Precious metals investing starts with reliable gold dealers. Also called Monex Deposit Company, Monex Precious Metals is a family-owned business that helps people purchase gold and more, in addition to opening Individual Retirement Accounts (IRAs).
How do you know if this company is the right place to invest your money? What do you need to consider before you commit?
Continue reading this Monex Precious Metals review for a complete understanding of the company and determine whether it is the right investment for you!
Advisory! Prior to diving into this review, we’d like to stress that at Investors Circle, our mission is to protect your wealth. We know that our research reports may alter your investment decisions, so we want to be 100% sure you are investing your hard earned money with the right company!
With this in mind, we urge you to check out our list of the top five companies in this space (we found 1 that fits 99% of investors needs)
See if Monex Precious Metals made our list this year, or continue with this review below to see if they are possibly the right company for your investment needs.
Self-proclaimed as America’s trusted gold and silver dealer, Monex Precious Metals is a business that allows investors to purchase precious metals.
It aids consumers in opening their own precious metals IRA and provides resources to understand the market better.
In general, gold purchases are a good investment when it comes to the stock market. The precious metal has historically hedged against inflation and therefore is a reliable asset to have in your portfolio. Silver is also a solid precious metal to have. Monex sells both and more.
The company is based in Newport Beach, California, but its reach spreads across the country. Monex was founded by Louis E. Carabini, and since the 1970s, the company has been helping people buy gold. Now, three generations of the Carabini family work for the business.
Products and Services
Monex Precious Metals offer a variety of products and services regarding buying and selling precious metals.
Gold is a popular asset for people, especially during times of economic crisis. It hardly ever loses value, making it reliable and safe. As such, Monex sells gold so that consumers can diversify their portfolios.
The business has several options for gold investments, such as:
Gold American Eagle Coins
Gold American Buffalo Coins
Gold Canadian Maple Leafs
Gold Australian Kangaroo Coins
While the company sells many other types, these are the primary ones. Additionally, consumers can invest in gold bullion bars ranging in weight from one kilo to 10 ounces.
The other primary offering is silver coins. Similar to gold, Monex has several silver options to select from, including:
Silver Canadian Maple Leafs
Silver Vienna Philharmonics
Silver British Britannia
The website shows there are other choices too. Interestingly, there are more options than gold. Monex has two types of U.S. coin bags and even South African Krugerrands.
Many customers have bought silver from Monex and claim it is a legit firm. Some investors get wary about untrustworthy companies selling silver-plated copper in place of the real thing. However, Monex is a legit dealer for your investment.
Other Precious Metals
The company offers other precious metals – platinum and palladium. There are fewer options than gold and silver investments, but customers can choose between coins and bullion.
Precious Metals IRA
A customer must open a precious metal IRA (Individual Retirement Account) to purchase any of the assets they buy from Monex. You can open an account with a company, and a representative guides you through the process.
Precious metal IRAs allow investors to buy physical assets, such as gold or platinum, and store them in a trusted IRA custodian. There are many advantages to opening this type of IRA, but there are some drawbacks.
Monex helps determine whether a customer should set one up, and undecided clients can call customer support for constructive advice.
Incurred Fees for IRAs
Clients must pay a variety of funds to their IRA accounts. Some companies try to get them to pay more than they should, but Monex allows customers to work with a trusted rep for the best advice.
The total cost usually includes trade fees and funds for the custodian. To avoid a company hiking up the value of the fees, clients can seek a fixed fee schedule, which means they pay the same rate routinely, and the company cannot change it.
However, all client transactions carry a potential downside risk – even after making every necessary payment. The market is always changing, and there is no way to predict future value. However, one of the many benefits of investing in gold is its strength against volatility.
Companies vary in the quality of their representative-customer interactions. When you want to pay top dollar for your precious metals and Individual Retirement Account, you should expect good customer service.
Reviews portray that, in general, relationships with clients are relatively mediocre. Some comments point out a bad experience, but that happens with many companies in the industry.
On the plus side, it is not too difficult to contact a rep from the company. Whether clients need to talk about their gold account or seek consultation with margin calls, they can call the support line.
The Monex Deposit Company also aids clients with making the right investment calls. If you began buying gold ages ago or want to start now, there are resources on the website that guide you.
Most of the information has you call a representative to establish a clear understanding. There is also a video library that condenses valuable market information in a digestible format. This is a very helpful resource and can make any customer comfortable with their investments.
How to Buy Precious Metals through Monex
To eliminate fraud and maintain a safe environment, all purchases must be made over the phone with a sales rep. This is a great feature in the reputable broker world, as it also keeps client information protected.
Any interested customer can call the phone number found on the website during business hours. However, they must already have an account open with Monex to purchase anything.
How to Set Up a Precious Metals IRA
It only takes four steps to create a Monex account. The first part is establishing an Individual Retirement Account with a trusted custodian. When setting this up, you must indicate that Monex is your dealer of precious metals.
Then, fund your custodian. It contacts a Monex account representative shortly after.
Once Monex and the custodian confirm your account, you can speak with a Monex sales rep about financing the IRA with a precious metals investment. After the custodian receives the payment details, Monex ships the assets for proper storage.
Overall, the setup process is relatively simple, but if a customer has complications, they can contact Monex for support.
Suggested Reading: Why Augusta Precious Metals is My #2 Gold IRA Choice.
What Other People Are Saying
There are a variety of Monex reviews on the internet across platforms. They range from positive to negative, but the consensus wavers between the two extremes.
Looking to the Better Business Bureau is a reliable starting place. The organization displays that there have only been six customer complaints in the last three years, and only one complaint in the past year.
Although Monex has an A BBB rating, it is not verified by the organization. This can raise some concerns for investors. However, it is a well-established business that many people utilize.
According to the Business Consumer Alliance, Monex has not garnered any complaints in the past three years. Yelp ranges in client reviews, maintaining an average of 2.5 stars out of five for Monex. Facebook reviews, on the other hand, are slightly more positive.
It appears that every situation is different and depends on the salesman.
Also Read: Is Monarch Precious Metals Legit?
Company Pros and Cons
We would be remiss by highly recommending Monex without covering the advantages and disadvantages. When determining where to invest your money, it is essential to consider ideal features but also the possible negative effects. As such, here is an overview of the good and the bad of Monex Precious Metals:
Variety of precious metals
Quality customer service
Easy account setup
Not BBB accredited
Mediocre client reviews
Can only purchase metals through Monex
The biggest advantage of Monex is the wide variety of precious metals. Customers can select between gold, silver, platinum, and palladium – which is a generous offering for the industry.
The company also makes it easy to speak with an account manager. They can advise customers with trade inquiries, set up their accounts, and more. Accordingly, establishing an account is relatively easy. If there are difficulties, people can contact customer support.
Since there is no accreditation from the BBB, there is some risk with investing in the company. However, it does have an A grade from the organization.
Another con is that reviews from customers on the internet range from good to bad. While this is expected of any company, many review sites teeter from positive and negative. Some interested investors expect their company to have more good reviews than bad, but Monex seems to have an equal number of both.
Finally, the company is pretty restrictive of money and making purchases. When you designate it as your metals dealer, you cannot purchase from anyone else. What’s more, customers must also open an account with a designated custodian, which can be limiting too.
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The Bottom Line
Monex is a legitimate business that assists with the buying, selling, and trading of precious metals. There are several kinds they offer, including gold, silver, platinum, and palladium – a good mix for people who want to diversify their portfolio.
However, there are mixed reviews when it comes to the quality of the company. Some have positive experiences, while others have negative ones.
With any investment company, you incur some level of risk because of market volatility. This seems to be why there are many pessimistic reports, though you should find a business that can help you make the best money-making decisions.
Overall, Monex is a reliable company, but not accredited by the BBB, and some past customers have had issues. As a result, interested clients should keep these points in mind when coming to a decision.