Monex Review Complaints And Fraud
Reading time: 5 – 8 minutes
MONEX GOLD AND SILVER DEALER
I have received a tremendous amount of requests for a Monex review, analysis of any Monex complaints, whether there is a Monex scam or allegations of Monex fraud behavior, etc., have found there is a lack of any thorough Monex reviews and because the Monex gold and silver dealer is very prominently advertised (but not on Run To Gold as we have standards) therefore I have decided to review Monex.
The Monex Deposit Company’s address is 4910 Birch Street Newport Beach, CA 92660 and their phone number is (949) 752-1400. The Monex silver and gold dealer was established in 1967 and is a large bullion dealer of gold, silver, platinum and palladium.
Because I have an interest in gold investors being able to buy gold, silver or platinum without being unjustly or unfairly taken advantage of therefore I have decided to aggregate some information about their business practices. Just because you can find the Monex Deposit Company does not mean you should do business with them.
MONEX REVIEWS AND THE BETTER BUSINESS BUREAU
The Monex review by the Better Business Bureau:
Complainants allege that decisions made based on advice and coaching from account representatives caused them substantial financial losses. A few clients complained that account representatives did not follow directions or instructions on how to apply their investments or failed to keep them informed, and as a result, suffered losses they would not have if directions had been followed. The company [Monex gold and silver dealer] responds to some complaints by disputing the allegations and stating that the investments are self-directed and they are not responsible for losses, denying requests for refunds or monetary compensation. In one case a partial refund was issued, but was conditional upon signing a release waiver composed by the company.
MONEX COMPLAINTS
Some of these Monex complaints and Monex reviews appear to be from people who are failing to take personal responsibility for their own decisions. But as of 30 January 2010 the Monex BBB record indicates that there are 61 Monex complaints; 13 have gone unanswered and with 10 Monex has refused to make any adjustment.
Even when I have had a negative experience with a business I have not filed a complaint with the Better Business Bureau. This makes me wonder how many other dissatisfied customers there are and what their Monex reviews would be.
NO PERSONAL EXPERIENCE SO NO PERSONAL MONEX COMPLAINT OR MONEX REVIEW
Before I engage in a large transaction with another party, such as buying gold, silver or platinum, I attempt to perform thorough due diligence. For example, I have thoroughly reviewed the GLD ETFs, which I highly recommend against, and GoldMoney, which I have found to be a reputable company to deal with.
A MONEX FRAUD, MONEX SCAM AND OTHER SHADY CHARACTERS
For example, in June 2007 Morgan Stanley & Co. settled a class action lawsuit for $4.4 million where the complaint alleged ‘that Morgan Stanley told clients it was selling them precious metals that they would own in full and that the company would store. But Morgan Stanley either made no investment specifically on behalf of those clients, or it made entirely different investments of lesser value and security.’ While the efficacy of the claim may still be at issue the Better Business Bureau-like complaint from unsatisfied customers who initiated litigation does not inspire confidence for those seeking to reduce risk.
After a cursory investigation I have been unable to find any currently pending litigation about Monex fraud or a Monex scam with any clients. Monex did file for a temporary restraining order against www.MonexFraud.com.
CONCLUSION AND MONEX REVIEW
After a reasonable investigation of Monex and relying on sources for which I have a reasonable belief to be accurate therefore because of the extremely large number of Monex complaints with the Better Business Bureau and because of the negative Monex reviews I have refrained from doing any business with them. Therefore, I cannot give an opinion based on my personal experience of dealing with the Monex Deposit Company.
Nevertheless, for these reasons my Monex review has led me to the conclusion that they are most likely rotten apples in the gold bullion dealer world and I would not recommend sending any money to Monex. It does not appear likely that there is a Monex scam or Monex fraud being perpetuated but where there is smoke there is often fire so I would be extremely careful. Before dealing with any bullion dealers I recommend reading my best practices on how to buy gold, silver and platinum.
If you have had any dealings and would like to leave your Monex reviews then please do so in the comments.
SAFE & REPUTABLE GOLD DEALER
[NOTE: As of 19 May 2010 due to reader suggestions and investigation I recommend Gainesville Coins because they have extremely competitive prices and an A+ BBB rating.
Monex - Monex Reviews, Monex Complaints, Monex Scam & Monex Fraud 16,018 views this month
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@Irene
You just made me check up on my Maple Leafs that I bought from Monex a few months ago. I had a jewler check them for its authenticity and also called up my broker from Monex and he gave me references to the Canadian Mint… Are you crazy or something? The coins were real and I spoke to someone live from the Candian Mint that said they work directly with Monex. Also, their commission wasn’y as outrageous as you claimed it to be or i would have went with another dealer. Irresponsible statement like yours only discredits the complaints made on this blog and gave buyers like myself a near heart attack!!! Grow up!
I too have a problem with the comments about fake coins from Monex.
I just received three new graded Eagles and verified the authenticity on NGC’s site. As in all previous cases, everything was good.
I’m beginning to think that most of the anti-Monex commentators have an agenda. That’s not fair to Monex and not fair to the rest of us.
I am pretty much in agreement with George. I bought coins for delivery several
years ago. Everything went well. I also opened an Atlas Account in silver, on
margin, and lost $5,000. I lost that money because I didn’t know what I was
doing. Now I do. I wasn’t cheated, I was just ignorant.
I have been doing business with Monex for about three years now and have been very happy with my account executive and the support staff. I have had occasions to talk to other account executive’s at Monex who are more aggressive and that is why I chose the one I have. Even when I buy a car I pick the low key salespeople. I have never had a fake coin, wrong charge or any unfair practice. In fact, there is an attorney on call to answer any questions I might have and has always been quick to respond and has always cleared up any questions I have had. My queries were on holding companies, charges I did not understand and such. I watch them carefully as I watch all financial institutions these days and I advise all to do so. They have low commission charges and there is no premium on bullion. So far so good.
Monex has deliverd everything i have orderd within the delivery widow, in mint condition and well packaged. the prices have been right for the Quality of the products, variety of coinage and the confidence in market reference. i do check, and Kathy hasent missed a beat yet. It may be easy to get confused in the buy/confirmation process this stuff happens faster than ever and i appreciate the brokers patience.
study, council at the local coin shop and ask your monex broker about the whole prossess and buy.
The post office never missed either.
Tommy
I’ve seen articles at the Monex site clearly representing right wing talking points. I will not trade with any company taking sides, be it right, left, up or down.
I have been doing business with Monex since 2007 and have found them to be very fair,very helpful and accomodating. While my broker is a bit pushy, that’s what his job is, to get the order. But he gives me good information and he educates me. I can put up with “pushy” since I am benefitting from doing business with him. I consider him my friend, and I hold myself responsible for making any buying/selling decisions. I would highly recommend Monex to anyone interested in adding Precious Metals to their portfolio of investments.
A company that has an advisory staff must charge higher transaction fees – someone has to pay those salaries. If you are willing to do your own research and make independant decisions, you can buy from a company like gainsville coins or APMEX. You save money by placing the order online, without the help of an account executive.
About 7 years ago I bought $9,000 in gold and platinum options that had a 10:1 leverage positioning. I did not initial research and could not find much negative on the company then. When the holdings start to near a negative position, Monex is suppose to call, or mail out a notice if you would like to hold you position by paying the difference. After following advice from my Monex broker to do some strategic positioning prices fell below my buy in price. Because of 10:1 positioning this can happen very fast. I never got a call or notice about my account until AFTER positions were sold to satisfy the negative difference, about $7800. I called monex to disput the actions that took place on my account and asked to speak to my broker. Get this……I was told he no longer works there as he retired. I guess my transaction helped him soak up some rays on the beach while drinking Mi-Ties. It took some time to lick my wounds and move on.
If a investigation is ever conducted, please contact me as I have kept all Transaction Notices, Statements, Letters and Recordings. I was suppose to even get a free 1oz silver coin for opening the account and never got that. The best thing I can think of that the practices of Monex mimics is from the movie “Broiler Room”. Just like the movie, Monex even has their own staffed lawyer. If you have not seen this give it a watch. If anything it will teach you to do more research about a company before getting into bed with them…….
Consider yourself warned,
Christian
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