Monex is a precious metals dealer that offers coins and bullion. The company has been in business for over 50 years and is a reputable firm.
The company was recently accused of fraud in a scheme that cost elderly customers their life savings. The scheme involved high pressure sales tactics.
Monex is one of the leading providers of precious metals investments. They have over 50 years of experience and offer a wide selection of coins and bullion to choose from. They also provide a convenient way to sell back any unwanted items. Customers often have good experiences with the customer service team at Monex, but some have had issues.
Many customers have complained that Monex’s sales representatives used high pressure tactics and misrepresented the value of precious metals. They also failed to keep customers informed about their orders. This resulted in financial losses for some elderly customers. As a result, the company has been forced to pay restitution to some customers. In addition, the BBB has revoked Monex’s accreditation due to its failure to respond to complaints in a timely manner and treat its customers fairly. This has significantly hurt their reputation. In turn, it may be costing them business.
Monex sells precious metals and provides a variety of services, including storage and financing. The company also offers a number of educational resources to help investors make informed decisions about their investments. However, some customers have experienced problems with pricing. They have reported that the prices are often higher than those of competitors. Other complaints have been related to customer service, including the company’s representatives failing to follow instructions or keeping the client up-to-date with their investment progress.
In addition to its retail trading, Monex’s Atlas program offered leveraged commodity trades. The CFTC complaint alleges that the firm used high-pressure sales tactics and promised customers Atlas accounts would be a safe and secure way to shield their wealth from inflation. Many of the customers who invested in the program lost money, according to the complaint. The CFTC has sought to stop the firm from offering its leveraged commodities and to require it to disgorge any ill-gotten gains.
Monex offers a large selection of coins and bullion. However, some customers have complained that the company does not always have the items they ordered in stock. They have also had issues with sales representatives. There have been 39 closed complaints filed against the company with the Better Business Bureau in three years. These issues range from advertising to sales and delivery problems. These complaints are not about product selection, but rather the company’s inability to deliver what they advertise.
Many monex complaints state that the company does not send out bullion or coins promptly after orders are placed. The company also does not always have the items on hand that they say they do. In addition, the company is known to charge high fees for shipping and handling. This can be a major problem for some customers who are looking to buy silver or gold online. These issues have led to lawsuits against monex by the CFTC. The CFTC alleges that the company engaged in fraud and manipulation to defraud thousands of customers. The company has denied the allegations in court.