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76 COMMENTS

  2. No complaints–good service but watch out for the leveraged account, The Atlas Account–if silver slides you can get burned like in the commodities market.

  4. Ed you are spot on with the gold but the real money is going to be in Silver. I am looking for a gold and silver dealer that has an affiliate program so I can promote. Have you checked this out? As for buying gold Monex is as good as the others as long as you take possesion of the gold. Never let anyone hold your gold and silver for you.
    Let me know what you find OK Ed.
    Chuck Madere

  5. I don’t know if this is horror story or not, judge it yourself! It was horrible for me.
    I wrote the following letter on 3d of july 08 to the BBB(Better Business Bereau) and made complaints to other places too.
    Bear in your mind, just in case the carrier loses or your item is stolen en route, Monex is not going to send you another set of your item, but will tell you that the USPS registration number of the item becomes YOUR claim number!and you will have to wait until the USPS actually pays you. I was gonna file a claim in court too.

    “I ordered by phone 20 pieces of 1oz Maple leaf gold coins
    on 23th of may 08 from the Monex company.
    They shipped it fully insured on 10th of june( I hope they did), they have the registration number.
    But the shipment never arrived to me. The carrier(usps) either lost it or it was stolen.
    The USPS told me to tell the sender to claim.
    Now I want either my coins or my money back, but the Monex says the purchase is done, and
    it wasn’t their fault, so intil they get the money from the USPS I am not getting anything! And they don’t know how long time
    it will take”.

    Now, today July 7th right after I asked the local USPS agent to write me a letter, saying that they didn’t receive and deliver this item to me, the package actually arrives as if out of nowhere. I don’t know what took the package so long, but I am not going to deal with them anymore! This showed me their true color.
    I didn’t tell them I received it, because during this time I was the only one who made calls( they don’t bother to call)and as soon as they receive your money they lose interest in you and become very reluctant to talk to you, as they never answer emails.

    The rep name is Ben Nable extension #2206.
    He told me it is up to me if you want to file a lawsuit or not.

    • Monex does not work by eMail. There are general eMail boiler plates that go out threw the MIS Dept on how to send funds etc. The Monex database is filled with millionaires and billionaires. I have seen famous people in the reception area a couple of times. Additionally, the small guy who has gold in their apt. could be robbed is the data base was hacked. The owners do NOT allow the internet near their database to be hacked ! Each acct representative is listened to and watched by the legal dept. I know Monex well, have resided in Newport Beach, CA for 20 years – The owners are 3 generations of good people whom are conservative and speak to the employees with kindness – however, expect them to abide by rules and processes. It's a shame the new founded gold companies customer service reps are posting these lies. Other gold companies have jumped into the gold market like mortgage companies did during that hot era only. Monex has been around for 46 years in the same place !

  6. Monex cost me over $32,000 and my loss isn’t the worst I’ve heard. They are being sued by the Federal Government for income tax evasion, and they have a BBB rating of “F”, not to mention the unanswered complaints on Ripoffreport.com. So you might want to try another firm for precious metals investing. I recommend checking search.bbb.org and ripoffreport.com before you do business with any investment company.

    • I know for a FACT the Atlas Acct is supported by REAL silver and gold which is held in "Brinks Global Services Depositories. ALL YOU HAVE TO DO IS CALL; "Brinks Global Services" to verify. Also, the silver and gold are insurance by the "Lloyds of London" – highest caliber insurance company in the world. Please verify with Lloyds of London. Monex has an excellent A rating with the Depository and Mints all over the world.

    • I have had some bad things happen with them. I bought two 10oz bars last Oct. 2008 when gold was low.
      I think it was in May 2009 my agent called me and told me to sell my bars because gold was going to drop.
      I sold them and gold went way up.
      I bought 2 bars again when it was $950 a few months ago. Then just a few weeks ago my agent called me again and told me I should sell because gold had gone up to $970 and I should get out.
      I sold them like he told me to do and now gold is $1041.
      Every time he told me to sell gold jumped up by over 60 per oz.
      This happened 3 times.
      I called him last week and asked him point blank if Monex reinvested those bars after I sold them and he started dancing and dancing, he was stammering and couldn't get the words out.
      So they had me sell my gold knowing it was going up.
      I'll never buy gold from them again or at least not from that agent.

  9. Just leveraged 10oz gold bar. It seems like a loose arrangement, I haven’t even submitted paperwork yet, they do not have my Soc. Sec. number or anything.

    I have read the warnings about the Atlas account but part of my strategy is to employ leverage so I went for it. Will keep you all posted as to how Monex treats me.

    • If you want to leverage, you get a much better bang for your buck, and much less risk, if you just use the options market instead.

  10. Hi, This is very frustrating but this is a very very bad experience with monex and USPS..Monex sent the gold coins ordered by me and the usps carrier left a note bcoz i was not home.I went with the note to Usps and there is no package.It is stolen/lost no idea..I told monex about it..they dont give you any time frame as how much claim process wud take..they might say 1 yaer or 2 years which sounded crazy for me..
    I asked them to file a claim and i have to see if they will update you about what’s going on..they return 1 in 10 calls..If you keep on calling them, they dont respond properly.
    I am so frustrated not knowing what is going on..there is nothing i can keep track of whats going on at their site..
    I have decided not to buy from MOnex anymore..I wouldn’t recomment it to anyone based on this experience..

  11. I purchased plat eagles and they sent plat bullion instead. Also they said after purchasing in october that they have an addtional 500 dollar delivery fee. Sounds boiler room to me.

  12. So far so good, bought a 10oz gold bar fully leveraged, sent in the minimum payment via a bank wire. I am not expecting to take delivery as my play is to leverage my belief in a strong rally in gold over the next 12 mos. If there is a problem with delivery I will not experience it since no delivery is expected. One bit of advice is to get a complete breakdown of what they are going to charge you. Have no doubt, Monex is a boiler room style operation with regard to sales. I feel as though I paid perhaps more than I should have for my 10oz. bar.

  13. I am so fuming about Monex. I cannot bet my broker to call me back and I have been very cordial. He has lost me 50% of my investment. Quite pricey I would say. They are very sneaky I found and I wish I had never called them.

  14. One thing to consider is to purchase gold as an Electronically Traded Fund or ETF. You can purchase symbol GLD which sells for and is backed by 1/10th of an oz. of gold. They charge a .40% management fee but at least they are legit and the security is completely liquid.

    Not sure if this is a solution to those who want to stuff the metal in a security deposit box in the event of Armageddon, but at least is an option.

    As for financing/leverage, it is a fully marginable security.

  16. Do not…I repeat…DO NOT have any dealings with Monex. You will lose all that you have. Do not play the paper game with Monex or anyone else for that matter. Buy physical silver or gold only but do not buy it from Monex. They cannot be trusted. Trustworthy companies to buy from are APMEX….https://www.apmex.com/ or
    TULVING….http://www.tulving.com/. You have been warned!!!!!

  17. I just closed out my account. The amount of money the guy is sending me is less than what i sent minus what I lost. There is no paper trail for me to back anything up. Overall impression after this adventure…I don’t trust Monex.

    Buy gold direct from a dealer in your area or buy an ETF on the NYSE such as GLD.

    My personal opinion on gold is that if it didn’t skyrocket during the financial crisis of the last few months, when will it? Just my humble opinion, from a guy who actually lost money on gold.

  18. Never Never Never Never do a metal transaction via the US Postal Service any way other than REGISTERED MAIL. Insured, kept under lock and key, and tracked. Sending metal Priority mail is asking to get stolen !!!

  19. I would never buy coins through a broker at Monex or any similar firm again. I wired $8300 to Monex on 10/20/2008 and have yet to recieve the coins or confirmation that they have been sent. It is my opinion Monex may sell coins short it does not have. Monex may delay delivery when prices are falling to increase thier profit. Also the COMEX exchange Monex trades with only has 10% of its future gold contracts physically on hand. If everyone demands delivery there is a problem. I feel there is a deivery problem now either becuase Monex is holding up the transaction intentially or there is not enough gold coins in the COMEX vaults to cover existing contracts. Either way, this means buying gold from a broker on the exchange caries significant risk. I would only buy gold from a reputable coin dealer who presumably has possession of the coin using a credit card and insured registered US Postal service. If demand has exceeded supply to the extent that orders from October cannot be filled, I would expect the price of gold to go up soon.

    • John, I ordered nearly $200k gold and silver from Monex in Sept '08. After getting the "run around" on delivery for 6+ weeks, I then sent to them two (not one, but TWO) return receipt certified letters kindly demanding a delivery date for my order. Within 10 days, Monex arranged for me to pick up my metals on Dec. 11th, 08, which I did. I believe Monex understood from my letters that I wasn't to be put off any longer and that I was establishing dates (by the letters) to be used in court. If you STILL haven't received your metals, you may want to try sending Monex certified letters.

  20. Support you local coin dealer, Monex doesn't care about their clients. Ed you are obviously under cover for monex, no one in their right mind would give them money after reading this.

    • I am fed up with this boiler room, cold calling operation. I have been polite and tolerant in telling all the different sales people to throw my number away. Telling them for MONTHS to stop calling me and to just leave me alone. Still, they continue calling frequently (rotating and having different people call each time).
      One even tried a sympathy plea claiming he was going to be fired for my not following through with selling off a substantial amount of gold coins to them. Well, I didn't sell because their offer was ridiculously LOWER than the other competitors offers. Naturally, I sold to another company, but Monex refuses to go away!
      It has been approximately half a year since I sold the coins and they continue to relentlessly badger me.
      Now, they harass trying to convince me to be their rare and newly discovered

  21. I am contemplating the purchase of 500 American 1 oz rounds from Monex. I am becoming suspicious of this outfit. Every blue highlighted http addresses I toggled came up with the message 'forbidden'. Why is that? What are they hiding. I now contemplate contempt.
    awl

  22. Do NOT deal with Monex. They will NOT buy back from you. My mother had hundreds of ounces of silver Monex coins she has purchased in the mid-1980s. I remember that at the time Monex was charging her quite a bit each month to "hold" the silver for her. After a few months of paying out to Monex for them doing nothing, my brother and I finally convinced her to take physical delivery. When she died a few years ago, I found all the paperwork in her files, including original purchase agreement, invoices, shipping manifests, and so on. I looked Monex up on the web, gave them a call, and was told they would not buy the silver back. A Monex adviser told me to trying selling it on eBay! So, my advice is, forget Monex and take your business somewhere else. They won't even buy back from the estate of a deceased relative!

  23. Sounds like Monex is as unscrupulous as Goldline. Goldline talked me into some foreign numismatic coins. I was new to investing in gold and silver and didn't realize this is common for new investors tobe taken like this. Goldline should also have an "F" rating with BBB. I don't know why they don't.

  24. i am currently waiting for my order. i wired 2000 bucks from my bank to monex about 3 days ago. Ive been talking to my agent almost everyday day, checking and keeping up with my order. yesterday my agent told me that they received the money and that the process would start soon and i would receive an email confirming the money they got from me. well i haven't got an email yet since yesterday and i just called him again asking about my order and confirmation email and he asked if he can fax it to me because they don't email notices. then asked to call me back due to him being in the middle of a deal. well im waiting for his call here so lets see what happens. i'll keep you guys posted.

  25. i am currently waiting for my order. i wired 2000 bucks from my bank to monex about 3 days ago. Ive been talking to my agent almost everyday day, checking and keeping up with my order. yesterday my agent told me that they received the money and that the process would start soon and i would receive an email confirming the money they got from me. well i haven't got an email yet since yesterday and i just called him again asking about my order and confirmation email and he asked if he can fax it to me because they don't email notices. then asked to call me back due to him being in the middle of a deal. well im waiting for his call here so lets see what happens. i'll keep you guys posted.

  26. i am currently waiting for my order. i wired 2000 bucks from my bank to monex about 3 days ago. Ive been talking to my agent almost everyday day, checking and keeping up with my order. yesterday my agent told me that they received the money and that the process would start soon and i would receive an email confirming the money they got from me. well i haven't got an email yet since yesterday and i just called him again asking about my order and confirmation email and he asked if he can fax it to me because they don't email notices. then asked to call me back due to him being in the middle of a deal. well im waiting for his call here so lets see what happens. i'll keep you guys posted.

  27. Am in the middle of a less than pleasant experience with Momex. My order was placed contingent on my getting an email confirmation before any money would be sent. Got jockeyed around over two days and killed the deal. They finally sent a confirmation by US Mail five days after their mandated 24 hour payment limit had passed. Who do they think is going to send $11,275 without evidence of agreed price and shipping info? Instead placed the order with APMEX painlessly and in afractin of the time.

  28. […] Monex is a brokerage specializing in precious metal trading. They offer brokerage for gold, silver, platinum or palladium. My personal experience in gold trading is limited to once buying a gold Krugerrand for my cousin’s graduation gift. But it looks like there is a huge market for this type of service online. […]

  30. please do your homework first. I ordered coins and had to cancel the order because of all the complaints I found on them. They might be a good company but I don't want to risk thousands of dollars. Later, I purchased all my coins from kitco. Their prices are not as good but I got the coins with in 3 days and you can track all the transactions on line. I definitely recommend any one to use kitco.

  31. please do your homework first. I ordered coins and had to cancel the order because of all the complaints I found on them. They might be a good company but I don't want to risk thousands of dollars. Later, I purchased all my coins from kitco. Their prices are not as good but I got the coins with in 3 days and you can track all the transactions on line. I definitely recommend any one to use kitco.

  32. please do your homework first. I ordered coins and had to cancel the order because of all the complaints I found on them. They might be a good company but I don't want to risk thousands of dollars. Later, I purchased all my coins from kitco. Their prices are not as good but I got the coins with in 3 days and you can track all the transactions on line. I definitely recommend any one to use kitco.

  33. hey guys im back with my conclusion. after a week and a half of talking to my agent and asking questions i finally got my metals. i am very happy with my metals and got exactly what i ordered and my agent was nothing less than super friendly and kept me well informed throughout the whole process. he understood my eagerness and concerns about my order do to it being my first time buying metals, and buying from them. i asked every question i can ask and he answered them all. i think for my first purchase it went very good, once i looked back on it. with that being said there are lots of things they could improve on.first, when you make a purchase you don't receive (any!) proof of payment other than the receipt you keep from when your wire them your money. they do send you an email explaining how to send the money to them; and that's it!. from there you must wait until you get your proof of purchase form through the mail like 4-5 after then you call your agent to let him know you got your ''receipt'' and then he tells you when your order is being sent to you and a track number. to make a long story short, the process took me like 1.5 weeks. it felt like an eternity to me it being my first time, but i guess now i know what to expect so it wont feel as long. ultimately i was happy with the entire service but not super happy.. i then rate them (7 3/4 of 10.)

  34. hey guys im back with my conclusion. after a week and a half of talking to my agent and asking questions i finally got my metals. i am very happy with my metals and got exactly what i ordered and my agent was nothing less than super friendly and kept me well informed throughout the whole process. he understood my eagerness and concerns about my order do to it being my first time buying metals, and buying from them. i asked every question i can ask and he answered them all. i think for my first purchase it went very good, once i looked back on it. with that being said there are lots of things they could improve on.first, when you make a purchase you don't receive (any!) proof of payment other than the receipt you keep from when your wire them your money. they do send you an email explaining how to send the money to them; and that's it!. from there you must wait until you get your proof of purchase form through the mail like 4-5 after then you call your agent to let him know you got your ''receipt'' and then he tells you when your order is being sent to you and a track number. to make a long story short, the process took me like 1.5 weeks. it felt like an eternity to me it being my first time, but i guess now i know what to expect so it wont feel as long. ultimately i was happy with the entire service but not super happy.. i then rate them (7 3/4 of 10.)

  35. I ordered coins in the middle of November and check cleared on the 19th. It is now December 10 and I have no coins, the seller is not returning calls; and when I did get to speak with him, he told me to check with the post office. That was the extent of his help. One shipment has a USPS date of Dec 4, but no more information. There is no record of the second shipment, if it ever was made

  36. Stay A W A Y from Monex…….They will gut you if they get the chance….they did with me and the silver leverage account. Would have had to sell the farm if I hadn't gotten out. POOR advice and impossible to get ahold of the trader in a timely manner. I lost BIG.

    RUN as far away as you can.

  37. Stay A W A Y from Monex…….They will gut you if they get the chance….they did with me and the silver leverage account. Would have had to sell the farm if I hadn't gotten out. POOR advice and impossible to get ahold of the trader in a timely manner. I lost BIG.

    RUN as far away as you can.

  42. It is possible to make a lot of money with paper trades, but you have to be smarter than I was. In fact, BECAUSE you can make a lot of money fast, you can get sucked in and then lose it all if the market takes a sudden turn the wrong way. I lost a huge amount of money with Monex. My rep won my trust and then gave me terrible advice, eventually talking me into doing things I'd told him I was dead set against. I way over-leveraged without realizing how much. Then I got talked in to shorting without putting in stops to protect myself. I don't know if they give bad advice deliberately to make money for the company or not. But I got wiped out and it was not a loss I could afford.

    • NTR Metals deceives their customers, employees and business partners. This company can not be trusted. Sam and Trey will lie to get there way and then never return emails or phone calls. Beware!

  44. Bought some gold bullion,sent in personal check which was cashed 2 days later and now 2 weeks later I'm still waiting for my gold to be delivered.What gives??

    • They should have told you up front that the process takes about 3-4 weeks to complete. Yes, they cashed your check and are now using your money. You should still get your bullion but it will take a while.

  45. i ordered about $12,000 worth of silver coins from monex on march 8th. they deposited my check march 10th. i waited and waited. called them repeatedly until they were finally sent out on the 30th. then some "delay" happened with the usps. i finally got my coins today – 4/14/11 (over 1 month after my order!). unless they can do somethign to speed up delivery or allow for personal pick-up, i'm not sure if i want to go through this again. also, not having any records or proof of purchase price or otehr transaction details was a bit disturbing. i'm just glad things turned out ok, but i'll think twice before doing it again. their price was very good though. the atlas account sounded tempting, but i dont think i trust anyone else to hold my coins for me and just give me a paper receipt.

  46. I placed an order and then had to cancel after is sent my check, this cost me $863 for canceling my purchase of silver in one day. I left a message for the reprep I was dealing with and he never called back. When I finally got a hold of him he sent the check back minus $863 said that silver dropped the day I canceled and they had already purchased this product.

  47. Monexstole ($54,000) of my hard earned money Terry Parsons and Michael the President our crooks the (FBI) and the other federal Agencies our looking into these crooks who owe over (400,000,000) in taxes

    Michael A Porretta
    Niantic CT

  48. Monex is full of crooks and thives they stole ($54,000) of are money Mike the President and Terry Parson our scum yet they owe 400 in back taxes and yet they our still in Business makes no sense they need the (SEC) to come down on them

  49. thay almost got my money, I was on the way to the bank to wire my money, talking to friend on phone thay said monex rips every one off so. I dident send the money now thay have ben threating ever since for the money iam so glad i dident send it now!! my local coin store has new gold coins maples. 2011 – iam geting them alot cheaper too. coin dealers can buy direct from the mint, who needs the crooks on here. thank god. I work hard for my money. good luck all

  50. I was going to invest 50,000 in gold with Monex but have decided to look else were. Thank for the post and heads up to all.

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