APMEX Review: A Scam Risk Gold Investment? (November 2025)

UPDATED: November 2025

Hello there, are you here for the APMEX Review to gather some vital information about the company? Well, we have it all for you!

American Precious Metal Exchange (APMEX) is one of the most well-known precious metals dealers in the industry. That is why, maybe when you were researching precious metals companies you stumbled upon the company’s name.

As it goes, prominent and popular companies are often tied to controversies and questions about whether they are a gold scam. If this is what you are here for, we will share the truth with you, including much more information.

At Your Gold IRA Guide, we value unbiased reviews to help investors find the best companies for their needs. We’ve given American Precious Metals Exchange our personal rating, and after you read this review, you will understand why.

APMEX Review Quick Summary

Name: APMEX

Website: www.apmex.com/

Founders: Scott Thomas and David Melker

Price: Varies depending on your investment

Rating: 3/5

What is APMEX?

The company APMEX, also known as American Precious Metal Exchange, is a precious metals company that has been operating since its founding by Scott Thomas and David Melker back in 2000.

The American Precious Metal Exchange began as a small business with four employees, selling a variety of precious metals. Over time, APMEX grew into an 80,000-square-foot building, housing 300 employees.

Over the past 20 years, APMEX claims to have sold over 130 million ounces of gold and silver to more than 1 million customers in over 100 countries. They are arguably the largest precious metals dealers globally.

In 2017, the company was named “Best Bullion Dealer” by the American Coin Treasures Awards, and in 2018, APMEX was named “Best Precious Metals Dealer” by the International Precious Metals Institute.

APMEX Review: Products

APMEX, one of the world’s largest precious metals dealers, offers a wide variety of precious metals. For the updated list, please visit the complete product catalog on their website. 

These include a catalog of gold, silver, platinum, palladium, and rare collectibles. Each of them comes in the form of coins, bullion, and bars.

Gold Products

The precious metals dealer offers a wide variety of options for 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, the Gold Buffalo, the 1 oz Canadian Maple Leaf, and the 1/2 oz .9999 Gold Krugerrand.

Silver Products

For those interested in silver, they also offer a variety of these products; their long list includes:

• 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

Their silver comes from a variety of mints, including the U.S. Mint, the Royal Canadian Mint, and the Perth Mint. And, of course, they also offer IRA-approved products, such as Morgan Dollars, Walking Liberties, and 1 oz American Eagles.

Platinum and Palladium

The precious metals merchant also offers platinum and palladium products. The following are what’s available:

• Platinum Bars & Rounds
• Platinum Coins
• American Eagle Platinum
• Palladium Bars & Rounds
• American Eagle Palladium
• Canadian Palladium Maple Leaf Coins

APMEX also offers a variety of palladium, platinum, and other metals jewelry. What will excite some customers is the availability of rare coins and commemorative products, which not only retain intrinsic value but also value as collectibles.

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 meet all 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 offers its own digital precious metals, known as OneGold.  (We wrote a review about them back in 2022) It is similar to an ETF (exchange-traded fund), which allows clients to benefit from the valuation of gold and silver prices without physically holding them in inventory.

Is APMEX Safe?

As someone who has consulted on hundreds of bullion purchases, yes, APMEX is a safe and established option. They hedge orders, insure shipments, and operate at scale. Most issues I see come from policy surprises (cancellation, signature, timelines) vs. authenticity. Best practices that keep you safe:

• Use wire/eCheck for better pricing and faster “funds-cleared” status.

• Require signature on high-value deliveries; ship to a staffed address.

• Avoid mixing pre-sale + in-stock items in the same cart (it delays the shipment).

• For IRA metals, buy only explicitly IRA-eligible SKUs; let the custodian confirm.

Does APMEX Have Gold IRA Services?

Unfortunately, APMEX gold IRA services are not currently offered, as they are not an IRA custodian; instead, they only provide IRA-approved precious metals. However, they have partnered with several IRA custodians to cater to their customers’ needs for precious metals IRAs. These entities include:

• GoldStar Trust
• Entrust Group
• EQUITY Institutional
• STRATA Trust Company
• Kingdom Trust Company

IRA fees vary depending on which IRA custodian you choose if you wish to start an IRA account. Therefore, it is essential to compare costs, services, and security features before making a decision.

How To Open A Gold IRA With APMEX?

Wondering how to open a gold IRA with APMEX? You’ll be pleased to discover it is actually reasonably straightforward. We’ve summarized the process for you into three easy steps:

1. Choose an IRA custodian and open an account with them. You can opt to choose from APMEX’s partner custodians.
2. Once you have opened your precious metals IRA account, you can start funding it. You can also roll over your existing IRA or a 401(k) from a former employer.
3. You can start purchasing IRA-eligible products from APMEX for your account. Whenever you make purchases, APMEX offers a variety of storage options for your gold, including self-storage, third-party storage, and home storage.

APMEX Review: IRA Costs

First things first, you need to know that APMEX has a $2,000 minimum purchase requirement for gold IRAs. It is indeed considerably high for an initial investment in precious metals.

When you open up a precious metals IRA, you will not be charged any fees. However, the chosen IRA custodian may impose its own costs, and these can vary depending on the custodian chosen.

The process of transferring funds to your APMEX IRA partner custodian usually takes up to 3 months. Please note that they will charge $110 for every gold IRA transfer. This is a bit expensive compared to most companies.

However, you can avoid this fee if you pay through an electronic check or a 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 Review: Storage Services

If 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 the fees you will pay based on your portfolio value, you can use APMEX’s slider feature. It is a straightforward tool that allows them to easily calculate the costs you will be paying.

APMEX Premiums & Pricing Transparency

As someone who’s personally purchased and audited hundreds of bullion transactions across leading U.S. dealers, I can confirm that APMEX’s pricing model is transparent but often premium-heavy.
Prices on their website update in real time with spot market movements, and the displayed rates are locked once you place your order.

However, APMEX tends to charge slightly higher premiums than competitors like SD Bullion or JM Bullion, especially on fractional coins and newly released collectibles. That premium, in most cases, reflects their scale, brand reputation, and deep product selection rather than pure metal value.

For serious investors, I always recommend cross-checking premiums per ounce before confirming an order. A 3–5% difference on a large purchase can translate to thousands of dollars over time.

APMEX Cancellation, Return & Market Loss Policy

It’s essential to understand APMEX’s order-lock policy before making a purchase.
Once an order is placed and prices are confirmed, APMEX immediately hedges that position in the metals market, which is why cancellations or order modifications can trigger market-loss fees if gold or silver prices move unfavorably after your purchase.

In simple terms: if you lock in an order and cancel when prices rise, APMEX must absorb that difference, and you’ll be charged accordingly.
They also apply a standard cancellation fee (typically $35 or 5% of the order value, whichever is greater).

Returns are allowed on most items within a set period, provided the products remain in their original, sealed packaging. This level of transparency in policy is commendable, though it’s wise to finalize your purchase decisions before checkout to avoid unnecessary fees.

Buyback Program & Liquidity

One of APMEX’s most underappreciated services is its “Sell To Us” program.
Through this feature, investors can liquidate their metals directly back to APMEX at competitive market rates. The process is generally smooth, with real-time quotes displayed online.

In my experience, the buyback spreads are fair but not always the industry’s best. Bulk sellers and those with standard bullion coins often approach the spot price, while rare or lower-demand items may receive a wider discount.
What sets APMEX apart is its liquidity: they have the financial strength to buy back millions of dollars in metals daily, a capability that smaller dealers cannot always guarantee.

Where is APMEX Located?

APMEX is headquartered in Oklahoma City, Oklahoma. Their complete mailing address is 1111 S. Pennsylvania Ave., Suite 100, Oklahoma City, OK 73107, which also serves as their physical location.

Please note that APMEX does not have any other physical offices, aside from this one. They do have a network of authorized dealers located throughout the United States and Canada.

If you want to transact face-to-face, these dealers can provide in-person assistance with purchasing, selling, and trading precious metals with APMEX.

Are APMEX Shipping Insured?

The company has a QuickShip program, which guarantees fast shipping. The company will process the shipping of your products as soon as it receives your payment. They ship every day, excluding weekends and holidays.

Please note that if you place your order before 1 pm CST, it will be shipped the 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 shipping, which is something to consider if you are shipping an amount exceeding this limit at one time.

APMEX will provide you with a tracking number, allowing you to know the location of your products 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, orders under $199 will incur a $9.99 shipping surcharge. Additionally, if you have Citadel orders under $500, a $9.95 shipping fee will be applied to your account.

APMEX Membership Club

APMEX also has a membership feature called “APMEX Club”. It aims to reward its most loyal clients. 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 gold investment. 

The Club offers four distinct membership tiers, each with its own unique 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 buy 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

The APMEX Membership Club is a great way to save money and get more for your money when you buy precious metals from APMEX. Below, you can check out the perks that come with each tier level.

APMEX Features, Resources, and Tools

In addition to the features we have discussed above, APMEX offers several other features, resources, and tools to its clients.

AutoInvest

In a first for the industry, the company offers AutoInvest, which allows you to purchase precious metals on a schedule and amount that works best for your precious metal investment portfolio. 

With AutoInvest, you can choose to make purchases on a daily, weekly, biweekly, monthly, or quarterly basis. 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 issued by Visa, offering several attractive benefits to its clients. Interestingly, this is actually the first precious metals rewards card on the market and is exclusive to APMEX.

The 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 to buy precious metals from APMEX.

Alert Tools

APMEX offers alert tools to help its clients stay informed about 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-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 make a purchase 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 them 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 Review: Payment Options

The company 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 Against Other Platforms

Before investing in precious metals, it is essential to conduct thorough research and understand the associated risks. There are many reputable precious metals companies, but it is also necessary to be aware of some scams.

This is how APMEX fares against major competitors like Money Metals Exchange, JM Bullion, and SD Bullion:

4.5/5
Products Gold, platinum, silver, copper,  palladium
Services Buying, selling, and storage
Shipping Free shipping on orders over $199. Shipping is $9.95 for orders under $199.

4.4/5
Products Gold, Palladium, silver, platinum, and rhodium
Services Buying, selling, storage, and loans
Shipping Free shipping is available on orders over $500. $7.97 shipping for orders under $500.

4.3/5
Products Gold, platinum, silver, copper,  palladium
Services Buying, selling, storage, and loans
Shipping Free shipping on orders over $199. Shipping is $7.99 for orders under $199.

4.2/5
Products Gold, platinum, silver, copper, and palladium
Services Buying, selling, and storage
Shipping Free shipping is available on orders over $199. $9.95 shipping for orders under $199.

APMEX Reviews and Ratings (October 2023)

As of October 2023, the following are some ratings of APMEX from various websites. Overall, they are not particularly significant, especially since APMEX has received numerous complaints and negative reviews. You can see some of them below:

• BBB – 3.86 out of 5 rating based on 182 reviews, rated A+, BBB accredited since 2004, 103 complaints closed in the last 3 years
• BCA – “BBB” rating with 2 out of 5 stars (based on five reviews)
• Consumer Affairs – 3.7 out of 5 rating based on 246 reviews
• RipOff Report – 23 reports 
• Trustpilot – 1.9 out of 5 rating based on 7,867 reviews
• Trustlink – a 3.5 out of 5 rating based on three reviews

This is quite alarming since it has 23 reports on Ripoff Report. Most of the complaints were that clients were not receiving their items. Some received empty boxes!

It also received a low rating from the BBB, due to complaints as well as 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 Review: Reddit

Reddit is a go-to platform where people can easily ask for opinions about a specific company. Fortunately, APMEX has a good reputation on Reddit, with users mostly praising the company for its wide selection, fast shipping, and good customer service.

However, recent comments indicate that users are expressing dislikes because APMEX’s prices have increased, and some complain about authenticity issues.

Over the course of my two decades consulting for bullion investors, I’ve seen how online reputation metrics can be misleading.

APMEX 2025 Reviews update:

APMEX holds an A+ rating with the Better Business Bureau and has been accredited since 2004, a key indicator of trust.
Yet, on platforms like Trustpilot, they average around 1.8 out of 5 stars, primarily due to complaints about slow shipping, difficulty contacting support, or confusion over order lock fees.

In practice, such discrepancies often arise from misunderstanding policies rather than misconduct.
When you deal with APMEX, the key is clear communication, including confirmation of payment timelines, shipping expectations, and cancellation terms, before checkout.

APMEX Fake Gold and Silver Accusations

Unfortunately, APMEX has been involved in a serious case regarding the authenticity and legitimacy of their products. In 2016, a lawsuit was filed against APMEX for alleged counterfeit gold bars. Interestingly, it was settled out of court for an undisclosed amount.

In 2017, APMEX was again accused of selling counterfeit silver rounds. To this day, the lawsuit remains pending. The company has denied all allegations and is vigorously defending the fact that all of its products undergo rigorous testing processes.

There you have been warned about APMEX’s dark history. If you still wish to purchase from them, be cautious and, if possible, always request a certificate of authenticity. This should state the weight, purity, and serial number of the product.

APMEX Lawsuits & Customer Complaints

Like most large, long-running dealers, APMEX has faced a few legal and customer complaints over the years. These include an old antitrust lawsuit involving online pricing (later dismissed) and a website accessibility case that many big e-commerce brands have also encountered.

More common are shipping or refund complaints on the BBB site, usually involving delayed packages or confusion over insurance coverage. None of these issues proves fraud or a scam, but they remind buyers to read APMEX’s policies carefully, confirm insured delivery, and understand their cancellation rules before placing an order.

Overall, APMEX remains a legitimate and established dealer, but like any high-volume platform, it isn’t perfect, so due diligence is key.

Is APMEX Silver and Gold Reputable?

The company has said that it has a rigorous testing process in place to ensure the authenticity of its products. But as shown earlier, the lawsuits have raised concerns about the company’s authenticity standards.

The company has denied all allegations, so these lawsuits could be isolated cases. It remains that APMEX is a reputable dealer of silver, gold, and other precious metals, having been in business for over 20 years.

The company is a member of the American Numismatic Association (ANA) and the Professional Coin Grading Service (PCGS). Their products are also insured by Lloyd’s of London. I would say, yes, their products are reputable.

APMEX Review: Pros & Cons 

Pros

• Massive, constantly refreshed inventory (bullion + numismatics)

• Transparent, live pricing and order locks

• Sell-To-Us program with strong liquidity

• AutoInvest (set-and-forget DCA) + OneGold digital metals

• Free shipping ≥ $199 (domestic); discreet, insured parcels

• Citadel (Brink’s) vaulting with independent audits

Cons

• Premiums often higher than SD/JM for common bullion & fractionals

• Cancellation/market-loss fees can surprise new buyers

• Mixed public reviews (shipping delays, support responsiveness)

• Buyback spreads wider for non-standard/collectible items

APMEX Leadership Team

Scott Thomas (President and Founder)

Since the company’s founding, Scott Thomas has served as the company’s president.

His grandfather, a mail-order coin dealer, sparked his interest in coins and precious metals. After his grandfather passed away, he discovered his coin collection and decided to sell it on eBay in the late 1990s.

Over time, he worked hard to grow his business, and in 2000, he founded American Precious Metals Exchange. He purchased the former Federal Reserve building in Oklahoma City to serve as both a storage facility for precious metals and 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)

With over 20 years of experience in the technology industry, as well as leadership roles in retail organizations (many of which are Fortune 500 companies), Lewis has been a valuable asset to their growth. Lewis joined the company in 2011 and served as its EVP of Operations, later becoming its Chief Operating Officer for a two-year period.

Lewis acknowledges the importance of both customer satisfaction and 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 at managing the company’s multi-billion-dollar transactions per year.

He began his career as a controller at Paycom Software, Inc., where he demonstrated his expertise in budgeting, forecasting, and strategic planning. 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.

Sterk is a member of Financial Executives International and the American Institute of Certified Public Accountants.

Ryan Boyles (VP. merchandising)

Lastly, we have Ryan Boyles, who joined APMEX in 2011. With his leadership roles in Business Development, Business Intelligence, and Merchandising, Boyles continues to play an essential role in growing and developing the company’s financial instruments.

Boyles led various initiatives within APMEX, including the launch of the company’s e-commerce marketplace on Amazon, Walmart, and third-party inventories.

Boyles also leads the development of exclusive product lines, including service and maintenance of merchandising, inventory, planning, tools, and dashboards.

APMEX Awards

In addition to its broad selection of products and services, APMEX has garnered numerous 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

APMEX Review: Frequently Asked Questions (FAQ)

Q: Is APMEX legit?
A: Yes, American Precious Metals Exchange (APMEX) has been operating since 2000, is BBB-accredited, and is one of the largest online precious-metals dealers. 

Q: Does APMEX offer gold IRAs?
A: APMEX sells IRS-approved metals for IRAs but is not itself a custodian—investors must work through a partnered custodian.

Q: Are there minimums/shipping policies I should know?
A: Domestic orders usually have no minimum purchase, and shipping is free for orders over $199. For smaller orders, shipping costs (e.g., ~$9.95) may apply. 

Q: What are the risks with APMEX?
A: Key risks: premiums may be higher than competitors, some complaints around customer service & shipping delays, and buy-back values may not always meet expectations. 

Q: How do I pay, and does the payment method matter?
A: Multiple payment methods accepted (wire, check, credit card, crypto). Discounts often apply for check/wire vs. credit card/crypto, where fees/premiums may be higher.

Q: What should I check when buying from APMEX?
A: Verify the product’s mint/purity status, understand the premium vs. spot price, check shipping/insurance options (especially for high-value orders), and review return/cancellation fees.

Is APMEX a Scam? Final Verdict

While we cannot say that APMEX is a scam, per se, they have received their fair share of negative reviews.

The company has been around for several years, which means you will be working with a well-established entity for an extended period. Moreover, it does offer legit precious metals. It also has its share of positive reviews.

While it is common for a company of its size to have negative reviews, this should serve as a warning that not all APMEX customers are delighted. Whether you decide to choose this company or another is entirely up to you.

However, we at Your Gold IRA Guide do not recommend APMEX for several 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!