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Is APMEX A Rip-off? Pink Flags Uncovered! (2023 Overview)

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Is APMEX A Rip-off? Pink Flags Uncovered! (2023 Overview)

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Is APMEX a Scam

Is APMEX a rip-off? It is a query that will need to have been operating round your thoughts proper now. You have to be right here for some vital details about the corporate. Nicely, we’ve got all of it for you!

American Treasured Metals Change, most famously identified for its abbreviation APMEX, is among the most well-known treasured metals sellers within the trade. Likelihood is, you got here throughout this well-known firm since you wished to spend money on treasured metals.

However, for an organization as massive and standard as APMEX, controversies and points can’t be prevented. That’s the reason, there are buyers having double ideas investing with them due to the dangers and risks concerned.

So, earlier than you resolve whether or not to take a position your cash on APMEX, you need to learn this evaluate first. Are they the proper firm for you? Can they be trusted? Is APMEX a rip-off? Come be a part of me as I let you know what this web site is all about.

American Treasured Metals Change Fast Abstract

Identify:  APMEX (American Treasured Metallic Change)

Web site: https://www.apmex.com/

Founder: Scott Thomas and David Melker

Worth: Varies relying in your funding

Advisable?: No!

Is APMEX A Scam

What’s APMEX?

American Treasured Metallic Change (APMEX) is a treasured metals firm that was based in 2000 by Scott Thomas and David Melker. It’s primarily based in Oklahoma the place it began out as a small enterprise with 4 staff.

Since then, it has succesfully grown into one of many largest treasured metals sellers on this planet. APMEX has offered over 130 million ounces of gold and silver to greater than 1 million prospects in over 100 international locations.

They’re one of many largest sellers of treasured metals sourced from totally different international locations. In 2017, APMEX was named “Finest Bullion Seller” by the American Coin Treasures Awards. In 2018, the corporate was named “Finest Treasured Metals Seller” by the Worldwide Treasured Metals Institute. 

APMEX provides all kinds of treasured metals merchandise, together with cash, bars, rounds, and bullion. The corporate additionally provides a wide range of companies, akin to on-line ordering, dwell chat help, and a satisfaction assure.

If you’re on the lookout for one other respected and dependable supply to purchase treasured metals, Goldco is a good choice. The corporate has a protracted historical past of success, and it provides all kinds of services and products.

APMEX Merchandise and Alternatives

APMEX is among the largest treasured metals sellers on this planet, so it is no shock that they provide all kinds of merchandise. Their catalog contains gold, silver, platinum, palladium, and uncommon collectibles, all out there in cash, bullions, and bars.

Gold Merchandise

The valuable metals vendor has all kinds of choices in terms of gold merchandise. They at present supply:

  • Gold bars and rounds
  • Gold cash, together with U.S. Mint gold cash, Royal Canadian Mint gold cash, and
  • Perth Mint gold cash
  • IRA-approved gold bars and rounds, akin to the ten ozCredit Suisse Gold Bar, Gold Buffalo, 1 ozCanadian Maple Leaf, and 1/2 oz .9999 Gold Krugerrands

The gold merchandise additionally embrace IRA-approved bars and rounds akin to the ten ozCredit Suisse Gold Bar, Gold Buffalo, 1 ozCanadian Maple Leaf and 1/2 oz .9999 Gold Krugerrands.

Silver Merchandise

For these all in favour of silver, in addition they supply a wide range of these merchandise, their lengthy listing embrace:

  • Silver bars and rounds
  • Silver cash, together with U.S. Mint silver cash, Royal Canadian Mint silver cash, and Perth Mint silver cash
  • IRA-approved silver merchandise, akin to Morgan {Dollars}, Strolling Liberties, and 1 ozAmerican Eagles
  • Junk silver cash
  • Industrial silver
  • Mexican Mint silver cash

Their silver comes from number of mints, together with the U.S. Mint, the Royal Canadian Mint, and the Perth Mint. And naturally, in addition they supply IRA-approved merchandise akin to Morgan Greenback, Strolling Liberty and 1 ozAmerican Eagle.

Platinum and Paladium

The valuable metals service provider additionally provides platinum and palladium merchandise. The next are what’s out there:

  • Platinum bars and rounds
  • Platinum cash, together with American Eagle Platinum
  • Palladium bars and rounds
  • Palladium cash, together with American Eagle Palladium and Canadian Palladium
  • Maple Leaf Cash

APMEX additionally provides a wide range of palladium, platinum, and different metals jewellery. What is going to excite some prospects is the supply of uncommon cash and commemorative merchandise, which not solely retain intrinsic worth, however worth as collectibles.

APMEX Branded Merchandise

Other than the valuable steel merchandise indicated above, the Oklahoma Metropolis-based firm additionally has its personal branded treasured metals. And sure, they do match all the fineness necessities to be IRA-eligible!

Amongst these merchandise are the next:

  • Gold bars (1/2 oz. to 1 kilo)
  • Silver bars (1 oz. to 100 oz.)
  • Silver rounds (1 oz. to 10 oz.)
  • Platinum spherical (Solely out there in 1 oz.)

Does APMEX Have Gold IRA Providers?

Sure, APMEX does supply treasured metals IRA companies, together with Gold IRA. Nonetheless, they aren’t an IRA custodian. An IRA custodian is a monetary establishment that holds and protects your IRA property. APMEX is only a treasured metals vendor that provides IRA-eligible merchandise.

Nonetheless, they do have partnerships with a number of IRA custodians to make it straightforward for his or her prospects to open and handle a treasured metals IRA. These custodians are:

  • GoldStar Belief
  • Entrust Group
  • EQUITY Institutional
  • STRATA Belief Firm
  • Kingdom Belief Firm

Furthermore, IRA charges will fluctuate relying on which IRA custodian you’ll select when you want to begin an IRA account. Due to this fact, you need to evaluate charges, companies, and security measures earlier than making a call.

However, if you need a treasured steel firm that provides IRA companies whereas additionally being an IRA custodian, you need to try Goldco. This firm is among the many main corporations, if not one of the best, within the trade.

What’s APMEX OneGold?

APMEX has its personal digital treasured metals referred to as OneGold. It’s just like an ETF (exchange-traded fund), which permits shoppers to profit from valuing the gold and silver costs with out bodily holding them in stock.

APMEX OneGold is a contemporary and safe approach to spend money on treasured metals. It’s a three way partnership between APMEX and Sprott Inc., two of the main treasured metals corporations on this planet.

APMEX IRA Price

APMEX has a $2,000 minimal buy requirement for IRAs. It is a bit excessive for an preliminary funding. There are not any charges related to opening an IRA with APMEX. Nonetheless, the chosen IRA custodian might impose their very own charges.

It normally takes 3 months to switch funds to your APMEX IRA associate custodian. APMEX prices $110 for each IRA switch, which is a bit costly in comparison with most corporations. You may keep away from this price when you pay by digital examine or wire switch by your financial institution.

APMEX prices $35 per treasured steel buy, which is definitely cheaper than many different comparable corporations.

Total, APMEX IRAs are an excellent choice for buyers who’re on the lookout for a good and dependable vendor with a wide array of merchandise. Nonetheless, the minimal buy requirement and the IRA switch price could also be a deterrent for some buyers.

APMEX Treasured Metals Pricing

APMEX’s costs for treasured metals are usually consistent with these of different main sellers. Nonetheless, the precise worth might fluctuate relying on the particular product and market situations.

A latest comparability of costs from a number of on-line sellers discovered that APMEX’s costs for gold cash and bars had been barely greater than common, whereas their costs for silver cash and bars had been barely decrease than common.

The next under is a listing of the frequent treasured steel merchandise and its corresponding costs as of July 30, 2023:

  • 1 oz. American Gold Eagle – $2113.19
  • 1 oz. American Gold Buffalo – $2123.19
  • 1 oz. Canadian Gold Maple Leaf – $2053.19
  • 10 oz. Gold Bar APMEX (TEP) – $20481.90
  • 1 oz. American Silver Eagle – $38.56
  • 1 oz. Canadian Silver Maple Leaf – $28.56
  • 1 oz. South African Krugerrand – $29.86
  • 10 oz. Silver Bar APMEX – $275.60

Get Began with APMEX?

The APMEX buying course of is straightforward and simple. Getting began with them might be accomplished fully on-line, nevertheless, you probably have any questions, you can even name their customer support workforce.

To start out, you have to to create an account on the APMEX web site. After you have an account, you may browse their choice of treasured metals. While you discover one thing you wish to buy, you may add it to your cart.

Earlier than you checkout, you have to to pick out a transport technique and fee choice. You may pay with a bank card, debit card, financial institution wire, or PayPal. After you have confirmed your order and fee, APMEX will course of your order and ship your treasured metals to you.

APMEX Accepted Fee Strategies

APMEX accepts varied varieties of fee choices. They even settle for cryptocurrencies like Bitcoin and Bitcoin Money as legitimate fee strategies. To simplify and summarize them, you may try the desk within the picture under:

Is APMEX a Scam Payment

The place is APMEX Situated?

APMEX is headquartered in Oklahoma Metropolis, Oklahoma. Their mailing handle and bodily location is 1111 S. Pennsylvania Ave., Suite 100 Oklahoma Metropolis, OK 73107.

APMEX doesn’t have every other bodily workplaces. Nonetheless, they’ve a community of licensed sellers situated all through the USA and Canada. These sellers can present in-person help with buying, promoting, and buying and selling treasured metals with APMEX.

In different phrases, if you wish to transact with APMEX in individual, you may go to one in all their licensed sellers. These sellers are situated all through the USA and Canada, so you need to have the ability to discover one close to you.

APMEX Membership Membership

APMEX has a membership program referred to as APMEX Membership that rewards its most loyal prospects. To hitch, that you must make at the very least two purchases totaling at the very least $5,000 in treasured metals. There isn’t any value to affix the membership past that preliminary funding.

The membership has 4 totally different membership tiers, every with its personal respective advantages. It’s a good way to save cash and get extra in your cash if you purchase treasured metals from APMEX. Listed below are the perks that include every tier stage:

Choose:

  • Free transport on orders over $199.
  • 1% again in APMEX Rewards on all purchases.
  • Early entry to new merchandise and promotions.

Premiere:

  • All the advantages of the Choose tier, plus:
  • 2% again in APMEX Rewards on all purchases.
  • Unique invites to member-only occasions.

Elite:

  • All the advantages of the Choose and Premier tiers, plus:
  • 3% again in APMEX Rewards on all purchases.
  • A private account supervisor that can assist you together with your treasured metals wants.

VIP:

  • All the advantages of the Choose, Premier, and Elite tiers, plus:
  • Invites to particular VIP occasions.
  • Entry to unique services and products.
Is APMEX a scam

Does APMEX Have Buyback?

Sure, APMEX does have a buyback program. You may promote your treasured metals again to APMEX for money or retailer credit score. The buyback worth is predicated on the present spot worth of the steel and the situation of your cash or bars.

Nonetheless, APMEX has a minimal buyback quantity of $1000. So, in case your treasured steel has not reached this quantity, you may’t promote it to them.

APMEX Return Coverage

APMEX has a 7-day return coverage for merchandise bought straight from their web site. To return a product, you could contact APMEX customer support and procure a Return Authorization Quantity (RAN). You’ll then have to ship the product again to APMEX at your personal expense.

APMEX will refund the complete buy worth of the product, minus transport prices, inside 10 enterprise days of receiving the returned product. Take be aware that merchandise which were opened from its unique packaging, or objects which can be broken, can’t be returned.

Delivery Charges and Providers

APMEX makes use of  UPS, USPS, and FedEx. for his or her transport companies. All orders over $199 are eligible without cost transport, whereas transport charges for treasured steel orders below $199 will fluctuate relying in your transport choice.

  • UPS Floor: That is the most typical transport technique for APMEX orders. Delivery instances usually vary from 2-5 enterprise days.
  • USPS Precedence Mail: This transport technique is quicker than UPS Floor, however it is usually costlier. Delivery instances usually vary from 1-3 enterprise days.
  • FedEx Floor: This transport technique is just like UPS Floor, however it isn’t out there to all locations. Delivery instances usually vary from 2-5 enterprise days.
  • Worldwide Delivery: APMEX ships to over 100 international locations worldwide. Delivery prices fluctuate relying on the vacation spot.

Storage Services and Providers

APMEX shops your treasured metals with Brink’s Safety-protected Citadel International Depository Providers. As well as, storage charges might fluctuate relying in your portfolio worth. Nonetheless, you may learn their customary storage charges under. 

Is APMEX a Scam Storage

APMEX Buyer Service

APMEX’s customer support is extensively thought to be glorious. They’ve a workforce of skilled and educated customer support representatives who can be found 24 hours a day, 7 days every week by cellphone, electronic mail, or dwell chat.

Apart from this, there are a number of different options, sources and instruments that APMEX can supply to its shoppers.

APMEX AutoInvest

APMEX provides a singular function referred to as AutoInvest, which lets you buy treasured metals on a schedule that works for you. You may select to make purchases day by day, weekly, biweekly, month-to-month, or quarterly. AutoInvest is obtainable for a lot of, however not all merchandise. To make use of AutoInvest, merely search for the “Begin AutoInvest” function if you add objects to your cart.

APMEX Bullion Card

The Bullion Card is a bank card that provides rewards for purchases made at APMEX. The cardboard is issued by Visa and is the primary treasured metals rewards card in the marketplace.

A few of the advantages of the Bullion Card embrace:

  • 4% again in gold or silver for APMEX purchases: It is a nice approach to earn rewards in your treasured metals purchases.
  • 1% again in gold and silver for all different purchases: It is a stable rewards price for all different purchases.
  • 15,000 bonus factors after spending $1,500 price of treasured metals: It is a worthwhile bonus that may be redeemed for treasured metals.
  • 0% introductory APR: It is a smart way to save cash on curiosity prices when you carry a stability in your card.
  • 0% stability transfers: It is a useful function if that you must switch debt from one other card to the Bullion Card.
  • Unique provides for cardholders: Bullion Cardholders obtain unique provides from APMEX, akin to reductions and promotions.

The factors that you just earn from utilizing the Bullion Card in your purchases might be redeemed for treasured metals from APMEX. It is a nice approach to put your rewards to make use of and construct your treasured metals portfolio.

Is APMEX Protected To Purchase Gold?

Sure, APMEX is secure to purchase gold with. There is a cause why APMEX is a widely known and trusted treasured metals vendor with over 20 years of expertise. They’ve an excellent fame amongst prospects and trade specialists, and so they supply a variety of services and products.

Total, APMEX is a secure and respected place to purchase gold. They’ve an excellent monitor report, so that you should not be worrying about whether or not or not it’s secure. What you need to be involved with is whether or not their services and products are one of the best.

In my view, Goldco is one of the best. It’s my top-recommended treasured steel firm.

APMEX Rankings and Opinions

Studying evaluations from respected sources may help you assess the standard of an organization’s services and products. That is particularly vital earlier than investing.

Here’s a abstract of how APMEX has been rated and reviewed by specialists and well-known evaluate web sites within the trade. The knowledge is present as of July 2023.

  • BBB – 3.87 out of 5 ranking primarily based on 189 evaluations, rated A+, BBB accredited since 2004
  • BCA – “D” ranking with 2 out of 5 stars (primarily based on 5 evaluations)
  • Shopper Affairs – 4 out of 5 ranking primarily based on 299 evaluations
  • Sitejabber – 3 out of 5 ranking primarily based on 40 evaluations
  • Trustpilot – 1.9 out of 5 ranking primarily based on 7,834 evaluations

While you have a look at their rankings on the floor stage, it might sound that all the pieces is all proper with APMEX. Nonetheless, if you have a look at their evaluations in Trustpilot ,the place they’ve most of their evaluations, you may see quite a lot of detrimental sentiment about them.

APMEX Buyer Complaints

APMEX does have various complaints from prospects. Total, they aren’t that nice, particularly since APMEX has obtained fairly severe complaints and detrimental evaluations. You’ll perceive why the query Is APMEX a rip-off exist. You may see a few of them under:

complaint 1
Complaint 2
Complaint 3

As you may see, the complaints had been about APMEX’s customer support being not at all times responsive or useful. Prospects even have complained in regards to the unprofessionalism they’ve skilled.

Worse, shoppers have been reporting complaints that they aren’t receiving their objects. Some obtained empty packing containers!

Firm Professionals and Cons

  • Has all kinds of treasured metals providing
  • Pleasant and simple to navigate web site
  • Good companies, merchandise and options
  • Accepts a number of fee choices
  • Provides free transport for eligible orders
  • Has been working for a very long time.
  • Many detrimental rankings; as well as, there are quite a lot of dangerous evaluations from detrimental buyer expertise.
  • Buyer help points
  • Obvious transport points

No, APMEX doesn’t promote pretend gold and silver. Truly, they’ve strict insurance policies, screening, and testing to ensure all of their merchandise are real and genuine.

Nonetheless, they’ve been linked to pretend gold and silver scams. In 2012, APMEX was sued by a buyer who claimed that that they had obtained counterfeit gold bars. Additionally, in 2015, APMEX was once more accused of promoting counterfeit gold bars. This time, the accusation got here from a former worker of APMEX. The worker claimed that that they had seen counterfeit gold bars being offered at APMEX.

Nonetheless, APMEX  has denied any of those allegations and was strongly in opposition to the wrongdoings. The instances had been ultimately settled out of court docket. The query Is APMEX a rip-off floats round, you’ll know the actual reply under.

Is APMEX a Respected Firm?

Sure, APMEX is a good firm. They’re really one of many largest and well-establish treasured metals corporations within the trade. They’re an excellent choice for buyers who’re on the lookout for a secure and dependable place to purchase treasured metals.

APMEX is accredited by the London Bullion Market Affiliation (LBMA), which is a prestigious group that units excessive requirements for the valuable metals trade. Though APMEX has had controversies about counterfeit gold and silver, they’ve denied all allegations and proves to solely promote real merchandise.

Higher Alternate options to APMEX

Earlier than investing in treasured metals, it’s essential to know the dangers concerned and conduct thorough analysis. There are a number of respected treasured metals corporations, however there are additionally some scams. 

If you wish to go over your selections for treasured steel corporations then I like to recommend you try a few of these corporations under. Here’s a comparability of APMEX with three of its main opponents Goldco, Augusta Treasured Metals, and Cash Metals Change. 

Is APMEX A Scam

Merchandise
Gold, platinum, silver, copper, palladium

Providers

Shopping for, promoting, storage

Delivery

Free transport on orders over $199. Delivery price will depend on orders below below $199.

Goldco-Logo

Merchandise

Gold, platinum, silver, and copper

Providers

Shopping for, promoting, storage

Delivery
Free transport for orders over $25k. Delivery price will depend on orders below $25k.

Augusta Logo

Merchandise
Gold, platinum, silver, uncommon cash, and palladium

Providers
Shopping for, promoting, storage

Delivery
Free transport for orders over $2500. $45 transport for orders below $2500.

Money-Metals Logo

Merchandise
Gold, Palladium, silver, platinum, and rhodium

Providers
Shopping for, promoting, storage, loans

Delivery
Free transport for orders over $500. $7.97 transport for orders below $500.

Remaining Verdict: Is APMEX a Rip-off?

To reply the query, Is APMEX a rip-off? Nicely, to be truthful, APMEX is just not a rip-off. They’re a legit treasured steel firm that has been working for greater than 20 years. They will not be working for that lengthy in the event that they had been a rip-off. 

Nonetheless, you continue to can not ignore the detrimental evaluations left by offended prospects at them. In conclusion, for this reason I can not simply advocate this firm. Should you nonetheless wish to make investments with them then I counsel you achieve this with full warning and attempt to make clear all the pieces with their buyer help workforce.

Nonetheless, if you wish to spend money on an organization that’s extremely rated and liked by prospects then I like to recommend you try Goldco! You may be taught extra about them by clicking the button under!

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