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Amagi Metals is a precious metals dealer that's popular for its Bitcoin acceptance. It was one of the first companies to accept Bitcoin payments for precious metals. But it's also hard to find positive customer feedback online. How has the company evolved over the years, and are they worth investing with?
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About Amagi Metals
Amagi Metals is a precious metals dealer that ships to customers all over the world. They also have a storefront in Denver, Colorado. In addition, there are offices located in Nevada, Oklahoma, and Texas.
According to the Amagi Metals website, the company adheres to several values.
One is customer privacy. They believe that customers should have their information protected. To this end, they never sell customer information to third parties. They work hard to keep customer identities private throughout the duration of your work with them.
Another value is security. The company states that they believe in securing their customers' information. They run audits on their website and preemptively update it to make sure your information is always safe. This helps them to protect your address and financial information from data breaches.
Part of their commitment to security involves the metals themselves. The precious metals are protected from the time of purchase until they're delivered. Several security facilities exist to protect the company inventory. When they package up and ship the orders, they say they take careful measures.
With that said, a few customers have stated that they received their purchases in poor condition and flimsy packaging. So take that with a grain of salt.
They also say that they value service, tailoring individual solutions to each individual customer. They believe in quality products, so they consistently run purity tests and weigh items before shipping them out.
Finally, they believe in simplicity. So they make it easy for you to make a purchase, although some customers say they don't make it so easy to return it.
Is Amagi Metals a Scam?
Amagi Metals does not appear to be a scam. However, there are a few red flags. Even though they seem to provide the services they say they do, they are not accredited with the Better Business Bureau. They also have very few online reviews or complaints, so it's difficult to tell what experiences customers have had with them.
There was some controversy about the company on the Silverbugs subreddit in 2015. A user posted saying that he thought he had been scammed. Shortly afterward, Amagi Metals changed ownership, and the previous CEO was ousted. They reached out to the Silverbugs subreddit to say that the new management would work to regain trust in the community.
Original Scam Concern
The big scam concern was posted on the Silverbugs subreddit more than eight years ago. The user said that he made a purchase from Amagi Metals because it was impossible to beat their pricing. But the package seemed to be taking a long time to ship. The user called after a week and was told that the shipment had just been sent out.
The user continued to check the tracking number they'd been given, but the package didn't move. Three days after that, Amagi Metals sent the customer an email.
The email said that some of the Amagi Metals inventory had been stolen. Some of the inventory was supposed to be shipped to the customer. Because of this, there would be another delay.
The customer said that the email made him uneasy. It didn't make sense that the company would update him about a delay after assuring him that the package had been mailed. Plus, the theft of inventory seemed implausible since the vaults are so heavily secured.
The official Amagi Metals account responded to say that the package had not been stolen from the vault. It had actually been stolen from UPS while in transit. The respondent assured the customer that the orders would be fulfilled.
The comments section had some heated debate about whether they believed the representative was being truthful. But several people stated that they'd worked with Amagi Metals in person and had never had a problem. Some users also said that the representatives they spoke with had always been polite and helpful.
Some customers raised the fair point that they were anxious about buying from a company that had shipments stolen. But the shipments weren't stolen from the vault; the email was a misprint. They'd actually been stolen in transit, which could happen to anyone.
Almost every precious metals company uses a service like USPS or UPS instead of armored cars for shipping. Package insurance exists for a reason.
Change of Ownership
Amagi Metals went through a change of ownership several years ago, seemingly shortly after the issue on Reddit. A few people in that comments section had stated that they'd had frustrating experiences, though more said they never had a problem with the company.
Amagi Metals was sold to Anthem Vault, which is a storage company and fintech company. The representative posted on the Silverbugs subreddit to announce the change in ownership. In the post, they seemingly referenced Amagi's shaky reputation, saying that they knew the pricing and the customer service were both highly respected.
They even said that they didn't expect people to immediately line up at Amagi Metals. Then they acknowledged that some Reddit users had reported poor experiences. But they said that they were expanding their customer service staff and would be making an effort to regain their reputation.
They also announced that they would be integrating a Bitcoin payment option. Nowadays, this is a relatively common thing, but it was a novelty back in 2015. In addition, they affirmed that they would continue selling investment grade bullion at low prices.
As an olive branch, they offered a free copper round and free shipping to every Reddit Silverbug user who made a purchase in the week after the announcement. They also promised that they would answer questions about how the ownership had changed. In addition, they promised that if any orders had not been properly fulfilled under the last owner, they would fix this.
Unfortunately, there were several negative Yelp reviews written in 2017 through 2019. This indicates that the change in ownership didn't necessarily solve the underlying issues.
Negative Yelp Reviews
It's important to keep in mind that the negative Yelp reviews are from people who visited the retail location. It's possible that customers have had a more positive experience online, although there are very few reviews to confirm or deny this.
One review from 2019 simply says that the customer lost their money. They placed an order, waited two months, and never got a shipping notification. Apparently the company was not communicative, and they never responded to the review either. The customer never updated to say whether or not they got their metals.
One review from 2017 was from someone who wanted to buy the athletic shorts. Apparently he was told for months that shorts in his size would come in, but they never did.
Then the representative told him that the manager shared his size and might have been stealing the products. They said that he would need to prepay for the shorts and have them shipped to him. But he was unhappy about this because he wanted to try them on before making the purchase.
One review from 2019 was from someone who'd made a first-time purchase. They said that Amagi Metals was the third company they'd ever bought precious metals from. With the other two companies, they'd had a positive experience. But they had major issues with Amagi.
The customer paid using Bitcoin in advance at the counter. But the order didn't ship for weeks. Three weeks went by, and they still wouldn't give the customer a date. The customer then asked to cancel their order and requested their Bitcoin back. The company refused the refund.
Another week went by, and the items arrived. But the silver was tossed into baggies instead of properly packaged, and it was heavily scratched. The customer was extremely disappointed by the quality of the items.
Pros & Cons of Amagi Metals
Amagi Metals is a legitimate company that has been operating for several years. In addition to having an online presence, they also have a retail store that's open during the week.
Following some negative feedback in 2015, the company was sold to a new entity. The CEO was ousted, and the management was rearranged. The company posted to a popular precious metals subreddit to say that they hoped they could regain their reputation.
Since then, there have been very few reviews online. There are no customer reviews or complaints with the BBB, nor is the company accredited. That wouldn't necessarily be a red flag, except for the several negative Yelp reviews.
These customers were extremely dissatisfied with their experiences, even after the ownership change. And Amagi Metals never seemed to make any effort to respond to this feedback.
Unfortunately, because of all this, we can't comfortably recommend Amagi Metals. There are other online companies that have much more consistent positive feedback. There's nothing that Amagi Metals offers that you can't find with another online dealer.
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