Monex is 9th Place in our List of Top 10 Gold IRA Companies:
- BCA Rating: A
- BCA Complaints: 0 in the past 3 years
- BBB Rating: A+
- BBB Complaints: 1 complaint in the past 3 years
- Trustlink: (4.2/5 stars) based on 40 reviews and complaints
As you work on figuring out your overall retirement plan, diversifying your portfolio is an important step. Without diversification, you run the risk of losing everything if your investments take a turn for the worse.
Most future retirees are heavily invested in the stock market. Using 2008 as an example, many mutual funds and 401(k) accounts tanked and lost more than half of their value. Thoughtful investors had enough sense to diversify. Many ended up investing heavily in gold, silver, platinum, and palladium to shore up their assets.
Believe it or not, this turned out to be a very wise move. The price of gold skyrocketed in 2009. Not only did it protect investors from losing big, it also helped add to their retirement fund as well.
Are you concerned with the next stock market crash? Do you lose sleep at night over the impending recession? You should be afraid. The US government is more unstable than ever as impeachment inquiries rock the White House. The stock market can only go so high before it comes crashing down.
Preparation is the key to a healthy retirement. And investing in precious metals means protecting your nest egg. When other investments fail you can count on gold to gain value and act as a much needed hedge.
Are you prepared to start investing in a gold IRA? Doing business with Monex is clearly a wise choice. We’ve selected them 9th on our top 10 list of gold brokers. After evaluating hundreds of gold companies, achieving 9th place on our top 10 list is a great honor indeed.
How Monex Stacks Up in Our 7 Critical Factors Test
To decide whether or not to put Monex in the top 10, we used seven critical factors to evaluate the company. Overall, the results of our thorough evaluation put them in 9th place.
During our evaluation, we looked at certain benchmarks to determine how they stack up against their competitors. We used the following criteria:
- online peer-reviewed ratings
- types of precious metals
- precious metals buyback program
- IRA fees
- account setup & delivery
- customer support & salesmanship
We perform this evaluation solely for our readers. We look at these companies to help them choose the best gold brokers to choose for gold IRA investing. To learn about the results of our evaluation of Monex, please continue reading.
1. Online Peer-Reviewed Ratings
Monex founder Louis E. Carabini entered the precious metals market many years ago in 1967. For the last 50+ years, Louis and the trusted representatives at Monex helped clients to the tune of $55 billion in transactions. This is no small feat. In fact, their longevity and excellent track record proves that they are a trusted powerhouse in this industry.
Over the last 50+ years, Monex has received many reviews, testimonials, and plenty of recognition. They have a presence on peer-reviewed websites including Trustlink, the Business Consumer Alliance, and the Better Business Bureau.
After reading through some of their accolades, we’d like to share some examples of typical reviews and testimonials for this company. Their highlights include:
- Many reviewers consider Monex their go-to company for precious metals investing. They like doing business with them because they are fast, efficient, and offer very competitive pricing.
- Other reviewers appreciate Monex because of their knowledgeable staff and friendly customer service representatives. They like this company because the staff is friendly, efficient, and they handle their transactions quickly.
No one should feel surprised to learn that previous customers had great experiences with Monex. They wouldn’t have survived more than 50 years in the precious metals industry if they were anything less than stellar.
2. Types of Precious Metals: Gold, Silver, Platinum, and Palladium
Monex sells many different types of precious metals on their site. Some of their more popular products include:
- 1.5 Ounce Gold Canadian Maple Leaf
- Gold Canadian Growling Cougar
- Gold South African Krugerrand
- Silver American Eagles
- Platinum American Eagles
- Platinum Canadian Maple Leafs
- Palladium Canadian Maple Leafs
Please read: for gold IRA investors, please note that Monex sells precious metals that aren’t acceptable IRA assets. Speak with their customer service staff to determine if your purchases are IRA eligible or not.
3. Precious Metals Buyback Program
After reviewing the Monex website, we’ve learned that the company does have a buyback program. They call it their Metals Buy Back Program, and it was “created for investors who wish to liquidate their precious metals regardless of where they were acquired.”
As far as stockpiling is concerned, Monex doesn’t necessarily specify their preferred IRA custodians and depositories. They have the following to say on their website:
“We work closely with leading IRA Trustees/Custodians in the country, as well as with the largest and most secure independent and registered storage vault facilities. All of these companies are independent unaffiliated third-party providers of IRA accounts and storage services. Monex does not receive compensation from any of the IRA Trustees/Custodians or Depositories.”
5. IRA Fees
Monex doesn’t clearly share information about the various fees associated with precious metals IRA investing on their website. But fees do exist nonetheless. Typical IRA fees include the following:
- custodian charges
- storage related fees
- account setup fees
- asset insurance
Talk to their customer service staff to find out specifics about their fees.
6. Account Setup & Delivery
It’s easy enough to get started setting up your account with Monex. Speak to one of their account representatives at (800) 444-8317 to begin the account creation process.
As far as delivery goes, their website states, “When your purchase is made for delivery to a bank or depository, the custodian will send you a Commodity Transfer Notice indicating their receipt of the metal that they are holding on your behalf.”
For personal delivery, they ship via USPS and UPS. They send an email notification to provide buyers with online tracking information from the delivery service.
7. Customer Service & Salesmanship
Monex has an excellent track record for customer service and salesmanship. After being in business for more than 50 years, this should come as no surprise to anyone.
Some previous customers had this to say about Monex:
- Deborah K says, “I just made my first purchase with Monex and am quite pleased. I spoke several times with RJ and not only did he answer all of my questions, but he offered information that helped me decide timing, etc. He was very professional and super helpful.”
- Steve S says, “Had to make a transaction, my bank being closed… The rep made it happen. Friendly and knowledgeable service.”
Obviously Monex customers tend to have a great experience purchasing precious metals from this company. Their outstanding reputation precedes them.
Monex Contact Details
- Address: 4910 Birch Street, Newport Beach, CA 92660
- Phone: (800) 444-8317
- Email: support@Monex.com
- Site: www.monex.com