What is Lexi Capital?
Lexi Capital is a precious metals dealer based in Raleigh, North Carolina. Founded in 2010, the company claims to be the product of entrepreneurs who realized that everyone should have access to market insights and recession-proof assets.
Their contact number is 1800-473-1213. Moreover their office is located at 310 S, Harrington Street, Raleigh, NC 27603.
They enable investors to create self-directed IRAs and have received an A+ rating from the Better Business Bureau.
At Lexi Capital, you can get self-directed IRAs that specialize in gold and silver investments. Furthermore, the company offers a Gold Assurance Plan which protects customers from short-term market fluctuations.
Are they worth your money? This Lexi Capital review will help you find the answer:
People Behind Lexi Capital
The CEO of Lexi Capital is Chris Mitchell. He has been the CEO of the firm since 2020.
Chris is quite active in the investment sector as he has also founded BitcoinAdvizers, a bitcoin and cryptocurrency IRA company.
Before becoming the CEO of Lexi Capital, he was a Senior Portfolio Manager at Lear Capital, where he worked for 11 years.
Along with that he was running Search Wire, a mobile marketing and lead generation service for realtors.
Overall, Chris Mitchell has a lot of experience in sales, marketing and alternative investments. His vast experience has helped him lead Lexi Capital and establish itself as niche IRA provider.
He has an Associate of Arts in Business and Psychology from Pierce College.
However, apart from the CEO, there is no information available on other team members of Lexi Capital. Also, the company shares no information on its founders.
All I could find was that the founders are two UCLA graduates who wanted to create a retail venture which provided gold and silver investments to consumers with the same security of Wall Street investment firms.
That’s why they created the unique Gold Assurance Plan, which is an integral part of Lexi Capital’s gold IRA services.
How to Invest with Lexi Capital: Step-by-Step Process
To begin investing with Lexi Capital, you just have to follow these 3 steps:
Step #1:
First, you would need to contact the company. They will help you open a new self-directed IRA. A self-directed IRA allows you to invest in alternative investments such as real estate and precious metals.
You would need to gather the necessary documents for this step as well which include your social security number and personal information.
Lexi Capital says that you should make sure to gather your recent retirement account statements in preparation of setting up your new gold IRA account.
Step #2:
Once you have set up your new Lexi Capital IRA, all you have to do is add funds.
Their representatives will guide you through the investment process.
If you have an existing 401(k) IRA account, the company will help you rollover the funds into your new self-directed IRA.
An IRA rollover lets you transfer funds from an existing IRA account into your new IRA account. You can rollover funds from a traditional IRA, Roth IRA, and other conventional IRA account types to your gold IRA.
Step #3:
Once you have added funds to your self-directed IRA, you can begin allocating those funds to your desired assets.
The team at Lexi Capital will help you decide on which gold and silver products you should invest in.
And that’s it.
Setting a gold IRA with this firm only requires following the above 3-steps.
Lexi Capital Products:
Sadly, Lexi Capital shares no information about the products available in their catalog. To find out which bullion products they offer, you would have to contact them directly.
This is a huge disappointment because it doesn’t help you get an idea of what to expect.
There is no way to determine if the company offers only IRA-eligible products or both IRA and non-IRA products.
Such lack of transparency also makes it difficult to compare them with the rest of the industry. Most of the major gold IRA providers have a large and varied collection of precious metals available in their catalog.
However, Lexi Capital doesn’t share any information in this regard. It really hurts their image as an IRA provider.
Always keep in mind that you can only add IIRS-approved products to your gold IRA.
Lexi Capital Fees: How Much Do They Charge?
For accounts with investments amounts of $50,000 or less, clients have to pay $285 for the first year and $180 for every subsequent year at Lexi Capital.
On the other hand, the company doesn’t charge any fees on accounts over $50,000.
The minimum investment you can make with the firm is $1,500. Your storage fee would depend on what kind of storage you pick. Segregated storage costs $150 per year while non-segregated storage costs only $100 per annum.
If you purchase any non-IRA precious metals, they would carry a shipping fee of $14.95. However, the company offers 3% off your shipping order if you pay via cash, wire transfers or check.
For non-IRA purchases, you can return or exchange the product within 3 days of the order placement. Still, the firm would charge you $45 as cancellation fee along with any ‘market loss’ the firm incurred in that period.
The minimum investment requirement is a huge pro for Lexi Capital. That’s because many notable gold IRA providers have way higher minimum investment requirements, making them unsuitable for some investors.
| Annual Maintenance Fee | $285 for the first year & $180 for subsequent years (<$50,000 investment) / $0 (>$50,000 investment) |
| Annual Storage Fee | $150 (segregated storage) / $100 (non-segregated storage) |
| Shipping Fee (for non-IRA) | $14.95 |
| Minimum Investment | $1,500 |
Additional Highlights of Lexi Capital:
There are plenty of qualities which set Lexi Capital apart from the rest of the industry. Here are the top qualities of this gold IRA company:
Reliable Custodian:
Although Lexi Capital is a relatively new company, the one thing that helps boost its credibility is its custodial partner, STRATA Trust.
The IRS rules state that your precious metals IRA must have a custodian. The custodian ensures that your gold IRA complies with all the rules and regulations.
STRATA Trust has been operating in the industry since 2008 and is a venture of Horizon Bank. They have over $3 billion in assets under management.
Based in Austin, Texas, STRATA Trust is among the most trusted and reputed IRA custodians in the market.
IRA Storage Partners:
You can only store the precious metals of your gold IRA in an IRS-approved vault. To offer storage to its clients, Lexi Capital has partnered with Delaware Depository.
Delaware Depository has two locations:
- Boulder City, Nevada
- Wilmington, Delaware
Furthermore, Delaware Depository is among the most reputed storage providers. They offer a Class III vault storage which is insured by Lloyd’s of London for up to $1 billion.
Both storage locations of Delaware Depository have approvals from the IRS.
Also, you get to choose between segregated storage and non-segregated storage with Delaware Depository.
With segregated storage, the company will keep your metal separate from other investors. In non-segregated storage, your precious metals will be stored alongside other investors’ possessions.
It’s worth noting that segregated storage costs more.
Gold Assurance Plan:
The biggest highlight of Lexi Capital is its Gold Assurance Plan. The Gold Assurance Plan protects you from brief market fluctuations just like large institutions get protection from bullion providers.
It’s a feature unique to Lexi Capital and is one of their biggest selling points.
Their Gold Assurance Plan protects you against falls in the price of gold after your purchase.
For example, if you buy gold coins when gold is worth $3000 per oz and the price of gold falls to $2500 per oz within a month, you would have lost $500 per oz. The Gold Assurance Plan would protect you from such market fluctuations.
According to Lexi Capital, coins eligible for this facility would get 6 months of protection of up to $500 per ounce. They inform you whether your portfolio is eligible for the Gold Assurance Plan during purchase.
Free Investor Kit:
When you begin the signup process with Lexi Capital, you can get a free investor kit from them:
“What’s in the investor kit?” you may ask. Frankly, I don’t know.
The company doesn’t share much information on what they offer as part of their investor kit.
Again, it seems like the company doesn’t believe in sharing a lot of details with its prospective clients.
Here is a snippet of the form you would need to fill out to get this free kit:
Lexi Capital Reviews and Complaints:
Surprisingly, there aren’t many Lexi Capital reviews available online. Most of the reviews available on this firm are from other financial bloggers detailing the various aspects of teh company.
There aren’t many client reviews of this IRA company. It seemed odd as they have been operating in the industry for 11 years now.
However, the company’s business practices have helped them attain an A+ rating on BBB, the highest possible for a business.
On TrustLink, there are 3 Lexi Capital reviews and all of them give the company 5/5 stars.
Reviewers share that the company is extremely professional and explains everything thoroughly to remove any doubts from its customers. Still, there aren’t any recent reviews. The latest review I found on this company is from 2014.
Similarly, they received an AAA rating on Business-Consumer Alliance (BCA).
Is Lexi Capital Legit?
Pros:
- Low investment threshold ($1500)
- Experienced CEO
- Trusted custodial partner
- Secure storage options (Delaware Depository)
Cons:
- No information related to products or pricing available
- Limited number of reviews
- Lack of transparency about leadership and operations
Yes, Lexi Capital is a legitimate gold IRA company. They have been in business for over a decade and offer the unique Gold Assurance Plan.
The company has partnered with STRATA Trust for custodial services and Delaware Depository for storage facilities. Having such reputed partners helps bolster the company’s own reliability.
Furthermore, they have received an A+ rating on BBB and an AAA rating on BCA.
The low minimum investment requirement of just $1,500 makes Lexi Capital accessible for almost all precious metals investors. I can’t say anything about their customer service quality as there aren’t many reviews available on the company.
Still, Lexi Capital doesn’t share any information about its owners on its website. It also doesn’t share any information about the products available in their catalog or their prices.
Such lack of transparency puts a large blemish on the trustworthiness of this North Carolina firm.
Investing in a gold IRA can help you preserve your wealth in an economic downturn. The past performance of gold is indicative of it.
However, who you start a gold IRA with would play a big role in determining how much returns you can earn.
That’s why you should be extremely cautious while picking your precious metals IRA provider. Lexi Capital might be a good company with a unique feature but it does have its flaws.
You should always check out multiple companies when looking for a gold IRA. This way, you can have a better understanding of what the industry has to offer.
If you’re interested, you can check out the best gold IRA companies of 2022.
Have you dealt with Lexi Capital? How was your experience? Share it below!