Should you work with Republic Monetary Exchange?
When people talk about their investments, they are simply trying to relay a message, which is, they have a huge amount of money stocked in a business or resource with high hopes of making massive profits after a long time.
Well, there are many types of investments that yield good profits, but it has been proved that investing in precious metals such as gold and silver yields more profits, as well as strengthens one’s portfolio.
Most American companies/employers do set up 401(k) or other forms of retirement accounts for their workers/employees to help them prepare for life after they get retired from labour.
However, while having a retirement account is fine, it is better to apply for a self-directed retirement account (SDIRA) and start investing in gold and/or other precious metals, which at the moment, remains the highest profitable investment for Americans.
Republic Monetary Exchange is a top company in the United States that deals with various precious metals. The company sells and buys precious metals, as well as provide a variety of other services that are related to precious metal investments.
It is a focused company that has been around for quite a lot of years – more than a decade. Most people have mistaken the name of this company to think that it is a company that deals in money exchange, but that’s not true, read on.
Address: 4040 East Camelback Road, Phoenix, Arizona
Operating Hours: Mon – Fri: 9:00 AM – 5:00 PM
According to the Better Business Bureau, Republic Monetary Exchange was founded in July 2008. However, the company was accredited in the following year as a certified coin dealer.
Republic Monetary Exchange (RME) serves the residents of the United States and its environs. It deals with various precious metals but focuses mainly on Gold and Silver.
RME boasts of working with highly skilled and professional precious metals specialists. The CEO, Jim Clark, is said to have over 43 years’ experience in the precious metals business.
Over the years that this company has existed, it has gained quite a lot of positive reviews, as well as critics from satisfied and unsatisfied clients.
Interestingly, the customer support team at RME is responsive, and the representatives seem to have deep knowledge about every question you throw to them which is quite impressive.
Republic Monetary Exchange operates from Phoenix, Arizona, where it is headquartered. Nevertheless, the company also has many branch offices across the United States.
As a precious metal dealer, there are quite a lot of things you’ll want to know about this company, and that’s the actual essence of this Republic Monetary Exchange Review.
Is Republic Monetary Exchange Scam or Legit?
RME is actually a legit company precious metals company, even though it is not listed on most top business directories such as Trust Link, TrustPilot, BCA, and the other.
This company packs a 4.9-star review on Google Business, as well as an A+ rating on BBB. More so, RME operates with a license from ICTA, and it is a verified U.S. Mint dealer.
You can trust Republic Monetary Exchange to help you invest in precious metals, but there could be better alternatives out there, and you may want to check them out.
Republic Monetary Exchange Fees
As with every other precious metals firm, Republic Monetary Exchange charges you some fees for setting up your precious metal investment account or transferring your existing eligible retirement account to a Gold IRA.
However, the company didn’t disclose its actual account set up fee – you will be told the price when you contact a representative via a phone call.
Nevertheless, the annual admin fee charged by RME is $225, while the annual storage fee stays at $125.
This is quite on the high side, but it’s not so out of range.
RME actually works with SunWest and GoldStar Trust IRA custodians. If you’re choosing another custodian, the fee may vary.
Also, RME recommends Delaware depository as the best place to store your precious metals and get insured up to $1b. Nevertheless, you can choose another precious metal storage service provider to store your gold or silver.
But, yet again, choosing another storage depository may attract a higher/lesser fee than $125.
Interestingly, RME is located in Arizona, and as you may have known, the government of Arizona didn’t place any sales tax on precious metals.
Minimum and Maximum Purchase Amount
Most precious metal companies insist that an investor must invest a certain minimum amount of money in precious metals. Also, some other ones place a limit on the amount of money you can invest in precious metals.
All these are due to some reasons clearly stated by those companies. But in the case of the Republic Monetary Exchange, the company does not insist on clients making a specific minimum amount of investment thus, one can invest as little as he has.
Interestingly, RME doesn’t add commissions to your investments.
Account Setup, Transfers, or Rollover
Obviously, before you can own precious metals, be it gold, silver, platinum, or palladium, firstly, you need a Self-Directed Individual Retirement Account (SDIRA). This account is different from other types of retirement accounts.
However, to set up your precious metal account SDIRA, some paperwork must be done, and you need to work with an accredited IRA custodian.
RME partners with Sunwest and GoldStar Trust as its IRA custodians. Your precious metals account would be set up with your preferred IRA custodian, and you will have to pay an account setup fee.
Once your account is ready, you will now have to fund the account with any precious metal of your choice. RME specialists will talk to you through choosing the best precious metals to invest in.
Funding your precious metals account can be done in quite many ways; you can purchase the required precious metals via direct deposit, personal or certified check, wire transfer, or cash. CCs can be used, too.
Alternatively, you can apply to transfer the funds in your traditional IRA or any other eligible retirement to your SDIRA. The funds would be converted into your desired precious metal for your account.
In the same way, if you have an existing 401(k) plan, you can apply to roll over the funds into your SDIRA.
Republic Monetary Exchange provides all these accounts set up and funding services; you just pick the one you want, and they’ll help you at it.
Shipping and Saving Your Precious Metals
The company ships your precious metals as soon as your purchase is cleared, and it takes around 7 days to get your precious metals to your home or your preferred storage depository.
Veteran precious metal investors already know the various ways to save their gold or silver metals. However, for new investors, you can save your metals at home (in a private vault), at a bank, or with a storage facility service provider such as Delaware.
Nevertheless, precious metals that are added into IRAs cannot be saved at homes due to the high risk of theft and other insecurities. Thus, RME recommends Delaware Inc. for saving your precious metals, however, at a fee (discussed above).
The Precious Metals You Can Buy From RME
Republic Monetary Exchange provides billions, coins, and bars in gold, silver, platinum, or palladium precious metals. RME has a variety of each of these metals, and the prices are quite stated on the company’s website.
If, for any reason, you wish to sell back your precious metals to Republic Monetary Exchange, the company will back them back and pay you. Alternatively, RME allows its clients to trade their precious metals for other gold and silver investments.
The liquidation policy offered by RME is much flexible – you can sell out everything in your account, or sell just a portion. However, it is important to note that the liquidation process can take up to 14 days (at most).
👍 Pros Of Republic Monetary Exchange
These few points may strengthen your will to invest in precious metals with this Arizona gold company.
- Investors are not locked at investing a specific minimum amount, unlike most other precious metal firms in the United States.
- The company’s website is full of handy knowledge, ever to navigate, and lists the prices of the precious metals offered by RME.
- Republic Monetary Exchange boasts of working with highly experienced employees; plus, the CEO, Jim, is said to have over 43 years’ experience in the precious metals business.
- RME is listed on BBB, on where it has an A+ rating; more so, the company has incurred quite a lot of positive reviews on various other platforms.
- This company is not a new gold dealer; it has operated for over 11 years and is accredited by ICTA.
- RME offers a flexible buy-back/liquidation policy.
👎 Cons Of Republic Monetary Exchange
There are two sides to a coin, the good and the bad. Plus, it is believed by most people that “No one is PERFECT.” So, here are some facts that may cause you to rethink investing in precious metals with Republic Monetary Exchange.
- RME didn’t disclose the actual fee it charges for account opening and setting up. One may believe that the company charges different fees for different clients, of which some clients may likely pay higher than some other ones.
- The annual admin fee charged by RME is quite expensive and about $70 more than what some other precious metal firms do charge.
- Republic Monetary Exchange isn’t listed on TrustLink, TrustPilot, BCA, and other reputable business directories where verified users can provide real reviews and ratings. Also, it has a very low rating on Yelp and some other insignificant platforms.
There are many gold companies headquartered in California – clients of these California gold companies pay sales tax. However, RME clients do not pay sales tax because the company operates from Arizona, which is one of the states that do not impose sales tax on precious metals.
Alternative Companies to RME
Although RME can be an OK with to work gold investment company, it is definitely not the best option. I would recommend Regal Assets to work with as they have completed more transactions and have much better reputation on the market.
Republic Monetary Exchange tries to keep in touch with its clients at all times, relaying the latest market trends and updates to their precious metals accounts.
More so, the company assigns an experienced personal Account Executive to manage your account, so you don’t actually have to bother about your account activities; however, you’ll be provided with online access to monitor your account’s activities.
RME tries to provide exceptional customer service and responds to queries/complaints faster than may have expected.
The gold and silver industry is quite a complicated one, and you need experienced experts in the field to help you in making appropriate investments that would yield maximally, this is simply what RME helps you to do.
🥇Recommended Investment Company in 2020: Regal Assets
Regal Assets stands out as the best precious metal and cryptocurrency investment company in 2020. The business is multiple times featured by Forbes, SmartMoney, and many other reputable publishers in the field. Either you want to buy gold with cash or rollover your IRA into a gold-backed IRA, Regal Assets is your one-stop-shop.
Here is why you should work with Regal Assets:
FREE first year, FREE set up, 7-day delivery, Flat rate annual fee, Brinks segregated storage, A+ BBB, #20 Inc. 500, 5-star Trustlink.
The company is offering a free Gold investment guide for a limited time, a free edition of Forbes magazines, and a free DVD providing facts about the future of the dollar and US economy.