Welcome to my “What Is Monex?” review!

Are you interested in finding a trustworthy precious metals dealer where you can make purchases and get services?

In that case, allow me to assist you in refining your search by eliminating some of the potential employers from consideration. Monex will be the topic of conversation throughout this analysis. What kind of goods does it sell? What exactly is Monex? Is it legit? The solutions are about to be revealed to you in this section. Let’s get started. The precious metals business that is known as Monex has been in operation for more than half a century.

The Carabinis run the business, which has its headquarters in California and is owned by the family. Louis Carabini, the company’s founder and current owner, along with his son Michael and two daughters, Cristina and Anna Maria, have been very involved in running the business ever since it was established. This reveals a great deal about the longevity of the company as well as the importance that the owners place on giving customers services and information.

Monex is an investment company that specialises in precious metals and assists buyers in diversifying their portfolios. The marketplace that Monex provides gives users the opportunity to buy, sell, and invest in numerous precious metals, such as gold, platinum, and palladium. Real-time pricing as well as options for both small and large transaction volumes are provided by the company. IRAs in gold and other precious metals are considered investments, and as such, they are subject to risk.

Be wary of claims made to customers that they can make a significant amount of money in these or any other investments with a minimal amount of risk. You run the risk of losing money with any investment you make, and there is no assurance that past performance will be a reliable indicator of future performance. Before agreeing to make any kind of investment, customers should make sure they have a good understanding of the costs that will be involved in making that investment.

What exactly is Monex?

Having been in business for more than fifty years, Monex Precious Metals is one of the precious metals companies that has been around the longest and therefore has the most experience to draw upon. Their website is inviting to visit thanks to its attractive design and abundance of positive customer service talking points. When you look up reviews from other sources, however, you’ll find a very different picture.

The reviews for Monex Precious Metals are among the most negative we’ve ever read of any company. In addition, there is not just one type of pattern of poor management. The following are just some of the wrongdoings committed by the company:

• Because the representatives lied about the level of risk involved in the investments, several customers lost tens of thousands of dollars.
• The representatives did not honor the buyback programme on purpose and refused to do so.
• Because of the enormous commissions that the company demanded, the salespeople became obsessed with making a sale at any cost.
• When it comes to assisting customers with the management of their holdings, the company consistently provides terrible customer service.

Monex, also known as Monex Deposit Company, has been in business for more than half a century, making it unquestionably one of the most experienced dealers of gold for the purposes of investment. It was established in 1967 by Louis Carabini. In addition to those names, you may also know it as the Monex Deposit Company or the Monex Credit Company. There are still three family members, including the patriarch, who are actively involved in the business today.

Monex is a marketplace for precious metals that provides buyers with the possibility of diversifying the assets in their financial portfolios. You can buy, sell, and invest in precious metals like gold, silver, platinum, and palladium with Monex. Those interested in purchasing precious metals can also take advantage of the company’s resources and educational seminars. Since it was founded, Monex has been instrumental in the completion of over $60 billion worth of customer transactions.

Prices of gold and silver on the Monex market (Do they agree with one another?)

Monex prices idea

You are able to view the most recent gold and silver prices offered by Monex on the official website of the company. You can then evaluate these prices in comparison to those offered by other dealers in order to ensure that you get the best deal available. It is very likely that you are already aware that the prices of gold and silver are subject to consistent change. Furthermore, the price of precious metals has a tendency to rise during times of crisis. As was previously mentioned, the spot prices on Monex can be viewed on their official website.

On this website, they claim to present spot prices that have been updated each minute. They are not alone in this regard, as many of their rivals also engage in this practice. If you want to pay as close to the spot price as possible, you should be aware that some businesses charge prices that are significantly higher than the spot price. The fact that Monex’s interactive gold chart allows users to view historical gold prices going back ten years gives the company an advantage over its competitors.

Keep in mind that many businesses, particularly those seeking to acquire new customers, provide bonuses for their services. For instance, if you make a purchase of one hundred thousand dollars’ worth of gold from this particular (highly rated) company, you will receive ten thousand dollars’ worth of silver as a complimentary bonus. This means, for instance, that you will receive a free bonus of ten thousand dollars’ worth of silver. When navigating the maze of gold dealers in search of the best possible deal, it is important to keep the aforementioned considerations in mind.

Important to note: It is highly likely that the custodians affiliated with Monex will charge annual fees. These fees should be avoided at all costs in comparison to flat-rate fees, as sliding scale fees will cause you to pay higher administrative and storage fees as your account balance increases. Flat-rate fees are always recommended.

IRAs?

Even if Monex does offer Gold IRAs and silver IRA investment solutions to its customers, these services are provided through the company’s affiliation with third-party IRA custodians (which are not named on the Monex website).

Because of this, it is difficult to compare prices and other features, as you are unable to determine which IRA custodians the companies are affiliated with.

Monex Services

Coins and bullion of numerous varieties of gold, silver, platinum, and palladium are available to purchase from Monex. Their website contains all of the information about their products, including the most recent price they are selling them for.

This is not something that takes place very frequently because there are a number of precious metals companies that do not even disclose their prices on their websites.

Monex Products

In addition to dealing in precious metals, Monex is also interested in purchasing goods from customers. It is sufficient for you to make initial contact with them before beginning negotiations. In addition to that, Monex provides its customers with services related to IRAs!

On the other hand, they do not act as a custodian for IRAs. Simply put, Monex is a precious metals dealer for IRA accounts. However, they will suggest IRA custodians for you to use that they think are more than capable of meeting your needs in terms of service provision.

GOLD

Products made of gold are available from Monex. They support the notion that purchasing gold bullion bars can facilitate the acquisition of physical gold at a price that is lower per troy ounce. It comes in a wide variety of sizes, ranging from the standard troy ounce up to 400 ounces.

Gold ingots are the highest-quality form of gold that can be purchased. On the other hand, because of the higher cost of production, the price of gold bullion bars is slightly higher. In contrast to this, gold bullion coins are simple to purchase, divide, and exchange with one another.

If we are going to engage in business with certain dealers, we need to be aware of their credibility, especially if we are discussing investments. Gold products sold by established dealers are guaranteed to have been refined by reputable manufacturers. When we deal in precious metals, however, we are still required to pay certain fees.

IRA DE GOLD

Gold Individual Retirement Accounts are well-known for their usefulness as an investment vehicle all over the world. The following is a list of some of the eligible products that can be used for a gold individual retirement account.

SILVER

Silver is an option for some investors because it is relatively inexpensive and has the potential to diversify its holdings.

Due to the fact that it is an essential commodity as well as an unrivalled utility, some people even consider it to be an indispensable metal.

They also have the option of purchasing it in coin form, which makes it more convenient to hold, divide, and exchange. The following is a selection of the various silver products that are available:

IRA DE MERCURY

One of the metals that is in the highest demand right now is silver. You can easily include it in your plan using silver without incurring significant additional costs.

PLATINUM

Because they can be an important component in the process of increasing your portfolio’s diversification, precious metals of this kind have the potential to be categorized as “hard assets.”

The majority of financial experts agree that you should have between five and nine point five percent of your investment portfolio comprised of hard assets.

PALLADIUM

The opportunity to invest in palladium is widely regarded as being one of a kind. Some investors search for palladium bullion forms that are more manageable in size and offer a higher degree of divisibility.

PALLADIUM IRA

The future looks bright for both the demand for and the value of palladium. They have been regarded as one of the industry’s most successful precious metals in terms of their performance. As a result, including it in your precious metals IRA is a smart move.

Monex Prices and Fees

It is very important to be aware of the prices and fees charged by a precious metals dealer in order to have a clear picture of your financial situation.

Because of the fact that Monex’s website lists all of the prices and fees associated with all of their products and services, you won’t have any trouble with this aspect of working with Monex.

You need only go to their website to look it up and see what it says. In addition, Monex offers a programme called the Atlas Account. Customers who take advantage of this offer are eligible to receive price reductions.

Is it possible to have the gold (and possibly other metals) brought to your house?

On their website, you will not find any written information at all pertaining to this topic. Nevertheless, I was able to locate a video in which a representative affirms that it is possible to have your investment shipped directly to your house. However, no specifics regarding it were provided in the report.

Would the company allow you to keep your investment with them? In addition to that, this is another topic that is not covered in great detail on their website.

Nevertheless, I was able to track down the information eventually by watching a video titled “how to buy with Monex.” In the video, a spokesperson for the company explains that you can either have your precious metals delivered to your house or store them with the company. I was able to find what I was looking for after watching this video. That was the only information he provided…

How does Monex work?

The procedure was designed to be expedient and uncomplicated. Simply get in touch with Monex by giving them a call or sending them an email. Send them a message informing them that you would like to purchase precious metals from them. After that, a representative will walk you through the steps with you and assist you!

You will be connected with a Monex account representative who will guide you through the investment process and assist you in navigating the market. After you have considered your alternatives and the decisions made by third parties, a representative from Monex will describe its extensive two-way metals market to you. This market features top-tier precious metal products that are extremely popular all over the world. You have the option of purchasing large or small quantities of metals, anywhere from a single bullion to a number of pounds at a time.

Monex Prices

During regular market hours, Monex will typically update its competitive prices once every minute and sixty seconds. At the time of publication, the spot price of gold was $1,892, the spot price of silver was $24.79, the spot price of platinum was $895, and the spot price of palladium was $2,332. You are able to easily track the value and performance of all of Monex’s metals due to the fact that these prices are regularly updated at regular intervals. Historically, Monex has provided liquidity for its customers’ transactions, which means the company makes it easier to buy or sell assets at reasonable prices.

Is Monex legit?

Because Monex is a trading platform and not an IRA custodian, it is not responsible for the fees or features that are associated with precious metal IRAs. This is something that new investors may find a little bit confusing. However, given its extensive background in the trading of various assets, Monex is widely regarded as a reliable investment vehicle. Having said that, investing in metals does require some knowledge and expertise specific to the industry; therefore, there is a risk involved that is not specific to the company itself.

Monex Gold Reviews From ConsumerAffairs.com

Due to the fact that they do sell precious metals, it would appear that Monex Precious Metals is a legitimate business. On the other hand, the reviews of the company on Consumer Affairs are terrible. Nobody has rated this product with all five stars; in fact, nobody has rated this product with more than two stars. The organization receives an average rating of about 1.2 stars out of 5. Everyone who had any kind of interaction with them had a negative experience.

Therefore, even if Monex is not a scam, this is a significant enough warning sign that we are unable to recommend using their services. Why would you want to work for a company if you already know it’s going to make your life a living hell? There are a multitude of other alternatives that provide superior support for customers.

Customers aren’t the only ones who have something negative to say about the company. Because of the significant number of legal actions taken against them, Monex was expelled from both the CFTC and the NFA. They have been on the receiving end of multiple lawsuits for employing unethical and unlawful marketing strategies, some of which resulted in customers losing their entire life savings.

James

I was under the impression that if I bought silver from Monex, I would not be subject to a commission fee if I later resold the silver to Monex. Consequently, I made the purchase from Monex. I made a call and verified the information with another Monex representative, who gave me his word that it was accurate. However, when I sold the silver, Dean, the person I did business with and the individual who assured me there would be no commission charge, was the one who told me there would be none. Did charge me a commission of 180 dollars. I questioned why he had charged me and why he had informed me incorrectly in an email that I sent to him. He did not get back to me regarding my email. The treatment of customers in such a manner is extremely unprofessional.

A.K.

I purchased approximately $3300 worth of silver coins, which weighed 11 pounds and were shipped to me in the year 2015. I was cautioned multiple times that it would rapidly escalate. Now, after five years, the item has a value of approximately $3500. I phoned Derek to inquire about the property’s value and to sell it. He made an attempt to make a sale to me and added that I did not have enough. That it is on the verge of increasing! I responded by saying, “really, you said that five years ago, and it’s not worth any more now.” He laughed and was very sarcastic in his tone. When I asked if I could mail it back, he responded by saying that he would send me the boxes for the return. After a few days, I received additional sales brochures but there were no return boxes included. When he called me again to try to sell me more gold or silver, I asked where the return boxes were because he had already tried to sell me more. The response he gave was, “I’m in the selling business, not the returns business.” I despise people who are like him, and I made it clear to him that I feel that way. Terrible sales technique!! With the pushy, fast-talking sales routine and the long lines, it makes you feel like you’re back in the 1950s. Derek, you need to get a real job and start telling the truth.

Walter

A number of years ago, I made a purchase from Monex consisting of several coins. They were kind enough to send me a gift consisting of three 1 ounce platinum coins encased in plastic. The previous week, I made an effort to sell them, but it turned out that they weighed less than half an ounce and were made of silver-plated copper to give the appearance of being platinum.

Anthony

After the passing of my mother, I dialled the number for Monex to sell them the silver coins that she had previously purchased from them and received physical delivery of. They categorically declined our offer! They won’t even buy their own coins back from them! I was able to sell the Monex silver coins from my mother’s estate by using the online marketplace eBay.

John

Be aware that Monex is a completely different kind of organization if you are coming from the world of reputable brokers such as Schwab, E-trade, or Ameritrade, as these companies and others like them. There is no one here who has your back. Following the guidance of our Account Manager, Don, we got started investing in gold. About a year into the relationship, after trust had been established and our gold purchases had been successful, we received a call one morning from ** highly recommending that we buy a ‘hedge’ trade in order to protect our gold account against a decrease in value. He gave us a second call the following morning in an effort to sway us into making the trade. The total price of the transaction that was described to us is $19,000. We decided to follow his suggestions because, up to this point, they hadn’t let us down.

Barry

I have been through four different people who were broke. They strongly suggested that each and every trade would result in a loss. Plus trade fees plus storage. They do not support ACH, so the transfer of funds will take at least a week on both ends. I still possess the gold that they bought from me at 1600. In addition to that, for some unknown reason, they prohibit the use of email. Considering drawing to a close and departing.

Steven

PLEASE BEWARE. The HCSB does not receive any actual metal from Monex. There is a fee associated with that. Monex brokers are paid a commission based on how much of a client’s account they are able to take, whether it be through margin calls on a fictitious number or some other means. The bookkeeping performed by Monex is, at best, puzzling. If you are going to be dealing in metals, please think about the many other options in addition to Monex.

Jeff

The salesman deceived me with a lie. Wouldn’t let me sell my stuff, and the fact that he kept selling and buying meant that it cost me more and more money, until he finally advised me to short my gold and silver, at which point both of those commodities went up in price. Poorly chosen recommendations.

Dennis

Tried to reach a representative but was unsuccessful. Instead, all I got was a string of sales pitches for services that sounded too good to be true, and I wasn’t interested in any of them. It would appear that they are more concerned with making as much money as possible off of their customers rather than providing even the most basic level of customer service.

Megan

A little over a week ago, I made the decision to make an investment with Monex on a 10 oz gold bar that is currently valued at approximately $13,660. I gave them a deposit (9/28) of approximately $3110 on it two days later. I was involved in a rear-end car accident on October 7, just over a week after I had completed the deposit. I was unable to keep my car, and I have struggled with my health ever since. I attempted to call in on October 10 to speak to my account representative, Derek **, and try to get out of the entire deal as now I need the money back to get a new car and everything else. However, the phone line was busy. The only advice he could give me was that I should sell my gold using my other account, give Monex more money, and use some of the proceeds from the sale to put toward the purchase of a new vehicle.

Would the company allow you to sell back to them?

Yes, you can. They take great pride in the fact that selling back metals to the company can be done quickly and easily over the phone with just a single call, as stated on their website.

Can individuals from any nation make use of the service?

Once more, we were unable to find any mention of this on their website.

Is Monex a Fraud or Not?

Is Monex a legitimate business, or is it a scam? No, this is not some kind of con. It is not a scam in any way. There is no way that they would have survived this long if they weren’t. On the other hand, if they are your best available option, that is a different story. Be sure to do adequate research before settling on any course of action because both the times and the circumstances, particularly in this field, are subject to change.

Take note: As you can plainly see, the ratings are not particularly stellar, with the exception of those on the Trustpilot website. Aside from that, they appear to be slightly below average; however, even if they received top ratings in some places, the poor ratings bring the “overall” rating down.

On the other hand, considering that Monex has been operating for more than half a century, it is not surprising that they might have more customer complaints than many of their competitors. When reading through some of the customer complaints, you may have noticed a recurring theme: the salesperson has been extremely rude, and the prices have been unreasonable.

Why Should You Pick Monex as Your Partner in 2022?

Monex takes great pride in the following qualities and virtues that they uphold as a company and that contribute to the image that they present to the outside world as their reputation:

ACCOUNTABILITY

Over the course of more than four decades, Monex was able to successfully complete customer transactions totaling $60 billion, and they also delivered physical metals on demand.

REAL PEOPLE

You will have access to a personal Monex account representative if you choose to do so. You have the ability to consult with them regarding any questions, issues, or requirements you have concerning the purchase of gold or other precious metals.

MARKETPLACE

If you want more information regarding the two-way metals marketplace that Monex provides, you can ask for the opinions of third parties or speak with a representative of your own account.

PRICES

During the hours in which the market is open, Monex’s prices are updated once every minute and a half. It is generally agreed that their prices are accurate and among the most affordable in the industry.

Products Monex offers a wide variety of products, all of which are of the highest quality and are extremely popular all over the world. These products include precious metals and gold.

LIQUIDITY

An effective buy-and-sell marketplace that accommodates a variety of transaction sizes is currently being developed by Monex as a service to its customers. They offer very reasonable prices for these products.

What we like about it?

Real-time pricing and complete transparency are two of my favorite features of Monex. After going to their website for the first time, one of the first things that stood out to me was how upfront and honest they were about their pricing. They have charts that show the prices of various precious metals over a certain period of time.

Both the asking price and the current market price are displayed for each of the precious metals that Monex has available for purchase. When you click on the product, there is a brief description of it, as well as the prices that Monex is currently offering, which include the following:

• Spot price
• Bid price
• Asking price
• Chart

Both the Monex Standard Prices and the Atlas Preferred Prices are included here.

Numerous years of experience working in the sector

They have a significant amount of experience working in the sector. When it comes to gold and other precious metals, their founder has a significant amount of experience. Aside from this, they have been successful in completing deals and transactions totaling over sixty billion dollars.

What we don’t like about it?

They have a significant number of negative reviews and low ratings on reputable websites such as the Better Business Bureau and Consumer Affairs.

It would appear that one of the things we have learned about negative reviews is the fact that they will not indicate something if it is not true.

Negative reviews are often very specific and take up a lot of space, so it stands to reason that they are fairly accurate.

Therefore, as a potential future investor in this company, you ought to be aware of those facts so that you are aware of the various options that are available to you.

They are only acting in the capacity of your “precious metals dealer.”

It would appear that if you do business with this company, you will be required to set up an individual retirement account (IRA) with a third party trustee or custodian, fund it with that party, and carry out the majority of your business dealings with that party.

You will simply indicate that your precious metals dealer is Monex.

You will be responsible for performing all of the laborious processing, and they will merely supply you with the metals.

That pretty much clarifies the reasoning behind why they make their prices so readily available.

One of your concerns is also going to be the storage. So, I wish you the best of luck with that…

They are in the business of dealing precious metals, and that is their primary occupation. That is the extent of their service offerings as well.

They do not act as IRA custodians but rather perform the function of a MARKETPLACE.

You really ought to keep that in mind.

That’s why you need to read reviews like this one.

You might be easily attracted with how low their prices are and how transparent they are with them.

But, you might get trapped because they are not offering Gold and Precious Metals IRA.

Final Verdict

There will be no losses with Monex. It is a legitimate business that provides a variety of goods and services. In addition to this, it has been operating for more than half a century!

In spite of the fact that Monex has been around for a very long time, there are a few factors that prevent it from being the most suitable company for your needs. It was met with an overwhelming number of disturbing complaints, as well as negative reviews.

In addition, its ratings are not particularly impressive when compared to those of its rivals. In light of this, I do not advise you to invest in Monex. Check out the recommendation that comes in at number one on my list if you’re interested.

Even if the company in question is not a fraud in and of itself, there are people in the world who have the impression that they have been “scammed” and will never do business with them again.

Having said that, it is essential to bear in mind that virtually no business operating in this sector has never been the subject of a single complaint.

Even Mother Theresa had people who didn’t like her, right? There is also the possibility that one of your competitors was the one who posted the complaints on the website.

I present what I find because it is part of my job to do so, in order for you to be able to make your own decision after conducting your own research and using that information.

I am extremely grateful that you took the time to read my review of “What Is Monex?” In the event that you have any feedback or inquiries, please don’t hesitate to post them in the comments section.