Monex Review – BBB, BCA, Trustlink, Yelp and RipOffReport

monex

Phone Number – 1-800-997-7859

Holding onto your wealth for retirement has become serious business in this roller coaster economy.  Many people turn to precious metals as a way to preserve their retirement funds but there are so many companies to choose from that it can be confusing.  Monex is one of the oldest providers of gold for investment purposes, founded by Louis Carabini in 1967.  It is also known as Monex Deposit Company and Monex Credit Company and is based in Newport Beach, California.  Three family members, including the patriarch, are active in the company’s day to day operations.

Monex Review – What We LikeMonex review

Monex has been in business for nearly half a century in one form or another but always managed by the Carabini family.  That kind of stability inspires confidence, especially when it comes to investing your hard earned money.  Their client transactions total over $30 billion; three generations of the Carabini family work there including the founder.  20% of their employees have been there for more than a decade and 80% of their business is from repeat clients.  That makes Monex look like a very stable company that has earned the trust of investors over a long period of time.  That’s what most investors look for, especially when it comes to contributing to or preserving funds for their retirement.

Monex Review – What We Don’t Like

Depending on who you talk to or which review site you read, Monex complaints are rampant or non-existent as well as Monex fraud.  The single most common complaint about Monex, however, seems to be their aggressiveness once you become a client.  People who have quit doing business with Monex still receive marketing calls years afterward and current clients have been pressured to take out mortgages or other loans and to buy on margin.  Federal regulators have targeted Monex as far back as 1974 when the founder’s Pacific Coast Coin Exchange (later named Monex) was accused of scamming the public of $1 billion by persuading them to sell silver on margin*.

Monex Gold – Review Sites

BBB give Monex an A+  rating (with 5 complaints in last 3 years, 3 resolved in the past 12 months.) 2 positive reviews, 6 complaints but only 1 in the past year, 3 have been resolved.  The complaints involved deceptive advertising, billing and delivery issues, and problems with the product or service.

BCA gives Monex AAA with (one -ve customer review) one positive and one negative review (Strong Pushing by Sales team) – (See here)

Ripoff Report lists (35) 47 complaints about Monex Scam and Monex Fraud ranging from misleading advertising and unethical practices to hidden fees, abysmal customer service, and unreasonable contracts as well as being non-responsive to complaints.

Yelp has mostly favorable reviews on Monex, citing good customer service, quick delivery, competitive prices, ease of ordering, and the convenience of storing their precious metals with Monex.  As for negative comments, one customer complained that you have to buy a minimum of 10 coins per transaction–which is the standard practice for most companies selling gold to the public.  There also seems to be pressure to store gold in Monex’s vault and persistent suggestions to buy on margin to the point of taking out a home loan.  Also among the complaints are lots of miscellaneous fees and difficulty in selling back gold once it’s bought from Monex.  Others complain that once you make a purchase they never stop calling you to try to get you to buy more.

TRUSTLINK – monex review gives Monex 4 stars due to reviews that cite courteous customer services, fast delivery, helpful suggestions from advisors, positive returns on investments, and satisfactory product condition.  There are a few reviews that cite misquotes of cost and inflated claims of potential growth as well as hidden fees including unexpected charges when selling.  Update: There are now 40 reviews including 7 negative reviews.  Monex retains its 4 star rating with TrustLink.

City Search currently has just one review from a customer complaining of losing money by listening to advisers that encourage trading in a market unfriendly to investors but profitable to traders.

Kudzu and Insider Page have that same single review.

Monex Review – Conclusions and Recommendations

Why 2 Stars – Investing is not easy and it takes a certain amount of knowledge and judgment to successfully grow and preserve wealth.   Many people give bad reviews because they did not research what they were buying or how fees are structured.  Others complain when they let themselves be persuaded to take actions that aren’t profitable.

Monex may deserve more but we’ll give it two stars due to the aggressiveness of its sales staff and fees that aren’t clearly advertised or disclosed.  While Monex is an established company with a client base that is mostly satisfied with their dealings, we don’t recommend it for beginners but for savvy investors with sales resistance and good knowledge of market trends.

Our Recommendation

Here at TopGoldIRARollover.com we have reviewed some of the top and most influential Precious Metal IRA companies. You can visit our company comparison page overe at – Top Gold IRA companies – Have a safe and Secure Investment in Gold.

We recommend Regal assets due to the following qualities:

  1. AAA ratings by Business consumer Alliance
  2. A+ rating by Better Business Bureau
  3. Efficient and prompt Sales staff – I felt this as the most important parameter as the staff was not pushy to invest more and knew what they were talking about

With 100% positive reviews you will not go wrong. Visit Regal Assets here

Or its even better to directly call them to clarify your doubts 1-877-721-2659

regal assets