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Monex Review
Monex
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Monex Review Summary:
Monex is an established precious metals dealer specializing in gold, silver, platinum, and palladium bullion bars and coins, with an industry presence of more than 4 decades. It was founded back in 1987 by Louis Carabini – an investor who has been involved in precious metals since he founded his first company in 1967, the Pacific Coast Gold Exchange. Monex has stated that about 80% of its business comes from repeat clients, and that one quarter of their business is referred by existing customers.
About the Management
The Carabini family had already started operating the business that would become Monex Deposit Company back in 1973, 14 years before it was officially incorporated in 1987. Today the company is still managed extensively by three generations of the Carabini family – founder Louis, his son Micheal, and his granddaughter Christina. More than one fifth of the company's employees have been with the business for a decade or more.
Monex Ratings and Complaints
Here are the most useful ratings, reviews, and reports about Monex.com, all packed neatly in one place for your convenience:
- BBB Rating: A- (Details)
- BBB Complaints: 1 complaint in the last 3 years (Details)
- BCA: A (Details)
- BCA Complaints: 0 complaints in the last 3 years (Details)
- CitySearch: Not Rated (Details)
- Google+: Not Rated (Details)
- RipOff Report: 8 Reports (Details)
- SiteJabber:
(1 / 5) based on 2 reviews (Details) - Trustlink:
(4.2 / 5) based on 40 reviews (Details) - Yellow Pages: (1 / 5) based on 3 reviews (Details)
- Yelp:
(2.5 / 5) based on 19 reviews (Details) - Trustpilot: N/A
- Facebook:
(3.5 / 5) based on 14 reviews (Details)
Monex Prices and Products
Monex offers broad range of precious metals in the form of bars and coins. However, not all of their products are eligible to be stored in an IRA. Furthermore, Monex offers “preferred” discounted prices to clients that are part of their Atlas Account program.
The ‘ask' prices of Monex gold products that are commonly stored in IRAs, as well as the discounts given to Atlas Account preferred customers:
| Coin | Monex Standard Price | Atlas Account Price |
|---|---|---|
| 1 oz American Gold Eagles | $1329.00 | $1320.50 |
| 1 oz American Gold Buffaloes | $1330.70 | $1321.00 |
| 1 oz Austrian Gold Philharmonics | $1314.00 | $1304.60 |
| 1 oz Canadian Gold Maple Leafs | $1310.60 | $1300.50 |
Monex.com also has a special section devoted to live precious metals prices.
Although Monex does offer IRA investment solutions to its customers, the company does so through its affiliation with third-party IRA custodians, the names of which are not explicitly listed on their website (you have to call to get set up with a “custodian that is right for you”). This doesn't really give you much of a chance to compare pricing and other features beforehand, being that you don't even know which IRA custodians they're partnered with.
It is likely that the custodians affiliated with Monex charge sliding scale annual fees, which are always advised against in comparison to flat rate fees. Sliding scale fees will cause you to pay higher administrative and storage costs as the value of your account increases.
Monex Contact Details
- Address: 4910 Birch Street, Newport Beach, CA 92660-2113
- Toll-Free Phone – 1-800-997-7859
- Phone: (949) 752-1400
- Email: [email protected]
- Website: http://www.monex.com/
Key Pages From the Monex Website
- Monex Precious Metals IRA – this page explains the benefits and process of opening an IRA account with Monex. The company is partnered with various IRA custodians and therefore recommends their clients to an IRA firm based on their investment needs and goals.
- Video Library – Contains a library of videos designed to highlight the advantages of investing in precious metals – mostly news stories and statements from/interviews with commentators and authors.
- How to Buy – Walks you through the process of ordering, receiving, and storing precious metals purchased from Monex.com.
Always Review the Competition Before You Buy
A quick glance at the star ratings and negative reviews about this company and others should be a reminder for every investor to choose their precious metals dealers and IRA custodians carefully. Why take the risk of putting your hard-earned retirement savings at risk, and why pay more for storage and administrative fees than necessary?
Contact Us if You Own or Represent Monex
If you're an owner, representative, employee, or associate of Monex, and you've noticed something on this page that needs to be changed or updated, feel free to contact us to request corrections or amendments. We aim to provide the most accurate and current information to our readers on an ongoing basis.
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Monex Review Summary
Monex is an established precious metals dealer specializing in gold, silver, platinum, and palladium bullion bars and coins, with an industry presence of more than 4 decades. It was founded back in 1987 by Louis Carabini – an investor who has been involved in precious metals since he founded his first company in 1967, the Pacific Coast Gold Exchange. Monex has stated that about 80% of its business comes from repeat clients, and that one quarter of their business is referred by existing customers.
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