More and more of the people thriving at 50 years and above are opening a gold IRA account. However, the process of investing in gold for your retirement account first starts by choosing the right gold company. This review will determine whether Monex, an established gold broker in the US, is a firm you can trust to handle your investment.
Monex is another one of the top precious metal traders in the industry. They have been around for over 40 years run by the Carabini family. It became fully incorporated in 1987. Before he founded the company, Louis Carabini had been in the precious metals industry since 1967. His first company was the Pacific Gold Exchange.
Based out of California, Monex started to provide a better option for those looking to purchase gold after the gold confiscation of 1933. While gold may be where Monex started, they also offer silver, platinum, and palladium.
Because of its long history and service in the industry, the company has earned considerable trust in the industry. The company asserts that 25% of their business comes from pure referrals by past and existing clients.
Monex Investment Information
One of the crucial things to look for in a gold IRA provider is the amount of information they avail to clients. Not everyone comes from a financial background, and it would, therefore, be helpful for a gold dealer to guide investors through the process of setting up a gold IRA account and buying and selling the precious metals.
If you take a look at Monex website at https://www.monex.com, that kind of information is there. Even though not arranged in an easy to access format, they have several articles touching on:
- The benefits of investing in gold and other precious metals
- Buying Precious Metals from Monex
- Latest market prices, charts and more
- Expert views on deficit/debt, diversification with gold and wealth protection among others
- Markets insight – the standing of the dollar, tariffs, inflation oil, the Fed and much more
Apart from articles, Monex also has plenty of video content on their website, talking about market updates and expert opinions on investing in gold and silver.
We can say that the amount of information on Monex is comprehensive and caters to both beginners and experienced investors. Perhaps, what the company should have also included on their site include:
- Direction and assistance in the setting up of self-directed IRA gold accounts
- Articles on investing in gold for retirement
Monex Precious Metal products
For a precious metals investor, Monex has an endless list of items you can trade. These include:
- Gold Bullion
- Gold Vienna Philharmonics
- Gold American Buffalos
- Gold American Eagles
- Gold Canadian Maple Leafs
- 1.5-oz. Gold Canadian Maple Leaf
- Gold Canadian Growling Cougar
- Gold Canadian Howling Wolf
- Gold Canadian Roaring Grizzl
- Gold Canadian Bugling Elk
- Gold Canadian Golden Eagle
- Gold Canadian Moose
- Gold South African Krugerrands
- Silver Bullion 1000oz
- Silver Bullion 100oz
- Silver Vienna Philharmonics
- Silver American Eagles
- Silver Canadian Maple Leafs
- 1.5-oz. Silver Canadian Maple Leaf
- Silver Canadian Bald Eagle
- 90% US Silver Coin Bag
- 40% US Silver Coin Bag
- Platinum Bullion
- Platinum American Eagles
- Platinum Canadian Maple Leafs
- Palladium Bullion
- Palladium Canadian Maple Leafs
Buying and Selling with Monex
The company states that customers can buy or sell gold with them. There is an elaborate process of purchasing gold from Monex, in a dedicated web page “how to buy.” However, when it comes to selling your precious metals, you will be required to call them for assistance.
It is also important to note that on the list of their coins and bullions, a good number are approved for IRA accounts. That can be a good thing when you wish to diversify your gold IRA portfolio.
However, don’t forget that Monex is not an IRA custodian, and therefore for IRA account trading, it needs to work with partner custodians. For the sake of transparency, other gold IRA companies often disclose the IRA custodians they work with, but Monex hasn’t done that.
There is less transparency about how Monex Precious metals handle gold trading for IRA accounts. They have not listed pricing information or mentioned of fees you can expect to be charged by the thirds party custodians. However, the company might be able to assist you to set up your storage arrangements for your precious metals.
The Monex Customer Service
The gold company assures that their customer service is flawless. According to Monex’s website, they are engaged in the continuous development of products, policies, and procedures to improve the customer experience.
A few benefits of their customer service:
- Toll-free calling when placing orders or inquiring with them
- Past clients can bypass the main switchboard over to their assigned account representative
- Orders are executed to completion while you are still on the line
- Trade confirmations are emailed to customers within the same business day
From looking at what customers are saying on review websites such as Better Business Bureau or Consumer Affairs among others, Monex’s good customer service claims seem to be true. The major complaints about Monex on review websites mostly touch on advertising but not customer service.
Monex Ratings on Consumer Review Sites
There have been some rumours about Monex Precious metals not just recently but from its early days where customers say their marketing techniques are a bit forceful.
When it comes to Monex Customer reviews on BBB, there are positive reviews, but some customers complain about being lured through marketing tricks to buy precious metals, decisions that not always result in profits.
On Trust Pilot, many customers praise the company’s good customer care and a broad range of information on gold investment.
The gold company has an A- rating on BBB. Monex is not rated on City Search and Google Plus. The company has 1 out of 5 stars on Site Jabber and Yellow Pages. It has 3 stars out of 5 on Yelp at this time of writing.
Monex seems to be a legit gold broker but leans mostly towards non-IRA accounts. The company might be able to provide assistance when it comes to precious metals for retirement investors upon request. There are both positive and negative reviews about the company, and it would, therefore, be wise to seek assurances with the company before you make the final decision.
- Address: 4910 Birch Street, Newport Beach, CA 92660, US
- Phone: 1-800-444-8317
- Website: www.monex.com
- More than 50 years in business
- Wide range of products
- Good customer service according to customers
- More complaints & lower ratings than average
- Their main focus is not on IRA accounts
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This review was updated on June 2020)