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Orion Metal Exchange is a precious metals dealer that gives you full service treatment. Whether you want to invest for your current portfolio or set up a tax-advantaged IRA, the company has you covered. But are their business practices legitimate? What do people have to say about them?
There are a lot of things to like about the company's setup. They have ideal market pricing, a website that shows the price of different precious metals in real time, and an in-house set of IRA experts. There are also promotions that allow you to be reimbursed for basic custodial and storage fees.
We've taken a look at everything that Orion Metal Exchange has to offer, along with how they compare to the competition.
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About Orion Metal Exchange
Orion Metal Exchange is a precious metals dealer that employs people with over 50 years of industry experience. They assist clients in choosing the right gold and silver portfolio options for their needs. In addition to selling precious metals, the company buys back precious metals and provides important updates on the market.
When you get started with the company, you'll have the option of setting up an IRA, having your investment delivered to your home, or having your investment placed in a third party storage facility. The IRA accounts are subject to strict IRS regulations.
The main goal of the company is to help people choose the right precious metals to plan for their future. That might mean investing in an IRA, or it might mean allocating some of your existing assets to precious metals. The experts can explain the advantages of each to help you choose.
Every client is given an account representative. This dedicated individual will walk you through the entire setup and acquisition process. The company also guarantees that their prices are based on the real-time market value of the metals, so you get advantageous pricing.
In addition, once you've created your account, you will receive ongoing market updates from the company. They will tell you about whether there are any global economic factors that might affect your investments.
If you want to open a new IRA for precious metals, you can work with the company's in-house IRA department. These experts have built their entire careers around helping people set up and fund their precious metals IRAs.
The company functions very similarly to many of the other top gold dealers on the market. But there are some things that set them apart. For example, they have certain accreditations and awards that other companies can't compete with.
They have been rated as one of the top precious metals IRA companies by Consumer Affairs. In addition, they are an authorized dealer with the Professional Coin Grading Service. This means that you can be sure that any coins you purchase have been graded accurately and authentically.
The company complies with all integrity standards of the Numismatic Guaranty Corporation. They also support legislation impacting the holdings of tangible assets.
Products and Services
As mentioned, this is a full service precious metals dealer. If you have any interest in buying or selling precious metals for any reason, chances are that you can do it here. Every employee with the company is knowledgeable about the industry, with a dedicated team of experts who know even more about IRAs.
The company offers educational resources through their website, along with information about the changing value of precious metals. Their charts update in real time to show you how the prices of different metals have fluctuated.
The precious metals available are platinum, palladium, gold, and silver. If you invest in an IRA, you will need to make sure that your assets meet the correct purity standards outlined by the IRS. But if you're making a personal purchase, you don't need to worry about that.
You can choose from one of three paths when you're making your investment. You can invest in precious metals for an IRA, purchase metals to be shipped to your house, or purchase metals to be securely stored in a vault.
Many investors say that they don't recommend keeping precious metals in your home. Your home is much more vulnerable to damage and theft than a highly secure bank vault. But if you do want to store the metals at home, you can talk to Orion Metal Exchange about what safe to invest in to keep them protected.
With the secure vault storage, your purchase will be sent directly from the dealership to the vault of your choice. Orion Metal Exchange can recommend different vaults based on your needs. There are both local and international options for people in the US.
If you're making a non-retirement purchase, secure storage is the most popular choice. It's the safest and the most convenient. You'll just need to pay ongoing storage and maintenance fees to keep your vault open. The exact fees will vary depending on what depository you choose.
If you're setting up an IRA, you'll work with the in-house IRA department. These people will walk you through the paperwork to get your account set up and funded. Then they'll help you get in contact with a custodian and choose a depository for your funds. Different custodians and depositories will have different fees.
Gold IRA Setup
It helps to understand what a gold IRA is. This is a type of self-directed retirement account that is funded using precious metals instead of currency. You will need to choose platinum, palladium, gold, or silver that adheres to the purity standards outlined by the IRS.
Every client who opens an IRA will be assigned an account representative. You will get tax advantages on the account, just like you do on every other IRA. In addition, the precious metals investment can help to safeguard your assets against potential inflation.
Orion Metal Exchange is offering some monthly incentives to encourage people to start precious metals IRAs. You can reach out to their customer service team to find out what promotions are currently active.
It's worth noting that the company specializes in selling coins, rather than bars. If you want to invest in gold and silver bars, you might want to investigate a different marketplace.
When you look at the different precious metals categories on the website, you will be shown the product and its weight. There will be a minimum price quoted on the website, which is based on the real-time value of the precious metals.
The company offers gold American Eagle coins in a wide range of different weights. You can also purchase them at different quality levels. The proof gold coins are the most expensive, while the more worn coins are less pricey.
Similarly, the company has several different platinum American Eagle coins available. You can purchase them as proof coins or regular coins, and you have your choice of different weights. There are also silver American Eagle coins.
Fees and Pricing
What fees can you expect to pay? It depends on the type of investment you're making. If you're investing in an IRA, you will need to pay more fees than if you're making a direct ship-to-home purchase.
One of the potential drawbacks of this company is that the fees aren't set in stone. Because they don't have one single custodian or depository that they work with, you'll be quoted a range of prices. If you want exact pricing options, you'll have to research the different custodians and depositories yourself.
If you want to create a precious metals IRA through Orion Metal Exchange, you must make a minimum purchase of at least 5,000 dollars. This is fairly standard for the industry, but it might disqualify people who don't have a lot to put into their initial purchase.
In addition, company representatives highly recommend that you invest at least 30,000 dollars into an IRA. Doing this allows you to get access to the company's promotions. If you invest this much, you'll have all of your setup, custodial, and storage fees covered for the first year without any extra charges.
Unlike many of the other precious metals dealers on the market, Orion doesn't have specific fees for setting up an IRA. In addition, they don't charge any annual fees for your investments. You only have to worry about the custodial and storage fees, which exist no matter who you start your IRA with.
We've covered the fees that you can expect for setting up an account. But what about the actual prices of the metals? Are they marked up more than the competition?
Precious metals change in value on a constant basis. Not only do they shift on the daily, they can even change from minute to minute. Orion guarantees that they show the real prices of the precious metals, thanks to their website algorithm.
If you want to find out how much the market value of your metals is, you can simply check the website. The company also publishes constantly-updating charts that show how the value of metals has fluctuated over different time periods.
Is Orion Metal Exchange a Scam?
Orion Metal Exchange is not a scam. This full service precious metals dealer does exactly what they claim to. In addition to having a marketplace full of high-quality gold and silver, they also have a team of experts who can help you with setting up an IRA.
The company has a good track record with past customers and has excellent reviews through third party watchdogs. They are accredited with the Better Business Bureau and maintain an A+ rating. Of the three customer reviews on that website, the total star rating is 5 out of 5.
On Trustpilot, the company has a total star rating of 4.9 out of 5. That's an average of more than 100 customer reviews. You get the sense that people have overwhelmingly good experiences.
Reviewers state that the company's customer service team makes the entire investment process lovely. Some people have even said that they switched to Orion Metal Exchange after a bad experience with another dealership. They found that Orion's prices were lower and their service was much more reliable.
Pros and Cons of Orion Metal Exchange
Orion Metal Exchange is one of the most solid precious metals dealers on the market. They have received numerous accolades from trusted companies, plus they have excellent third party ratings. Customers have reported overwhelmingly positive experiences.
The company is dedicated to giving you ideal customer service, whether you're making a one-time purchase or setting up a dedicated account. Each person who invests is treated as an individual with their own needs and goals.
Overall, this is a solid option if you want to invest in precious metals or open a gold IRA. Just keep in mind that they don't have the most transparent fee structure in the world.
In addition, they don't state their prices on their website, even though they do use their website to track the market value of precious metals in real time.
You will have your choice of custodian and depository. Most other companies partner explicitly with a custodian or a depository, which allows you access to more accurate fees. The lack of partnership might be both an advantage and disadvantage.
It's advantageous because you can compare the different custodian and depository options available. You'll be able to look at the pricing structures, locations of the depositories, and other information. Then you'll be able to make the decision that best suits your investment needs.
But if you're not interested in comparing and contrasting different custodians, this might be a pain. You may prefer to work with a dealership that is already partnered with a custodian. That way, they can streamline the process and help you fill out your application faster.
Although we do think that Orion Metal Exchange is a solid company, we believe that there are better companies out there to make your investment with.
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