Welcome to my APMEX Review!
APMEX is one of the well-known precious metals dealer in the industry. Chances are, when you were looking for companies, you bumped into it. Well, before you make any decisions, it is imperative that you read this review.
In this review, we will be discussing APMEX. Can they be trusted? Is APMEX a scam? Or legit? Well, it'll be revealed in this review!
Here in Your Gold IRA Guide, we always value unbiased reviews to help investors find the best companies for them. With that, you can read this review or check out our TOP recommended gold company right here!
APMEX Review Quick Summary
Name: APMEX (American Precious Metal Exchange)
Founder: Scott Thomas
Fees: Varies depending on your investments
Below I have put together a quick video review of APMEX for you.
If you don't feel like reading just play this video as I go over everything and all the important info about APMEX mentioned in this article.
If you have watched this video, I'm really curious, what do you think about APMEX, would you buy from them?
Be sure to drop a comment under this article you will definitely help other visitors possibly make a better choice!
(In the meantime, don't miss out on learning about the TOP gold dealer of 2023 by clicking here)
What is APMEX?
APMEX, also known as American Precious Metal Exchange, is an Oklahoma-based precious metals dealer. It was founded by Scott Thomas back in 2000.
It started out as a small business comprised of four employees, selling various precious metals. Overtime, APMEX grew into an 80,000-square-foot building, housing 300 employees.
APMEX Leadership Team
Scott Thomas - President and Founder
Ever since the birth of the APMEX, Scott Thomas has served as the company's president, being its founder.
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.
Overtime, he worked hard to grow his business and in 2000, he founded APMEX. He bought the former Federal Reserve building in Oklahoma City to use it as his precious metals storage and storefront.
Scott garnered from various organizations, including the Presidential Award from the American Numismatic Association, the world's largest and most reputable numismatic organization.
Kenneth Lewis - Chief Executive Officer
Having more than 20 years of experience in the technology industry, as well as leadership in retail organizations, which are mostly in the Fortune 500, Lewis have been a valuable asset in their growth.
He acknowledges the importance of customer satisfaction, as well as employee development. Due to this, he is vital to APMEX.
Lewis joined the company in 2011 and served as its EVP of Operations, and also became its Chief Operation Officer for two years.
Doug Sterk - Chief Financial Officer
With a 20-year experience and the world of finance and accounting, Doug has been adept at his skills. He started as a Controller in Paycom Software, Inc., where he exhibited his budgeting, forecasting and strategic planning skills.
Due to this, he is a vital part of APMEX, especially when he joined the company in 2017. Being the company's CFO, he does his best at overseeing APMEX's project management, and financial performance.
Doug is a member of Financial Executives International and the American Institute of Certified Public Accountants.
Ryan Boyles - VP. Merchandising
Lastly, we have Ryan, who joined APMEX in 2011. With his leadership roles in Business Development, Business Intelligence and Merchandising, he plays an important role in the growth and development of APMEX.
In fact, Ryan led various initiatives within APMEX, such as the launch of the company's e-commerce or marketplace in Amazon and Walmart and the Third-Party Inventory.
He also led the development of the exclusive product lines of APMEX, the service and maintenance of Merchandising inventory planning tools and dashboards.
Other than its products, services and ratings, APMEX has various awards under its belt.
- #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
APMEX Gold products have a wide variety of choices. They offer the following:
- 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.
APMEX also offers various silver products such as the following:
- 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.
Apart from these, APMEX also offers platinum and palladium products. Rare coins and other commemorative products are also available.
You can check out the complete APMEX product catalog in its website.
APMEX Branded Products
Apart from the precious metal products indicated above, APMEX has its own branded precious metals.
And yes, they do fit all of the fineness requirements to be IRA-eligible!
Among the APMEX 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.)
APMEX also has its own digital precious metals called OneGold. It is similar to an ETF, which allows clients to benefit from valuing the gold and silver prices without physically holding them in inventory.
APMEX Gold IRA Services
Unfortunately, APMEX does not provide any IRA services since it is not an IRA custodian. It only offers IRA-approved precious metals. However, APMEX is partnered up with several IRA custodians to cater to its clients' IRA needs. Here they are:
- 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 up an IRA with APMEX?
Opening up an IRA account with APMEX is quite straightforward. I have summarized the process in 3 simple steps below:
- 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, APMEX will not charge you any fee. However, there may be fees that will be charged to you by the chosen custodian. These will vary depending on the custodian.
The process of transferring funds to your APMEX IRA partner custodian will usually take up 3 months.
With that, APMEX will charge $110 for every IRA transfer. This is a bit expensive compared to other companies like Augusta Precious Metals for example.
However, if you do pay through electronic check or bank wire, you will not be charged with this fee.
Lastly, APMEX will charge you $35 per precious metal purchase. This, is cheaper compared to the fees of other companies.
APMEX Storage Services
If you want to store your precious metals through APMEX, the company will have it done by its storage partner, Brink’s Security-protected Citadel Global Depository Services.
Gold IRA storage fees vary depending on your account. However, below, you can see the non-IRA standard storage fees.
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.
APMEX has a QuickShip program, which guarantees fast shipping.
The company will process the shipping of your products the moment that they receive your payment.
APMEX does daily shipping from Monday to Friday (except weekends and holidays). You should take note that if you placed your order before 1 pm CST, it will be shipping on the same day. Otherwise, it will be shipped on the next business day.
All shipping methods are fully insured, making sure that 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.
If you want to know the whereabouts of your products, APMEX will provide you with a tracking number. You will have the option to receive notifications through text or email.
Orders that cost more than $199 will enjoy a free shipping from APMEX. There is no minimum order amount in APMEX. However, if your purchases amount to under $199, you will be charged with a $9.95 shipping fee.
Furthermore, if you have Citadel orders under $500, a $9.95 shipping fee will be charged to you.
Another company that have great fees and fast shipping is called Augusta Precious Metals, you can compare it to APMEX and see if it's a great fit for you.
APMEX also has a membership feature called "APMEX Club". It aims to award its most loyal clients.
To join, you only need to have at least 2 purchases in APMEX or you need to purchase or sell at least $5,000 amount of precious metals. There are no costs to pay to become a member of the APMEX Club.
The Club has 4 different membership tiers, which their own respective benefits.
- Select - Make at 2 to 5 orders or purchase or sell at least $5,000
- Premiere - Make at 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 various benefits you can get in each tier or 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.
When you invest in precious metals, it is always helpful if you can schedule recurring purchases. However, there hasn't been a feature like this in history. Investors need to purchase manually,
APMEX changed that by creating its AutoInvest feature. It allows you to schedule recurring purchases in the company.
You can choose either daily, weekly, biweekly, monthly or quarterly. This feature can be set up on any products that have the option, "Start AutoInvest" when you add them to your cart.
The Bullion Card is a credit card that is managed by Visa. It does have specific perks for APMEX clients. This is actually the very first precious metals rewards card in the market and it is exclusive to APMEX.
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.
APMEX has alert tools that help its clients be updated on opportunities.
- Custom Spot Price Alerts - notifies you when your specific product in mind reaches a desired price
- AlertMe - Notifies you when an out-of-stock product goes available in the APMEX store
- Portfolio Tool - Allows you to see and track all of your precious metals in your account in one place.
How to Buy from APMEX?
Buying from APMEX is actually pretty straightforward. You can give them a call and discuss your transaction. Or you can do it online, thanks to its e-commerce platform.
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 it delivered to your house or have it stored in its storage facility. All orders above $199 receive free shipping, while the ones below are charged with a $9.95 shipping fee.
APMEX Payment Options
APMEX actually accepts several numbers of payment options including:
- 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.
- Cryptocurrency - Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Wrapped Bitcoin (WBTC), Dogecoin (DOGE), and 5 USD-pegged stablecoins (GUSD, USDC, PAX, DAI, and BUSD
Take note that currently, APMEX no longer accepts money orders.
Are there minimum orders in APMEX?
There are no minimum orders on domestic orders. However, APMEX charges a shipping fee of $9.95 for purchases below $199.
For orders shipped outside the U.S., there is a minimum order of $250, when you pay via Credit Card, Bitcoin or Bitcoin Cash, and a minimum of $1,500.00when purchasing by bank wire.
Are there maximum orders in APMEX?
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 at (800) 375-9006 Option 1.
This will determine if a deposit will apply to your order.
Moreover, APMEX has a $25,000 per-transaction limit on international orders via credit card.
Can I sell metals to APMEX?
Yes you can! APMEX accepts bullion, numismatics, semi-numismatics, rare coins and currency.
All you have to do is to contact them at (800) 514-6318 and create an account on their website. Once the price is locked in, you can send your products to APMEX.
For international customers, APMEX only purchases the items if they are being stored at a Citadel Depository.
Is it Ok to Cancel My Order?
APMEX has stated that once they issued a confirmation number on the orders, all of the prices are locked-in. However, they do understand that there are situations wherein cancellation of orders are unavoidable.
With that, if you wish to cancel or offset your order, you should do it during normal business hours of 8 a.m. to 8 p.m. (EST) Monday – Thursday or 8 a.m. to 6 p.m. (EST) Friday.
Moreover, all of the cancellations are subject to APMEX's Market Loss Policy and will charge you a $35.00 (USD) cancellation fee.
Does APMEX ship internationally?
Yes, APMEX ships products internationally. Below are the list of countries that it currently ships to:
United Arab Emirates
Ratings and Reviews (Updated February 2023)
As of February, 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 - 3.87 out of 5 rating based on 187 reviews, rated A, BBB accredited since 2004
- BCA - 2 out of 5 rating with "D" rating (based on 5 reviews)
- Consumer Affairs - 3.9 out of 5 based on 303 ratings
- RipOff Report - 23 reports
- Trustpilot - 2 out of 5 rating based on 7,801 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.
- Offers a wide variety of precious metals
- Online shopping and website reveals the prices and fees
- Has been around for a long time
- Free shipping for orders above $199
- Partnered with several organizations
- Good services, products and features
- Accepts several payment options
- Not the greatest ratings
- Has quite a few complaints and negative reviews in the last couple months
- Apparent shipping issues
- Unsatisfactory customer service/support, according to some customers.
Is APMEX a scam? Final Verdict
I wouldn't say that APMEX is a scam - it has been around for quite a while. Moreover, it does offer legit precious metals. It also has its share of positive reviews.
It is pretty normal to have negative reviews, especially for companies. However, APMEX has quite a few of them, which is very alarming. These red flags should serve as a warning for you.
Will you insist on dealing with APMEX? Or will you check out other precious metals out there? That is entirely up to you. However, I do not recommend it since we are talking about precious metals. It is very important to be careful with our dealings.
You can check out my top recommended precious metals company below. Thank you so much for reading my "Is APMEX A Scam?" review! If you have any comments or questions, feel free to leave them in the comments section!