Disclaimer: Some or all of the companies listed here may provide us compensation. This is a part of how we maintain our free service for consumers. Compensation, along with hundreds of hours of in-depth research determines the results of our reviews.
Many people today have become interested in investing in precious metals. With the turbulence of the economy on everyone's mind, it's helpful to secure your assets in a relatively stable manner. Since gold performs inversely to stocks, you'll always have a cushion when it comes to retirement.
There are several brokerages that allow you to invest in gold online. Some of these also have gold IRA services. They help you set up a self-directed IRA so that you can invest your retirement assets in precious metals. By streamlining the paperwork, they make this type of IRA much more accessible to the average person.
GoldDealer is a popular website that allows people to invest in a gold IRA. But is it legitimate? And is it the best website to use for this kind of work?
We've taken a look at everything GoldDealer has to offer, what credentials they have, and how they stand up to the competition.
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About GoldDealer
GoldDealer.com is a well-known website that sells gold online. The company behind the site is called California Numismatic Investments, otherwise abbreviated as CNI. The overall goal is to help people set up gold IRAs and invest in IRS-approved precious metals for retirement.
GoldDealer is one of the longest-lasting companies for selling and buying gold. They were established in 1982, just a few years after Americans began to be allowed to legally own gold. Now they've been part of the precious metals industry for almost four decades.
Though gold IRAs have only been around since the 90s, the company has pivoted from general gold dealerships to IRA specialization. You can still purchase gold and silver for your personal investment portfolio if you want.
When the company first got started, they offered competitively priced coins and bullion. Upon getting established on the internet, they created an online marketplace. This allows investors to sell their precious metals back to the company for market value.
In addition to the IRA specialties, the company has accumulation programs that let you invest in valuable and rare coins. There are also partnerships with different storage facilities, so you know exactly where your assets will be held if you invest in a gold IRA.
Another selling point is that the company has joined with many professional investment organizations. They are part of the California Coin and Bullion Merchants Association, the Industry Council for Tangible Assets, and the Professional Numismatic Guild.
All of these credentials indicate that the company is legitimate. They have cutting-edge information on the latest precious metals investment opportunities, and they're a trusted member of multiple important groups.
Products and Services
GoldDealer is a precious metals broker that allows you to buy gold and silver in coins and bullion. Some of the items in the marketplace comply with IRS regulations for holding in a self-directed IRA.
Instead of being an IRA custodian, CNI functions as the broker. They would need their own dedicated storage facility to act as a custodian. They partner with several custodian options and different licensed storage facilities. In addition, they help streamline the process of setting up the IRA by taking you through all of the paperwork.
The company's main partnership is with CMT. This is an independently held storage depository.
If you want to put precious metals in an IRA, you will need to purchase silver, gold, platinum, and palladium. The items must be coins or bullion that adhere to certain purity standards. You cannot put rare numismatic coins in an IRA.
There are some coins and bullion available in rhodium through the GoldDealer marketplace. If you want to invest in rhodium, you will need to make a personal investment instead of using your retirement funds.
Several other services are provided through the online dealership. The company will give you a free appraisal of a coin collection, as well as market insight regarding the value of different precious metals.
Fees
When you set up an IRA with the company, you will have to pay an initial setup fee. This is to cover the convenience of having all of your paperwork streamlined. Most setup fees come to about 150 dollars.
You'll also need to pay annual administration and storage fees. The fees will vary slightly depending on the custodian and the storage depository. Administrative fees tend to vary from 75 to 295 dollars, with a scaled rate system.
This means that as you invest more in your account, you can expect to pay slightly higher fees. Some custodians might have bonus promotions in place that allow the fees to be waived with qualifying purchases.
Similarly, the storage fees are about 225 dollars per month. This is a scaled rate based on the amount of space your items will take up. If you're going to be holding a lot in your vault, you might be paying higher storage fees.
GoldDealer does not say whether there is a minimum purchase amount required to get set up with a gold IRA. If you're just purchasing for your personal investments, there aren't any fees or minimum requirements. The usual depository used for the company's gold IRAs is CNT Depository.
Is GoldDealer a Scam?
GoldDealer is not a scam. They are a legitimate company that helps people with purchasing precious metals. In addition, they have services to help people set up a precious metals IRA.
There are a lot of extremely positive customer reviews of the company. But there are some additional reviews that make us pause. The most common complaint is that the company does not provide adequate customer service, and it's difficult to resolve any issues that may arise.
It seems like the transactions are wonderful as long as you don't have any problems afterward. But for people who had questions or ran into issues with their purchase, working with the company quickly became frustrating.
So it's true that the company is not a scam. They have a long market history and sell the products they say they do. Many customers have been satisfied. But you might have better luck working with a broker that has a better reputation with regards to customer satisfaction.
Benefits of the Company
The company has numerous benefits when you invest. These are outlined in many of the positive reviews that have been left.
One of the most common compliments is around the pricing. Customers say that the company sells items at a low markup so they can be bought for close to market value. It's difficult to find other online brokerages that have competing price options.
Some investors have even stated that the pricing methods in this company are preferred to those of other companies. However, the right pricing method for you will vary depending on your investment needs.
Another benefit is the amount of education on the website. Instead of confusing you about precious metals, the company really cares about teaching people about investments. You will learn about how to collect certified coins, how to buy and sell gold and silver bullion, and what the benefits and risks are regarding different investment options.
In addition to having excellent information for new investors, the website has solid info for more experienced investors who want to expand their knowledge. There's enough in-depth discussion that you're likely to learn something new, even if you've spent decades working in the precious metals industry.
The online marketplace also allows for smooth transactions. Many people have stated that they were able to buy and sell their metals without any hassle. As soon as you coordinate with the customer service representatives, they'll fill out your order based on exactly what you want.
Another advantage of the service is that you get tax advantages. You won't need to fill out any paperwork or pay any taxes if your coins are worth more than 1,500 dollars. That makes precious metals a convenient investment for people who don't want to pay extra taxes on their income.
Online Reviews
GoldDealer is accredited with the Better Business Bureau and maintains the highest rating of A+. There has only been one complaint filed over the past three years, and it has since been resolved. The complaint was related to delivery issues.
On Trustpilot, there are almost one thousand total reviews. Of those, the average rating is 4.8 out of 5 stars. Eighty-nine percent of respondents gave the company a perfect 5 star rating.
Pros and Cons of GoldDealer
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Final Thoughts
GoldDealer is a legitimate company with a lot of history. But there are enough drawbacks to the setup to give us pause. Though customers have indicated that the pricing is fair, there are also issues with the customer service team.
Several people have complained that the customer service representatives are unprofessional and irresponsible. Though they make it easy to purchase precious metals, they don't help with any issues that happen after the transaction. Several customers have stated that the lack of quality service is why they stopped doing business with the company.
Another issue is that there's a lack of updates on the transaction. When you purchase precious metals online, you can usually expect to get prompt updates regarding your package. But GoldDealer doesn't always give people the right package tracking information. You might not even get an order confirmation or confirmation that your funds were received.
In some cases, customers had to call the company several times to find out about whether their items had shipped. Since the customer service department is notoriously terrible at returning calls, this was frustrating for them.
Because the GoldDealer customer service department doesn't seem interested in anyone after they've paid, we can't recommend them. It's better to work with a broker that will maintain a strong relationship with you throughout the life of your account with them.
There are several brokers on the market who can help streamline the IRA investment process. You can also purchase metals for yourself through their online marketplaces.
Although we do think that Golddealer is an OK company, we believe that there are better companies out there to make your investment with.
Or you can get a free precious metals investment kit from our #1 recommended company right now!
Or, continue with Golddealer...