Is APMEX a scam? (Read unbiased review) (Updated June 2021) (2023)

Welcome to my APMEX review!

APMEX is one of the most well-known precious metals dealers in the industry. Most likely, when you were looking for companies, you came across them. Well, before making any decision, it is imperative that you read this review.

In this review, we will discuss APMEX. Can they be trusted?APMEX is afraud?Or legit? Well, it will be revealed in this review!

Here at Your Gold IRA Guide, we always value unbiased reviews to helpinvestorsfind the best companies for them. With that, you can read this review or check out ourGold company recommended here!

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Below I have prepared a quick video review of APMEX for you.

If you don't feel like reading, just play this video as I go over each and every important information about APMEX mentioned in this article.

If you've seen this video, I'm really curious, what do you think of APMEX, would you buy from them?

Be sure to leave a comment below this article, it will certainly help other visitors make a better choice!

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APMEX, also known as the American Precious Metal Exchange, is an Oklahoma-based precious metals dealer. It was founded by Scott Thomas in the year 2000.

It started as a small company with four employees, trading various precious metals. Over time, APMEX grew to an 80,000 square foot building, housing 300 employees.

For over 20 years, APMEX has sold over 130 million ounces ofgoldyplatain over 60 countries around the world.

Scott Thomas - President and Founder

Since APMEX's inception, Scott Thomas has served as President and Founder of the company.

His grandfather was a mail order coin dealer, which influenced his interest in coins and precious metals. After his grandfather passed away, he found his stash of coins and decided to sell them on Ebay in the late 90's.

With the extra time, he worked hard to expand his business, and in 2000 he founded APMEX. He purchased the former Federal Reserve Building in Oklahoma City to use as a warehouse and showcase for precious metals.

Scott has won from several organizations, including the PresidentialAmerican Numismatic Association, the largest and most respected numismatic organization in the world.

Additionally, Scott is a member ofInternational Precious Metals Institute (IPMI)it's himIndustry Council for Tangible Assets (ICTA).

Kenneth Lewis - CEO

With over 20 years of technology industry experience, as well as leadership in retail organizations, most of which are in the Fortune 500, Lewis has been a valuable asset in its growth.

Recognizes the importance of customer satisfaction as well as employee development. Therefore, it is vital for APMEX.

Lewis joined the company in 2011 and served as Executive Vice President of Operations, also becoming Chief Operating Officer for two years.

Doug Sterk - Chief Financial Officer

With 20 years of experience in the world of finance and accounting, Doug is an expert in his skills. He started out as a controller at Paycom Software, Inc., where he showcased his budgeting, forecasting, and strategic planning skills.

As a result, he is a vital part of APMEX, especially when he joined the company in 2017. As the company's CFO, he does his best to oversee APMEX's project management and financial performance.

Doug is a member ofinternational financial executivesit's himAmerican Institute of Certified Public Accountants.

Ryan Boyles - Vice President. Commercialization

Finally, there is Ryan, who joined APMEX in 2011. With his leadership roles in Business Development, Business Intelligence and Merchandising, he plays an important role in the growth and development of APMEX.

In fact, Ryan has led several initiatives within APMEX such as the launch of the company's e-commerce/marketplace on Amazon and Walmart and third-party inventory.

He also led the development of APMEX's unique product lines, service and maintenance of merchandising tools and inventory planning boards.

In addition to its products, services and ratings, APMEX has several awards to its credit.

• #45 in Internet Retailer® Magazine's Top 500 Guide for 2017
• #1 Specialty Electronic Retailer According to Internet Retailer
• Scott Thomas won the 2009 Presidential Award from the American Numismatic Association
• Voted Best Place to Work by The Journal Record in 2019, 2020, 2021 and 2022

gold products

APMEX Gold products have a wide range of options. They offer the following:

• Gold bars and rounds
• Golden coins
• US mint gold coins
• Royal Canadian Mint Gold
• Perth Mint Gold
• Gold coins from the Mexican Mint
• Coins and currencies of the regions of the world

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

silver products

APMEX also offers various silver products such as the following:

• silver bars
• silver coins
• US mint silver coins
• silver rounds
• Royal Canadian Mint Silver
• film and licensed
• Perth Mint Silver
• scrap silver coins
• Plata Industrial
• Mexican Mint Silver Coins

And of course, they also offer IRA approved products like the Morgan Dollar, Walking Liberty and 1 oz American Eagle.

Other products

In addition to these, APMEX also offers platinum and palladium products. Rare coins and other commemorative merchandise are also available.

You can consult the complete catalog of APMEX products on its website.

APMEX branded products

In addition to the precious metals products listed above, APMEX has its own precious metals brand.

And yes, they meet all the fineness requirements to be eligible for IRAs!

APMEX products include the following:

• Gold bar (1/2 ounce to 1 pound)
• Silver bars (1 oz. to 100 oz.)
• Rondas de plata (1 oz. to 10 oz.)
• Platinum Round (Available only in 1 oz.)

you know

APMEX also has its own digital precious metals called OneGold. It is similar to an ETF, allowing customers to benefit from the assessment of gold and silver prices without physically holding them in inventory.

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Unfortunately, APMEX does not provide any IRA services as it is not an IRA custodian. Offers only IRA approved precious metals. However, APMEX partners with several IRA custodians to meet their clients' IRA needs. Here they are:

• GoldStar Trust
• trust group
• INSTITUTIONAL EQUITY
• Trusted company STRATA
• Trust Company of the Kingdom

IRA fees vary depending on the IRA custodian you choose if you want to start an IRA.

Opening an IRA account with APMEX is quite simple. I've summarized the process in 3 easy steps below:

1. Choose an IRA custodian and open an account with them. You can choose from APMEX custodian partners.
2. Once you open your IRA, you can start funding it. You can alsoto rollyour current IRA account or your previous employer 401(k).
3. You can start purchasing APMEX IRA eligible products for your account!

First of all, you should know that APMEX has a purchase requirement of $2,000.

When you open an IRA, APMEX does not charge any fees. However, fees may apply to the chosen custodian. These will vary depending on the guardian.

The process of transferring funds to the APMEX IRA partner custodian typically takes 3 months.

As a result, APMEX will charge $110 for each IRA transfer. This is a bit expensive compared to other companies likeAugusta precious metalsFor example.

However, if you pay by electronic check or bank transfer, this fee will not apply.

Finally, APMEX will charge $35 for each precious metal purchase. This is cheaper compared to the rates of other companies.

If you wish to store your precious metals through APMEX, the company will arrange for this to be done by their storage partner, Citadel Global Depository Services, protected by Brink security.

Gold IRA storage fees vary depending on your account. However, you can see the standard non-IRA storage fees below.

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APMEX has a QuickShip program, which guarantees agility in shipping.

The company will process the shipment of your products the moment it receives your payment.

APMEX makes daily shipments from Monday to Friday (except weekends and holidays). You must note that if you placed your order before 1pm. m. CST, will be shipped on the same day. Otherwise, we will ship the next business day.

All shipping methods are fully insured, ensuring your products are safe and secure.

Additionally, all of your purchases will come with a $25,000 insurance policy against loss or damage during shipment.

If you want to know the whereabouts of your products, APMEX will provide you with a tracking number. You will have the option to receive notifications via text message or email.

Orders over $199 will have free APMEX shipping. There is no minimum order quantity on APMEX. However, if your purchases are less than $199 USD, you will be charged a $9.95 shipping fee.

Additionally, if you have Citadel orders under $500, you will be charged a shipping fee of $9.95.

Another company that has great rates and fast shipping is calledAugusta precious metals, you can compare it with APMEX and see if it's right for you.

APMEX also has a membership feature called "APMEX Club". Your goal is to reward your most loyal customers.

To participate, you only need to have at least 2 purchases on APMEX or buy or sell at least $5,000 worth of precious metals. There are no costs to pay to become an APMEX Club member.

The Club has 4 different membership levels, which have their respective benefits.

• select- Place 2 to 5 orders or buy or sell for less than $5,000
• Premiere- Place 6 to 9 orders or buy or sell for less than $10,000
• Elite- Place 10+ orders or buy or sell at least $10,000
• VIP- This is by invitation only

Below you can check out the various benefits you can get at each level or level.

When investing in precious metals, it always helps if you can schedule recurring purchases. However, there hasn't been a feature like this in history. Investors need to buy manually,

APMEX changed that by creating its AutoInvest feature. Allows you to schedule recurring purchases in the company.

You can choose between daily, weekly, fortnightly, monthly or quarterly. This feature can be set on any product that has the "Start AutoInvest" option when adding it to the cart.

The Bullion Card is a credit card managed by Visa. It has specific advantages for APMEX customers. In fact, this is the industry's first precious metals rewards card and is exclusive to APMEX.

The advantages of the Bullion Card are as follows:

• introductory 4% backin gold or silver for APMEX purchases
• 1% backin gold and silver for all other purchases
• 15,000 bonus points after spending $1,500 on precious metals (approximately $150)
• 0% introductory APR
• 0% balance transfers
• Exclusive offers for cardholders

The points you earn when using the Bullion Card for your purchases are redeemable. You can use them to buy precious metals from APMEX.

APMEX has alert tools that help its customers to be updated on opportunities.

• Customized spot price alerts- notifies you when the specific product in mind reaches the desired price
• alert-me- Notifies you when an out of stock product becomes available in the APMEX store
• portfolio tool- Allows you to view and track all your precious metals in your account in one place.

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Buying on APMEX is quite simple. You can call them and discuss your transaction. Or you can do it online, thanks to its e-commerce platform.

You must create an account and login. You can browse the product catalog to see which precious metal you want to buy. You can then confirm your order and pay for it.

You can receive it at your home or store it in your warehouse. All orders over $199 get free shipping, while orders that follow have a $9.95 shipping fee.

In fact, APMEX accepts several payment options including:

• Credit/Debit Card (excluding prepaid cards) - Visa, MasterCard, Discover and American Express
• paper, checked
• Bank transfer
• PayPal: Only available for orders shipped to a valid US address and only for transactions in US Dollars (USD).
• electronic check
• Criptomoneda: Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Wrapped Bitcoin (WBTC), Dogecoin (DOGE) e 5 moedas vinculadas ao USD (GUSD, USDC, PAX, DAI e BUSD)

Please note that APMEX is no longer accepting money orders at this time.

There are no minimum orders on domestic orders. However, APMEX charges a $9.95 shipping fee for orders under $199.

For orders shipped outside of the US, there is a $250 minimum order when paying by credit card, Bitcoin, or Bitcoin Cash, and a $1,500.00 minimum when buying by wire transfer.

APMEX does not have maximum orders on domestic purchases. However, if your orders total more than $500,000.00, the company recommends that you contact the Sales Department at (800) 375-9006 Option 1.

This will determine whether a deposit will be applied to your order.

Additionally, APMEX has a limit of $25,000 per transaction on international credit card orders.

If you can! APMEX accepts gold, numismatics, semi-numismatics, rare coins and currency.

All you have to do is contact them at (800) 514-6318 and create an account on their website. Once the price is set, you can ship your products to APMEX.

For international customers, items are only purchased through APMEX if they are stored in a Citadel warehouse.

APMEX stated that once they issue a confirmation number on orders, all prices will be locked in. However, they understand that there are situations where order cancellation is unavoidable.

Therefore, if you want to cancel or reorder your order, you must do so during business hours from 8:00 am to 5:00 pm. m. at 8 p.m. (EST) Monday to Thursday or 8:00 am to 5:00 pm. at 6 p.m. (EST) Friday.

In addition, all cancellations are subject to the APMEX Lost Market Policy and will incur a $35.00 (USD) cancellation fee.

As of February 2023, these are some APMEX rankings from different websites. In general, they are not that good, especially since APMEX has received several complaints and negative reviews. You can see some of them below:

• BBB - rating 3.87 out of 5 based on 187 reviews, A rating, BBB accreditation since 2004
• BCA - Ranked 2 out of 5 with a "D" rating (based on 5 reviews)
• Consumer Protection - 3.9 out of 5 based on 303 ratings
• RipOff Report - 23 reports
• Trustpilot - Rated 2 out of 5 based on 7,801 reviews
• Trustlink - A 3.5 out of 5 rating based on 3 reviews

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I wouldn't say APMEX is a scam, it's been around for a while. Also, it offers legit precious metals. It also has its share of positive reviews.

It's pretty normal to have negative reviews, especially for businesses. However, APMEX has quite a few of them, which is very alarming. These red flags should serve as your warning.

Will you insist on trading with APMEX? Or will you be looking for other precious metals out there? That is totally up to you. However, I do not recommend it, as we are talking about precious metals. It is very important to be careful with our dealings.

You can check out my recommended precious metals company below. Thank you very much for reading my "Is APMEX a scam?review! If you have any comments or questions, feel free to leave them in the comments section!

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