Latest News

One Gold Complaints And Negative Ratings: What Complaints Do Customers Have?

0

OneGold, a subsidiary of APMEX, operates as an investment platform and mobile app focused on the sale of digital assets backed by physical metals. My following  OneGold review will dive into how the platform functions and its appeal to investors.

The key feature of OneGold is that it sells digital assets representing real physical metals like gold, silver, and platinum. These metals are securely stored in vaults, ensuring that investors have tangible backing for their digital investments. This storage system provides a sense of security, knowing that the physical counterpart of their digital assets is safely preserved.

OneGold stands out for its straightforward product pricing and multiple storage options. It purchases precious metals directly from wholesalers, allowing for more competitive pricing. Additionally, the platform offers the convenience of setting up a precious metals IRA through its preferred custodians.

The platform has garnered multiple positive customer reviews, highlighting its effectiveness and reliability. However, it’s important to also consider any OneGold complaints and negative ratings to get a comprehensive view of the platform’s performance and customer satisfaction. This review aims to provide a balanced perspective on how OneGold operates in real life, beyond its promising features on paper.Learn More About One Gold

What is OneGold?

OneGold, headquartered in Oklahoma City, OK, is a digital platform specializing in precious metal investments. Founded by AMPEX, a renowned leader in the precious metals industry, and Sprott, a prominent name in alternative asset investments, OneGold is designed to simplify precious metal investing for both experienced and casual investors.

The platform’s standout feature is its ability to offer competitive pricing. By buying investment-grade precious metals directly from wholesalers, OneGold can offer gold, silver, and platinum to investors with minimal fees and just a small premium over the spot price. This approach enables the company to minimize operational costs and pass the savings on to its customers.

While OneGold’s product range mainly focuses on popular metals like U.S. gold and silver, it distinguishes itself through a streamlined investment process. The introduction of its mobile app has revolutionized how customers interact with their investments. The app provides continuous access to live spot prices, allows 24/7 trading, and includes interactive portfolio tools, custom market alerts, and daily market news.

In a move to maintain trust and transparency with its clients, OneGold ensures regular, detailed inventory reports from its vaulting partners. These reports are made publicly available, allowing investors to verify that their digital purchases are indeed backed by physical metal. This transparent approach, combined with its user-friendly mobile app and competitive pricing, positions OneGold as a significant player in the digital precious metals investment market.

OneGold Complaints And Negative Ratings

Before I get into too much detail about the benefits of OneGold, I will discuss some of the OneGold complaints and negative ratings. After reading through as many OneGold reviews as I could find, here are some of the most telling negative reviews I could find:

ahmed elsayes

2 reviews

FI

Feb 15, 2023

exaggerated difference in prices for selling and buying

user experience of mobile app is excellent but they are charging too much fees for everything. Difference in selling and buying metals is really exaggerated + storage fees. You will feel that you trade on metals for them. It is not win-win situation

Date of experience: February 14, 2023

This user does not that the mobile app is excellent, but his complaint is in regards to fees charged by OneGold. The reviewer did not mention any hidden fees, so as long as OneGold is upfront and transparent with their fee structure, it is hard to fault them.

If you feel the fees are too high, you can always compare them to their competitors. My OneGold vs Gold Money article highlights the fee structure, as well as pros & cons of a legitimate OneGold competitor.

Philip K

1 star

03/08/2023

Gave me a promotional amount of gold but then took it back a few months later.

OneGold Response

03/09/2023

Hello, While we did provide a $5 promotional credit, the $5 will be removed if the OneGold account is not funded for 90 days following the credit. As the account was not funded for anything beyond the promotional $5 for 90+days, the promotional $5 was removed. This is in keeping with our policy regarding the promotional $5.

I feel OneGold responded correctly to this complaint. Most companies that give promotional account balances or points do so for paying members. The details of the promotional offer are spelled out on their website. If a user doesn’t read all of the details, that isn’t OneGold’s fault.

If you are looking for further insight into OneGold user complaints, you can consider looking at OneGold Reddit threads. I read through a good amount of OneGold Reddit reviews, and have to say it was difficult to distinguish genuine reviews from spam promoting OneGold competitors.

What Fees Does OneGold Charge?

OneGold combines free and paid services to cater to a diverse range of investors. Account creation on OneGold is complimentary, allowing users immediate access to buy, sell, or redeem metals like gold, silver, and platinum at any time, with the available options depending on the user’s location.

For those funding their accounts, OneGold requires a minimum deposit of $100, but supports fractional purchases, which means transactions can be smaller than this amount. When purchasing digital assets, users are responsible for covering the cost of the metals and associated storage fees. Various payment methods are accepted, including checks, credit cards, bank accounts, or Bitcoin.

In terms of redemption, customers get the equivalent of the current spot price minus 30% in the selected metal, shipped by APMEX. While domestic shipping is free, international shipments incur additional fees.

Key aspects of OneGold’s fee structure include:

Precious Metal Premiums: Gold (0.80%), Silver (2.00%), Platinum (3.70%).Storage Fees: Gold (0.12%, $5 quarterly minimum), Silver and Platinum (0.30%, $5 quarterly minimum), with an annual minimum of $20.Roundtrip Transaction Costs: Gold (1.6%), Silver (3.3%), Platinum (5.3%).Withdrawal Fees: $25 for bank wires, free otherwise.

OneGold claims to offer the lowest industry premiums, with transparent pricing that allows investors to easily compare ask and spot prices. Its storage options for U.S. metals include reputable partners like APMEX, Brinks, and Loomis International, all fully insured by Lloyds of London.

Investors can redeem as little as one gram of gold from the vault, typically shipped within one business day without shipping fees.

 Final Thoughts

With its user-friendly approach, competitive pricing, and secure storage options, OneGold caters well to both new and seasoned investors. While its services and fee structure are attractive, it’s important for potential users to also consider OneGold complaints and negative ratings.

This will provide a more comprehensive understanding of the platform’s performance and reliability. If you’re considering investing in precious metals and want to explore what OneGold has to offer, Click Here to learn more.

Get Started With One Gold

Related Links

Simply Wall St Complaints And Negative Ratings: What Do Unsatisfied Users Really Think

Previous article

City Traders Imperium Complaints And Negative Ratings

Next article

You may also like

Comments

Leave a reply

Your email address will not be published. Required fields are marked *

More in Latest News