OneGold is a recently launched precious metals investment company. Although it has some big names in its leadership team, it has received numerous complaints from its customers. Several of those complaints even allege it to be a fraudulent scheme.
Fees & Charges
Honesty & Transparency
A+ rating on BBB
Impressive product selection
Received too many complaints
Palladium products might not be available in the inventory
What is OneGold?OneGold Locations, Timings, Email, Phone, Services
OneGold was founded in 2018. It is an online platform that allows individuals to buy, sell, and manage investments in precious metals such as gold, silver, and platinum.
It was launched as a partnership between APMEX, one of the largest precious metals retailers, and Sprott, a global alternative asset manager. OneGold provides a convenient and secure way for investors to own and trade physical precious metals without the need for physical delivery or storage.
The platform operates on a fractional ownership model, allowing users to buy and sell a fraction of an ounce or gram of precious metals, making it more accessible to a wider range of investors. OneGold offers competitive pricing, real-time market prices, and transparent fees. Users can also choose to store their precious metals in secure vaults provided by OneGold or have them delivered to their preferred location.
OneGold offers the option for customers to invest through their preferred IRA custodians, including STRATA Trust Company, Kingdom Trust, Preferred Trust, RocketDollar, and New Direction Trust Company.
Address: 226 Dean A Mcgee Ave., Oklahoma City, OK 73102
Phone: (800) 492-9144
People Behind OneGold: CEO, Owner, Co-Founders & MoreWho owns OneGold? What is the management team behind OneGold?
OneGold, a collaboration between industry giants APMEX and Sprott, was introduced to the market. With over 50 years of collective experience in the metals industry, these renowned leaders sought to establish a modern, affordable, and secure method for owning precious metals.
OneGold provides its customers with access to trusted vaulting resources, including Loomis, Royal Canadian Mint, CNT, and Lloyd’s of London, ensuring an exceptional investing experience.
Mr. Scott Thomas: Founder
Scott Thomas is a prominent figure in the precious metals industry and serves as the Founder and President of APMEX (American Precious Metals Exchange).
Having founded APMEX in January 2000, Scott Thomas has played a pivotal role in the company’s growth and success. Under his leadership, APMEX has established itself as a trusted source for precious metals investments, serving millions of customers globally. With a focus on providing high-quality products and exceptional customer service, APMEX has gained a strong reputation in the industry.
Furthermore, Scott Thomas has also been involved in the founding of OneGold, another significant player in the precious metals sector. While the specific details of his involvement in OneGold are not provided, it indicates his broader expertise and experience in the industry.
As a key figure in the precious metals market, Scott Thomas has demonstrated his commitment to the industry’s growth and development. His leadership at APMEX has contributed to the company’s recognition as a leading precious metals retailer.
Mr. Eric Sprott: Founder
Eric Sprott is a prominent Canadian billionaire and resource-focused investor. He is known for his extensive experience in the investment industry, particularly in the precious metals and mining sectors. Mr. Sprott is the founder and majority owner of Sprott Inc., a leading global asset manager specializing in precious metals and natural resources investments. Also, he owns and runs Sprott Money, a precious metals company.
Beyond his involvement in the investment world, Eric Sprott is also recognized for his philanthropic efforts. He has made significant contributions to various charitable causes, particularly those focused on healthcare and education.
Mr. Kenneth Lewis: Chief Executive Officer
Ken Lewis is a highly accomplished professional with a track record of achieving tangible outcomes in various Fortune 500 retail and technology companies. With over 20 years of leadership experience, he has consistently implemented strategic and operational initiatives that have led to substantial growth in revenue and profitability.
Mr. Lewis understands the significance of prioritizing customer satisfaction and demonstrates a strong dedication to fostering employee development. In 2011, he joined APMEX as the Executive Vice President of Operations, subsequently assuming the role of Chief Operating Officer, where he continued to make valuable contributions to the organization.
OneGold Products: Bullion Coins, Bars, And Rare CoinsAll products offered by OneGold
OneGold offers a range of precious metal products for US investors, including gold, silver, and platinum. These metals are securely stored in approved vaults located within the USA, with Loomis International, COMEX, or AMPEX being among the approved vaulting partners. To provide additional peace of mind, all products are fully insured against theft or loss through Lloyd’s of London.
The digital representations of these precious metals are backed by investment-grade physical platinum, silver, and gold, ensuring their tangible value. Each product comes with specific buying, selling, and storage fees, which can be calculated based on the holdings in your vault. OneGold provides assistance in determining the appropriate storage fees associated with your investments.
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For customers from Switzerland, Canada, or the UK, OneGold specializes in facilitating the purchase, sale, and management of gold and silver products. These products are physically segregated, ensuring the specific assets are allocated to each customer accordingly. By offering a diverse selection of precious metals products and providing secure storage options, OneGold aims to cater to the investment needs of a wide range of customers.
How to Invest in OneGold IRA?Step-by-step guide for investing in OneGold IRA
To invest in a precious metals IRA through OneGold, here are the general steps:
Open a Self-Directed IRA
Select an IRA company that handles opening precious metals IRA accounts and fill out an application. You can work with OneGold to recommend an IRA company and provide the necessary paperwork. However, I don’t recommend doing so.
Fund Your IRA
Once you have selected an IRA company, you can move your funds into your new IRA account. You can work with the IRA company representative to transfer or roll over funds into the new account.
Select a Precious Metals Dealer
One of the forms you need to fill out along the way is typically called a Buy Direction Letter. This is where you list the precious metals dealer you have selected, such as OneGold.
Decide Which Precious Metals to Purchase
You can choose to invest in gold, silver, platinum, or palladium for your IRA. There are some restrictions regarding fineness requirements and allowable coin types. So it’s important to get guidance from OneGold in this area.
Place Your Order
Once the funds are available in your IRA account, you can call them to place your order for the desired precious metals.
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 in 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.
OneGold Fees and Charges: Do they overcharge?What are their fees? Do they have hidden fees?
OneGold offers a free account registration process. This can be conveniently accessed from the home page where you can also find up-to-date prices for gold, silver, and platinum. Once you become a OneGold customer, you will have immediate and continuous access to the platform. This allows you to monitor current metals prices, purchase metals, sell metals, and redeem metals at any time.
The availability of metals for purchase depends on your location. US users have access to gold, silver, and platinum. While non-US users are limited to gold and silver purchases. To fund your OneGold account, a minimum deposit of $100 is required for each transaction. However, you can make fractional purchases. So you are not obligated to spend the entire deposit amount per transaction.
When purchasing platinum, gold, or silver products as digital assets, you are responsible for paying the current price of the metals, in addition to storage fees. If you decide to redeem your digital assets, the customer assets you’ve accumulated will not be physically sent to you (as fractional ownership is likely). Instead, the equivalent value of the current spot price (-30%) will be shipped to you in the appropriate metal type via APMEX.
OneGold offers free domestic shipping. But international shipping will incur additional fees. The company charges storage fees for the safekeeping of the precious metal products available for purchase. Storage fees are calculated as follows: 0.12% of the value of gold purchased, 0.30% of the value of silver purchased, and 0.30% of the value of platinum purchased. The minimum storage fees any customer can pay are $5.
The pricing for OneGold’s precious metal products varies depending on the specific items. So it is advisable to conduct your own research to ensure you are getting the best deals.
OneGold’s Payment Methods:
OneGold accepts various payment methods, including wire transfers, bank ACH transfers (for US customers with US banks), PayPal, credit cards, and Bitcoin. It is important to note that the minimum deposit amount is set at $100 regardless of the payment method used. Currently, OneGold only accepts transactions in United States Dollars, but the possibility of accepting other currencies is being considered for the future.
Companies like Augusta charge ZERO fees for up to 10 years and allow you to choose your own gold & silver. OneGold on the other hand provides fewer options.
OneGold Reviews and Complaints: BBB, Trustpilot, SitejabberRead all the OneGold reviews & complaints
On Google, OneGold has 4.7 stars out of 5-star ratings based on customer reviews. There are a total of 151 customer reviews on Google, and most of them are positive, with customers praising the company’s excellent customer service, professionalism, and expertise.
On the Trustpilot website, OneGold has 2.6 stars out of 5-star ratings based on customer reviews. There are only 5 customer reviews on the website. According to these such ratings they are in a poor state.
In the context of Trustpilot, the term “poor” refers to a rating or review given by a user on the platform to indicate their negative experience with a particular business or service. Trustpilot is a popular online review platform where consumers can share their feedback and opinions about companies they have interacted with.
When a user rates a business as “poor” on Trustpilot, it signifies that they had an unsatisfactory or negative experience with that business. It could imply various issues such as poor customer service, product quality, delivery, or any other aspect that did not meet the user’s expectations.
Trustpilot uses a five-point rating scale, ranging from “Excellent” to “Poor”. To allow users to express their level of satisfaction or dissatisfaction with a particular company. The “poor” rating indicates a significant level of dissatisfaction or disappointment on the part of the reviewer.
Better Business Bureau (BBB):
On Better Business Bureau, OneGold has an A+ rating with 3.8 stars out of 5-star ratings based on only 15 customer reviews. There are mixed customer reviews. They have been in the industry for nearly 23 years. A total of only 2 complaints have been filed and closed in the last 3 years. This business is also BBB accredited. There, the customers are praising the company’s knowledgeable and friendly staff, quick shipping, and competitive prices.
On ShopperApproved, OneGold has 4.8 stars out of 5-star ratings based on 8,785 customer ratings and reviews. Mostly all the customers highly appreciate the company’s exceptional customer service, professionalism, and expertise.
OneGold has received several complaints on (Better Business Bureau and Trustpilot)
OneGold has received several unresolved complaints from customers. There are also several unresolved negative reviews on different platforms. Our #1 rated gold IRA company has ZERO unanswered complaints on BBB.
The OneGold App on Google Playstore:
OneGold has an official mobile application available on the Google Play Store. They have 100K+ downloads and 3.9 stars ratings out of 5 stars, with 2.9K customer reviews. The company primarily provides its services through its website and by phone. Customers can place orders for gold, silver, platinum, and palladium products online or by calling their toll-free number. OneGold also offers educational resources and market insights on its website to help customers make informed investment decisions.
Some Complaints From Their Customers:
#1. A concerned customer reveals that they made the regrettable decision of recommending OneGold to their family, only to find themselves unable to retrieve their funds. This situation has caused significant distress, and they feel a responsibility to warn others about their negative experience.
#2. Jay expresses his dissatisfaction with the 3.99% fee charged for using his credit card, considering it to be a ripoff. Furthermore, when he decided to withdraw his modest $500 investment, he was shocked to discover a $50 charge associated with the transaction. This experience left him feeling frustrated and disappointed. After accounting for the fees and enduring a 25-day wait, he received only $427 back. Jay’s anger and frustration are evident in his comments, and he strongly advises against engaging with OneGold based on his negative experience.
#3. Gonzalo strongly labels OneGold as a scam site. They express frustration with the platform’s ability to swiftly receive funds through various payment options. However, when it comes to withdrawing funds, they assert that the available options are limited and fraught with numerous issues. As a result, Gonzalo believes that once you attempt to withdraw your money, you are likely to face significant challenges, ultimately leading to the loss of your funds.
#4. Tomasz expresses his strong dissatisfaction with the service provided by OneGold, labeling it as the worst he has ever experienced. While depositing money may be a straightforward process, he finds the withdrawal process to be extremely painful and inconvenient. Tomasz criticizes OneGold for charging clients for their mistakes, implying that the company does not take responsibility for errors. Based on his negative experience, he strongly advises others to stay away from OneGold.
#5. Philip says that the company gave him a promotional amount of gold but after a few months they took that gold back.
Some Positive Reviews:
#1. According to Robert Cheney, OneGold’s website provides a seamless investment experience, making it incredibly easy to invest in precious metals. He highlights the efficiency of the process, mentioning that he was able to complete his investment in less than 10 minutes. Robert also praises OneGold’s excellent communication, stating that they keep investors well-informed about their accounts. Based on his positive experience, he highly recommends OneGold to first-time investors.
#2. Zach C suggests that OneGold is an ideal platform for investing small amounts of money on a daily or weekly basis. He highlights the convenience of avoiding the hassle of shipping multiple orders by consolidating purchases. Zach recommends setting up automatic purchases and forgetting about them for a while. This way, users can accumulate a substantial amount of metal over time and make a significant order when desired.
#3. Roger P. expresses his appreciation for the multiple layers of security provided by OneGold. He emphasizes that this aspect instills a strong sense of confidence in conducting business with the organization. He also mentions that other users, such as Heresy1 and the Financial Ninja, have similarly indicated their positive experiences with OneGold.
#4. Scott D praises OneGold for its user-friendly interface and emphasizes that the platform is exceptionally easy to use. He highlights the efficiency and effectiveness of the buying and selling processes on OneGold.
#5. Charles Darnell expresses his satisfaction with the account opening process on OneGold. He states that setting up the account and linking it to his bank account was a straightforward task. Charles successfully funded his account and made his first gold purchase, all within the same day. He expresses optimism about the future, looking forward to a long and profitable relationship with OneGold.
Is OneGold Legit? Should You Invest With Them?Is OneGold scam or legit? Are they worth it?
No, I don’t think you should invest with them.
A+ rating on BBB
Impressive product selection
Received too many complaints
Palladium products might not be available in the inventory
Not the optimal gold IRA provider
Received serious allegations of fraud and scam
While it’s true that OneGold is a legitimate online precious metals investment platform, it has several issues as well. The company has received a ton of complaints online.
Certainly, they are not the best precious metals company present in the industry.
There are plenty of better companies with larger product catalogs and more specialization.