Orion Metal Exchange Review- A Quick Overview
Orion Metal Exchange is a precious metals company based in Los Angeles, California. They have received plenty of positive reviews. However, they are relatively new and lack transparency.
Furthermore, the company’s charges are quite high in comparison to the industry standard. OME also suffers from a limited online presence.
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What is Orion Metal Exchange?
Orion Metal Exchange is a company that specializes in the buying and selling of precious metals, including gold, silver, platinum, and palladium.
The company was founded in 2017 and is based in Los Angeles, California.
Orion Metal Exchange offers a variety of investment options for individuals looking to diversify their portfolios, including physical bullion coins and bars, as well as precious metal IRA accounts. The company also offers storage solutions for customers who prefer to keep their precious metals in a secure location outside of their homes.
Also, the company has put in a lot of effort into client education. They have a large selection of informative resources on their website so interested consumers can learn more about precious metals.
Interested in learning more about gold IRA? You can get a free gold IRA guide from our top recommended precious metals company here.
People Behind Orion Metal Exchange:
Jacob Blalock serves as the CEO and Principal of OME. The team at Orion Metal Exchange brings a wealth of experience and expertise to the company and is committed to providing customers with the highest level of service and support.
Moreover, there is no information about the company’s management team on its website. The information given above is according to LinkedIn.
How to Invest in Orion Metal Exchange IRA?
Investing in a precious metal IRA through Orion Metal Exchange is a simple process. You can complete the process within a few steps.
The company offers a range of services, including the sale of bullion bars and coins, the purchase of precious metals from individuals and institutions, and the storage and safekeeping of precious metals in secure facilities.
Here are the general steps to follow:
- Contact Orion Metal Exchange and speak with one of their IRA specialists to discuss your investment goals and options. You can reach them by phone at 1-800-559-0088 or by email at info@orionmetalexchange.com.
- Choose a precious metals custodian and depository to store your IRA investment. Orion Metal Exchange can help you with this process, and they work with several reputable custodians and depositories.
- Fund your IRA account with cash or transfer funds from an existing IRA account.
- Purchase the precious metals you want to invest in through Orion Metal Exchange. They offer a variety of IRA-approved products, including gold and silver bullion coins and bars.
- Once your precious metals are purchased, OME will ship them to your chosen depository, where they will be stored on behalf of your IRA.
While their gold IRA services seem quite straightforward, I don’t recommend opening an account with them.
Why?
Because there are plenty of companies with better reputations and expertise in this industry.
I recommend checking out our top gold IRA providers list. There, you can also find the best gold IRA company in your state, according to user reviews.
Be sure to review the industry’s top providers before making any serious decisions with your retirement savings.
Orion Metal Exchange Products:
Orion Metal Exchange is a precious metals dealer that offers a variety of gold, silver, platinum, and palladium products.
Some of their products include:
- Gold bullion coins: American Eagle, Canadian Maple Leaf, South African Krugerrand, Australian Kangaroo, and Austrian Philharmonic coins.
- Silver bullion coins: American Eagle, Canadian Maple Leaf, South African Krugerrand, Australian Kookaburra, and Chinese Panda coins.
- Platinum coins: American Eagle, Canadian Maple Leaf, and Australian Koala coins.
- Palladium coins: Canadian Maple Leaf and American Eagle coins.
Orion Metal Exchange offers IRA-approved products, fractional coins and bars, and numismatic coins. They provide free shipping and insurance on all orders. Their products can be purchased for personal delivery or storage in a secure vault.
Orion Metal Exchange Fees and Charges:
Sadly, the fees and pricing of this company are a bit on the higher end. Their fee structure includes annual storage fees ranging from $75 to $100 depending on the storage location of your precious metals.
The storage fee also covers insurance for your precious metals. Furthermore, the minimum investment amount is $5,000.
Orion Metal Exchange Reviews and Complaints:
Better Business Bureau (BBB):
On the Better Business Bureau website, this business has an A+ rating. They also have 5 stars out of 5-star ratings based on 51 customer reviews. There are both mixed positive and negative reviews. They are since 5 years in the industry. This business has 0 complaints. They are also BBB accredited on Better Business Bureau website.
Yelp:
On Yelp, Orion Metal Exchange has again 5 stars out of 5-star ratings based on only one customer review. The review is positive. The customer praised their services and products.
Google Reviews:
On Google, this company has 4.9 stars out of 5-star ratings based on customer reviews. There are a total of 200 customer reviews on Google. Most of the customer reviews are positive. With customers praising the company’s excellent customer service and professionalism.
Trustpilot:
On the Trustpilot website, Orion Metal Exchange has 4.9 stars out of 5-star ratings based on customer reviews. There are 164 customer reviews on the website. The majority of feedback is positive. With customers expressing high appreciation for the company’s exceptional customer service, professionalism, and expertise.
Consumer Affairs:
On Consumer Affairs, they have 4.9 stars out of 5-star ratings based on 171 customer reviews. The majority of the reviews are favourable. With customers commending the company’s customer service, knowledge, and prompt delivery.
Are There Any Orion Metal Exchange Complaints? Should You Be Concerned?
Yes, Orion Metal Exchange has received a large number of complaints for harassing consumers. Apparently, the company’s sales staff is too aggressive.
While looking into the company, I found a large number of complaints highlighting how they are tired of getting unsolicited phone calls from their staff.
The aggressive sales staff is a huge red flag. Hence, you should be extremely cautious while dealing with OME.
Some complaints are given below:
#1. Dave G claims that he is being harassed with constant sales calls.
#2. According to Steve Smith, his personal phone conversation with CEO/Owner Jacob Blalock several weeks ago left him with an unfavourable impression of the company due to his constant messages.
He reached out to him to resolve the matter. But he got disappointment with his conduct and the way he communicated with him during the call. Consequently, he decided not to do business with Orion Metal Exchange. He holds him solely responsible for turning him away from his company, and for that reason, he cannot recommend it.
Some Positive customer reviews from various online business rating websites:
#1. Jessica Cruzz expressed her appreciation for the regular updates I provided throughout the order processing, stating that it was very helpful. She also commended my excellent communication skills.
#2. Ventura expressed his complete trust in the company, stating that he feels well taken care of at all times.
#3. According to Bob Bentley, the company has consistently been responsive to his inquiries, providing him with assistance whenever he requires it.
#4. Ray F stated that the people he dealt with were great and they simplified the process for him.
#5. Moe A highly recommends this company due to the numerous investment benefits and the high level of professionalism displayed by the employees. Overall, Moe A had a very positive experience and highly recommends this company.
#6. Lynn D expresses satisfaction with every transaction, noting good prices, great service, and friendly staff.
#7. Rosalie F expresses that her experience of working with Blake Turner, Senior Accountant, was delightful and informative, as he was knowledgeable and honest.
#8. Thomas T states that this company is easily accessible, and they always keep their promises.
#9. Micah B highly recommends Orion Metal Exchange to anyone who wants to diversify their financial portfolio. The company’s service, reliability, and capability are all top-notch, with a 10/10 rating in each area.
#10. Avery Berard expresses that Orion was able to assist him in making an informed investment, and he was highly satisfied with their customer service and pricing. As a result, he plans to trust Orion with his future precious metal purchases.
Orion Metal Exchange Lawsuits
UniCourt
Orion Metal Exchange has encountered many legal consequences, both for being sued and for suing its clients. Which could be a huge red flag for potential clients.
- Orian Metal Exchange sued the unidentified National Gold Group in a contract-related lawsuit on August 18, 2021. The Stanley Mosk Courthouse in Los Angeles, California, where this case was filed.
- Orion Metal Exchange sued Michael Mcgaughy for breach of contract on August 18, 2021.
- On August 18, 2021, this firm once more sued Halt Gold Group, Patriot Gold Group, and two other parties under the Contract – Business Act.
Is Orion Metal Exchange Legit? Should You Invest with Them?
Orion Metal Exchange is a legitimate precious metals dealer and IRA custodian. The company is headquartered in Los Angeles, California, and is registered with the United States Mint as an authorized purchaser of precious metals.
Pros:
- No setup fees for IRA
- Received plenty of positive reviews
Cons:
- Quite new in the industry
- Mixed reviews
Additionally, Orion Metal Exchange has an A+ rating with the Better Business Bureau, indicating a high level of customer satisfaction and trust.
However, while the company enjoys a great reputation in the industry, I don’t think they are the best. It’s best to check out other options.
Hence, I recommend checking out our top gold IRA companies. There, you can find what the industry’s best has to offer.
Have you dealt with Orion Metal Exchange? Let us know in the comments!