APMEX Review (2022) – Is It Safe?

Roy Guller

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When it comes to preserving values and diversification of portfolios, precious metals are the best bet. Even though they do not generate as much revenue as the stock exchange, precious metals are a safe haven in case of economic instabilities or inflation.

Precious metals are finite resources that transcend the ever-changing tides of fiat currencies. Since a government or financial institution cannot print them, the chances of debasement are slim compared to paper currencies that get debased due to continuous printing.

American Precious Metals Exchange, APMEX, is an online retailer concerned with buying and selling precious metals. APMEX is one of the world's leading e-commerce retailers of Gold, Silver, Palladium, and Platinum.

Owing to partnerships with various mints worldwide, APMEX supplies Gold, Silver, Platinum, and Palladium in different forms, including bars, coins, and rounds.

Also, APMEX provides a range of options for those interested in numismatics, along with a wide selection of semi-numismatic coins. The company has sold over 130 million ounces of gold and silver since its inception in Oklahoma City in 1999.

All APMEX products are packed at the OKC headquarters under the supervision of employees who ensure the products' inspection, packaging, and shipping.

Pros:

  • They provide a two-way system for buying and selling precious metals in the United States and over 60 other countries.
  • They sell precious metals for both investment and collection purposes.
  • IRA-eligible products.
  • They offer tools such as an alert that allows customers to stay updated about the precious metal market and the company's newest arrivals.
  • Through its citadel global depository services, for those without, they provide storage spaces for gold and silver you buy from them.
  • Return policy. APMEX gives a 7-day money-back guarantee on all its products.
  • Auto-invest option, which enables the intermittent purchase of precious metals.

Cons:

  • You cannot open an IRA with APMEX.
  • Additional 4% charge when paying with a card, PayPal, or cryptocurrencies.
  • Higher storage fees on stored assets compared to other platforms.
  • APMEX does not allow ACH purchases.

APMEX Rating

APMEX allows you to buy precious metals from your computer or smart phone for personal or retirement investing. Every product is quality checked before shipment and stored safely in their storage facility.

Overall Rating: 
3/5 stars

Products Offered

Customer Support

Fees

APMEX

A- at Better Business Bureau (BBB)

AAA at Business Consumer Alliance (BCA)

5 stars at TrustLink

Who Owns APMEX?

Scott Thomas, an Oklahoma native, founded APMEX. Growing up, Scott played a huge part in expanding his grandparents' coin collection. After the demise of his grandparents, he became aware the coins were worth $100,000, and he sold them on eBay.

That was the start of his APMEX journey as Scott soon saw a business opportunity in what was no more than a quick source of money. He opened a booth at Edmond, OK strip mall, where he delved into the business of buying and selling old coins. The company grew larger than the booth, and he moved into a brick-and-mortar coin store.

Between when he sold his grandparents’ collection and today, Thomas has;

  • Developed APMEX Inc. into an internationally recognized e-commerce retailer of precious metals with an estimated value in the billions of dollars with over 200 employees from a small round-the-corner retail shop in Oklahoma City.
  • Earned recognition as an authorized distributor for many governments involved in minting and distributing precious metals. Also recognized by the United States mint as an authorized purchaser.
  • Launched an e-commerce website, APMEX.com, for the company in 2004.
  • Leased 10,000 square feet on the 50th floor of the 40 Wall Street tower in 2011, paying for their security deposit in gold bullion.
  • Launched an exclusive partnership with eBay.
  • Launched fully shoppable APMEX mobile apps on android and iOS platforms in 2021.

Scott Thomas is an active member of the Industry Trade Association, the International Precious Metals Institute (IPMI), International Association of Scientists, Producers, Fabricators, Refiners, Merchants, and Financial bodies in the precious metals market and Industry Council for Tangible Assets (ICTA).

He is part of a mission to fight hunger and feed hope by being a partner of the regional food Bank of Oklahoma. This passion stems from his first-hand experience of food insecurities. Growing up in a household that depended on leftover pizzas for breakfast, lunch, and dinner, the struggle to survive shaped his life and reflects how he serves his company and gives back to the community.

Why Invest In Precious Metals From APMEX?

With over $14 billion in transactions and over 20 years of experience, APMEX provides you with tangible assets in the form of precious metals. This way, your wealth is protected as these are assets that are not subjected to inflation or deterioration.

With APMEX, quality is assured. Every product is carefully scrutinized and inspected by employees with technical know-how, and the products that fail the test are removed from the inventory.

Along with quality assurance, APMEX also boasts a wide selection of products with over 20,000 products available, including bullions for the United States mint and Royal Canadian mint.

The Quickship program ensures speedy delivery. Orders completed with credit cards and wire checks are guaranteed to ship within the next working day upon completion of the transaction.

Even though APMEX does not give you any form of analysis or financial counseling, it provides you with all the necessary details to make decisions. They answer questions honestly and help you understand what you're paying for while keeping prices transparent.

Who Is APMEX Suited For?

For those worried about the extreme volatility of the stock exchange, investing in precious metals is a safe way to increase wealth or protect assets. Precious metals investment is not for everyone.

It is not suitable for investors who would rather have wealth in the forms of numbers on a screen while expecting overnight fluctuations due to the stock market.

You are APMEX's target market if you are looking to increase wealth or protect your hard-earned assets such as Gold, Silver, and Platinum that no human being can create, inflate or diminish.

How Does APMEX Work?

Once you have placed an order to buy or sell with APMEX, Inc., you have entered into a binding agreement.

When ordering online, the price at which your order is submitted is the locked-in price. Your confirmation number will be in your return email. To guarantee your price, you must ensure that your payment is dated within 24 hours and received by APMEX within five (5) business days.

When selling to APMEX, they issue a confirmation number. The price is locked in for you, and you may not cancel the transaction but only offset at their current buy price. They require all purchases to be shipped to them by the end of the following business day and that you reply to them with a tracking number, so they know the product is on the way.

Suppose you call in with the registered mail or tracking number and they do not receive the items within five business days, and the delay is due to the USPS, UPS, or Federal Express. In that case, they will extend the deadline on a case-by-case basis.

APMEX

Summary

Products Offered

Gold, Silver, Platinum, & Palladium Bullion

Precious Metal Storage

Citadel Global Depository Services

Minimum Purchase

$2000 for IRA Investment

Fee Structure

$50 setup fee. $225 storage and admin fee.

Shipping

Free over $199. 5-10 Day Delivery Time

Insurance

Fully Insured Shipments

Products Offered

The array of products available to customers of APMEX include:

  • Gold
  • Silver
  • Platinum
  • Palladium

Bullion

APMEX provides Gold, Silver, Platinum, and Palladium bullion in several forms: coins, bars, and rounds. One of the many advantages of bullion is continuous demand due to the aggressive consumption of precious metals for various applications in different industries, including medical practices.

Scarcity, as a result of difficulties in mining exploration, also means well for the price of gold. Bullions afford privacy that is not common with other forms of investment.

What you do with your precious metals or where you store them is your business. Precious metals provide the owners with an opportunity for instant liquidation.

Numismatics & Semi-Numismatics

APMEX also offers a range of numismatic products such as old coins and old paper notes, along with several semi-numismatic coins for potential collectors. Out of the over 200 employees are experienced experts responsible for identifying, verifying, and cataloging numismatic products.

Storage

After procuring precious metal products from APMEX, you can have your products delivered to a well-secured private storage facility managed by Citadel global depository services, Inc.-a, a subsidiary of APMEX, one of the world's most recognized providers of vaulting services, for an annual fee.

Minimum Purchase

There is a minimum purchase of $50 for domestic orders. The minimum investment for Canadian orders is $250, while the minimum fee for Europe and Australia is $1500.

Fees

Minimum sell: $1000

Transaction fee:

  • Check or bank wire: $0
  • Other payment methods: 4% (via discount removal)

Storage or depository fee:

  • Up to $1 million: 0.55%
  • $1 million to $10 million: 0.5%
  • More than $10 million: 0.45%

APMEX – Individual Retirement Account (IRA) Fees

APMEX

Fee

Initial setup fees

$50

Annual Administration Fee

$75

Annual Storage Fees

$100

Minimum Purchase Amount

$2000

Shipping and Insurance

Orders over $199 are eligible for free shipping. There is no minimum order requirement. Orders less than $199 incur a shipping fee of $9.95. All shipped packages are covered by insurance.

APMEX allows a 7-days refund guarantee on all products from the day the customer receives their item but is at liberty to charge a restocking fee of $50 or 10% of the purchase amount. All APMEX orders are shipped registered/insured U.S mail & UPS.

APMEX Capital Reviews & Complaints

According to several credible review sources, including, Trustlink, Better Business Bureau (BBB), and Business Consumer Alliance (BCA).

  • A- at Better Business Bureau (BBB)
  • AAA at Business Consumer Alliance (BCA)
  • 5 stars at TrustLink

Positive feedback from customers commended the knowledge and efficiency of the sales team as regards the different products and services offered. The customers have also met the availability of different payment options as it affords them other opportunities from which they can pick the most convenient to them.

APMEX reviews

Along with positive feedback, many customers had some displeasing say about the company: the most popular being unsatisfactory customer service. Many people reached out to customer service about one complaint or the other.

Still, we're even more disappointed due to the late response to their problems which added to their stress. Many customers have complained of failure and default in deliveries. Also, many customers have spoken out about the unfavorable selling terms of the buyback program.

Despite the number of good reviews received from customers, it would be better to further research this company before investing, considering the several complaints from dissatisfied customers, especially on Better Business Bureau (BBB).

Free Investors Kit From My #1 Recommended Company

How To Open A Gold IRA With APMEX

Step 1

Register for a custodian account to fulfill IRS requirements.

Step 2

Decide what products to buy and fund your account (you can transfer or rollover an existing IRA or 401k).

Step 3

You can now go ahead to complete the transaction and purchase your precious metals.

Frequently Asked Questions About APMEX

Is APMEX Safe?

Apmex is 100% safe with great Trustlink and Better Business Bureau ratings. They have many positive customer reviews and your precious metals are shipped and stored safely within their Citadel global depository service.

Is APMEX Legit?

With over 20,000 products to choose from and over 20 years of experience, coupled with an A+ rating with a reputable brand like BBB, APMEX is a reputable dealer in the precious metals market.

Where Is APMEX Located?

APMEX uses the old Federal Reserve building in downtown Oklahoma City as its headquarters.

Are APMEX Prices Good?

Good is relative in this context, but APMEX has higher fees and storage costs than many companies.

Is APMEX Better Than JM Bullion?

If you are looking for the broadest array of products in all categories. APMEX should be your first stop. However, if you are most concerned about pricing or value an exceptional overall customer experience, only a few gold dealers can beat JM Bullion.

Is APMEX Shipping Safe?

Yes, all shipped goods are insured up to $60,000

Is APMEX A Good Place To Buy Gold?

Yes. They provide free delivery on products valued at more than $199. They also offer storage options for people without safe spaces for their precious metals.

Does APMEX Sell Fake Silver?

At APMEX, dozens of counterfeit bullions and coins are detected, removed from the catalog, and prevented from returning to the marketplace.

Final Thoughts

As always, APMEX delivers and is a legit company. They are usually not the cheapest for the most common commodities, but they are reliable. They have a fantastic product selection and extremely fast processing and shipping. Highly recommendable!

APMEX

A- at Better Business Bureau (BBB)

AAA at Business Consumer Alliance (BCA)

5 stars at TrustLink

About Roy Guller

I have been an investment adviser for more than 30 years and managed more than 500 million dollars for my exclusive group of clients. My expertise lies in retirement funds and I want to share my wealth of experience with you so you can make the right decisions for your future.

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