Swiss America Trading Corporation is a massive precious metals company operating in the US. They offer a wide variety of services and boast more than four decades in the industry. Their experts have been featured on many different news programs and in multiple financial publications.
But is Swiss America the best precious metals company to use? We've taken a look at their history, customer feedback, and what exactly they offer to find out.
We have done hundreds of hours of research on the best precious metals investment companies for anyone that wants to invest!
About Swiss America
Swiss America has been operating since 1982 and has sold precious metals to over 60,000 clients. The company maintains an A+ rating with the Better Business Bureau and has largely positive reviews from consumers online. Craig Smith, the company's founder, has published nine books about economics and the precious metals industry.
The company has been featured on television networks including CNN, Fox News, PBS, and ABC News. They have also been featured in publications such as the New York Times, Time magazine, USA Today, and the Wall Street Journal. Several talk show hosts, spokespeople, and authors have endorsed them.
Swiss America is a member of the ICTA and ANA, two of the biggest organizations in the precious metals industry. They are also an official dealer for the PCGS and NGC, the main two coin grading organizations operating in the US. They are affiliated with the Canadian Numismatic Association, World Proof Numismatic Association, and the Numismatic Consumer Alliance.
Swiss America Services
Swiss America has a wealth of information available through their online resources page. They have written articles about the function of gold and silver in the economy, the importance of asset diversification, and how gold IRAs work.
Gold IRAs are a type of retirement account that secures part of your assets in gold. You can only put certain pre-approved coins and bullion into a gold IRA. Because of this, it's good to work with a company that is well-versed in IRA regulations.
Swiss America also carries numismatic rarities that aren't eligible for IRAs. They have articles discussing the value of numismatic collectibles.
When you want to make a purchase from Swiss America, you will be assigned an individual Account Executive. They will find out about your current investments and financial needs. From there, they will make suggestions about which coins will best suit your needs.
The coins will then be reserved, and a confirmation number will be issued. You will have the option to pay through a bank wire or through a check mailed to the company. Bank wire transfers are the fastest service, as checks need to arrive and be cleared first.
The coins will then be shipped to you through insured mail. If you purchased coins for an IRA, then they will be shipped to the storage depository of your choice. Gold IRAs cannot be stored in your home.
The Swiss America website will have information about the fluctuating price of gold, so you can track the value of your portfolio over time.
Is Swiss America Legitimate?
Swiss America is a legitimate business. In fact, they are one of the longest-lived precious metals companies in the US. The sale and trade of precious metals was only legalized a handful of decades ago by President Nixon. Swiss America has been in business for more than 40 years.
Swiss America is accredited by the Better Business Bureau and has an A+ rating, indicating that they’re proactive about their customer service. In addition, they’ve been accredited since 2009, meaning that the BBB has considered them a trustworthy industry player for over a decade.
The company’s reputation also appears to be largely positive. There are a whopping 154 reviews on the BBB page, with an average of 4.97 out of 5 stars. That indicates that the vast majority of customers have left perfect reviews. On top of this, there have only been two complaints in the past three years.
There is one notice of government action on the BBB page. The BBB keeps track of any governmental issues, litigation, or other legal problems facing a company. Swiss America appears to have had trouble with the state of Minnesota in 2021.
For context, Minnesota is the only state in the US that requires a specific license to sell bullion. It's common for gold companies that ship to all 50 states to fail to be compliant with Minnesota state law. These businesses should have done their due diligence, but oftentimes, the involved individuals didn't realize that any states had specific laws regarding bullion.
The state of Minnesota alleged that Swiss America had sold thousands of dollars worth of gold and silver bullion in the state without registering with the Department of Commerce. Rather than taking the matter to court, Swiss America entered a Consent Order to settle the allegations.
The order's terms dictated that the company would pay $15,000 to the state, which is the maximum civil penalty for this type of violation. In addition, they would pay for the legal investigative costs, which totaled just under $300. This order isn't considered an admission of guilt and does not mean that Swiss America is guilty of violating Minnesota law.
Usually, this type of action happens when companies fail to register in Minnesota or let their registration lapse, but they do so unintentionally. The state tends to be more aggressive in prosecuting companies that maliciously ignore their regulations. Swiss America has taken responsibility for the issue by paying the legal fees and making sure that their future business dealings are compliant with Minnesota law.
As mentioned, this occurred in April of 2021. The company has had no issues with compliance in Minnesota in the years since then. So this was likely just a lapse in record-keeping.
Swiss America has largely positive reviews online. There are a few complaints on Yelp and on the BBB website, but they are far outnumbered by the positive reviews. Most of the 154 consumer reviews left on the BBB website give the company five stars.
We'll take a look at just a few of the recent positive reviews to see what the company got right.
The most recent review is from November 10, 2023. This customer said that working with the staff at Swiss America is great. These representatives have a strong background in the gold industry, and the customer feels safe buying from them. He stated that he's had bad experiences with other gold dealerships in the past, but Swiss America's reps truly do seem to have his best interests at heart.
Another customer stated that she wanted to convert an account of hers into gold. She was referred to Swiss America by her parents, who are also customers. Her questions were answered quickly and efficiently. In addition, she said that all of the legal documents and communications were handled by the company's team. She found the service very helpful and highly recommended the company.
One customer stated that he was seeking coins to purchase for his coin collection. He did end up buying several. Over the course of the purchase, the company continually updated him on the status of his package. The packaging itself was discreet and neat. The customer stated that the coins arrived quickly and in excellent condition, and that he would happily work with Swiss America again in the future.
There was a review left in September of 2023 by a customer who says she has worked with Swiss America for more than ten years. She stated that her money had doubled multiple times over. She had switched from a different financial company to Swiss America, although the exact industry of that company has been omitted. Her conclusion was that she was happy with her advisor and had no regrets about any of her purchases.
It's important to weigh the negative feedback about a company alongside the positive. Though there are more positive than negative reviews online, a few people have left complaints about Swiss America.
There are only two complaints on the BBB website as of writing. One is from February of 2023, and the other is from October of 2022.
The October complaint simply says that the person had signed up to receive promotional materials and marketing, but they never heard back. Swiss America responded to say that this was not a customer and that they did not have any contracts or records of them.
The February complaint was also brief. The complainant stated that they had been struggling to talk to their customer representative, and that their emails and calls were being dodged.
Swiss America responded to say that a message had been sent to the customer's account representative. The rep would reach out later that day. The company stated that the customer had called only twice in October, and had not made an attempt to contact the company after that.
They explained that every account representative tries to return phone calls on the same day. However, when they are busy, it can take over 24 hours. Customers have the opportunity to press 0 to be connected to customer service reps who can help with any issue.
Yelp also has a few negative reviews. One customer said that she was treated very rudely by one of the company's brokers. She had bought a large amount of gold for what she claimed was an inflated price. She said that she had a very difficult time returning her coins and that she had to evade several sales pitches. In addition, she said that she was led to believe that she was buying rare coins, but she was misled.
The business owner reached out directly to apologize and left a message on the customer's phone. She said that the customer had been offered a liquidation check and was denied. In addition, she said that the customer's complaint had been taken seriously, and that the rep's actions did not reflect the company's culture. She disputed the customer's valuation of the coins and said that the customer had agreed to the cost with full transparency.
The customer followed up to change her review to a four-star review. She stated that she was able to speak to someone higher up in the company and that he took copious notes. This senior member of the team apologized to her and investigated the complaint. She said that once the upper management was aware of the issue, they did take swift action to resolve the issue.
Pros & Cons of Swiss America
Swiss America Trading Corporation is a precious metals giant in the US. They have sold millions of dollars worth of coins and precious metals. As one of the largest precious metals dealers in the country, many people use their services.
This is a legitimate business that appears to operate transparently. Whenever there are complaints, the business owner gets involved directly. Customers have stated that the upper management is very responsive to complaints and helps deal with them efficiently.
However, there have been occasional quibbles about the pricing and the rarity of certain coins. Some customers say that they have bought coins at a higher markup than they anticipated, and that it has been difficult to liquidate the coins. While the vast majority of consumers have been satisfied, there are other companies with more streamlined customer care to consider.
Don't forget to checkout our highest recommended precious metals investment companies if you want to move forward with an investment!