Anyone have any Monex Complaints?

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Anyone have any Monex Complaints?

By Ed on April 1st, 2008 at 12:17 pm

Anyone have any Monex Complaints?

I’m looking at diversifying my investing, and gold is skyrocketing. After doing some checking Monex looks like the most credible. Does anyone have any complaints about using Monex at monex.com?

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240CommentsAnyone+have+any+Monex+Complaints%3F2008-04-01+20%3A17%3A03Ed to “Anyone have any Monex Complaints?”

Jere

April 12th, 2008 at 11:02 am
http://www.labbb.org/BBBWeb/Forms/Business/CompanyReportPage_Expository.aspx?CompanyID=24970
Bobby

April 29th, 2008 at 5:04 am
No complaints–good service but watch out for the leveraged account, The Atlas Account–if silver slides you can get burned like in the commodities market.
register orange

June 25th, 2008 at 4:07 pm
6/26/08 ORANGE COUNTY REGISTER…MARKETPLACE SECTION…
http;//www.ocregister.com/articles/monex-government-new2076353-federal-tax.
Chuck Madere

June 28th, 2008 at 10:15 am
Ed you are spot on with the gold but the real money is going to be in Silver. I am looking for a gold and silver dealer that has an affiliate program so I can promote. Have you checked this out? As for buying gold Monex is as good as the others as long as you take possesion of the gold. Never let anyone hold your gold and silver for you.
Let me know what you find OK Ed.
Chuck Madere
Buya

July 7th, 2008 at 5:28 pm
I don’t know if this is horror story or not, judge it yourself! It was horrible for me.
I wrote the following letter on 3d of july 08 to the BBB(Better Business Bereau) and made complaints to other places too.
Bear in your mind, just in case the carrier loses or your item is stolen en route, Monex is not going to send you another set of your item, but will tell you that the USPS registration number of the item becomes YOUR claim number!and you will have to wait until the USPS actually pays you. I was gonna file a claim in court too.

“I ordered by phone 20 pieces of 1oz Maple leaf gold coins
on 23th of may 08 from the Monex company.
They shipped it fully insured on 10th of june( I hope they did), they have the registration number.
But the shipment never arrived to me. The carrier(usps) either lost it or it was stolen.
The USPS told me to tell the sender to claim.
Now I want either my coins or my money back, but the Monex says the purchase is done, and
it wasn’t their fault, so intil they get the money from the USPS I am not getting anything! And they don’t know how long time
it will take”.

Now, today July 7th right after I asked the local USPS agent to write me a letter, saying that they didn’t receive and deliver this item to me, the package actually arrives as if out of nowhere. I don’t know what took the package so long, but I am not going to deal with them anymore! This showed me their true color.
I didn’t tell them I received it, because during this time I was the only one who made calls( they don’t bother to call)and as soon as they receive your money they lose interest in you and become very reluctant to talk to you, as they never answer emails.

The rep name is Ben Nable extension #2206.
He told me it is up to me if you want to file a lawsuit or not.
Jason

August 8th, 2008 at 5:30 pm
Monex cost me over $32,000 and my loss isn’t the worst I’ve heard. They are being sued by the Federal Government for income tax evasion, and they have a BBB rating of “F”, not to mention the unanswered complaints on Ripoffreport.com. So you might want to try another firm for precious metals investing. I recommend checking search.bbb.org and ripoffreport.com before you do business with any investment company.
conrad martinez

September 8th, 2008 at 7:47 am
good service but only buy real silver , never buy the paper silver
atlas account you will get burned if the market falls
Et Al

September 17th, 2008 at 11:41 am
I’m considering investing with Monex. I’m looking now about any complaints people might have had.
Hammy

September 30th, 2008 at 6:54 am
Just leveraged 10oz gold bar. It seems like a loose arrangement, I haven’t even submitted paperwork yet, they do not have my Soc. Sec. number or anything.

I have read the warnings about the Atlas account but part of my strategy is to employ leverage so I went for it. Will keep you all posted as to how Monex treats me.
XXXX

October 3rd, 2008 at 11:48 am
Hi, This is very frustrating but this is a very very bad experience with monex and USPS..Monex sent the gold coins ordered by me and the usps carrier left a note bcoz i was not home.I went with the note to Usps and there is no package.It is stolen/lost no idea..I told monex about it..they dont give you any time frame as how much claim process wud take..they might say 1 yaer or 2 years which sounded crazy for me..
I asked them to file a claim and i have to see if they will update you about what’s going on..they return 1 in 10 calls..If you keep on calling them, they dont respond properly.
I am so frustrated not knowing what is going on..there is nothing i can keep track of whats going on at their site..
I have decided not to buy from MOnex anymore..I wouldn’t recomment it to anyone based on this experience..
Ed

October 3rd, 2008 at 1:18 pm
@Hammy - Thanks for posting. Let us know how things go.

@XXXX - I can see your frustration, but it sounds like the issue really is more with UPS losing a package of gold, rather than with Monex. Having lost stuff through UPS before, I can attest that UPS handles those things at their own paste. DHL and FedEx are really no better.
WW

October 7th, 2008 at 12:05 am
I purchased plat eagles and they sent plat bullion instead. Also they said after purchasing in october that they have an addtional 500 dollar delivery fee. Sounds boiler room to me.
Hammy

October 8th, 2008 at 9:50 am
So far so good, bought a 10oz gold bar fully leveraged, sent in the minimum payment via a bank wire. I am not expecting to take delivery as my play is to leverage my belief in a strong rally in gold over the next 12 mos. If there is a problem with delivery I will not experience it since no delivery is expected. One bit of advice is to get a complete breakdown of what they are going to charge you. Have no doubt, Monex is a boiler room style operation with regard to sales. I feel as though I paid perhaps more than I should have for my 10oz. bar.
admin

October 13th, 2008 at 1:16 pm
@Hammy - Thanks for the update. It looks like Monex is pretty decent so far.
Purple Lady

October 14th, 2008 at 12:06 pm
I am so fuming about Monex. I cannot bet my broker to call me back and I have been very cordial. He has lost me 50% of my investment. Quite pricey I would say. They are very sneaky I found and I wish I had never called them.
Hammy

October 15th, 2008 at 4:40 pm
One thing to consider is to purchase gold as an Electronically Traded Fund or ETF. You can purchase symbol GLD which sells for and is backed by 1/10th of an oz. of gold. They charge a .40% management fee but at least they are legit and the security is completely liquid.

Not sure if this is a solution to those who want to stuff the metal in a security deposit box in the event of Armageddon, but at least is an option.

As for financing/leverage, it is a fully marginable security.
Is it A Good Time For Precious Metals? | She Rambles On

October 17th, 2008 at 8:47 pm
[...] friend read about my posts on Monex Precious Metals previously and he thought that I should know if it’s a good time to hold some precious [...]
Ron LaCourciere

October 20th, 2008 at 6:52 am
Do not…I repeat…DO NOT have any dealings with Monex. You will lose all that you have. Do not play the paper game with Monex or anyone else for that matter. Buy physical silver or gold only but do not buy it from Monex. They cannot be trusted. Trustworthy companies to buy from are APMEX….https://www.apmex.com/ or
TULVING….http://www.tulving.com/. You have been warned!!!!!
Hammy

October 28th, 2008 at 1:39 pm
I just closed out my account. The amount of money the guy is sending me is less than what i sent minus what I lost. There is no paper trail for me to back anything up. Overall impression after this adventure…I don’t trust Monex.

Buy gold direct from a dealer in your area or buy an ETF on the NYSE such as GLD.

My personal opinion on gold is that if it didn’t skyrocket during the financial crisis of the last few months, when will it? Just my humble opinion, from a guy who actually lost money on gold.
Fred Fredman

November 1st, 2008 at 9:37 pm
Never Never Never Never do a metal transaction via the US Postal Service any way other than REGISTERED MAIL. Insured, kept under lock and key, and tracked. Sending metal Priority mail is asking to get stolen !!!
John

November 16th, 2008 at 9:59 pm
I would never buy coins through a broker at Monex or any similar firm again. I wired $8300 to Monex on 10/20/2008 and have yet to recieve the coins or confirmation that they have been sent. It is my opinion Monex may sell coins short it does not have. Monex may delay delivery when prices are falling to increase thier profit. Also the COMEX exchange Monex trades with only has 10% of its future gold contracts physically on hand. If everyone demands delivery there is a problem. I feel there is a deivery problem now either becuase Monex is holding up the transaction intentially or there is not enough gold coins in the COMEX vaults to cover existing contracts. Either way, this means buying gold from a broker on the exchange caries significant risk. I would only buy gold from a reputable coin dealer who presumably has possession of the coin using a credit card and insured registered US Postal service. If demand has exceeded supply to the extent that orders from October cannot be filled, I would expect the price of gold to go up soon.
DagnyAtl

February 25th, 2009 at 6:46 pm
John, I ordered nearly $200k gold and silver from Monex in Sept '08. After getting the "run around" on delivery for 6+ weeks, I then sent to them two (not one, but TWO) return receipt certified letters kindly demanding a delivery date for my order. Within 10 days, Monex arranged for me to pick up my metals on Dec. 11th, 08, which I did. I believe Monex understood from my letters that I wasn't to be put off any longer and that I was establishing dates (by the letters) to be used in court. If you STILL haven't received your metals, you may want to try sending Monex certified letters.
mike porretta

April 6th, 2009 at 5:31 pm
they stole 54.000 from us
Frank

April 14th, 2009 at 11:31 am
Support you local coin dealer, Monex doesn't care about their clients. Ed you are obviously under cover for monex, no one in their right mind would give them money after reading this.
filthylucre

April 15th, 2009 at 9:24 pm
Frank, if I was undercover for Monex, why would I allow the negative feedback? Think before you post.

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