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Investing in precious metals is brilliant for any investor looking to diversify their portfolio and grow and protect their investment. However, the problem comes when trying to find a reliable and trustworthy dealer. Fortunately, you can sort out among the many dealers available in the market by reading reviews about them.
In this Modern Coin Mart review, we will help you learn everything about the company. It is up to you to know whether or not you can trust them.
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Also known as MCM, Modern Coin Mart is a precious metal dealer established in 2004. The company is located in the Sarasota, Florida area, and at the time of its foundation, it helped create the market for online bullion dealers.
The company is a sprout of its parent company, John Maben Rare Coins, with John Maben as its founder. The company boasts of its extensive gold, platinum, silver, and palladium catalog. The company's large collection of precious metals attracts collectors interested in numismatics and investors who want to hold IRA-eligible bullion.
Modern Coin Mart aims to become a market leader in certified modern coin sales. The company has a combined experience of 225 years in the metal industry with 35 employees. John is a veteran in the industry with four decades of experience in professional numismatics. The company's president is Jay Rudo, a coin expert who in 2001 established his own company but partnered with John in 2007.
Products and Services
MCM boasts of its extensive catalog of precious materials available for its clients. The company's inventory is suitable for both collectors and investors. This is because it deals in IRA-eligible precious metals to hold in your precious metals IRA and collectibles and ancient coins for collectors.
MCM sources its gold, silver, platinum and palladium from leading mints and refineries such as PAMP Suisse, Sunshine Minting, Credit Suisse, Perth Mint and Volcambi, and the company's Gold rounds and bars. Although the company mainly deals in coins, they also offer bullion bars. Some of the available IRA eligible coins include:
For collectors, the company offers a vast collection of platinum-group metal coins, silver, gold, and various alloys. The company deal in worldly gold coins, including US, Great Britain, Canadian, Austrian, South African, Chinese, Australian, and other world gold coins. You visit the company's website to check their catalog.
Custodian and Storage
Based on the company’s information on the website, Modern Coin Mart has not partnered with any custodian to offer custodial services. Note that the company is not explicitly a gold and silver IRA company and therefore does not offer all-in-one storage services with a registered third-party custodian for their clients. However, for custodial services, the company works with two precious metal dealers: Gold Trust Company and New Direction IRA.
The same goes for vault storage services; the company does not seem to have partnered with any registered depository. In simple turns, the company only sells coins and bullion to investors who will then be responsible for storing them either in a trusted vault off-site or at home. This is very good for you as it gives you the freedom to choose where you want to store your holding, allowing the company to command more competitive prices.
Fees and Costs
The company offers free shipping services for domestic clients. The annual costs, however, are variable. To learn more about the fees and costs, visit the company website. On the other hand, IRA fees depend on the company you choose to work with, whether Gold Trust Company or New Direction IRA.
For example, the one-time establishment or establishment fees for Gold Trust Company and New Direction IRA are $25 and $50, respectively. Additionally, both companies charge a $40 transactional and processing fee. Storage fees in New Direction IRA vary depending on the storage provider, while in Gold Trust Company, $1.00 per $1000 precious metals in value. The distribution, transfer, or wire fee is $25 for both companies.
Visit the company’s website to get complete information about fees and costs.
How to Get Started
Purchasing precious metals with Modern Coin Mart is very straightforward. As an online dealer, customers can buy the company's products in the comfort of their homes through the company's website.
You can see all the available products from the company's catalog. You will notice a wide variety of precious metals selection, including silver, gold, platinum, and palladium. Even though the company mainly deals in coins, they also offer bullion bars.
Once you select the products you want to buy, you can add them to your cart and then complete the transaction. The company supports a variety of payment methods, including credit cards, PayPal, checks, and wire transfers. Unfortunately, the company does not support payment using cash payment.
Pros & Cons of Modern Coin Mart
The following are some advantages and disadvantages of Modern Coin Mart.
Modern Coin Rating, Reviews, and Complaints
We gathered the following reviews, ratings, and complaints about the company on reliable customer review sites and platforms.
Modern Coin Mart generally has relatively positive and few negative reviews on various online platforms. Shopping with the company for coins and bullion, whether for collectors or investors, as we think it presents a low-risk profile. In our experience, it offers incredible prices for its coin collection.
Do You Recommend Modern Coin Mart
We have heard many people asking if the company is legit and whether it is recommendable. The answer is yes. We recommend investing with the company as it offers various coins and precious metal assets at excellent prices that will not leave your pocket dry after investment. The only problem, however, is that you won't be able to partner with an IRA custodian through MCM.
However, this seems to be an advantage from another angle as it offers investors the freedom to choose the depository or custodian that they trust. Modern Coin Mart is not a scam. It is a legit company owned and operated by professionals and veterans in the industry. This automatically means they are experts with the necessary experience in what they do.
The company also offers excellent products. Because it is an online dealer, it can serve many clients no matter where they are. It makes it easy for investors to purchase precious metals without visiting the company hence being convenient physically. The only notable downside is that it does not offer its own IRA services and the law rating on various online platforms.
Before investing in precious metals, it is essential to consider all the available options before making the purchase.
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