What is Bullion Exchanges?
Bullion Exchanges is an online retailer that specializes in the sale of precious metals products, including gold, silver, platinum, and palladium bullion products. They offer a wide selection of products, including coins, bars, rounds, and collectibles from reputable mints around the world.
The company was established in 2012 and is based in the Diamond District of Manhattan in New York City. In addition to their product offerings, Bullion Exchanges provides educational resources to help customers learn about the precious metals market and how to invest in bullion products. They also offer storage options for customers who wish to store their precious metals in a secure and insured facility.
Bullion Exchanges has partnerships with IRA-approved depositories, such as IDS (International Depository Services) Delaware, IDS Canada, and SWP Cayman Islands, as well as preferred custodians like New Direction IRA and GoldStar Trust Company, making them a popular choice for those interested in diversifying their retirement portfolios with precious metals.
People Behind Bullion Exchanges
Bullion Exchanges is an online precious metals retailer based in the Diamond District of Manhattan, New York City. The company was established in 2012, and the information about the management team is not publicly available on its website or other public sources.
According to other sources, including reviews and news articles, it appears that the company’s co-owner and partner is Ben Tseytlin, who is involved in the day-to-day operations of the business. Additionally, Robert Fuks serves as the Operations Manager, overseeing the company’s logistics and customer service.
It’s important to note that transparency and disclosure of management information are crucial aspects of any reputable company, particularly when it comes to investments. Certainly, the lack of publicly disclosed management information may be a concern for some potential customers.
For example, my top-recommended company has been rated the Most Transparent by Investopedia. You can check them out here.
How to Invest in a Bullion Exchanges IRA:
To invest in a Bullion Exchanges IRA, follow these general steps:
- Open a Self-Directed IRA Account: Fill out an IRA form to open a self-directed IRA account with one of Bullion Exchanges’ trusted custodian partners, GoldStar Trust Company or My Equity Trust. You’ll also need to choose an IRA-approved storage facility for your precious metals.
- Fund Your IRA Account: Once your self-directed IRA account is set up, work with your custodian to fund your account with cash, rollover funds, or a combination of both.
- Choose Your Precious Metals Products: Bullion Exchanges offers a selection of IRA-approved precious metals products, including gold, silver, platinum, and palladium coins and bars. Choose the products you want to invest in.
- Place Your Order: Place your order with Bullion Exchanges for the selected precious metals products. You’ll receive a quote with the total cost of your order, including applicable fees.
- Direct Your Custodian to Make the Purchase: After placing your order, you’ll need to direct your custodian to make the purchase on your behalf. Your custodian will provide you with the necessary paperwork to complete this step.
- Store Your Precious Metals: Once your purchase is complete, Bullion Exchanges will ship your precious metal products to your chosen IRA-approved storage facility for safekeeping.
However, I don’t recommend opening an IRA with them. Why? Because there are plenty of better options available for you.
Opening a precious metals IRA is a major decision. That’s why I suggest checking out our top gold IRA providers list. There, you can find the best precious metals dealer of your state and choose accordingly.
Also, the list will help you understand what the industry’s best has to offer and what you might miss out on.
Bullion Exchanges Products:
Bullion Exchanges offers a wide variety of investment products, ranging from IRA-approved gold, palladium, platinum, and silver coins and bars to collectible coins, pre-1933 US gold coins, and copper bullets. Their selection of IRA-approved products includes popular options such as the Silver Australian Kangaroo, Silver American Eagle, Gold American Eagle, Platinum American Eagle, Gold Canadian Maple Leaf, Gold Austrian Philharmonic, Silver Canadian Maple Leaf, and American Gold Buffalo.
Bullion Exchanges Fees and Charges:
When it comes to understanding the fees and charges associated with purchasing precious metals from Bullion Exchanges, there is no readily available information on their website or any other websites. This lack of information makes it challenging for potential buyers to determine the total cost of their investment accurately.
Surely, it’s another major red flag.
Bullion Exchanges Reviews and Complaints:
Better Business Bureau (BBB):
On the Better Business Bureau website, Bullion Exchanges has an A+ rating and 2.42 stars out of 5-star ratings based on only 12 customer reviews. There are both mixed positive and negative reviews. While they have been in the industry since 10 years but there have been a total of 12 complaints in the last 3 years. Also, they are BBB-accredited.
ShopperApproved:
On ShopperApproved, Bullion Exchanges has 4.8 stars out of 5-star ratings based on 75,752 customer ratings and reviews. The majority of the reviews are favorable, with customers commending the company’s customer service, knowledge, and prompt delivery.
Yelp:
On Yelp, Bullion Exchange has 3.5 stars out of 5-star ratings based on 54 customer reviews. The reviews are mostly positive. The customer praised their services and products. While there are some complaints too regarding products and their shipping.
Sitejabber:
On Sitejabber, Bullion Exchanges has 4.69 stars rating out of 5 stars based on 1,251 customer reviews and complaints. Mostly all the reviews are positive. With Customers praising the company’s customer service, expertise, and shipping.
Trustpilot:
On the Trustpilot website, Bullion Exchanges has 4 stars out of 5-star ratings based on customer reviews. There are 1,004 customer reviews on the website, and this company has been verified on this website. According to these such ratings they are in a great state.
TrustLink:
On TrustLink, Bullion Exchanges has 3 stars out of 5-star ratings based on only 2 customer reviews. Reviews are a mixture of both positive and negative customer ratings.
Google Reviews:
On Google, Bullion Exchanges has 4.5 stars out of 5-star ratings based on various customer reviews. There are a total of 547 customer reviews on Google, and most of them are positive, with customers praising the company’s excellent customer service, professionalism, and expertise.
Are There Any Bullion Exchanges’ Complaints? Should You Be Concerned?
Yes, there are plenty of complaints against this company. Most of the complaints are regarding shipping delays and poor customer service.
Certainly, this can be a major red flag for most investors.
Some complaints allege that the company is too careless with their shipments.
Due to these reasons, I recommend doing business with an experienced and highly reputed company instead. You can check out my top recommendations here.
Negative Customer Reviews From Various Online Business Rating Websites:
#1. Vinny T. reported that it took numerous attempts to place his order, resulting in a $200 increase in cost due to the price moving up.
#2. Randall V. expressed disappointment that he was unable to add items to his order before paying with an E-check. Since he did not have enough items in his cart, he had to pay an additional 4% fee.
#3. Debra P. reports spending 30 minutes attempting to resolve an issue regarding her billing address being marked as incorrect. However, her billing address was not incorrect; rather, it was different from her shipping address. The issue was resolved when she stated that her shipping and billing addresses were the same. Debra recommends that the company correct this deficiency to avoid confusion for future customers.
#4. Polo H. expresses that the bullion dealer is extremely unreliable and unprofessional. After providing banking information and confirming a purchase, they never sent the purchased items. Polo advises seeking a more trustworthy bullion dealer with reliable channels of communication.
#5. Jeffrey J warns us to avoid doing business with these people at all costs. He mentions that when the spot price spikes by $50, they will cancel your order. However, if the price drops by $50, they will ship your order without any hesitation, showing inconsistency and dishonesty. He recommends checking their ratings with the Better Business Bureau and finds the whole experience disheartening.
Some More Negative Reviews:
#1. Bob P. claims that if you disagree with Bullion Exchanges, they will block you from their site. He finds this behavior childish and notes that there are plenty of other sites he can do business with.
#2. Melissa J. has bought from them multiple times and everything went smoothly until an issue arose. However, their customer service turned out to be the worst experience she had ever encountered. They refuse to admit fault even when presented with evidence that clearly points to them.
#3. According to S.G., their bars were lost and Bullion Exchanges did not reimburse them for the thousands of dollars lost. S.G. accuses the customer service and management of being dishonest. S.G. warns others not to trust Bullion Exchanges with their hard-earned money and advises against purchasing from them.
#4. Donna D strongly believes that the company is a complete scam. She claims that it is not a reputable seller but a small-time fraudster that does not accept credit card payments and instead requires customers to mail in a physical check. Also mentions that the company threatens to charge a 10% cancellation fee, which was not mentioned on her order form. She advises potential buyers to purchase from a different seller.
#5. Marty expressed her surprise at the negative reviews and stated that while many people may be attracted to a bargain, she is willing to pay a bit more for the assurance of integrity. She doubts that the company cares about the reviews, or else they wouldn’t have been written.
Positive Customer Reviews From Various Online Business Rating Websites:
#1. Rob P. highly recommends Bullion Exchanges as a reputable and legit business. He has had a great experience with them and their products, both on eBay and their online store. He considers them his go-to for bullion exchanges and recommends them to others. Rob also wishes them all the best and blessings.
#2. Josh K asserts that Bullion Exchanges is one of the top bullion dealers, offering excellent customer service and competitive prices. He has no complaints and plans to continue buying from them as long as the government keeps printing money.
#3. Nathan A. expresses satisfaction with the great customer service and market prices offered by Bullion Exchanges. He reports having made and received his order with no hassles. He also appreciates the option to pay with Bitcoin.
#4. Richard B. says that he has been a satisfied customer for years and has had nothing but positive experiences. The prices are fair and the selection is good, and he has never encountered any issues with the service.
#5. Mitchell D. recommends the physical retail location for purchasing bullion, having done so multiple times. He appreciates their fair prices and straightforward service, particularly during these uncertain financial times.
Some More Positive Reviews:
#1. Paul D. shares that he had a very positive experience with Bullion Exchanges’ customer service. While he encountered shipping issues that were not the company’s fault, he found the representatives to be kind and courteous. Although needing customer service can be a frustrating experience, he was ultimately satisfied with their assistance.
#2. Eugene B. highly recommends Bullion Exchanges for all your bullion transactions, including buying and selling gold, silver, coins, bars, and scrap jewelry. He finds their services to be very honest and professional, and as a repeat customer, he’s always satisfied with their customer service and deals.
#3. Gary D. expressed his satisfaction with Bullion Exchange’s quick shipping and great site, stating that he has no worries when doing business with them. He also mentioned that he will be back for more gold and silver, as Bullion Exchange has earned his trust and business.
#4. Leon Tucker shares his positive experience with his recent first purchase, where everything went smoothly. He received his order quickly, and the coin was well-packaged to prevent any damage. He expresses his satisfaction and plans to order again soon, wishing everyone peace, love, and happiness.
#5. Maarten De Vries suggests that if you own globally recognized precious metals in any form, such as bricks or coins, you have come to the right place to make more money from them than what you currently possess.
Is Bullion Exchanges Legit? Should You Invest with Them?
No. I don’t think you should invest with them.
Pros:
- Large product selection
- High ratings on BBB
Cons:
- Lack of transparency
- No fee-related information available on the website
- Mixed reviews from customers
- Multiple complaints for shipping delays
While it’s true that Bullion Exchanges is a legitimate precious metals dealer, it also has too many red flags.
Moreover, there are better alternatives to them available where you can get better services.
The company has received numerous complaints for poor customer service and shipping delays. Many of their reviews allege that the company doesn’t give proper attention to their customers’ orders.
So, while I would say Bullion Exchanges is a prominent gold IRA provider, they are certainly not the best.
To learn about the best, I recommend checking out my top gold IRA recommendations.
There, you will also learn about the highest-rated precious metals companies of different US states.
Have you dealt with this company? How was your experience? Let us know in the comments!