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May 22, 2024

APMEX Reviews: Are They Legit? My Honest Take

APMEX review

Hi, welcome to my APMEX review.

Today, I’ll go through their reviews, complaints, fees, and other aspects to help you decide if they are worth it.

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Leading authority in the bullion market in today’s financial environment, APMEX (American Precious Metals Exchange) is well-known for its wide range, first-rate customer service, and unflinching dedication to quality.

Since its launch in 2000, APMEX has grown to be a reliable source for investors looking to include precious metals in their portfolios.

Moreover, APMEX serves both experienced investors and novices to the bullion market with a large assortment of gold, silver, platinum, and palladium goods.

Because of concerns about inflation, economic instability, and a need for financial security, bullion investment has been more and more popular in recent years.

It’s age-old wisdom that precious metals act as safe havens. Furthermore, precious metals such as gold and silver provide stability and defense against market turbulence.

Similarly, bullion is a real asset that investors can physically hold and has inherent worth, unlike equities and bonds which are subject to economic downturns and geopolitical crises.

In addition, bullion investment is now more accessible than it was a few years ago thanks to digital platforms.

Investors may easily purchase and sell precious metals from the comfort of their homes thanks to companies like APMEX, which provide safe buying choices, comprehensive product information, and user-friendly web interfaces.

Let’s begin.

The Best Gold IRA Companies In 2024

Before I get started with this review, I want to inform you that I have reviewed dozens of precious metal IRA companies over two decades, and I have curated a list of the top 6 gold IRA companies in 2024. I highly recommend reading this article before proceeding with an IRA transfer.

The #1 Best Gold IRA is Augusta Precious Metals, with its A+ rating from Better Business Bureau, hundreds of 5-star reviews, and lifetime account support. Read my review on Augusta Precious Metals, or visit the official Augusta website to learn more. 

About APMEX:

APMEX is one of the most popular names in the industry.

They are the first name that comes in many people’s minds when it comes to bullion purchases. Due to their vast experience, they have been able to set up an infrastructure as well.

Clearly, they are a Leading online precious metals trading platform and one of the biggest US internet retailers.

APMEX homepage

APMEX was formerly known as American Precious Metals Exchange and is located in Oklahoma City. Ever since its founding in 2000, APMEX has established a solid reputation under the direction of CEO Kenneth Lewis and President and Chairman Scott Thomas.

Also, the interesting thing about this organization is its dedication to provide clients with the best Precious Metals experience possible. APMEX therefore offers its customers a lot, from their first-rate service to outstanding product quality, secure storage facilities, quick delivery, and more.

I noticed this myself when I interacted with them.

Moreover, they have an amazing product catalog to offer.

APMEX Products:

I have reviewed plenty of bullion dealers here.

However, few can compete with APMEX when it comes to a product catalog.

APMEX (American Precious Metals Exchange) offers a vast selection of products for investors and collectors, making it a prominent player in the precious metals market. Here’s an overview of the types of products available at APMEX:

Gold Products:

  • Gold Coins: This includes popular items such as American Gold Eagles, Canadian Gold Maple Leafs, South African Krugerrands, Austrian Philharmonics, and more. They also offer collectible coins and rare gold pieces.
  • Gold Bars: APMEX stocks gold bars from renowned mints like PAMP Suisse, the Royal Canadian Mint, and APMEX-branded bars, available in various weights from 1 gram to 1 kilogram.
  • Gold Rounds: These are similar to coins but typically have no face value. They come in a variety of designs and weights, providing more affordable options for gold investors.

Silver Products:

  • Silver Coins: Popular choices include American Silver Eagles, Canadian Silver Maple Leafs, and Austrian Silver Philharmonics. APMEX also offers coins from other global mints and special series such as Lunar Series and Kookaburras from the Perth Mint.
  • Silver Bars: These come in a wide range of weights, from 1 ounce to 100 ounces, and include products from well-known mints like PAMP Suisse and the Royal Canadian Mint.
  • Silver Rounds: These are available in various designs and are an economical way to invest in silver. They are produced by private mints and typically have no legal tender status.

Platinum and Palladium Products:

  • Platinum Coins and Bars: APMEX offers platinum coins such as American Platinum Eagles and Canadian Platinum Maple Leafs, along with bars from PAMP Suisse and other reputable mints.
  • Palladium Coins and Bars: These include palladium bars and coins, providing options for those looking to diversify into this less common precious metal.

Rare and Collectible Items:

  • APMEX features a selection of rare coins, ancient coins, and historical currency, catering to collectors looking for unique pieces with historical significance.
  • They also offer commemorative coins and themed collections, such as coins featuring popular culture icons and historical events.

IRA-Eligible Products:

  • APMEX provides a range of precious metals that are eligible for inclusion in a self-directed IRA, including specific gold, silver, platinum, and palladium coins and bars.

Other Products:

  • Jewelry: APMEX offers a selection of precious metal jewelry, including gold and silver items.
  • Accessories: This includes storage solutions like coin capsules, display boxes, and other tools to help investors and collectors protect and showcase their investments.

APMEX’s extensive product range, combined with their commitment to quality and customer service, makes them a top choice for those looking to invest in precious metals or build a valuable collection.

Do They Offer a Gold IRA?

Yes, you can open a precious metals IRA with APMEX.

However, I recommend going with a company that specializes in gold IRAs if you’re considering opening one. Some popular names include Augusta Precious Metals, Preserve Gold, American Hartford and Noble Gold.

Below is a typical overview of how to open a gold IRA with APMEX.

1. Choose a Self-Directed IRA Custodian

A self-directed IRA custodian is necessary for managing your Gold IRA because they handle the administrative tasks and ensure compliance with IRS regulations. Look for a custodian experienced in precious metals and check their fees and reputation.

APMEX has partnered with multiple reputed custodians for this purpose. There aren’t many companies that have multiple custodial partners.

2. Open Your New IRA Account

Once you’ve chosen a custodian, you’ll need to open a new IRA account. This involves filling out the necessary paperwork, which typically includes providing personal information, choosing beneficiaries, and selecting the type of IRA (Traditional or Roth).

3. Fund Your Account

Usually, you can fund your new IRA through various methods:

  • Transfer: Move funds directly from an existing IRA to your new Gold IRA.
  • Rollover: Transfer funds from a 401(k) or other retirement account into your new IRA. This must be completed within 60 days to avoid taxes and penalties.
  • Contribution: Make a new contribution to your IRA using personal funds, adhering to annual contribution limits set by the IRS.

I noticed that the staff of APMEX is extremely helpful in guiding clients through this step. Feel free to ask them about which funding method would be the best.

4. Choose Your Precious Metals

Select the specific gold and other precious metals you want to include in your IRA. The IRS has strict requirements for the types of metals that are eligible:

  • Gold: Must be 99.5% pure.
  • Silver: Must be 99.9% pure.
  • Platinum and Palladium: Must be 99.95% pure.

Common eligible products include American Gold Eagles, Canadian Gold Maple Leafs, and various bullion bars and rounds from approved mints.

5. Purchase the Metals

Your custodian will work with an approved precious metals dealer to purchase the metals you have selected. Here, you’ll be purchasing metals from the vast catalog of APMEX.

6. Arrange for Storage

The IRS requires that precious metals in an IRA be stored in an approved depository. Your custodian will help you arrange for secure storage in a facility that meets IRS standards. This ensures that your investment is safe and complies with regulatory requirements.

7. Monitor Your Investment

Once your Gold IRA is set up and funded, it’s important to monitor your investment regularly. Work with your custodian to review your account statements and stay informed about market conditions that could impact the value of your precious metals.

8. Manage Distributions

When you reach retirement age, you can start taking distributions from your Gold IRA. These can be in the form of physical metals or as cash, depending on your preference and the custodian’s policies. Be mindful of Required Minimum Distributions (RMDs) if you have a Traditional IRA, as failing to take these can result in penalties.

This is it.

With these steps, you’d now have a properly funded gold IRA account with APMEX.

However, I still suggest going with a company that specializes in gold IRAs. That’s because their expertise would make it much easier for you to open one.

Best Gold IRA Companies I’ve Worked With Yet (In 2024)

If you’re seriously looking to invest in precious metals or open a gold IRA, these are the companies I believe you should go with. My experiences with all 3 of them have been excellent.

Augusta Precious Metals (Best for Investments Over $50,000)

Augusta Precious Metals ranks as the #1 gold IRA company in the US. And that’s for good reason.

They have some of the best product catalogs with gold, silver, platinum, and palladium products to offer. But the main highlight is their dedicated web conference and the added focus on client education.

Augusta has an A+ rating on BBB, 1000+ client testimonials, and has been awarded “Most Transparent Company” in 2023 by Investopedia.

No other company puts as much focus on educating their clients about the different aspects of gold IRAs as they do.

My own experience with them was amazing to say the least.

However, their minimum investment requirement is $50,000 which limits the number of people who can open a gold IRA with them. Still, if you have the budget, you shouldn’t look elsewhere.

Goldencrest Metals (Best for Gold Investments)

Run by an actual financial advisor, Goldencrest Metals is another reliable name in the gold IRA industry.

Although they seem new, the team behind the company has been in the finance sector for decades. You would be surprised to see the level of expertise and knowledge these guys have.

My interaction with them was eye-opening. I learned a lot about precious metals through Goldencrest Metals.

That’s why they are my 2nd best suggestion for those interested in gold IRAs.

Preserve Gold (Best Customer Support)

Preserve Gold is a well-established name in the precious metals industry now.

I have talked to several of their clients and all of them praise their excellent support staff. The level of attentiveness and care I noticed there was surprising.

Preserve Gold is one of the few companies that, I can say with confidence, are 100% client-focused.

You’d love to talk to them if you’re new to precious metals investing.

What is APMEX AutoInvest?

The people at APMEX identified a crucial problem in precious metals investing.

They noticed that there are plenty of options for people to invest automatically in banking products. However, there were none when it came to precious metals.

APMEX autoinvest

So, they created APMEX AutoInvest.

Their AutoInvest program lets you invest a set amount automatically per month into precious metals. This way, you don’t need to make major purchases at once. Instead, you can invest a small sum every month and diversify your portfolio.

What is The APMEX Bullion Club?

One of the most unique highlights of the bullion dealer is their exclusive loyalty program.

There are plenty of major gold companies in the US. However, none of them focus this heavily on rewarding loyal customers.

I have reviewed 150+ companies so far. However, the Bullion Club stood out to me as an effective way for a company to retain clients.

The Bullion Club by APMEX is a loyalty program designed to reward frequent customers with various perks and benefits based on their purchase history and engagement with the platform. Here are the key features and details of the Bullion Club:

APMEX Bullion Club

Membership Tiers

According to my research, the Bullion Club offers different membership tiers based on the total amount spent or the number of orders placed by a customer. The tiers are:

  1. Premier: For customers who have placed 5-9 orders or spent $5,000-$9,999.
  2. Elite: For customers who have placed 10-24 orders or spent $10,000-$24,999.
  3. VIP: By invitation only, for those who have placed 25 or more orders or spent $25,000 or more.

Benefits

I found the following benefits of joining the Bullion Club:

  • Exclusive Offers: Access to special promotions and sales not available to non-members.
  • Faster Shipping: Expedited processing and shipping of orders.
  • Anniversary Gifts: Special gifts on the anniversary of joining the Bullion Club.
  • Dedicated Account Management: Personalized service from APMEX representatives.
  • Early Access: Early access to new product releases.

Additional Perks

  • Flash Sales: Invitations to participate in exclusive flash sales.
  • Price Alerts: Custom spot price alerts to notify members when their target prices are met.
  • Portfolio Tool: A precious metals portfolio tool to track investments and monitor the cumulative value of holdings.

How to Join

Membership in the Bullion Club is automatically granted based on purchase activity. Customers do not need to sign up separately; they are enrolled once they meet the spending or order thresholds for the respective tiers.

Clearly, The Bullion Club by APMEX is designed to enhance the customer experience by offering valuable rewards and personalized services to frequent buyers. It aims to build loyalty and provide additional value through exclusive benefits and dedicated support.

The Robust Storage and Shipping Infrastructure of APMEX:

Partnering with Citadel Global Depository Services, Inc., APMEX guarantees safe asset safekeeping for its investors. Citadel provides your precious metals with high-security storage. They own a private storage space housed at one of the top security companies in the world, Brink’s.

Citadel not only stores your belongings safely but Brink’s, the most reputable company in the business, also offers protection. The extra services and advantages this storage facility gives to APMEX clients are what add attractiveness to it.

  • For APMEX purchases exceeding $500, delivering your acquired assets to Citadel incurs no further shipping costs. Your APMEX orders under $500 will be sent to Citadel for $9.95, nevertheless.
    Customers of Citadel get current inventory value and real-time transaction data.
  • As they are separated and distributed, your items are completely covered. All of your belongings kept at Citadel are protected against physical loss, damage, or theft.
  • Whenever at all feasible, you are free to take possession of your precious metals.
  • Generally speaking, storage alternatives for precious metals go up to 150 basis point. Citadel does, however, only have 55 basis points (0.55%) of costs, which is about equivalent to the management fees of an ETF. At Citadel, you get the highest security combined with the most affordable storage options.
  • To be sure you have no legal issues while giving Citadel your assets, a large national independent accounting firm examines Citadel accounts on a random basis.

Good storage is a crucial aspect to consider especially, when you want to open a gold IRA.

APMEX Fees and Pricing:

APMEX only bills for handling, insurance, and shipment. Shipping is also free for domestic sales over $199 and Citadel orders over $500.

Another great feature is their focus on fee transparency. Orders placed with APMEX are confirmed via email. This outlines what is included in the purchase, and the costs are fixed as soon as you place the order—online or over the phone.

Above all, when you pay with a bank transfer, eCheck, or check, you also receive a 4.0% discount. It is noteworthy, therefore, that this reduction is already included in the rates listed on their website.

APMEX Reviews and Complaints:

As an investor, I always check the online reputation of a company first.

Checking the reviews of a company can make it easier for you to decide if they are worth your trouble.

APMEX has received thousands of reviews across various consumer platforms.

Here’s a brief overview of their ratings:

Better Business Bureau (BBB)

APMEX holds an A+ rating from the BBB, indicating high standards of customer service and resolution of complaints. However, the company has received some customer complaints about issues like slow shipping and customer service responses.

Trustpilot

On Trustpilot, APMEX has a relatively low rating of 2.5 out of 5 stars from over 7,500 reviews. The mixed reviews highlight both positive aspects like the wide range of products and negative aspects like customer service and pricing concerns.

ShopperApproved

APMEX has a high rating on ShopperApproved, with an average of 4.9 out of 5 stars. Customers generally praise the extensive product selection, ease of navigation on the website, and reliable delivery service.

Business Consumer Alliance (BCA)

APMEX has an AAA rating from the BCA, which is the highest possible rating. This rating indicates a strong commitment to resolving customer complaints and maintaining customer satisfaction.

Summary

Overall, APMEX is recognized for its extensive product range and reliable service but faces criticism primarily around customer service and pricing structures. I suggest you consider both positive and negative feedback across these platforms to make an informed decision.

I’m sharing some examples below.

They will help you recognize what people usually think of APMEX.

APMEX reviews example

In the above APMEX review, the reviewer praises the company for its quick shipping and direct communication. They point out how the company is always focused on helping its customers.

Similarly, the following review highlights how APMEX is an industry leader.

They praise the partnership of the bullion dealer with Royal Canadian Mint as well as their products such as Citadel and OneGold.

APMEX reviews on trustpilot

However, there are many APMEX complaints online as well.

Here’s one for example:

In the above APMEX complaint, the reviewer claims that they don’t offer refunds on time.

Refunds aren’t that common in the precious metals industry. Most bullion dealers offer buyback programs instead.

APMEX Reddit Discussions:

Being so popular has its pros and cons. I found a ton of discussions on Reddit about APMEX.

It’s natural for a major company to have its customers talk about them on social media.

However, the sheer number of discussions made it almost impossible for me to summarize them individually.

So, I ran an AI analysis on Reddit, and below are the results.

General Sentiment on Reddit about APMEX:

Reddit discussions about APMEX (American Precious Metals Exchange) generally highlight a mixed sentiment. While many users appreciate APMEX for its wide range of products and reliable service, others express concerns about certain aspects of their operations.

Pros:

  1. Wide Range of Products: APMEX is praised for offering a vast selection of precious metals, including gold, silver, platinum, and palladium in various forms such as coins, bars, and rounds. Users appreciate the extensive inventory, which includes both popular and rare items.
  2. Educational Resources: Many users find APMEX’s educational materials, such as investment guides and market updates, helpful. This is beneficial for both novice and experienced investors looking to make informed decisions.
  3. Convenience and User Experience: The APMEX website is often commended for its user-friendly interface and detailed product listings, making the shopping experience straightforward and informative.

Cons:

  1. Customer Service Issues: Some Reddit users report negative experiences with APMEX’s customer service, describing it as unresponsive or unhelpful in resolving issues related to orders and shipments.
  2. Shipping and Delivery Problems: There are complaints about slow shipping times and occasional issues with lost packages. While APMEX offers insurance on shipments, some users have faced difficulties in claims processes.
  3. Pricing and Fees: A common concern is the pricing structure, where APMEX charges a 4% fee for transactions made via credit card, PayPal, or BitPay, which some users find excessive. Additionally, shipping fees are applied to orders under certain amounts, which can add to the overall cost of smaller purchases.

Specific Points of Praise and Criticism:

  • Buyback Program: APMEX’s buyback program, which allows customers to sell their precious metals back to the company, is generally viewed positively. Users appreciate the convenience and the assurance of dealing with a trusted dealer for both buying and selling.
  • Membership Perks: The APMEX Club, offering various benefits like faster shipping and exclusive offers based on purchase volumes, is well-regarded among frequent buyers.
  • International Reach: APMEX’s ability to ship to multiple countries is a significant advantage for international buyers looking for a reliable source of precious metals.

Overall, while APMEX is recognized as a reputable and established precious metals dealer with a comprehensive product range and valuable educational resources, potential customers should be aware of the reported issues related to customer service and pricing. Conducting thorough research and considering both positive and negative feedback can help in making an informed decision about using APMEX for precious metal investments.

Conclusion

Finally, by assisting investors in confidently navigating the intricacies of the bullion market, APMEX has established itself as a top choice for precious metals investing. The appeal of gold, silver, and other precious metal investments is expected to increase as long as the economy remains unstable, therefore reinforcing their place as vital elements of a well-diversified investment portfolio.

However, before you consider working with APMEX, I suggest browsing other options.

They have received several complaints online for delayed shipping.

Moreover, if you want to open a gold IRA, you can find more specialized options instead.

Kevin Ashton

I am Kevin J. Ashton, a British technology pioneer best known for coining the term "Internet of Things" (IoT). My work focuses on networked sensors and their transformative applications across industries. I introduced the IoT concept in 1999 while at Procter & Gamble, envisioning a world where sensors connect the physical world directly to the internet. I founded the Auto-ID Center at MIT, where I helped develop global standards for RFID and other sensor technologies. I am also the author of "How to Fly a Horse: The Secret History of Creation, Invention, and Discovery," a book that debunks the myths surrounding creative work and emphasizes a practical approach to innovation. As a speaker and consultant, I address topics related to innovation and digital transformation, aiming to inspire practical, impactful problem-solving.

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