Seeking a legitimate precious metal dealer has been a constant challenge. As many people are getting interested in diversifying their portfolios with gold and silver, a lot of companies that claim to be reputable precious metal merchants have been sprouting as of late.
On a fair end, this predicament doesn’t really signify that there’s no one that you can trust out there. For instance, companies like Regal Assets have constantly been providing satisfactory services to individual investors. There are still some good guys out there.
This time, we are going to take a look at the Monex Deposit Company. It plays in the same industry as Regal Assets, APMEX, and Advantage Gold. It claims that they can provide people with legitimate bullion coins and bars.
But is this really the truth? Should an investor like you will be able to be fine working with them? Read this guide to find out.
Trust The Highest Rated Gold IRA Company:
Monex Review
It has been stated that the Monex Deposit Company, or simply Monex, is one of the leading traders of gold and other precious metals. There are a lot of online advertisements that can be seen about them.
As what we have found out, the company has already celebrated its 50th anniversary in 2017, which means that they have been established around 1967.
Now, if a company has been that for long, it is already automatically anticipated that they might be doing good things.
After all, you can’t reach a golden mileage unless you have reputable services, right? Well, to be honest, the case is not really with Monex.
Customer Feedback
We are not yet really conclusive that Monex does not provide decent services to their clients. We were able to find a few individuals on feedback sites who have invested with them and they were able to get what they have wanted.
However, some of them divulged have experienced problems, specifically sort of nuisances that nobody wants from a business company.
One person said that since he gave his contact number to Monex on 2012, their sales department has been calling him non-stop for three years.
That’s an insane amount of persistence and annoyance in one picture. It has been explained by him that there were several hidden fees that were kept a secret to him.
Another previous client of Monex also have the same qualms about the company. A few years back then, Monex was able to contact her because she was interested in getting silver bullion.
However, instead of processing the request, their sales representative tried to compel to get their ATLAS account package. According to her, this particular service from Monex has a lot of risks, especially that the price of silver is volatile.
Dealings with CFTC
While digging about this company, it has discovered that there are several allegations that were filed by the U.S. Commodity Futures Trading Commission (CFTC) against Monex Deposit Company and its affiliates.
The allegations involve multi-million dollar fraudulent precious metals system, which is quite harrowing indeed. It has been noted that CFTC filed this complaint on September 6, 2017.
By the way, these affiliated companies are the following: Monex Deposit Company, Newport Services Corporation, and Monex Credit Company. They can be collectively called as Monex. Therefore, if you can encounter any of these companies, you might take caution already.
The civil injunctive enforcement that CFTC raised against Monex has been filed to the Northern District of Illinois.
CFTC was compelled to raise these allegations after they discovered several anomalies. First, they learned that around $290 million had been lost by clients in the Monex ATLAS account from July 2011 to March 2017 ALONE.
Furthermore, approximately $4 million is lost every month by ATLAS clients. These facts are really hard to ignore.
Of course, these are not the only bad stories that we have learned regarding Monex. Many internet investment forums have a lot to tell about Monex and why you might want to avoid them at all cost.
Monex Ratings
Now, the story doesn’t end here yet. Despite the tarnishes in the reputation of Monex, it still has a decent profile in sites like Trustpilot. Although it is not really perfect, a significant number of reviews there are positive.
On the flipside, the Better Business Bureau did not accredit Monex on their database. But interestingly, two complaints against the company has already been filed in the site of BBB.
Meanwhile, Consumer Affairs has a similar take with our findings. In their site, Monex has an only a one-star rating. That should concern you already.
So what’s our overall take on this Monex review? Well, it should be obvious by now already. If you want a legitimate dealer of precious metal, just try other companies like Regal Assets.
Monex Background
The Monex Deposit Company has started its operation in 1967 in the United States. They started as an investment firm that specializes in selling gold and other types of precious metals.
Currently, the known top brass officials of Monex are Louis Carabini and Michael Carabini. These individuals were included in the civil injunctive enforcement action that was filed by the CFTC.
As of now, Monex Deposit Company maintains an online site where they advertise their services. All of their contact numbers and other means of access are listed there.
They also have a form there where you can leave your contact details. But we don’t recommend that you do that. We have to highlight that their website does not offer useful information regarding gold investments and IRA.
The specific address of Monex is at 4910 Birch Street, Newport Beach, California.
Monex Services
Let us be blunt already. Based on our research, Monex does not send physical metals to their clients for free. They have a lot of charges, even within the United States.
All of the sales agents of this company are working for commissions. Therefore, what they earn is most likely dependent on the amount that their clients will enter. It is the very reason why they have to do consistent persuasion and too-good-to-be-true pitches.
Right now, what we know is that Monex is claiming to be a legitimate seller of precious metals, with ATLAS as their flagship service. However, we cannot really assure that their transactions are safe and hassle-free. We can’t just guarantee if you can get anything from them.
Final Verdict
As painful as may sound, we do not recommend Monex Deposit Company to any precious metal investors. They have a very murky and mysterious reputation. There are no assurances if you can get what you want from them. After all, what you need are investments, not additional headaches.
Take into account that investing in precious metals are quite not an easy thing. The seller should be able to provide proper guidance and information so that you–as an investor–can make a sound move.
Always remember that precious metals like gold and silver are not cheap. If you invest in them in the wrong company, you will be losing a lot of money. Therefore, to be on the safe side, just don’t attempt to invest in Monex.
We do suggest that you try other precious metal merchants that have reputable standing in the industry already. As we have mentioned, companies like Regal Assets, Advantage Gold, and APMEX are among those that you can fully trust.
Our #1 Gold IRA Recommendation
We strive for the best and thus recommending the best in the industry. We have reviewed many different precious metals company and concluded that the best should deliver in the highest standards.
We have scoured all the customer review sites and found that there are only one gold IRA company that keeps coming up that has the best services and have highly secured fast online processing capabilities.
We recommend Regal Assets not only for their highly efficient online processing times but also have the customers’ investment goals in mind first and foremost. They also have one of the highest ratings on Trustlink, BBB, and BCA as well as having segregated storage as a standard feature.
If you are looking for a legitimate and highly respected gold IRA company, you should go with Regal Assets.
Regal Assets (full review here) is a gold IRA and a cryptocurrency IRA service provider for more than decades already. You can also buy gold bullion, silver bullion, and other assets as well.
It’s best to request one of their Free Gold Kits here to get started with the right info!
They have satisfied numerous clients already due to their appropriate pricing and no-fuss transactions. You should get in touch with them if you are interested in this particular investment by clicking the gold button above.
If you have any questions or concerns, please leave a comment below and we will get back to you as soon as we can.
Leave a Reply