These days, shopping is easier than ever before, and precious metals like gold and silver are no exception.
Enter OneGold, based in Oklahoma City. This is a trading platform that allows you to buy and sell silver, gold, and platinum to boost your precious metals portfolio. It sounds pretty great, right? The big questions are these: Is One Gold legit? Is it better than working with a precious metals dealer?
Here’s what you need to know about OneGold:
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About OneGold – A Seamless Trading Platform
OneGold is an online store where you can buy precious metals, and it is supported by several precious metals companies. OneGold has two main partners; Sprott and APMEX. Each of these networks are industry leaders and provide different services to OnGold, which is explained more, below.
The main goal of OneGold is to help people invest in gold and silver without a big hassle. There is even a precious metals investing app, which allows you to check on your assets at any time. You can also use the app for tracking precious metal prices, checking out news, and you have 24/7 access to your investments.
When you buy precious metals from OneGold, you own those assets, you can have your items shipped to you when you close your account, and everything is fully insured and secure.
APMEX
As mentioned, OneGold is supported by two well-known and trusted companies, APMEX and Sprott.
APMEX is one of the top precious metals companies in the world, and it has bought and sold more than $10, billion worth of precious metals since 1999.
The company has a solid reputation in the precious metals industry, and APMEX offers a full range of products from around the globe.
Sprott
While APMEX sells precious metals, Sprott manages them, though it also sells assets. The goal of the company is to connect its customers to assets that will protect and diversify their portfolios.
The company has been operating for more than 40 years, and it manages millions in assets for it customers.
Thanks to the partnership with Sprott, OneGold customers are able to buy assets from all over the world. Do you want to buy silver bullion from London? Done. Are you interested in the online gold price for Canadian gold? It’s there. You can easily build a portfolio with global precious metals.
How One Gold Works
Using OneGold is really easy. In fact, this is one of the draws to the platform. Unlike other precious metals companies, you don’t have to sign crazy contracts or fill out applications. You don’t even have to speak to another person.
The first step is to create your account. It’s basic. You need a login and a password, and you simply need to give the company some personal info and your bank information. With the verification successful, waiting is over, and you can start checking out platinum, silver, and gold prices.
You can buy real vaulted precious metals from the US, UK, Canada, and Switzerland. These are real products with real live precious metals prices. When you buy the metals, they are stored for you, but you can manage them via the app or website. This way, if you want to sell at the current silver or gold price, you can. Simply open the OneGold digital gold investing app, and you can buy or sell as you wish.
Another thing that OneGold allows customers to do is fund an account without buying anything. This allows you to watch gold and silver prices, and when silver and gold price movements hit a threshold you are comfortable with, you can buy.
OneGold also has an auto invest feature, which allows you to automatically trade precious metals at a specific frequency, such as weekly, monthly, or quarterly. You set the amount, set the frequency, and the system buys metals for you. You can set it to buy specific platinum, gold, and silver ounces or a set dollar amount.
When it’s time to sell, you can do that right from the app, too. You can sell back to OneGold or to another person using the app. You can also close the account, and they will send the precious metals to you to store at your home.
IRA Services – Precious Metals IRAs
OneGold also has precious metals IRAs available. If you are considering a retirement account, you can work with OneGold to do it. They work with two custodians; STRATA Trust and Preferred Trust Company.
Keep in mind that the IRA services available here are not as easy to use as with other precious metals IRAs. Basically, OneGold sends you to your chosen custodian, and that company will help you open the account and fund it. After the IRA account is funded, you will return to OneGold to purchase IRA-eligible metals.
This is a different process than other IRA companies I have worked with, but for some people, this might be the quick and easy option they are looking for. You can start a gold or silver retirement account today without a lot of hassle.
If you want a more hands-on experience with a customer service agent who will help you throughout the process, a precious metals IRA from OneGold might not be for you.
Fees and Gold and Silver Prices
All precious metals companies tack on fees when you make a purchase. If you are looking at the gold price live, and think that’s what you will pay, I have news for you…it’s not.
When you create an account and check the OneGold marketplace you will see that OneGold has a “premium” listed. This is found both on the website and on the OneGold mobile app. Check the spot price, which is shown on the top of the screen, and then look at the premium. You want to make sure you are getting a good deal compared to other companies that sell bullion products.
I will say that OneGold does seem to have reasonable prices, but the transaction fees can add up. So, if you are going to invest when silver prices rise or fall, or when the gold price hits a certain threshold, which you can do on OneGold, make sure you are paying attention to the transaction fees. Even though this is one of the most unique investment tools I have found, and it makes buying and selling precious metals easy, it might not always be worth it depending on the fees.
OneGold is very transparent about it’s pricing, including storage. The storage price for your vaulted gold, silver, and platinum products are based on a percentage of your holdings. What does this mean? It means that the more you own, the more you pay for storage. Other companies typically charge a fixed dollar amount. There is a calculator on the website to calculate fees for OneGold.
Mobile App – Buy Gold and Silver
The mobile app allows you to buy platinum, silver, and gold while on the go. In addition, you can check on what’s happening with bullion trading, you can get custom market alerts, live gold and silver prices, and make cash withdrawals.
There are also educational resources on many investment options. Do you want to know how to buy gold stock? There is a resource there. Are you interested in learning more about top tier global vaults? You can do it. Interested in opening a bullion backed savings account? Info is available. Do you need a quick gold news update when waiting on the train? Open the app.
Is OneGold a Scam?
OneGold is not a scam. It is a very legitimate company, but it might not be for everyone who wants to access silver, gold, and platinum products. It’s easy to open a new account, and with features like daily market news and a lower cost compared to other companies, it can be perfect for those who like a quick and easy way to invest. If you like traditional retail products and want to work with a professional for your investments, OneGold probably isn’t for you.
OneGold has good reviews, too, for the most part. It is a Better Business Bureau accredited business, and it is rated with an A+. Consumers on the BBB site give OneGold a 3.78/5 stars. I feel like this isn’t quite fair, to be honest, because almost all of the complaints focus on the time it takes to withdrawal the funds. OneGold makes it very clear that this isn’t immediate. I have withdrawn easily from OneGold, and since I read and understood what I was investing in and how long it would take, I certainly wasn’t upset about the wait.
Here are some other reviews from well known consumer review sites:
TrustPilot – 4.3/5 stars
ShopperApproved.com – 4.8/5 stars
Facebook – 84% of people recommend OneGold
Pros & Cons of OneGold
Pros
- Buy and sell gold with very little hassle
- Mostly positive online reviews from users
- A+ rating from the BBB
- Set up buy and sell targets for automated trade
- You can buy gold, silver, and platinum products all on the same screen
Cons
- Fees are charged every time you make a move on the platform
- You do need to pay retail premiums, but these ultra competitive premiums are not uncommon
- Disgruntled customers say it takes too long to deposit into a checking account or other account when selling.
- In reality, it takes about 10 days for a withdrawal to hit your financial account
Final Thoughts About OneGold
OneGold is a very popular platform for those who want an easy way to buy and sell precious metals. You can also see things like current bullion position, see the price of your personal vaulted bullion, and do portfolio tracking. With top tier vaults and regular third party audits, your bullion is safe and insured. You get instant access to a support team, and you can set up trades based on ounce or dollar cost. OneGold gives services to everyone, which were once only an option for high-level institutional investors in the past.
Does OneGold have the most convenient app? It’s pretty convenient. The app is available via a free download, and it offers a streamlined solution for customers to access their investments. It’s basically a one stop resource for physical redemption, a unique autoinvest feature, interactive charts, real time alerts, daily news, and pre-funding an account. It also gives customers access to view live gold prices, set up physical delivery, and just about anything you need for your investing needs…as long as you don’t want to work with a human.
All of that being said, there are a few things to keep in mind. Though the OneGold advantages are great, some people don’t like that they have to pay for every transaction, nor do they like that it takes so long for withdrawals to process. Additionally, they don’t have the best IRA process. Yes, there are a couple custodial options, but OneGold, itself, it pretty hands off during the process. I’ve reviewed many precious metals IRAs, and one of those might be a better option.
For certain people, perhaps the younger generation of investors, OneGold is a great app, a great experience, and a company I recommend. For some others, OneGold isn’t going to be their cup of tea, but there are plenty of other companies to work with.