APMEX Inc. is one of the world’s largest e-commerce companies specializing in the exchange of gold and silver coins, bullion, and various other precious metals. The business is an authorized purchaser of top-notch bullion on a commercial scale and acts as a provider to individual buyers.
Our review into the company, the service it provides, and how it stacks up against industry competition hopes to provide you with a better understanding of whether or not it is the place you want to invest your money.
All the information shared is unbiased and aims to share our honest opinion of exactly what to expect from APMEX.
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APMEX in a Nutshell
Based in Oklahoma City, APMEX is an American-born and bred company that has been around since the year 2000. Once a small local coin dealer, the business is now worth over a billion dollars and operates in over 60 countries worldwide.
Predominantly a retailer of rare coins, gold & silver bullion, and other specialty assets, APMEX has sold over 130 million ounces of gold over the last two decades. Over the last several years, the company has solidified its place as one of the most important gold dealers in the country. United States investors are sure to have heard of this industry giant- and if not, they should have.
What Services Does APMEX Offer?
APMEX did not become a billion-dollar company by being a one-trick pony. Instead, it offers a service that covers every possible step you could take on your precious metals journey. Far from a jack of all trades, APMEX employs only the highest level of expertise in every department and partners with other providers known for infallible quality.
Purchase Precious Metals and Other Collectible Items
You can buy gold & silver bullion, coins, and bars directly with APMEX. In fact, the products offered on the website outnumber those of the other leading companies in the industry. This is definitely one of the best features of APMEX and something that makes them stand out from the crowd.
Unlike other companies, APMEX can also sell various other collector’s items and storage facilities. Additionally, the company is one of the biggest hubs for buying and selling world currencies and obsolete coins and notes.
Store Precious Metals
APMEX does not act as a custodian to any bullion purchased on its website. In most cases, the customer requests safe delivery, and the precious metals they purchased are shipped directly to them or the custodian of their choice. However, APMEX is partnered with several licensed custodian facilities that can store assets on the customer’s behalf.
The company also works directly with expert IRA providers that can help you open a gold or silver individual retirement account and direct you on the best way to look after your rolled-over pension money. When you buy coins or bullion with APMEX, you can transfer them automatically into a custodian account of your choosing.
Furthermore, the advisors are excellent at explaining the options without being pushy, focusing more on your needs and concerns than the bottom line.
Sell Precious Metals
Selling your valuable items, bullion, and coins is another possible use for the APMEX website. Under the Buy-Back Program, the company offers to buy products at competitive prices based on the market value at the time of sale. Most metals and coins are accepted- as long as they are verifiable.
One of the good things about selling to APMEX is the cheap and prompt delivery options- thanks to the company having an exclusive partnership with UPS. Clients benefit from discounted prices, with next-day shipping costing roughly the same amount of money as standard snail mail with a different provider.
The headquarters are based in Oklahoma City, and any gold you sell to APMEX is shipped there. Payments are made one business day after the company receives your items- a service put in place to maintain a trustworthy relationship with clients. A fair price is agreed upon and paid in full. According to customer reviews, these transactions are seamless and efficient in most cases.
Who Can Benefit from the Buy-Back Program?
It is worth noting that the APMEX buy-back program is only eligible for US citizens or international with metals stored in the Citadel Depository. Additionally, small amounts are often not accepted, and if they are, the rate is not good. The minimum accepted is usually around $1,000, but the best deals are for amounts greater than $10,000.
Very Satisfied APMEX Customer Reviews
APMEX customer reviews are mixed, but many are very positive, with customers often awarding their review 5 stars. Generally speaking, the company has high ratings where it counts. Here is what a few extremely satisfied customers had to say:
I Would Never Go Anywhere Else
“I have been collecting coins for years and have never found another company such incredible variety. It has been seven years since my first experience with APMEX, and I would never go anywhere else.”
Friendly , Patient , and Helpful
“My experience with APMEX has been second-to-none. I don’t know much about collector’s coins but wanted to buy my brother a gift- the representative on the phone could not have been more friendly, patient, or helpful. It turned up on time, looked great, and I would recommend it to anyone. I give them 5 stars!”
Involved Every Step of the Way
“APMEX is the first company I have felt comfortable using for all my gold handling. I decided to review my pension investments and needed some advice on how to proceed. At first, I thought APMEX was only for buying and selling, but they put me in touch with all the right people and were involved every step of the way to ensure excellence.”
“I Have No Complaints”
“The first time I bought gold with APMEX, I had it shipped home. When I wanted to store it elsewhere, I contacted them again. Everything was so easy, and I never felt pressured to make any transactions other than what I requested. Of course, I have had a few more dealings with them since then, and I still have no complaints.”
Common Customer Complaints
There are, of course, two sides to any story. From our search through the APMEX reviews, these were the complaints that we came across.
The most common complaint against APMEX is delivery problems. Customer reviews mention issues and confusion with delivery times. One of the complications stems from APMEX refusing to disclose details about where gold is help, so deliveries are impossible to track.
If items are not shipped correctly, and the bars end up back in Oklahoma City, it seems that the company is not willing to offer a refund for the costs and requires further payment to send it again. As the price of delivering precious metals across the country is quite an expense in some cases, this is an unfortunate lack of service that is bound to review poorly.
Another problem is receiving a different product from the one you purchased. There are incidents where the wrong bars or coins were delivered, or an incorrect amount of product was sent.
In comparison with the total volume of APMEX orders, the frequency of this happen does not raise much cause for concern. That being said, it is worth being aware of before placing an order.
In partnership with eBay, the APMEX buy-back program keeps the inventories impressively varied and well-stocked. It allows people to re-sell their bars and coins if they no longer want them for whatever reason. However, there are some complaints directed at this program.
First of all, some reviews claim the company does not offer a good price for a lot of things unless you have a lot to get rid of. Buying from APMEX is already a little more expensive than some of the competing providers, so the low buy-back prices are a point of contention for some.
Secondly, APMEX may not grade your gold or silvers bars as high quality as you believe them to be. Some reviews claim they felt the company was trying to do them a disservice but undervaluing their product.
Again, these claims are few and far between when compared to the scale of the business, but it is good to have all the facts.
Customer service at APMEX received very mixed feedback, but the lack of urgency when dealing with a complaint or refund seems to be a common thread on the review boards.
Although clients seem pleased with the service as a whole, this department does have a reputation that is somewhat lacking.
We Called Customer Service, and This is What We Found
APMEX offers a fast and courteous service to its customers during the consultation and setup process. The sales representatives are professional and pleasant to speak with, providing clear information without coming across as pushy. Our experience when inquiring about a possible purchase was very much positive, and we would consider it a great service.
However, when trying to log a customer complaint, things did not move in such a timely manner. Although the company and its consultants are excellent at helping customers when contact is established, it can sometimes take a little longer than it should.
Overall, we would not consider the customer service worthy of 5 stars, due to the lack of urgency when handling complaints. That being said, it was very easy to get in touch with an APMEX representative through the various channels.
There are a few reviews that claim to have received damaged or poor-quality coins. The debate about the standard of verification APMEX uses is raised in one or two comments, but the facts state otherwise. However, damaged goods are a common complaint, but only in a very small percentage of transactions.
How Does APMEX Compare to the Competition?
There is no doubt that APMEX is the leading horse in the race in terms of size, reputation, and track record, but there are several other impressive companies to choose from. Money Metals Exchange and JM Bullion are among the other big names in the industry.
All three of these companies have countless 5 stars review scores from happy clients and are equally respected. APMEX is the best choice for someone looking to purchase large amounts of precious metals or who wants variety. It may be one of the more expensive choices, but there is something to be said for remaining at the top of the game for more than two decades.
First-time buyers looking to start small may be better to turn elsewhere, especially if they are interested in simple coins or silver bars. In this case, either one of the other two choices named above would be a good place to look.
Frequently Asked Questions
No, APMEX is not a scam. You can review business data and statistics dating back to the year 2020, with detailed insight into the founders, headquarters, and partnerships.
The company is well established and is verified as a billion-dollar US corporation, with around 200 employees. If you want to buy gold, silver, or various other specialty assets, APMEX is a valid option.
AMPEX is a privately traded company owned by the original founder and president, Scott Thomas. He created the company after selling his family’s old coin collection The headquarters are based in Oklahoma City, where CEO Kenneth Lewis runs the day-to-day business.
Yes, it has. APMEX was accredited in 2004 and currently holds an A+ rating. Additionally, the company is rated 5 stars on TrustLink- although there is only one verified review.
There is no minimum or maximum order on domestic APMEX purchases. Anyone in the US can buy as much or as little as they want, although orders below $199 carry a shipping fee of $9.95.
Client outside the US must purchase a minimum of $250 if they use a credit/debit card or cryptocurrency, or a minimum of $1500 for a bank wire transfer. The maximum international purchase is $25,000.
APMEX accepts many payment options. Clients can make purchases using any of the following methods:
- Credit or debit card
- Bank wire transfer
- E-check or paper check
- Selected cryptocurrencies: Bitcoin (BTC, BCH, WBTC), Ethereum, Dogecoin
- Selected US-pegged stable coins: USDC, GUSD, PAX, DIA, BUSD
You cannot use a pre-paid card, and the company can no longer accept money orders as a form of payment.
Our review of the American Precious Metals Exchange gave us an overall positive picture of the company. Although not without its downfalls, the number of complaints pales in comparison to the sheer volume of successful transactions and satisfied customers.
We would recommend APMEX to someone looking for the best selection of coins, bullion, and other rare assets. Few companies in this industry come close to the variety on offer here. The well-founded reputation this business has built over the last two decades is one other reason to pick this provider.
Steer clear of APMEX Inc. if you are looking for the lowest prices. A few google searches make it evident that this company does not fall into the budget category, so if that is your priority, look elsewhere.
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