What To Know Before Signing Up To One Gold

Jeremy BiberdorfBy: Jeremy Biberdorf

December 12, 2023December 12, 2023

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The allure of precious metals lies in their immunity to inflation and their status as a safe haven during times of economic uncertainty. With the advent of companies like OneGold, investing in these commodities has become more accessible than ever, allowing investments with just a few clicks.

OneGold stands out in the precious metals industry, which is crowded with numerous dealers, making the choice of investment platform a significant decision. OneGold offers a unique approach to precious metals investing, particularly appealing to those who prefer not to handle physical products. The platform specializes in selling digital assets backed by real physical metals, securely stored in vaults. This setup assures investors of the safety and real-world backing of their digital investments.

The service is known for its straightforward product pricing and multiple storage options, alongside positive customer reviews. However, understanding what to know before signing up to One Gold is crucial for potential investors.

My OneGold review aims to provide a comprehensive insight into how OneGold operates in the real world, helping you decide if it aligns with your investment goals and preferences.
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What To Know Before Signing Up To One Gold

There is a lot to know before signing up to OneGold. The offerings, the pricing, and how it works are all important, must-know features. But let’s start with a little background information.

What is OneGold?

Headquartered in Oklahoma City, OK, and established by APMEX, a leader in the precious metals industry, OneGold’s mission is to simplify investing in precious metals for both experienced and novice investors.

APMEX, founded in 1999 by Scott Thomas, boasts a strong online presence with an extensive product selection and a global customer base of 1.5 million. Renowned for prioritizing customer satisfaction, APMEX has achieved lifetime sales of $10 billion, positioning itself as a major player in the industry.

Sprott, established in 1981 by Eric Sprott, specializes in real estate and precious metal investments. With customer assets worth $7 billion and 200,000 global clients, Sprott extends its services across Asia, the US, and Canada, focusing on alternative asset management and private resources investing.

While OneGold may not offer as wide a variety of metals as some other companies, it concentrates on popular options like U.S. gold and silver. Its competitive edge lies in its competitive pricing strategy.

By leveraging digital representations of assets, OneGold reduces operational costs, which translates to savings for its customers. This approach, combined with the expertise of APMEX and Sprott, makes OneGold a unique and efficient platform for precious metal investments.

OneGold Benefits

You definitely want to know, before signing up, what One Gold brings to the table. Here are the benefits I think users will find most useful:

  • Secure Precious Metal Products: OneGold provides a secure option for investing in gold, silver, and platinum. These metals are safely stored in vaults approved by entities like Loomis International, COMEX, or APMEX in the USA. Each investment is fully insured against theft or loss by Lloyd’s of London, offering additional peace of mind to investors.
  • OneGold Mobile App: The app facilitates 24/7 trading of silver and gold, making investments more convenient. It includes features like live spot prices, daily market news, and portfolio management tools, which help investors make well-informed decisions.
  • Custom Alerts: Users can set personalized alerts within the app to receive notifications when metal prices reach their preferred levels. This feature enables strategic buying opportunities, even outside regular market hours.
  • AutoInvest Feature: Unique to the OneGold app, the AutoInvest feature automates orders for real metal. This is particularly beneficial for those looking to build a metal-backed savings account, with customizable frequencies such as daily, weekly, monthly, or quarterly.
  • Precious Metals IRAs: OneGold assists investors in diversifying their portfolios or retirement accounts with self-directed IRAs. They support investments in palladium, platinum, gold, and silver, all approved by the IRS for IRAs.

OneGold Shortcomings

There are also some potential shortcomings you should be aware of before signing up to One Gold. Here are the main ones:

  • Fees: Investors face what some believe high fees with OneGold. For gold storage, the fee is about 12 basis points per year, and for silver and platinum, it rises to as much as 30 basis points per year. Additionally, there is a premium on precious metal purchases – 0.80% over the gold spot price, 1.00% over the silver spot price, and 3.70% over the platinum spot price. These combined fees can significantly impact potential investment gains, leading some investors to consider alternative options like low-fee ETFs for exposure to precious metals.
  • Minimum Investment Requirement: OneGold requires a minimum deposit of $100, which is higher compared to some of its competitors. For instance, Vaulted has a minimum investment requirement of just $10. This higher threshold may deter some potential investors who are unable or unwilling to commit a larger amount initially.
  • Relative Newcomer in the Industry: OneGold has been in the precious metals industry for only four years, which may raise concerns about its experience and long-term stability compared to more established competitors.
  • Learning Curve: New users may face a learning curve when starting with OneGold, as navigating the intricacies of precious metal investing and using the platform’s features can require some acclimatization.
  • Third-Party IRAs: The IRAs offered through OneGold are managed by third parties, which might be a drawback for investors who prefer integrated services directly managed by the investment platform they are using.

OneGold Pricing

Creating an account with OneGold comes at no cost. However, the platform does charge for storing precious metals. The minimum storage fee is $5 per quarter. The annual storage rates are set at 0.12% for gold, and 0.30% for both silver and platinum.

These storage fees are calculated and billed every quarter, based on the average daily balance of your holdings and the respective storage rate for each metal type.

For those starting out, determining the precise storage fee for your holdings might require some calculation. Fortunately, OneGold provides online tools to assist in this process, simplifying the calculation of your storage fees.

Final Thoughts

In wrapping up my OneGold review, it’s clear that the platform offers a distinct approach to investing in precious metals, with a focus on digital assets backed by physical gold, silver, and platinum. While setting up an account is free and the platform provides tools to assist with storage fee calculations, potential investors should consider the associated costs, including storage fees and premiums on metal purchases. The platform’s user-friendly interface, combined with 24/7 trading capabilities, makes it an attractive option for those looking to invest in precious metals digitally.

For those interested in exploring the unique features and services that OneGold offers, and to determine if it aligns with your investment strategy and goals, Click Here to get started.

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Jeremy Biberdorf
Jeremy Biberdorf

About the Author:

Jeremy Biberdorf is the founder of Modest Money. He's a father of 2 beautiful girls, a dog owner, a long-time online entrepreneur and an investing enthusiast.

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