Monex Precious Metals Review

Monex Precious Metals Review

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When it comes to purchasing precious metals, one thing is clear: You have options. Lots and lots of options. Of course, if precious metals are an area that you want to get involved in, but you have no experience in, the options you have can seem somewhat overwhelming.

After all, there is a vast, vast array of services out there that are designed to help you invest in precious metals for retirement, collection, or investment purposes. As such, cutting through the marketing can be difficult. What services are out there, and how impactful or useful can they be for you?

Before we get started, investing your savings is a serious task. When it comes to adding precious metals to your portfolio, how do you know which companies to trust?

That is why we have researched every company in the industry and selected the very few with the highest customer service standards.

This way you can easily compare the best companies in the business, and choose one that fits your needs and investment goals.

Read the list to see if Monex Precious Metals passed our strict customer service standards to become one of our top recommendations.


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We're here to help and provide you with comprehensive reviews of the available services that can give you a better understanding of what these websites offer and how transparent they are. Today, we're going to review Monex Precious Metals. 

About Monex

It's immediately clear that Monex Precious Metals is dedicated to transparency about their organization. Their website has an entire "About" page that lists who they are and their extensive history. 

monex precious metals-logo

Monex Precious Metals has been in the precious metal business since the 1960s and has been an active pioneer in the area of precious metal involvement. This extensive record bodes well for their ability to provide you with high-quality service and guidance.

monex precious metals-About Monex

Monex proudly notes that they have had only 25 employees with them for the past 25 years and that their customer transactions are now north of $60 billion. The business is run by the Carabini family and has been family operated for their entire existence.

While it would be nice to have more information on the specific financial and educational qualifications of the founders, it is clear that this is a competent, family-owned business with a long track record of success. 

Products & Services

Monex Precious Metals offers a vast array of products and services that can satisfy just about anyone interested in doing more in this field. Their services can be broken down into a few separate components, including:

monex precious metals-products


You can use Monex to buy precious metals, including gold, silver, platinum, and palladium. Its website has three different pages that allow you to take the next steps: You can call to make a purchase, learn more through resources provided by Monex, and begin to make purchases directly from their website. 

The website does list numerous gold, silver, platinum, and palladium products that you can buy, including coins and bars. It is a solid selection, albeit not the most extensive that we have ever seen.


You can sell any of these precious metals back to Monex. The website advertises an easy process that enables you to do so: All you have to do is call to get the process started, then make your decision about whether or not to make a sale.


As noted below, Monex is somewhat limited in the number of investment options it can offer its customers. However, you can still invest in some precious-metal products through Monex.

 Furthermore, you can use Monex to open an IRA. Monex has a four-step process here: First, they encourage you to work with one of several trustees that manage your IRA. From there, you fund your IRA and invest in any number of precious metal products. 

In each case, Monex Precious Metals links to a series of frequently asked questions and resources that are on their website. In doing so, they're trying to make it as easy as possible for potential investors to make decisions about investing with the company. 


Any precious metal website must provide potential buyers with an array of resources that will help them make more informed decisions about what to buy. These resources should be easy to understand and as unbiased as possible.

Instead of being geared towards increasing their bottom line, a company should give buyers information to help them make more informed decisions.

Monex Precious Metals Review - Review

Monex Precious Metals does have an array of information that is helpful and fulfills this basic need. For example, they list spot prices for the four major precious metals.

They also have graphs and charts that go back as far as ten years, enabling you to make comparisons and be a more informed buyer. Interestingly, Monex also has an app that you can download that provides you with all of this information. 

The same page also lists a variety of frequently asked questions, like how to buy gold, how prices change, and what the difference in various asking prices are. This information is useful, particularly for beginners who may not be sure about how to make a precious metal purchase. 

Monex also has specific guides for buying various precious metals on its website. They have a free "Eye of the Storm" report that is meant to help individuals get a better understanding of where the financial markets are headed and why buying precious metals is a good idea. They also have specific reports on different precious metals. 

Finally, Monex Precious Metals also offers an extensive "How To" page that gives information on how to use the website. This includes how to make purchases, sell products, open an IRA account, and more. As such, the company is seeking to make it as easy as possible to walk prospective customers through the process of starting an account.

Of course, this is specifically designed to ensure that customers do business with Monex, but it does mean that customers can know what they are doing with the company and complete their investing objectives with ease. 

Shipping & Fees

Things get a little strange when it comes to shipping and fees. Shipping information is listed in the terms and conditions" section of their website, so you know how to get things shipped, how insurance coverage works, and how you can file a claim if something is lost or stolen. However, Mondex doesn't make its storage facility information clear.

Many precious metal websites are very upfront about where else you can send gold and where it can be stored with. This might be because Monex isn't actually a custodian of gold in and of itself when it comes to IRAs.

Fees are even more frustrating: The website does list prices of precious metals, and these prices are updated to the second. However, what isn't listed is how much Monex charges for shipping, insurance, or any other third-party services. This can make it more challenging to evaluate Monex's benefits.

Monex Reviews

As you would expect for a business that has been around as long as Monex, the company has a vast array of reviews on multiple websites. Examples include:

  • Trustpilot: 4.9 out of 5 stars, 2,908 reviews
  • Yelp: 2.5 out of 5 stars, 30 reviews
  • BBB: A rating, not accredited
  • Google reviews: 3.2 out of 5 stars, 20 reviews

The above spread is genuinely rare. Most of the time, companies that have good or bad reviews for one service have the same reviews across multiple ones. However, as you can see, Monex has very different ratings with Trustpilot than it does on Yelp or Google.

monex precious metals-Reviews

It seems worth noting that there is a massive discrepancy in reviews: There are more than 2,900 Trustpilot reviews, compared to barely more than a few dozen on Google or Yelp. That's not to say that one is right or wrong, but it is certainly worth noting.

A closer look at these reviews reveals some conflicting issues. The Trustpilot reviews cited the knowledge, professionalism, and friendliness of the staff, noting that doing business with the company was relatively easy and that they went out of their way to build trust. 

On the flip side, negative reviews cited a vast array of issues, including:

  • A lack of responsiveness from salespeople.
  • Better customer service when buying precious metals than when selling them.
  • A lack of quality control in products and services.

It also seems worth noting that many of the Yelp and Google reviews are older, whereas the Trustpilot reviews are much newer. Monex also puts Trustpilot reviews directly on their website, using them as proof of how happy their customers are with their services.

That's not a bad thing, of course. In fact, it may reflect that the company is consciously seeking positive reviews from customers and that they are steering happy customers to Trustpilot. Trustpilot is commonly used by many precious metal merchants, so this would make sense. 

Fraud Allegation

It is worth noting that Monex was accused of a massive fraudulent scheme in 2017 when investigators accused the company of defrauding their customers for over $290 million.

Specifically, Monex operated an over-the-counter trading program known as Atlas, which allowed customers to place financial bets on the price movement of precious metals. It was alleged, the trades occurred in an unregulated marketplace, in direct violation of federal law. 

However, the case was settled before it went to trial, with Monex agreeing to return $33 million to customers and pay a $5 million civil penalty. The settlement also barred Monex from trading futures or options. 

Our Rating

Advantages & Disadvantages

  • Advantages

First, it's worth noting that this is one o the sharpest websites we've ever had the opportunity to review. Unlike many other precious metal websites, Monex Precious Metals' website is clear, concise, and streamlined. It uses modern design features, and it is easy to find what you are looking for and what information is on the website.

They also list a vast array of services and make it clear how to use these services. The multi-step approach that Monex uses makes it easy to figure out how to take advantage of its various offerings, and you can easily fill out a form or make a phone call to get more information.

Many reviews specifically praised their customer service, so it seems that Monex isn't struggling in this department.

The website also gets many high marks for transparency, with information being clear about who they are and the qualifications of their founders.

  • Disadvantages

While their website is nice and their offerings can make customers more comfortable, there are still major problems with the Monex website.

First, their inventory. While their inventory is better than some, it's not the most robust that we have ever seen. If you are truly looking for an extensive inventory, you can do better elsewhere.

Second, the reviews. There is a strange disconnect between Trustpilot and others. It's worth noting that the Trustpilot reviews - which are much better than reviews on other networks - are more recent, and Monex steers customers that way.

That's not to say that there is anything problematic about that practice, but it does seem worth noting.

While Monex does well in terms of transparency in some areas, it doesn't do quite as well in others. Yes, they are clear about their family history, but they are less clear about fees, insurance, and storage offerings. This is critical information, and it's more challenging to find.

It's also worth noting that Monex doesn't discuss the elephant in the room: Last year's judgment against them resulted in a massive return of customer fees, a civil penalty, and legal restrictions against their future activity.

This is not a small issue, and Monex is completely silent about it. We didn't even know that it had occurred until we conducted our usual due diligence into the company.

The lack of information about a major financial and legal settlement against the website makes it seem as if Monex is simply trying to hide the settlement.

It gives the impression that Monex is trying to bury its past instead of embracing and explaining it to customers. This lack of transparency can leave a very bad taste in your mouth.

Final Verdict

Monex has a solid history, a medium inventory, and mixed reviews. They're dedicated to transparency in some areas, yet they seem to try to hide a massive financial judgment against them.

All of this leads to a solidly split decision about Monex.

Yes, it seems you can do well by using Monex. But you can also certainly do better by using a better company like the ones that made our Best Precious Metals Companies list.

Remember to read out list of the Top Gold Companies to see if Monex Precious Metals made the cut.

>> Click HERE to read our Best Precious Metals Investment Companies list <<

Or, if you like what you read about Monex Precious Metals, you can visit their website below.

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