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Monex Gold

Monex Gold
Overall Satisfaction Rating 1.08/5
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    11
Based on 12 ratings
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        Monex Gold Reviews

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        Page 1 Reviews 1 - 10
        Rated with 1 star
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        Verified Reviewer
        Original review: Feb. 24, 2020

        I bought about $3300 worth of silver coins or 11 pounds which was shipped to me in 2015. I was told very strongly that it would skyrocket. Here we are 5 years later and it’s worth about $3500. I called Derek to ask worth and to sell. He tried to sell me more and added that I didn’t have enough. That it’s about to go up! I said “really” that’s what you said 5 years ago and it’s not worth any more now”. He laughed and was very snarky. I asked to mail it back and he said he’d send me the boxes for return. A few days later I got more sales brochures and no return boxes. He called again to try and sell me more gold or silver and I asked where were the return boxes. His reply - “I’m in the selling business not returns.” I abhor people like him and pretty much told him that. Terrible sales technique!! Feels like you’re back in 1950 with the ** lines and pushy fast talking sales routine. Get a real job Derek and start telling the truth!

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        Rated with 1 star
        Verified Reviewer
        Original review: Jan. 13, 2020

        Years ago, I bought several coins from Monex. As a gift, they sent me 3 plastic enclosed 1oz platinum coins. I tried to sell them last week, only to find they weighed less than 1/2 oz and were silver plated copper to look like platinum.

        6 people found this review helpful

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          Are you this business?
          Rated with 1 star
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          Verified Reviewer
          Original review: Oct. 16, 2019

          After my mother died, I called Monex to sell back to them the silver coins she had bought from them, and taken physical delivery of. They flat out refused! They will not buy back their own coins! I used eBay to sell the Monex silver coins from my mother's estate.

          12 people found this review helpful
          Rated with 1 star
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          Verified Reviewer
          Original review: July 23, 2019

          If you are coming from the reputable broker world of Schwab, E-trade, Ameritrade, etc. beware that Monex is a totally different kind of outfit. Nobody here has your back. We began buying gold with advice from our Account Manager, Don **. After trust was established and our gold purchases were going ok, about a year in, we received a call one morning from ** very highly recommending that we buy a 'hedge' trade to protect our gold account against downturn. He called again the next morning to convince us to make the trade. Total cost of the trade described to us: $19,000. His advice had been ok so far, so we went with it.

          Within 48 hours we incurred $100,000 loss when the 'hedge' went against us. We had no idea that we were exposed in the trade to anything beyond the $19,000 cost of the characterized as a simple 'hedge'. There was absolutely no discussion of potential downside risk by our 'Account Manager'. Zero. We pursued our complaint of being advised into a trade with no description of risk to Sales Director David ** and got no help whatsoever. I don't know whose back Monex has, but it's probably not going to be yours.

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          26 people found this review helpful
          Rated with 1 star
          Verified Reviewer
          Original review: July 19, 2019

          I have been through four "broke-ers". Every single trade they emphatically suggested was a loss. Plus trade fees plus storage. They don't do ACH, so round trip funds take at least a week. I still have gold they sold me at 1600. Also they don't allow emails for some reason. Looking to close and leave.

          17 people found this review helpful
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          Rated with 1 star
          Verified Reviewer
          Original review: Jan. 19, 2017

          PLEASE BEWARE. Monex does not send physical metal to HCSB. They charge for that. Monex brokers work on commission as to how much of client's account they can take; whether through margin calls on a fake number or other means. The Monex bookkeeping is mysterious at best. If you are going to do metals business, please consider many alternatives to Monex.

          80 people found this review helpful
          Rated with 1 star
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          Verified Reviewer
          Original review: Jan. 13, 2017

          The salesman lied to me. Wouldn't let me sell my stuff and kept on selling and buying would cost me more and more to the point where he told me to short my gold and silver and it went up. Bad recommendations.

          66 people found this review helpful
          Rated with 1 star
          Verified Reviewer
          Original review: Nov. 30, 2016

          Tried to get through to a rep. Instead all I got was a litany of "too good to be true" sales pitches for services I have no interest in. It seems they have more interest in selling anything that will make them money rather than offer a modicum of customer service.

          61 people found this review helpful
          Rated with 1 star
          Verified Reviewer Verified Buyer
          Original review: Oct. 21, 2016

          Less than a month ago I decided to invest with Monex on a 10 oz gold bar (worth around $13,660) and I gave them a deposit (9/28) of around $3110 on it 2 days later. Just a over a week after doing the deposit I was in a rear end car accident (Oct 7) and lost my car and have been having health issues ever since. I tried to call in on October 10 to talk to my account rep, Derek **, and try and get out of the whole deal as now I need the $ back to get a new car and everything else. All he could tell me was that I should sell my gold with my other account and to give Monex more $ and to put some of that sale towards the new car.

          No way was I going to do that as my other gold in the other company is paid off and that company has done me no wrong. All I want is to get out of Monex and get my deposit back. All he or anyone else can say is that I won't get it back and if I pull out that I'll lose $1100. How can they justify me losing $1100 when I've only given them $3111? Well yesterday I tried to call in to talk to Mike ** (Manager) and they told me he was gone for the day and that they'd have him call me today. Well today comes and no call. So I call them and ask to speak with Mike ** in which they said would be here and guess what he's not there and so they send me to another representative.

          So today when I'm trying to get out of it they are telling me that I will lose $1100 and that the only thing I could do is stay with them longer and hope the market goes up and get the money back but if I wait I better sign their bogus agreement or they'll default my account and send me only $1900 dollars back. Through all of this I have been treated very poorly by their representatives (telling me they'll hang up on me if I don't reply immediate to what they're saying and not caring about the car accident) and they are doing nothing to try and get my deposit back. All they want to do is get me to sign their scam Atlas Account Agreement or lose my money. Please help.

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          93 people found this review helpful
          Rated with 2 stars
          Verified Reviewer Verified Buyer
          Original review: Aug. 10, 2015

          On or about July 28, 2015 speaking with Benjamin at MONEX I purchased a monster box of Silver Maple Leaf coins. My payment was received promptly (within 3 business days), yet as of today Aug 10, 2015 they are still holding my money and purchase. After several ignored emails and calls, I finally got through to Benjamin. I learned his emails do not got to him, but are selectively filtered to him. After talking with their competitors (Kitco), I learned transactions mostly settle within 5 business days. I find it alarming Monex is still holding my money and purchase.

          133 people found this review helpful

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            Monex Gold expert review by Barbara Friedberg

            While officially founded in 1987, Monex and its founder Louis Carabini have been in the industry for more than 40 years. To date, Monex has handled client transactions totaling more than $40 billion, making it one of the most popular gold dealers in America.

            • Track trends: See a lot more than just the current spot price with the constantly updating and long-term charts available on the Monex homepage.

            • Free market outlook reports: See what the experts are saying about the market and how politics and economic outcomes might affect precious metal prices.

            • Video library: See the experts at work as they discuss the market and factors that may affect the price of precious metals.

            • Early morning hours: With offices opening at 5:30 a.m., Monex has someone available by phone to fit virtually any schedule.

            • Bullion only: At Monex, there are no numismatic coins offered, only precious metals priced on weight alone.

            • Best for: This precious metal investment company is best for retirees, savers and speculators.

            by Barbara Friedberg Personal Finance Contributing Editor

            Barbara Friedberg, MBA, MS is a former investment portfolio manager with decades of financial experience. Friedberg taught Finance and Investments at several universities. Her work has been featured in U.S. News & World Report, Investopedia, Yahoo!Finance and many more publications.

            Monex Gold Company Information

            Company Name:
            Monex Gold
            Address:
            4910 Birch Street
            City:
            Newport Beach
            Postal Code:
            92660
            Phone:
            (800) 444-8317
            Website:
            www.monex.com

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