Monex.com Review: The Inside Scoop for this Bullion Dealer

Monex has been in business for more than 40 years, and it has become one of the most trusted dealers of gold and other precious metals. At present, client transactions have reached more than $40 billion. The company has maintained its reputation with clients, and many people go back to buy precious metals from Monex after their first purchase. In fact, about 80 percent of all transactions come from repeat customers reports the company.

Product Selection

Monex offers a wide selection of investment products like gold, platinum, silver and palladium. Gold or silver ingots with pure bullion cast are available. They also sell coins with a currency value.

Gold Bullion is available in three convenient forms at Monex. This includes 10-ounce gold bullion with .995 purity, 32.15 troy ounce gold kilobar with .999 purity and 10-ounce gold bullion ingot with .9999 purity.

Monex sells Gold Vienna Philharmonic coins in four sizes. This includes the one-ounce coin with a 37mm diameter and 2mm thickness, the half-ounce coin with a 28mm diameter and 1.6mm thickness, a quarter-ounce coin with a 22mm diameter and 1.20mm thickness, a tenth-ounce coin with 16mm diameter and 1.20mm thickness.

Gold American Eagle are available with four sizes and denominations that investors can buy from Monex. This includes the one-ounce coin with a 32.7 diameter and 2.87mm thickness with a $50 face value. In addition, there is also a half-ounce gold coin with a 27mm diameter and 2.15mm thickness, a quarter-ounce coin with a 22mm diameter and 1.78mm thickness and a tenth-ounce coin with a 16.5mm diameter and 1.26mm thickness.

Monex offers different fractional sizes of Canadian Maple Leaf coins. This includes the half-ounce coin with a 25mm diameter and 2.23mm thickness with a 10 Canadian dollar face value, a quarter-troy ounce coin with a 20mm diameter and 1.78mm thickness with a 10 Canadian dollar face value and a tenth-ounce coin with a 16mm diameter and 1.13mm thickness at 5 Canadian dollars.

The South African krugerrand weighs 33.930 grams. This 22-karat coin has a 32.6mm diameter and 2.74mm thickness. Monex only offers these one-ounce coins in units of ten.

In addition to the various gold offerings, Monex also offers a wide selection of Silver Bullion:

  • Silver Bullion, Monex offers pure .999 fine silver bullion available in 1,000 ounce and 100 ounce silver bars.
  • Silver Vienna Philharmonics offering 100 units of one-ounce Silver Vienna Philharmonics coins.
  • Silver Canadian Maple Leafs: Monex offers silver bullion in units of 100 one-ounce coins. Each coin has a 38mm diameter and 3.87mm thickness. The reverse side features Canada’s national maple leaf symbol with Queen Elizabeth II on the front.
  • Silver American Eagles in units of 100 one-ounce Silver American Eagle coins.
  • 40 Percent Silver U.S. Coin Bag: Monex offers $1000 face value for each 40 percent silver U.S. coin bag that contain approximately 295 ounces of pure silver or 2,000 Kennedy half-dollars.
  • 90 Percent Silver U.S. Coin Bag is offered by the 90 percent silver bags that contain either 4,000 U.S. quarters or 10,000 U.S. dimes from 1964.

Pricing

Monex shows live pricing on its website. Investors can see if their bullion or coin’s value goes up or down. Each spot commodity is organized in a chart where their previous and current prices are being compared. With this, investors can see the fluctuation in value. Monex has the most updated and accurate pricing in the industry. The prices are very clear along with the difference from the last business day.

Reputation

Although Monex claims to have built a strong reputation in the industry, there are many customers who disagree. With this, there were 39 closed complaints filed with the Better Business Bureau against the company in three years. Most of these issues are related to sales. According to the BBB, these complaints come from consumers who experienced substantial financial losses due to company sales representatives. They said that these sales agents were not following instructions and failed to keep them informed about their orders.

When it comes to selection, Monex has it all. However, there were some customer complaints that say Monex does not have all the coins and bullion on hand when they get orders. Some deliveries are delayed because Monex still has to obtain stock in order to send items to customers.

Some of these coins have to be bought in sets of 10. This means customers may not be able to buy as much as they want. Some find this strategy inconvenient. Nevertheless, Monex has the best selection of silver, gold, platinum and palladium coins and bullion.

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Summary
When it comes to selection, Monex has it all. However, there were some customer complaints that say Monex does not have all the coins and bullion on hand when they get orders. Some deliveries are delayed because Monex still has to obtain stock in order to send items to customers.
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