Is APMEX a Scam? Is the question that must have been running around your mind right now. Furthermore, chances are you came across them because you wanted to invest your hard earned money somewhere.
However, before you decide whether to invest your money on them you should read this review first. Are they the right company for you? Can they be trusted? Come join me as I tell you what this website is all about.
Is APMEX a Scam? Quick Summary
Name: APMEX (American Precious Metal Exchange)
Website: https://www.apmex.com/
Founder: Scott Thomas
Price: $175 - $225 yearly fees
History of APMEX
American Precious Metal Exchange (APMEX) is a precious metals company based in Oklahoma. Moreover, it was founded back in 2000 by Scott Thomas.
They are one of the largest dealers of precious metals sourced from different countries. Example of these are South Africa's Krugerrands, Pre-1993 US Gold coins, Silver Eagles, and Royal Canadian Maple Leaves.
Products and Services Offered by APMEX
They offer a wide variety of precious metals which includes.
- Gold
- Silver
- Platinum
- Palladium
Furthermore, these precious metals can come from different forms like coins, bullions, and bars. In addition, they also offer rare coins and collectibles. You can also sell your precious metals back to them; however, the precious metals being sold back must at least reached the minimum amount of $1000.
APMEX itself does not offer any IRA services; however, their precious metals are IRA-approved. Furthermore, they have partnered with various IRA custodians that can handle your IRA precious metals for you. These IRA custodians are:
- Entrust Group
- EQUITY Institutional
- GoldStar Trust
- Kingdom Trust Company
- New Direction IRA
- Self Directed IRA
Furthermore, fees may vary depending on the custodian you choose.
Can You Store Your Precious Metals with APMEX?
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.
How to get Started with APMEX?
The APMEX purchasing process is fairly simple. You can do it online on their website; in addition, you can also give them a call if you have further questions about your transactions.
First, you are required to make an account. Next, you can then browse their website for precious metals that you might want to purchase. Lastly, you can then proceed to checkout, confirm your order, and begin processing your payment.
You can have the precious metal delivered to your home or have APMEX store it in their storage facility. Furthermore, transactions amounting to $99 above are eligible for free shipping. However, orders below $99 are subject to a $9.95 shipping fee.
In addition. they accept many payment methods and they even accept bitcoin as payment. You can learn more below.
APMEX Ratings and Reviews
Listed below are the customer ratings and reviews I have found about APMEX.
- BBB - 4.04 out of 5 based on 201 reviews, A- Accredited Business
- Consumer Affairs - 3.7 out of 5 based on 51 ratings
- Sitejabber - 3.4 out of 5 based on 25 reviews
- Trustpilot - 2.2 out of 5 based on 7,759 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.
Is APMEX a Scam? The Pros and Cons
Pros
- Has a wide variety of precious metals offering
- Friendly and easy to navigate website
- Offers free shipping for eligible orders
- Has been operating for a long time.
Cons
- Many negative ratings; in addition, there are a lot of bad reviews from negative customer experience.
- Customer support issues
Alternatives
If you want to go over your choices for precious metal companies then I recommend you check out some of these companies below.
Is APMEX a Scam?
In conclusion, APMEX is not a scam. Furthermore, they have 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 Augusta Precious Metals! You can learn more about them by clicking the button below!