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The chances are you opened this Monex Precious Metals Review page because you want to know more about this gold dealer and precious metals IRA company. We assure you that we will give accurate answers to your questions. We will also provide other crucial information in this document that will help you choose whether it is wise to do business with this company or not.
Bear Lake Gold is an independent organization that reviews precious metals companies. We aim to give our readers unbiased, manually validated, and factual information about the gold and silver firms that we review. We want you to be able to compare these companies we have reviewed on a like-for-like basis.
We utilize our homed gold dealer review methodology when carrying out our review processes. As a core aspect of our review process, we reach out to various key players in the organizations we review, including the owners, managers, staff members, and people who have bought from or sold to these companies.
We form our standpoints about how moral, competitive, suitable, and ethical it is to purchase precious metals from these companies from the responses that we get from our meetings with these people physically and virtually.
Therefore, the information we will provide for you in this Monex Precious Metals Review will cover various aspects like the people at the helm of Monex’s affairs, its services, products, cons and pros, and how customers have rated them on various customer rating sites.
Primarily, the information in this document will answer these three fundamental questions.
Summary for Those Who Want a Quick Abridged Answer
After we met with the key players of Monex Precious Metals, including some of its customers, we concluded the following about the company.
If you want to find out the details that drove us to draw these conclusions, please read till the end of this review article.
Nevertheless, there remains one question that we have not answered, "Which companies would we recommend as the best gold IRA investment companies to do business with?”
Our prime aim has always been to evaluate all companies in the precious metals sector so we can recommend who, in our opinion, are the best providers of precious metal IRAs and other physical gold, silver, platinum, and palladium products.
Our top three recommended companies are.
These three dealers are in a class of their own. They have exceptional customer service teams, provide outstanding customer education programs, are truly transparent in all dealings, are well established, financially secure, and deal with all customers honestly. We consider them highly trustworthy.
To discover more details about our top three companies, please click the buttons below to download their full and detailed review packs for free. We promise that it will be worth the read.
#1 Recommendation Best Overall Precious Metal Provider
#2 Recommendation Best Gold IRA Based On Price
#3 Recommendation Best Gold IRA Based On Price
Monex is a gold IRA (Individual Retirement Account)company that also sells other precious metal products to interested investors founded the company in 1973, and it is located at 4910 Birch Street, Newport Beach, CA 92660-2113.
The firm has various gold, silver, platinum, and palladium bullion bars and coins in its catalog. In addition, it sells IRA-eligible precious metal products like;
Monex provides its customers with gold IRA and precious metals investment educational videos through its vast video library. It also has a News section on its website that it updates weekly to keep its investors abreast with the happenings in the industry.
Although the company started under Louis E. Carabini in 1973, the Carabini family was already running the business before it metamorphosed into Monex Precious Metals under Louis. After Louis founded the company in 1973, it was incorporated in 1987, about 14 years later.
Up until now, Monex is still run by the Carabini family. However, Louis now runs the company with Michael (his son) and Christiana (his granddaughter). From our research it appears that up to half of the company's employees have been with them for at least ten years.
Monex has a variety of precious metals products in its inventory. It sells gold, silver, platinum, and palladium bars and coins to interested investors. It also sells very popular IRA-eligible coins.
When we asked a customer care rep we spoke with, about the company’s pricing, the agent told us that Monex is very transparent with its precious metal pricing. According to him, the company’s website displays available products and their spot prices for investors to see.
Monex sells gold, silver, platinum, and palladium products. Some of the available products that you will find on its website include;
From the information we gleamed by speaking to representatives of Monex about their IRA services, we concluded that the company has partnered with a variety of custodians and also allow customers the option to choose the custodians that would be best for them from a pool of recommendations. A company representative told us, “A knowledgeable Account Representative will help you open your IRA with an independent, third-party IRA Trustee/Custodian of your choice. Upon establishing and funding your Gold IRA account, we will assist you in placing your order for the amount of gold bullion bars or coins you desire. Monex will then deliver your gold to the storage depository used by your IRA Custodian. Should you later decide to realize the value of your investment by taking advantage of our two-way buy/sell market, call us to process your sell order. Together with IRA administrators, we will process payment to your Trustee/Custodian and arrange the delivery of your metal back to Monex.”
The company also sells famous IRA-eligible products. Some of the gold IRA-eligible products that you will find in its inventory include;
Some of the silver IRA-eligible products that you will find in its inventory include;
Some of the platinum IRA-eligible products that you will find in its inventory include;
Some of the palladium IRA-eligible products that you will find in its inventory include;
Monex partners with Brinks International for its storage solutions. Brinks is one of the depositories that uses state of the art technology to secure the metals of customers.
Besides providing investment guides for customers, Monex also allows customers to request exclusive reports. These reports are written for Monex by the managing partner of the CPM group, Jeffrey Christian.
Besides the educational video section on the company's website, Monex has a News section. In this section, customers can read valid updated weekly precious metals news.
Interested investors can also sell their precious metals to Monex. According to the agent we talked with, Monex has simplified this process so that interested investors can get paid as quickly as possible for their products. You can sell your gold, silver, platinum, and palladium coins and bars to Monex.
People who want to sell their metals must first contact one of Monex's customer reps to let Monex know of their intentions. The rep will tell them the value of the products they want to sell and give them quotes.
If you go through this process, get a quote for your metals, and the price suits you, you can complete the sale to Monex. Immediately after you agree and lock in the price(s) on the quote, you will get instructions about how they want you to package and ship the products.
When your metals get to Monex, an agent will contact you to verify your metal’s exact value, and then Monex will pay you.
One of the agents we spoke with said that Monex rewards customers who refer them through its special referral program. If you get someone to purchase metals from Monex, you will get a free 1.5-ounce Silver SuperLeaf. If the customer buys more than $10,000 worth of precious metals, Monex will reward you with a 10 oz silver bar.
Monex has closed 0 complaints in the last three years
This rating was based on only two reviews on the BCA site
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4.9 out of 5 Stars
This rating was based on 2,673 reviews on the Trustpilot site.
We asked one of the customer care representatives if Monex is currently offering promotions to its new customers. According to him, apart from the referral program, Monex is not offering any promotions to new customers.
We know that some of our readers want to open a gold IRA through a company offering amazing promotions to new investors. In that case, we recommend Goldco for IRA investments. New investors who qualify for a rollover will get free silver worth $10,000 from Goldco alternatively American Hartford Gold also haveupto $10,000 in free silver which can be accessed via the banner in the top right of this page.
After we interviewed the company’s representatives and previous customers, we evaluated all the information we had gathered by utilizing our gold dealer review methodology and we concluded that Monex is not a scam operator. As part of this Monex Precious Metal review we can conclude in our opion, Monex is a legit precious metals company that has been doing business for a long time. However, we found it has a questionable reputation, shady IRA procedures, and many negative reviews on customer rating sites.
In our professional opinion, because of these red flags, we will not advise any of our readers to invest in a gold IRA through this company. Investing in a company with a questionable reputation could be costly, which is a risk we would not want any of our readers to take.
Instead, we suggest you invest in your gold IRA and buy precious metals through our top three gold IRA companies. These firms are Augusta Precious Metals, Goldco, and American Hartford Gold. When we reviewed them, we found them to have excellent reputations in the industry, and many people had positive things to say about them. Investing with them will keep you at rest, knowing that your investment funds are safe and secure.
We have also compiled the other amazing features of these companies in review documents to help you see why they are the best for your gold and silver investments. To get these documents, please click the relevant buttons in the next section below to request them.
Our #1 Precious Metals & Gold IRA Company - Best Overall
Augusta Precious Metals is our best rated overall precious metals company
Our #2 Recommendation - Best For Promotions
Goldco is our second top rated gold and precious metal company. Having been top rated all of last year they were very close top Augusta Precious metals
Our #3 Gold & Silver Company -Great Prices and Great Customer Service
American Hartford Gold is our third top rated company.