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OneGold is a precious metals investment company that has a new spin on an old concept. The marketplace functions as a digital platform where people can buy, sell, and ship a digital portfolio of precious metals. The mobile app and the website are both sleek and responsive. But is it really everything it seems?
We've taken a look at exactly what OneGold has to offer, along with how they differ from the competition. Here's what you should know about the setup before you decide to invest.
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OneGold is the brainchild of two companies with a long history in the precious metals and investment industries. The executives at Sprott and APMEX worked together to create the OneGold platform. Their goal: to create the first digital platform for people to manage and sell their precious metals to other investors.
This idea was unusual. Most precious metals transactions are business-to-customer, or vice versa. It's rarer for individual investors to sell their metals to each other. But making this platform allowed more investors to get involved in precious metals. It also created a competitive marketplace where low prices are rewarded.
The OneGold marketplace is consistently evolving to be more responsive and easier to use. It is also a secure platform. To understand more about the marketplace, it's best to understand each of the companies involved in building it.
APMEX was founded by Scott Thomas in 1999. Over the past twenty-odd years, it has grown to encompass 1.5 million consumers around the globe. There have been over $10 billion in total sales. With headquarters in Oklahoma, this company has been offering precious metals online to anyone who has change to invest.
Sprott is an older company, having been founded by Eric Sprott in 1981. In the four decades since then, it has grown to have 200,000 global clients with managed customer assets of $7 billion.
This company focuses more on alternative asset management than on selling precious metals. Every customer is given an investment strategy to match their unique goals. The company has subsidiaries located in Asia, the US, and Canada.
On top of being an expert in all things alternative assets, the company is the operator of brokerage and merchant banking businesses located in the US and Canada. Though Sprott's headquarters are in Toronto, you can also find offices in Vancouver, California, and New York.
How It Works
The OneGold platform makes precious metals investing accessible to people who don't have tons of money. There are tons of different features that let you customize your portfolio, monitor your assets for growth, sell to different investors, and purchase more assets over time.
You can buy and sell 24/7 on the app, so you don't need to wait for business hours or an open exchange floor. Despite being packed with many different options, the platform is easy to navigate, even if you're not familiar with precious metals.
These are the basic steps involved in the process:
Everything is fairly straightforward. You have total control over how you use the app -- whether that's frequent buying and selling, accruing assets over time for long-term growth, or exchanging between different metals as prices fluctuate.
Basically, if you've been interested in playing the precious metals market, but you haven't had a practical way to do that, this app puts the marketplace in the palm of your hands.
Fees and Costs
Creating an account on the OneGold platform is totally free. If you want to acquire precious metals, you'll need to fund the account through your bank or credit card. But you can look at the marketplace offerings and compare them without ever spending a cent.
This makes it easy to get a sense of exactly what is available on OneGold. You can also compare the prices of the holdings to the prices listed by other brokerages to make sure you're getting the best deal.
Now, you may be wondering how you can own the physical assets if the entire process is digital. There's an answer for that. OneGold has used its impressive network of precious metals companies and depositories to secure vast amounts of precious metals at a low cost. Every depository is highly secure and fully insured.
Storage fees are based on a percentage of your holdings, rather than being a flat rate. While this does make sense, since larger holdings take up more space, it can also be a pain. With flat fees, your payment stays the same no matter how much you have in storage. You aren't penalized for earning more.
Rates are different for gold, silver, and platinum:
The OneGold website also has a helpful calculator that will show you exactly how much you'd be paying for different holdings. That way, you're never surprised by the end fees.
The Vault Auditing Process
The vault auditing process is a vital part of OneGold's setup. When you purchase precious metals, you want to know that those metals actually do exist. You'll be able to have them removed and shipped to you if you want. But while they remain in the vault, OneGold has a multitude of different auditing policies to make sure all the metals are accounted for.
The inventory audit is an examination of all of the accounts in OneGold's partnered depositories. An independent third party will confirm that the precious metals are being kept in your vault.
Regular audits are also conducted of OneGold's personal inventory. This inventory hasn't been sold to anyone yet. Doing audits of the materials helps to ensure that the company never sells products that it doesn't actually have, which takes the headache out of managing your digital holdings.
The files on their inventory are published for each of the countries their vaults are located in: the US, Switzerland, Canada, and the UK.
All of the products purchased and held through the OneGold marketplace are fully insured. You don't need to worry about losing your assets in case of disaster, theft, or other damages.
The products held in the US, UK, and Switzerland vaults are all given full insurance coverage through Lloyd's of London. This global insurance dealer is well-known for covering precious metals and offering investors good risk advice.
The products held in Canada aren't stored in a private depository. Instead, they are held inside the Royal Canadian Mint. This is a corporation run by Canada's government. The Royal Mint has internal insurance policies.
The insurance policies are reassessed and updated annually.
Third Party Investigation
There are tasks undertaken daily to determine whether the actual physical precious metals holdings match the balances shown in customer accounts. If there is ever a discrepancy, the company wants to know and rectify it as soon as possible.
The daily count is done by an internal team. But there are also full audits done twice a year by an independent third party. This investigator goes through all of the inventory in the UK, US, and Switzerland vaults. The Canadian vault is audited once per year in keeping with the Auditor General's guidelines.
Precious Metals IRAs
It might surprise you to know that OneGold has precious metals IRA services for customers in the US. Though their operation is global in scope, they do have some expertise in IRS regulations for American retirement accounts.
With that said, their IRA services are not necessarily as streamlined or comprehensive as those of a company that specializes.
There are strict regulations and guidelines that you must abide by if you want to store precious metals in an IRA. These are the steps that OneGold lists for getting started:
OneGold has also made a list of custodians that they believe are trustworthy and have good customer service. But they haven't made a top recommendation, and they don't have any way to contact the custodian for you.
How Does It Compare?
The paperwork to set up and fund an IRA can be overwhelming. There are tons of forms to fill out, and you need to comply with all of the regulations or else risk violating federal law. The sheer magnitude of the undertaking makes precious metals IRAs inaccessible to people without a tax or finance background.
There are companies that aim to change all that. They make it easy to set up your IRA and make a purchase. Unfortunately, OneGold doesn't stand up to the competition.
Some of the specialized companies will communicate with your custodian and depository for you. That way, you never need to interact with more than one party. They'll show you what paperwork to sign, manage the processing time, and then help you finalize a purchase of precious metals.
There is one potential advantage of using the OneGold marketplace, though. Because there are so many individual investors competing to liquidate their assets, you might be able to find precious metals IRA coins and bullion for a lower price. Other dealerships typically mark the cost up to above the spot price so that they can cover their overhead.
Of course, you should always compare the price you're paying to the actual value of the materials. There's no guarantee that OneGold's platform will get you a better deal than you'd find with another broker.
OneGold also doesn't have the same IRA guidance that more specialized companies do. With other companies, you can talk to a representative about different investment options. You can explain your investment goals and ask questions about the risks and benefits of different choices.
With OneGold, you're basically on your own. For independent investors who already know exactly what precious metals they want, that's great. But for those who need a little extra guidance, it's not.
Is OneGold a Scam?
OneGold is not a scam. The platform might seem different from anything you've seen before, but it is run by two industry professionals. The website and the mobile app are both extremely usable. If you want to be able to connect to and trade precious metals at any moment, this is a solid place to go.
The company consistently aims to sell precious metals for not much higher than the spot price. There are also low general account fees, and you only need a dollar to start investing.
But is this actually the best company to work with for precious metals investment? That might not be the case. Though OneGold's concept is unique, they offer many of the same services that other dealers do. And there are some precious metals dealers that simply have better hands-on service and buyback programs.
All in all, there's nothing that can really warn you away from OneGold. There are just other companies that do it better.
Pros & Cons of OneGold
OneGold is a sleek online platform that includes a responsive website and mobile app. As far as technology goes, it performs better than many precious metals websites. The company also makes an effort to sell precious metals at low prices, as well as to provide quality customer service.
They do seem to provide all of the services that they promise to. And their minimum investment threshold is only a dollar, which means that you can get started even if you only have pocket change.
But there are plenty of other established precious metals companies that are just a little better. They have more comprehensive services for opening IRAs, more accessible customer service teams, and a wider range of positive customer reviews from all over the country.
All in all, we'd recommend working with one of those if you can. But if you're looking for low investment minimums and a usable platform, OneGold is the place to be.
Overall, we believe that there is a better option when it comes to your investment.
The above company is our top recommendation after doing extensive research. Feel free to keep doing your own research, or you can visit OneGold below!