July 31


Is APMEX A Scam? Red Flags Exposed! (2023 Review)

Is APMEX a Scam

Is APMEX a scam? This is a question that must have been running around your mind right now. You must be here for some important information about the company. Well, we have it all for you!

American Precious Metals Exchange, most famously known for its abbreviation APMEX, is one of the most well-known precious metals dealers in the industry. Chances are, you came across this famous company because you wanted to invest in precious metals.

But, for a company as big and popular as APMEX, controversies and issues cannot be prevented. That is why, there are investors having double thoughts investing with them because of the risks and dangers involved.

So, before you decide whether to invest your money on APMEX, you should read this review first. Are they the right company for you? Can they be trusted? Is APMEX a scam? Come join me as I tell you what this website is all about.

American Precious Metals Exchange Quick Summary

Name:  APMEX (American Precious Metal Exchange)

Website: https://www.apmex.com/

Founder: Scott Thomas and David Melker

Price: Varies depending on your investment

Recommended?: No!


What is APMEX?

American Precious Metal Exchange (APMEX) is a precious metals company that was founded in 2000 by Scott Thomas and David Melker. It is based in Oklahoma where it started out as a small business with four employees.

Since then, it has succesfully grown into one of the largest precious metals dealers in the world. APMEX has sold over 130 million ounces of gold and silver to more than 1 million customers in over 100 countries.

They are one of the largest dealers of precious metals sourced from different countries. In 2017, APMEX was named "Best Bullion Dealer" by the American Coin Treasures Awards. In 2018, the company was named "Best Precious Metals Dealer" by the International Precious Metals Institute. 

APMEX offers a wide variety of precious metals products, including coins, bars, rounds, and bullion. The company also offers a variety of services, such as online ordering, live chat support, and a satisfaction guarantee.

If you are looking for another reputable and reliable source to buy precious metals, Goldco is a great option. The company has a long history of success, and it offers a wide variety of products and services.

APMEX Products and Selections

APMEX is one of the largest precious metals dealers in the world, so it's no surprise that they offer a wide variety of products. Their catalog includes gold, silver, platinum, palladium, and rare collectibles, all available in coins, bullions, and bars.

Gold Products

The precious metals dealer has a wide variety of options when it comes to gold products. They currently offer:

  • Gold bars and rounds
  • Gold coins, including U.S. Mint gold coins, Royal Canadian Mint gold coins, and
  • Perth Mint gold coins
  • IRA-approved gold bars and rounds, such as the 10 oz Credit Suisse Gold Bar, Gold Buffalo, 1 oz Canadian Maple Leaf, and 1/2 oz .9999 Gold Krugerrands

The gold products also include IRA-approved bars and rounds such as the 10 oz Credit Suisse Gold Bar, Gold Buffalo, 1 oz Canadian Maple Leaf and 1/2 oz .9999 Gold Krugerrands.

Silver Products

For those interested in silver, they also offer a variety of these products, their long list include:

  • Silver bars and rounds
  • Silver coins, including U.S. Mint silver coins, Royal Canadian Mint silver coins, and Perth Mint silver coins
  • IRA-approved silver products, such as Morgan Dollars, Walking Liberties, and 1 oz American Eagles
  • Junk silver coins
  • Industrial silver
  • Mexican Mint silver coins

Their silver comes from variety of mints, including the U.S. Mint, the Royal Canadian Mint, and the Perth Mint. And of course, they also offer IRA-approved products such as Morgan Dollar, Walking Liberty and 1 oz American Eagle.

Platinum and Paladium

The precious metals merchant also offers platinum and palladium products. The following are what's available:

  • Platinum bars and rounds
  • Platinum coins, including American Eagle Platinum
  • Palladium bars and rounds
  • Palladium coins, including American Eagle Palladium and Canadian Palladium
  • Maple Leaf Coins

APMEX also offers a variety of palladium, platinum, and other metals jewelry. What will excite some customers is the availability of rare coins and commemorative products, which not only retain intrinsic value, but value as collectibles.

APMEX Branded Products

Apart from the precious metal products indicated above, the Oklahoma City-based company also has its own branded precious metals. And yes, they do fit all of the fineness requirements to be IRA-eligible!

Among these products are the following:

  • Gold bars (1/2 oz. to 1 kilo)
  • Silver bars (1 oz. to 100 oz.)
  • Silver rounds (1 oz. to 10 oz.)
  • Platinum round (Only available in 1 oz.)

Does APMEX Have Gold IRA Services?

Yes, APMEX does offer precious metals IRA services, including Gold IRA. However, they are not an IRA custodian. An IRA custodian is a financial institution that holds and protects your IRA assets. APMEX is purely a precious metals dealer that offers IRA-eligible products.

However, they do have partnerships with several IRA custodians to make it easy for their customers to open and manage a precious metals IRA. These custodians are:

  • GoldStar Trust
  • Entrust Group
  • EQUITY Institutional
  • STRATA Trust Company
  • Kingdom Trust Company

Moreover, IRA fees will vary depending on which IRA custodian you would choose if you wish to start an IRA account. Therefore, you should compare fees, services, and security features before making a decision.

But, if you want a precious metal company that offers IRA services while also being an IRA custodian, you should check out Goldco. This company is among the leading companies, if not the best, in the industry.

What is APMEX OneGold?

APMEX has its own digital precious metals called OneGold. It is similar to an ETF (exchange-traded fund), which allows clients to benefit from valuing the gold and silver prices without physically holding them in inventory.

APMEX OneGold is a modern and secure way to invest in precious metals. It is a joint venture between APMEX and Sprott Inc., two of the leading precious metals companies in the world.


APMEX has a $2,000 minimum purchase requirement for IRAs. This is a bit high for an initial investment. There are no fees associated with opening an IRA with APMEX. However, the chosen IRA custodian may impose their own fees.

It usually takes 3 months to transfer funds to your APMEX IRA partner custodian. APMEX charges $110 for every IRA transfer, which is a bit expensive compared to most companies. You can avoid this fee if you pay through electronic check or wire transfer through your bank.

APMEX charges $35 per precious metal purchase, which is actually cheaper than many other comparable companies.

Overall, APMEX IRAs are a good option for investors who are looking for a reputable and reliable dealer with a wide selection of products. However, the minimum purchase requirement and the IRA transfer fee may be a deterrent for some investors.

APMEX Precious Metals Pricing

APMEX's prices for precious metals are generally in line with those of other major dealers. However, the exact price may vary depending on the specific product and market conditions.

A recent comparison of prices from several online dealers found that APMEX's prices for gold coins and bars were slightly higher than average, while their prices for silver coins and bars were slightly lower than average.

The following below is a list of the common precious metal products and its corresponding prices 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

How to Get Started with APMEX?

The APMEX purchasing process is simple and straightforward. Getting started with them can be done entirely online, however, if you have any questions, you can also call their customer service team.

To start, you will need to create an account on the APMEX website. Once you have an account, you can browse their selection of precious metals. When you find something you want to purchase, you can add it to your cart.

Before you checkout, you will need to select a shipping method and payment option. You can pay with a credit card, debit card, bank wire, or PayPal. Once you have confirmed your order and payment, APMEX will process your order and ship your precious metals to you.

APMEX Accepted Payment Methods

APMEX accepts various types of payment options. They even accept cryptocurrencies like Bitcoin and Bitcoin Cash as valid payment methods. To simplify and summarize them, you can check out the table in the image below:

Is APMEX a Scam Payment

Where is APMEX Located?

APMEX is headquartered in Oklahoma City, Oklahoma. Their mailing address and physical location is 1111 S. Pennsylvania Ave., Suite 100 Oklahoma City, OK 73107.

APMEX does not have any other physical offices. However, they have a network of authorized dealers located throughout the United States and Canada. These dealers can provide in-person assistance with purchasing, selling, and trading precious metals with APMEX.

In other words, if you want to transact with APMEX in person, you can visit one of their authorized dealers. These dealers are located throughout the United States and Canada, so you should be able to find one near you.

APMEX Membership Club

APMEX has a membership program called APMEX Club that rewards its most loyal customers. To join, you need to make at least two purchases totaling at least $5,000 in precious metals. There is no cost to join the club beyond that initial investment.

The club has four different membership tiers, each with its own respective benefits. It is a great way to save money and get more for your money when you buy precious metals from APMEX. Here are the perks that come with each tier level:


  • Free shipping on orders over \$199.
  • 1% back in APMEX Rewards on all purchases.
  • Early access to new products and promotions.


  • All of the benefits of the Select tier, plus:
  • 2% back in APMEX Rewards on all purchases.
  • Exclusive invitations to member-only events.


  • All of the benefits of the Select and Premier tiers, plus:
  • 3% back in APMEX Rewards on all purchases.
  • A personal account manager to help you with your precious metals needs.


  • All of the benefits of the Select, Premier, and Elite tiers, plus:
  • Invitations to special VIP events.
  • Access to exclusive products and services.
Is APMEX a scam

Does APMEX Have Buyback?

Yes, APMEX does have a buyback program. You can sell your precious metals back to APMEX for cash or store credit. The buyback price is based on the current spot price of the metal and the condition of your coins or bars.

However, APMEX has a minimum buyback amount of $1000. So, if your precious metal has not reached this amount, you can't sell it to them.

APMEX Return Policy

APMEX has a 7-day return policy for products purchased directly from their website. To return a product, you must contact APMEX customer service and obtain a Return Authorization Number (RAN). You will then need to ship the product back to APMEX at your own expense.

APMEX will refund the full purchase price of the product, minus shipping costs, within 10 business days of receiving the returned product. Take note that products that have been opened from its original packaging, or items that are damaged, cannot be returned.

Shipping Fees and Services

APMEX uses  UPS, USPS, and FedEx. for their shipping services. All orders over $199 are eligible for free shipping, while shipping fees for precious metal orders under $199 will vary depending on your shipping option.

  • UPS Ground: This is the most common shipping method for APMEX orders. Shipping times typically range from 2-5 business days.
  • USPS Priority Mail: This shipping method is faster than UPS Ground, but it is also more expensive. Shipping times typically range from 1-3 business days.
  • FedEx Ground: This shipping method is similar to UPS Ground, but it is not available to all destinations. Shipping times typically range from 2-5 business days.
  • International Shipping: APMEX ships to over 100 countries worldwide. Shipping costs vary depending on the destination.

Storage Facilities and Services

APMEX stores your precious metals with Brink's Security-protected Citadel Global Depository Services. In addition, storage fees may vary depending on your portfolio value. However, you can read their standard storage rates below. 

Is APMEX a Scam Storage

APMEX Customer Service

APMEX's customer service is widely regarded as excellent. They have a team of experienced and knowledgeable customer service representatives who are available 24 hours a day, 7 days a week by phone, email, or live chat.

Aside from this, there are several other features, resources and tools that APMEX can offer to its clients.

APMEX AutoInvest

APMEX offers a unique feature called AutoInvest, which allows you to purchase precious metals on a schedule that works for you. You can choose to make purchases daily, weekly, biweekly, monthly, or quarterly. AutoInvest is available for many, but not all products. To use AutoInvest, simply look for the "Start AutoInvest" feature when you add items to your cart.

APMEX Bullion Card

The Bullion Card is a credit card that offers rewards for purchases made at APMEX. The card is issued by Visa and is the first precious metals rewards card on the market.

Some of the benefits of the Bullion Card include:

  • 4% back in gold or silver for APMEX purchases: This is a great way to earn rewards on your precious metals purchases.
  • 1% back in gold and silver for all other purchases: This is a solid rewards rate for all other purchases.
  • 15,000 bonus points after spending $1,500 worth of precious metals: This is a valuable bonus that can be redeemed for precious metals.
  • 0% introductory APR: This is a great way to save money on interest charges if you carry a balance on your card.
  • 0% balance transfers: This is a helpful feature if you need to transfer debt from another card to the Bullion Card.
  • Exclusive offers for cardholders: Bullion Cardholders receive exclusive offers from APMEX, such as discounts and promotions.

The points that you earn from using the Bullion Card for your purchases can be redeemed for precious metals from APMEX. This is a great way to put your rewards to use and build your precious metals portfolio.

Is APMEX Safe To Buy Gold?

Yes, APMEX is safe to buy gold with. There's a reason why APMEX is a well-known and trusted precious metals dealer with over 20 years of experience. They have a good reputation among customers and industry experts, and they offer a wide range of products and services.

Overall, APMEX is a safe and reputable place to buy gold. They have a good track record, so you shouldn't be worrying about whether or not it is safe. What you should be concerned with is whether their products and services are the best.

In my opinion, Goldco is the best. It is my top-recommended precious metal company.

APMEX Ratings and Reviews

Reading reviews from reputable sources can help you assess the quality of a company's products and services. This is especially important before making an investment.

Here is a summary of how APMEX has been rated and reviewed by experts and famous review websites in the industry. The information is current as of July 2023.

  • BBB - 3.87 out of 5 rating based on 189 reviews, rated A+, BBB accredited since 2004
  • BCA - "D" rating with 2 out of 5 stars (based on 5 reviews)
  • Consumer Affairs - 4 out of 5 rating based on 299 reviews
  • Sitejabber - 3 out of 5 rating based on 40 reviews
  • Trustpilot - 1.9 out of 5 rating based on 7,834 reviews

When you look at their ratings on the surface level, it might seem that everything is all right with APMEX. However, when you look at their reviews in Trustpilot ,where they have most of their reviews, you can see a lot of negative sentiment about them.

APMEX Customer Complaints

APMEX does have a number of complaints from customers. Overall, they are not that great, especially since APMEX has received quite serious complaints and negative reviews. You will understand why the question Is APMEX a scam exist. You can see some of them below:

complaint 1
Complaint 2
Complaint 3

As you can see, the complaints were about APMEX's customer service being not always responsive or helpful. Customers also have complained about the unprofessionalism they have experienced.

Worse, clients have been reporting complaints that they are not receiving their items. Some received empty boxes!

Company Pros and Cons


  • Has a wide variety of precious metals offering
  • Friendly and easy to navigate website
  • Good services, products and features
  • Accepts several payment options
  • Offers free shipping for eligible orders
  • Has been operating for a long time.


  • Many negative ratings; in addition, there are a lot of bad reviews from negative customer experience.
  • Customer support issues
  • Apparent shipping issues

No, APMEX does not sell fake gold and silver. Actually, they have strict policies, screening, and testing to make sure all of their products are genuine and authentic.

However, they have been linked to fake gold and silver scams. In 2012, APMEX was sued by a customer who claimed that they had received counterfeit gold bars. Also, in 2015, APMEX was again accused of selling counterfeit gold bars. This time, the accusation came from a former employee of APMEX. The employee claimed that they had seen counterfeit gold bars being sold at APMEX.

However, APMEX  has denied any of these allegations and was strongly against the wrongdoings. The cases were eventually settled out of court. The question Is APMEX a scam floats around, you will know the real answer below.

Is APMEX a Reputable Company?

Yes, APMEX is a reputable company. They are actually one of the biggest and well-establish precious metals companies in the industry. They are a good option for investors who are looking for a safe and reliable place to buy precious metals.

APMEX is accredited by the London Bullion Market Association (LBMA), which is a prestigious organization that sets high standards for the precious metals industry. Although APMEX has had controversies about counterfeit gold and silver, they have denied all allegations and proves to only sell genuine products.

Better Alternatives to APMEX

Before investing in precious metals, it is crucial to understand the risks involved and conduct thorough research. There are several reputable precious metals companies, but there are also some scams. 

If you want to go over your choices for precious metal companies then I recommend you check out some of these companies below. Here is a comparison of APMEX with three of its major competitors Goldco, Augusta Precious Metals, and Money Metals Exchange. 



Gold, platinum, silver, copper, palladium


Buying, selling, storage


Free shipping on orders over $199. Shipping fee depends on orders under under $199.




Gold, platinum, silver, and copper


Buying, selling, storage

Free shipping for orders over $25k. Shipping fee depends on orders under $25k.

Augusta Logo


Gold, platinum, silver, rare coins, and palladium

Buying, selling, storage

Free shipping for orders over $2500. $45 shipping for orders under $2500.

Money-Metals Logo


Gold, Palladium, silver, platinum, and rhodium

Buying, selling, storage, loans

Free shipping for orders over $500. $7.97 shipping for orders under $500.

Final Verdict: Is APMEX a Scam?

To answer the question, Is APMEX a scam? Well, to be truthful, APMEX is not a scam. They are a legit precious metal company that has been operating for more than 20 years. They won't be operating for that long if they were a scam. 

However, you still cannot ignore the negative reviews left by angry customers at them. In conclusion, this is why I cannot easily recommend this company. If you still want to invest with them then I advise you do so with full caution and try to clarify everything with their customer support team.

However, if you want to invest in a company that is highly rated and loved by customers then I recommend you check out Goldco! You can learn more about them by clicking the button below!

0/5 (0 Reviews)
  • Order Number: 32343110 Order Placed: June 28, 2023 Ordered some bullion coin costing 20K$ with promise to pay by personal check. One week later, my checks had arrived and been cashed; but, no coins were sent. Upon calling, they admitted not sending the coin and demanded I not only confirm each piece of information of the order but also provide third party verification of my financial records, identifications records, etc… Sounded very shady to me at this point. On my second call demanding either send coin or return my funds now three weeks, they said the order would not be fulfilled and I would also not be provided refund for at least 4-5 more weeks. Meanwhile, they are not only able to sell the gold to someone else for additional profit since gold prices went up but also get to play/invest/whatever with my 20K$ for several months. These people are not to be trusted! My attorney suggests we wait and see if the refund does show up before filing a lawsuit for damages. I honored my side of the purchase and APMEX did not; plus, the same purchase from them is now 750$ more. Suspect when gold is going up that they will use buyer’s money to purchase the gold, cancel those order holding the funds, and then fulfill new orders from their horde as the prices drop with the new buyer’s locked in at the higher rates.

    • Hey Keith, that’s sounds like a horrible experience, I’m sorry to hear that you had to go through that with APMEX, please wait for a refund and let us know, because as far as we know APMEX is not a scam, and this must be some type of error!

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