We strongly recommend that you thoroughly research and contact a few gold IRA companies before seriously considering investing in gold and precious metals. There are so many horror stories, including fraud, from investors who simply picked a gold IRA company at random for their retirement. Please take your time and read through a few more reviews before you begin your rollover process.
Monex is an established supplier of precious metals dealing in gold, silver, platinum, and palladium bullion bars and coins, with more than 4 decades industry presence. Founded in 1987 by an investor called Louis Carabini who has been involved in precious metals since he founded his first company, the Pacific Coast Gold Exchange in 1967. The company has revealed that almost 80% of its transaction come from repeat clients, and that a quarter of their business is termed “existing customers”.
About the Management
The Carabini family was operating a business that would eventually become the Monex Deposit Company back in 1973, 14 years before it became officially incorporated in 1987.
Today three generations of the Carabini family – founder Louis, his son Micheal, and his granddaughter Christina still manage the company extensively. At least one-fifth of the company’s employees have been with the business for a decade or even more.
Ratings and Complaints
Listed below are the most useful ratings, reviews, and reports about the company:
BBB Rating: A+ (Details)
BBB Complaints: 5 complaints in the last 3 years (Details)
BCA: AAA (Details)
BCA Complaints: 1 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 1 review (Details)
Trustlink: (4.1 / 5) based on 39 reviews (Details)
Yellow Pages: (1 / 5) based on 3 reviews (Details)
Yelp: (3 / 5) based on 8 reviews (Details)
Prices and Products
The company sells a wide range of precious metals in form of bars and coins.
However, not all of their products are permitted to be stored in an IRA. Also, the gold dealer provides “preferred” discounted prices to clients that are members of their Atlas Account program.
|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|
The company has a special page devoted to live precious metals prices.
The company does offer IRA investment solutions to its customers, but the company does so through its partnership with third-party IRA custodians, whose names 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 give you an avenue to compare pricing and other features beforehand, with the fact that you don’t even know the IRA custodians they’re affiliated with.
Always Review the Competition Before You Buy
A quick overview at the star ratings and negative reviews about this company and others should remind every investor to choose their precious metals dealers and IRA custodians carefully.
Why pay more for administrative and storage fees than required or why put your hard-earned retirement savings at risk?
Contact Us if You Own or Represent Monex
If you’re an employee, representative, associate or owner of the company and noticed something on this page that needs to be removed or updated, kindly contact us to request corrections or amendments. We strive to provide the most accurate and current information to our readers on a continual basis.