Anyone have experience with Monex?

Lionel

First of all, yes, I did a search of this forum and found a little info. I just would like more input if possible.

I'd like a source of metals outside numismatics, just the metal please, and Monex seems to have the lowest markups by far with the fastest delivery.

However, there is an amount of really bad publicity out there, including an "F" rating with the LA Better Business Bureau, with quite a lot of complaints. On the other hand, I read some of these complaints and it looks like some people got into margin buying and didn't really understand what they were getting into, and now it's sour grapes and they call the BBB.

I just want to pay cash and take delivery. Anyone know why I shouldn't use this source?

ProofCollection

I made quite a few high dollar purchases this year and had no problems. They did take a little while longer than advertised to deliver on a few orders, but I did get my order just fine. In fact, they surprised me on one order. I ordered 2oz of platinum (20 1/10th oz coins) - bullion, and when they showed up it was 20 PCGS certified $10 APEs.

I also found they had the lowest prices. Just make sure you get the "final" delivered price out of them before you commit to a deal, and negotiate the commission if you're ordering more than a few thousand worth. They may add on a handling fee, commission, and shipping but their prices are still the best - usually. I think I paid as little as 1 or 1.25% commission. Be aware that they charge handling premiums for bars, but not for coins.

Lionel

Thanks. Feeling better now.

Weg

Just stay away from the Atlas account, take delivery. This was a 50k lesson.

SaorAlba

I made a significant purchase from them a bit over three years ago. I took physical delivery of the goods, it took about 2.5 weeks since the items had to be sent from HSBC in NY and had to come registered.

It might be wise to avoid futures, leveraged accounts etc. with them. Only take physical delivery of the purchase - all of the complaints that they have had have alleged issues with futures trading, leveraged accounts etc. and not actual purchases of physical bullion.

The only thing I remember being a bit put off with them was that they tried to sell me into the leveraged accounts, they store it nonsense. Then when they got nowhere with that they wanted to sell me their specialty, and apparently a coin they are contracted by the Austrian mint to sell, the philarmoniker coin. I stuck to my guns and got precisely what I wanted, AGE's.

They pestered me for a bit afterwards to buy more, but after that I wanted to diversify into other stuff like Maples, K-rands etc that I could find without the premiums.

buffalonut

I use Kitco. They have a good selection of bullion products and reasonable premiums.

airedale

I had a less than positive experience with Monex circa 1980 and would not do business with them again.

Lionel

Thanks again everyone. My only ambition is to pay cash and take delivery.