Today we take a look at a company named APMEX. What is APMEX? A Scam or a legit company? How does it work and will it be something for you or not? Are there better alternatives? These are some of the questions this review will focus on. Ok, here we go!
Company: APMEX (American Precious Metal Exchange)
Owner: Scott Thomas (President, chairman of the board)
Price: (Depends on how much you invest)
Who is it for: Gold, silver, platinum and palladium investors
Overall rating: (2.5 / 5) (NOT Recommended)
Important to mention before we go into more details of this review: We always strongly recommend to do your research online before you choose a company to invest with. There are so many reviews online of clients being ripped of and scammed. So please investigate thoroughly before you make your decision.
With that being said, let´s continue with the review on APMEX!
What is APMEX about?
APMEX is a company where you can invest in gold, silver, platinum, and palladium in the form of coins, bars or bullion. The company have been in business for more than 15 years and have clients all over the world that both buys and sells through the service the company offers.
How does it work?
There is a 4 step process to buy metals with the company online, below is a screenshot from the official website of the company:
All in all, you can say that the process is made as simple as possible, just like other similar sites pretty much.
Ok, so what products do they offer then? Well, they offer a lot of different gold, silver, platinum and palladium coins, bars and bullion. In fact, they got over 8,000 different products.
There are also many collection coins and such on their website, so it might be interesting for you if you are looking for coins with prints of Mickey Mouse for example.
Does APMEX offer IRA rollovers? Well. The company doesn’t offer it but it is partnered with different IRA custodians that do. Below are the custodians listed:
- GoldStar Trust
- Self Directed IRA
- Entrust Group
- EQUITY Institutional
- New Direction IRA
- Kingdom Trust Company
This means that all fees associated with setting up an IRA with APMEX will depend on what custodian they connect you with…
Important to mention:
As most of the scams and ripoffs in this industry take place in the form of very high or even hidden fees it is strongly adviced that you know exactly what and how much you will pay for. Transparency is what you want to look for in a company.
***Would recommend you to take a look at the online #1 rated IRA custodian named Regal Assets instead <==
Can you get the gold (and other metals) delivered to your home?
Yes, you can get the metals delivered to your house, if you place an order over $99 you will get free shipping (on domestic orders only). If you live outside of the US you can look at the shipping rates for your particular country on the site.
Can you store your investment with the company?
No, this company only sells or buys the products, you store your investments in other places (of your choice).
Can you sell back to the company?
Yes, you can sell your investment back or you can sell other metals that you have to the company as it is always looking to buy.
Can anybody in any country use the service?
There are clients worldwide with this company if exactly all countries are allowed I am not sure of but on their site, you can see the allowed countries and they are MANY.
Is APMEX a scam?
So, is APMEX a scam or a legit company? Well, I would absolutely not call it a scam but there are actually some red flags that you want to know before and IF you sign up.
I talk about the many complaints and even ripoff reports that are online on this particular company… I mean there will always (pretty much in all cases) be someone that have a complaint about something, right? However, when they are more than just a few then there is also time to concern about it.
So, how many complaints are there in the company? Well, only in the last 3 years there has been more than 60 complaints closed with BBB… A majority of them closed in the last 1,5 year.
On the BBB website, APMEX holds an A+ rating (the highest) and is called an accredited business.
However, there is a difference between the consumer’s voice and the “BBB voice”
What are the costumer’s complaints about then?
They range from problems with advertising and sales to problems with the products and services offered by APMEX.
The complaints are a bit too many and also on a very broad range of categories within the company to be ignored…
If you want to have a look on what consumers say about it and read their complaints you can click the link below
Click here to read some complaints (Opens in new window)
If you want to read complaints on the Ripoff Report website click the link below.
rippoffreport.com(Opens in new window)
This particular site is based on consumers opinions and also got many bad reviews for APMEX.
The negative stuff is about pretty much all aspects of the company such as customer service, product quality, hidden extra charges, etc..
The most concerning though is the one that indicates that the company was once (back in the day) a good and legit one but have slid into something else lately… Something like a gold, silver and other precious metal investing “scammer” or con artist if you prefer.
He says (in his complaint) that he was charged tax all of a sudden due to an “unadvertised policy change” despite the fact that APMEX never charged him sales tax before, he was now charged this tax for a particular purchase.
He didn´t get the thing sorted out and had to pay the extra charges…
Another consumer states that the company ignores emails from him where he has canceled orders. As the rules are that you have a certain amount of time to cancel they waited for the time to go… He couldn´t cancel his order…
As you see there are MANY complaints and also in different areas of the company….
I don´t know about you but if I was you I would strongly recommend that you take a look at gold (and other precious metals) investing sites that don´t have this bad reputation.
Something positive among the bad stuff
Just to be clear here, there are also reviews and clients that claim to be completely satisfied with everything with the APMEX company such as the quality of the products, the service, etc
Some say that they would never use another 401k gold rollover company.
So this shows that many are also very satisfied and don´t have an issue at all…
How´s the support?
Support is something that I personally find very important with an investment company, or with a company overall.
As mentioned above, there are many complaints on bad support with the company. Let´s see what I found.
On the official website of APMEX there is a live chat function, however, when I tried to use it it was currently closed… It might be that they have certain opening hours but would have preferred if there was 24/7 support as it probably got clients (and interested clients) from pretty much all different time zones.
For me, that is enough to call the support, eh… not so good.
Why Should You (Or Should NOT) Join APMEX?
As I mentioned above, there are some red flags with APMEX and there are a handful other similar sites that have got a much better rating than this particular one.
So personally I would not go with this one if I was you, instead, I recommend you to take a look at some of the ones with zero or close to zero complaints and ripoff reports against them.
Final Words and Verdict on APMEX
Verdict: Legit but not NOT Recommended
Overall rating: (2.5 / 5)
Ok, I have to call this company legit even if it got a pretty big amount of complaints against it. The reason I choose to do that is that they have more than 15 years in business and I have a very hard time to see how they would have survived that long if it was a complete scam, right?
The rating 2,5/5 stars seems fair and the reason the rating isn´t higher than that is that of the many complaints
The huge amount of complaints and bad comments, in general, can´t be ignored, when a consumer is investing money (no matter if it is big or small amounts), the company should behave the best they can and always please the client.
It seems like APMEX don´t seem to care about this, the reason for it might be that they are only caring about getting new clients and not keeping old…
Anyway, I would not recommend you to go with them as there are MUCH better alternatives out there.
My #1 recommendation to you (the investor)
If you are looking to invest I strongly suggest that you do your research before you go with a company and read some reviews about it before you decide to go with it. As this is what I do on this blog, I have collected all of the absolute best ones on the same page, they all got little different advantages but all of them are great overall.
I hope you found this review of APMEX to be helpful and now you should have a better understanding of what it is and what it is all about. We don´t call it a scam but we would recommend you to go with better alternatives instead. Are you a client (or a former) with the company? Then please share your experience in the comment section below, also if you got any questions about this review I will be more than happy to answer them below!
I wish you success!
Founder of: Gold Retired