MONEX Reviews ☛ Sliding Scale Affiliate Fees?
MONEX is ranked no. 9 in our Top 10 2020 list of precious metals IRA and investment companies. On this page, we've compiled all the MONEX reviews, ratings, and assessments from various authoritative sources like the Better Business Bureau, Business Consumer Alliance, Trustlink and others.
The Monex company has been involved in the precious metal industry for over 40 years. Run by three generations of the Carabini family, Monex has prided itself on long lasting relationships with clients and staff. Monex offers a wide range of precious metals including gold, silver and platinum.
When you choose Monex you can also choose one of the financing options they provide for your purchases as well as a safe a secure storage program. Monex is a company that is dedicated to customer service and because of this it has been able to flourish as one of the leading precious metal investment companies in the United States.
But in this review, we'll find that there are one or two concerns that you need to know about before proceeding.
MONEX: Review of Key Features
Though Monex does offer a wide range of precious metals, investors should be cautious because not all the products they offer are able to be stored in a retirement IRA.
Another note worth mentioning is that Monex offer custodians who are third party affiliates whose names are not listed on the website. You can call and discuss finding the right custodian for you, but this really limits your ability to compare prices before potentially being stuck with one that is not a good fit for you.
Monex walks you through finding the right custodian that is based specifically on your investment needs as well as what your financial goals are.
Do Monex Affiliates Charge Scaled Fees?
These custodians are also suspected of charging sliding scale annual fees. Which could over time be costing you hundreds and even thousands of dollars because these fees increase as you account increases.
Monex does offer some decent information that will help investors make the best decision on what they should be investing in. They have a video library that explains why you should be investing in precious metals.
These videos also offer investors trusted news stories, interviews and statements with commentary that highlights just how beneficial it is to invest in precious metals.
Also featured on their website is a step by step guide to help walk investors through the whole Monex process of buying precious metals through their website. Investors can easily learn how to order, store or receive the precious metals they purchase through Monex.
MONEX Reviews, Ratings And Complaints
Monex has received an A+ rating from the BBB. But they also show at least 9 complaints from customers who ordered from Monex over the past three years. Of these complaints, four have been resolved to the satisfaction of the customer. The other nine however have either not been resolved or the customer has not accept the terms in which Monex has tried to resolve the issue.
The BCA has given Monex a AAA rating, which is the highest rating a company can receive. But, again there are complaints that have been received against the Monex company.
The reviews are all from dissatisfied customers who had paid for a specific product but did not receive what they had thought they were paying for. The company did respond to these complaints, though it appears that the complaints were due to miscommunication or misinformed customers.
Monex received a 4.1 out of 5 rating on the TrustLink site, based on 40 reviews.
MONEX Review: Final Thoughts
Though Monex has received the highest ratings a company can receive from the BBB and the BCA and is considered one of the top companies of precious metal distribution in the US, there should be some hesitation when choosing to invest with Monex.
The complaints the company has received all entail the same grievance and the custodian third party affiliates may be something you will want to steer clear of if you plan on invest your IRA with them.