Do you have any doubts about Monex’s legitimacy? Well, before making a purchase from them, you should determine if they are reliable. In order to establish whether Monex is trustworthy or not, this review will examine their services, goods, and ratings.
Table of Contents
- 1 What Is Monex?
- 2 Does Monex Offer Gold IRAs?
- 3 Company Info
- 4 Location:
- 5 Website:
- 6 Address:
- 7 Overall Rating:
- 8 Recommended?
- 9 Monex Products & Services
- 10 Do All of Monex’s Products Qualify for IRA?
- 11 Is Monex Legit?
- 12 Monex IRA Fees
- 13 Advantages of Choosing Monex
- 14 Large selection of Metals
- 15 Useful Learning Resources on their Website
- 16 Lots of Expertise
- 17 Sell Back Opportunity
- 18 Disadvantages of Choosing Monex
- 19 Too Many Complaints Against Them
- 20 Extremely High Fees
- 21 Lack of Transparency
- 22 Poor Customer Service
- 23 Accreditation and Customer Reviews
- 24 Should You Consider Monex for Your Investment?
- 25 Monex Alternatives
- 26 Monex Reviews Conclusion
What Is Monex?
Located in Newport Beach, California, Monex.com, also known as Monex Precious Metals, is a precious metals business. The business has accumulated a ton of experience since 1967 and has made a name for itself as an unbeatable force in the US.
Monex has faced obstacles despite having a vast amount of market experience and the ability to endure throughout time. For instance, the Better Business Bureau recently removed its accreditation as a result of several customer complaints. In the section below under “Customer reviews and accreditation,” we’ll talk more about complaints and ratings.
Pay attention: Before we go any further with this review!
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Does Monex Offer Gold IRAs?
No, Monex does not offer Gold or Silver IRAs. If you are after IRAs, we recommend you get our FREE Gold IRA Guide.
Newport Beach, California.
4910 Birch St Ste 103, Newport Beach, CA 92660-2188
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Monex Products & Services
To assist investors in understanding both their company and the ins and outs of investing in precious metals like gold and silver, Monex provides comprehensive guidelines and videos.
Monex sells a variety of goods, including palladium, platinum, silver, and gold.
Do All of Monex’s Products Qualify for IRA?
You must be very careful not to get your hands on the wrong things and lose your hard-earned money because, unfortunately, the majority of the precious metals on Monex.com do not qualify for IRA.
Even more tragically, their salespeople will convince you to purchase metals that are not permitted for IRAs. Their convincing, deceptive sales techniques frequently put beginning investors in difficult financial situations. When making an order with Monex, you might need to use the services of an expert broker who can guide you appropriately.
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Is Monex Legit?
As we’ve already mentioned, Monex is a legitimate corporation with over 50 years of experience; nevertheless, as a result of subpar customer service and numerous complaints from customers, their reputation has declined over time.
Monex IRA Fees
Since Monex collaborates with other custodians to provide the service, there are no IRA fees associated with it. Investors have learned that these third-party affiliates frequently charge high sliding scale fees, which drives up the cost of the entire process.
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Advantages of Choosing Monex
Large selection of Metals
One of the largest and most established bullion dealers in the US, Monex takes great pleasure in the breadth of its selection of gold, silver, platinum, and palladium products. Also, they have rare coins and bullion in all sizes from several international mints.
Useful Learning Resources on their Website
Their website is stocked with educational articles and videos that instruct visitors about the advantages of buying precious metals as investments. You may learn the art and science of investing in gold and silver by reading the advice of professionals and successful investors.
Lots of Expertise
This needs no explanation. Since Monex has been around for more than 50 years, they have acquired a tremendous amount of experience. Since the majority of their senior management has been with the company for a long time, they have developed into specialists in precious metals investment and are thus a great resource, especially for beginning investors.
Sell Back Opportunity
You have the option of selling back your metals to the business. This can be done over the phone because it is so straightforward.
Disadvantages of Choosing Monex
Too Many Complaints Against Them
Monex has a very small number of favorable reviews and way too many unfavorable ones. The company’s reputation has been significantly damaged by this incident.
Extremely High Fees
Although Monex does not have hefty costs, you should be aware that they work with other companies to provide IRA services. As you should be aware, annual sliding scale costs are significantly more than flat rate fees, and these third-party companies will probably charge them. This could subject investors to expensive costs.
Lack of Transparency
There is a lack of transparency regarding the custodians the business collaborates with to provide IRA services. Customers are in the dark because they can’t shop around or select the best custodian for their investment because their website withholds the names of those partners.
Poor Customer Service
We came across a lot of unhappy customer complaints while researching Monex Precious Metals. About 90% of the evaluations we were able to gather from Facebook, the Better Business Bureau, and TrustLink were really critiques of Monex’s subpar customer service.
Below is an example of a negative review by a disgruntled customer on Facebook.
The operators never respond or leave you waiting on the line! Been trying to communicate with a person and they never connect me, a lady named Samantha miraculously answered me but sent me to a wrong extension.
Here is another complaint from a customer on the same platform accusing them of fraud:
Monex is a fraudulent and scam artist site. Please whatever you do, do not do business with them. They have been sending me fraudulent emails pretending to be from different companies giving away free gift cards worth of hundreds of dollars. These people are scam artists and should be arrested.
Such reviews prove Monex’s lack of seriousness when dealing with customers, and the company has already lost tons of customers due to this appalling behavior.
Accreditation and Customer Reviews
For many years, Monex Inc. was accredited by the BBB and received an A+ rating; however, lately, the BBB’s board of directors terminated Monex Inc.’s certification. Failure to respond to complaints sent to them by the BBB as well as failing to resolve conflicts in the marketplace in a professional manner are cited as the reasons for the revocation.
At the moment that I am writing this evaluation, they have an A rating on Business Consumer Alliance.
Their rating on TrustLink is 4 out 5 stars after 40 reviews.
On Facebook, Monex has a rating of 3.3 out of 5 stars after 36 reviews.
Should You Consider Monex for Your Investment?
There are undoubtedly aspects of Monex Precious Metals that we liked, but after considering a number of different aspects, we are confident that there are sufficient grounds for us to steer clear of this business.
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Monex Reviews Conclusion
According to our Monex review, the business is reliable and has a wealth of industry knowledge. To stay in business, they have endured several storms throughout the years.
Yet, it is important to note that Monex’s reputation has recently suffered as a result of numerous complaints and negative reviews. The company’s current downward spiral may be the result of senior management laxity that resulted in customers being treated unfairly.