Orion Metal Exchange Review

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Gold IRA and precious metals inventory

• Gold IRA caters to broad investor base
• Transparent pricing on website

About Orion Metal Exchange

Founded in 2017, Orion Metal Exchange helps investors deal in precious metals like gold, silver, platinum, and palladium. Whether you’re looking to buy or exchange metals or open a gold IRA, Orion is worth consideration.

Based on Orion Metal Exchange’s reviews, its customer service team wins over seasoned investors and newbies alike. If this is your first foray into precious metal investing, you’re in good hands.

Still, there are pros and cons to keep in mind. Is Orion Metal Exchange a good choice for your portfolio? Keep reading to find out.

Our take on Orion Metal Exchange’s gold IRA

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• LendEDU rating: 4.2 out of 5
• No best-for designation

We rank Orion Metal Exchange’s gold IRA service a 4.2 out of 5 on our editorial rating scale. We don’t, however, give the company a “best for” designation.

On the one hand, Orion Metal Exchange lacks some attention-grabbing features that set its competitors apart. Lear Capital, for example, gives customers 24 hours to cancel their orders without any fees, and Augusta Precious Metals offers free gold with new IRA accounts.

Lender	Best for
Orion Metal Exchange	No best-for designation
Lear Capital	Risk-free guarantee
Augusta Precious Metals	Best intro offer

On the other hand, Orion has a broad appeal, with a gold IRA service that caters to various investors. Not every precious metals dealer can say the same.

How do you open an Orion Metal Exchange IRA?

Opening an IRA with Orion Metal Exchange is fairly simple. You cannot do it alone, though, so prepare to work closely with its staff throughout the process. Here’s what’s involved:

1. Review Orion’s precious metals catalog. This will give you a sense of what products are available before you call.
2. Call Orion’s IRA department at 800-559-0088. Alternatively, you can email or fill out the contact form on their website to have them call you.
3. Roll over your existing retirement account, or start a new one. If you already have an investment account elsewhere, Orion will help you transfer those funds. Otherwise, you can establish a new IRA with a bank transfer or by mailing in a check.
4. Make your precious metals selection. Orion Metal Exchange offers gold, silver, platinum, and palladium, all in both coins and bars. While Orion’s bars are IRA-eligible, not all of its coins meet IRS purity standards. The website doesn’t clearly state which coins are IRA-approved and which aren’t, so work with your Orion representative to make your selections.
5. Decide where to store your IRA. Thanks to an IRS mandate, the metals held in your gold IRA must be housed in an IRS-approved depository. Orion works with all of the approved depository programs in the United States. An Orion rep can help you choose the one that best suits your needs.

After establishing your Orion-held gold IRA, you can follow these steps to buy, sell, or exchange the metals in your portfolio.

How much does an Orion Metal Exchange IRA cost?

With Orion, the minimum investment for rollover IRAs is $10,000. It’s unclear if there’s a minimum investment amount listed for new IRAs, but this likely caps out at the IRS-mandated annual contribution limits. (For 2024, that’s $7,000 if you’re under 50 and $8,000 if you’re over 50.)

Beyond that, you can expect to pay storage fees, service fees, and an account set-up fee. Storage fees average $100 per year, while the annual IRA service fee is $90. You will also pay a one-time account set-up fee of $250.

Cost	Details
Initial fee	$10,000 minimum investment for rollover IRAs; $250 set-up fee
Service fee(s)	$90 annually
Other fees	$100 yearly storage fee (on average)

Orion will sometimes advertise reduced or waived fees, but our research suggests potential customers should expect to pay the fees listed above.

Our take on Orion Metal Exchange’s precious metals inventory

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• LendEDU rating: 4.5 out of 5
• No best-for designation

On a scale of 1 to 5, we rated Orion’s precious metals inventory a solid 4.5. That’s due in part to its wide selection of metals, but also its (mostly) transparent pricing. 

If you’re interested in adding coins to your coffer, you can see up-to-date starting prices on the Orion website. However, if you’re interested in bars, you’ll need to speak to a representative.

We should also note that there’s a $10,000 minimum purchase requirement. If that’s more pocket change than you want to spend, browse our list of finance and investment companies to find a better fit.

How do you purchase metals through Orion Metal Exchange?

Purchasing metals through Orion Metal Exchange is similar to opening an IRA—with one key difference: the metals you purchase can be sent directly to your door. Here’s what you’ll do:

1. Go online to see available inventory. Check through the various metal types and get a rough idea of what you’d like to buy. Since you’re not opening a gold IRA, you’re not restricted to only IRA-eligible metals.
2. Let Orion know you’re ready to purchase. You can do this by filling out the contact form on the checkout screen, sending an email, or calling Orion at 800-559-0088.
3. Choose a storage option. Work with your Orion representative to locate a storage site. If you’re not opening an IRA, you’re not required to use an IRS-approved depository, so while your storage options could include facilities like Equity Trust Company or STRATA Trust Company, you could also store your metals at home. 
4. Pay for your metals. Orion lets you complete your order with wire, ACH, or check payments. You’ll also receive an email invoice with pricing and order details.
5. Wait for your precious metals to arrive. After Orion receives your funds, they’ll send you a shipping notification. You’ll be able to track your order every step of the way, from the time it ships to when it’s delivered.

If you opt for home delivery, Orion will insure your metals while in transit. You’ll receive tracking information once your order ships so you’ll know where your metals are on their way from the warehouse to your house. 

Once your metals arrive, keep them in a fireproof, waterproof safe. Consider investing in a safe with biometric locks, like fingerprint scanners, or a home security system for added protection against theft.

Still, if you want your metals kept under the tightest security, your best bet is a proper depository, which Orion can help you identify.

How much does it cost to purchase metals through Orion Metal Exchange?

If we could give you a straightforward answer here, we would. But much like stocks, what you spend on precious metals depends on the type and quantity you want to buy. As of February 2024, Orion Metal Exchange prices range from a low of $5.07 to upwards of $2,700.

Unfortunately, Orion doesn’t list pricing information for bars or how much you can expect to pay in storage fees. They do, however, list a $39.00 flat shipping fee. And just like with their gold IRAs, you’ll be expected to invest at least $10,000 initially to complete your purchase.

Cost	Details
Cost of the metals	Variable
Shipping fees	$39.00
Other fees	Undisclosed

Pros and cons of Orion Metal Exchange

Pros

• Wide variety of coins available to buy, sell, and exchange

• Fee-free buyback program lets you sell coins purchased through Orion for no additional fees

• Upfront pricing before you pay, guaranteed pricing when you liquidate

Cons

• Can’t check the value of your IRA online

• $10,000 minimum to buy coins online

• Detailed pricing information isn’t readily available

Orion Metal Exchange boasts several noteworthy advantages. Among them are the sheer selection of precious metals available—and its pricing guarantees. From standard exchanges to full-on liquidations, you’ll know what you need to pay (and what you can expect to receive).

That said, little pricing information is accessible on Orion’s website. Sure, you can view starting prices for their various metals. But you can’t lock in pricing or complete transactions without talking to an Orion representative.

Is Orion Metal Exchange a reputable company?

Source	Customer rating	# of reviews
Trustpilot	4.9 out of 5	196
Google	4.9 out of 5	233
Better Business Bureau	5 out of 5	54

Collected on February 14, 2024

We’d be willing to bet that the big question on your mind is whether or not Orion Metal Exchange is legit. Based on the hundreds of ratings we pored over, we’re happy to report that it is.

In fact, reviews for Orion Metal Exchange are overwhelmingly positive. Past and current clients praise the company for its responsive, thorough customer support. 

In addition to this stellar feedback, Orion Metal Exchange has been BBB-accredited since 2021. That accreditation means that Orion keeps its customers’ personal and financial information secure, in addition to being fully licensed and clear of major ethics violations.

Does Orion Metal Exchange have a customer service team?

If you’re considering working with Orion Metal Exchange, chances are you’ll get to know its customer service reps well. That’s because much of the need-to-know information—storage costs and portfolio value over time, for example—is only accessible by reaching out to the Orion team.

The company is based in California but offers multiple ways for customers in any location to get in touch:

• Phone: You can call Orion Metal Exchange Monday through Friday at 800-559-0088 between 8 a.m. and 5 p.m. Pacific.
• Email: If you’re not ready to jump on the phone, you can email Orion’s representatives at [email protected]. Alternatively, you can fill out the contact form on their website.
• Mail: In case you need to send a check, Orion’s mailing address is 12301 Wilshire Blvd., Suite 412, Los Angeles, CA, 90025.

Orion Metal Exchange FAQ

Does Orion Metal Exchange offer any storage options for your metals?

While you can technically store your metals at home, Orion Metal Exchange doesn’t recommend it (and we don’t either). Orion will help you locate an insured, IRS-approved depository instead.

How can you liquidate your metals?

To liquidate your metals, call Orion Metal Exchange to complete the transaction and coordinate pick-up. If you bought your metals through Orion, you can use its fee-free buyback policy. You’ll receive proceeds from the sale after Orion receives your liquidated metals. 

How can you track the value of your metals?

As of February 2024, it’s unclear if Orion Metal Exchange sends out periodic statements. There doesn’t seem to be a way to track the value of your metals online, either. Instead, your best bet is to contact Orion Metal Exchange directly for real-time information about your IRA.

How we rated Orion Metal Exchange

We designed LendEDU’s editorial rating system to help consumers identify companies that offer the best financial products. Our experts spend hours researching these companies each year to ensure our ratings are fresh and accurate.

Our most recent evaluation compared Orion Metal Exchange to several gold companies across a number of factors, including types of metals, costs, company history, and customer experience. We weighted, scored, and combined these factors to produce a final editorial rating. This rating is expressed on a scale from 1 to 5, with 5 being the highest possible score. We round all ratings to the nearest tenth decimal place.

Product	Best for	Our rating (out of 5)
Gold IRA	No designation	4.2	Find out more
Gold dealer	No designation	4.5	Find out more