APMEX Review: Is It A Scam or Legit?9 min read

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One of the biggest and most popular retailers of precious metals that you can find is APMEX. This is a company that’s been operating since 2000 and has grown to employ over 200 people. It’s headquartered in Oklahoma and deals in gold, silver, platinum, and palladium.

My Complete Review of APMEX

It has managed to sell over 130 million ounces of silver and gold and continues to grow by leaps and bounds. APMEX is currently operating in over 60 countries with more of them to come. The marketing and distribution model used by this company is the reason for its massive global success rate.

APMEX buys and sells precious metals in the most common and widely sought-after forms. These include wafers, bars, and bullion coins. The company also has a large pool of talented and resourceful employees that all maintain a vast wealth of knowledge about precious metals.

It was founded by Scott Thomas, who serves as the sitting president, and his leadership has allowed the company to soar. He is joined by Kenneth Lewis, the current CEO who has over 20 years’ worth of experience. It’s the combination of his strategies and the leadership team that has created the company as it is today.

The company is also a member of the American Numismatic Association. This is a non-profit organization that works to educate people about the collection of coins in the United States. APMEX has been accredited by the Better Business Bureau and has an A+ rating.

They’re an authorized distributor and purchaser of silver bullion, mint gold, and United States platinum bullion coins. Although a few of its customers have complained about the way the company has responded to their concerns, it is overall a trusted retailer. This is a great company for all of your precious metal buying needs.

On top of that, APMEX participates in corporate social responsibility in the form of community involvement. It has committed itself to helping people in need and does so through its charity initiative. Their Regional Food Bank aims to fight hunger by giving food to people that can’t afford it.

It encourages employees and volunteers to alleviate the suffering of the needy. This initiative is one way for APMEX to give back to the community and serve people that would not otherwise have any way of affording their own food. It is currently still in operation in the United States.

 Customer Reaction To APMEX

Whenever you’re buying precious metals, the company has to be trustworthy and competitive. The high cost of the items means that it’s best to find one company that meets your needs and stick with them. That’s why the word of other customers is so important.

What they have to say about the commodities and the company are what you need to make your decision on who gets your precious metal business. This section will explain what people are saying about APMEX and what it should mean to you. You will be able to get a sense of what’s in store for you based on the experience of other customers.

APMEX offers a seamless way of buying precious metals online. The majority of customers were very happy with their experiences. Most report that their precious metals arrived about ten days after their purchase.

Customers are also kept up to date on their orders and given tracking numbers once the metals are sent through the mail. It gives them a way of knowing where they are and when they can expect to have them arrive. The packaging has also been reported as being well thought out and safe.

Handling Complaints

This company also manages to handle any complaints with major delays. Any questions or concerns can be directed to the customer service staff. Customers have reported that the people they spoke to in the customer service section were both polite and attentive.

The men and women are also very experienced with the process of buying precious metals and were able to address their concerns directly. There were no major problems addressed by the customers and newcomers can expect to have someone they can contact on a regular basis to answer any questions they may have or to correct any problems.

High-Quality Products?

APMEX has been widely lauded by its customer base with most people calling its products “high quality.” The company has a business model based on customer satisfaction and they strive to make it happen for every person that uses their services.

The industry of precious metals has a high chance of customer dissatisfaction, but APMEX works to keep its consumers happy and offer them the high-quality products that they expect. There are no cases of substandard goods or price gouging from any of their customers. They stand out as an example to other precious metal companies out there.

Safe and Effective?

With the safety of your money as your primary concern, you can rest assured that APMEX is going to handle your purchase with the utmost care. There have been no instances of people losing money while dealing with the company.

Their online business model is proven to be both safe and effective when it comes to converting your money into precious metals. The transfer of funds is fast and very secure. APMEX’s online e-commerce model is foolproof, and many customers are happy about the way it operates, giving you a great way to buy precious metals from an online retailer.

More Customer Reactions

Some customers have been dissatisfied with their services, however. These people say that they purchased gold, but for unexplained reasons, APMEX canceled the purchase and shipped the gold back. Some customers have also claimed that the services and products offered by the company were overpriced.

These complaints have come despite the decline in the price of precious metals. There is no foolproof way to prove these complaints, but they have been stated by former customers. There is no reason to believe that these same issues will present themselves to you as you deal with the company and order your precious metals.

Resale Value

There have also been instances where the resale value has been significantly low, with some customers saying that they sold some precious metals at a lower price than they bought them at from APMEX. Customers have also voiced their concerns about USPS, with some saying that it was a great letdown.

Other customers have put the company in the spotlight for failing to accept buybacks or to buy back some precious metals below the prevailing market prices. There have been cases of customers being sent the wrong coins, although the number of these cases has been very low.

Same Complaints Repeatedly?

It is normal to have complaints from customers because it’s rare to have a company operating a hundred percent without any problems. The only thing that should really stand out to you is the same complaint coming over and over again.

This would mean that the company has a problem that it refuses to address. There have been no such instances with APMEX. Any problems that do arise should be taken up with their customer service department. These issues are likely to be resolved quickly and easily by the trained staff. It provides a level of comfort and trust that are difficult to find with other companies.

APMEX Work Environment

APMEX is also proven to be a great place to work. The team enjoys diverse backgrounds and is fully committed to the company’s cause. All of the company’s employees work in one location. This works to unify the team and garners teamwork.

They employ finance officers, IT specialists, accountants, representatives, and sales workers, and also offer internships to graduates and students. The benefits offered by the company are competitive and the workplace culture is positive. It is a very good company to work for, whether a person is seeking out a job or a lifelong career.

IRA Custodian Connections

APMEX doesn’t offer IRA rollovers. However, it has partnered with a number of IRA custodians. The custodians include Self-Directed IRA, GoldStar Trust, Entrust Group, New Direction IRA, and Kingdom Trust Company.

The cost APMEX will charge you to set up an IRA with them, depending on the IRA custodian they link you with will vary. In the IRA industry, transparency is the key, and it’s advisable for you to request a breakdown of the fees to understand the nuance of the pricing schemes. The custodians can be trusted, but only you can make sure that you have the IRA that works for you.

Pros

  • Great sales representatives
  • A+ rating with the Better Business Bureau
  • Many different options for payment
  • The APMEX Club offers many benefits to its members
  • Lots of experience and a great level of knowledge about precious metals
  • APMEX has exclusive partnerships with other companies to benefit you

Cons

  • Some dissatisfied customers and complaints
  • Some delivery issues have been reported by customers
  • Customer service is sometimes slow to respond to questions or problems
  • Some of the products are priced higher than the industry standard
  • Lots of hoops to jump through in order to meet the company’s anti-money laundering rules

Conclusion: Is APMEX A Scam?

Simply put, APMEX is not a scam. It is a legitimate business that you can use to buy your precious metals. It is the largest online retailer of precious metals and has been in business since 2000.

They buy and sell precious metals, which include gold, silver, palladium, and platinum. It is highly rated by the Better Business Bureau with an A+. It is a legitimate business and will not cause you any harm. You can work with them to meet the goals that you’ve set for yourself and your money without worrying.

While there may have been a number of complaints that can discourage you from choosing APMEX, they are still a good company. There is no company that does not have complaints. What matters when you are choosing between two or more companies is how they compare with others.

If you are a potential customer, it is always advisable to do your research thoroughly. Read about their reviews and gauge what people are saying about them online. That’s the only way to make sure that you’re working with the right company. As APMEX stands, it is a good company that you can trust.

About 

Edwin Cannon has spent his entire career in the financial industry and specializes in alternative investments and surviving marketing turbulence. He started My Retirement Paycheck to help educate consumers about retirement investment options that aren't typically introduced by advisors.