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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.
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.
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.
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.
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.
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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.
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.
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.
I bought 10 oz. of gold bar online with request of shipping to my address. Then I did send a check to Monex for deposit in full amount on July 2nd. After 2 weeks of waiting I call the rep who names as Frank **, he tells me that my check has been accepted but he doesn't know the reason of the delay and then he promises giving a call but never. I decided to pick up my order at Brink's in Los Angeles after waiting for more than 1 week and Frank ** still don't know when I can get it. He also gave me a promise as giving some coins as a courtesy for the delay! Things that I didn't see when I picked up my item in Los Angeles on August. In general, it took more than 1 month for buying 10 oz. of gold from Monex with a lot of call to the representative from July 2nd 2015 to August 3rd. People should be aware of my bad experience with Monex and decide what you should do! Good luck.
This is the worst company I have ever come into contact with. I personally lost over 50g in a few short weeks with the help of Mr. David **. They are blatantly deceptive in their sales and marketing practices. They will tell you any lie to get you to believe they can make you a lot of money on margin in the Atlas Account. But instead you will lose almost everything you put in, and they will keep lying and scamming as long as they can convince you to keep sending them money. I have never heard of anyone who has made money in the Atlas Account, but there are plenty of lawsuits against the Carabini's and their con-artist salesmen. Monex was ejected from the NFA and the CFTC in the 80's for excessive customer lawsuits. Do not send this company money for any reason!
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.
Monex Gold Company Information
- Company Name:
- Monex Gold
- 4910 Birch Street
- Newport Beach
- Postal Code:
- (800) 444-8317