Monex Precious Metals Review

Monex Precious Metals

About The Company

Monex Precious Metals has been dealing in precious metals and IRA eligible gold and silver coins and bars for over 40 years. Established in 1967 by Louis E. Carabini, Monex was the first company to enter precious metals investment industry. Since then, the company has grown significantly and has expanded its portfolio to include gold, silver, palladium, and platinum.

Company Location: Monex Deposit Company 4910 Birch Street Newport Beach, CA 92660

What does the company do?

It is considered as one of the eldest companies that are in the market till the date and the company also hold several other enterprises as its subordinate organizations. In addition to offering learning tools like seminars, videos and other things for investment in metals, they also provide the customer with the latest change in the price of products to facilitate them before actual trading. In addition to other products and services, the company deals in gold, and silver IRAs and trade of IRS authenticated metals that are prone to be added to the account.

Why choose Monex?

  • Thorough Information: The company provides detailed and elaborated information to its customers regarding the investment in metals that helps them and make decisions easy. For instance, they have mentioned on their website that what are the advantages of opening IRA account.
  • Monex gets 80% of its business repeat clients and the rest from referrals.
  • 44 years experience serving customers
  • The company offers a wide range of products; however, not all of them are IRA-eligible

Products Available

  • Gold, silver, platinum, and palladium bullions
  • Gold and silver coins – Vienna Philharmonics, American Eagles, Canadian maple leafs, Canadian howling wolf, South African Krugerrands, Canadian growling cougar.
  • Platinum coins – American Eagles and Canadian Maple Leafs
  • Palladium coins – Canadian maple leafs

Collaboration with custodians

Due to their partnership and joint ventures with credible custodian firms, the customers can always choose the right custodian right according to their requirements.

Atlas Account Scheme

Atlas account renders the users with an opportunity to get the most out of discounted prices, other than that, it is a distinguished method to gain the metals through investment leverage having added security of separate storage.

Drawbacks of Monex

No Custodianship!

The company itself does not work as a custodian and even the list of partnered custodian firms are not found on their website due to which one cannot get to know about the features and prices of custodians that work along with them.

A High Number of Complaints

At BBB and Ripoff Report, the company has the significant number of reports registered against them and they were also a target of Federal regulatory authorities in 1974 under scamming and fraudulent activity charges.

Alerts & Actions


Commodity Futures Trading Commission v Monex Deposit Company

The following describes a pending government action that has been formally brought by a government agency but has not yet been resolved. We are providing a summary of the government’s allegations, which have not yet been proven.

On September 6, 2017, the Commodity Future Trading Commission filed a Complaint for Injunctive and Equitable Relief and Penalties in the US District Court for the Northern District of Illinois. Charges filed allege the business is in violation of the Commodity Exchange Act law prohibiting Off-Exchange Transactions, fraud, and failing to register with respect to financed transactions.

The matter is pending. For more details, click here.

In response to these charges, the business provided the following statement:

“Today the Commodity Futures Trading Commission (CFTC) filed an action in federal court against Monex Deposit Company, Monex Credit Company (collectively “Monex”), et al., alleging that Monex’ leveraged Atlas account trades are illegal retail precious metals transactions under the recent DOdd-Frank legislation. Monex vehemently denies the CFTC’s assertion of jurisdiction and its allegations of customer fraud.

Throughout its 30-year history, both before and after Dodd-Frank was implemented, Monex has lawfully offered physical precious metals transactions exempt from CFTC jurisdiction.

Prior to Dodd-Frank, Monex’ exemption was recognized by the CFTC and its administrative law judges. Since Dodd-Frank, Monex has complied with the CFTC’s interpretive guidance for exempt precious metals dealers involved in financed transactions.

Monex makes delivery of precious metals to every customer on every sale, including financed transactions where the precious metals are held in an independent depository in the customer’s name. The terms and conditions of the Monex Atlas program are fully disclosed to its customers before transactions are made, and the disclosures satisfy all regulatory requirements. All bid and ask prices and spreads are disclosed on the internet live and can be compared to prices and spreads offered by other precious metal dealers. the average bid/ask spread on financial Atlas transaction is one of the most competitive in the physical precious metals market with average spread less 2% and commissions average less than one-quarter of a percent during the last 5 years. The company will vigorously defend against the CFTC’s unwarranted action.


This company is not yet accredited.

Ratings & Complaints

Top Complaints We Found By Consumers About Monex Reputation
Monex Deposit Company has many consumer complaints. BBB has determined that Monex Deposit Company meets Standards of BBB Accreditation
Monex makes delivery of precious metals to every customer on every sale

They maintained an A+ rating with the Better Business Bureau, and rating from the Business Consumer Alliance.

Monex got numerous other bad reviews and ratings on top review websites, including

Trust Link gives them 5 stars. The BBB’s grade is an A+. Though there are some negative write-ups from customers too, you will find that they are outnumbered substantially by reviews suggesting the company looks after their clients.

56 Complaints of Scams, Lawsuits, and Frauds Reported

Questions You Should Ask Before You Invest In Any Gold IRA Company.

Any Administration or  Storage Fees Charges?

Some companies do charge additional storage fees with other administrative fees and some don’t

What Type of Precious Metal?

You should look into the pros and cons of Gold Bullion vs. Gold Coins (rare/collectibles). We recommend Gold or Cryptocurrency, of course, Silver is a good investment too.

Ask if the company have Buyback Program

Will you get a fair value in return for your money if you decide to buyback?  Make sure you are choosing the right company and right program.

It will cost you additional fees by Choosing the wrong company.  Most Precious Metals companies can take over 30 to 90 days in some cases. When rolling over to a Gold IRA account, do not hesitate to consult a professional to help you with the rollover process and chose the best program for your specific needs.

Top Complaints We Found By Consumers About Companies

  • Salespeople and tactics are too aggressive with clients.
  • Most Precious Metals Representatives designing investment portfolio for clients with precious metals that have a bigger profit margin for the company and not the clients.
  • Don’t give a chance to clients to make a decision by pushing them to start the process of rolling over their retirement account!

Protect Your Investment by doing your own due diligence