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Have you been trying to decide which company will help you in your goals to invest in precious metals? If so, you have likely considered Monex.
This dealer has been around for many years, but is Monex legit? Are there any red flags you should know about? Has the company received negative reviews?
We plan to answer these questions and more as we delve into the world of Monex and learn about how they operate. Continue reading this review to get all the answers you need.
Monex came about due to changes in the United States and its coinage. The dealer arose from humble beginnings, with the owners purchasing $1,000 worth of quarters and opening their doors in Long Beach, California.
The Carabani Family is the one who opened Monex after successfully running their father's company for over two decades. Monex was officially born in 1987.
At the time of this writing, three generations have run the company, and many of their staff members have been on the payroll for over ten years.
Can you trust this family-owned and operated company with your gold, silver, and platinum IRA or should you continue looking?
The Carabani Family owns the company, and the founder is Louis Carabini. Michael Carabani is the president of the company.
Louis Carabani's grandchildren, Anna Maria and Christina, both work for the company. The Carabani Family believes in keeping things within the family!
Whether you want to invest in coins or bars, your first concern is whether a company is trustworthy. You can tell a lot about bullion companies by what their customers say in each review.
As we began investigating Monex, we first checked out the consumer rating sites to see what they had to say. Our first stop was the Better Business Bureau.
The BBB has given the company an A rating, however it is not accredited. Currently, the company has one star out of five.
The star rating is based on two customer reviews. On the BBB website, there have been six closed complaints in the last three years and two in the last year.
When you enter the company's profile page, you are immediately given an alert. In July 2021, the Commodity Futures Trading Commission filed a preliminary injunction against the company, stating they had defrauded customers of hundreds of millions of dollars.
The charges state the company was using illegal means of operating the business. The company was forced to shut down its Atlas program as a result.
As of August 2024 there was a government alert on the BBB website.
This information made us pause and think about the direction of this review. We were startled to be faced with such allegations for this investment company, but we continued to dig for further information.
We also checked with the Business Consumer Alliance to see what they had to say about this bullion business.
At the time of this writing, the company has been given an A rating, with three stars out of five, based on two customer reviews.
Most customer complaints revolve around late shipments of coins and bars, lack of communication, and harassment.
There have been problems with the way they treat customers, and customer service is lacking.
Our final stop was Yelp. This dealer has 2.5 stars out of 5.
Some customers said the prices were too high. Other customers were pleased with the investment process but needed help to go through the buyback program.
As we read more reviews, we were upset that many customers were given damaged metals. Novice investors were told inaccurate information and were given empty promises.
Although this company has been around for many years, it sounds like they are not the best company to start your IRA with, now or in the future. The negative reviews are quite startling.
As you read our reviews, you will often find a pros and cons section. We believe this information helps break down the good and the bad of any gold coins company.
The following offers the pros and cons we discovered from our research of Monex.
Pros
Cons
Monex is a legit company, but they it appears have been found to be fraudulent in their attempts to service investors. The company appears to have defrauded people by hundreds of millions of dollars, with an average amount per customer of around $100,000.
This is not the type of company you want to help you buy metals. Although they offer good prices when they sell coins, the risk is not wise.
Investors should be cautious of companies like this in the world that try to make money off of the fears of investors worried about inflation and the economy.
Monex offers many products and services. Although we have already expressed concern, we will continue this review as promised and give you all the facts.
If you are new to investing, you may be interested to learn about their free gold investing kit. This kit has no strings attached, but you will need to contact an account representative to get yours.
The kit includes information that will help you understand the importance of investing in precious metals and how to get started with a precious metals IRA.
The information can be helpful even if you do not decide to go with Monex.
Monex also offers IRA services with third-party custodians. You can select one of their recommended IRA custodians or decide on your own. The third-party custodians they recommend are some of the best in the business.
Precious Metals Investment Educational Tools (h3)
Monex offers a vast library of informational tools that can be used to educate you on the process of opening IRAs and how to buy precious metals. This information is offered freely to customers.
Monex offers a full range of metals, but not all are IRA-approved. Before buying your IRA, you will need to ensure each coin is at the right purity level.
The following are some of the coins on the site. When you view each coin, you can see the cost and current bid.
Monex also offers palladium products to help you start investing in the future. Investments in silver can diversify your portfolio with ease.
To get started, you will simply need to set up an account. A representative will be happy to help each customer through the process. You will need to work with the Monex representative assigned to your account to open your IRA.
Once your precious metals IRA account is open and funded, you can start the investment process by purchasing IRA-approved precious metals.
People invest in precious metals for various reasons. The following are some of the top reasons:
If you have never invested in a precious metals IRA, you need to know about the benefits. Remember that there are many companies besides Monex. Think about the following benefits:
With all of the above benefits, it is no wonder so many people are opening IRAs. You can certainly open an account with any dealer like Monex, but some companies are not worth your time.
The following are some of the most commonly asked questions regarding Monex:
The Monex price is slightly above the spot price of the day. The current rate changes daily, so a customer must stay abreast of the trade markets.
Monex does buy gold, though some reviews stated it is very difficult to get the business to buy back the products they have sold. Apparently, you do not have to be a customer of Monex to sell precious metals to them.
We do not believe Monex Precious Metals is trustworthy based on our research and the injunction brought against them. It appears that Monex has participated in fraudulent activities, even though they are still operating.
Monex Precious Metals is headquartered in Newport Beach, California. Although the dealer originally got its start in Long Beach, they are currently operating out of Newport Beach.
The best precious metal to buy right now is gold. Metals retain their values when Fiat currencies begin to fall. This metal can be used as currency in most countries in the event of an economic collapse.
As we began to research Monex, we became increasingly concerned. Not only does the dealer have a bad rating with customers, but it also has injunctions brought against them.
When you invest, you put your hard earned cash into buying a commodity. You do not want to trust your cash with a business like Monex.
There are far better dealers out there that will give you proper service and will not conduct business in what appears to be a fraudulent manner. Due to the injunctions and many complaints, we give Monex a failing grade.
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