Have you been thinking about investing in precious metals with Monex? Would you like to learn more about this company to help determine whether giving them your business is a wise idea?
If so, you're in the right place. Today, we're going to take a close look at Monex and the products and services the company has to offer. We'll also look at what past customers have shared about their experiences working with the company. Read through the next few sections to learn more about Monex to decide whether you want to give them your business or continue looking at other alternatives.
About Monex Precious Metals
Monex Precious Metals was founded in 1967 by Louis Carabini. Carabini saw the opportunity and anticipated the interest that individuals would have in investing in precious metals after the government ended the use of 90% silver coinage. Monex started as a small coin shop in California.
However, the company quickly outgrew that small shop. As investors were more and more interested in purchasing and selling silver coins, Carabini had to expand his business in 1970. It was also in 1970 that Monex began working with Brinks to transport their precious metals, a relationship that still continues to this day.
As the decades passed, Monex continued to grow and gain recognition and respect from others in the precious metals industry. Today, the business remains very much a family operation. Louis Carabini, Michael Carabini (his son), and Anna Maria and Christina (Louis' granddaughters) all work together to oversee company operations.
The team at Monex also consists of other precious metals experts who are available to help individuals who may have questions or concerns related to investing.
Monex customers can choose from a nice selection of coins and bars. Many other precious metals investment companies only offer gold and silver pieces, but with Monex, you can also choose from a few platinum and palladium pieces as well.
Below are some of the coins and bars you may choose to invest in if you work with Monex.
Adding Precious Metals to an IRA
If you've been thinking about opening a Precious Metals IRA, Monex offers many IRA-approved coins and bars. While Monex is not an IRA custodian, they do work with custodian companies and can offer recommendations to you. Once the custodian you choose has opened your account and the funds have arrived, one of the Monex team members will be able to help you select the coins and bars you'd like to hold in your account.
Monex will then take care of making sure that everything is securely packed and shipped to an IRS-approved depository. There, they'll remain safe and secure until you're ready to retire and take possession of your metals or liquidate them for cash.
Opening up a precious metals IRA can help you ensure that your portfolio is diversified. This can help ensure you're protected against stock market volatility, inflation, and other economic uncertainties. Plus, IRA account holders are afforded many tax benefits, which could really work out to your favor.
Selling to Monex
Monex offers precious metals for investors to purchase, but they will also buy precious metals from individuals looking to liquidate their holdings. If you have coins or bars that you would like to sell, call to speak with a representative. They'll give you a quote, which you can lock-in if you decide to move forward.
The person you speak with will go through all the details you'll need to know regarding packing and shipping your metals. Then, once your metals arrive to Monex, a precious metals expert will verify each item. Shortly after that process is complete, they will issue your payment.
Are There Any Red Flags for Monex Precious Metals?
While preparing to write this review, we visited some of our most-trusted review websites: the Better Business Bureau, Business Consumer Alliance, TrustLink, Trustpilot, and Google. At first glance, the mostly positive reviews made it appear that there weren't any big red flags cautioning against working with Monex.
However, upon closer inspection, we noticed that the reviews on the BBB's website were quite low, with just a 1/5 average. While there were only four reviews on this site, the BBB also has an alert listed for Monex
The alert alleges that Monex and Louis Carabini, the company's founder, have defrauded millions of dollars from their customers through their Atlas program. Since then, it sounds like the Atlas program has been shut down.
Is Monex Precious Metals a Scam?
The question on your lips right now is probably whether Monex Precious Metals is a scam or not. We can't conclude that they are a scam company. They have been in business for over 50 years and do have many positive reviews from past customers.
However, we were troubled to find the alert that is listed on the BBB's website. If the allegations are true, it means that Monex has defrauded their customers that participated in the Atlas Program. These are clearly serious allegations. While the Atlas Program has been shut down, and you clearly aren't at risk of being defrauded through it, we'd be hesitant to work with any company with such allegations of fraud.
Additionally, there have also been four complaints filed against Monex in the last three years. The majority of these complaints (three out of the four) cited problems with a product or service offered by Monex. A common theme in the complaints that Monex didn't follow through with what it said it would do, either in terms of shipping metals to customers or sending payment after receiving metals that were being sold to them. The complaints also make it sound like Monex's customer service team is not the most responsive either.
Customers can't purchase precious metals online through Monex's website. You must call and speak with a representative to place an order. Many other precious metals dealers offer online ordering, and it can make the process much easier. You can shop whenever it is convenient, and you won't have to worry about feeling pressured by a sales representative.
Pros & Cons of Monex Precious Metals
Now that you know more about Monex Precious Metals and how the company operates, what do you think? Would you like to contact the company now to start purchasing gold and silver, or are you not convinced that they are the right choice for you? If you'd like to continue exploring other options, we'd suggest taking a look at one of our top-recommended precious metals investment companies. These companies all offer top-notch products and services and come highly recommended by their past customers.