Today we take a look at gainsvillecoins.com. What are Gainsville Coins? A scam or a legit gold dealer for you? Will they be a good alternative for you, or are there better options? These are some of the questions this short review will focus on. Ok, let´s go!
Company: Gainsville Coins
Website: www.gainesvillecoins.com
Owner: Ann & Vince Santostefano
Price: Depend on the size of your investment
Who is it for? Precious metals investors
Overall rating: (3.5 / 5)
Important to mention (before we go into more details of this review)
We strongly recommend doing your research online before choosing a company to invest in. There are so many reviews online of clients being ripped off and scammed. So please investigate thoroughly and compare different alternatives before you make your decision.
One example: 99.9% of companies got “pushy” salespeople trying to stress you into acting fast.
Here is the thing, the #1 Recommended Gold & Silver IRA Dealer on our top-5 list got No-salesy representatives… So they won´t bother or terrorize you with phone calls.
You are a smart person, so I am sure that you understand the benefits of dealing with such a company instead, right?
+They got a couple more benefits you might appreciate as much as I do. You will understand yourself once you have visited the page (link) above.
==> See our Top-5 List of Precious Metals IRA Companies on this page <==
With that being said, let´s continue with the review on Gainsville Coins!
What is Gainsville Coins about?
Gainsville Coins was founded in the year 2000. It is one of the biggest precious metals retailers globally, and its headquarters is in Florida.
The physical address of the company is 17860 US-41, Lutz, FL 33549, USA.
How does it work?
In short, it is a company where you can either buy or sell precious metals. They also offer other services, such as IRAs.
The Products
The products offered consist of coins and bars in different metals. They also offer IRAs.
Below is their services listed:
- Gold
- Silver
- Platinum
- Palladium
- Copper
- Rhodium
- Silver certificate and paper money
- Coin supplies
- Metal detectors & accessories
- IRAs
IRAs?
Yes, IRAs are offered. Not directly from the company itself, though, but by their third-party partners that are the IRA Custodians:
Before investing with an IRA custodian, you should research the different fees associated with such a service with a particular company. Also, keep in mind that you can only have IRA approved gold and IRA approved silver in such a retirement account, to name the 2 most common precious metals to include.
Below I provide a screenshot from the 3 IRA custodians’ “fee tables” that are partners with Gainsville Coins:
Important to mention here:
I have to say that I miss the “storage fee” here… As we have reviewed over 140+ different Gold dealers and IRA custodians, I can tell you that they differ A LOT in yearly storage fees. As you can see from the screenshot (above), the storage fees aren´t mentioned…
You need to know that most scams and ripoffs in this industry are often related to storage fees and/or other hidden fees, so it is wise to do your research before making any decision.
Want to read about our #1 recommended IRA custodian instead? ==> Click here <==
Can you get the gold (and other metals) delivered to your home?
Yes, you can. On the company’s “shipping page,” you can read more details about the shipping costs, time, etc.
You can click here (opens in a new window) to come to the page.
Can you store your investment with the company?
Yes, you can. The fees and other info can be found on their website’s “storage” page. Keep in mind that you can not store IRA gold at home, so the only metals you can get delivered home would have to be purchase outside of an IRA.
As you can see, the fees for holding up to $99,999 = 65%, and with that info in hand, I can tell you right away that they are not among the ones with the lowest storage fees in the industry.
This exact excerpt can be found on the subject on their website:
A minimum storage charge $15.00 will be charged for every month, or any portion thereof, in which Assets of any value are held in Your account. The minimum quarterly storage charge is, therefore, $45.00 per quarter.
So, a minimum of $45 per quarter is a minimum of $180 per year…
Important to mention here:
You might want to know that other companies in this industry offer lower yearly storage fees, and some even waive the fees for your first 1-3 years.
***Click here for the #1 rated that also got a lower storage fee
Can you sell back to the company?
Yes, you can. Read more details about that on their “Selling to us” page by clicking here (opens in new window)
Can anybody in any country use the service?
Yes, their services are for people living all around the world.
Is Gainsville Coins a Scam?
So, is Gainsville Coins a scam? No, it is not a scam. Of course not. It is a legit company. It would never have survived for over two decades if it wasn´t, right? It also got real owners and a real physical address.
However, if they are your best alternative to go with your money to buy precious metals is another story… and that leads us to the following:
Gainsville Coins reviews, ratings & complaints
Below I will provide the ratings and complaints from some of the most well-known and trusted review and rating sites online so you can get a better overall picture:
BBB (Better Business Bureau)
Overall rating: A+
Review score: (3.1 / 5) (out of 31 reviews) click here for details (opens in new window)
Trustpilot
Overall rating: (3.2 / 5) (out of 4 reviews) click here for details (opens in new window)
Trustlink
Overall rating: N/A
Yelp
Overall rating: (2 / 5) (out of 29 reviews) click here for details (opens in new window)
Glassdoor
Overall rating: N/A
Ripoff Report
Overall rating: N/A
Reseller Ratings:
Overall rating: (1 / 5) (out of 13 reviews) click here for details (opens in new window)
Site Jabber
Overall rating: (2.8 / 5) (out of 13 reviews) click here for details (opens in new window)
Any Red Flags?
As you can see above, there are a pretty big selection on reviews to be found on the company. The independent 3rd party consumer protection agency that I normally put the most weight on is Trustpilot, as that is a site where only real customers are allowed to leave reviews.
However, I have to say that the overal rating of 3.2 was not that impressive, especially when you compare to other gold dealers, that also have hundreds of reviews there, and close to 5 stars in overall rating.
Many of its peers that have been in business for almost half the time got thousands of reviews (and better overall score).
This might be a red flag (at least in my humble opinion).
Some of the complaints on the company are also pretty serious, below is just one example:
To read more complaints from the Yelp website, click the link listed above.
Important to mention here:
You need to know that gold dealers and IRA custodians got hundreds of reviews (only from Trustpilot) and a much better overall score.
***Click here to see the Top-5 List
How´s the support?
One thing I always put a lot of weight on when it comes to the quality of the support system of a company is if they got a live chat function on their website or not.
Gainsville Coins does not have this, and that is a minus (at least in my book) for a company that is among the biggest in the industry.
They offer the “mandatory” e-mail address and phone number to contact them with your questions.
Why Should You (Or Should NOT) Join Gainsville Coins?
To get a better overall picture of a company, one thing that is always good to do is to compare its pros against its cons. Below I have highlighted some pretty obvious points to make this job easier for you:
The Good
- Been in business for two decades
- Offers a wide range of metals + accessories
- Informative website
The Bad
- Not that impressive reviews online
- Some pretty serious complaints from its clients
- No live chat
- Storage fees are not among the lowest in the industry
Do you Own or Represent Gainsville Coins?
If you are a representative or associate of Gainsville Coins and have found something not to be correct in this review, please, feel free to tell, and I will make sure to update the info on this post. The easiest way to do it is in the comment section below, or else you get the e-mail on the about page.
Final Words and Verdict on Gainsville Coins
Verdict: Legit
Overall rating: (3.5 / 5)
Ok, I think that sums up the whole overall picture of this company pretty well for now. This is a legit company, yes.
However, I can not give a higher score than 3,5 out of 5 stars due to the lack of reviews and the pretty serious complaints, mostly regarding their support and some “hidden fees.”
So, 3,5 stars it is, and it feels very fair.
It can, of course, change to a higher or lower one in the future as the reviews on this website are getting updated as soon as some “news” on a company comes up.
You have made a smart choice reading this review as it is always recommended that you research and compare many different companies against each other before making an educated decision.
I am sure that you will find an IRA custodian that is right for you as you clearly (as you have read this far) understand this concept.
Which Company Do You Recommend?
If you are looking for a reputable gold IRA custodian besides any other company, you should check out Augusta Precious Metals.
They have ZERO complaints from A LOT of real users. They are used by conservative legends respected by well-known publications and websites.
And A LOT more benefits!
Click here to see yourself why Augusta Precious Metals is #1 rated
I hope you found this short review on Gainsville Coins company to be helpful, and now you might have a better overall picture of what it is and if it is a scam or not, and importantly, will it be something for you? If you have used any of its services, please share your experience with us in the comment section below, as it can help others. Also, if you got any other questions on this review, I will be more than happy to answer them below.
I wish you the best!
Michael
Founder of: Gold Retired
You have educated me here John. I learned today that before I start to invest in bullion, to look first at the shipping policies and storage fees that Gold Dealers dictate.
To help me make a decision, upon whether or not I shout support a company, I always look at the customer reviews. This will give me an idea, of how good there service is. As you had mentioned, Gainsville coins have few reviews and serious complaints. Though this company is legit, it still sends some warning bells off in my head.
I like the sound of Regal Assets and will be looking at investing with them in the near future.
Thanks for a helpful review.
Regards
Roopesh
Thank you! Glad to hear you liked the review and found it helpful and educating 🙂
I agree with you that there is probably wiser to look elsewhere for your precious metals investments.
Yeah, RA is great, did you red the review about it on this site?
If not here it is: https://startmakestopwaste.com…
Thank you again for your comment.
/Sincerely