Monex

Monex Precious Metalsis a pioneer in the precious metals industry. Since its foundation, the company has expanded to become a precious metals and IRA-eligible gold and silver dealer. 

0 Reviews - Write Review
8.7
Grand Score
8
User Score
8.7
Grand Score
8
User Score
Visit Site

Monex, thefirst company to venture intothe precious metals investment industry, was founded by Louis E. Carabini in 1967. The company uses its unique expertise and resources to cater to theneeds of individual investors. Since its establishment, the company has grown significantly byexpanding its portfolio to include a variety of precious metals.To date, the company’sclient transactions total over $55 billion. 

Unlike other companies in the industry, Monexoffers financing and loan options. Furthermore, the companyis committed to providing exceptional customer service in hopes of gaining complete customer satisfaction. The company provides educational online resources to assist clients in making informed and wise investment decisions. 

Grandfolk Scoring
Customer Support 9/10
Established? 10/10
Third-party reviews 10/10
Buying options 9/10
Shipping 5/10
Price protection 1/10
Purchase requirements 7/10
Cost 8/10
Warranty 10/10
Ease 10/10
Cancellation 7/10
Customer Support
Are customer service agents available to help?
Monex Account Representatives are available to assist you
Established?
How long has the company been in business?
The company was established in 1967
Third-party reviews
Are third-party customer reviews available?
The website links to a third-party site where clients can leave reviews
Buying options
Do prices change for various payment methods?
Prices are the same no matter which payment method you use
Shipping
How much does the dealer charge for shipping?
Various shipping options are available; customers pay shipping costs
Price protection
Is price protection offered?
No
Purchase requirements
Is a minimum or maximum purchase required?
Minimum purchase quantities apply to certain items
Cost
What is the cost of service?
Depends on your order
Warranty
How easy to return or replace?
The company guarantees world class quality and product purity
Ease
How easy to put to use?
It is easy to order online or by phone
Cancellation
Cost or difficulty to cancel?
Call customer service to ask about cancellations
Age Score:
10
50-65 Years
10
65-75 Years
10
75-85 Years
10
85-Above

Some research has found that when learning, visual tools can help you toretain and better retrieve presented information. Fortunately, Monex provides an online video library that includes exclusive videotaped content of interviews with some of the most respected financial experts in the industry. The online recordings include expert studies, market forecasts and recommendations on the economy. 

Monex’s goal is to guide you into makingfavorable decisions while also protecting and enhancing your wealth. The videos are posted frequently, typically explain essential factors of gold buying, and suggest potential strategies you may want to consider. You can take advantage of the free videos by watching them in the convenience of your own home. Additionally, you may re-watch the videos and take notes if needed. The information is provided in hopes of helping you to make informed decisions when you invest. 

Health Score:
10
Great health
10
Good Health
10
Fair Health
10
Poor Health

Monex offers an investment alternative that most other companies do not offer. Monex allows you the option to obtain a loan for up to 75 percent of the value of your precious metals. If you choose to finance, youwill have the opportunity to take possession of your order at any time without facing penalties for early balance payoff of your loan. The option to acquire a loan can help you payexpenses, such as medical costs, that maybecome overwhelming. Additionally, you may choose to sell your precious metals back at any time to help pay debt and cover expenses. 

Pros:

  • 80% of Monex’s business clients are repeat clients and referrals.
  • Monex was the first company in the precious metals business. Its experience, expertise and resources help Monex to cater to its customer’s needs.
  • Clients can sign up to receive free e-mail notifications relating to the precious metals market.
  • As a client, you will work with a dedicated Monex Account Representative. You can bypass the main switchboard and connect directly with your Account Representative's desk. 
  • Clients can have purchases stored at one of several secure and independent banks and depositories in the U.S. 
  • Monex provides exclusive online videointerviews with leading financial experts.
  • Monex has a sophisticated electronic telephone system that can process thousands of incoming toll-free calls each day.
  • Customers can browse through products online and view live prices in real time on the website.

Cons:

  • Monex is primarily geared toward expert investors.Therefore,it offers many of its products in bulk quantities only.
  • Only qualified investors will have access to The Market Outlook, a report that provides monthly updates and a guide to precious metals investing.
  • Monex may charge additional fees to transport purchases to independent banks.  
  • Monex brokers work on commission. The commission structure has been described as encouraging unethical behavior by unscrupulousbrokers.
  • Some customers have complained that the shipping and handling costs change from day to day. Also, shipping costs may depend on which representative you talk to during the call. 
  • In 2017, a complaint was filed against Monex. The complaint accused the company of defrauding thousands of customers of nearly $300 million through an unlawful scheme that used high-pressure sales tactics. The complaint claims that this scheme robbed many elderly clients of their life savings.

Bottom Line:

Monex Precious Metals has been in the industry for over 40 years. The company has grown significantly and has expanded its portfolio to include not only gold, but also silver, palladium, and platinum. Unfortunately, Monex doesn’t offer eCommerce services to its customers. Though customers can browse the inventory online, orders must be placed through the toll free phone number.

Buying gold may prove to be a worthy investment, and Monex goes above and beyond to help its clients and investors make wise choices.A video library is accessible online, in addition to weekly newsletters and other online education resources. Since its inception, well over one hundred thousand investors have purchased billions of dollars in precious metals through Monex.

Frequently Asked Questions:

How do I pay for my order?

Clients have the option to pay bybank wire from a domestic bank. Cashier’s checks and personal checks are also accepted; however, funds will be held for a period of up to ten days before the sale is finalized. Bank verification is required as part of the process. Credit cards, cash, credit card checks, foreign currency and checks drawn on foreign banks are not accepted.

Can I cancel my order? The market has changed, and I want the new lower price.

Terms relating to canceling orders are not found on the website. As per the Terms and Conditions, a buyer must call to speak with a representative to discuss details relating to canceling an order. 

Am I buying actual physical gold or a certificate?

You are not purchasing certificates. Monex assists investors in acquiringphysical gold bullion and gold bullion coinsat relatively low prices.  

More Information:

Product Details

Overview:Monex Precious Metals is a precious metals and IRA-eligible gold and silver dealer. 

Package Details:N/A

Optional Accessories or Add-on Services:  N/A

Additional Company Details

Contract Details: N/A

Warranty:N/A

Accreditations: Monex has an accredited business profile with the Better Business Bureau. However, the profile is currently being updated and a rating is not available. The company previously held an A+ rating. 

Company Details:For years, Monex has been a trusted name in the gold buying and selling industry. Founded in 1967 by Louis E. Carabini, Monex was the first company to venture into the precious metals industry. Today, client transactions total over $55 billion.

Contact: 

Monex Precious Metals
4910 Birch Street
Newport Beach, CA 92660
Phone: 800-444-8317
Email: support@monex.com

T. Mashae Pearson - Senior Advisor

...