Gold, silver, and other precious metals can all be bought, sold, and invested in at Monex Precious Metals, a precious metals marketplace. The business does not hold IRA assets but is a precious metals dealer. The company has assisted with completing more than sixty billion dollars in client transactions from its start.
Coins, platinum, palladium, gold, and silver bullion are available through the Monex Deposit Company. Any amount of metal, from a single gold bullion to a hundred silver coins, is available for purchase. Many of the world’s most sought-after and expensive precious metals are in its possession.
About Monex
The Monex Deposit Company offers more than just a marketplace for buying and selling; it also provides downloadable instructional materials for investors. As a means of portfolio diversification,
they may be helpful for investors.
A Monex account specialist is available to help you purchase and sell if you need more individualized assistance. They will be happy to answer any inquiries you may have.
Pros:
- You do not need to purchase from Monex to market your products to them.
- Virtual spot and bid costs are shown in actual time.
- An abundance of materials for teaching.
- Streamlined software.
Cons:
- Their website needs to provide comprehensive pricing details.
- Cooperation with your designated custodian is required.
- Monex has a history of lawsuits; read below for more.
How to Buy Gold With Monex Precious Metals
Visit Monex’s homepage to review their platinum, palladium, silver, and gold inventory before making a purchase. Monex Deposit Company streamlines purchasing precious metals by publicly publishing the most recent ask and bid rates.
You can contact a customer service agent to place your orders after deciding on the items you want to purchase and the amount to spend. Over a conversation, the agent will verify your order information (the amount, cost, etc.) and your approval. When payment is made, you can have the metals sent to your house or in a vault.
How to Sell Gold With Monex Precious Metals
An agent from Monex will provide information on transmitting your actual metals to them if you want to sell them. The “Monex Buy Back Program” is available to all precious metal investors, regardless of whether they initially purchased from the business.
After the depository has received your metals, an agent from your account will contact you by recorded phone to verify the exchange at the present asking price after Monex Precious Metals has authorized the transaction. Sales taxes are levied. There will be a 48-hour delay before you get the payout monies.
How to Start a Precious Metals IRA With Monex
An experienced agent can assist you in establishing an IRA for precious metals with a third party, outside custodian, or trustee of your choosing. They can help you place a purchase for the number of coins or bars you choose after your own Monex IRA account is established and funded.
If you want to access their buy/sell market to see the worth of what you’ve invested later, call them to complete your sell transaction. You may be sure that their company will work with the IRA administrators to compensate your custodian or trustee and facilitate the return of your metals to Monex.
How to Open an IRA Account with Monex
- You may choose Monex as a precious metals broker once you set up an IRA with one of many suggested trustees or custodians.
- Put money into your IRA account through the custodian or trustee; Monex will be notified by the custodian when the money is accessible.
- Contact your Monex account advisor to learn more about the precious metals products that qualify for IRA investments.
- Shipping of the metals and payout of funds from the IRA will follow receipt of the buying details by the trustee/custodian.
Individuals may put away a maximum of $6,000 per year into an IRA (or $7,000 if they’re 50 or older) or 100% of their salary, whichever is lower. Contributions or rollovers from traditional IRAs to precious metals IRAs are not subject to monetary limits. For guidance on investing in an IRA, you should consult a professional.
Monex Fees
Monex Precious Metals makes it easy to compare the “ask” and “spot” prices for metal on the website’s purchase, ensuring you can make an informed decision. While Monex does provide the current price of precious metals on its website, it does not divulge information on other costs, such as transaction fees and premiums.
There is a daily swing in the spot prices of gold, silver, and platinum. When you order gold, platinum, palladium bullion, or coins from Monex, you’ll pay $20 for freight + $1 per ounce of metal.
Monex Complaints
Monex’s BBB profile shows a notification for a government action regarding corporate wrongdoing, and the company is not certified with the Better Business Bureau. This matter is far from over.
Federal authorities accused the firm in 2017 of stealing over $290 million from thousands of victims. Many elderly consumers had their life savings wiped out by an alleged illicit scam.
According to their claims, a number of them supposedly lost over $100,000 apiece. From July 2011 until March 2017, almost 12,000 account holders were engaged in the lawsuit. After the United States Supreme Court declined to consider the issue in 2020, a settlement was reached outside of court in 2022.
In addition, Louis Carabini was charged by the Securities and Exchange Commission (SEC) with misleadingly selling $1 billion worth of silver coins on margin in 1974. On other platforms, Monex Deposit Company is well-respected by customers. For example, Trustpilot has over 2,800 reviews.
Conclusion to our Monex Precious Metals Review
Buying and selling gold online has always been more challenging than with Monex Precious Metals. The mobile app also makes essential market data and price information available to investors. Monex in question does not provide gold IRAs and portfolio management services.
If you want a company offering a gold IRA to diversify your portfolio with gold and silver, go for Augusta Precious Metals. If you want more information on Augusta Precious Metals, visit our homepage. They are rated the “Overall Best Gold IRA Company” by Money Magazine.
