Hello everyone! We’re back with another review, this time, on Sprott Money! So, What is Sprott Money? How does it work? What are the IRAs offered and their fees? We’ll answer these questions and give you more details about investing in precious metals through this company!
Company: Sprott Money Ltd.
Owner: Eric Sprott
Price: Depends on your investment
Who is it for? People that want to invest in precious metals.
Overall Rating: (4 / 5)
Essential 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 an intelligent 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 Sprott Money!
What is Sprott Money?
The company is based out of Toronto, Canada, founded in 2008. Sprott Money is an international gold and silver bullion dealer that sell gold, silver, and platinum bars, coins, and wafers online and over the phone. The company is owned and operated by CEO Eric Sprott.
IRA precious metals accounts are available for Canadians and were recently launched for U.S residents.
These IRAs are self-directed, and as explained in previous reviews, they offer you the chance to choose precisely what you’ll be investing in and thus diversify your portfolio.
The physical address of Sprott Money is No Walk-Ins, 111 Queen St E Suite #501, Toronto, ON M5C 1S1, Canada
How does it work?
To invest with Sprott Money, you have two options.
You can log in as a guest online or order over the phone without opening an account. But, the best option is to create an account online as this is faster, more accurate, and allows you to retrieve order history and confirm your payments.
We’ll be going through the types of accounts you can open later in the review.
Sprott Money is partnered with Questrade, a registered investment dealer with IIROC.
So before opening a Sprott Money account, you must first open a Questrade account.
After opening the account, you must fund it with Questrade, fill out an authorization form, and finally buy precious metal from Sprott money.
While doing the research, I liked that Sprott Money holds weekly podcasts hosted by Eric Sprott and his team, and overall, they look like they give their clients’ education decent importance.
But how do they match up against our #1 Recommended companies? Read the rest of the review and find out!
So, What are the products and services offered?
Here is a screenshot of the products Sprott money allows you to invest in. You can easily find these on the homepage of their website:
These are the different types of IRA accounts you can open with Sprott Money:
- RRSPs – Registered Retirement Savings Plan
- TFSA – Tax-Free Savings Account
- RESP – Registered Education Savings Plan
- LIRA -Locked-in Retirement Account
- RIF – Retirement Income Fund
- LIF – Life Income Fund
After doing the research, there is no document detailing Sprott Money’s IRA fees.
I did find some information, though. For trades over $2000, Sprott money doesn’t charge commission. Under that amount, a $20/trade fee applies.
Important to mention here:
Always make sure that you know exactly what fees are associated with setting up an IRA before signing anything. There are so many reports of people being ripped off and scammed online, and in most cases is in the form of so-called hidden fees where this takes place. Transparency is what you want to look for.
Can you store with the company?
Yes, you can store with Sprott Money. They offer different locations worldwide.
You can store your products in multiple facilities, and of course, storage comes with fees. Here’s an excerpt from their website detailing that:
The yearly minimum storage fee is $200 plus applicable taxes. The minimum monthly fee is $16.67 plus applicable taxes. This means that by the above calculation if the storage fee amounts to less than $16.67 plus applicable taxes in any month, you will still be charged $16.67 plus applicable taxes in that month.
Can you get the metals delivered home?
Yes, and to do that, you must follow the following steps:
- Place your order in real-time pricing: online or over the phone.
- Ensure payment is postmarked or wire transferred within 72 hrs.
- Get your product shipped by an insured courier or registered mail within 48 hrs from the date payment is cleared.
Can you sell back to the company?
You can sell back to Sprott Money. The following excerpt from their website explains that:
Selling to Sprott Money Ltd is as easy as buying from us. We actively buy investment-grade precious metals (99.99% gold and 99.9% silver), and we buy back precious metals purchased through us.*
Our buy-back price is determined by the current spot price, market conditions, location, and supply and demand fundamentals.
Once the buy price is determined and agreed upon, a contractual agreement for your bullion sale will be drafted and emailed to you. Upon receipt and verification of said bullion, you will receive a payment within ten business days.
What countries are allowed (International shipping?)
Sprott Money usually ships to North American countries. For other countries you have might want to contact them for more info.
Online reviews, ratings, and complaints
It is always wise (and recommended) to look at what the most well-known and trusted review and rating sites say about the particular company you are researching. As always in our reviews, we provide you with their results:
Rating: A+ (1 complaint) click here for details (opens in new window)
The conclusion from this:
Sprott money seems to have some complaints. A lot of clients are not satisfied with their customer service.
While Sprott Money’s website looks well organized and their services are laid out well, the lack of reviews online and some alarming complaints about their customer service makes them fall behind compared to other companies with much more reviews and next to no complaints.
Do You Own or Represent Sprott money?
If you are a representative or associate of Sprott Money 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
Overall rating: (4 / 5)
Sprott Money is excellent on many levels. They have a decent website, a lot of educational information for their clients, a mobile app, and are rated A+ by the BBB. But, as discussed above, they don’t have many customer reviews you can check out, which is always important when making an investment decision.
Based on their complaints, their customer service isn’t that great either. Hopefully, they can work on that in the future.
Are you looking for a precious metals IRA in particular?
As mentioned earlier, it is always recommended to compare different options against each other to get a better overall view and find the company that suits your needs the best.
You made a wise choice reading this review, and you are an intelligent person, so I am sure that you will find the right one that suits your particular needs the best!
Below is the absolute highest rated one, by us (Gold retired), but also the best rated one overall according to the most well-known and trusted review and rating sites:
That’s it for this review! I hope it was beneficial to you! Now you know the most important details about what Sprott Money is, and if it is right for you. I urge you, as always, to write about any experience you have with them in the comments below. I’ll be happy to answer your questions too!
See you next time!
Founder of: GoldRetired.com