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About Monex Gold
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Monex is a precious metals investment company that helps buyers diversify their portfolios. Monex’s marketplace lets you buy, sell and invest in an array of precious metals, including gold, platinum and palladium. The company provides real-time pricing and small and large transaction volume options.
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Gold and other precious metal IRAs are an investment and carry risk. Consumers should be alert to claims that customers can make a lot of money in these or any investment with little risk. As with any investment, you can lose money, and past performance is not a guarantee of future performance results. Consumers should also obtain a clear understanding of the fees associated with any investment before agreeing to invest.
What is Monex?
Monex is a precious metals marketplace that gives buyers the opportunity to diversify their financial portfolios. With Monex, you can buy, sell and invest in gold, silver, platinum or palladium. The company also offers resources and seminars for those looking to invest in precious metals. Since its inception, Monex has helped execute over $60 billion in customer transactions.
How does Monex work?
You’ll be set up with a Monex account representative who can help you navigate the marketplace and your investments. After you review your options and third-party decisions, your Monex representative will explain its extensive two-way metals market, which offers top-tier, globally popular precious metal products. You can buy large or small volumes of metals, from one bullion to several pounds at a time.
Monex generally updates its competitive prices every 60 seconds during market hours. At the time of publication, prices averaged $1,892 for spot gold, $24.79 for spot silver, $895 for spot platinum and $2,332 for spot palladium. Because Monex updates these prices at regular intervals, you can easily track the value and performance of all its metals. Historically, Monex offers liquidity for its transactions, meaning it simplifies buying or selling an asset at a fair price.
- Is Monex’s customer service available 24/7?
- This is unclear. Monex’s contact page says live account representatives are available to answer customer calls, but it doesn’t provide any hours.
- Is Monex available everywhere?
- Monex doesn’t specify where its services are available. If you’re interested in starting an IRA with Monex, contact a representative to find out if you’re in its service area.
- Does Monex store precious metals?
- No. Monex is just a marketplace for buying and selling; you’ll have to store your metals at an independent bank.
Is Monex legit?
As a marketplace, not an IRA custodian, Monex isn’t in charge of fees or features associated with precious metal IRAs, which can be a bit confusing for novice investors. Monex is considered a safe investment route, though, with significant experience in trading assets. That being said, investing in metals does require a bit of industry knowledge and expertise, so there is inherent risk not specific to the company itself.
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I bought silver from Monex with the understanding if I bought from Monex there would not be a commission charge when I sold the silver back to Monex. I called and double-checked with another agent with Monex and he assured me that was correct. But when I sold the silver --Dean ** the person I did business with and the person that told me there will be no commission charge. Did charge me $180.00 commission. I sent him an email questioning why he made the charge & why he misinformed me. He did not respond to my email. This is a very unprofessional way to treat customers.
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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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.
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.
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.
Monex Gold Company Information
- Company Name:
- Monex Gold
- 4910 Birch Street
- Newport Beach
- Postal Code:
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