- 18 Aug 2021
- Precious Metals
- Comments: 0
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Monex Precious Metals is one of the longest-running precious metals firms in the industry, leveraging over half a century of experience. Their well-designed website is inviting and filled with positive customer service talking points. But when you look up outside reviews, it's a different story.
Monex Precious Metals has some of the worst reviews we've ever encountered. There isn't just one pattern of mismanagement, either. Just a few of the company's sins include:
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Stats about this same company:
- 1,000+ 5 star ratings
- Protects over $1 BILLION dollars in retirement savings
- AAA customer rated
- A+ BBB Rating
- 5x Inc 500 winner
- 2021 company of the year
Or continue on with this Monex Precious Metals review...
Is Monex Precious Metals a Scam?
Monex Precious Metals appears to be a legitimate business, inasmuch as they do sell precious metals. But the company reviews on Consumer Affairs are atrocious. Nobody has left a 5 star review -- in fact, nobody has left a review higher than 2 stars. The company's average star rating is about 1.2 out of 5. Everybody who worked with them had a bad experience.
So even if Monex isn't a scam, that's a big enough red flag that we can't recommend them. Why would you work with a company that you know will make you miserable? There are so many other options with good customer service.
Customers aren't the only ones with bad things to say. Monex was kicked out of the CFTC and the NFA because of the number of lawsuits against them. They have been sued multiple times for using deceptive and illegal marketing tactics, some of which cost clients their entire life savings.
Let's take a look at exactly what consumers had to say about their experiences.
These complaints come from Consumer Affairs. It's worth noting that Consumer Affairs takes measures to make sure that their reviews are trustworthy. They screen reviews using intelligent software and make sure that every review is read by an actual human before it's posted. Every reviewer is required to give their contact information.
So these complaints are likely to be legitimate. People were willing to give out their contact information in order to discuss their experience with this company.
The most recent review said that the customer purchased their precious metals and was told that they could sell back to the company without being charged a commission. The customer talked to an agent and double checked this specific point. They were told that was true.
Then the customer sold the silver. Despite being told repeatedly by multiple members of the company that there wouldn't be any charged commission, the person was charged 180 dollars to sell the silver back. The customer emailed the salesperson about it to ask what had happened, but they never received a response.
Another reviewer said they bought around eleven pounds of silver coins in 2015. Their salesperson guaranteed that the value of the silver would skyrocket. In 2020, when they wrote their review, the value of the silver was barely more than what they paid.
The customer then called the company to say they wanted to sell. The salesperson tried to sell them more silver, even though the original purchase hadn't had the promised returns. Apparently he was rude when the customer said they didn't believe the price would go up.
The customer asked to send the silver back, and the salesperson told them he'd send boxes. But the only thing the customer received in the mail was another sales brochure. The salesperson repeatedly called and tried to sell more precious metals, while refusing to send out the sale boxes.
When the customer asked why the boxes hadn't been sent, the salesperson told them that he was meant to sell products, not return them.
Another review said that they bought coins from the company many years ago. The purchase included three free one-ounce platinum coins enclosed in packaging. The customer attempted to sell them and discovered they were less than half an ounce in weight and were made from silver plated copper instead of platinum.
One reviewer said that his mother had bought coins through the company. When she passed away, he called to ask to sell the coins back to them so he could liquidate her estate. The company refused.
There's one heartbreaking review from a person who said that they trusted their account manager because he seemed to give good advice. The customer and his wife had been buying gold from the company without a problem. After a year, their sales rep called to recommend a hedge trade that would prevent downturn.
The representative sold them on the trade. It cost 19,000 dollars. The customer and his wife trusted the insights of the sales rep, so they agreed.
But instead of protecting them, the fund did the opposite. After a disastrous 48 hours, the couple lost 100,000 dollars. The sales rep had never told them that they were risking anything other than their original 19,000 dollar cost. There was no warning about potential risks or downsides.
The couple complained to the director of sales at the company, but they weren't given any help.
One reviewer said that they've worked with four different salespeople at the company. Each salesperson emphatically suggested certain trades without discussing the risks. Every trade turned out to be a loss. In addition, the customer had to pay for storage and trade fees.
One customer said that people should beware if they intend to purchase precious metals. The brokers work through commissions, and they are entitled to take an unidentified portion of the client's holdings. The reviewer said that the salespeople would lie about pricing, margin calls, and the value of products just to make an extra buck.
They said that the fees were confusing, and there was no way to trace the paper trail back to find out where your money actually went. On top of that, you won't be able to have physical metals shipped out unless you incur another charge.
Another reviewer said that they were repeatedly lied to by their sales rep. When they wanted to sell, the rep wouldn't let them. The customer was manipulated into making more and more purchases. At one point, the rep recommended that they short their holdings, and then the price of gold and silver increased. There was no discussion of risk.
One customer never actually worked with the company because he was unable to have a decent conversation with a sales rep. The people he talked to all gave him false sales pitches for things he didn't want. He said that his impression was that the company didn't care about anything other than selling whatever it could get its hands on.
In another heartbreaking review, a customer said that she put a deposit down on a 10 ounce gold bar and then was in a car accident. Because of the hospital bills, she wanted to cancel her order and get the deposit refunded. Not only was her sales rep not empathetic, but he tried to get her to pay more money while she explained the awful circumstances.
The company said that she couldn't get her deposit back, and that she would lose more than a thousand dollars if she backed out. She attempted to talk to the dealership manager, but was told he wasn't there. On the day she wrote the review, she was supposed to get a call back from him, but he never called.
One reviewer said that after buying a large box of silver coins, the company received his payment quickly. But two weeks went by without the order being shipped. He said that the competition usually have orders settled within 5 business days of receiving payment.
A customer said that he bought a ten-ounce gold bar through the online marketplace and wanted it shipped to him. He paid the full amount. Two weeks went by with no package being shipped. The customer called and was told that the check was accepted, that there was no reason for the delay, and that the company would call them back.
Unsurprisingly, nobody ever did call back. After another week, the customer decided to go to the Los Angeles Brink's to get the order in person. He was promised extra coins as compensation for the delay, but those never materialized. It took more than a month, and he had to physically travel to the vault to finally get his purchase.
One customer said that he lost more than 50,000 dollars due to the company's fraudulent marketing techniques. He said that the salespeople repeatedly lied to him about the value of his investments, promising that the items would grow in value. But the customer lost everything instead.
The company had no sympathy for this customer, as they were only interested in continuing to get payments for as long as they could. The reviewer pointed out that the managers of the company have been the subject of multiple lawsuits for con artistry.
Pros & Cons of Monex Precious Metals
Quite frankly, this is one of the most horrifying companies we've ever reviewed. There is not a shred of ethics in how the business is run. Not only do the salespeople blatantly lie and obfuscate, but they also lack empathy, refuse to honor their promises, and take portions of your account holdings as a commission.
Some companies are mediocre. Some companies are horrible. This is one of the latter. Don't get sucked into the games that the Monex Precious Metals staff plays. You'll be much happier if you stay far away from them.
Obviously we believe that there are better companies out there to make your investment with.
You can get a free gold investment kit from our #1 recommended precious metals investment company above, or you can checkout our top 5 recommended companies below...
===> See our top 5 recommended companies here (for IRAs AND non IRAs)
Or, continue with Monex Precious Metals...