Monex Review

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Monex is a company that has been in the industry of precious metals since 1987. Today, this business has a highly impressive selection relating to financial products.

If you are looking for experts you will want to work with this company when it comes to sourcing palladium, platinum, silver, and gold.

Close to 3/4s of the business that Monex deals with is repeat customers, due to their premium service. Providing expert services is how they built up such a reliable and solid reputation.

Before we get started with this review:

With so many gold companies out there, how do you know which is the best to invest with?

At Exim Bank India we've spent years researching nearly every gold and precious metals company in the business and report to our readers on the very few that worth investing with.

Our goal is to give you the best information you need to make an informed decision.

That is why we created a list of the best gold investment companies from our extensive research, and you can use this list to help you make the best choice.

>> CLICK HERE to read our list of the Best Gold Investing Companies <<

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About Monex

monex homepage

Monex launched their enterprise when the United States started changing how they were making coinage. As a part of the switch, the founders of Monex recognized an opportunity.

This is when they purchased $1,000 worth of silver quarters before launching an operation in Long Beach.

The Carabani family opened Monex after running their father's business for twenty years. They incorporated Monex officially in 1987. They have held this business in their family for 3 generations up until now.

More than 50% of their payroll staff have been with them for more than 10 years.

Monex Complaints and Ratings

We have done our homework by researching relevant sources to find any important information about this company. When it comes to researching the track records of corporates, the BBB is a good place to start. But we have looked at more than only what the BBB has said about them.

We also visited a few of the best-known rating websites and agencies. We have only included the ones that had any data on Monex.

  • BBB

They gave Monex a rating of A- overall. That is only because the company had one complaint that was filed over the past 3 years. Once that expires, they will qualify automatically for an A+ rating.

  • BCA

Monex received the highest rating from the Business Consumer Alliance. We have not seen any complaints about Monex on this site over the past 3 years, either.

  • TrustLink

This site rates the reliability of companies so that you can find out whether you can trust them. Monex thankfully received a 4.2 out of 5 on this platform. This is according to an average worked out on a total of 40 reviews.

  • Yelp

If you have looked at any of the review sites, you may have noticed how brutal the Yelp critics are. But Monex still didn't score less than 2.5 out of 5. Their score will probably increase after receiving a few more reviews on this site.

  • Facebook

Monex has performance scores that are more impressive on Facebook. Out of a total, Monex is sitting at 3.5. However, there are only a few reviews about the company on Facebook.

Monex Service and Products

The main offerings from this company are coinage and precious metals. You can order coins from this company as a reliable way to hold or store investments.

They have also created a program so that you can use an IRA as the source of cash flow or funds while you are investing. This means that you can use your IRA account to buy precious metals.

You will be required to work through a custodian for Monex if you want to buy precious metals for retirement purposes. Monex handles all the metals aspects of investment transactions, while another company will oversee the IRA part of your account.

As a customer, you will need to talk to them when it comes to hiring a trustee or custodian when they are opening your account. When you open an account, you will be liable for fees that any third-party custodian charges.

Pay attention when it comes to how they have scheduled these fees, to make sure it is worth your while.

In most cases, it is best to work with a custodian that can arrange a fixed-fee schedule. The sliding-fee structures usually end up costing more over the long term, especially on larger accounts.

What is a Monex Precious Metals IRA?

gold bars for IRA

An IRA, which stands for individual retirement account, is one of the tax-advantaged investment funds. It is also an account that can help you to generate a larger return when you fund the account with pre-tax dollars.

Working with these accounts is great since it allows you to use a Self-Directed account and put a portion of your savings into physical assets such as precious metals without having to take it out of your account.

The regular IRAs, on the other hand, usually only allow you to store paper investments.

You can open an account by contacting a custodian that is listed on the Monex website. Remember to tell the custodian that Monex is your preferred dealer when setting up the account.

From here you can roll over funds from your regular IRA and place them into a custodian account. It might take a couple of days before you will be allowed to trade. You won't be able to access these funds until they have entirely passed Monex's clearance checks.

From here you can chat to a sales representative about how to go about making investments in one or more precious metals. Their representative will be able to help you with any investment you are interested in.

Your representative will then pass these details on to your custodian. Your custodian will need to review the details of the purchase before executing a new transaction.

Your precious metals will be shipped to your custodian once the transaction is finalized and the payment has cleared.

What's a Gold IRA Rollover?

Gold IRA rollovers are when you transfer your funds in your retirement account into an IRA that is designed to hold precious metals in a physical form. These metals are usually available in bullion bars or coins and stored in secure depositories.

Reasons to Consider a Precious Metals IRA

There are many reasons you should consider opening an IRA at Monex so that you can make investments in physical precious metals. They can help you to administer your funds, helping you gain more control over your retirement.

Many people enjoy working with precious metal IRAs due to how they have more control over their accounts. Most retirement accounts do not provide as much freedom once you have invested in one.

Any earnings that you accumulate in your IRA will not be subjected to "standard taxes". They also usually continue to accrue returns until you withdraw them. One of the best parts about these accounts is how they have made them a lot more accessible.

Just about anyone will qualify when it comes to opening a gold IRA and working with Monex.

Reasons to Invest in Precious Metals

Investing in IRAs has been an excellent decision since they were introduced as a type of investment vehicle. They have created a simple method to invest pre-taxed income into an "advantaged" account, which helps to increase your buying power.

When you invest into an account using pre-tax dollars it means you can use this money without having to take as much from your monthly checks. Any amount you would like to put into the account will come out before you have to pay tax.

Precious metal IRAs offer even greater advantages. Most people that save for retirement do so over a relatively long timescale. This is why inflation is very scary for retirees.

Precious metals are one of the ways to provide a hedge against these risks, especially when it comes to using IRA funds.

Precious metals may also outperform the traditional asset classes when it comes to inflation. There will always be a time when assets are prone to depreciating, even when it is not that often.

People have been using metals such as gold as a trade medium for hundreds of years. This means you can bet on these just like you would on any other thing relating to the economy.

They also have a track record that is much longer when you compare them to anything else out there.

What are the Benefits of a Diversified Portfolio?

There are benefits to diversifying portfolios when it comes to precious metals. Unlike owning bonds and stocks, owning precious metals means that you are putting your savings into tangible investments.

Unlike paper money, precious metal values are not determined by governments, but rather by factors such as geopolitical events, industrial demand, and investor demand.

How to Purchase Precious Metals at Monex

Monex only works with clients over the phone. This is one way that they have minimized fraud and a way to protect the data of their clients. You will need to call them to chat with one of the account representatives if you are interested in buying gold.

You can contact them during business hours. The company is typically open from Monday to Friday, between 5.30 AM and 4.30 PM. Make sure you set your clock to Pacific time before you give them a call. This is the time zone that they work in for their call center.

Don't call them until you have set aside sufficient time to get your account open with a custodian listed on their website. They will not be allowed to send the gold to your home directly, even if you have purchased it from them.

They are required to ship anything you have purchased using your IRA funds to the address of the custodian.

The Monex Buy Back Program

Monex offers a two-way sell/buy market that allows them to share "live" prices for platinum, palladium, silver, and gold prices with their clients, and it provides them with a way to purchase physical precious metals from investors.

Simply send your precious metals to them and once they have approved authenticity, you will be allowed to liquidate your assets.

A time-tested, proven working relationship with its investors and a versatile marketplace has made Monex one of the favorite one-stop locations for clients to sell and buy precious metals.

Customers are free to give Monex a call to find out more information on how they can sell their precious metals and how to liquidate them at a pace that suits them.

Monex's Educational Video Library

Not everyone feels very confident when they first start learning about how investments work. It takes a bit of time to start understanding the reasons why everything is set up in a certain way.

Monex has a library of highly educational videos that help to minimize these difficulties.

We have seen many curators that have failed to produce anything that comes even close. Make sure you look at Monex's production "A Better Future". It is a video that informs clients about the latest market activity.

Watching some of these videos should give you insight into what is currently happening which will help to keep you informed.

They also have a content line that discusses silver and some of the other metals. We can confidently say that have done an excellent job at condensing a lot of information into an easy episodic format.

Pros and Cons

Every company has its ups and downs. There is no difference when it comes to Monex.

PROS

  • Invest pre-tax dollars into silver and gold
  • Work with a professional licensed broker that will handle everything
  • Lifetime client support
  • Some decent reviews on Google

CONS

  • You have to buy your precious metals through a custodian
  • You have to work with one of the approved custodians
  • You won't have access to your precious metals

Conclusion

Setting up your retirement to make sure you have enough money when you are older is something that you should be working on while you are still young.

Monex is a company that has made it possible to take advantage of pre-tax earnings by investing this money in gold or other precious metals.

You can roll over or transfer your savings in an existing IRA to send to a custodian that Monex has approved. Once they are cleared, you can use these funds to buy silver and gold from Monex.

This won't involve any tax implications until the stage that you retire and start withdrawing from your IRA.

Monex is a reputable precious metals dealer, but we do not recommend them.  

They are not the best for cash purchases and definitely not the best option for investors looking to protect their savings with a precious metals IRA, like other companies we have covered.

You can get a Free Gold Investors Guide from our top gold and precious metals company recommendation by clicking the link above or you can read our article of the top companies we reviewed this year:

Click Here for Our List of the Best Gold IRA Companies to Invest With

Or, if you like what you have read about Monex, you can go to their website below: