American Precious Metal Exchange (APMEX) is one of the most well-known precious metals dealers in the industry.
That is why, when you were researching precious metals companies you stumbled upon the company’s name. One of the first questions you may have after reading about this company is, “Is APMEX a scam, or are they legit?” In this review we will answer that question as well as many more you may have.
At Your Gold IRA Guide, we always value unbiased reviews to help investors find the best companies for them. With that in mind, you can read this review, or check out our TOP recommended gold company right here! We’ve given this precious metals exchange a 3/5 rating, and after you read this review, you will understand why.
APMEX Review Quick Summary
Name: APMEX (American Precious Metal Exchange)
Founder: Scott Thomas
Fees: Varies depending on your investments
Below, we have put together a quick video review for you.
If you don't feel like reading just play this video and we will explain everything in detail to help you form a facts-based decision!
After watching this video, we’d like to hear your thoughts on APMEX. Would you buy from them? Let us know in the comments section.
What is APMEX?
So, what is APMEX? Also known as American Precious Metal Exchange, this precious metals exchange is based in Oklahoma and has been operating since its founding by Scott Thomas back in 2000.
American Precious Metal Exchange started began as a small business comprised of four employees, selling various precious metals. Over time, APMEX grew into an 80,000-square-foot building, housing 300 employees.
Over the past 20 years, APMEX has sold over 130 million ounces of gold and silver to individuals in more than 60 countries around the world.
APMEX Products
APMEX has a wide variety of precious metals which include: gold, silver, platinum, and palladium. Each one of them comes in different forms: coins, bullion, and bars.
Gold Products
The precious metals dealer has a wide variety of options when it comes to gold products. They currently offer:
- Gold Bars and Rounds
- Gold Coins
- U.S. Mint Gold Coins
- Royal Canadian Mint Gold
- The Perth Mint Gold
- Mexican Mint Gold Coins
- Coins and Currencies from regions of the world
The gold products also include IRA-approved bars and rounds such as the 10 oz Credit Suisse Gold Bar, Gold Buffalo, 1 oz Canadian Maple Leaf and 1/2 oz .9999 Gold Krugerrands.
Silver Products
In addition to gold products, they also offer a variety of silver products, including:
- Silver Bars
- Silver Coins
- U.S. Mint Silver Coins
- Silver Rounds
- Royal Canadian Mint Silver
- Movie and Licensed
- The Perth Mint Silver
- Junk Silver Coins
- Industrial Silver
- Mexican Mint Silver Coins
And of course, they also offer IRA-approved products such as Morgan Dollar, Walking Liberty and 1 oz American Eagle.
Other Products
In addition to gold and silver products, the precious metals merchant also offers platinum and palladium products. What will excite some customers is the availability of rare coins and commemorative products, which not only retain intrinsic value, but value as collectibles.
Be sure to check out the complete product catalog on the website!
APMEX Branded Products
Apart from the precious metal products indicated above, the Oklahoma City-based company also has its own branded precious metals. And yes, they do fit all of the fineness requirements to be IRA-eligible!
Among these products are the following:
- Gold bars (1/2 oz. to 1 kilo)
- Silver bars (1 oz. to 100 oz.)
- Silver rounds (1 oz. to 10 oz.)
- Platinum round (Only available in 1 oz.)
OneGold
APMEX also has its own digital precious metals called OneGold. It is similar to an ETF (exchange-traded fund), which allows clients to benefit from valuing the gold and silver prices without physically holding them in inventory.
What about APMEX Gold IRA Services?
Unfortunately, APMEX gold IRA services are currently not offered since it is not an IRA custodian; they only offer IRA-approved precious metals. However, they have partnered with several IRA custodians to cater to its clients' IRA needs. These entities include:
- GoldStar Trust
- Entrust Group
- EQUITY Institutional
- STRATA Trust Company
- Kingdom Trust Company
IRA fees vary depending on which IRA custodian you would choose if you wish to start an IRA account.
How to Open an IRA with APMEX?
Wondering how to open an IRA with APMEX? You’ll be pleased to discover it is actually fairly straightforward. We’ve summarized the process for you into three easy steps:
Choose an IRA custodian and open an account with them. You can opt to choose from APMEX's partner custodians.
Once you have opened your IRA account, you can start funding it. You can also rollover your existing IRA or former employer 401(k).
You can start purchasing IRA-eligible products from APMEX for your account!
APMEX IRA Costs
First things first, you need to know that APMEX has a $2,000 purchase requirement.
When you open up an IRA, you will not be charged any fees. However, the chosen IRA custodian may impose their own fees, and these can vary depending on the chosen custodian.
The process of transferring funds to your APMEX IRA partner custodian usually takes up 3 months.
Keep in mind, they will charge $110 for every IRA transfer. This is a bit expensive compared to other companies like Augusta Precious Metals for example. However, you can avoid this fee if you pay through electronic check or wire transfer through your bank.
Lastly, APMEX will charge you $35 per precious metal purchase, which is actually cheaper than many other comparable companies.
APMEX storage services
f you choose to store your precious metals through APMEX, this is done by their storage partner, Citadel Global Depository Services, which is protected by Brinks Security.
Gold IRA storage fees vary depending on your account. However, below, you can see the non-IRA standard storage fees.
Are APMEX fees a scam?
If you are unsure of how much fees you will be paying for according to your portfolio value, you can utilize APMEX's slider feature.
What About Shipping?
They company has a QuickShip program, which guarantees fast shipping.The company will process the shipping of your products the moment they receive your payment. They ship every day, excluding weekends and holidays.
You should take note that if you placed your order before 1 pm CST, it will be shipped the very same day. Otherwise, it will be shipped the next business day.
All shipping methods are fully insured, ensuring your products are safe and secure.
Moreover, all of your purchases will come with a $25,000 insurance policy against loss or damage during the shipping – something to keep in mind if you are shipping more than that amount at a time.
APMEX will give you a tracking number so you will know where your products are located at all times. You also have the option to receive notifications through text or email.
Orders of $199 or more come with free shipping. While there is no minimum order amount, anything under $199 will come with a $9.99 shipping surcharge. Also, if you have Citadel orders under $500, a $9.95 shipping fee will be charged to you.
Another company that has great fees and fast shipping is Augusta Precious Metals. We recommend comparing this company with APMEX to see if it’s a better option for your investment needs.
APMEX Club
APMEX also has a membership feature called "APMEX Club". It aims to award its most loyal clients. In order to join, you need to make at least two purchases totaling at least $5,000 in precious metals. Becoming an APMEX Club member costs nothing beyond that initial investment.
The Club has four different membership tiers with their own respective benefits. These include:
- Select - Make at least 2 to 5 orders or purchase or sell at least $5,000
- Premiere - Make at least 6 to 9 orders or purchase or sell at least $10,000
- Elite - Make more than 10 orders or purchase or sell at least $10,000
- VIP - This is for invitation only
Below, you can check out the perks that come with each tier level.
APMEX Features, Resources and Tools
Other than the features we have discussed above, there are several other features, resources and tools that APMEX can offer to its clients.
AutoInvest
In a first for the industry, the company offers AutoInvest, which allows you to purchase precious metals at a schedule and amount that works best for your investment portfolio.
With AutoInvest you can choose to make purchases daily, weekly, biweekly, monthly or quarterly. AutoInvest is available for many, but not all products. Look for the “Start AutoInvest” feature when you add items to your cart.
Bullion Card
The Bullion Card is a credit card managed by Visa and comes with some nice perks for clients. Interestingly enough, this is actually the first precious metals rewards card in the market and is an APMEX-exclusive.
Benefits of the Bullion Card are the following:
- Introductory 4% back in gold or silver for APMEX purchases
- 1% back in gold and silver for all other purchases
- 15,000 bonus points after spending $1,500 worth of precious metals (about a $150 value)
- 0% introductory APR
- 0% balance transfers
- Exclusive offers for cardholders
The points that you earn from using the Bullion Card for your purchases are redeemable. You can use them for buying precious metals from APMEX.
Alert Tools
APMEX has alert tools that help its clients be updated on opportunities.
- Custom Spot Price Alerts - notifies you when a specific product reaches a set price.
- AlertMe - Notifies you when an out-of-stock product becomes available in the store.
- Portfolio Tool - Allows you to see and track all your precious metals in your account in one place.
How to Buy from APMEX?
Curious how to get started and buy from APMEX?
It’s actually easier than you probably imagine, and you have several options. You can call them on the phone to discuss your transaction, or you can do everything online thanks to their robust e-commerce platform.
To buy online, you need to create an account and sign in. Afterward, you can scroll through its product catalog to see which precious metal you want to purchase. Then you can confirm your order and pay for it.
You can have precious metals delivered to your house or have it stored in its storage facility. As we mentioned previously, all orders above $199 receive free shipping, while orders under that amount incur a $9.95 shipping charge.
APMEX Payment Options
APMEX accepts several types of payment. These include:
- Credit/debit card (excluding prepaid cards) - Visa, MasterCard, Discover and American Express
- Paper check
- Bank wire
- PayPal - Only available for orders shipped to a valid U.S. address and for U.S. dollar (USD) transactions only.
- eCheck
- Cryptocurrency - Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Wrapped Bitcoin (WBTC), Dogecoin (DOGE), and 5 USD-pegged stablecoins (GUSD, USDC, PAX, DAI, and BUSD
Note: APMEX no longer accepts money orders.
APMEX Frequently Asked Questions
There are no minimum orders on domestic orders. However, you will be charged a $9.95 shipping fee on orders below $199.
However, there is a minimum order amount of $250 for international orders when you pay via credit card, Bitcoin or Bitcoin Cash (that is, orders outside the United States).
If wish to conduct an international order with bank wire transfer, there is a $1,500 minimum.
APMEX does not have any maximum orders on domestic purchases. However, if your orders total more than $500,000.00, the company recommends you to contact its Sales Department. This will determine if a deposit will apply to your order.
It’s also worth noting that APMEX has a $25,000 per-transaction limit on international orders placed via credit card.
Yes, if you are a domestic customer, you can actually sell precious metal to APMEX!
The company accepts bullion, numismatics, semi-numismatics, rare coins and currency. If you wish to sell your precious metals, create an account on the website and call the company.
Once the price is locked in, you can send your products to APMEX. Internal customers can sell their products so long as the items are being held at a Citadel Depository.
Australia | Hong Kong | Poland |
Austria | Ireland | Portugal |
Belgium | Israel | Singapore |
Canada | Italy | South Africa |
Cayman Islands | Japan | South Korea |
Czech Republic | Macau | Spain |
Denmark | Malaysia | Sweden |
Finland | Mexico | Switzerland |
France | Netherlands | Taiwan |
Germany | New Zealand | United Arab Emirates |
Greece | Norway | United Kingdom |
Ratings and Reviews (Updated 2023)
As of May, 2023, these are some ratings of APMEX from different websites. Overall, they are not that great, especially since APMEX has received quite a few complaints and negative reviews. You can see some of them below:
- BBB - 3.89 out of 5 rating based on 187 reviews, rated A, BBB accredited since 2004
- BCA - 2 out of 5 rating with "CCC" rating (based on 5 reviews)
- Consumer Affairs - 4 out of 5 rating based on 299 reviews
- RipOff Report - 23 reports
- Trustpilot - 1.8 out of 5 rating based on 7,833 reviews
- Trustlink - a 3.5 out of 5 rating based on 3 reviews
This is quite alarming since it has 23 reports in Ripoff Report. Most of the complaints were clients not receiving their items. Some received empty boxes!
It also received a low rating in BBB, due to its complaints as well as its government action. You can see it for yourself below.
Nevertheless, APMEX also received good reviews from several clients. Most of them expressed their satisfaction after ordering products from APMEX.
APMEX Pros and Cons
Pros
Cons
APMEX Leadership Team
Scott Thomas - President and Founder
Since the company’s founding, Scott Thomas has served as the company's president.
His grandfather was a mail-order coin dealer, who influenced his interest in coins and precious metals. After his grandfather passed away, he found his coin inventory and decided to sell these in eBay in the late 90s.
Over time, he worked hard to grow his business and in 2000, he founded American Precious Metals Exchange. He bought the former Federal Reserve building in Oklahoma City to use as both a storage facility for precious metals and as a storefront.
Scott garnered attention from various organizations, including the Presidential Award from the American Numismatic Association, the world's largest and most reputable numismatic organization. Additionally, Scott is a member of the International Precious Metals Institute (IPMI) and the Industry Council for Tangible Assets (ICTA).
Kenneth Lewis - Chief Executive Officer
Having more than 20 years of experience in the technology industry, as well as leadership in retail organizations (many of which are Fortune 500 companies), Lewis have been a valuable asset in their growth. Lewis joined the company in 2011 and served as its EVP of Operations, and also became its Chief Operation Officer for two years.
Lewis acknowledges the importance of customer satisfaction, as well as employee development. Due to this, he is considered a vital part of the company’s success.
Doug Sterk - Chief Financial Officer
With 20 years of experience in the worlds of finance and accounting, Sterk is highly adept in managing the company’s multi-billion dollar transactions per year.
He started as a controller with Paycom Software, Inc., where he demonstrated his budgeting, forecasting and strategic planning skills. Sterk is considered a vital part of what makes American Precious Metal Exchange so successful. As the company’s CFO, Sterk oversees the company’s financial and project management aspects of the company.
Sterk is a member of Financial Executives International and the American Institute of Certified Public Accountants.Ryan Boyles - VP. merchandizing
Lastly, we have Ryan Boyles, who joined APMEX in 2011. With his leadership roles in Business Development, Business Intelligence and Merchandizing, Boyles continues to play an important role in growing and developing the company’s financial instruments.
Boyles led various initiatives within APMEX, such as the launch of the company's e-commerce marketplace on Amazon and Walmart and third-party inventories.
Boyles also leads the development of exclusive product lines, including service and maintenance of merchandizing, inventory, planning, tools and dashboards.
APMEX Awards
In addition to its broad selection of products and services, APMEX has also garnered quite a number of awards over the years.
- #45 on Internet Retailer® magazine’s Top 500 Guide in 2017
- #1 Specialty E-retailer according to Internet Retailer
- Scott Thomas won the Presidential Award in 2009 from the American Numismatic Association
- Voted Best Place to Work by The Journal Record in 2019, 2020, 2021, and 2022
Is APMEX a scam? Final Verdict
The company has also been around for a number of years, which means you will be working with an around for quite a while. Moreover, it does offer legit precious metals. It also has its share of positive reviews.
While it is common for a company of their size to have negative reviews, this should serve as a warning that not all APMEX customers come away happy. Whether or not you decide on choosing this company or another is entirely up to you, but Your Gold IRA Guide does not recommend them for a number of reasons.
We invite you to check out our top-recommended precious metals company.
Have a comment or question? Feel free to leave your question or comment in the field below. We look forward to hearing your thoughts and opinions!
I have had many dealings with Apmex and never had any problems. As long as you read and abide by the rules that Apmex has for buying and selling metals you will have a good experience. I bought and sold coins with them for about 20 years and am well pleased with their service. I highly recommend them.
Hey Lawrence, your feedback about APMEX is much appreciated.
I have purchased large amounts of both silver and gold, zero issues ZERO. I have sold some that I have bought over the years and never had issue passing purity test. Never had issues with my payments or my shipments. I think ppl fail to realize that the don't ship till the check has cleared APMEX bank. It may have been put on hold or removed from yours but it has to clear 100% before they ship. When you place your order, unless it is a gift you should be planning to hold the investment for some period of time so the wait for the money to clear and shipping should not stress you. Always had a positive transactions with APMEX and always give them 5 stars. Just my 2 cents but they are a great company.
Hey Mike! Appreciate the feedback! Cheers!
my 1/10th gold maple arrived in plastic pouch,but not in the typical sealed plastic immediately around the coin.also,it doesnt look perfect.im quite angry
Hey Neal, appreciate the feedback. That sounds understandable. Did you reach out to their support to see if they can sort you out?
I have been buying with apmex since 2008
And just the other day 3-31–21had a mager
Problem they chargers my debit card for something not shipping till the 4-12-21 this is a real dumb stupid thing other companies do not charge me til they get the item and by doing this they over drew my account and my bank account charging me a unsafisant fund charge apmex told me too bad you loose apmex should rethink this one bad customer service
For apmex.
Sorry to hear that Robert. Appreciate you sharing your story so others are aware of their practices.
yeah, I have trouble using "reviews" from someone that is pitching another company. Would be comparable to someone at Coke giving terrible reviews about Pepsi. I've bought from APMEX with zero issues. Products were as represented and were shipped quickly. if they were selling counterfeit coins I would imagine they would have been closed down by now. So i am fairly confident APMEX isn't a scam. No one single company, regardless of industry, has 100% positive reviews.
Did you read the review or not Dan? I clearly say that APMEX is NOT a scam and it does offer legit precious metals, looks like you are that type of person that does not want to hear anything negative about their company.
I will say it again, APMEX is legit, there are many positive comments from members about APMEX that I approved here in my blog, just scroll down to read them.
Im recommending Goldco and Augusta? Yes because they are my recommended choices, I could promote APMEX too.
Thanks for visiting and leaving a comment.
Had over 5000 in silver bars stolen. Apmex did nothing to help in the investigation
That is a shame, Charles. Buyer beware.
I beleive you administration Apmex
I have used APMEX for many years now and have NOVER had a problem. Prices are reasonable and in-line with other purveyors of metals and shipping is timely and reliable. I deal with physical assets so I can not talk to IRAs or the like nor can I talk about their storage as I take care of my own.
Bottom line for is is they are 10out of ten and I will use them again.
Cheers for the feedback, Michael.
When I see some of these terrible reviews I have to go to my personal experiences with Apmex . I've never had even a hint of problems . I've always received my orders quickly & in perfect shape . I once bought a coin that the description said it was listed as scratched or dented . When it was delivered there was nothing at all wrong with the coin . I don't purchase from Apmex anymore because of the 10.00 shipping charge for orders under 2 hundred . I'm retired now & my new boss has put me on a silver diet . I'm bigger but she's meaner & I would rather spend the 10.00 on silver . Unfortunately for me since Apmex has such a huge selection there are pieces that no one else has . Bummer for me ! I think these sites should have a break in the shipping charges for the poor retired folks like me . 5.95 is a reasonable amount they still make money on the silver & about 2.00 on shipping . Even though I don't purchase from Apmex any more calling them a scam is a gross miss representation . I wish all a blessed & healthy day ! Peace , Love & Happiness !
Leon The Old Hippie Tucker
Appreciate the heartfelt feedback, Leon.
I have been purchasing from APMEX for several years and have NEVER had an issue to date (knock on wood)! Transactions are always simple and shipments arrive quickly. They always have a large selection of products compared to other online dealers.
Apmex is a great way to buy metals. I have made dozens of purchases all went very well.
Thats awesome! Thanks for your comment!
I’ve bought from Apmex 4 or 5 times. Always flawless. Lots of updates on the order and shipping details. Orders almost always arrive before the originally promise. Never checked the purity.
Hi Tom, we appreciate you leaving your personal experience about APMEX here in this review, thank you and wish you a great day!
Thanks!