What is Swiss America Trading Corporation?
Swiss America Trading Corporation is a company that specializes in the sale of precious metals such as gold, silver, platinum, and palladium. The company was founded in 1982 by Craig R. Smith, who is also the current Chairman of the Board. Swiss America Trading Corporation offers a range of services to its clients, including the sale and purchase of precious metals, as well as investment advice on precious metals.
The company is based in Phoenix, Arizona, and has a team of experts who provide guidance and support to its clients. Swiss America Trading Corporation is known for its educational resources and publications that aim to help individuals understand the benefits and risks of investing in precious metals. The company has a strong reputation in the industry and has been featured in various media outlets.
People Behind Swiss America Trading Corporation:
The leadership team of the organization comprises four individuals who hold key positions responsible for the management and success of the company. Mr. Craig R. Smith is the Chairman and the Director of the company, and as such, he provides guidance and support to the other members of the leadership team. With over three decades of experience in the precious metals industry, Mr. Smith has built a reputation as an expert in the field.
Mr. Dean M. Heskin serves as the President and CEO of the company, and he is responsible for overseeing the day-to-day operations of the organization. With a strong background in finance and business administration, Mr. Heskin brings a wealth of experience and expertise to the role.
Bronwin Barilla holds the position of Vice President, and her responsibilities include developing and implementing strategic plans and initiatives to ensure the long-term growth and success of the company. Ms. Barilla has extensive experience in marketing and business development, and she brings a wealth of knowledge and expertise to her role.
Ms. Holly J. Betz serves as the Secretary of the company, and she is responsible for managing the administrative duties of the organization. With a keen eye for detail and strong organizational skills, Ms. Betz ensures that the company’s operations run smoothly and efficiently.
Together, the leadership team of Mr. Craig R. Smith, Mr. Dean M. Heskin, Ms. Bronwin Barilla, and Ms. Holly J. Betz is instrumental in driving the success of the company and ensuring its continued growth and prosperity in the precious metals industry.
How to Invest in Swiss America Trading Corporation IRA?
Investing in a Swiss America Trading Corporation IRA (Individual Retirement Account) involves several steps.
Here is an overview of the process:
- Open a self-directed IRA account: To invest in a Swiss America Trading Corporation IRA, you must first open a self-directed IRA account with a custodian that allows alternative asset investments such as precious metals. There are several custodians available, and you will need to select one that meets your needs.
- Fund your IRA account: After opening a self-directed IRA account, you will need to fund it. You can do this by transferring funds from an existing IRA or 401(k) account, or by making contributions directly to the account. It is essential to ensure that the funds are allocated to the self-directed IRA account.
- Choose your precious metals: Once your account is funded, you can choose the type of precious metals you wish to invest in. Swiss America Trading Corporation offers a range of precious metals products, including gold, silver, platinum, and palladium coins and bars.
- Place your order: After selecting the precious metals you wish to invest in, you will need to place an order with Swiss America Trading Corporation. You will need to provide the details of your self-directed IRA account, including the name of the custodian and the account number, to complete the order.
- Store your precious metals: It is essential to ensure that the precious metals are stored in an approved facility to maintain the tax-advantaged status of your IRA.
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.
Swiss America Trading Corporation Products:
Swiss America Trading Corporation offers a diverse range of precious metals products, including bullion coins and bars, generic numismatic coins, and rare U.S. coins. The bullion coins and bars are available in a variety of U.S. and foreign gold, platinum, and silver options, including popular choices like gold and American silver eagles. The bullion gold coins are available in weights of one-ounce, half-ounce, and tenth-ounce.
In addition to bullion products, Swiss America Trading Corporation also offers generic numismatic coins, which offer the gold value of bullion along with the added benefit of being a 100% private asset backed by the United States government. Finally, Swiss America Trading Corporation offers rare U.S. coins, which are highly sought after by collectors due to their limited availability in pristine condition. The market for these coins is similar to fine art or antique collecting, making them a unique addition to any investment portfolio.
Swiss America Trading Corporation Fees and Charges:
The Swiss America Trading Corporation does not provide any public information regarding its fees and charges on its website. To obtain details about the costs associated with their products and services, it is advisable to contact them directly. Charges for gold investment are influenced by various factors. Such as gold’s weight and purity, market conditions, and the dealer or broker chosen. Depending on the dealer, fixed fees or commissions may be charged, or prices may be adjusted based on market rates. Therefore, carefully reviewing the fee schedule and terms and conditions of the dealer is crucial before making any investment decisions.
To ensure the best value for your investment, it is recommended to compare prices and services offered by multiple dealers. This allows you to choose the most competitive prices and services available in the market. For a personalized quote tailored to your investment requirements and preferences, it is necessary to contact the company directly.
Swiss America Trading Corporation Reviews and Complaints:
Yelp:
On Yelp, Swiss America Trading Corporation has 3.5 stars out of 5-star ratings based on only 9 customer reviews. Reviews are a mixture of both positive and negative customer ratings.
Better Business Bureau (BBB):
On the Better Business Bureau website, Swiss America Trading Corporation has an A+ rating with 4.97 stars out of 5-star ratings based on 158 customer reviews. There are almost all the positive reviews. They are since 40 years in the industry. A total of only 2 complaints have been filed and closed in the last 3 years. This business is also BBB accredited.
SiteJabber:
On SiteJabber, Swiss America Trading Corporation has only one star out of 5-star ratings based on only one customer review. The review is negative, with customers expressing dissatisfaction with the company’s customer service, lack of expertise, and slow shipping times.
Google Reviews:
On Google, Swiss America Trading Corporation has 4.6 stars out of 5-star ratings based on customer reviews. There are a total of 43 customer reviews on Google, and most of them are positive, with customers praising the company’s excellent customer service, professionalism, and expertise.
Yellow Pages:
On Yellow Pages, Swiss America Trading Corporation has 3 stars out of 5-star ratings based on only 2 customer reviews. The reviews are mixed negative and positive.
The Swiss America App on Google Play Store:
Swiss America Trading Corporation has an official mobile application available on the Google Play Store. They have 100+ downloads and 4.7 stars ratings out of 5 stars, with only 6 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. Swiss America Trading Corporation also offers educational resources and market insights on its website to help customers make informed investment decisions.
Are There Any Swiss America Trading Corporation Complaints? Should You Be Concerned?
As with any company, Swiss America Trading Corporation has received some customer complaints. Some of the complaints include issues with shipping and delivery, as well as dissatisfaction with customer service.
Many complaints allege that the sales staff of this company gave them wrong advice. Plenty of their customers feel betrayed.
Furthermore, you will see several people complain about Swiss America using deceptive business practices to increase its profits. For example, some complaints allege that the company charges substantially higher markups than other gold dealers.
Surely, these are major red flags. They can be pretty disappointing for any investor.
I recommend checking out our highest-rated company. They have a stark reputation for being customer-friendly and having honest pricing.
Some Negative Customer Reviews From Various Online Business Rating Websites:
#1. William Andersen claims that he bought two one-ounce gold coins from this company. They initially quoted a price, but when he went to pick up the coins, they added extra charges that increased the price by $50 per coin compared to a nearby coin store selling the same product. He is unwilling to do business with Swiss America Trading again.
#2. Lee Burton warns to be cautious about the advice given by the company as he followed their advice and lost thousands of dollars. He compares them to used car salespeople and after holding onto the gold they recommended for years, he has no idea when he will recover his losses. The experience has been extremely frustrating, especially considering the economic recovery under Trump’s administration.
#3. Dan Carey expresses that his experience with this company was very unpleasant. He states that he comes from a region known for gold mining and has been trading in gold and silver since the government fixed the price of gold. Despite his experience, he believes that this is the worst company he has dealt with in this industry.
#4. Bea S. claims that this company uses hard sales tactics and inflated prices. They pressure customers to buy proof coins, scare them with government confiscation claims, and push them to sell assets and buy more at higher prices. Quoted values in coin books are also inflated. Precious metals IRAs and traceable investments have high fees. In a crisis scenario, precious metals are not as valuable as food, toilet paper, or ammunition. Discount Gold and Silver Trading is a better alternative according to Bea S.
#5. Oliver K. says it’s not advisable to purchase collector coins due to their high premiums. He suggests that such investments may take years to recover if they ever do.
More Negative Reviews from different websites:
#1. John Stone strongly advises against buying coins from Swiss America Trading Corp. According to him, the company charged a $30,000 commission. And sold coins at six times the price of any other gold coin seller. He further alleges that the company’s sales representative, Steve Moust, used deceptive tactics and made false promises. The company has multiple complaints filed against them, including a million-dollar lawsuit.
John Stone believes that the face of Craig Smith, the company’s director, speaks volumes about their practices. He warns all potential buyers, especially the elderly, to be cautious of Swiss America Trading Corp. He also mentions an upcoming exposure that will shed more light on the company’s dealings and urges people to be aware of their true nature.
#2. Naztab T. shared a negative experience with Swiss America Trading Corporation, stating that everything was fine until they tried to trade in their gold, at which point the company tried to keep the gold and money. The representative they worked with, Dustin Anderson, seemed to forget everything he had said during the initial investment. He also attempted to give a lower price for the coins instead of their actual numismatic value, which could differ by around $1,000 per coin. He felt that their actions reflected poorly on Michael Savage, who had promoted the company.
#3. J.S. claims that every time he contacted Swiss America Trading Corporation to inquire about the value of the coin, he is told that silver prices are dropping. Which J.S. finds to be irrelevant to the numismatic value of the coin. J.S. believes that this inconsistency makes Swiss America Trading Corporation an unreliable source.
Some Positive Customer Reviews From Various Online Business Rating Websites:
#1. Lisa had a great experience with Swiss America Trading and highly recommends their services. She received excellent customer service. One Mr. went out of his way to explain everything to her. Overall, Lisa enjoyed doing business with Swiss America Trading.
#2. Philip H recommends Swiss America Trading as a reliable company to do business with and has no complaints.
#3. Scott expresses gratitude towards Swiss America for their help in educating him and his wife about precious metals. He mentions being happy with their purchases and overall experience at the company.
#4. Charles was satisfied with the service provided by the company. The delivery was prompt and the coin was in the expected condition. He would use Swiss America Trading Corporation again.
#5. Nancy had a positive experience with Swiss America. She found the staff helpful and courteous, and the order was fulfilled as expected. Nancy also appreciated the patience shown during their learning process. She will surely look forward to working with Swiss America again in the future.
#6. According to Julie, they provided great customer service and prompt delivery. The customer executive with whom she talked was very helpful and knowledgeable.
#7. Jeffrey had a positive experience with Swiss America Trading. He found them to be very helpful and educational, especially for a new investor. He appreciated that they took the time to answer all his questions and found them to be trustworthy.
#8. Nick and C had a positive experience with Swiss America, finding them to be informative, helpful, and thorough. They also appreciated the company’s thoroughness in checking that every transaction was cleared upon delivery.
#9. Ralph expresses that Swiss America has provided a wonderful experience. He as a senior citizen trusts them with his future.
Is Swiss America Trading Corporation Legit? Should You Invest with Them?
No.
They have several red flags which indicate they are certainly not the best.
You can find plenty of better companies in the market. While it’s true that Swiss America Trading Corporation is a legitimate company with over three decades of experience in the precious metals industry, it has several flaws.
They have received complaints for charging extremely high markups. Furthermore, the company has received allegations of following predatory practices.
Pros:
- Many IRA-eligible products
- Focus on client education
- A+ rating on BBB
Cons:
- Lack of transparency
- Higher markups and rates than others
- Risk of hidden fees and charges
- Received complaints for predatory business practices
When choosing a precious metals dealer, you should always go with a reputed and reliable provider. To learn about the most reputed gold IRA companies, I recommend checking out my list of top gold IRA providers.
There, you can also find the best precious metals company of your state.
Have you dealt with Swiss America? Let us know your experience in the comments!