Who Is Bullion Exchanges?
Bullion Exchanges also known as "BE" is a precious metals retailer of bullion, collectibles, rare coins, numismatics, Proof coins, and rounds. They have unique silver collectibles including bullets, guitar picks, rare coins, and junk silver along with a variety of additional items in store.
Bullion Exchange provides buyers an opportunity to come into their location in the Diamond District of New York City or purchase products online.
30 West 47th Street, Store 1
New York, NY 10036, USA
Customer Services is Available Monday - Friday 9 AM - 5 PM ET
Retail Store is Open Monday - Friday 9 AM - 4 PM ET
Contact Phone # - 800-852-6884
Email - email@example.com
Before we get started with Bullion Exchanges Review:
It's tough to determine which precious metals dealer is reputable and reliable for your investment needs. The Plug aims to provide you with as much useful information as possible to shorten your decision-making process. The Best Gold IRA Dealers want to educate and inform their clients. We've broken down a list of the Top Gold and Silver IRA Companies for your review.
Check out The Plug's list of the 5 Best Gold IRA Companies and find out Is Bullion Exchanges in our Top 5?
Our #1 recommendation is giving away a FREE Gold Investing Kit! Get your kit for free by Clicking the Button Below:
Protect & Secure Your IRA/401(k)
About Bullion Exchanges
Bullion Exchanges is about providing bullion to those looking to add precious metals to their portfolio or those looking to collect unique numismatics, rare coins, or rounds.
Having both an online presence and a storefront, Bullion Exchanges provides the access and visibility necessary to sell coins, rounds, and bars.
Products at the Bullion Exchanges include gold, silver, platinum, and palladium. But those are not the only products and metals, they also have copper, Rhodium, currency, and additional collector products including trading cards, currency, Bullion Exchanges Exclusives, and more.
Starting in 2012, Bullion Exchanges has provided customers with a variety of precious metals at competitive prices. While touted to have 4.8 stars with ShopperApproved they have less than favorable reviews with most sites.
What Else Does Bullion Exchanges Do?
At Bullion Exchanges, they offer the following services:
- Sell Gold and Silver for Cash - they purchase gold, silver, platinum, palladium, rhodium, and even diamonds and scrap metal.
- Price Match Guarantee - competitive website price matching. Restrictions apply.
- Rewards Program - members get 1 credit for every $1 spent. Their Bullionaire Bucks are stacked in your rewards account and you can redeem them at any time. 1,000 Bullionaire Bucks is worth $1 off your future purchase
- IRA Gold - Bullion Exchanges offers a Gold IRA program. They can sell you gold or silver qualified for your current self-directed IRA or you can start a new Gold IRA.
What is a Gold IRA?
A Gold IRA, also known as a precious metals IRA, is a specialized retirement account that allows individuals to hold physical gold and other precious metals as part of their investment portfolio. Unlike traditional Individual Retirement Accounts (IRAs) that typically hold stocks, bonds, and mutual funds, a Gold IRA offers the unique advantage of diversification through tangible assets.
By adding gold to their retirement savings, investors can hedge against economic uncertainties and protect their wealth from the volatility of traditional financial markets.
One of the key features of a Gold IRA is the ability to hold physical gold bullion or coins approved by the Internal Revenue Service (IRS). These IRS-approved metals include gold, silver, platinum, and palladium, and they must meet specific purity requirements.
- Gold Purity of 99.5%
- Silver Purity of 99.99%
- Platinum Purity of 99.95%
- Palladium Purity of 99.95%
With a SDIRA you are the manager of the account. While you manage the purchases and transactions, you are required to use a custodian to open the account. The custodian does not recommend investments for your self-directed IRA, they are responsible for the reporting and record-keeping of the investments.
Once you choose a custodian, you can purchase precious metals from any dealer of your choice and have them sent to a secured storage facility a.k.a. a Depository. IRS regulations restrict holding the physical assets personally and they must be stored in an approved facility. You must work with a knowledgeable Gold IRA Dealer who has the experience and knowledge necessary for IRA transactions. These companies will educate and assist with the paperwork and guide you through your transaction process.
In conclusion, a Gold IRA offers individuals the opportunity to diversify their retirement savings by including physical gold and other precious metals. By doing so, investors can potentially safeguard their wealth against inflation, geopolitical risks, and market volatility. Before establishing a Gold IRA, it is crucial to consult with a financial advisor or tax professional to understand the eligibility requirements, contribution limits, and tax implications associated with this type of retirement account.
Bullion Exchanges Preferred IRA Custodian and Depositories
If you have not opened a Gold IRA and wish to start one with Bullion Exchanges their process is relatively simple. You can start the application process online and once completed and funded, the preferred custodian will inform Bullion Exchanges and you can choose your metals, purchase them, and have them delivered to a depository.
Working with a company that does not specialize in Gold or Silver IRA is your choice but could be a risky decision. If you wish to get the most out of a Gold IRA you want to work with the best. Get more information on Gold IRA companies that specialize in precious metals SDIRA in our 5 Best Gold IRA Companies review. The top 2 options are all about educating their clients. The top two have higher minimum requirements because they want to educate their customers to understand the ins and outs of precious metals and how they benefit retirement savings before any purchase is made.
Bullion Exchanges is not a custodian, they are a precious metals dealer. They can only facilitate the Gold IRA process and as they are not an advisor, they cannot recommend any investments. While they legally cannot do more than transact your gold or silver purchase, they can help navigate the world of bullion to help make sure you are purchasing IRA Approved metals. Need help choosing a precious metals dealer? Check out our article on How to Choose the Right Gold or Silver Dealer for Your Savings.
Bullion Exchanges Preferred Custodians:
- GoldStar Trust Company - based out of Canyon, Texas for 30 years
- Equity Trust Company - based out of Westlake, Ohio, and founded in 1974
Bullion Exchanges Preferred Depositories:
- IDS of Delaware and IDS of Canada (international) - approved depository
- SWP Cayman Islands - (Strategic Wealth Preservation) is based out of the Cayman Islands.
You can open a new account with Bullion Exchanges using their preferred vendors or you can open a Gold or Silver IRA with a custodian of your choice and utilize the company to purchase your metals.
How to Fund a New Gold IRA?
To fund a Gold IRA, there are two primary options available: yearly contributions and rollovers from existing retirement accounts.
Yearly Contributions: Investors can contribute to their Gold IRA every year, subject to the current contribution limits set by the IRS. As of 2023, the maximum contribution limit for individuals under the age of 50 is $6,500, while those aged 50 and above can contribute an additional catch-up amount of $1,000 for a max yearly contribution of $7,500. By making yearly contributions, investors can gradually build their Gold IRA over time, acquiring precious metals to diversify their retirement portfolio.
Rollover from Existing Retirement Account: Another option to fund a Gold IRA is by rolling over funds from an existing retirement account, such as a 401(k) or a traditional IRA. This method allows investors to transfer funds directly from their current retirement account to a Gold IRA, providing a higher initial available capital to acquire more precious metals from the start. Rollovers also offer the advantage of maintaining the tax-advantaged status of the funds, as long as the transfer is done correctly and within the guidelines set by the IRS.
By utilizing a rollover, investors can take advantage of accumulated savings in their existing retirement account to kickstart their Gold IRA and potentially acquire a more substantial amount of precious metals initially, enhancing the diversification and potential growth of their retirement portfolio.
In summary, funding a Gold IRA can be accomplished through yearly contributions within the IRS-established limits or by rolling over funds from an existing retirement account. There are no penalties for completing a rollover from an existing account as long as the funds are deposited within 60 days to your new Gold IRA.
The option of rollover allows investors to start their Gold IRA with a higher initial available capital, enabling them to acquire a greater quantity of precious metals right from the beginning. It is advisable to consult with a financial advisor or tax professional to ensure compliance with IRS regulations and to make informed decisions based on individual circumstances.
What Gold and Silver Products Does Bullion Exchanges of New York City Offer
Bullion Exchanges have a variety of gold and silver coins, rounds, numismatics, and bars. In addition, Bullion Exchanges offers the Goldback Notes. These unique bills are infused with 24 carrot gold. Used both as a collector item and currency in specific stores, the Goldback Notes are a wonderful addition to your home storage or you could give them away as gifts.
Is Bullion Exchanges a Reputable Gold Dealer
Reputation is built upon the backs of satisfied or unsatisfied customers. Today, word of mouth doesn't account for much and public forums and review services are where we get our information. The Bullion Exchanges has a mixed review. While they do have some positive reviews of people buying either online or in their store, there are several negative reviews also.
Special Note Before Continuing: Review services are both a good source for quality information and a bad source for anyone with any grievance to have a forum to post negatively about a business. You must take into consideration all the information. Some sources like the BBB require businesses to pay for their accreditation status. And with the BBB an A+ rating looks good, but you need to check the star rating and reviews. Look out for those companies spending money for paid positive reviews. You find many of these types of reviews on Google and Facebook.
Better Business Bureau (BBB)
- A+ Rating
- Accredited Business since December 17, 2015
- 2.55 out of 5 Stars
- 11 Customer Reviews Submitted
- 12 Complaints closed in the last 3 years
- 1 Complaint closed in the last 12 months
- 55 Customer Reviews
- 3.5 out of 5 Stars
- Yelp does not allow businesses to pay to remove or alter reviews
- 1,007 Reviews
- 3.7 out of 5 Star Rating
There has been a mix of review complaints. Some complaints indicate the product sold was not the product received. Looking for ASE-certified coins in ASE tubes and requested, but receiving something else. In addition, there were issues with the delivery of packages. Several issues here referenced not receiving their package and unknown signatures. While Bullion Exchanges is responsible for the delivery sales under a certain amount don't require signatures. In many cases, the company relied on the buyer to get police reports and jump through hoops to prove they didn't receive the package. The customer service appears fair when it comes to package delivery issues and buyers beware with home delivery.
Overall, the reviews are found to be enough to concern yourself with your buying decisions. The company has been in existence for many years and they have a physical address, but their reputation appears normal for many online gold retailers.
Pros and Cons of Bullion Exchanges
Final Thoughts on Bullion Exchanges
A slightly confusing business name, Bullion Exchanges plays off the common name for gold and silver i.e. Bullion and the New York Stock Exchange "Exchanges". While catchy, the online bullion market is for gold and silver products.
The business has been in existence for over 10 years and they do have a presence online and in the Diamond District of New York City. Customers can walk into their store and buy coins, collectibles, IRA Approved Coins, and more.
Online you can choose to work with Bullion Exchanges to purchase your gold or silver for an SDIRA and they offer the ability to be a part of their community through their rewards program.
While not every business will have the best overall reviews, the public should be knowledgeable of past experiences and work with the company to ensure the safe purchase and delivery of your bullion.
When you do your due diligence before buying, you will be most aware and understand the process. Ask questions and get all your answers before investing in precious metals.