Monex Deposit Company Review

I have collected coins for as long as I can remember. My dad is a huge coin collector, so he started my coin collection while I was still in diapers. He still gives me coins from time to time. They may be from his personal collection, or he might pick up something at a flea market that he thinks I'll like. He also likes to order sets whenever he sees a nice set of gold coins or collector's coins.

When I heard about Monex Deposit Company, I thought I should check them out. If I liked the products they offer, I could definitely tell my dad about the site. I'm sure he would order something, but when I visited the site I wasn't impressed. They offer gold coins as well as other gold, silver, and platinum products. I actually expected the website to have more products than are available. Also, the coins can only be purchased in packs of 10. I would personally prefer to choose the number of coins I want. I was actually interested in a couple of the coins, the pricing is based on gold and silver charts. I personally don't understand a lot about the charts, and I don't think most of the general public does either. Monex Deposit Company does offer a free guide to help you learn to read the charts, but I still think if you're planning to sell to the general public, you should put things in terms that are easier for us to understand. We're not all serious investors!

Also, there is no online ordering. All orders must be placed over the phone. In a world where the Internet is one of the largest shopper's market's of today, it looks like there would be online ordering. Overall, I wasn't impressed with this company. There may be others who think it is the greatest thing in the world, but it's not for me. I think I will continue my coin collecting elsewhere.

15 comments:

Anonymous said...

Never ever deal with Monex!!! My brother had ordered thousands of dollars worth of gold coins and had never received them. Now Monex tells him that the deal was done and it wasn't their fault that he never received his gold coins. Until they get the money from the carrier, my brother is not going to get anything! How scummy is that? Isn't he supposed to be reimbursed first and then they can settle their claim with the carrier? No Monex!!! Do not trust your money to those scumbags!

darkchylde said...

First and foremost Monex is a Bullion investment company, not a coin dealer. The coins you see listed on Monex's site are considered Bullion. The Eagle, the Maple, gold, silver, Platinum etc..

2nd they do not deal with individual coin purchases. They only deal in the pretty much standardized quantity's for bullion buying and that is at least 10 one once coins and 1/2 ounce coins or 20 1/10 ounce coins. If you want individual coins then go to a coin shop. You will never find Monex prices for indivdual coin sales. Those are bulk prices.

So basically this entire article is about someone going to the wrong place to buy thier coins. Again Monex is an Bullion investment company, not a coin dealer. If you want a good place to go that offeres all of these types of coins, only individually, try Northwest Mint. They have everything you could possibly want but remember your not going to get Monex prices. You end up paying at least 5-10% more for indivudal coin purchases.

As for the comment about Monex ripping someone off. I dont buy that for a second. Monex has been the leading US bullion investment center for the last 40 years. If you make a transaction with Monex and actually want the metal delivered then they not only have 2 monex bullion reps present when packaging your shipment, they also videotape it. So each shipment comes with a packaging slip that is signed by 2 separate managers that were both present when your items were packaged and again they also videotape it so if there is any problem they hae video evidence of the transaction. Then on top of that they send everything insured registered mail so not only can it be tracked but if it does end up getting lost your covered by the insurance.

Monex are not a bunch of rookie scammers, they are one of the most highly respected Bullion dealers in the market today. If the shipment was lost then it is the carrier's fault and the insurance taken out on the package would be used to cover your brothers losses. Once Monex packages it up and gives it to the post office, it is no longer Monex's responsibility. Again they buy you incurance so if there is a problem then your covered. What do you expect Monex to do in this situation? Just ship your brother out some more gold coins even tho the insurance for the package is in his name, LOL.

Sorry but this utter nonsense. I have been dealing through monex for well over 10 years now and there isnt another bullion dealer out there that is better. There is absolutely no credability to this story as it makes no sense whatsoever.

Monex can be trusted, stories that dont make a lick of sense on the internet cannot be trusted.

Jenn said...

Thank you darkchylde for your input.

My article was written because I was asked by Monex to review their services and site from a basic consumers point of view. I still stand by my article and the fact that if they want to market themselves as a "coin dealer", which they did when I was asked to review the services, they should provide more options and a better knowledge base for people like me who don't purchase coins on a regular basis. I don't understand the system, and don't look at it as "Bullion investment company" because it was not marketed to me in that way.

I'm happy to hear you've had such great service with the company, and thank you for informing us all of the high security practices of Monex for future reference. It will be very helpful for anyone who chooses to read this article and purchase in the future.

I also hope you do yourself a favor and invest some time in learning to use a simple little function referred to as "spell check" before expecting your comments to be published again.

Cynthia Hoffman said...

I ordered a $1,000 face value (paid $9,000+) 54lb bag of silver coins on Sept. 17th; I then sent Monex 2 checks for just under $100,000 each for gold bullion on Sept. 18&19, respectively FOR DELIVERY. They told me today that I won't see my coins/bullion until November. Though I've paid for delivery, I read on another blog that when a few coins went missing in the mail, Monex did not want to file the claim forms w/ the Post Office - though the buyer finally received the coins. I've since decided to travel to Newport Beach to pick up my orders and they'd best be ready in November. And yes, I bet the farm w/ Monex and I am concerned. In Sept., they told me my silver coins would be shipped the next week and since then have given me excuse after excuse re delivery. I also went to the Orange County Superior Court website and saw they have been sued for a variety of compaints, including fraud - which case they LOST. If/When I get my orders, I will post here again. In the meantime, look for another source for your gold/silver purchases. Regards, DagnyAtl

Jenn said...

Cynthia,

Thank you very much for sharing your experiences. I do hope everything works out for you in the end as that is a very large sum to lose.

I just can't stand businesses with practices such as this, and I can assure you I'll never be purchasing from Monex. I've also read way too many horror stories.

For anyone interested in dealing with Monex I suggest you do your research before investing your money. The Monex Fraud website is a good place to start.

http://www.monexfraud.com/


Cynthia please do keep us informed of your situation!

Cynthia said...

FROM CYNTHIA: Hey! I got my silver order of about $18k and have been informed by Monex my gold will be available for pickup on Dec 10. As I've received the silver, I'm optimistic about getting the gold. I'll let you know the outcome of December's delivery. Thanks for your concern.
Kindest regards, Cynthia

Jenn said...

Cynthia,

That's great news! Do keep us informed, but it's nice to hear you got your product!

jim said...

I ordered a set of gold bullion coins from Monex which the agent said was currently available. I sent my check and received a written acknowledgement they received it on Oct 10. They hold for 10 days to assure clearance before they ship. By the end of October, when I had no information on the status of my order, I called the agent. He again verified receipt of my check and said the coins should ship "soon" but would not define what "soon" meant. I called Monex this morning to again inquire as to the status of the order. The agent and his assistant were both unavailable. The person I talked to said the agent was out and she would have him return my call as soon as he returned. Why am I getting a feeling of a runaround?? Will post here with updates to this story.

Cynthia Hoffman said...

From Cynthia:

Jim, I sent Monex a registered return certified letter stating I was intent on picking up my gold. Having done that I received a prompt response from them and the date of Dec. 10th. I sent 2 letters - one to Monex and another to the salesperson who handled my order. That way, BOTH could not claim they never received my notice. However, keep in mind my order is quite large which is perhaps the reason I got my prompt response.
Regards, DagnyAtl

Jim said...

Received my order from Monex so I can breath again. Not a transparent outfit to do business with compared to others. Everything as advertised however.

DagnyAtl said...

From Cynthia:

I DID pick up my metal on Dec 11th. Though the broker had made it sound as if people were lined up around the block to get their metals, when I got there I was the ONLY person waiting to see their broker. 'Seems most of the people who work w/ Monex do the Atlas account which doesn't sound good. Only after I'd ordered from Monex did I discover that you can buy bullion on Ebay. In the future, I will do it that way so I don't pay commissions, etc. Just be sure to bid on products whose sellers have a long history of positive feedback. Good luck everybody! Regards, Cynthia / DagnyAtl

Anonymous said...

I have been dealing with monex for over 25 years, buying gold and silver bullion on margin. That's their business. Read the rules of its purchase agreement and if you do not like it, don't buy. But Monex is not a scam company. It's been around forever. I agree, it's probably not a coin dealer, so buy your coins elsewhere. Buy if you want to buy bullion on deep margin and are willing to take the chance and pay the price, Monex is the only game around. Bill

gonzalesjennifer96@hotmail.com said...

It is horrible to hear about companies that are not upfront with their customers. I have just started doing research on this market, but I have found that regalgoldcoins.com were friendly and with great prices, but are not pressuring me to buy anything, but making a relationship with their customers. Also I found that kitco.com is pretty good too.

Amanda said...

I have been purchasing gold for many years now. I have been scammed once and it was a horrible. I have been using regalgoldcoins ever since and have never had any problems. They have great prices and amazing customer service. They made me feel like a valued customer and not just another order, and my purchase was delivered within a week. I highly recommend them to everyone.

Thom said...

Monex is the WORST !!

I worked for them - and I couldn;t live with myself. Their employees are immoral losers.
Do not deal with Monex.

Goldline is a MUCH better company !


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