Today we take a look at Monex.com and the Monex Deposit Company. 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 start!
Company: Monex Deposit Company
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)
Essential to mention (before we go into more details of this review)
We strongly recommend doing your research online before choosing a company to invest in. There are so many reviews online of clients being ripped off and scammed. So please investigate thoroughly and compare different alternatives before you make your decision.
One example: 99.9% of companies got “pushy” salespeople trying to stress you into acting fast.
Here is the thing, the #1 Recommended Gold & Silver IRA Dealer on our top-5 list got No-salesy representatives… So they won´t bother or terrorize you with phone calls.
You are intelligent, so I am sure that you understand the benefits of dealing with such a company instead, right?
+They got a couple more benefits you might appreciate as much as I do. You will understand yourself once you have visited the page (link) above.
==> See our Top-5 List of Precious Metals IRA Companies on this page <==
With that being said, let´s continue with the review on Monex!
What is Monex about?
Monex or Monex Deposit Company got over 50 years in business and is undoubtedly one of the most experienced dealers of gold for investment purposes. Louis Carabini founded it in 1967. It is also known as Monex Deposit Company and Monex Credit Company. Three family members, including the patriarch, are still 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 also has a unique 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?)
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 tends 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 prices by the minute. This is not something they are alone with, as many competitors do it. You want to pay as close to the spot price as possible, so beware as some companies charge way over the spot.
Monex does better than most because you can view gold prices dating back ten years in history with their interactive gold chart.
Also, 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 are buying gold for 100k, you get 10k silver as a bonus. So that might be something to keep in mind when you are looking for the best deal in the jungle of gold dealers.
This makes it hard 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 annual fees that are never recommended compared to flat-rate fees as sliding scale fees will make you pay higher administrative and storage fees the more your account grows.
So, it might 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 well 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 themselves 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, there is another story. Times change and things change, especially in this industry, so make sure to do your research before making any decisions.
Monex reviews, ratings & complaints
What about the monex deposit company reviews and ratings from their clients? Below you get the current results (Mars 2022) from the most well-known and trusted independent 3rd party consumer protection agencies:
- BBB Rating: (1 / 5) click here for details NOT an Accredited Business by BBB (A- rating)
- BCA Rating: (3 / 5) based on 2 reviews click here for details (opens in new window)
- SiteJabber: (1 / 5) based on 2 reviews
- Trustlink: (4.2 / 5) based on 40 reviews click here for details
- TrustPilot: (4.9 / 5) out of 2336 reviews, click here for details
- Yellow Pages: (1 / 5) based on 3 reviews click here for details
- Yelp: (2.5 / 5) based on 27 reviews click here for details
Note: As you can see, the ratings are not that impressive, exept on the Trustpilot site. Other than that they look just below average, so even if they got top ratings on some places, the bad ones bring down the “overall” rating. On the other hand, Monex has been in business for 50+ years, so it is not strange they might have more complaints than many of its peers.
When reading some of the complaints, you 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 mentioning: 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 claimed he lost $18,000 (see below) while doing business with Monex.
Conclusion: Even if the company itself is not a scam, there are persons out there who feel “scammed” and will never do business with them again. However, it would be best 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 present what I find as it is my job to do so, in order for you, so you can make your own informed decision based on your research.
How´s the support?
Just like their website is not that informative and leaves 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
- The website is not that informative
- It got some pretty severe 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 e-mail to firstname.lastname@example.org.
Final Words and Verdict on Monex
Overall rating: (3.8 / 5)
Ok, I think that sums it up pretty well. This is absolutely a legit company. It would never have survived through all these years if it wasn’t. I also believe it is an excellent alternative.
However, the lack of info on their site about price and other features, plus the negative reviews online, decreases the overall rating.
As always, the decision is up to you to make.
It is always wise to review companies before deciding and investing your own money, so you have made an intelligent move reading this review. It would be best if you always did your 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, in my humble opinion, check out Augusta Precious Metals.
They have ZERO complaints from the BBB and are also the Gold IRA company trusted by most independent 3rd party consumer protection agencies in the industry!
They got a tremendous no-nonsense approach that I think you will appreciate, plus they offer a couple of unique things to their clients that I think you might find very interesting.
´+ A LOT more valuable benefits!
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 questions about this review, I will be more than happy to answer them below.
I wish you success!
Founder of: Gold Retired