiaries in Asia, Canada, and the United States and they are a merchant bank and brokerage with the right to do business in Canada and the US.
When these two powerful organizations came together to create OneGold, they formed a partnership that made it possible for their customers to save for retirement, buy precious metals securely over the Internet, and invest in gold, silver, platinum, and palladium.
How the Process Works at OneGold
This company provides a unique service by offering its customers digital assets that have physical precious metals backing through their platform online. The company chooses liquid, valuable, and assess with security and make sure that they are stored in a precious metals vault.
If you’d like to make the most of OneGold and what they have to offer, the initial step to take is creating your account by signing up on their website. Afterward, you can start your precious metals investing journey and pay for the privilege using a variety of options including Bitcoin, PayPal, credit card, personal check, and debit card.
Automatically investing is also possible with this account. You can set up a designated amount that gets automatically invested at a particular frequency of your choosing. Or if you prefer, you can designate a certain number of ounces to buy and set that interval as well.
When you become a OneGold investor, you are just buying part of a larger portion of a bullion bar. The bullion itself stays safely secured in a vault that is also fully insured.
You can visit the OneGold website, login to your profile, and check on your account status and investment value at any time during the day or night.
When it’s time to finally sell your assets, you can liquidate them by selling a portion of your holdings for cash or you can liquidate your account to receive the physical precious metals, which we’ll discuss in greater detail below.
Account Redemption and Taking Possession of Your Gold and Silver Investments
As previously mentioned, as a OneGold investor, you have the opportunity to purchase a small piece of a much larger bar of bullion. When you finally decide that you’d like to take possession of your physical precious metals, you can get the help you need from the company. They can convert your digital asset into a physical precious metal like platinum, silver, or gold through their partnership with APMEX.
To complete the conversion, you will then sell your digital asset that you currently have stored in your online account. From there, you will choose the precious metal you like to buy and after your selection is made, they will ship a redemption order to you within one business day. US residents receive free shipping on all orders.
Auditing Their Vaults
Each month, the company officially compiles an inventory report letting each OneGold customer know exactly what’s held in each of their different vault locations. They share these vault daughter reports with customers to prove that precious metals are indeed backing up their investments. If you ever like to take a look at these reports, you can go to the Vault Audits page on the website.
No matter which vault you have in a store your precious metals in, you can feel confident knowing that they definitely have your investments secured. Each one of these vaults is insured for damage, loss, and theft. And they have vaults located in Switzerland, the UK, and the United States, which are insured by Lloyds of London. The Royal Canadian Mint insures their Canadian vault.
US Platinum, Silver, and Gold
As an investor, one of your choices is to buy precious metals from the United States. If you were to purchase gold, platinum, and silver from the US in digital form, you would have your precious metals stored in one of the APMEX, COMEX, or Loomis International vaults. The physical precious metal is available to back up each one of these digital investments.
The storage partners of OneGold offer both segregated and allocated storage. Their storage fees occur each year and are invoiced at a 0.12% rate for gold, a 0.30% rate for Silver, and a 0.30% rate for platinum. And as we’ve said before, each one of these investments is insured in fall by Lloyds of London.
Swiss Silver and Gold
You have another option to purchase silver and gold from Switzerland through the digital platform. Their holdings include rounds, bars, and coins. Each of these investments is backed by gold and silver and its physical form.
They have the same storage fees as the vaults in the US. It’s a 0.12% storage rate for gold and a 0.30% storage rate for silver with full insurance from Lloyd’s of London.
Canadian Silver and Gold
You may find it interesting to invest in Canadian Silver and Gold digitally through the platform. If you decide to go this route, they will store your precious metals in the extremely secure vault of the Royal Canadian Mint, who will also insure your investments as well.
The Canadian vaults also possess the same storage fees. The gold storage rate is 0.12% and the rate for Silver is 0.30%.
UK Silver and Gold
If you have the urge to invest in silver and gold from the United Kingdom, which isn’t a bad idea because they have a long and storied history with precious metals, this is definitely an option to consider taking through OneGold. They store each of their investments in faults in the UK and Lloyd’s of London fully ensures each of these investments as well. Similarly, their storage fees are the same with Gold at 0.12% and silver at 0.30%.
Precious Metals IRA Investing
This may seem surprising, but OneGold can even help their customers get set up with a precious metals IRA. This company does not handle IRA accounts as a custodian, but they have connections with a wide range of IRA custodians that you can pick from. Or if you prefer a desired company that is not on their list, they will gladly work with them as well.
After you set up your precious metals IRA account by contacting your IRA custodian, you’ll have to follow the instructions from the custodian to fund your account. This will happen either via 401(k) to IRA rollover or via bank transfer. Read the gold IRA rollover guide for more information.
Once the account is funded, you can have your custodian work with OneGold to begin investing in precious metals for your Gold IRA account.
Has Anyone Discovered Major Red Flags about OneGold Online?
It’s never a bad idea to look into a business to find out who you are dealing with, and this is especially true if you plan on investing a lot of money or making big purchases with a precious metals company. One of my all-time favorite resources to determine whether or not a company is valid is to check out reviews from previous customers that can be found online.
The only other way is to look into people that you actually know who may have had dealings with OneGold. You should definitely ask for that recommendation. But if you’ve never had any dealings with previous customers, you should check out the online reviews to find out how others fared during their respective experiences with this company. Make sure you read reviews from highly respected review websites like the Business Consumer Alliance, Better Business Bureau, Trustpilot, and Trustlink.
Do yourself a favor and look up this company one you visit each of the sites. I took the time to do it at one point, and I will share the information that I discovered below. Unfortunately, I did not find any reviews about the company on the Trustlink or on the Business Consumer Alliance site. Trustpilot had two reviews about them, but unfortunately, they were very negative and low-scoring ratings.
When a company has limited reviews online, it definitely becomes more challenging to determine whether or not they are trustworthy. You may have to gamble a bit if this information is unavailable. Or you can just stick with a company that is more trustworthy as an alternative. Remember, there are loads of gold investment companies on the web to choose from. And many of them have excellent reviews and plenty of information about them online with the major online peer-reviewed companies mentioned above.
- Trustpilot – 2.8 out of 5 stars and three reviews
- Business Consumer Alliance – no ratings
- Trustlink – no ratings
- Better Business Bureau – A+ rating and they are accredited with the BBB
Is OneGold Considered a Scam Company?
The answer to this question is no. This company definitely isn’t going to scam you. They are legitimate and they are a successful company that opened in 2018.
Unfortunately, there are a few reasons why I wouldn’t recommend doing business with One Gold.
For starters, they’ve only been in business for a short while. Being in business for less than four years means they have less experience.
Some people like helping young companies first get their feet wet, but this is your retirement we are talking about. It might not be the best to trust a young company with your retirement savings.
There aren’t many reviews online about this company either. More than likely, this is happening because they haven’t been in business for too long. But you have to wonder about the service that you’ll get nonetheless. It’s hard to know how a company will treat you when nobody has bothered to talk about their customer service, salesmanship, and more. You might be taking an unnecessary gamble working with them.
Next, the website that they created is not the easiest thing in the world to handle. The precious metals investments aren’t clearly listed on the site. They store investments in different faults in many countries which can get confusing. And other things make this experience less than satisfying.
On their website, they also tell you that as an investor you directly own these precious metals. But more to the truth, you only own a fraction of them. You will own a piece of the kilogram bar. If you want to redeem your holdings, you can’t go to the vault and redeem them because you only own a small piece. APMEX is responsible for the redemptions and they’ll take care of you.
If you decide to convert your digital investments into physical precious metals, they will be delivered to you by APMEX. They sell their precious metals at market rate, but you will have to pay the current spot price less than 0.30%, so it isn’t necessarily the best deal in the world.
Knowing all of this information about OneGold, you may feel like I do and believe that this isn’t necessarily the best company to do business with. We prefer going directly to the source and doing business with a well-respected precious metals IRA company instead.
- This company is a partnership between Sprott and APMEX
- They sell digital precious metals through their company
- After the account is created, you can designate an amount or size per automatic order
- If you sell your investments for cash, your investment can then be redeemed for physical coins or bars
- They offer for storage locations around the globe including Canada, the UK, Switzerland, and the US
- All investments are insured by the Royal Canadian Mint or Lloyd’s of London
- They help customers set up a precious metal IRA accounts
- Store precious metals and 4 vaults around the world
- Manage investments easily with their mobile app
- Redeem digital holdings for physical precious metals
- Only in business for four years
- Only own fractional pieces of larger investment
- Complicated precious metals redemption process
If you’re finally ready to begin investing in precious metals, we actually recommend forgoing a business relationship with OneGold. Why? We uncovered a few red flags that make it seem like this solution isn’t the best for our readers.
After performing detailed research, we believe there are other top-flight precious metals IRA companies to work with. They have been around for a long time, have many great reviews on the top peer-reviewed websites, and offer a wide array of silver, platinum, palladium, and gold coins and bars to their customers. Choosing one of these more established companies is much wiser than working with OneGold.