Precious metals like gold have long been viewed as attractive alternative investments because of the diversification they offer a portfolio and the hedge they offer against inflation of currencies. Two challenges of investing in these metals traditionally have been choosing a source to purchase them and where to store them securely.
OneGold, a platform launched by two leaders in the precious metals space, seeks to address these challenges by making it simple for investors to invest in precious metals as easily as stocks.
What is OneGold?
OneGold is a precious metals investment platform which allows investors to directly invest in assets like gold and silver in secure vaults in the United States, Sweden, Canada, or the United Kingdom. Through OneGold, investors can simply buy, hold, and sell gold, silver, or platinum with peace of mind knowing they’re buying at the spot-price and their investments are secure.
The platform allows for fractional purchases of these assets so you won’t have to buy whole coins or bars. Investors through OneGold have whole ownership over their assets with a title and are able to cash out the same or next-day or acquire their metals directly through a partnered exchange.
Who is OneGold Owned By?
OneGold is owned by two leading precious metals firms: APMEX and Sprott. These two firms launched OneGold to make precious metals ownership more accessible and cost-effective and they benefit from existing relationships with vaulting partners like the Royal Canadian Mint. Together, they manage 34.1 billion in assets for almost 2 million customers and clients.
How Does OneGold Work?
OneGold makes it simple to invest in precious metals like gold, silver, and platinum. To get started, you can sign up for an account, browse products, and pre-fund your account and buy products at the current price. Purchases can be made 24/7 as can sales, directly from the app or website.
After purchase, your precious metal is vaulted with a partner like Loomis International or APMEX and insured by Lloyd’s of London. You can sell and liquidate your holdings within 24 hours and redeem cash from the sale or redeem your precious metals to a physical product through their partner APMEX.
OneGold makes purchase, sale, and redemption of metals easy and seamless.
Features of OneGold
There are four core product offerings from OneGold you should be aware of.
Precious Metal Investing
OneGold offers gold, platinum, and silver purchase, sale, and redemption, vaulted in the United States, United Kingdom, Switzerland, and Canada. Investors can easily buy their preference of these metals offerings and vault them in their preferred country.
AutoInvest
The platform also offers the ability to autoinvest in gold, silver, and platinum on a recurring basis. This auto-investment features allows investors to ride out dips or highs in the market, reducing their risk of buying at an inopportune time.
IRA
With this platform, investors can also invest through a self-directed IRA. With a precious metals IIRA, you can take advantage of tax benefits with investments in precious metals. The OneGold IRA is custodied via STRATA Trust Company, Kingdom Trust, and New Direction Trust Company.
Bullion Card
OneGold offers a Visa Signature credit card called the Bullion Card which is the first precious metals reward credit card. With the Bullion Card, users receive an introductory 4% back in gold and silver when purchasing on the platform, as well as 1% back in gold and silver on all other purchases. After spending $1,500, users receive a $150 value in 15,000 bonus points.
Pros of OneGold
Below are the 5 key pros of investing in precious metals with OneGold.
Reputable Owners
As mentioned, OneGold was launched by two industry titans, APMEX and Sprott. With their decades of experience in the metals industry and seasoned executives from APMEX, this platform is built by expert operators.
Easy to use
OneGold makes it easy to get started with iOS and Android mobile apps and a web experience. The purchasing, sale, and redemption processes are easy to follow and this platform offers customer service to help you get started, if needed.
Diverse Offerings
Currently, OneGold offers gold, silver, and platinum purchasing, allowing investors to diversify their metals holdings. Unlike with purchasing Gold or metals ETFs, this platform allows direct ownership of metals, not just mining companies with exposure to the metals space.
Low Investment Minimum
To get started with OneGold, you’ll need to invest just $100 to get started. Unlike with alternatives which might require higher investment minimums to begin purchasing metals.
Fractional Ownership of Metals
OneGold makes it possible to own fractional holdings of metals. For example, you can purchase $1,000 or just $5 of gold, making it easy to diversify holdings. You can also automate your purchasing with AutoInvest to dollar-cost-average purchase of metals.
Cons of OneGold
Below are the 3 key cons of investing in precious metals with OneGold:
Fees
For the convenience of using OneGold to store your metals, you’ll pay 0.12% for holding gold, 0.30% for holding silver, and 0.30% for holding platinum, billed annually. The minimum quarterly fee is $5 a quarter.
In addition, when purchasing Swiss, Canadian, U.K., or U.S. products, customers pay a premium of only 0.80% over the current spot price for gold, 2.00% over the current spot price for silver and 3.70% over the current spot price for platinum.
Withdrawals
Some customers have mentioned in reviews that the process of withdrawing cash can take a while. This is an inconsistent complaint, so this process may take longer for select customers and isn’t a universal issue. There have not been complaints of OneGold not honoring withdrawals, just delays in the process.
Inconsistent Customer Service
Some customers have also mentioned in reviews that customer service is inconsistent with some difficulty communicating with representatives or unresponsiveness from the company. Overall, reviews for OneGold customer service seem to be positive as they offer live customer support.
Is OneGold Legitimate?
Yes, OneGold is a legitimate service which offers the ability to invest in precious metals like gold and silver with ease. They have 157 Google Reviews with an overall 4.7 rating. They also have 8,666 reviews with an overall 4.8 rating on ShopperApproved. This platform is a simple way to get started with precious metals investing and with their new features like The Bullion Card and IRA precious metals accounts, they’re ahead of the industry in financial technology innovation.