Today we take a look at Monex.com. What is Monex? A scam or a legit company? How does it compare to its competitors? Will it be something for you or not? These are some of the questions this short review will focus on. Ok, here we go!
Owner: Louis Carabini, his son Michael, and Michael’s two daughters, Christina and Anna Maria
Price: Depends on your investment
Who is it for: Investors
Overall rating: (3.2 / 5)
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 GoldSilver!
What is Monex about?
Monex is one of the most experienced dealers of gold for investment purposes, it was founded by Louis Carabini in 1967. It is also known as Monex Deposit Company and Monex Credit Company. 3 family members, including the patriarch, are today active in the company.
The physical address of the company is: Monex Precious Metals, 4910 Birch Street, Newport Beach, CA 92660
How does it work?
Monex offers a wide range of precious metals to its clients in the form of bars and coins. Important to mention is that not all of their products are eligible to be stored in an IRA.
Monex also has a special Atlas Account program that can give discounted prices to its clients.
The products offered by Monex are in Gold, Silver, Platinum, and Palladium.
They come in the form of bars and coins.
Even if Monex do offer IRA investment solutions to its clients, they do it through its affiliation with third-party IRA custodians (that are not named on the website?).
This fact makes it hard to be able to compare prices and other features, as you don´t know which IRA custodians they are partnered with.
Important to mention here: Most likely the custodians affiliated with Monex charge sliding scale annual fees, something that is never recommended in comparison to flat rate fees as sliding scale fees will make you to pay higher administrative and storage fees the more your account grows.
So, it could be wise to look for other IRA alternatives…
Can you get the gold (and other metals) delivered to your home?
There is no written info at all about this on their website. However, I managed to find a video where a spokesperson confirms that you can get your investment delivered to your home. Any details about it were not mentioned though.
Can you store your investment with the company?
This is also something that is not covered very good on their website.
However, I was able to find the info eventually as I looked on the video that describes “how to buy with Monex” where the spokesperson explains that you can get your precious metals delivered to your home or store them with the company… That was all info he shared…
Can you sell back to the company?
Yes, you can. On their website, they pride in that selling back metals to the company is easily made and done over the phone with one call.
Can anybody in any country use the service?
Once again, this is not mentioned on their website.
Is Monex a scam?
So, is Monex a scam or not? No, it is not a scam, it is a legit company. There is no way that they would have survived this long if they weren’t.
What about the online reviews and ratings? Below you got ratings from the most “heavy” review and rating sites:
- BBB Rating: A+
- BBB Complaints: 6 complaints in the last 3 years
- BCA: AAA
- BCA Complaints: 1 complaints in the last 3 years
- RipOff Report: 8 Reports
- SiteJabber: (1 / 5) based on 2 reviews
- Trustlink: (4.2 / 5) based on 40 reviews
- TrustPilot: (9.3 / 10)
- Yellow Pages: (1 / 5) based on 3 reviews
- Yelp: (3.0 / 5) based on 19 reviews
As you can see the ratings is not that impressive, to be honest, they look just below average so even if they got top ratings on some places the bad ones brings down the “overall” rating.
When reading some of the complaints you start to notice a common theme, the salesperson has been extremely rude, and the prices have been too high.
Below is one example from a “not so happy” client from the site:
Worth to mention: It is not strange if a company (especially one that has been around for a long time) gets some complaints, however it looks like Monex got a bit more than just a few… Also, some of them are pretty serious, one person claim he lost $18,000 (see below) while doing business with Monex.
Here are some other ones from the RipOff Report website:
Conclusion: So even if the company itself is not a scam there are clearly persons out there that feel “scammed” and will never do business with them again.
How´s the support?
Just like their website is not that informative and leave things to wish for the support is also lacking.
What I miss the most on their website is a live chat function where you should be able to ask questions to their staff members without having to pick up the phone and give them a call.
- Been in business for a long time
- Overall good reviews online
- Website is not that informative
- Got some pretty serious Complaints
- Not a good IRA alternative (click here for #1 recommended IRA company)
- No live chat
Do You Own or Represent Monex?
If you are a representative, or associate of Monex and have found something not to be correct in this review please, feel free to tell and I will make sure to update the info on this post. The easiest way to do it is in the comment section below or else you got the e-mail on the about page.
Final Words and Verdict on Monex
Overall rating: (3.2 / 5)
Ok, I think that sums it up pretty good. This is absolutely a legit company, it would never have survived through all these years if it wasn´t. However, the lack of info on their site about price and other features plus the negative reviews online is something that takes the overall rating down.
It is always wise to review the competition of a company before you make a decision and invest your own money, so you have made a smart move reading this review.
As always, it is up to you.
Which Company Do You Recommend?
If you are looking for a reputable gold IRA custodian besides any other company, you should check out Regal Assets.
Regal Assets have ZERO complaints from A LOT of real users. Used by celebrities, respected by well-known publications, and websites.
And A LOT more benefits!
I hope you found this short review on Monex to be helpful and now you should have a better understanding on what it is and if it is something for you or not. If you have used their service (or are an existing user) please share your experience with us in the comment section below as it can help others. Also, if you got any other question about this review I will be more than happy to answer them below.
I wish you success!
Founder of: Gold Retired