Although Orion Metal Exchange got its start in 2017, it’s already established itself among the many best gold IRA corporations. The Los Angeles-based Orion makes investing in a precious metals and gold IRA easy with its online ordering system and 0 setup or transfer fees.
On this guide, we’ll examine the strengths, weaknesses and standout features Orion Metal Exchange offers so you’ll be able to learn if it’s the proper fit in your retirement planning goals.
Best for Low Fees
With Orion, you’ll be able to expect to pay zero dollars in setup or transfer fees. Orion charges $175 a 12 months for storage and insurance costs for many gold IRAs but you might qualify for a free 12 months whenever you invest at the least $10,000. Against this, other services may charge tons of of dollars a 12 months in annual fees. You might also must pay a setup or rollover fee when creating an account with a competitor.
Orion Metal Exchange Gold IRA Pros and Cons
- No transfer fees or account setup fees
- Investors can select their depository and custodian
- Online ordering available
- Lower-than-average minimum investment of $10,000 when rolling over an existing IRA
- Advertises a fee-free buyback policy
- Must call to open an account
- Charges an annual storage and insurance fee
Orion Metal Exchange pros explained
Orion’s strengths lie in its low fees, flexible arrangements, online ordering system, low minimum investment threshold and fee-free buyback policy.
No transfer fees or account setup fees
Orion doesn’t charge the one-time account setup fee that other gold IRA corporations do. You furthermore may won’t must pay anything in case you transfer your gold IRA from one other provider.
Investors can select their depository and custodian
Your gold IRA custodian is answerable for establishing and managing your account. The IRS subjects precious metal IRAs to more stringent rules than regular IRAs and custodians are there to make sure that these rules are adhered to. While you’ll be able to designate Orion as your custodian, you usually are not obligated to accomplish that.
Similarly, IRS rules state that you just cannot store your gold IRA in your own home. You have to keep your precious metals in a depository that meets specific regulatory requirements. Orion can enable you to discover a depository that meets your needs. It doesn’t require that you just use certainly one of its preferred depositories.
Online ordering available
If you would like to buy gold in an IRA, many corporations require that you just order over the phone. Orion bucks this trend by letting its buyers order directly through its website. You’ll be able to view the most recent precious metal prices straight from the Orion website.
Lower-than-average minimum investment of $10,000
Some gold IRA providers ask that you just make an initial investment of $25,000 or more. With Orion, you’ll be able to start with an initial investment of just $10,000 when rolling over an existing IRA. In case you’re starting a latest IRA, the minimum contribution limit is the utmost annual contribution allowable by law — $6,000 (or $7,000 for those aged 50 and older.)
Advertises a fee-free buyback policy
You’ll be able to decide to take your IRA distributions in certainly one of two ways. The primary involves Orion sending you your physical precious metals through the mail. On this scenario, you would be free to search out a buyer, store it how you select or do whatever else you would like with them.
Alternatively, you’ll be able to sell your gold back to Orion, which is generally known as a buyback program. Many individuals with gold IRAs prefer this method since it’s more convenient. Notably, Orion doesn’t charge any fees for its buyback program. Selecting a fee-free buyback policy minimizes unnecessary costs that would cut back customers’ investments.
Cons explained
Orion is not without its drawbacks, though, which include not having the ability to arrange an account online and having to pay an annual storage and insurance fee.
Must call to open an account
While it’s possible for account holders to order latest gold shipments online, you could first talk over the phone with an Orion representative to open your account. Even though it’s inconvenient, this is not a wholly bad thing. As we mentioned previously, gold IRAs are subject to complex rules. By opening your account over the phone, you’ll be able to ask any questions and clear any doubts you will have.
Charges an annual storage fee
Like most gold IRA corporations, Orion charges an annual fee to store and insure your gold or other precious metals. IRS rules prevent you from storing your gold at home, meaning you could use an approved storage facility. These fees can eat into your investment returns.
Orion Metal Exchange Gold IRA Offerings
On this section, we’ll explore the several investment decisions offered by Orion Metal Exchange.
Self-directed precious metals IRA
Self-directed IRAs (SDIRAs) differ from conventional IRAs because you’ll be able to hold alternative investment types like precious metals, cryptocurrencies and real estate. You might hear these terms:
In a way, all three are the identical thing. Corporations offering precious metals IRsA may use the terms gold IRA or silver IRA to tell apart their offerings. Nonetheless, you’ll be able to hold multiple varieties of precious metals inside a single SDIRA. You will not must open up a separate IRA in your gold and your silver holdings. IRA-eligible metals include:
- Gold
- Silver
- Platinum
- Palladium
Metals for investment must meet certain purity thresholds and will be subject to other special rules. Not all precious metals IRAs offer all 4 types. Some corporations only sell gold and silver, for instance.
Moreover, gold IRA corporations cannot offer investment advice for SDIRAs. That is where the self-directed part is available in: Because the owner of your SDIRA, it’s as much as you to do your personal research regarding your investments.
Gold coins and bars
Orion Metal Exchange allows you to purchase from a spread of gold coins and bars, including the next options:
- Gold American Eagle
- Gold Canadian Maple Leaf
- Gold Great Britain Queens Beast
- Gold Rose Crown Guinea
- 2017 Gold Royal Canadian Mint Grizzly Bear
- 2016 Gold Royal Canadian Mint Snow Falcon
- 2015 Gold Royal Canadian Mint Polar Bear & Cub
- 2014 Gold Royal Canadian Mint Arctic Fox
- 2013 Gold Royal Canadian Mint Polar Bear
- U.S. Gold Commemorative $5 coins
- U.S. Gold Commemorative $10 coins
- IRA-approved gold bars
Each the Gold American Eagle and the Gold Canadian Maple Leaf are available in 4 different sizes, including one-tenth, one-quarter, one-half and one-ounce weights. Moreover, you might purchase good uncirculated (BU) or proofs of the Gold American Eagle. The dimensions and style of gold bars for purchase fluctuate and are based on availability.
Silver coins and bars
You will find the same array of silver coins and bars available for purchase through Orion with just just a few differences. Here’s the total list of its current offerings:
- Silver American Eagle
- Silver America The Beautiful
- Silver Canadian Maple Leaf
- 2013 Silver Royal Canadian Mint Polar Bear
- 2014 Silver Royal Canadian Mint Arctic Fox
- 2015 Silver Royal Canadian Mint Polar Bear & Cub
- 2016 Silver Royal Canadian Mint Snow Falcon
- 2017 Silver Royal Canadian Mint Grizzly Bear
- Silver Royal Canadian Mint Bison
- Silver Rose Crown Guinea
- 2020 Silver Great Britain Spade Guinea Coin
- IRA-approved silver bars
Unlike its gold offerings, you’ll be able to only purchase Silver American Eagles and Silver Canadian Maple Leafs in one-ounce increments. Nonetheless, you’ll be able to select Silver American Eagles from proof, burnished and BU conditions. The opposite coins are only offered in BU condition. Much like its gold offerings, the dimensions and style of silver bars vary.
Platinum coins and bars
Orion provides a big variety of platinum coins and bars. These include:
- Platinum American Eagle
- Platinum Canadian Maple Leaf
- 2020 Platinum Striped Marlin
- 2019 Platinum Bottlenose Dolphin
- 2019 Platinum Humpback Whale
- 2018 Platinum Emperor Penguin
- Platinum War of 1812
- 2021 Platinum Rose Crown Guinea
- Platinum Australian Phoenix
- IRA-approved platinum bars
You should purchase the Platinum American Eagle coins in proof or BU condition. You furthermore may have the alternative of shopping for the Platinum Canadian Maple Leaf coins and the Platinum American Eagle coins in one-tenth, one-quarter, one-half and one-ounce weights. The dimensions and style of platinum bars for purchase rely on availability.
Palladium coins and bars
Your decisions of palladium coins and bars are way more limited. With palladium, you are limited to the next decisions:
- Palladium Maple Leaf
- Palladium American Eagle
- IRA-approved palladium bars
Each the Maple Leaf and American Eagle coins are only available in one-ounce increments. The dimensions and style of palladium for purchase rely on availability.
Orion Metal Exchange Gold IRA Pricing
Orion charges low storage fees. Moreover, you will not must pay any setup and rollover fees and will get your storage fees waived for the primary 12 months with a big initial investment. The corporate lists its prices directly on its website, which bucks the trend of other gold IRA providers that only disclose their current prices over the phone. Because Orion buys its precious metals in bulk, it’s able offer below-average prices for coins and bars.
Orion Metal Exchange Gold IRA Financial Stability
Not one of the three major credit standing agencies have reviewed Orion Metal Exchange, nor has the corporate made its financial reports publicly available.
Orion Metal Exchange Gold IRA Accessibility
Orion compares favorably with lots of its peers in the case of accessibility. You’ll need to establish your account over the phone, but once you’ve an account, you should buy precious metals from Orion online. Orion is on the market to residents of all 50 states and offers email support for its customers.
Availability
You’ll be able to arrange an account and buy precious metals from anywhere in the USA, but customers have to have earned income to contribute to a gold IRA account.
Contact Information
You’ll be able to contact Orion in the next ways:
- Phone: You’ll be able to reach an Orion representative at 1-800-559-0088 PST between 8:00 a.m. and 5:00 p.m.
- Email: Send Orion an email at support@orionmetalexchange.com
- Regular mail: Write Orion a letter at 12301 Wilshire Blvd, Suite 412, Los Angeles, California, 90025.
User experience
Online reviews of Orion Metal Exchange are generally favorable, with some customers reporting they were capable of arrange their gold IRA account in lower than quarter-hour. Once the account is created, you’ll be able to easily purchase precious metals and manage your portfolio online or over the phone.
Orion Metal Exchange Gold IRA Customer Satisfaction
Orion Metal Exchange holds an ideal 5-star rating with the Higher Business Bureau (BBB) based on 52 reviews. The corporate has been accredited by the BBB since 2021, receiving an A+ rating. Reviews note Orion’s friendly and skilled sales staff, who provide helpful advice and guidance, and a fast and simple setup process. One other user review platform, Trustpilot, awards Orion 4.9 stars out of a possible 5 based on 185 reviews.
Orion Metal Exchange Gold IRA FAQs
What’s a self-directed IRA?
An SDIRA is a special style of retirement account that allows you to spend money on alternative assets equivalent to precious metals, cryptocurrency and real estate. Other than that, SDIRAs are subject to lots of the same rules as regular IRAs equivalent to contribution limits and tax advantages. In case you withdraw funds before you hit 59 ½, you will have to pay a ten% penalty and any associated taxes. You will even be required to take minimum required distributions at age 72 (or age 73 in case you reach age 72 after Dec. 31, 2022).
Importantly, with an SDIRA, you could do your personal research because custodians are prohibited from providing financial or investment advice.
What features should I search for in a gold IRA?
When considering a gold IRA, you’ll be able to search for precious metals dealers that provide a buy-back feature. This allows you to sell your gold back to your custodian immediately upon taking your IRA distributions. It is best to also search for a service that may let you buy several types of metals in numerous quantities, which can enable you to further diversify your retirement savings plan. In case you’re inclined to go to your deposit, you might select a depository near your own home state.
How do I open an IRA with Orion Metal Exchange?
Orion Metal Exchange doesn’t allow you to open your account online. As an alternative, you will have to call its IRA department at 1-800-559-0088. The method is quick and simple, with Orion’s gold IRA specialists helping you thru the method and answering any questions you will have.
How We Evaluated Orion Metal Exchange Gold IRA
When evaluating Orion Metal Exchange’s gold IRA, we analyzed at the next features:
- Customer satisfaction
- Products offered
- Prices
- Fees
- Ease of use
- Accessibility
- Availability
Summary of Money’s Orion Metal Exchange Gold IRA Review
Orion Metal Exchange offers a wide selection of precious metals products at competitive prices and with few fees. Its notable features include a low initial order of $10,000 when rolling over an existing IRA and the utmost annual IRA contribution amount when starting a latest IRA, purchasing precious metals online, picking your depository and custodian and its fee-free buyback program. Orion also offers transparent pricing, which you’ll be able to view online before deciding whether or to not make a purchase order. A lot of its competitors will ask that you just call in for his or her current metal prices.
Drawbacks to using Orion’s services include its annual storage and insurance fees and lack of an internet setup feature. Nonetheless, it is vital to notice that many gold IRA corporations will ask you to establish your service over the phone and that almost all gold IRA depositories require users to pay annual storage and insurance fees.