Is APMEX a Scam?


Jeremy BiberdorfBy: Jeremy Biberdorf

June 17, 2023June 17, 2023

APMEX Logo

Are you considering investing in precious metals through APMEX but are concerned about its legitimacy? With the various investment options available in today’s market, it is crucial to conduct due diligence and ensure that you are choosing a trustworthy platform.

The last thing you want is to put your hard-earned money into a scam or an unreliable platform. In this article, we will dive deep into the details of APMEX and determine if it is a legitimate platform and whether it’s worth your investment. So, let’s get started and find out if APMEX is the real deal!

Learn More About APMEX

Company Background

APMEX (American Precious Metals Exchange) was founded in 2000 and is one of the largest online retailers of precious metals in the United States. The company is headquartered in Oklahoma City, Oklahoma, and has become a leading e-commerce platform for buying and selling precious metals, including gold, silver, platinum, and palladium.

APMEX offers a wide range of products, such as bullion, coins, bars, rounds, and numismatic items. The company has served over 1.5 million customers worldwide and has a strong reputation for its customer service, competitive pricing, and secure transactions.

In terms of regulation, APMEX is not only registered with the U.S. Securities and Exchange Commission (SEC) but also accredited by the Better Business Bureau (BBB) with an A+ rating. This indicates that APMEX has met the BBB’s strict standards for ethical business practices and customer satisfaction.

APMEX is also a recognized member of several industry associations, such as the Industry Council for Tangible Assets (ICTA), the American Numismatic Association (ANA), and the Professional Numismatists Guild (PNG).

Products and Services

APMEX offers a wide range of products and services for different types of investors, depending on their investment goals and preferences. Here’s a more detailed summary of the main offerings and who may benefit from them:

  • Bullion: APMEX offers a large selection of gold, silver, platinum, and palladium bullion products, including bars, coins, and rounds. These products are ideal for investors who want to invest in physical precious metals as a store of value, a potential hedge against inflation, or a way to diversify their investment portfolios.
  • Numismatics: APMEX also offers a wide variety of numismatic items, such as rare coins, currency, and commemorative coins. These products can appeal to collectors and investors who are interested in the historical, cultural, or artistic value of these items, as well as their potential for long-term appreciation.
  • IRA-eligible products: APMEX provides a selection of IRA-eligible gold, silver, platinum, and palladium products that can be held within a self-directed Individual Retirement Account (IRA). This option can benefit investors looking to diversify their retirement savings with precious metals.
  • Storage solutions: APMEX offers secure storage solutions through partnerships with third-party vaulting providers such as Brinks and Loomis International. This service can benefit investors who prefer not to store their precious metals at home and want the security and convenience of professional storage facilities.
  • Education and resources: APMEX is committed to educating its customers about precious metals investing through various resources, including articles, videos, market reports, and interactive charts. These materials can benefit investors of all levels, from beginners to experienced precious metals enthusiasts.

Understanding APMEX’s Operations: Addressing Customer Concerns

“Ampex Ordering worse than a hassle! First, if you choose to pay by EFT they cash your check then cause you to wait as long as two weeks before shipping (and they get the benefit of your float). The company appears to be overwhelmed and lack staff as they have difficulty shipping orders when promised, as in my present case, then ship late – and then only ship a partial order! And then the partial order they ship is INCORRECT! This now requires further time and expense by me calling Apmex customer service and arranging a return. Of course, they will not ship the correct replacement item until they first receive the return, causing further delays!
Apmex’s incompetent procedures, staff and delays truly make any purchase a painful experience and frankly, not worth it!”

Though the frustrations voiced in this review are quite clear, it’s critical to dissect the issues at hand from a broader perspective. Indeed, any business can face operational challenges from time to time, but these challenges do not necessarily define the entirety of their performance. APMEX, a well-established precious metals dealer, is known for its high-quality services and has earned a strong reputation over time.

  1. Payment processing and shipping: The Electronic Funds Transfer (EFT) process inherently involves some delay due to the necessity of funds verification. APMEX, like any other business, would need to ensure the funds have cleared before dispatching the product to mitigate risk. This process, while seeming inconvenient, is a standard procedure across many businesses.
  2. Shipping delay: It’s regrettable that the customer experienced shipping delays and received only a partial order. There can be many reasons for these occurrences, including possible staffing challenges or operational hitches. Remember, these are issues that even the most successful companies occasionally grapple with and do not indicate a lack of effort or intention on the part of APMEX to deliver efficiently.
  3. Incorrect order: Mistakes happen, and it’s unfortunate that the customer received an incorrect order. However, APMEX offers a resolution by arranging for a return and sending the correct item once the return is received. While this might take extra time, it’s a sensible measure to ensure order accuracy and prevent further mistakes.
  4. Customer service and staff competence: The reviewer’s criticism of APMEX’s staff and procedures is a matter of personal experience. It’s crucial to remember that a single experience, while understandably frustrating, doesn’t necessarily represent the norm.

Claims that any purchase from APMEX is “a painful experience” and “not worth it” don’t align with the positive feedback the company has garnered from many satisfied customers. Just as with any business, there will be outliers of dissatisfaction. However, these should be considered in the context of the overall positive reviews and the company’s commitment to rectifying any issues.

It’s important for potential customers to evaluate a wide range of experiences and reviews rather than make decisions based on isolated incidents. APMEX has a substantial history of providing reliable and satisfactory service, indicating their dedication to their customers and negating any suggestion of incompetency or malintent.

Pros and Cons of APMEX

While APMEX can be a suitable choice for a wide range of investors, it’s essential to weigh the pros and cons before deciding if this platform is right for you.

Pros:

  • A large selection of products, ensuring that investors have plenty of options to choose from.
  • Competitive pricing and a price-match guarantee, ensuring that you get the best deal possible.
  • Excellent customer service, with dedicated account representatives and a knowledgeable staff.
  • A strong reputation for reliability and trustworthiness.
  • Access to educational resources and market analysis, helping investors make informed decisions.

Cons:

  • Shipping costs may be high, depending on the size and value of your order.
  • Some negative customer reviews, although they seem to be the exception rather than the rule.

Regarding the negative customer review mentioned earlier, it is important to note that isolated issues might occur in any business, but they do not necessarily indicate a scam or a pattern of misconduct. APMEX has a dedicated customer service team that works diligently to resolve problems and address customer concerns.

Security and Privacy

APMEX takes the security and privacy of its customers very seriously. The company uses various measures to protect user data and financial information:

  • Encryption: APMEX employs industry-standard encryption technology to protect customer data. All transactions and personal information are protected using 128-bit secure socket layer (SSL) encryption.
  • Account Protection: APMEX offers a secure online ordering system with account registration, password protection, and order history access. Your account information is safeguarded, and APMEX does not share it with third parties without your consent.
  • Privacy Policy: APMEX has a clear and transparent privacy policy, outlining how your personal information is collected, used, and protected. The company is committed to safeguarding your privacy and not selling your information to third parties.

Final Thoughts – Is APMEX a Scam?

After evaluating APMEX’s background, products and services, pros and cons, and security measures, we can conclude that APMEX is not a scam. The company is a legitimate and reputable precious metals dealer with a strong track record in the industry.

While it might not be the perfect fit for everyone, APMEX offers a range of products and services that can cater to investors with different goals and preferences.

Click here to learn more about APMEX, or if you’re still unsure if APMEX is a scam, you might want to check out Money Metals Exchange.

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Jeremy Biberdorf
Jeremy Biberdorf

About the Author:

Jeremy Biberdorf is the founder of Modest Money. He's a father of 2 beautiful girls, a dog owner, a long-time online entrepreneur and an investing enthusiast.

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