Bullion Exchanges Review
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Bullion Exchanges is a prominent player in the precious metals industry, catering to the needs of discerning investors who seek to diversify their portfolios with physical assets.
With their extensive range of offerings and commitment to excellence, Bullion Exchanges has established itself as a trusted source for acquiring precious metals.
Before we get started:
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Table Of Contents
About Bullion Exchanges
Bullion Exchanges deems itself a trusted Precious Metals Retailer located in the heart of New York City's Diamond District. Bullion Exchanges offers a wide variety of products for investors and collectors.
Some of what you'll find on the website are gold, silver, platinum, and palladium. Ultimately, Bullion Exchanges keeps every type of customer in mind when adding products to its inventory. For instance, there is a range of products that appeal to first-time buyers and long-term collectors.
There are many places to purchase precious metals. But Bullion Exchanges says they've made it possible for customers to see all of the best options from around the world just by visiting their website.
According to the company, they offer fair live spot prices thanks to their strong industry relationships. Bullion Exchanges claims to have a strong purchasing power for sourcing precious metals as close to the spot price as possible.
The company is also able to offer free shipping, allowing them to pass down significant savings directly to customers.
Bullion Exchanges offers a variety of other features and benefits, making this precious metals dealer worth the watch. Let's take a closer look at what the company has to offer.
You need a precious metals dealer that offers valuable metals that you can add to your collection or grow your portfolio. Luckily, Bullion Exchanges has many metals to sort through.
US Mint Gold Coins: American Eagles, American Buffalos, Pre-1933, Gold Coins, U.S. Commemorative Coins
Royal Mint: Queens Beasts Series, Britannia Series, British Lunar Series, British Sovereigns, Tudor Beasts
Royal Canadian Mint: Maple Leafs, Commemorative Coins
For a full list of gold products, visit their website.
US Mint: American Silver Eagles, Proof Silver Eagles, Burnished Silver Eagles, Certified Silver Eagles, America The Beautiful.
Perth Mint: Lunar Coin Series, Koala Coin Series, Kookaburra Coin Series, Kangaroo Coin series, Certified Perth Mint Coins.
Platinum Coins: Platinum American Eagle, Platinum Canadian Maple Leaf, Platinum Australian Coins, Platinum British Coins.
Platinum Bars: Pamp Suisse Platinum Bars, Credit Suisse Platinum Bars.
In Stock Palladium: Palladium Coins, Palladium Bars, Palladium Rounds
Bullion Exchanges has several other products. Here is a quick overview of what you can expect to find:
Selling to Bullion Exchanges
Bullion Exchanges makes it easy to sell your gold and silver for cash. The company claims to buy a variety of products with some of the best ratings and reputations in the industry. Some of the items that they buy are gold, silver, platinum, palladium, rhodium, diamonds, and scrap metal.
Here's how it works:
Call Bullion Exchanges at (800)-852-6884 or (212) 354-1517, or request a callback.
Your price is locked in with your price quote. You will receive a follow-up confirmation email also.
Follow the shipping instructions that are provided to you in the confirmation email. Include all required paperwork inside the package. Note that missing information will prevent them from providing full compensation for your items.
Once Bullion Exchanges receives and verifies your items, you will receive your payment by check, Check, or Bank wire.
Before selling with Bullion Exchanges, there are a few things to keep in mind. For instance, the minimum purchase amount is $1,000 per transaction. With that said, the company encourages the submission of offers with a base sum of $7,500 (USD). Offers that don't meet this minimum will be subject to a $25 processing fee.
According to the company, you can expect a price guarantee and no hidden fees. The displayed buyback prices on the website are guaranteed for all transactions that are $7,500 and over.
Bullion Exchanges has detailed shipping instructions on its website. Let's go over the details of shipping:
Precious Metals IRA
Are you looking for an individual retirement account that enables you to invest in physical gold, silver, platinum, and palladium? Bullion Exchanges offers an easy way to set up your precious metals IRA.
They have partnered with Goldstar Trust Company and Equity Trust to offer customers the lowest cost and the fastest, most convenient way to open your self-directed IRA. You'll also have the option to choose among some of the top IRA-approved bullion storage facilities like IDS Delaware and Canada and SWP Cayman Islands.
Here are the steps provided by Bullion Exchanges:
Step 1: Open Your Self-Directed IRA Account
Opening a self-directed IRA with Bullion Exchange is quite simple. First, you'll need to fill out the IRA form. Choose your preferred IRA custodian between two top custodian companies: GoldStar Trust Company and My Equity Trust.
You'll also need to choose your preferred IRA-approved storage facility for your precious metals. Choose between IDS Delaware, IDS Canada, or SWP Cayman Islands.
Submit your form once you're finished. You'll receive a confirmation email with a link to your chosen custodian or administrator. Next, follow the link and fill out a self-directed IRA application on the IRA administrator website. Once everything is complete, you'll be notified of your account number.
Step 2: Fund Your IRA Account
Once your account is officially open, you'll work with your custodian to fund it. After funding, Bullion Exchanges will be electronically and securely notified of the funds authorized for your precious metals purchase.
Step 3: Approve Their Trade and Purchase Your Precious Metals
The final step is to approve their trade and purchase your precious metals. Select your desired IRA-eligible metals to add to your portfolio. You can conveniently choose from their IRA-eligible product list found in their Learning Center.
Bullion Exchanges will send you a quote with your specified metals. This will help you see how your funds are allocated across multiple types.
After reviewing your trade, Bullion Exchanges will execute your order and automatically send your shipment to your approved facility.
Here is some information about Bullion Exchanges' preferred IRA custodians and depositories.
GoldStar Trust has over 30 years of experience providing specialized services to customers. The company handles over 37,500 self-directed IRAs with more than 2.5 billion in IRA assets. GoldStar offers competitively low fees and costs.
They're also equipped with knowledgeable agents who can assist investors with diversifying their portfolios.
Equity Trust was founded in 1974. The company has over $29 billion in invested assets and continues to lead the financial industry as one of the best self-directed IRA custodians. Equity Trust has competitively low fees, enabling investors to save money on their precious metals IRA portfolio.
Officially knowns as International Depository Services, IDS is a COMEX/CME, LBMA, and ICE-approved depository for precious metals. The staff at IDS has deep knowledge of precious metals, banking, security, and depository.
Investors will enjoy 24-hour monitored bullion storage in a modern facility with high-tech UL-Rated Class III vaults in Delaware and Ontario.
Strategic Wealth Preservation Cayman Islands is a newly built bullion storage facility located in the Cayman Islands. SWP is considered a premier precious metals storage and the closest offshore storage option for North Americans.
The company provides fully-allocated, segregated, and insured secure storage for your metals. SWP is considered one of the safest and most flexible storage locations in the world.
Bullion Exchanges Customer Reviews
Bullion Exchanges is a highly-regarded precious metals dealer and IRA specialist. The company received a rating of 4.3/5 on Trustpilot with over one thousand reviews. Here is an overview of what customers have said about their experience:
One customer left a review stating they were more than satisfied with their purchase of kilo silver bars from Bullion Exchanges. They usually shop around for the best deals on precious metals, which is why they buy from Bullion Exchanges most often.
Another customer said they previously purchased items from Bullion Exchanges and have always been pleased. Delivery with them has always been prompt and the condition of the coins always came as described or better.
The customer's last purchase was American Eagles. But what made this purchase worth mentioning was that Bullion Exchange shipped them in a mint tube even though the customer did not order 20 coins.
According to a customer working with Bullion Exchanges for the first time, they were satisfied with their experience. The customer specifically said they liked how Bullion Exchanges isn't written on the package, giving them a greater sense of security.
The customer did say that shipping seemed a little slow but said that it was the fault of the postal service.
There are some negative reviews made by customers to be mindful of. One customer who ordered in January of 2022 said that their newly minted coins had dents and poor packaging.
They also said that they had to confirm the receipt of their wire transfer rather than it coming automatically.
Another customer said that Bullion Exchanges had bad supervisors. The staff was not supportive or honest throughout their experience. The customer said they were charged a new condition price for a product but received one that was in poor condition. It's worth mentioning that this review was from 2021.
Overall, most of the negative reviews about Bullion Exchanges appear to mostly be from a few years back. The company has built a solid reputation overall with many customers being satisfied with their experience.
Bullion Exchanges Pros and Cons
Let's take a look at some pros and cons of working with Bullion Exchanges:
Bullion Exchanges offers several incentives for its customers. If your order is over $99, you'll receive free delivery. This is a great benefit, especially since the threshold is low.
Bullion Exchanges is known for offering discreet packaging. This means that investors will have to worry less about the idea of theft. Precious metals are certainly valuable, so it's important to work with a precious metals dealer who keeps this in mind.
Bullion Exchanges offers a rewards program called Bullionaire Bucks for repeat customers. Customers earn points that can be redeemed for discounts and other incentives.
All products on Bullion Exchanges are certified for authenticity. This gives investors the confidence that their products are genuine.
One downside of Bullion Exchanges is that most of the negative reviews found on Trustpilot were of customers complaining that their products were broken or damaged. Broken or damaged items aren't just a hassle to correct, they can end up as a costly mistake that doesn't benefit the customer.
Bullion Exchanges has also been accused of canceling orders if the price moves before shipping. This can cause customers to not receive the item's full value.
Bullion Exchanges: Final Thoughts
Bullion Exchanges is one of the top precious metals dealers in the U.S. The company offers a great selection of precious metals and offers several other features like a precious metal IRA and an option to sell your metals directly to them.
Overall, Bullion Exchanges has maintained a good reputation. Most customers have been pleased with the services and products provided by the company.
There are some negative reviews floating around online. Some customers have reported that their products came damaged. There have also been reports of canceled orders during price changes. It's unclear how often these incidents occur, but it's worth keeping in mind.
With that said, Bullion Exchanges is an ok company, but we think there are much better companies to buy from or to open a precious metals IRA with.
Remember to read our list of the Best Gold Investment Companies to work with, before investing your hard-earned savings!
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Hi, I'm Charles Turner, founder of Turner Investments. I created Turner Investments to provide education and guidance to individuals interested in personal finance.
My goal is to make Turner Investments a valuable resource for anyone looking to learn more about personal finance and make smarter investment decisions.