Ottawa Gold Buyers is a precious coins dealer with locations in Ottawa. The business uses multiple unethical tactics to manipulate consumers and has received several complaints for lying to clients.
The following points will give you a better idea of what it’s like to do business with this company:
About Ottawa Gold Buyers:
Ottawa Gold Buyers is located in the Westgate Shopping Centre and its address is 1309 Carling Ave, Ottawa, ON K1Z 7K8, Canada. The contact number of this business is 613-979-4653 while their opening hours are 10 AM to 6 PM.
They also have a location in the Gloucester Shopping Centre. The store purchases gold and silver products such as coins, bars, etc.
Ottawa Gold Buyers runs two branch offices of Canada Gold, a prominent precious metals dealer. While the company would have you believe they are among the best in the industry, the reviews tell a different story.
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Moorever, this Canada Gold branch doesn’t hesitate to use manipulative tactics to mislead consumers. Before I talk about how they are trying to mislead Ontario residents, let me share some of the reviews of this dealer:
Give Incorrect Information, Waste Your Time
The reviewer had to drive for an hour to reach this store. They had called beforehand and had explained that they had a diamond ring to sell. The store had told them that it could help.
But when the reviewer got there, the store told them that they don’t buy rings and suggested going to a jeweller. Also, when the reviewer had called for directions, the store had given them wrong information. The reviewer says that they weren’t impressed with this firm.
Ottawa Gold Buyers is Dishonest, Tried to Rip Off a Customer Twice
The reviewer had brought a 21-K gold necklace to this dealer. But the staff told them that the necklace is only 15-K gold. When the reviewer took their necklace to another store, they told them it’s 21-K and purchased it at the appropriate price.
Additionally, the reviewer had brought a gold ring with a 14-K stamp to this dealer. Again, the staff refused to accept the karat value of the product and said that it’s only 10-K gold.
So, the reviewer took the ring to another store, which bought the ring at the price for 10-K gold.
The reviewer alerts other consumers that they shouldn’t bring their gold to Ottawa Gold Buyers. They highlight that this establishment is dishonest and is ripping customers off by lying about the value of gold.
Suspicious Behavior and Poor Payment Procedures
The reviewer had brought in a few items to sell at Ottawa Gold Buyers. However, he didn’t have a good experience with the payment method of the business.
OGB provided him with a cheque and when he realized that the banks were closed, he asked the store to return his items. But the store declined. So, the reviewer pursued the TD bank to get the cheque verified by the owner. When the bank called the owner, they refused to verify the cheque.
The reviewer points out that things seemed shady as soon as the store handed out the cheque.
Ottawa Gold Buyers Doesn’t Open on Time
The reviewer shares that OGB doesn’t open its store on time. Even though they state that they open at 12:15 PM, the reviewer didn’t find it open. They raise questions about the punctuality of the business and tell them to get themselves together.
Note that the reviewer is a local guide, indicating that they add reviews frequently.
Sold Damaged Coins at Full Price, Always Check What You Buy From Them
Craig had bought precious metal coins from OGB. He tells other consumers to inspect every coin they buy from this store very carefully. Because, the store sold him several tarnished coins that have reduced value at full price of a flawless coin.
Craig says that he’s certain the store bought those damaged coins at below market value and passed them on. He suggests being wary of buying from such a store and says that not all bullion dealers are like this. Craig ends his review by saying that it was the first and the last time he will ever do business with this establishment.
Not a Good Place to Buy Bitcoin From
Sam shares that Ottawa Gold Buyers might be a good place to deal precious metals. But it’s not a suitable place to purchase Bitcoin from.
He points out that their machine charges a ridiculous 6.5% fee which is substantially higher than the average fee that ranges from 1.5% to 4%. He also points out that OGB’s machine rounds up your Bitcoin to 3 decimal places while other stores round up Bitcoin to 8 places.
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This is a huge issue because Bitcoin is meant to be divisible by the 100th of a million. As the prices of Bitcoin are extremely volatile, the missing 5 decimal places could easily be worth 100s of dollars.
This means that buying from their bitcoin machine would put you at a significant loss. The excessive fee and the rounding off of Bitcoin make the deal profitable for Ottawa Gold Buyers, not you.
Sam says that he didn’t find any other store that rounds up Bitcoin to 3 places. He also recommends avoiding this precious coins dealer.
“You might as well go to a Pawnshop”
The reviewer points out that OGB doesn’t even match its national umbrella company, Canada Gold. Also, they lag behind the online buyers in terms of prices. Hence, it would be better to go to a pawnshop than visit Ottawa Gold Buyers.
Ottawa Gold Buyers BBB: Truth About The Accreditation Badge
This precious metals dealer has a BBB accredited profile with an A+ rating. In other words, they are paying BBB tens of thousands of dollars per year to maintain their accreditation status.
That’s because a BBB accreditation is a paid membership of the review platform. It’s a popular strategy among online scammers and fraudsters to seem trustworthy. CNN Money had performed a detailed investigation on this unethical practice.
They found that companies were paying more than $10,000 per year to maintain their BBB accreditation status. It gave them more control over their BBB page and ensured they would have an A or A+ rating.
So, you don’t need effective service or quality products to have an A+ rating on BBB. You only need to fill BBB’s pockets and you’ll have a flawless rating there.
For example, CalUnion Funding Inc is a notorious mortgage lender that employs this tactic. Its owner is reputed for running scams but is able to mislead clients through the BBB accredited profile of his company.
If Ottawa Gold Buyers had to use such a terrible strategy to seem reliable, can you really trust them? After all, a legitimate and trustworthy business doesn’t need to spend $10,000+ on paid memberships to “appear” trustworthy.
Yelp Takes Down Fake Reviews Of Ottawa Gold Buyers:
Apart from having paid memberships to seem like an ethical establishment, this company also posted fake reviews on its Yelp page to mislead consumers.
Yelp is a popular review site where consumers share their experiences and rate businesses. Some companies tried to abuse this platform by posting fake 5-star reviews on their Yelp page. It allows them to mislead consumers into thinking they are reliable.
Yelp recognized this issue and has developed advanced algorithms that can easily identify fake reviews.
Currently, they have flagged two 5-star reviews on the Yelp page of Ottawa Gold Buyers as fake:
If OGB is truly a trustworthy and caring business, why would it need to add fake 5-star reviews on its Yelp profile?
The truth is, they don’t want consumers to find out the various complaints I shared above. They can even resort to unethical and deceptive tactics to mislead consumers.
The various reviews on Ottawa Gold Buyers and the way it tries to deceive consumers suggest that it’s not a reliable business. There are way too many red flags to count. It wouldn’t be safe to buy, sell or trade with them.
You should find a different bullion dealer because I don’t think it would be smart to deal with a company that tries its best to lie.
Ottawa Gold Buyers uses deceptive tactics to promote itself which is a huge red flag in itself. Moreover, the store has received many complaints for its poor service and lack of respect for customers. It would be better to go to a different store or dealer.
- Give incorrect information
- Lie about product quality
- Employ misleading tactics