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According to financial experts, there is a growing trend toward investing in precious metals such as gold, silver, and platinum. This is a great way to diversify the portfolio and ensure that the customer and their family are financially prepared for the long term. Setting up a personal investment account for gold, silver, or other precious metals is also a good idea. As such, many people are looking for information about Monex Precious Metals. Monerix is an online precious metals dealer that has, for a long time, been helping people with their investment goals. That notwithstanding, it is essential to review the company and find out about the various services that the company provides and how other customers have been describing their experience working with them.
Monex has been in the business of buying and selling precious metals since 1987. Today, they have a wide range of financial products to source various metals. They have been known for their high-quality service, which is why over 70% of their clients are repeat customers. This is also the reason why they have built a strong reputation within the community. For over 50 years, Monex has been in the industry, meaning that the company is owned by the three generations of the original Carabini family. They started in the original building in California. This was at the beginning of the 1970s when Monex Precious Metals was founded. Today, they are one of the top precious metals dealers in Canada and the United States. They also have various office locations throughout Canada, including Toronto, Ottawa, and Vancouver.
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Who is Monex Precious Metals?
Monex is a legitimate dealer of precious metals. It started in the 1960s when Louis E. Carabini saw the potential of investing in these types of assets due to the current economic issues in the country. Although it has been around for half a century, the organization has mastered trade ideas. There are still plenty of positive reviews on Monex's website, but it is important to keep in mind that the company chooses the ones that are seen, and they will get the best ones. Hence, Instead of looking at all of them, a customer can check out third-party review agencies' websites such as Trustpilot and The Better Business Bureau.
Due to the numerous lawsuits filed against Monex, the company was removed from the Commodity Futures Trading Commission and the National Futures Association. These lawsuits accused the company of using illegal marketing techniques and deceiving investors. In the past, Monex has also been accused of being linked to foreign crime networks.
They have had to defend themselves in court numerous times over the years. This has not stopped them from growing and expanding their company into new locations. The company is now located in the United States and Canada, and they have also recently expanded into other parts of the world. Their website is available in English, French, Spanish, and German, which shows that they are truly international businesses. That is why it is not surprising that they have worked with many large banks over the years. Monex Precious Metals is one of the most reputable precious metals dealers online today.
Customer Complaints
Monex Precious Metals has received several complaints online. These are both good and bad reviews, as it can be very hard to tell if the review is legitimate or if the person who posted it is just a disgruntled individual. Fortunately, there are review sites that a customer can rely on, such as Consumer Reports. Consumer Reports use software to ensure that the reviews are real. They also require all of their reviewers to provide their contact information to ensure that the reviews are legitimate. This ensures that the public can rely on their reviews, to be honest.
Several complaints have been made about Monex Precious Metals' customer service from the reviews. This includes people who were promised to sell their gold and silver to the company for free, only to learn that it was not valid. One of the complaints that came in was about the rude behavior of the customer service staff when they asked about the price of silver. Another review claimed that the customer service representative said that Monex only focuses on selling. Some of the other complaints that came in included the company refusing to buy back the coins that it sold after one of its customers passed away, as well as the fact that some of its coins were silver-plated copper. In addition, a customer whose account manager advised them to take a risky investment lost over $100,000.
Is Monerix Scam?
Monex is a legitimate business that sells precious metals. However, its reviews on Consumer Affairs are very negative. None of the company's reviews have been left with a 5-star rating. The average rating of the company is 1.2 out of 5. This could be because the company only publishes some of the reviews that it receives, meaning that a review may get a bad rating simply because it is not being promoted on the company's website. Even though Monex Precious Metals is well-known in Canada and the United States, its negative reviews are not limited to these two countries. Suppose a customer is planning on using this business for their precious metal needs. In that case, they should proceed cautiously and check out some available reviews online before making a final decision.
How to Buy Precious Metals
For people who are concerned about the reviews, it is most likely that they still decide to use Monex. As such, there are several things potential customers should remember when using a precious metals dealer like this one. First, it is vital to make sure that the coins they offer are real. The other thing that one needs to be on guard for is that they might sell low-quality coins and fake gold and silver bars. While this may sound like something the buyers would want to avoid, these products tend to get very high prices and good reviews online. Thus, they tend to sell well on the market. If a customer is looking for top-quality products, it is important to ensure that one performs serious research.
Even if Monex is not a scam, its negative reviews are still enough to convince users that it is not a good idea to work with them. The fact that the company has been sued more than once by various parties should also prompt the customer to think twice about giving them any money. No matter how experienced the dealers are, they need to know how to work with their clients, which means that they should not be rude or unprofessional. It is also crucial for any dealer who wants to stay afloat and in business for many years. This means they will need to learn how to turn customers into loyal ones. If the researcher is someone who is looking for solid gold bars, then they can always buy from this company. However, if one plans on doing so at any of their locations, ensure that the coins he does not look like cheap replicas.
Aside from customers, Monex has also been the target of numerous lawsuits. Due to these lawsuits, it was removed from the NFA and the Commodity Futures Trading Commission. These actions resulted in the loss of the client's life savings. The complaints about Monex came from Consumer Affairs. This agency takes the necessary steps to ensure that the reviews it publishes are legitimate. They use software to thoroughly screen the content of the reviews and require the users to provide their contact information. People who submitted complaints about Monex said they would give the company's contact information in exchange for their positive experiences.
One of the most recent reviews stated that a customer was told they could sell their precious metals to the company without paying a commission. The customer then contacted an agent to confirm this. After selling silver, the customer was charged a commission of 180 dollars for the sale. Despite being told that there would be no charge, the person was still charged the 180 dollars. The customer then contacted the company's salesperson to ask about the incident.
According to one of the company's reviewers, they bought several pounds of silver coins in 2015. The salesperson told them that the value of the item would increase. However, in 2020, the review they wrote stated that the silver was only slightly more than what they paid. After calling the company, the customer said they wanted to sell. The salesman then tried to sell them more silver even though the original purchase did not come with the promised returns. The sales representative seemed rude when the customer said they did not think the price would increase. The customer then asked to send the silver back. The salesperson told them they would send boxes, but the customer only received a brochure. The salesman kept calling and making multiple attempts to sell more precious metals, even though he was not allowed to send out sale boxes.
Various Sites Reviews
One site warned people that Monex was known for selling fake gold coins. Their investigation revealed that the fake coins were sold in 2013 and 2014. The people behind this website stated that the coins looked like authentic versions but featured inferior quality because they were filled with tungsten. They also stated that the coins were sold at a retail price of more than 4 thousand dollars per ounce. These prices are several times higher than the market value of real gold. In addition to these complaints, Monex is still not a member of the NFA or CFTC because it has failed to comply with securities regulations.
One review also claimed that the sales representative often lied to the customer. The customer was then manipulated into making more purchases, even though the sales representative did not discuss the risks. At one point, the representative suggested that the customer short their assets. One of the customers who had never worked with the company could not have a good conversation with a sales representative. He said he was repeatedly told that the company did not care about what he was trying to achieve and was only interested in selling him something.
Another review stated that a customer placed a deposit on a gold bar, but she was involved in a car accident just moments before the transaction was completed. She wanted to cancel the order and get the deposit back, but the sales representative insisted on charging.
Final Thoughts
Monex has been called a scam before, but there is enough proof to prove that it is. While it is possible that the company has been involved in questionable activities, it is also possible that there are better choices for the business. Over the past three years, Monex has received four complaints from the BBB. Other precious metals investment firms do not have the same number of complaints against them, which makes them more appealing alternatives. Despite the positive reviews that Trust Pilot and Trust Link have received, we are still concerned about the BBB's alert about Monex. The company has been involved in a scam, and it is very unsettling to see that the alert was sent out.
One of the main reasons people may want to consider working with another company instead of Monex is that they are not IRA custodians. They will have to work with a separate company to manage their assets. A separate custodian company can help minimize the paperwork one will have to go through. Consider working with a different company because they have been the subject of several lawsuits over the years. If someone is involved in a lawsuit, they may lose their job. While it is implausible that the company will have major issues in the future, it is important to consider this before signing up.
However, some people like Monex because it has helped them make money over the years. It is important to remember that they might only be able to do this for some. Several people decided to take their money out of Monex due to poor investment advice and high prices. Monex was founded in 1967. It offers various coins and bars, such as silver, gold, platinum, and palladium.
Also, the metals gold, silver, and platinum can be converted to money. Monex also allows investors to add more precious metals to their portfolios, such as platinum and palladium. Although the company has some positive aspects, we are hesitant to recommend it to our readers due to the BBB alert.
In summary, Monex Precious Metals is a legitimate precious metals dealer that does not engage in illegal activities. Monex, Inc. is a precious metal and currency dealer based in Los Angeles, CA. They have over 50 years of experience in the industry. The company was founded by Gerald Moneef, who has also worked as an actor, stuntman, and producer.
Monex sells gold bullion bars and coins to investors as a precious metals dealer. The company helps investors diversify their portfolios by adding precious metals to their accounts. They also offer silver and platinum bullion and palladium bullion to the public.
In addition to selling the products themselves, they will help find a third-party custodian if one needs one. Its customers can rest assured about the products that it offers. However, it is still important for them to check out all of the reviews before shopping with them. This will ensure that their money is safe and secure from fraud and unethical practices by the company's staff.
Monex Precious Metals is a solid company and certainly not a scam. Nevertheless, we do not recommend them as one of our top companies, because we think there are better!
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