Summary: NOT recommended. Both fees and IRA Transfer process are ok. But their TrustLink rating is based on just one review – and when you dig deeper it turns out that APMEX has 60+ complaints with the BBB with many of them being from the last year. Many of the cases are closed and can’t be reviewed but several complaints around poor customer service show that APMEX doesn’t seem to care about keeping or caring enough about their existing customers — And with that said we can’t recommend this IRA company.
APMEX About & Background
In 1999, founder Scott Thomas created Edmond Coins in Edmond, Oklahoma and later that year the company was re-named American Precious Metals Exchange (APMEX). APMEX sell both bullion and numismatics in Gold, Silver, Platinum and Palladium.
|BBB Accredited Rating||A+|
|BCA Accredited Rating||N/A|
Based on 1 review
|IRA Transfer Process||10 Days|
|401(K) Rollover Process||Not Disclosed|
|Metals Delivery||3-5 days|
|Annual Admin Fees||$75|
|Annual Storage Fees||$100+ (scaled)|
|PreferredÂ Custodian||Self-Directed IRA Services,
|Preferred Depository||Delaware Depository|
|Min Purchase Amount||$2,000|
|Physical IRA Application|
|Digital IRA Application|
|U.S. Mint Listed Dealer|
APMEX TrustLink reviews
Founded by the Better Business Bureau in 2008, TrustLink is a forum for consumer compliments and complaints. They uses redundant fact-checking systems so that consumers can depend on the quality of posted ratings and reviews. Consumer reviews are posted without editing and consumers can see exactly what other consumers think about companies. Unlike other online review portals no business can pay for a rating or post their own reviews.Using these practices, TrustLink has quickly become one of the most trusted sites on the web.
APMEX BBB (Better Business Bureau) review
Rated A+ with 50+ complaints closed with BBB in last 3 years | 20 closed in last 12 months
APMEX has 50+ complaints filed in the last three years through the Better Business Bureau. Complaints range from issues with advertising and sales to problems with their products and services. Even though the complaints are listed as closed (which is why they are still rated A+), the large number of complaints makes us think twice about using the company.
Customer Complaints Summary
|Complaint Type||Total Complaints|
|Advertising / Sales Issues||4|
|Billing / Collection Issues||14|
|Problems with Product / Service||22|
|Guarantee / Warranty Issues||0|
What’s BBB rating?
For more than 100 years, BBB has helped consumers find businesses they can trust. Companies are graded from A+ to F through 16 different variables such as “time in business”, “competence”, “complaints” and “background information”.
APMEX BCA (Business Consumer Alliance) review
No Business Consumer Alliance review/rating.
What’s BCA rating?
The Business Consumer Alliance, Inc. is a non-profit organization founded in 1936. The Business Consumer Alliance provides free services to consumers to learn everything they need to know about a business before engaging with them. The purpose of BCA is to promote business self-regulation. Through a sophisticated algorithm that evaluates several different aspects of businesses, BCA is able to assign letter grades, ranging from AAA to F which assists the public in identifying reputable or disreputable companies.
A search for APMEX show several reports on The Ripoff Report. One person comments:
Please be warned about APMEX deceiving procedures, if it can happen to me, it will happen to you. They will probably respond back I should of read their agreement which is hidden in layers of thin small lines, but they don’t want to help you if you don’t see it, and they will find any means to take more money away from you.
What is The Ripoff Report?
The Ripoff Report allows users over the age of 14 to post free, un-moderated and uncorroborated complaints known as ‘reports’ which contain details of the user’s experience with the company. Reports are published on ripoffreport.com.
Pricing and storage fees
APMEX charges a $50 Setup Fee + $75/Annual Fee. Their Storage Fees are, however, scaled.
Flat Fees vs Scaled Accounts
Are you thinking about investing more than $250,000 to a gold Backed IRA? Read more about the difference between “Flat fees” vs “scaled accounts” to understand what it means for your investment. Picking the right Gold IRA Company could save you $1000s/year.
Take a look at this table to understand what happens if you’re maintaining an IRA account with a scaled account fee (Assuming 0.1% account fee).
|Investment Amount||Flat Annual Fees||Scaled Account (*0.1%)|
If you’re on a scaled account fee you’ll end up paying 2x to 40x more VS an account with a flat fee. Even if you’re thinking about investing less than $250,000 today your account value will naturally grow due to inflation and appreciation on precious metals.
Delivery, 401K Rollover & IRA Transfer process
APMEX claims to have a 10 business days IRA Transfer process. Their precious metals delivery time is 3-5 business days. There’s no information about 401(K) Rollover process.
APMEX offer over 5,000 different types of Precious Metal products.You have the option to either have your purchases shipped safely to you or have them shipped for free to a high-security, private storage facility. APMEX offers a wide selection of products that are eligible for IRA accounts. Choose from IRA-acceptable bars, coins, and rounds.
APMEX customer Service is available 24 hours a day, 7 days a week, 365 days a year.
Pre-1933 US Gold, Silver Dollars, Jewelry, ELITE $2,500+, Perfect 70 Coins