Monex – Gold IRA Company Review
Company: Monex Precious Metals
Trustlink Reviews: 4 Stars, 40 Reviews
Annual Fees: unlisted
Minimum Gold IRA Investment: unlisted
Phone: (800) 444-8317
Address: 4910 Birch Street, Newport Beach, CA 92660
For over 40 years, Monex has been America’s trusted name in gold and other precious metals. With client transactions now totaling over $40 billion, Monex Deposit Company, established in 1987, is one of America’s premier precious metals dealers because of their dedication to customer service and satisfaction.
Located in Newport Beach, California, Monex Precious Metals is home to a large and dedicated staff of hard asset professionals committed to serving your precious metals investment needs with competitive precious metals prices.
Today, three generations of the Carabini family are now working with Monex, including founder Louis Carabini, his son Michael, and Michael’s daughter Christina. In addition, more than 20% of Monex employees have been with the company for a decade or more.
Louis E. Carabini entered the precious metals business in 1967, a time when there were no gold dealers due to the 1933 federal law prohibiting gold ownership. His first company, Pacific Coast Coin Exchange, was primarily devoted to trading in pre-1965 U.S. silver coins and pre-1933 gold coins. At that point in time, increasing prices for precious metals became evident to the investing public.
A reported 80% of Monex’ business is from clients doing repeat precious metals business, and about one-quarter of new clients are referred by existing clients.
Monex Precious Metals is towards the bottom of the best Gold IRA companies review ranking due to a tarnished reputation based on customer reviews and a lack of clear and obvious Precious Metals IRA focus:
- Based on customer reviews across the BBB & Ripoff Report – Monex has been reported to have issues with sales, billing, delivery and with there products & services:
- Here is a customer complaint from May, 2015: “I ordered 1000 ounces of silver coins and 10 ounces of gold coins. I was told these shipments would come separate. When I received the boxes they were identical and neither box contained any gold coins.” – BBB Complaint
- Here is a serious complaint regarding fraud from February, 2016: Monex rips off 98 year old WWll veteran and renown UCI scholar Newport Beach California. My father Judd Hubert purchased 10 bars of Platinum on 11/08/12 for $160,000. I witnessed this transaction. He paid by check and made it clear that he only wanted to hold the 10 bars and nothing more. On 10/16/14, he received a call from a sales associate Dan Wales who told him that he would do everything to diminish any losses as the value of the platinum was going down. Mr. Wales claims that my father who was 98 years old agreed over the phone to buy 10 more bars of platinum. My father told me he never agreed to purchase any more platinum and only wanted the 10 bars he had initially purchased. On 11/30/15, my father sold the what he thought was 10 bars of platinum because the value was going down. He was told he could claim the loss on his taxes. On 12/4/15, he received a check for $30,540.38. He said he should have received the sales price on 10 bars which was $83,320.00. – ripoffreport.com
- If you are simply looking for a Gold IRA, it would be advisable to go with a company that only specializes in Gold & Precious Metals IRA’s with dedicated insured storage solutions. The Gold IRA Rollover information on the Monex website is sparse and more difficult to find when compared to other specialized company sites.
- Where Monex also lacks is with a quick online Gold IRA account setup. In todays digital world, it is preferred to have control of your IRA application online, right from your phone, tablet or computer browser, 24 hours a day.
For those who are first time precious metals investors looking for a simple Gold IRA solution, Monex is not for you. Monex lacks transparency with processes, fees, and standard practices regarding the Precious Metals / Gold IRA process. There are too many unknowns with fees, account minimums, and metals storage solutions.
Where Monex shines is with excellent information regarding precious metals products, news and updates with an active blog and a broad selection of gold and silver with pricing. It is clear that Monex is an expert in precious metals products, but it is unclear what their competitive advantage is with regards to a specific Precious Metals IRA / Gold IRA.
Features and Benefits
- Online account login and management
- Broad precious metals selection
- Exclusive precious metal financing
- Exclusive storage program
- Deep industry and market expertise
- Experienced – 40 years of precious metals experience
Products and Services
- Gold, Silver, Platinum and Palladium coins and bars
- Precious metals IRAs
- Loan for up to 75% of the value of precious metals from Monex Credit Company
- Bank or depository for storage with Monex Atlas Account
- Free Reports, booklets and DVD offerings
- Online educational resources in their ‘Investor Info’ menu tab
- Live precious metals spot prices on website and on their smartphone app