Monex Precious Metals Review: Can You Trust Them With Your Money?

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Monex has been operating in the precious metals industry since 1987. Today, they've curated an large number of financial products. You can work with them to source gold, silver, platinum, and palladium.   

Nearly three-quarters of their business is repeat clients, thanks to their service quality. Giving expert service is how they've built such a strong reputation in the community. 

Before we get started with this review:

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About the Company


front page of the monex website

They began the enterprise when the US changed how they made coinage in the country. As part of this switch, Monex's founders recognized there was an opportunity. So, they purchased $1,000 of silver quarters and began the operation in Long Beach.  

The Carabani family opened Monex once they had run their father's company for 2 decades. They officially incorporated as Monex in 1987, with more than 14 years of experience.

They've held the company within the family for 3 generations at this point. They've kept more than half their staff on payroll for over 10 years. 

Monex Ratings and Complaints


We've dug through all the relevant sources to find anything that's out there on Monex. One of the best places to start when researching corporate track records is the BBB. We've taken a look at more than just what they've had to say about them, though.

We went through most of the well-known rating agencies and websites. However, we've only included ones that have data on Monex.  

BBB:  

They've given Monex an overall rating of an A-. That's only because they've had a single complaint filed in the last 3 years. Once that's expired, they'll automatically qualify for an A+ rating on the BBB's site.   

BCA:  

Monex has received the best rating given by the Business Consumer Alliance. We didn't see any complaints against them on their site made in the last 3 years, either.  

TrustLink:  

Trustlink rates how reliable companies are, so you'll know whether to trust them. Thankfully, Monex was able to get a 4.2 out of 5 on their platform. That's based on an average of 40 reviews total, too.  

Yelp:  

If you've looked around at review sites, you've seen how brutal Yelp critics can be. Still, Monex didn't score less than a 2.5 out of 5. They'll probably have a better score after a few more reviews posted on there as well.  

Facebook:  

Monex had a slightly more impressive performance if you look at their Facebook score. When we saw where they were, they had a 3.5. That's out of total. Only a few people have left a review on Facebook about them, though. 

Monex Products and Service


several different gold coins

The main thing they've got to offer is precious metals and coinage. You can order metallic coins from them as a stable way to store your investments.   

They've also developed a program to use your IRA as a source of funds while you're investing. You can ask them whether they'd be able to use your IRA account to invest in precious metals.  

You've got to work through one of their custodians if you'd like to put something in precious metals. Monex explicitly handles the metals aspect of your investment transactions. Another company has to oversee the IRA portion of your accounts.  

Each customer must speak to them about hiring a custodian when they're opening an account. Opening one of them up means you'll have to pay any fees charged by their third-party custodians, too.

Pay attention to how they've scheduled any fees, so you can see if they're worthwhile.  

Most of the time, it's better to work with one that's able to set you up on a fixed fee schedule. Sliding fee structures tend to cost more in the long run, especially on larger accounts. 

Monex Precious Metals IRA


An Individual Retirement Account, or IRA, is a tax-advantaged investment fund. You can invest money into them without having to pay as much when it's tax season. So, you can generate larger returns by investing with pre-tax dollars.   

Working with them is great because you're able to use a self-directed account while with them. Plus, you can put some of your funds into precious metals without taking them out of the account.

Most IRAs will say they'll only allow paper investments if you try working with them. 

  • Step 1

Open an account by contacting one of the custodians listed by Monex on their website. Remember to tell them your preferred dealer is Monex during the setup process.

  • Step 2

Transfer funds from your typical IRA and put them into your custodian account. It may take a few days before they're able to trade. You won't have access to them until they've passed Monex's clearance checks, entirely.

  • Step 3

Give them a call to speak with someone about investing in precious metals. They've got representatives who can assist you with any investments you'd like to make. 

  • Step 4

Your representative should give the details to your custodian as soon as you're done on the phone. The custodian has to see the purchase details before executing new transactions.

The metals ship to the custodian after your transaction finalizes and payment clears. 

Reasons Why You Should Consider an IRA


gold bars

There are plenty of reasons to open an IRA at Monex and start investing in precious metals. They'll help you administer all the funds, so you can take retirement into your own hands.   

One of the main reasons why people love working with them is how they can still manage their accounts. A lot of retirement accounts don't let you have the same level of control once you've invested in them.   

Any earnings accumulated in your IRA are not subject to standard taxes. They may continue accruing returns until you'd like to withdraw them. You can elect to receive a payment in like-kind at that time to further reduce liabilities.

They can give you whatever you'd like to withdraw in the form of bullion.  The best thing about them is the way they've made them so accessible. Nearly everyone is eligible to open a precious metals IRA and work with Monex. 

Why Invest in Precious Metals


Investing in an IRA has been a great move since they've introduced the investment vehicle. They've created an easy way to invest pre-tax income in an advantaged account, an up to buying power. 

Getting to invest with pre-tax dollars means you can use them without taking as much from your check. Anything you'd like to put in one of them comes out of it before you've got to pay taxes. 

man looking at a clipboard

Precious metals IRAs have an even greater advantage, too. Most people saving for retirement see their investments on a relatively long timescale. As such, inflation is one of the scariest things for most of them.

That's why precious metals are such a great idea, especially using IRA funds.  They've outperformed other asset classes in terms of inflation throughout history. There have always been times when assets depreciate, even if it's not often.   

People have never stopped using precious metals as a medium of trade, though. So, you can bet on them as much as you can bet on anything else in the economy. They've got a much longer track record than most anything that's out there, certainly. 

How to Buy Gold & Precious Metals at Monex


Monex only lets clients work with them if they're able to talk on the phone. That's one of the ways they've limited fraud and protected client data. Just give them a call and speak to an account representative if you'd like to buy gold.   

You can get in touch with them by dialing their number during normal business hours. They're usually open from Monday to Friday, between the hours of 5:30 AM and 4:30 PM.

gold bars

Remember to check if your clocks are set to Pacific time before getting on the phone. That's the timezone where they placed the call center you'll be calling when you're talking to them.   

Don't try to talk to them until you've had enough time to open an account with one of their custodians. They're not able to send gold directly to your house, even if you've bought from them.

They have to ship anything you've bought using IRA funds to the custodian's address. 

Monex's Educational Video Library


Not everyone feels confident when they're first starting to learn how investing works. It takes a little time to understand why everything has been set up the way it has. Monex has produced a line of educational videos to minimize difficulties.   

We've seen a ton of curators who've never produced anything close to this. Take a look at Monex's production, "A Better Future." It's something they've put together as a way to inform clients about market activity.

Most of them try to focus on stuff that's going to affect gold's price movements. Watching a few of them should give you enough insight into what's happening to inform you.   

They've also developed a line of content that's about silver and other metals. You can watch to see if anything interesting has impacted your portfolio while you were busy.

We'd say they've done a great job condensing a week's information into an episodic format. 

Pros and Cons


Everything has its upsides and downsides. It's no different when you're talking about Monex's precious metals IRAs. 

Pros

  • Invest Pre-Tax Dollars in Gold and Silver
  • Work with a Licensed Broker Who Handles Everything

Cons

  • Don't Have Access to Your Gold
  • Must Work With an Approved Custodian
  • Have to Purchase Metals Through Them

Conclusion

Setting up a comfortable and secure retirement is something you have to start working on at an early stage in life. Otherwise, you'd feel as if time weren't on your side as you begin to near the deadline.

Monex makes it possible to leverage pre-tax earnings and invest in precious metals.  You can transfer funds from an existing IRA and send them to an approved custodian.

Once they've cleared, you'll be able to use them to purchase gold and silver from Monex. None of this has any tax implications until you're ready to withdraw from the IRA, either.

We do not recommend Monex Precious Metals.  They aren't a scam, but they are not the best choice for gold investments and certainly not IRA's, like other companies we have written about on this website.

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