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Last Updated: November 19, 2023
People are flocking to gold and other precious metals to help them combat inflation and stock market volatility. Gold becomes a safe haven investment as people lose funds in their 401k accounts and begin to stress over their financial futures.
There are many precious metals dealers, but some are untrustworthy. Is Monex a legitimate dealer or one you should avoid? We have searched high and low for information on the dealer and are ready to report our findings to our readers.
Precious metals investing can diversify your investment portfolio and help you reach your retirement goals faster. Let us help you decide if this dealer should be a part of your investment goals.
Monex is a precious metals dealer that opened its doors in 1967. As one of the oldest precious metals dealers, it stands to reason this company should have had plenty of time to build up a reputation in the industry.
Research is critical if you plan on seeking metal investments. Never trust your money with a dealer that has shady business practices. Always check with the BBB and other consumer rating sites before investing time and money to avoid losses.
Monex is located in Newport Beach, CA. The dealer is headquartered at:
4910 Birch St.
Newport Beach, California 92660
Check out customer reviews if you genuinely want to get a full picture of what a dealer offers. We always stop at the Better Business Bureau first because we consider them an essential guide to business operations. A poor rating on the BBB should prompt anyone to look elsewhere.
We were shocked at our findings. The Better Business Bureau reports that the Commodity Futures Trading Commission brought a preliminary injunction against the dealer, stating that the business defrauded customers of hundreds of millions of dollars and carried out thousands of illegal exchanges.
The BBB also reports this dealer entered into a Consent Order on January 25, 2023. The Consent Order states that Monex failed to transition its licensing correctly. The business was ordered to transition its license and pay a $2,500 fee.
The company is not accredited with the BBB at this time. The Better Business Bureau pulled its accreditation after government injunctions and many customer complaints. Based on two customer reviews, Monex has a B+ and one star out of five.
We visited Trustpilot next to see how the company rated. We were surprised that the company has an excellent rating of 4.9 stars out of five. This rating is based on 3,104 customer reviews.
Although the reviews on Trustpilot were mostly positive, there were some negative reviews. Customers dealt with delayed shipments and problems ordering silver online. The company has responded to one out of five negative reviews on the site.
We could not find a profile page for Monex on Business Consumer Alliance. We are becoming very concerned about Monex and its operations with the negative customer reviews, fraudulent claims by the government, and customer complaints. The Carabini family seems to have much to answer regarding how they handled their customers' accounts.
Monex has resolved five customer complaints in the last three years and one in the last 12 months. The following common issues were found in customer complaints:
It is looking more and more like Monex are scam artists. They may be taking advantage of novice investors who do not yet know the art of investing.
Monex has a very poor reputation among investors. They have been around for many years and have established great pride in their operations, yet they are now caught up in serious government allegations.
We do not know what happened, but somewhere along the way, something occurred that caused the company to act dishonestly. We are highly concerned and think you should be too.
No company can please every customer, and there will always be pros and cons. We urge you to look at the good and bad and carefully research whether you should work with Monex or another company.
As you can see, the cons outweigh the pros for Monex. When you purchase metal, you expect a commitment to customer service, honesty, and transparency. Based on the information we have found thus far, you cannot expect any of these from Monex.
Is Monex legit? Monex is not a scam, but they are not a good company from what we have found in our research.
The company has undoubtedly pleased thousands of customers, but the allegations have increased over the last few years. The United States government has brought injunctions against Monex as well.
We will not label them as a scam because companies do not last as long as they have when they are scam artists.
We will say they appear guilty of underhanded business practices. Many clients have accused the company of dishonesty and ethical violations.
Your customer service experience is critical when investing in metal. Although Monex appears to offer good customer service, what is lurking in the background of their operations?
Although the account rep may provide excellent customer service and answer all your questions, that does not mean the company is right for your needs. The salesperson could tell you what they think you want to hear.
From a small coin shop opened in 1967, Monex has certainly evolved over the years. Now, their son Michael is in charge of the company. Monex sells many metal products, but not all are IRA-eligible.
Monex works with third-party custodians and depositories, but we could not confirm the names of these companies. The Monex website does not offer information on custodians or depository options for gold, silver, platinum, and palladium investments.
We searched high and low to find information on the fees charged by Monex, but we came up empty. Although the dealer works with third-party companies, the lack of information on these companies and their fees is concerning. We will report to our readers immediately if we find further information on the fees.
Monex does offer a buyback program for its customers. There are only three steps involved in the selling process.
The Money Buyback Program is simple to use, and the company will purchase metal, even if they did not sell it to you. The company promises to offer the fairest prices when you sell your metals to them.
etting started with Monex is not overly difficult. You will need to open an account so you can purchase precious metals.
You must carry out the following steps to start with the company:
If you are considering investing in metals, you must research carefully and learn about the benefits. Thankfully, the advantages of investing in precious metals IRAs abound.
Traditional IRAs primarily focus on purchasing stocks and bonds. They are tied to paper assets, and you cannot invest in precious metals.
The United States government passed a law in 1997 that allowed precious metals to be purchased as securities. Today, precious metals IRA options allow investors to diversify their portfolios with silver and other precious metals and protect against massive monetary losses because of stock market downturns.
Investors have more concerns than ever, prompting them to pursue IRA investments. The following are some of the real-world concerns investors have. Are these some of your own worries?
Although we have attempted to be as thorough as possible with this Monex review, we know our readers sometimes have questions. The following are some of the most common questions people have about Monex.
Monex is not a reliable company. Many customer complaints exist, and the Federal Government of the United States has filed injunctions against the dealer. There are also pending lawsuits and other problems with the dealer.
Monex is not a good place to buy silver because of the many customer complaints and injunctions filed against them. There are far better choices available, including American Hartford and Goldco.
The best place to buy silver online is American Hartford or Goldco. We recommend investors carefully consider their options and research as much as possible before investing in coins, bars, and rounds for their IRAs.
We have carefully researched to uncover hidden information about Monex and its operations. Unfortunately, what we have found is quite shocking.
We cannot recommend Monex to our readers because of the many customer complaints, poor consumer review site ratings, and the United States Federal Government injunctions brought against Monex.
We recommend you work with companies like American Hartford or Goldco to diversify your portfolio with metal. Research is critical, no matter which dealer you choose. Choosing wisely will protect your investment in the future.