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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.
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See if Onegold made our list this year, or continue with this review below to see if they are possibly the right company for your investment needs.
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 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 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 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
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.
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.
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.
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 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
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.