How to Verify a Precious Metals Dealer or Gold IRA Company

Before you move retirement money to a precious metals dealer, it pays to run a background check. Our overview of Gold IRA Scams explains how the common schemes work. This page is the hands-on part: which public databases to search, in what order, and what each result does and doesn't tell you. We don't name or rank companies here.

Why there is no single "license" to look up

Many people expect to find one license number that proves a dealer is legitimate. For physical metal, that usually doesn't exist. The CFTC (Commodity Futures Trading Commission, the federal regulator for commodity markets) says: "Retail coin dealers generally are not regulated by state or federal authorities, so you'll need to do significant research on your own" (CFTC). A joint FINRA and CFTC bulletin says the same: "Retail metal dealers are not regulated at the federal level" (FINRA).

So verification means piecing together several records. Each database covers different people and firms.

Step 1: Confirm the company's legal identity

Start with the basics. Get the company's exact legal name, its physical address and the names of its owners. The FINRA/CFTC bulletin advises: "Verify the dealer's physical address and how long it has been operating, and search online for the names of owners or salespeople for prior complaints or criminal allegations" (FINRA). The CFTC adds: "Know where your dealer is headquartered" (CFTC).

Then look the company up in state business records. Business entities register with a state office, usually the secretary of state. The National Association of Secretaries of State (NASS) says "Most NASS member offices handle the registration of domestic and/or foreign corporations," and its site links to each state's "business registration pages and corporate name databases" (NASS).

What to compare:

Does the legal name match the name on the contract and invoices?
Is the entity listed as active?
Does the formation date fit what the salesperson says about years in business?
Are the registered address and the address you were given consistent?

A state filing confirms that a business entity exists. It is not a review of prices, honesty or customer service. Treat it as an identity check only.

Step 2: Search CFTC enforcement actions and NFA BASIC

The CFTC's Division of Enforcement "investigates and prosecutes alleged violations of the Commodity Exchange Act and Commission regulations." Its Enforcement Actions page lists press releases by year, along with links to dispositions (case outcomes) and adjudicatory orders. You can also run a web search limited to cftc.gov using the company's name and its owners' names.

Next, check the National Futures Association's BASIC database (Background Affiliation Status Information Center). NFA describes BASIC as "a database of futures-related information, including Commodity Futures Trading Commission (CFTC) registration information, NFA membership information, regulatory actions and information concerning certain types of customer claims" (NFA). It shows actions taken by NFA, the CFTC and U.S. futures exchanges (NFA).

Know what BASIC leaves out. According to NFA, it does not include civil actions, criminal proceedings, or actions by other federal or state agencies. NFA also says it does not "warrant or guarantee the accuracy or the completeness" of the information (NFA).

What CFTC registration does and doesn't cover

CFTC registration is aimed at the derivatives (futures and swaps) industry. The CFTC says "The Commodity Exchange Act generally requires intermediaries in the derivatives industry to register with the CFTC," such as futures commission merchants, commodity trading advisors and their associated persons. It also notes that "Some firms or individuals may be exempt from registration or may not be regulated by the CFTC" (CFTC).

For registered firms, the CFTC says registration indicates, among other things, that "Principals and associated persons have completed thorough background checks" and that "The firm meets certain financial requirements" (CFTC).

Given the CFTC's statement that retail coin dealers generally are not regulated, don't be surprised if a coin dealer isn't in BASIC. That alone is not a red flag. It matters more if the dealer claims a registration it doesn't have, or if it offers futures, options or financed metal. The CFTC lists NFA BASIC as the place to check "Commodity Trading Advisors—for advice on commodity futures and options" (CFTC).

Step 3: Check anyone who gives you investment advice

A salesperson who tells you what to buy is acting like an adviser. The FINRA/CFTC bulletin says such a person "might be required to register with the CFTC, SEC, FINRA or your state regulator," and advises: "Ask them directly if they're registered, then verify it and take a look at their disciplinary histories, too" (FINRA).

Three free federal tools help:

FINRA BrokerCheck covers brokerage firms and brokers registered with FINRA or a securities exchange, including formerly registered people. It also shows "basic information about investment adviser representatives and firms" from the SEC's records. FINRA says "BrokerCheck reports are free" (FINRA).
Investor.gov and IAPD (Investment Adviser Public Disclosure) show whether a person or firm is licensed with "the SEC, with a state(s), and/or with FINRA," plus any disciplinary history (Investor.gov).
SEC Action Lookup – Individuals (SALI) finds individuals named in SEC court actions or administrative proceedings where a judgment or order was entered. It excludes pending cases, and the SEC says "you should not solely use this tool" (Investor.gov).

BrokerCheck has gaps too. FINRA says it does not show items such as "non-investment-related civil litigation" or "arrests that did not result in a charge or conviction" (FINRA).

Titles are not licenses

"IRA specialist" or "senior retirement consultant" on a business card is not a registration. NASAA (the North American Securities Administrators Association, an association of securities regulators) says "A title may or may not reflect the professional's actual training, experience, or qualifications." It suggests you "Treat titles, for example those referencing seniors, retirement, or wealth management, as prompts for verification rather than as proof of expertise" (NASAA).

Step 4: Contact your state securities regulator and attorney general

NASAA says "State securities regulators should be the first call for an investor before you turn over any money to a broker or investment adviser." They can provide "extensive employment, disciplinary, and registration information" (NASAA). Find yours through NASAA's Contact Your Regulator directory.

For complaint history, the CFTC advises: "Check with the attorney general in the dealer's home state to see if the dealer has a history of complaints" (CFTC). The National Association of Attorneys General keeps a Find my AG directory for every state and territory. It can also help to contact the attorney general in your own state.

Step 5: Search court records

Lawsuits by customers, regulators or the government may show up in court files. PACER (Public Access to Court Electronic Records) lets you search federal appellate, district and bankruptcy courts. Its Case Locator searches "a nationwide index of federal court cases" (PACER). Fees are "$0.10 per page," capped at $3 per document, and if you "Spend $30 or less on court records in a quarter," fees are waived (PACER).

PACER covers federal courts only. Cases filed in state court are kept by that state's court system, so check the courts in the state where the dealer is based.

Read what you find with care. A complaint or lawsuit contains allegations. A settlement is an agreement that resolves a case; read its terms, including whether any wrongdoing was admitted. A judgment or a regulator's final order is a decision. Record the case name, court, date and status.

Step 6: Read complaint channels for what they are

Complaint databases help you spot patterns, but they aren't findings.

FTC. The Federal Trade Commission says that when you report a scam, "investigators use your information to build cases against scammers," and other agencies can see the reports (FTC). The FTC describes these reports as tools for investigators.
CFPB. The Consumer Financial Protection Bureau's complaint form lists products such as checking accounts, credit cards, mortgages and money transfers. Investments and precious metals are not on that list (CFPB). Where it does take a complaint, the CFPB sends it to the company and publishes complaint data, without information that directly identifies you, in its Consumer Complaint Database.
BBB. The Better Business Bureau says "A BBB rating represents BBB's opinion of how a business is likely to interact with its customers, based on complaint history, transparency, and available public data." It adds that "A rating is not a guarantee of a business's reliability or performance," and customer reviews are not used in the letter grade (BBB). BBB "is not a government agency and holds no regulatory power," and "Accreditation is voluntary and separate from the rating" (BBB).

An A+ rating is BBB's opinion, not an endorsement or a regulatory clearance. Read the complaints themselves and look for repeated themes, such as surprise fees or slow buybacks. For our full company checklist, see the guide to evaluating a Gold IRA company.

Step 7: Verify the custodian and the depository

The dealer is only one of three parties. The custodian holds the IRA, and the depository stores the metal. See custodian vs dealer vs depository for how they fit together.

The custodian. Federal law says an IRA trustee must be "a bank (as defined in subsection (n)) or such other person who demonstrates to the satisfaction of the Secretary" that it will run the account properly (26 U.S.C. 408(a)(2)). Non-banks approved this way appear on the IRS list of approved nonbank trustees and custodians. On October 4, 2026, that page linked to a list dated April 1, 2026, and said the IRS will "frequently update this list as other nonbank trustees or custodians are added or removed."

Ask the custodian directly whether it is a bank or an IRS-approved nonbank trustee. Investor.gov warns that the IRS list "is not a complete list of every custodian," and that if a custodian isn't on it, you should do more research (Investor.gov). Approval is also not a check on the dealer. The same alert says self-directed IRA custodians "DO NOT evaluate the quality or legitimacy of any investment in the self-directed IRA."

The depository. The IRS bullion exception applies only "if a bank or approved non-bank trustee keeps physical possession of it" (IRS). Get the depository's name from the custodian, not only from the dealer. Ask who signs the storage agreement and whether storage is segregated or commingled. The FINRA/CFTC bulletin warns: "Some fraudulent dealers have charged storage and insurance fees for metal that never existed." It also says to "Review the SDIRA account statement carefully to ensure you received all the bullion you paid for" (FINRA). For product authenticity, see our guide to counterfeit Gold and Silver.

Verification checklist at a glance

Check	Where	What it shows	What it doesn't show
Legal identity	Secretary of state (via NASS)	Entity exists; status; filings	Prices, honesty, service
CFTC cases	CFTC enforcement pages	CFTC charges and outcomes	State or private cases
Futures registration	NFA BASIC	CFTC registration, NFA membership, futures-industry actions	Civil and criminal cases; most coin dealers
Brokers	FINRA BrokerCheck	Registration and disclosures	Unregistered salespeople
Advisers	Investor.gov / IAPD; SALI	Licensing; SEC judgments and orders	Pending cases
State records	State securities regulator; attorney general	Licensing; complaint history	Other states' files
Lawsuits	PACER; state courts	Filed cases and rulings	Outcome unless decided
Complaints	BBB	BBB's opinion and complaint text	Verified findings
Custodian	Bank status or IRS nonbank list	Eligibility to act as IRA trustee	Dealer quality or prices

Common mistakes when checking a dealer

Stopping at one clean result. No hits in BrokerCheck can simply mean the dealer isn't a broker.
Searching only the brand name. Search the legal entity, past names and the owners too.
Treating a complaint as proof. It is one side's account until a court or regulator decides.
Trusting the custodian to vet the dealer. Investor.gov says self-directed IRA custodians "DO NOT evaluate the quality or legitimacy of any investment in the self-directed IRA or its promoters."
Taking a title at face value. Verify any registration the salesperson claims.

What to do if something doesn't check out

If a company won't give its legal name, can't be found in state records, or claims a registration you can't confirm, pause. The CFTC says "If the firm or person cannot be found in the NFA BASIC database, ask them why" (CFTC). If you think you've been targeted, here is how to Report Gold IRA or Precious Metals Fraud. Our list of Gold IRA scam warning signs covers sales tactics to watch for.

Whether metal belongs in your retirement savings depends on your situation. The CFTC suggests you "talk to a qualified financial planner, investment advisor, or accountant before making significant changes to your tax-advantaged retirement plan" (CFTC).

Are precious metals dealers regulated?

Generally not as investment firms. FINRA and the CFTC say retail metal dealers "are not regulated at the federal level." Anyone giving investment advice may need to be registered, so ask your state securities regulator what applies where you live.

Can I check a dealer for free?

Much of it, yes. FINRA says BrokerCheck reports are free, and the IRS nonbank list is posted publicly. PACER charges $0.10 per page, but fees are waived if you spend $30 or less in a quarter.