OneGold Review 2023
|By: Jeremy Biberdorf||Apr 04, 2023|
In a nutshell: OneGold is an online platform that gives users a streamlined way to enjoy precious metals ownership.
While the platform does sell physical metals directly to customers, it’s most well-known for enabling users to begin precious metal investing without ever actually needing to handle this type of products themselves!
The platform sells digital assets that are backed by real physical metals. These metals are stored in secure vaults, providing investors with peace of mind knowing that their real-world metals are safe.
Offering straightforward product pricing, multiple storage options, and having received multiple positive customer reviews, OneGold seems great on paper. How does it work in real life? Find out in this OneGold review!
|Precious metal dealer||Gold storage: 0.12%|
Silver storage: 0.30%
$5/quarter minimum storage fee
$25 bank wire fee
OneGold is best for…
Those who would prefer to deal with digital assets, rather than physical gold coin or bar products. Each precious metal investment you make via the site represents a real-life product, but it doesn’t require you to deal with the hassle of obtaining or safely securing your metals.
As such, OneGold is a great option for those just starting out with precious metal investing. Since it supports fractional ounces, the platform is also a good fit for those with limited funds to invest.
- Insured via Lloyd's of London
- Accessible via mobile app
- Founded by an industry leader
- Learning curve
- IRAs are third-party
- Current spot prices can change
What is OneGold?
OneGold is a precious metals company based out of Oklahoma City, OK. Created by AMPEX (a well-known dealer in the precious metals industry), the platform is designed to bridge the gap between the complexities of precious metal investing and the expectations of the casual investor.
Compared to other platforms, OneGold doesn’t offer as many product options. However, this selection is fine for more casual investors who are only interested in investing in well-known metals (such as U.S. gold & silver).
While the platform doesn’t offer the cheapest prices around in terms of product costs or storage fees, it does offer surprisingly low rates nonetheless. This is largely due to its business model, which utilizes digital representations of assets as much as possible to lower operating costs.
Simplicity starts with the first impression, and OneGold has made a lot of effort to ensure your first impression is a positive one. The service is incredibly easy to access, available via a web browser as well as through a dedicated mobile app (offered for both iOS and Android devices).
OneGold’s primary feature is the buying and selling of digital assets, which represent physical metals stored by the company. Investors can make an account and start purchasing metals for their portfolios right away.
Should they decide that they’d prefer to have physical metals instead, OneGold allows its customers to redeem their assets via APMEX.
Investors who are redeeming their investments will receive the equivalent of the current spot price of their digital precious metals holding, minus 0.30%.
If desired, OneGold can also help customers use their precious metals investments to fund an IRA. However, these IRA services are handled by trusted third parties, not by OneGold.
Pricing & Plans
Now that you have a general idea of the services offered by OneGold, let’s go over which services are available for free (and which ones you should expect to pay for).
Creating an account with OneGold is free. You can sign up directly from the home page (where you can conveniently see the current price of gold, silver, and platinum!).
Upon joining the customer base, you will have instant, 24/7 access to OneGold. This will allow you to view current metals prices, buy metals, sell metals, and redeem metals at any time.
The metals you can purchase are determined by your location. While US users have access to gold, silver, and platinum, non-US users can only purchase gold and silver.
OneGold does require a minimum deposit of $100 each time you fund your account. However, you won’t actually need to spend this much per transaction as the platform offers support for fractional purchases.
When purchasing platinum, gold, or silver products as digital assets, you will be responsible for paying for the price of the metals. You will also be subject to storage fees. Payments can be made via check, credit card, bank account, or Bitcoin.
If you decide to redeem your digital assets, the customer assets you’ve paid into will not be sent to you (as you’re likely only a fractional owner). Instead, the equivalent of the value of the current spot price (-30%) will be shipped to you in the appropriate metal type via APMEX.
Domestic shipping is free, but international shipping will incur fees.
Is OneGold Right for You?
As we’ve shown in this OneGold review, OneGold isn’t like most other investment platforms. Using digital assets to represent precious metals investments, the approach may not be a traditional one, but it’s certainly one that’s worked for many users so far.
If you’re interested in this non-traditional approach to precious metals investing, you can check out OneGold for yourself by clicking here!