Is MONEX a Scam this 2023?
How well do you know this company? Can you trust them? Is it safe to invest your money with them?
Let's get to know Monex or Monex Deposit Company!
Read it in this 2023 review!
So, let's get started!
Monex Quick Review
Monex Summary Review
- Name: Monex Deposit Company
- Website: www.monex.com
- Founder: Louis E. Carabini
- Cash Minimum: N/A
- Rating: N/A
What is Monex?
Monex is a precious metals investment company and dealer.
Through Monex, you can diversify your investment portfolios by turning your traditional paper assets IRA into a gold or precious metals IRA.
They are specializing on products such as gold, silver, platinum, and palladium bullion bars and coins.
Monex have been in the industry for more than four decades.
This company was founded by Louis Carabini who initially worked for the Pacific Coast Gold Exchange. With this, he saw how valuable gold and precious metals are.
He had first hand experience with gold and precious metals over the years.
Should You Choose Monex this 2023?
Monex takes pride in the following characteristics and virtues that they apply as a company or what they make their reputation to look like:
Monex, for more than four decades, was able to execute $60 billion customer transactions and they also deliver physical metals, if requested.
You'll be able to have a personal Monex account representative. You can ask them question, your queries, concerns, and other needs related to gold and precious metal investment.
You can ask for third party opinions or your own account representative if you want more details to the two-way metals marketplace that Monex offers.
The prices that Monex offers are updated every 60 seconds during market hours. Their prices are considered to be reliable and exceptionally competitive.
Monex has a wide array of products, they are top-tier and globally-popular kind of gold and precious metals products.
As a support to their clients, Monex is implementing an efficient buy/sell marketplace for different sizes of transactions. They provide attractive prices for these.
Monex Products and Services
Monex offers gold products. They endorse that when you buy gold bullion bars, it can help you get physical gold at a low cost per troy-ounce. It is available in many sizes from standard 1-troy ounce to 400-ounces.
Gold ingots are type of gold with the highest quality. On the other hand, gold bullion bar prices are a little higher due to the manufacturing cost.
As compared to this, gold bullion coins can be easily bought, divide, and trade.
If we are talking about investments, we should know how legitimate the dealers we are going to transact with.
Established dealers offers gold that are manufactured by recognized refiners.
But, there are still fees when we transact this precious metals.
Gold IRAs are known for its value in investment all over the world. Here are some of the eligible products that can be used for a Gold IRA:
Some chooses silver to invest with, they are affordable and has diversification potential.
They are even considered as an indispensable metal since it is a critical commodity and an unparalleled utility.
They can also buy it in a coin-form so that it can easily be held, divide, and trade. Here are some of the available silver products:
Silver is one of the most in-demand metals today. With silver, you can add it to your plan without paying much.
Here are some of the eligible silver for an IRA:
This type of precious metals can be considered as "hard assets," since it can be an integral part of the diversification of your investment portfolio.
Financial advisors usually recommends that you should at least put 5%-9.5% of hard assets to your investment portfolio.
Here are some of the available platinum bullion coins:
Platinum, since the beginning, is a popular option for investment. This is most especially for IRAs, here are some of the eligible platinum for IRAs:
Palladium is considered as a unique investment opportunity. Some investors look for smaller and much more divisible forms of palladium bullion.
Here are some of the palladium coins you can buy:
Palladium promises growth in demand and in value. They have been considered as one of the top performing precious metals in the industry. Thus, it is a good choice for your precious metals IRA.
Reviews and Ratings of Monex
The ratings at Trustpilot - 4.9/5.0 for 3018 Reviews
While Yelp ratings are 2.5/5.0 for 30 Reviews
They are A+ but not BBB Accredited
What I Like About Monex
Real-time pricing and transparency
One of the first thing I noticed upon visiting their website is how they are very transparent when it comes to prices.
They have charts where it indicates prices of the precious metals over a certain time frame.
Monex also indicate prices for each of the precious metals that they offer, both asking and bidding prices.
Upon clicking the product, there's a short description of it and the current prices of Monex which includes:
- Spot price
- Bid price
- Asking price
This is for both the Monex Standard and Atlas Preferred Prices.
Plenty of years in the industry
They have been in the industry for a long time. Their founder has plenty of experience when it comes to gold and precious metals.
Aside from this, they have been able to transact over $60 billion deals and transactions.
What I Don't Like About Monex
A lot of bad reviews on trusted sites
They have a lot of bad reviews and low ratings in trusted websites like the BBB and Consumer Affairs.
Apparently, one thing we understood about bad reviews is that they won't indicate it if they are not true.
Commonly, bad reviews are detailed and lengthy, so... they are pretty much true.
So, as a future investor of this company, you should be aware of those facts so that you know which options can you consider.
They only serve as your 'precious metals dealer'
Apparently, what will happened if your transact with this company is that you have to establish an IRA with a separate Trustee/Custodian, and fund it with them, and basically do all the transactions with them.
You will just indicate that Monex is your precious metals dealer.
All the hard work will be processed by you and they will just provide you the metals.
That basically explains why they put their prices so transparent.
The storage is also one of your worries. So, good luck with that...
Do Monex Scam?
Can we consider that Monex is a Scam? Well, we can't.
IT IS NOT A SCAM.
They are precious metals dealer and that's their line of work. Their services is also limited to that.
They serve as a MARKETPLACE and not an IRA CUSTODIAN.
You should remember that.
That's why you need to read reviews like this one.
You might be easily attracted with how low their prices are and how transparent they are with them.
But, you might get trapped because they are not offering Gold and Precious Metals IRA.
Well, Monex is a confusing platform if you are a novice investor.
When it comes to this, you should choose companies that offer everything.
A one-stop shop that gives you the services, the metals, and everything else. With this, you will have less worries and you can avoid making mistakes.
So, what I recommend to you is Goldco.
They offer everything and are available at any time!
If you want to get to know them, just click below!
They are my #1 recommendation when it comes to precious metals, IRAs, and everything else. You don't have to worry about a thing!
Thank you for reading this review! I hope I was able to help you!
Got thoughts? Just comment them below!