APMEX was founded in 1999 as the American Precious Metals Exchange, Inc. Since that time, the Oklahoma-based online metals dealer has become one of the biggest names in precious metals and gold-backed IRAs. This APMEX review will give you an unbiased look at the services and products the company offers, their customer reviews and their consumer group ratings. This information should help you decide if you want to buy gold or silver from APMEX or invest in an APMEX IRA.
APMEX Products and Services
APMEX has a large inventory of both bullion and rare numismatic coins. They carry silver, palladium, gold and platinum coins and bars. They have one of the largest selections of rare coins of any online dealer. They have pre-1933 coins, proof sets and mint errors. They also offer some paper currency, including both $1,000 and $500 bills from the 1920s and 1930s. If you are looking at an APMEX gold IRA, they offer bullion coins and other IRS-approved metals for gold-backed IRAs.
The company has competitive pricing on most of their products. Their markup is minimal, and their minimum purchase limit for U.S. residents is only $50. It is important, though, to be sure you are certain what you will be paying. Services such as shipping, handling and paying with a credit card could cost an additional fee. There are also fees for changing or cancelling your order through APMEX.
Consumer Protection Ratings
The Better Business Bureau has awarded APMEX an A+, their highest rating. There have been 56 complaints filed with the BBB against APMEX since 2011. Only 15 of these came in the last year, while about one-third were filed after July 2012 and before July 2013. Of the 56 complaints, 25 were related to product or customer service issues. Of the remaining complaints, 15 dealt with billing issues, 13 involved delivery or shipping problems and four related to advertising or sales. Trustlink awards the company a five star rating, but that is based on a single review.
While the BBB and Trustlink offer high ratings, customers’ APMEX gold reviews found online are more mixed. Most are positive, and report they found what they needed and had a smooth transaction. Others warn against using the company, saying they were not satisfied with the products or the services offered by APMEX.
The negative reviews from online review sites such as Yelp show that customer service and order fulfillment may not always be up to par. Shipping and delivery seems to be a particular issue for some. Processing sometimes takes up to two weeks, and packages are not shipped with a tracking number. This means there may be a several week period when you are not sure about the status of your order, or when to expect its arrival.
It is also important to note that some customers say they the items they received were not the same coins pictured on the website. If you are looking to buy rare coins, it may be a better idea to visit a local shop where you can view the coin in person instead of relying on a stock photo and an online statement about its grade.