The precious metals market has grown in popularity in recent years, and many investors are looking for reputable and reliable dealers to help them invest in gold, silver, and other precious metals.
One such dealer is APMEX, a company that has gained a reputation for its wide range of products and services.
In this comprehensive review, we will take an in-depth look at APMEX, analyzing its pros and cons, trustworthiness, products and services, and more.
Before we dive in, we've researched and rated the best precious metals IRA companies for 2023 - you can see if APMEX made the list with our full breakdown:
Ready to start your precious metals investing journey? Augusta Precious Metals is our top-rated choice - learn why and get a free precious metals investing kit below:
Augusta Precious Metals is the leader in the precious metals IRA space, and offers a professional, haggle-free investment experience. Get their free investing kit to learn more.
What is APMEX?
APMEX, short for American Precious Metals Exchange, is a well-known online retailer and dealer of precious metals.
Established in 1999, the Oklahoma City-based company specializes in buying, selling, and trading gold, silver, platinum, palladium, and other precious metals. APMEX also offers various services, including precious metals IRAs and storage solutions.
APMEX Pros and Cons
Is APM a Trusted Company?
APMEX is widely considered a trusted and reputable company in the precious metals industry. They have been in business for over two decades and are members of several industry associations, including the Industry Council for Tangible Assets (ICTA) and the Professional Numismatists Guild (PNG). APMEX also has a solid reputation among customers, as evidenced by their high ratings and reviews on various review websites.
APMEX Gold Buying Options
APMEX offers a wide variety of gold products, including coins, bars, and rounds from various mints worldwide. Popular gold options include American Gold Eagles, Canadian Gold Maple Leafs, South African Krugerrands, and PAMP Suisse gold bars. APMEX also offers fractional gold coins and bars for those looking for smaller investments.
APMEX Silver Buying Options
APMEX's silver options are just as diverse as their gold offerings. They carry a vast array of silver coins, bars, and rounds, including American Silver Eagles, Canadian Silver Maple Leafs, and generic silver bars. APMEX also offers junk silver (pre-1965 U.S. coins with 90% silver content) and fractional silver bars for smaller investments.
In addition to gold and silver, APMEX carries platinum and palladium products, including coins, bars, and rounds from various mints. They also offer rhodium bars for those interested in diversifying their precious metals portfolio further.
APMEX Precious Metals IRA Options
APMEX provides a precious metals IRA service, allowing investors to hold physical gold, silver, platinum, or palladium within a self-directed IRA. This option enables investors to diversify their retirement portfolio and potentially benefit from the tax advantages of an IRA.
Here's the simple process for getting started with your new precious metals IRA:
Choose a Custodian
APMEX has partnered with several reputable custodians, including New Direction Trust Company and STRATA Trust Company. Investors should research and select the custodian that best fits their needs.
Open a Self-Directed IRA
Once a custodian is chosen, investors can open a self-directed IRA account, which will allow them to hold physical precious metals.
Fund the IRA
Investors can fund their IRA through a rollover, transfer, or contribution, depending on their eligibility and financial situation.
Select Your Precious Metals
After funding the IRA, investors can choose the eligible gold, silver, platinum, or palladium products they wish to hold within their IRA.
Purchase and Storage
The custodian will facilitate the purchase of the selected precious metals and arrange for their storage in an approved depository.
Other Services APEX Offers
In addition to its extensive product offerings and precious metals IRA services, APMEX provides several other services, including:
- Storage solutions: APMEX has partnered with Citadel Global Depository Services, a subsidiary of Brink's, to offer secure storage solutions for precious metals.
- Price alerts: Investors can sign up for price alerts to receive notifications when a specific product reaches their desired price.
- AutoInvest: This feature allows investors to set up recurring purchases of specific products at predetermined intervals, simplifying the investment process.
- Customized portfolios: APMEX offers personalized portfolio recommendations based on an investor's risk tolerance, investment objectives, and time horizon.
Is it Safe to Buy Gold and Silver from APMEX?
Yes, it is generally safe to buy gold and silver from APMEX. They are a reputable and trusted company with a long-standing history in the precious metals industry. Additionally, APMEX ensures that their products are sourced from reputable mints and refineries and are accurately described and photographed on their website.
APMEX Fake Gold? Steps the take to protect your purchase...
APMEX takes great care to ensure the authenticity of the products they sell. They have a rigorous verification process, which includes testing the metal content, weight, and dimensions of the products. APMEX also sources their products directly from well-established mints and refineries to reduce the risk of counterfeit products entering their inventory.
APMEX offers both domestic and international shipping. For domestic shipments within the United States, they provide free shipping on orders over $199. Orders below this threshold are subject to a flat shipping fee. International shipping rates vary based on the destination country and the value of the order. APMEX uses reputable carriers, such as UPS and USPS, and offers various shipping options, including expedited shipping for an additional fee.
Are APMEX Purchases Reported to the IRS?
APMEX follows all applicable federal and state tax reporting requirements. In general, APMEX is not required to report precious metals purchases to the IRS. However, they must report specific transactions involving large quantities of certain precious metals or large cash transactions. It is essential for investors to consult with a tax professional to understand their reporting obligations when buying or selling precious metals.
APMEX BBB Rating and Complaints
APMEX holds an A+ rating with the Better Business Bureau (BBB) and has been accredited since 2004. While there have been some complaints filed against APMEX with the BBB, the majority of these complaints have been resolved to the customer's satisfaction. It is worth noting that the number of complaints is relatively low compared to the high volume of transactions APMEX processes.
Overall, APMEX is a reputable and trusted company in the precious metals industry. They offer a wide range of products and services, including gold, silver, platinum, and palladium products, precious metals IRAs, and storage solutions. APMEX's user-friendly website and excellent customer service make it easy for both new and experienced investors to navigate the world of precious metals investing.
While some customers have reported higher premiums on certain products compared to other dealers, APMEX's price-match guarantee for select products helps ensure competitive pricing. Additionally, their commitment to sourcing products from reputable mints and refineries and their rigorous verification process minimize the risk of counterfeit products.
APMEX's solid reputation, BBB rating, and industry affiliations all contribute to their trustworthiness as a precious metals dealer. Although they must report specific transactions to the IRS as required by law, most purchases are not subject to reporting, providing privacy for investors.
In conclusion, APMEX is an excellent choice for those looking to invest in precious metals, diversify their portfolio, or set up a self-directed IRA. Their wide range of products, services, and educational resources make it easy for investors to make informed decisions and take advantage of opportunities in the precious metals market.