After reaching a record high at the end of last year, the price of gold reached an all-time high again in April. Amid the price surge, investors are showing renewed interest in the precious metal, which can be used to diversify portfolios, protect against inflation and provide peace of mind as an asset that holds its value better than other asset classes .
However, before investing in gold, it’s important to understand which approach best suits your needs, whether that means buying physical gold from a bullion dealer, opening a gold individual retirement account (IRA), or adding gold mining stocks to your wallet.
If you’re interested in owning the physical metal, there are dozens of online gold dealers, some of which are more reputable than others. Read on to learn about one such company, American Precious Metals Exchange (APMEX), including the precious metals dealer’s pros and cons, products, pricing, accessibility, and customer satisfaction.
Pros and cons of APMEX
- The website offers free educational resources
- No minimum purchase amount for domestic orders
- Transparent prices on its website
- Lower third-party ratings than most companies reviewed
APMEX professionals
As a precious metals trader, APMEX has a number of advantages, which we will discuss in the following section.
The website offers free educational resources
APMEX offers a number of free educational resources on its website. Its knowledge center includes educational materials on various precious metals including gold, silver, platinum and palladium; guides on how to invest in precious metals; the best ways to buy gold and an overview of gold coin collecting. Additionally, the APMEX website provides users with current precious metals market news, price charts, and information on gold IRAs.
No minimum purchase amount for domestic orders
Many gold dealers impose minimum purchase amounts, which can be a barrier to entry into investing in physical gold. APMEX, however, has no minimum for domestic orders and waives the $9.95 shipping fee on orders over $199.
Prices listed on its website
Unlike many companies in this industry, APMEX lists the prices of its products online, including discounts for larger quantity orders.
APMEX vs
APMEX also has some drawbacks that potential customers should consider before making purchases from the online gold dealer. The following section provides the details.
Lower third-party ratings than most companies reviewed
While most online gold dealers and gold IRA companies reviewed by Money receive AAA or AA ratings from the Business Consumer Alliance (BCA), APMEX receives a BBB rating from the BCA. While a BBB rating is not considered poor, it places the company at the fourth tier. (However, the company has a high rating with the Better Business Bureau.)
Based on over 7,900 customer reviews on Trustpilot, APMEX receives a rating of 1.7 stars out of a maximum of 5 stars. Customer complaints focus on a higher spread for the company’s buyback policy and poor customer service experiences.
APMEX offers
Precious metal products
APMEX products include:
Potential customers can sort the company’s products by price, mint, weight, shape, top sellers, new listings, clearance, rarity, jewelry, and IRA eligibility.
Precious metal services
In addition to its physical offerings, APMEX has precious metals products approved for use in IRAs and partners with IRS-compliant custodians, including Equity Institutional, The Entrust Group, GoldStar Trust and Strata Trust Company.
APMEX also has an automatic investment feature, APMEX AutoInvest, which allows customers to set up recurring purchases of its various precious metals products.
Additionally, the company’s “Sell To Us” program, which provides customers with peace of mind by ensuring liquidity, offers discounted shipping costs through UPS and market-based pricing with an online form that allows you to receive pricing without having to call customer service. APMEX. squad. However, please note that despite having a guaranteed buyback program, sellers may be offered values lower than current market prices.
APMEX prices
Like any online precious metals dealer, APMEX product prices are subject to fluctuations in the market price of gold, silver and platinum. However, unlike many other companies operating in this industry, APMEX lists the prices of its products online.
The company charges no minimum for domestic orders, waives $9.95 shipping fees on orders over $199, and also allows users to sign up for price alerts that can notify potential buyers of changes to various products.
Additionally, for buyers interested in secure storage, the APMEX website provides a storage fee calculator that estimates storage fees, annual fees, and monthly fees based on the value of your wallet. For example, at the time of writing, a portfolio valued at $50,000 would carry a storage rate of 0.55% and costs of $275 per year and $22.92 per month.
APMEX financial stability
APMEX was founded in 2000 and has been accredited by the BBB since 2004. However, despite being a firmly established precious metals trader, it is a privately held company and information regarding its financial stability is not available to the public.
APMEX Accessibility
Availability
The company is based in Oklahoma City and has partnered with storage facilities in several locations across the United States. Its products are available to residents in all 50 states and Washington, DC. Through its international service, APMEX Global, it can ship products to 30 countries, Hong Kong. Kong and Macau.
Contact information
In addition to its social media presence, you can contact APMEX’s returns department via returns@apmex.com or 800-375-9006. For sales inquiries, prospective customers are encouraged to contact the Purchasing Department by calling 800-514-6318, completing an online form or emailing service@apmex.com.
APMEX maintains the following opening hours:
- Monday Thursday8am to 8pm CST
- Fridayfrom 8:00 to 20:00
User experience
The APMEX website provides users with accessibility features, including a screen reader, contrast adjuster, custom text size and spacing, and more. While it lacks a live chat feature and a “Contact Us” tab, information on how to connect with the company is easily available on its web pages. Its knowledge center provides numerous resources, including current market news and abundant educational material.
APMEX also accepts a wide variety of payment methods, including check, credit card, PayPal, wire transfer, and bitcoin.
APMEX customer satisfaction
APMEX has been accredited by the BBB since 2004; However, despite its A+ rating with the BBB, the company received more customer complaints as a percentage of total reviews than other gold dealers reviewed by Money.
Another user review website, Truspilot, gives the company a “Poor” rating, with 1.8 stars out of a possible 5 based on more than 7,900 reviews. Negative reviews tend to focus on unreliable order fulfillment, unexpected order cancellations, and poor delivery services.
How to open an account
You can open a gold IRA account with APMEX by submitting an application online on the company’s website or by calling the toll-free customer response number during service hours. The application will ask you to include personal information such as your address and social security number.
Once your request is processed, a customer service representative can help you get your account up and running, including transferring funds from other accounts and choosing which precious metals you want to invest in.
Frequently asked questions about APMEX
Yes, the company is accredited by the BBB and has been in business since 2000. According to its website, APMEX is a billion dollar company with over 300 employees that has sold over 130 million ounces of gold and silver products .
Does APMEX only sell gold?
No, APMEX sells three types of precious metals in various shapes and sizes: gold, silver and platinum. Additionally, the company sells rare coins, currency, and jewelry.
What is the minimum purchase amount for APMEX?
For domestic orders, APMEX does not require a minimum purchase amount. However, for domestic orders over $199, the company waives shipping charges. For international orders, customers should call 800-514-6318 or email purchasing at service@apmex.com for more details.
How we rated APMEX
When analyzing APMEX, we evaluated aspects of the company’s business, its product offerings, financial stability, and customer feedback. We also looked at its ranking compared to sites like the BBB and BCA, including accreditations and ratings, as well as pricing, availability, and user experience.
Money APMEX Review Summary
There are dozens of online gold and precious metals retailers, each with different products, services, prices and customer service ratings. If you are interested in adding precious metals exposure to your investment portfolio, APMEX offers a wealth of educational resources, competitive pricing, and a wide range of gold, silver, and platinum products, including bullion, coins, collectibles, currency and jewels. Potential customers should note the company’s lower BCA rating and the numerous customer service complaints it has received through the BBB and Trustpilot.