226 Dean A. McGee Ave
Oklahoma City, OK 73102
In this APMEX review, we take a look at the business, its offerings, what we liked, what we did not like and whether we would or would not use it to invest in gold or a gold-backed IRA.
Who is APMEX?
Also known as American Precious Metals Exchange, APMEX Inc. is physically headquartered in Oklahoma. It is a corporation that was established in January 2000, and its present customer service manager whom investors can contact for their inquiries and concern is Jana Hale.
The company offers potential and existing investors a massive range of precious metals that they can buy at competitive rates. Aside from bullion products, APMEX also provides pre-1933 coins, international currencies and commemoratives.
What Does APMEX Offer?
There are several products that the company sells such as platinum, gold and silver. These are all sold online in their website. In addition to these products, the company also carries Mint bullion products in the United States including platinum, silver and gold American Eagles, Royal Canadian mint, South Africa’s Krugerrands and Maple Leafs.
Things To Like About APMEX
1. Professional Sales Representatives
The company’s sales team is highly efficient and knowledgeable about the different products and services offered. Those who wish to invest in APMEX can inquire from the staff members and receive valuable pieces of information regarding their special concerns.
2. Excellent Rating
Based on various reputable sources including the BBB, BCA and TrustLink, APMEX has a notable rating. In fact, the company was rated A+ at BBB, AAA at BCA, and 5 stars at TrustLink. However, it is worth noting that there are some complaints from customers aside from positive feedback.
3. Numerous Payment Options
Customers can choose from various payment options offered by APMEX such as bank wires, cashier’s checks, personal checks, money orders, credit cards, and certified checks. However, it is best to pay via bank wire for amount over $2,500.
Keep in mind, though, that in the U.S, there is a minimum order fee of $50 set for each transaction. Orders coming from Canada are at a minimum of $250 while for Europe and Australia, the minimum fee is $1,500.
Things NOT To Like About APMEX
1. Customer Complaints
Although the company has received good reviews from some investors, there are several dissatisfied customers who complain about the second-rate coins delivered to them. They believe that what they received does not offer the best value for their money, which means it helps to investigate further before choosing this company for your investments.
2. Delivery Issues
There are a number of complaints about the company when it comes to failure or defaults on delivery. This is a serious concern since it is only right that you receive the merchandise you have ordered in a timely manner. The fact that some people do not receive such quality of service can be unsettling for those who are current clients or potential investors in the company.
3. Unsatisfactory Customer Service
Shipping is one of the issues linked with APMEX. Thus, those who are not satisfied with the late delivery tend to complain and contact the customer service department for their concerns. Unfortunately, they were only even more disappointed because of the late response to their problems, which added to their anxieties and stress.
APMEX – IRA Fees
|Initial Setup Fees||$50|
|Annual Admin Fees||$75|
|Annual Storage Fees||$100+ (Scaled Rate)|
|Minimum Purchase Amount||$2,000|
|Preferred Depository||Delaware Depository|
Rankings, Complaints and Customer Reviews
Before you begin investing on a particular company, it will help a great deal to determine its performance and standing on various reputable groups in the industry. Below, you can find the current rating given by reliable groups after considering customer feedback and complaints filed against APMEX.
Better Business Bureau (BBB)
The company has a BBB rating of A, although there were 39 complaints filed in the last 3 years. Since April 29, 2004, APMEX has been a BBB-accredited business after meeting its accreditation standards (read more).
However, an accreditation does not necessarily mean that the BBB endorses the company. With this in mind, it is still important to check the company’s profile when deciding whether to invest in it or not.
Business Consumer Alliance (BCA)
APMEX has a BCA rating of AAA. In spite of this notable rating, it is important to note that the lack of sufficient information about the company in terms of customer ratings can be unsettling (read more).
|Based on 1 review|
An impressive 5 stars was given to APMEX, although this rating was only based on one review, which is not enough information to help potential investors make an informed decision. The review was good, and it expressed the customer’s positive experience in terms of timely delivery of the product and responsiveness of the staff members.
According to Ripoff Report there have been several complaints filed against APMEX. One of the complaints received is from a client stating his negative experience dealing with the company. The client was not pleased at the unresponsiveness of the staff members, particularly at a crucial moment when he needed their immediate attention.
Customer service was poor, and the client was very much concerned about the supposed “concealing of the truth” that the company did to him. He was looking to cancel an order, yet APMEX staff failed to send a response to his request.
This is a negative situation that no investor should encounter while making any financial transactions with a company, since time and valuable resources are at stake.
APMEX Review – Final Thoughts
While several people liked the company’s products and services including their payment options, high authority ratings and SSL-encryption standard on their website, there are still a number of reasons why it may be better to look further for an investment company.
Some reasons why numerous investors prefer not to choose this company include the following:
1. Delays and defaults in delivery
2. Unsatisfactory quality of products
3. Long waiting period when contacting a customer service representative
4. Several complaints in the BBB
Unfortunately, these are not exactly the strongest points of APMEX. Thus, it may be a more practical option to consider an investment company that has a more solid and dependable reputation from all of its clients.
Its important to understand that your time and money are on the line when you start an investment, so it is only right that you research and fully evaluate a company’s performance and services before you make a final decision.
- Editor Rating
- Rated 2 stars
- Reviewed by:
- Published on:
- Last modified: