Monex Deposit Company Review

Monex Deposit Company
Monex Deposit Company - by, April 1, 2011
3.5/ 5stars
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Monex Deposit Company
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Review Summary :

Monex is one of the longest-standing precious metals IRA companies in America having been in business since 1974. It's family owned and offers the same access to gold, silver, platinum and palladium as competitors do more. Monex provides fantastic education-style content to both prospects and clients.

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Pros:

  • Great education content
  • Offers the four major precious metals
  • More than $55 billion in transactions

Cons:

  • High fees
  • Little information on custodianship
Year Founded:1974
Company Headquarters:Newport Beach, California
Annual Fees:Sliding scale fees based on account value
Supports 401(k)?:No
Supports Roth IRA?:No
Crypto Offered?:No
Assets Offered:Gold, Silver, Platinum, Palladium
Offers Other Assets?:No
Current Promotion:N/A
International Storage?:No
Segregated Storage?:Yes
Reviewed By::Jack Choros
Published On::July 14, 2020
Last Modified::July 14, 2020
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Of all the IRA precious metals companies we’ve reviewed here at Sophisticated Investor, few if any have been around for as long as Monex Deposit Company. Monex Deposit Company’s greatest strength is it’s down to earth feel. What do we mean by that? It’s the only family owned precious metals IRA company we are reviewing. Literally three generations of the owner’s family work for the company and the organization has been in business for a very long time.

As much as we put Monex Deposit Company in our top 10 among all reviews, there are a few areas of improvement we recommend. For one, the company doesn’t offer pricing information publicly, which likely means they charge based on account value and on a sliding scale. That can be expensive for IRA investors and most other competitors will at least share some of their pricing publicly and offer some sort of annual fees on a flat fee basis.

We also noticed while the company does work with multiple custodians, none of the names of those custodians are listed publicly on the company’s website, which also means there is much to be desired in terms of providing details on storage options.

Overall the company has great reviews on Trust Pilot and TrustLink, so we can still rate it among the best in class in terms of investment options and having a long standing reputation for doing business in good faith. But enough about what we think. Read this in-depth review and form your own opinion.

The Founder and Management Team at Monex Deposit Company

Monex Deposit Company is a family owned company. Louis E. Carabini opened a small coin shop in 1967 when he realized the American government was devaluing the dollar in various ways. He opened that shop in Long Beach, California.

Today, three generations of the Carabini family are working to uphold Monex Deposit Company’s reputation as a fantastic precious metals IRA company in America. Louis’ son Michael is now his father’s right hand man and his daughters Cristina and Anna Maria are fellow leaders alongside their brother.

The Carabini Family, Founders, Monex Deposit Company

Any investor who values working with people they care about their long-term future will clearly get a great sense of commitment from the Carabini family, which is now been in this business for more than 55 years.

That’s an incredible legacy. The family recognized early on the value of precious metals over the traditional dollar, and they firmly believe in the importance of hedging against government controlled inflation.

Monex Deposit Company Pricing and Fees

Monex offers pricing based on whatever the market demands. In that sense it’s dynamic. The company does offer a small but significant discount to account holders using their Atlas Account program.

The thing about Monex Deposit Company is that the company doesn’t list it’s custodians on its website. Consumers have to call to get matched with the right custodian for them. These custodians likely want to charge customers on a sliding scale based on their account value. This means that while preferred customers do get a discount on standard prices, all customers end up paying more and more as their account value grows.

This is not uncommon in the IRA world but it mostly features in the self-directed IRA realm, not so much the precious metals IRA industry. Still it’s a good option for retirement investors who are just starting out and maybe don’t have a high net worth quite yet.

Below is a chart listing sample standard pricing versus the pricing that Atlas Account holders get.

CoinMonex Standard Price Atlas Account Price
1 oz American Gold Eagles$1329.00$1320.50
1 oz American Gold Buffaloes$1330.70$1321.00
1 oz Austrian Gold Philharmonics$1314.00$1304.60
1 oz Canadian Gold Maple Leafs$1310.60$1300.50

Monex Deposit Company Storage Information

Unfortunately, Monex Deposit Company doesn’t provide custodian recommendations or information on its website. Instead customers have to call in to find the right custodian for them. This means Monex Deposit Company likely doesn’t offer international storage and they likely don’t have a flat fee pricing structure. Those things certainly work against the company because most other competitors like Regal Assets do offer fixed annual fees.

The site also says nothing about whether clients can segregate the storage of their precious metals are not, or whether or not those metals can be stored internationally.

There is much to be desired with regard to storage information at Monex Deposit Company.

Monex Deposit Company Customer Reviews

TrustLink is one of the best customer review websites for getting feedback on precious metals IRA companies. All of the companies we have reviewed have at least somewhat of a presence on that particular review platform and most have a minimum of 30 reviews to offer, which is a solid number to base your opinion around. Monex Deposit Company lists a 40 reviews on that website and rates a four out of five stars. Not the best rating, but not bad either.

When it comes to its Better Business Bureau profile, the company does have one blemish on its resume. There’s a one star rating from one particular customer that has yet to be addressed. While that’s not a good look online, it’s important to keep in mind that Monex Deposit Company has been in business for 46 years, considerably longer than most precious metals IRA companies in America. Overall, despite that one big blemish, Monex Deposit Company still rates and A- on BBB.org

The company’s rating is also the same, and A-, on the Business Consumer Alliance website. Again, that’s reflective of the fact that the company’s information is accurate and they generally deal with complaints in a relatively quick manner. Still, Monex Deposit Company’s BCA rating is only a three out of five stars based on just two reviews.

Most other review sites that Monex Deposit Company is listed on have only a couple of reviews and none of them offer a perfect five-star rating. That doesn’t mean you shouldn’t go with Monex Deposit Company, just read the comments related to the reviews thoroughly and do your research.

Also keep in mind that the best rating the company has is a 4.7 out of five stars over 1,400 reviews on Trust Pilot.

Monex Deposit Company’s List of Assets

Monex Deposit Company sells gold, silver, platinum and palladium. Investors can purchase these metals in bars or coins by weight at various prices depending how heavy you want to go. Some of the products available come from other places around the world including Canada, Africa and Austria.

It’s also possible to buy these metals in coin format inside of money bags. It’s a great way to purchase your investment without having to hold onto solid bars.

Monex Deposit Company: Frequently Asked Questions

Below are some of the most frequently asked questions about Monex Deposit Company. Comb through them thoroughly and check out the review charts at the top and bottom of this page as well as considering everything we’ve talked about to this point. That should give you a clear picture of whether or not to choose Monex Deposit Company for your precious metals IRA needs.

What is Monex Deposit Company?

Monex Deposit Company is a precious metals IRA company helping investors retire early through investments in gold, silver, platinum and palladium. Louis E. Carabini founded the company in 1967 in Long Beach, California. Carabini still runs the company today alongside his three children.

Can I Store Monex Deposit Company Products at Home?

Monex Deposit Company will send precious metals to you in coin bags if you want which makes it convenient. You can also invest in bars or just individual coins. It’s your responsibility to figure out how to store everything but you can definitely have the metals sent to your house.

Are Monex Deposit Company Coins Graded and Certified?

Yes! Monex Deposit Company ensures the quality and authenticity of their precious metals products through proper certification.

What is Monex Deposit Company’s Minimum Investment Amount?

There is no minimum deposit amount listed on Monex Deposit Company’s website, and the minimum deposit amounts other precious metals IRA companies require varies greatly. Usually $5,000 is enough to get started. Other providers will let you get started for as little as $1500 or as much is $10,000.

Should Investors Choose Monex Deposit Company?

We can confidently recommend working with Monex Deposit Company for your precious metals IRA needs. The one thing the company has going for it is a long-standing reputation. Being in business since 1967 and conducting that business in the state of California during a time when the gold rush saw many looking to diversify their portfolios means that Monex Deposit Company has a strong hold on the industry as far as reputation and personal relationships is concerned.

Still, as mentioned in our introduction, there are a few factors that stopped us from listing Monex Deposit Company as the number one precious metals IRA company. That honor goes to Regal Assets. There are also many other options to explore as we’re reviewing the top 10 companies in the country.

As you continue to walk through your retirement journey, one thing you want to keep in mind is the price that you’re paying for your precious metals. Monex Deposit Company does offer live pricing on its website connected directly to real market information, which is a bonus. They also offer special pricing through their Atlas Account initiative.

Feel free to give Monex Deposit Company strong consideration before you choose the company you’re going to work with for your retirement investing.

Monex Deposit Company
Monex Deposit Company - by, April 1, 2011
3.5/ 5stars
on
Monex Deposit Company
  • Editor Rating
  • Good
  • 0/5 Avg. User Rating
  • 0 No reviews yet!
Review Summary :

Monex is one of the longest-standing precious metals IRA companies in America having been in business since 1974. It's family owned and offers the same access to gold, silver, platinum and palladium as competitors do more. Monex provides fantastic education-style content to both prospects and clients.

Have you dealt with Monex Deposit Company? Leave a review!

Leave your rating

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