Do you have any doubts regarding the legitimacy of Monex? Before making a purchase from them, you should determine whether or not they are trustworthy. This review will examine Monex’s services, products, and ratings in order to determine whether or not they can be trusted.
Table of Contents
- 1 What Is Monex?
- 2 Does Monex Offer Gold and Silver IRAs?
- 3 Company Info
- 4 Location:
- 5 Website:
- 6 Address:
- 7 Overall Rating:
- 8 Recommended?
- 9 Monex Products & Services
- 10 Are all of Monex’s Products IRA Eligible?
- 11 Is Monex Legit?
- 12 Monex IRA Fees
- 13 Advantages of Monex
- 14 Wide Selection of Metals
- 15 Great Learning Resources on their Website
- 16 Highly Experienced Managers
- 17 Sell Back Opportunity
- 18 Disadvantages of Monex
- 19 Too Many Complaints Against them
- 20 Extremely High Fees
- 21 Lacks Transparency
- 22 Poor Customer Service
- 23 Accreditation and Customer Reviews
- 24 Should You Consider Monex for Your Precious Metals IRA Rollover?
- 25 Monex Alternatives
- 26 Monex Review Conclusion
What Is Monex?
Monex.com, also known as Monex Precious Metals, is a precious metals company in Newport Beach, California. Since 1967, the company has amassed a wealth of experience and established itself as a formidable force in the United States.
Monex has encountered obstacles despite its extensive market experience and ability to endure over time. As an illustration, the Better Business Bureau recently revoked its accreditation due to numerous consumer complaints. In the section titled “Customer reviews and accreditation,” we will discuss complaints and ratings in greater detail.
Pay Attention: Before we go any further with this review!
We always recommend conducting due diligence before settling on a precious metals company to invest in. With so many clients getting ripped off with the so-called hidden fees, you need to research meticulously before purchasing metals or opening a precious metals IRA. We understand that picking the right company is the most important financial decision for you, and thus, we’ve compiled a list of our 3 best precious metals IRA companies for 2023.
Does Monex Offer Gold and Silver IRAs?
Newport Beach, California.
4910 Birch St Ste 103, Newport Beach, CA 92660-2188
Monex Products & Services
Monex provides exhaustive guidelines and videos to aid investors in comprehending their company and the nuances of investing in precious metals such as gold and silver. The company sells numerous products, such as palladium, platinum, silver, and gold.
Are all of Monex’s Products IRA Eligible?
Unfortunately, the majority of precious metals on Monex.com do not qualify for IRAs, so you must exercise extreme caution to avoid losing your hard-earned money by purchasing the wrong items.
Even more regrettably, their salespeople will persuade you to purchase metals not permitted for IRAs. Their persuasive and deceptive sales techniques frequently place novice investors in a precarious financial position. When placing an order with Monex, you may require the assistance of an expert broker who can provide the necessary direction.
You can also choose a company that offers IRA-eligible products and provides complete transparency. Our top-rated precious metals company has all the characteristics of a world-class organization, including outstanding ratings and almost no customer complaints. Click here for more information.
Is Monex Legit?
As previously stated, Monex is a legitimate company with over 50 years of experience; however, its reputation has diminished over time due to subpar customer service and numerous customer complaints.
Monex IRA Fees
Due to the fact that Monex works with third-party custodians to provide the service, there are no updated IRA fees listed on their website. Investors have learned that these third-party affiliates frequently charge high sliding scale fees, thereby increasing the overall cost of the process.
Advantages of Monex
Wide Selection of Metals
As one of the largest and most reputable bullion dealers in the United States, Monex takes great pride in its extensive variety of gold, silver, platinum, and palladium products. Additionally, they stock rare coins and bullion of all sizes from a number of international mints.
Great Learning Resources on their Website
Their website is filled with educational articles and videos that inform visitors of the benefits of investing in precious metals. You can learn the art and science of investing in gold and silver by perusing the advice of successful investors and industry professionals.
Highly Experienced Managers
This is self-explanatory. Given that Monex has existed for over 50 years, they have amassed a vast quantity of experience. Due to the fact that the majority of their senior management has been with the company for an extended period of time, they have become experts in precious metals investment and are therefore an invaluable resource, particularly for novice investors.
Sell Back Opportunity
You have the option to sell your metals back to the company. This can be completed over the phone because it is so simple.
Disadvantages of Monex
Too Many Complaints Against them
On online review platforms, Monex has a very small number of positive reviews and an excessive number of negative reviews. This incident has significantly damaged the company’s reputation.
Extremely High Fees
Although Monex’s precious metals costs are reasonable, you should be aware that they partner with other firms to offer IRA services. You should be aware that annual sliding scale costs are considerably higher than fixed rate fees, and that these third-party companies will likely charge you for them. This could incur costly costs for investors.
The custodians with whom the business collaborates to provide precious metals IRA services are not disclosed. Customers are in the dark because they cannot shop around or select the best custodian for their investment because their website conceals the identities of those partners.
Poor Customer Service
During our research for this Monex review, we came across numerous customer complaints. About ninety percent of the reviews we gathered from Facebook, the Better Business Bureau, and TrustLink focused on Monex’s poor customer service.
Below is an example of a Facebook review left by an unhappy consumer.
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 fraud-related complaint from a consumer on the same platform:
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.
Accreditation and Customer Reviews
Monex Inc. was accredited by the BBB for many years and received an A+ rating; however, the BBB’s board of directors recently revoked Monex Inc.’s accreditation. The reasons for the revocation are failure to respond to complaints sent by the BBB and failure to resolve conflicts in the marketplace in a professional manner.
On the Business Consumer Alliance, the company has a 2-star rating based on 2 reviews, but on Trustpilot, they have an impressive 4.9-star rating based on 3,029 customer reviews and ratings. In addition, Monex is rated 4.2 out of 5 stars on Trustlink based on the opinions of 40 customers, and 2.5 out of 5 stars on Yelp based on the reviews of 30 customers.
Should You Consider Monex for Your Precious Metals IRA Rollover?
Obviously, it is up to you to decide whether or not to invest with Monex. Undoubtedly, there are aspects of Monex Precious Metals that we appreciated, but after considering a variety of factors, including customer complaints, we are confident that there are sufficient reasons not to recommend them to our readers.
There are superior alternatives to Monex that provide superior customer care and superior services. This page provides details about them.
Monex Review Conclusion
According to our Monex review, the company is trustworthy and has extensive industry expertise. They have weathered several storms throughout the years in order to remain in business.
Nonetheless, it is essential to note that Monex’s reputation has suffered recently due to numerous complaints and negative reviews. The company’s current downward trajectory may be due to senior management laxity that led to unfair treatment of customers.