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Monex Deposit Company has been in the precious metals business since 1967, when Louis E. Carabini opened the Pacific Coast Coin Exchange in California. Today the company is in Newport Beach, is run by three generations of the Carabini family, has processed over $70 billion in transactions, and holds a 4.9 Trustpilot rating from nearly 4,000 verified reviews through April 2026. That is a genuinely impressive operational record by any measure.
The 2022 CFTC settlement is equally part of the record. The court found that Monex’s leveraged Atlas trading program defrauded customers of over $290 million across more than a decade. The company paid $38 million in a consent order that also permanently bars it from leveraged retail commodity transactions. Both Louis and Michael Carabini were found personally liable.
These two facts coexist. A long history and large Trustpilot volume sit alongside a significant CFTC enforcement action that reached final judgment. Both belong in any investor’s evaluation. The leveraged Atlas program is gone. The physical bullion dealer business continues. Whether that history changes how you approach the company is a decision only you can make, with full information.
For a broader look at how Gold IRAs work and what to watch for, see our guides on precious metals investing, Gold IRA rollover pros and cons, and where Gold IRA metals should be stored.
#1 Rated Gold Company for 2026
Before going further into Monex Deposit Company, know that our top recommendation for U.S. retirement investors in 2026 remains Noble Gold Investments. Noble Gold names its custodians and storage partners, publishes its fee structure, and assigns a dedicated IRA specialist to every account. Their free 2026 Gold IRA guide covers the full process.
Quick Company Snapshot
| Company | Monex Deposit Company |
| Business Origins | 1967: Pacific Coast Coin Exchange; 1973: Monex; 1987: Formally incorporated |
| Total Transactions | Over $70 billion since founding |
| Founder | Louis E. Carabini |
| Current Principals | Louis Carabini (Founder); Michael A. Carabini (Son); Christina and AnnaMaria (Michael’s daughters) |
| Headquarters | Newport Beach, California |
| Phone | 1-800-444-8317 |
| Metals Offered | Gold, Silver, Platinum, Palladium |
| IRA Custodian | Customer’s choice; Monex guides selection — no named custodians publicly listed |
| IRA Storage | Customer’s custodian arranges; Brinks International is one partner |
| Home Delivery | Yes — insured, discreet packaging |
| BBB Status | A+ letter grade — NOT BBB accredited |
| Trustpilot | 4.9/5 from ~4,000 reviews through April 2026 |
| CFTC Action | 2022 consent order: $38M payment; leveraged Atlas program permanently shut down |
| Website | www.monex.com |
Monex at a Glance
The $70 billion transaction figure is real and it reflects a company at a different scale than most dealers in this guide. Prices at Monex change every minute and are updated every sixty seconds during trading hours. Two-way market allows clients to buy and sell at exactly the same price at which trades are executed. The 4.9 TrustPilot rating with almost 4,000 reviews collected before April 2026 is the best sign of consumer satisfaction of any company featured here. Customers consistently mention knowledgable reps, fast and easy transactions, and efficient buybacks. The 80% figure of repeat business seems quite plausible in light of such testimony.
The Atlas program history needs honest framing. The leveraged trading program that the CFTC prosecuted is not the same as buying physical silver coins or opening a Gold IRA through Monex today. That specific program was permanently shut down by court order. The physical bullion business — buying gold, silver, platinum, or palladium outright without leverage — was not the subject of the CFTC enforcement action. Investors who want physical metals for a non-leveraged IRA or direct delivery are buying through a different mechanism than the one that generated the $290 million in losses.
What we can learn from the CFTC case about the company is that its reps were being trained to sell an account program that was guaranteed to bring “30-40% net gains” and “20%+ annualized returns,” while failing to reveal to clients that the vast majority was making losses. In a company still relying on phone reps and working on commission, that history is definitely useful to keep in mind.
Pros & Cons
CFTC Enforcement Action: The Full Record
The current section provides details about the CFTC enforcement history. All information presented here is based on official press releases by the CFTC at cftc.gov and other legal sources:
- September 6, 2017: The CFTC filed complaints against Monex Deposit Company, Monex Credit Company, Newport Services Corporation, Louis Carabini, and Michael Carabini
- Based on: Illegal off-exchange leveraged retail commodity transactions under the Atlas program and their fraudulent solicitation and execution
- CFTC found that: From July 2011 until August 2021, Monex completed thousands of leveraged transactions illegally; alone from 2011 to 2017, 12,000 Atlas customers suffered losses exceeding $290 million
- CFTC found that: Monex had not disclosed that most clients lost money; brokers were encouraged to provide inflated return projections as part of their training and were paid commissions/bonuses accordingly
- December 19, 2022: CFTC entered consent decree in U.S. District Court for the Central District of California
- Settlement terms: $33 million in customer restitution; $5 million civil monetary penalty; totaling $38 million
- Supplementary terms: Permanent prohibition from completing illegal off-exchange leveraged retail commodity transactions; Louis and Michael Carabini are banned from registration with CFTC for 10 years; injunction from further violations
- Both Carabinis are held personally liable as controlling persons
Monex continues to operate as a non-leveraged physical precious metals dealer. The Atlas leveraged program is permanently shut down. For the full CFTC record, see cftc.gov/PressRoom/PressReleases/8643-22.
Fees and Pricing
There is no fee schedule available at Monex’s website for purchase services, IRA services, and storage. The prices fluctuate with the market conditions and are updated every sixty seconds. Atlas Account program provides reduced price for preferred customers – this is the pricing discount program offered to existing account holders, not the Atlas Trading Platform mentioned in the CFTC complaint.
The fees of custodian for IRA accounts depend on the particular custodian chosen by the client from the list provided by Monex. The names of Monex’s custodians are not disclosed publicly. Some of Monex’s custodians might charge progressive fees depending on account balance. This is something worth investigating before making a decision to open an account. To find out what exactly applies to you, call 1-800-444-8317.
Company Background
The Carabini family has been dealing in precious metals since 1967, starting from the opening of the Pacific Coast Coin Exchange by Louis E. Carabini at a period in which owning gold was still forbidden under federal law. The unincorporated Monex organization started its operations in 1973. The Monex Deposit Company was founded in 1987 in Newport Beach, California, where the company is based to this day.
The company is run by three generations of the Carabini family, comprising Louis Carabini (the founder of the business), his son Michael A. Carabini (managing the company on a daily basis as of 2011), and Michael’s daughters Christina and AnnaMaria. Over 20% of the Monex employees have been working there for more than 10 years. The company claims that 80% of its business comes from repeat customers, while 25% of new customers have been referred to Monex by previous clients.
For broader competitive context, see our precious metals IRA reviews page.
Noble Gold Is Our #1 Pick for 2026
Monex has $70 billion in transactions and a Trustpilot rating that few competitors match. The 2022 CFTC settlement is a matter of public record and requires full consideration. Noble Gold Investments offers a cleaner, more transparent IRA experience. Their free guide takes minutes.
Products Available
The types of precious metals that Monex has in stock include gold, silver, platinum, and palladium both as coins and ingots, manufactured by different mints around the world, such as those located in Canada, Austria, and South Africa. There are some metals that can be bought in coin bags.
For guidance on metals selection in a retirement portfolio, see our precious metals investing guide.
Monex vs Competitors in Precious Metals
Noble Gold Investments comes highly recommended as our #1 option in 2026. The company provides the names of its custodians and depositories, lists the associated fees, appoints an IRA specialist, and does not have an enforcement history. It is, therefore, the most transparent option compared to Monex’s approach requiring a phone call.
Augusta Precious Metals if you are looking for the most intensive education-related and highest-quality IRA setup with a clean regulatory record.
Goldline if you wish to compare nationally marketed firms with extensive operational experience.
Advantage Gold for clients seeking a rollover IRA specialist solution accompanied by clear fees and a clean regulatory record.
Best gold investment companies encompasses all possible options.
Monex’s most distinct advantage lies in its scale; that is, $70 billion in total transaction amounts and a clean Trustpilot client rating. The main competitive vulnerability is the 2022 CFTC resolution and the history that has led to it.
Start With the #1 Rated Company of 2026
Monex is an operating precious metals dealer with decades of history and a large Trustpilot following. For a fully transparent, guided Gold IRA setup in 2026, Noble Gold Investments is where we recommend starting. Request their free guide before speaking with any rep.
Final Verdict
Monex Deposit Company is a giant among other precious metals dealers within the United States. A $70 billion transaction history, one of the best records on Trustpilot within this guide, third-generation family ownership, and 55 years in operation within the industry. If you are buying precious metals through a live-price market with your investments and are in search of a large and reputable dealer in this regard, Monex can be very valuable for you.
The 2022 CFTC consent order is a significant detail that must be known by every potential investor in the first place. Leverage-based trading via the Atlas program ended in court order. However, the precious metals operations remain operational. What is even more interesting is that the same principals (Louis and Michael Carabini), found personally liable for the fraud in court documents of CFTC, run the company now.
For those interested in Monex: read the full story from CFTC on cftc.gov before contacting the broker’s representatives. Ask for any recommendation regarding custody services in writing along with the full list of fees. Compare the overall cost, as well as the regulatory background, with the one of Noble Gold Investments.
- Phone : 1-800-444-8317
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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.
Mohammed Saqib is a finance professional and CFA Level II Candidate with a Master of Finance from Wilfrid Laurier University. He specializes in financial content covering equities, alternative assets, precious metals, and capital markets.
