Onegold is a precious metals company that operates online through a website and mobile app. It is operated by two of the largest precious metals dealers in the United States. Rather than being just another precious metals dealer, the app functions as a marketplace where you can purchase and sell precious metals.
Is this a revolutionary way to beat the game? Or is it destined to end in frustration? We have some of the most important things to know.
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Onegold is a collaboration between the companies Sprott and APMEX. It claims that it is a way for individuals to buy and sell precious metals at competitive market prices. In theory, that's great. In practice, there have been quite a few negative reviews.
Customers have reported that the website is difficult to navigate, and the app will occasionally lock people out of their accounts. They've also reported difficulties with withdrawing their funds after making a successful sale.
APMEX is a precious metals dealer that has been operating since 1999. The company has headquarters in Oklahoma and serves customers all over the world. In fact, they have about 1.5 million customers in total and have sold $10 billion worth of precious metals.
APMEX is an extremely popular choice for precious metals purchases. They are known for innovation and leadership. So any app with the APMEX brains behind it should, in theory, be excellent. That's why it's too bad that Onegold has some negative feedback.
Sprott is a company that has been working with alternative assets since 1981. While its main focus is on real estate, it also works with precious metals and other alternative assets.
While Sprott's client base isn't as wide as APMEX's, the company still has 200,000 customers all over the globe. They also manage $7 million in assets for their customers. There are subsidiaries of the company located not just in the US, but also in Canada and parts of Asia.
The available products include United States products, plus Vaultchain metals.
The United States products cover platinum, silver, and gold. The APMEX team is responsible for curating and maintaining the available inventory. When you make a purchase, your items are segregated and are given a full insurance policy with Lloyd's of London.
The Vaultchain metals are slightly different. These are digital products, which were created by Tradewind. When you purchase Vaultchain products, the physical assets will be stored with the Royal Canadian Mint. But you can control them through your phone or computer like digital assets.
The Vaultchain technology is supposed to give you access to advanced features. You're able to buy and sell metals with just the tap of a button. In addition, you can view reports about the growth of your assets over time.
If you decide that you want to invest with Onegold, your first step is to create an account. You can do this for free without funding it or linking it to a credit card.
From there, you can browse the market. There are a variety of US and Canadian products to choose from. If you have something you want to buy, you can make a purchase. If you want to transfer currency into your account for future purchases, you can do that as well.
You might use the Autoinvest program to automatically buy a certain amount of precious metals every month. Or you might keep making purchases manually. Though you own your physical holdings, they are kept in secure storage and managed digitally.
When you want to redeem your assets, you can cash out. However, some customers have reported issues with doing this.
Is Onegold a Scam?
Onegold is not a scam. The company does indeed appear to provide the services that it claims to. However, there are concerns about the transparency of the management. In addition, there have been some complaints. But most people report having a good experience with the service.
Most of the online reviews are largely positive. The company has an A+ rating with the Better Business Bureau, as well as a customer rating of 4.32 out of 5 stars with 19 reviews. That indicates that most of the feedback has been positive. But there are three extremely negative reviews, plus concerning feedback on other websites.
There has only been one complaint filed with the BBB, and no complaints filed in the past year. But there is some negative feedback on Trustpilot. The company has an average of 2.8 out of 5 stars based on three reviews. All three of those reviews are overwhelmingly negative.
Most customers say that they've had an easy time with setup. The complaints are most commonly about trying to withdraw funds. Customers say that it's extremely difficult to get their funds back, and they are also frustrated by the transaction fees.
Let's take a look at some of the negative things that people had to say.
There are more positive reviews of the company than negative. But since there are only a handful of reviews on the internet, the existence of multiple negative comments is a concern.
In total, there is one official BBB complaint, three negative BBB reviews, and three negative Trustpilot reviews.
Unexplained Partial Refund
The complaint on the BBB website was filed in September of 2020. The customer stated that he had spent over $2,000 dollars through seven transactions. He bought a Gold Buffalo coin and created an order, which was accepted. But then the order was cancelled, and he was told it was because of a policy violation.
Despite the cancellation not being the customer's fault, he was not refunded the full amount he paid. There was over $140 missing. The customer said that his desire was either to receive the coin he had purchased initially or to have the rest of his refund processed.
A company representative responded to explain the reason for the cancellation. A credit card had been used to fund the account. In order to make a purchase, the funds needed to stay on the account for a longer period of time. This is part of the company's policy. The representative also linked to the website page that shows this policy.
However, the representative went on to say that they had filled the customer's request for a refund as a courtesy. This was a one-time thing that they did not intend to repeat.
The customer responded to say that he was satisfied with the solution and that it reflected the outcome he wanted. He was pleased with the results.
One customer posted a review of the company in July of 2021, but it's unclear whether he has ever actually used the company's services. He said that his feelings were mixed. He had bought precious metals, but he hadn't yet made any attempt to sell them. His concern was about the sale process.
He said that he struggled with the web page for selling precious metals. In addition, he stated that he believed the company was a "side gig" for a different entity. The website didn't have important information like IT services or client services. The customer said he wasn't sure whether anyone was actively maintaining the site at all.
The customer said that he didn't think the company had enough staff to cover all of its needs. He was hoping that he'd be able to redeem the cost of his metals and stop doing business with them. But he wasn't sure whether there was a way to speed the process and transfer his money more quickly.
The company never responded to this review, and it's unclear whether he was able to liquidate his assets.
No Account Found
One customer posted a review saying that the Onegold website claimed he didn't have an account. The customer was trying to withdraw some cash from his account. The cash withdrawal should have been processed within 48 hours, provided the funds had been there long enough.
The website error message told the customer that he should contact the support team for help. He said that he had proof that his bank had transferred money to Onegold. He was upset about being told that he didn't have an account, because his Onegold app clearly showed his account with the funds.
The customer stated that Onegold had taken his funds without giving him any way to get them back out. He believed that he had been scammed. While an active scam is almost certainly not the case, the company didn't ever respond to this accusation or try to help him access his account.
The final negative BBB review was written by a customer who said he had waited to describe his experience until his frustration subsided.
He added that the company was very interested in charging extra fees for buying and selling, even though he was already paying a storage fee. This particularly frustrated him because the metals didn't even need to be transferred to a different location upon being sold.
He stated that the company would lock accounts and freeze people's assets when information was needed. In addition, he said that this had happened to him twice after business hours. He wasn't able to get in contact with anyone from the company until the next business day.
The customer expressed that his conversations with the customer service team were not helpful. He was upset about the situation and did not want to do any more business with Onegold.
This would have been a good time for Onegold to explain why they locked the account in the first place. If there was a good reason for doing so, it would make sense. But once again, the company never responded to this review.
The same customer wrote a similar review on Trustpilot.
In addition to the previous complaint, there are two other complaints on Trustpilot. Neither has been responded to by the company.
One of the complaints came from someone who said that they had recommended the company to some of their family members. Now the accounts of the family members were locked, and they were unable to receive their funds. The customer said they were extremely worried about their family and were writing their message as a warning to others.
The other person also said that they had trouble withdrawing their funds. They said that it was extremely easy to pay, but withdrawing was not nearly so easy. When they tried, their options were limited, and they kept running into technical difficulties. They felt that the company was making the withdrawal difficult on purpose in order to keep their money.
There's no proof that this is what Onegold was doing. But it does seem that the lack of website maintenance has had poor effects on the customer service. It's also concerning that Onegold only responded to the official filed complaint, and that they seem uninterested in poor reviews that don't directly impact their BBB rating.
Pros & Cons of OneGold
Onegold is a legitimate business that is run by two major players in the industry. It aims to connect potential buyers and sellers of precious metals through its platform. Though the website is somewhat outdated, the app is one of the most solid technological platforms in the industry.
However, Onegold's triumphs are overshadowed by complaints and negative reviews. Multiple customers have indicated problems with getting their money back. That's a problem for an app designed to allow both buying and selling of metals. Apparently withdrawing your funds is difficult and extremely prone to technical difficulties.
In addition, customers have reported frustration with the transaction fees. Every time you buy or sell metals, you have to pay a fee. Since Onegold stores all your metals for you, there's not actually any need to move the physical metals with these transactions. The company just earns on both ends of the buy-sell spectrum.
There's also no indication that you'll truly get the best prices with Onegold. While the app gives you access to a competitive market, you're only competing with other Onegold sellers. The price you're shown might not have anything to do with the actual spot price of gold or silver.
For all of these reasons, we can't recommend Onegold. While most customers seem to have had a perfectly pleasant experience, there are too many complaints to overlook. That goes especially when the complaints follow such a concerning pattern. It's also worth noting that Onegold has never responded to these complaints, which indicates a concerning lack of customer care.
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