This time we’ll be looking at ModernCoinMart.com What is Modern Coin Mart? How does it work? Can you store or sell back to this company? How does it compare to our #1 Recommended Companies? Let’s get started and find out!
Company: Modern Coin Mart
Owner: Asset Marketing Services
Who is it for: People looking to invest in Precious Metals.
Overall rating: (3.4 / 5)
Important to mention before we go into more details of this review:
We always strongly recommend doing your research online before you choose a company to invest with. There are so many reviews online of clients being ripped off and scammed. The most common way people are getting scammed is through so-called “hidden-fees” so please investigate thoroughly before you make your decision.
With that being said, let´s continue with the review on ModernCoinMart!
What is Modern Coin Mart?
Founded in June of 2004 and Based in Lakewood Ranch Florida, Modern Coin Mart is a Coins and Precious metals dealer. On the 11th of May 2015, it became the fourth numismatic company to be acquired by Asset Marketing Services LLC. Modern Coin Mart employs around 35 people and is certified by NGC and PCG.
The physical address of the company is (5260 Paylor Ln, Sarasota, FL 34240, USA):
If you’re looking to invest in gold or buy it, there are endless of companies to choose from. Each one has its pros and cons, but some stand out more than others. We want to help you choose the best one for you through a series of reviews, investigating different companies, just like this one!
What are the products and services offered?
I really liked the fact ModernCointMart.com offers its clients a LOT of products to choose from. Whether it’s Silver, Gold, or coins, they include several types of precious metals on their website.
Here is a screenshot showing the products they offer under the “Gold” section:
Another thing I liked about this company is that they accept different forms of payments, here’s an excerpt from their website explaining this more:
MCM accepts major credit cards such as Visa, MasterCard, American Express and Discover. We also accept PayPal, checks, money orders and Bank Wires. We offer a 2.95% discount for all orders over $1000 that are paid for with a bank wire. We do not accept traveler’s checks, credit card advanced checks or any kind of digital currency.
Before placing an order with them, you must first create an account. It’s also important to note that they charge sales tax to all orders shipped to Florida or Minnesota Addresses.
If you’re not satisfied with one of MCM’s products, there is a chance you won’t be able to return it. You can read more about their return policy here (opens in new window)
Modern Coin Mart doesn’t offer IRAs Directly. They are merely a provider of IRA eligible precious metals.
They do suggest you open an account through one of the IRA firms they work with, which are NewDirection IRA and Gold Trust company.
Frankly, I would very much prefer to get the metals and invest in an IRA at the same place, to avoid all the hassle of working with separate companies and all the headache it can cause.
ModernCoinMart also doesn’t offer you advice on the best types of metals you can buy for your retirement account.
Another bummer is that you can’t put IRA eligible precious metals you previously bought with MCM in your retirement account. Everything must take place AFTER you open the account.
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The IRA fees depend on the provider you’ll be choosing.
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Can you store or sell back to the company?
Since ModernCoinMart is dealing with two different IRA providers, it’s important to check if they let you store with them. You can sell back to MCM though. It seems like they have decent services that make selling your precious metals to them fast and secure. Check that out here (opens in new window)
Here’s a nice thing about MCM. They ship to a LOT of countries! They also explain the fees associated with international shipping and apparently they’ll be adding even more countries soon.
Here’s a page of their website that explains this more! (opens in new window)
What about online ratings and reviews?
Investing in Gold is a wise decision, but you must be also wise with choosing the company to work with. That’s why it’s always crucial to check out all the reviews and ratings available about companies you might consider, and also compare them with competitors.
As always, Gold retired saves you the effort of going through the top review websites! Here are the ratings and scores of ModernCoinMart:
Rating: A ( out of 6 reviews and 3 complaints) Click here for more information (opens in new window)
Rating: (2.5 / 5)
There are just a few reviews about Modern Coin Mart and the majority of them don’t look promising.
Do you Own or Represent Modern Coin Mart?
If you are a representative, or associate of Modern Coin Mart 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 got the e-mail on the about page.
Final Words and Verdict
Verdict: Not recommended
Overall rating: (3.4 / 5)
Okay, I think we covered all the important details about Modern Coin Mart, in this short review.
Overall, it has some decent features but it lacks positive reviews and it isn’t a good option for people that want to invest in an IRA due to the fact that it works with other providers rather than providing the IRAs directly. We highly suggest that you choose a company that offers you the chance to both buy your precious metals and invest in an IRA at the same time.
What company do we recommend?
You made a wise decision to read this review and you are a smart person. I am absolutely sure that you will find the right company that suits your particular needs the best. I would advise you to compare different alternatives against each other before you make a decision. Below you got my absolute #1 recommended IRA custodian:
That’s it for this review! I hope you found it useful and now you know what Modern Coin Mart is. Just like I said above, they have good features but I would personally go for another provider due to the problems we talked about.
If you have any questions or remarks, please let us know in the comments, I’ll be more than glad to reply!
See you on the next one!
Owner of: Gold retired.