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 with that being said, let´s look into it!
Owner: Louis Carabini, his son Michael, and Michael’s two daughters, Christina and Anna Maria
Price: Depends on your investment
Who is it for: Precious metals investors
Overall rating: (3.8 / 5)
Important to mention before we go into more details of this review:
We obviously always recommend that you do your own 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 and compare the different top alternatives against each other to get a better understanding of their different strong points and why some might be better for you than others.
With that being said, let´s continue with the review on Monex!
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.
Monex gold & silver prices (Do they match up?)
If you want you can see the current Monex gold & silver prices on their (Monex) official website and compare them against other dealers to make sure you get the best deal possible for you. As you (most likely) already know, gold and silver prices change constantly, and especially in times of crisis, the price tend to increase for precious metals. The spot prices on Monex are as mentioned viewable on their official website, where they claim to present updated spot price by the minute. This is not something they are alone with as many of their competitors do the same. You obviously want to pay as close to the spot price as possible, so beware as some companies charge way over spot. One thing Monex do better than most is that with their interactive gold chart you can view gold prices dating back 10 years in history.
Keep in mind that many companies offer bonuses, especially for new clients. For example this particular (top rated) company gives you 10% silver for free when you purchase gold from them, so for example if you purchase gold for 100k you get 10k silver as an extra bonus. So that might be something to keep in mind as well when you are looking for the best deal in the jungle of gold dealers.
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. However, if they are your best alternative out there is another story. Times change and things changes, especially in this industry, so make sure to do your own research before making any decisions.
What about the online reviews and ratings? Below you got ratings from the most “heavy” review and rating sites:
- BBB Rating: (1.8 / 5) (out of 5 reviews) NOT BBB Accredited (A+ rating)
- BCA rating: (3 / 5) (out of 2 reviews)
- BCA Complaints: 1 complaints in the last 3 years
- RipOff Report: 8 Reports
- SiteJabber: (1 / 5) based on 2 reviews
- Trustlink: (4 / 5) based on 40 reviews
- TrustPilot: (4.7 / 5) out of 1480 reviews
- Yellow Pages: (1 / 5) based on 3 reviews
- Yelp: (2.5 / 5) based on 21 reviews
Note: 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. On the other hand Monex have been in business for 47+ years, so it is not strange they might have a bit more complaints than many of it´s peers.
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. However, you need to keep in mind that there is barely any company in this industry without a single complaint. I mean, even Mother Theresa got haters, right? There is also a possibility that the complaints can have been put there by a competitor.
I just present what I find as that is my job so you can make your own informed decision based on your own research.
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 the ultimate IRA alternative (click here for my #1 recommended IRA alternative instead)
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: (3.8 / 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 was´t. Personally I also believe it is a very good alternative.
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 a bit in my humble opinion.
As always, the decision is up to you to make.
It is always wise to review companies before you make a decision and invest your own money, so you have made an intelligent move reading this review. Obviously you should always do your own research, and I always recommend that you compare different top companies against each other to get a better overall view.
Which Company Do I Recommend?
If you are looking for a reputable gold IRA custodian besides any other company, you should check out Goldco.
Goldco have ZERO complaints from A LOT of real users and is also the Gold IRA company that is trusted by most 3rd party consumer protection agencies in the whole industry!
They got a great offer for new clients and is also giving you a 10% silver bonus right now, for example if you invest 100k in gold you will get 10k of silver included.
´+ A LOT more benefits you might find valuable!
I hope you found this short review on Monex to be helpful and now you should have a better understanding of 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