Is APMEX A Scam? (Updated Review For August 2022!)

August 30, 2022

Is APMEX A Scam

Are you interested in getting gold and silver from APMEX this summer? Well, if you are, then you definitely want to read this review as I am going to share with you everything about APMEX, the good and also the bad.

In this review, we will be discussing APMEX. Who are they and how can they help YOU? Is APMEX a scam? Or a legitimate company?

I shall reveal the answers to these questions in this review! 

Grab a cup of coffee and read with me!

APMEX Review Quick Summary

Name: APMEX (American Precious Metal Exchange)

Website: https://www.apmex.com/

Founder: Scott Thomas

Fees: $175 - $225 per year

Price: Varies

Rating: 2/5

Is APMEX A Scam logo

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 invest with them?

Be sure to drop a comment under this article you will definitely help other investors make a better choice!

In the meantime, be sure to check out our top recommended gold company that we believe it could be a very good alternative to APMEX!

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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.

They seem to take pride in being one of the largest dealers of various precious metals from different countries which include South Africa’s Krugerrands and Royal Canadian Maple Leafs.

APMEX Products and Services

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.

Apart from these, APMEX also offers rare coins and collectibles. You can check out the complete product catalog with prices on its website.

Apart from selling precious metals, APMEX also buys from its clients.

Does it offer 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
  • Self Directed IRA
  • Entrust Group
  • EQUITY Institutional
  • New Direction IRA
  • Kingdom Trust Company

IRA fees vary depending on which IRA custodian you would choose if you wish to start an IRA account.

Does APMEX offer 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.

Is APMEX A Scam fees

How to get started?

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 $99 receive free shipping, while the ones below are charged with a $9.95 shipping fee. You can check more information here on buying precious metals from APMEX.

Ratings and Reviews (Updated August 2022)

August 2022 Update:

As of 8/30/2022, these are the 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:

  • BCA - 2 out of 5 rating with "D" rating (based on 3 5 reviews)
Business Consumer Alliance APMEX Rating August 2022
Is APMEX A Scam review 3
Is APMEX A Scam review 2
Is APMEX A Scam review 1

Pros

  • 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 $99

Cons

  • 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!

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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

  • 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.

  • 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!

  • hi

    You ought to take part in a contest for one of the best websites on the net. I’m going to recommend this web site!|

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