We get it:
Finding a reliable gold IRA provider can be tough.
With so many precious metals IRA companies out there, it’s often challenging to know who you can trust.
That’s why we’re here to talk about one of the new players in the industry – Oxford Gold Group.
You’ve seen their name, read their promises, and maybe you’re intrigued. So, let’s put Oxford under the microscope.
Today, we’ll cover the following:
- Is Oxford Gold Group legit?
- What to expect from their service
- How well it treats its customers
- Oxford Gold Group reviews on watchdog sites
- Any red flags?
By the end of this review, you’ll be able to decide whether you’ll give your business to Oxford or not.
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Let’s start with its background.
What Is Oxford Gold Group?
To truly understand a company and its operations, it’s essential to first explore its roots.
So, what is Oxford Gold Group, who are they really, and how did they find their place in this industry?
Founded in 2017 and based in Beverly Hills, California, OGG is an investment company that specializes in converting existing IRA or eligible 401(K) into gold or other precious metals.
A quick look at their website, you can see that it offers different types of precious metals IRA, as well as direct purchases of gold, silver, palladium, and platinum bars and coins.
You’ll also see that they are well-reviewed and rated on different third-party platforms, which, at first glance, can show the legitimacy of the company.
This includes 182 reviews on TrustPilot. However, we need to take a deeper look at these reviews to ensure that they all came from valid customers.
(We’ll get into that later, so stay with us.)
Of course, we’re not only looking at their background. We also need to check the people behind the company.
A quick search on LinkedIn reveals that Patrick Granfar is the current president and co-founder of Oxford.
He claims to have a lot of experience in the financial industry, including a quick stint at Lear Capital and Augusta Precious Metals (which, by the way, is our top recommendation).
Apart from Granfar, there are 6 other employees listed on the LinkedIn page, two of which aren’t on LinkedIn anymore.
Given all of the information, we conclude that Oxford is legit and not a scam.
However, as we always say, please speak with your financial advisor before making any decisions, to make sure that these services are the ones for your retirement investing.
Who Is the Owner of Oxford Gold Group?
There’s no information on their website regarding its owners or any employees.
It is during a background search as previously mentioned, we have found that Patrick Granfar serves as the president and co-founder of this firm.
Now, who owns Oxford Gold Group apart from Granfar?
The other co-founder is unknown, however another name that we found is Jonathan Adler, who currently acts as the Chief Financial Officer at Oxford Gold.
Unlike Granfar, Adler doesn’t have much information on his profile besides his education, position, and 10+ years of experience in a private company.
Oxford is one of the many precious metals providers that offers a wide range of coins and bars.
Not only silver and gold, but you can also buy platinum and palladium in an IRA.
Upon checking, they follow IRS’ strict purity requirements. (You can see from the individual product pages the composition of each offering.)
What we like about here is its extensive selection. Whether you’re looking for collectibles or IRA-approved coins, you can find one that fits your needs.
- 2013 Gold Canadian Polar Bear
- 2018 Guinea “Rose Crown”
- 2021 Seated Britannia
- 1964 Kennedy Half
- American Platinum Eagle Proof
- Platinum Austrian Philharmonic
- Palladium Bar
- Palladium Canadian Maple Leaf
Unfortunately, you won’t be able to find the exact prices on the website. If you want to know how much they cost, you’ll need to fill out their contact form so they can get in touch with you.
There’s also no way for you to determine which products are in stock and which ones are not. Which is not exactly favorable.
Oxford Gold Group Prices
One thing to keep in mind when choosing a gold IRA provider is that there are many fees associated with this type of retirement account.
(And that’s on top of the purchasing of the actual precious metals.)
But don’t worry, this is normal in this industry where there are many other companies involved in this process.
So, how much does the Oxford Gold Group cost?
And how much do you need to contribute when you open an account with them?
The first fees you need to be aware of are setup and maintenance fees.
Usually, the Gold IRA set up fees range from $50 and up. Unfortunately, it’s unclear with Oxford since it doesn’t disclose their fees.
However they did say that the minimum contribution amount is $25,000 and that their customers can expect “$75 to several hundred dollars” in annual fees.
(Check out our comparison guide of their competitor Gold IRA fees.)
At Oxford, you can expect an annual maintenance fee of $175 to $275 per year, depending on your account’s balance.
For accounts with less than $100,000, the annual fee is $175, while balances higher than $100,00 will be from $225 to $275.
Another thing to keep in mind is the storage fee.
It covers the costs of securely storing your precious at Oxford’s chosen depository, Delaware or Brinks Depositories, and usually charges $175 to $225 per year for storage.
Lastly, additional fees may apply in certain situations.
For instance, you can incur fees for paper statements or other services that aren’t included in the standard account fees.
We recommend you ask Oxford for a full list of Gold IRA costs that you may incur when you open an account with them.
Unfortunately, this information is scarce on the internet and on their website.
If you’re looking for a provider that is more upfront with its fees, Augusta Precious Metals is the one for you.
They’re very transparent with everything and offer a FREE gold coin when you open an account with them.
On top of that, Augusta’s fees don’t grow with your balance.
So, even if your account has millions in it, you’ll be paying the same fees annually with no hidden costs!
You can even check our Augusta Precious Metals vs. Oxford Gold Group review to see how they stack up with one another.
How to Open an Account
How does Oxford Gold Group work and what is the process of opening a gold IRA account?
Here’s how it works, according to their website:
Open an account by either calling their hotline or scheduling a call with one of their representatives.
Once you’ve created your account, you can choose which product you want. If you’re still unsure what kind of precious metal you want to invest in, Oxford’s account manager should be there to help you decide.
You’ll need to fund your account either with direct cash contributions or a transfer from another qualifying retirement plan.
Please not that you can’t use physical gold coins, or other precious metals you already own to fund it.
After funding your account, you can select where you want to store your precious metal.
As mentioned, Oxford has partnered with two depositories: Delaware Depository and Brinks Depository.
Both of these facilities are privately owned, secured, and climate controlled. They also offer comprehensive insurance policies for your peace of mind.
On a personal note:
Before you open an account, make sure that you consider all the facts regarding your new investment. From fees to process, be sure you know everything and are ready to commit.
Oxford Gold Group Ratings, Reviews, and Complaints
We do a pretty good job at researching information about gold IRA companies.
However, our efforts shouldn’t be your only basis, but also listen to what real and verified customers say on third-party review platforms.
Maybe there are regular Oxford Gold Group complaints you should be aware of? Let’s find out.
OGG has a rating of 4.9 stars out of 5 stars on Trustpilot, based on 183 reviews.
They get outstanding reviews like this one from April 2023:
Oxford Gold’s reputation is well deserved. They are extremely professional and efficient, well prepared for everything. Pierre Kim was great from the minute he picked up the phone, and through the final transaction! I now feel better having a portion of my money invested in something real!!
Or this one from March 2023:
KC walked us through the process without any high pressured sales. She made sure that we understood all of our options. She answered all of our questions — some of them multiple times. She was very helpful and made the whole process smooth and worry free.
However, we find one complaint from February 2023:
This is literally the most useless website on the internet. You cannot order gold or silver, you cannot see gold prices either. Literally the ONLY thing you can do on this website is order their pamphlet. That’s it. Seriously, that’s all you can do.
The next day, the company replied to this review and explained the reason why buying precious metals or seeing their prices isn’t available on their site, which we think was handled pretty well.
Better Business Bureau
On BBB, Oxford has a 4.93 out of 5 stars based on 91 customer reviews.
It has resolved 17 complaints in the last three years and 13 complaints in the last 12 months.
The most frequent one pertains to shipping delays, specifically when products fail to arrive at the depository by the specified date.
However, OGG is quick at closing these complaints, providing detailed explanations of what exactly happened in each particular case.
This is probably why the company has maintained a good BBB rating, even with all the complaints about Oxford Gold Group.
Business Consumer Alliance
On BCA, they have AA rating, the second highest available on the platform.
We see that it has a 5-star rating based on 36 reviews in total.
Interestingly enough, the last one was posted in summer 2021. (As of the date of publishing this review.)
Is Oxford Gold Group Legit? The Verdict
- Is Oxford Gold Group a scam or legit?
- Are there any red flags?
With all the customer reviews on different third-party platforms, it’s safe to say that Oxford is a legitimate business. However, there are a few points of concern.
First, you can find limited information about the people behind this business online. On top of that, they’re not really transparent with their fees.
Of course, these reasons aren’t too serious to discredit the company. So, if you’re willing to take the risk, it might be safe to invest in Oxford.
But those of you who are high net worth individuals and prefer going with the best of the best, then Augusta Precious Metals might be a better choice for you.
You can check out our full review, but in a nutshell Augusta has years of experience in the industry, has impeccable reputation, offers white-glove treatment, and they are also very transparent with everything you need to know about opening a gold IRA.
It gets better:
You get a FREE GOLD coin as a bonus when you open an account with them.
Over to you:
- Have you worked with this business before?
- Do you agree with our Oxford Gold Group review and its legitimacy, or do you have a different opinion/experience?
Let us know in the comment section below!