My Last Update to this Article was on: October 16th, 2017
A Word Of Advice
Don’t fall for pushy salespeople that will utilize the “Bait & Switch” and will charge you a premium for “rare” gold coins…unless you are looking to lose half of your investment.
Before you read my review of APMEX, click here to see why I decided to work with this other company instead.
APMEX, which stands for American Precious Metals Exhange, is located in Oklahoma. This Company specializes in coins: bullion coins, certified coins, historic coins, and modern coins.
Their customer service is top notch and incredibly friendly over the phone. However, there have been cases where existing APMEX clients complain about the salespeople using “deceiving procedures.” I was unable to experience this as I did not take my conversation to the investment phase, and just asked them my usual questions. For the full list of questions I always ask all Gold IRA and Gold 401K Companies, click here.
My Personal Opinion About APMEX
At first, I loved APMEX. I had heard great things. And when I talked to them, the sales rep was incredibly sharp. The only downside was that they are not particularly strong in rolling over 401Ks (or IRAs) into Gold, which was what I was looking for. Their strength really is coins and rare coins.
It wasn’t until I started researching them more that I begun to find out some of the mixed and really negative reviews and complaints which previous APMEX clients had made public. I’m listing all of the good and bad reviews below.
I Liked These Things
– APMEX has an A+ with the Better Business Bureau (however they do also have 50+ complaints)
– A 5 star positive review from TrustLink (although only based on just 1 customer review)
– A few really positive reviews from clients (although these are really mixed with a lot of negative reviews)
I Did Not Like These Things
– The Business Consumer Alliance gave APMEX a B rating
– A lot of clients complaining about the lack of quality of the delivered merchandise (second rate coins)
– Many complaints saying APMEX defaults on deliveries or does not deliver at all
– Past clients claiming that APMEX did not respond or responded excessively late after problems with shipping
– Too many mixed reviews – gives me an uneasy feeling
Reviews, Ratings, Complaints, and Scams
Better Business Bureau
– APMEX has been accredited with the Better Business Bureau since April, 2004.
– Even though APMEX has an A+ rating with the BBB (perfect score) it has 56 customer complaints filed against it
– Many of the client complaints are about issues during shipping. One client received a “defective product.” Another client claims that the “wrong merchandise was shipped.” Yet another client says that APMEX did not deliver the merchandise, and then refused to refund the order.
– A few other APMEX unsatisfied customers say that their order never arrived, or that the quality was below standard.
– There are 56 complaints and 9 full pages of clients’ statements against APMEX. This is one of the largest pools of complaints I’ve ever seen with the BBB against a Gold IRA/Gold 401K Company.
Business Consumer Alliance
– APMEX has received a B rating from the Business Consumer Alliance.
– It appears that APMEX just recently got listed with the BCA, as the record is brand new.
– APMEX has a 5 star rating with TrustLink, but unfortunately it only has 1 review to go by.
– The single review on TrustLink mentions that APMEX is a bit pricier than other dealers, but that their service is excellent and that they have a competitive buy back program for certain products, i.e. select Eagle Coins and Maple Leaf Coins.
Other Reviews, Rankings, or Complaints
The RipOff Report
One APMEX client states that APMEX uses “deceiving procedures” and that it was extremely hard for him to cancel his order or get in touch with APMEX. When the cancellation went through, APMEX appears to have waited until the lowest point in the market, resulting in a loss for the client from his original purchase value.
Another client in a different report filed with the RipOff Report states that the APMEX “ripped him off,” charging several hundred dollars in additional fees.
There are a lot of complaints filed against APMEX with the Complaints Board.
One client calls APMEX “dishonest” and “liar,” claiming that he paid $4 over the spot price to receive coins that are “valueless.” Another client complaints about APMEX’s customer service and lack of professionalism.
The consensus, from what appears to be the common complaint by all clients, is that APMEX’s product is below par. Clients have received coins that they claim could have been bought locally much cheaper, and of much higher quality.
The Gold Dealer Review site features a ton of client feedback on APMEX. There are over 70 reviews, which average a 3.5 overall rating (out of 5).
Some clients have given APMEX a full 5 star, celebrating the Company’s speedy processing and delivery, and an overall outstanding customer service. Some have even turned into recurring clients and are very impressed with APMEX.
However, a large percentage of clients seem to take the opposite view. They complain heavily about APMEX’s slow or non-existing delivery, a lack of quality, and the fact that APMEX’s prices are slightly higher than the competition.
It appears that the reviews on this site are quite mixed – ranging from fantastic 5 stars and rave reviews to 0 stars and clients that have invested up to $80,000 and wish they would have never started business with APMEX.
APMEX – My Final Thoughts
Even though I loved APMEX after my initial phone conversation, I decided to stay away. My reasoning is, I don’t expect perfect reviews across the board. I understand that with every big and reputable company, there are always at least a few bad reviews here and there, no matter how excellent they really are.
But, I got a different feeling from APMEX. I got the feeling that this is a Gold IRA Company that is still trying to get all their ducks in a row. They’ve had some success with a few satisfied clients, but some clients have been horrified with their service and resulting loss from the transaction.
I like logical and tangible things, and I like knowing my money is safe, that I’m not losing out on the transaction, and that I’m getting the best quality with the best company.
What Company Did I Choose?
For the reasons above, I decided to not choose APMEX.
Instead, I decided to work with this other company.
I wrote 3 pages on all the reasons on why I decided to choose this other particular company.
In a nutshell:
They specialize in gold IRAs, they have a non-pushy sales staff, the lowest fees, the fastest processing and shipping times, segregated storage (this is a big reason), and the best (and also the most) consumer reviews.
If you would like to talk to me, I’ll be glad to help out in anyway I can. You can email me directly to firstname.lastname@example.org and I’ll answer personally.