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Have you noticed that more and more financial experts are recommending investing in gold, silver, and other precious metals to diversify your portfolio? Do you want to make sure you're financially prepared for retirement and whatever the future holds? If so, then setting up a Precious Metals IRA or purchasing some precious metals as a personal investment sounds like a wise move.
Today, we're going to share information about Monex, one of the online precious metals dealers that you may be interested in working with to achieve your precious metals investment goals. Continue reading, and we'll share more information about the various precious metals you can purchase from Monex, the services offered by the company, and what other customers have had to say about their experiences working with Monex.
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Monex Precious Metals has been in business for over 50 years. Louis Carabini founded the company in 1967, shortly after the government changed the laws to end the use of silver coinage. Since that time, the company has grown quite a bit and expanded from its beginnings as a small coin shop.
However, despite its growth, the company remains a family business with Louis Carabini and his children and grandchildren working together. In addition to the members of the Carabini family, Monex also employs other financial and precious metals experts who are available to offer assistance and advice for individuals looking to diversify their portfolio by investing in gold, silver, platinum, or palladium.
Buying Precious Metals
If you're ready to purchase precious metals, you'll find that Monex has quite a few different options available for your consideration. In addition to gold and silver pieces that you can find through most online dealers, Monex also offers platinum and palladium coins and bars.
Here are some of the options that are currently available through Monex:
Precious Metals IRAs
Adding precious metals to an IRA can help you diversify your portfolio and protect yourself against stock market volatility. Plus, you'll get to take advantage of the tax benefits that IRA holders enjoy. If you are interested in enjoying all of this, many of the coins and bars listed above are IRA-eligible.
Monex can help connect you with an IRA custodian who will work with you to open up and fund your account. Then, you'll be able to work with Monex to choose the precious metals you'd like to add to your account. Monex will take care of sending the metals you choose to an IRS-approved depository to keep them safe until you're ready to cash them in or take possession of them when you are old enough to retire.
Selling Precious Metals to Monex
Do you have gold, silver, platinum, or palladium bars or coins that you're looking to sell? You can contact Monex to receive a quote for your metals. If you decide to accept their offer, the team member from Monex will walk you through the process of packing and shipping your metals. After your metals have been received and verified, your payment will be issued.
Are There Any Red Flags for Monex Precious Metals?
Checking to see what others have to say about a business can help you get a feel for how you'll be treated should you choose to work with them. We checked to find what past customers had to say about Monex through the Better Business Bureau's website, the Business Consumer Alliance, TrustLink, Trustpilot, and Google. As you can see below, Monex has a fair number of positive reviews, especially through TrustLink and Trustpilot.
However, we did find something concerning on the BBB's website. With the four reviews left by customers, Monex only had a 1 out of 5-star average, which is very low. Additionally, the BBB's website also lists an alert for Monex.
The alert states that a preliminary injunction against Monex has been settled. According to the alert, it sounds like Monex and its founder, Louis Carabini, allegedly defrauded many of their customers out of millions of dollars. It seems like their "Atlas" program, which was not registered, has been shut down as a result of this fraudulent action.
Is Monex Precious Metals a Scam?
So, is Monex Precious Metals a scam? While it does appear that Monex has been involved in some questionable business dealings, we don't have enough information to conclude that the company is a scam. However, you may decide that they aren't the company that you'd like to give your business to.
While we found a lot of positive reviews on TrustLink and Trustpilot, we are very concerned about the alert we read on the BBB's website. The alert makes it sound like Monex has defrauded many of their customers, which clearly is very troubling.
Monex has also had four complaints filed against them with the BBB over the last three years. Many other precious metals investment companies have not had any complaints filed against them, which may make them a more appealing option than a company that has customer complaints with the BBB.
Another reason you may want to consider choosing a different company to work with is that Monex is not an IRA custodian. While they do offer IRA-approved precious metals, you'll also have to work with a separate custodian company. It would be easier to choose a business that can handle both pieces of this process to avoid excess paperwork and hassle on your end.
Pros & Cons of Monex Precious Metals
So, now that you've learned more about Monex, do you feel that they are the right company for you? While there may be some positive aspects to working with Monex, we are hesitant to recommend them to our readers based on the alert on the BBB's website. The decision is obviously yours to make, but we feel that you may be happier and more confident in your choice if you select one of our top-recommended precious metals investment companies instead.
Although we think Monex Precious Metals is a pretty solid company, they did not make our top 5 list. We believe that the companies on this list provide better options.
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