Is APMEX a Scam – Fraud? Customer Complaints Reviews

is apmex a scamWe’ll be answering this question and more in this comprehensive APMEX review. While searching for legitimate precious metals dealers, you may have found yourself asking, is Apmex a scam or fraud and are wondering if there are any Apmex complaints.

 

IMPORTANT: There are a lot of hidden scams to be aware of when entering precious metals investing (especially for retirement), so please do yourself a favor and start by reading this post first: 3 Questions You Should Always Ask when comparing precious metals dealers.

 

If you’re short on time, see this years top precious metals dealers here:

Winners of the Bullion Dealer of the Year 2021

Is APMEX a Scam?


American Precious Metals Exchange (APMEX) opened for business in 2000 and has been accredited by the Better Business Bureau (BBB) from 2004 to the current day. They’re one of the largest (billion-dollar company), most recognized names in the industry, and employ over 110 people. We have determined that they are definitely a legitimate, reputable company, and have a good reputation overall. APMEX is definitely NOT a scam.

 

Is APMEX a Legitimate Company?


The company specializes in buying & selling a variety of precious metals online including gold, silver, platinum, and palladium; in their various forms – bullion coins, wafers, and bars. They pride themselves in offering the most bullion from foreign countries, such as the South African Krugerrands, Royal Canadian Maple Leafs. They do sell collectibles, and rare coins as well. APMEX carries IRA-grade approved metals but is not a custodian. If self-storage is not something you’d be interested in, they have partnered with the top custodians.

APMEX Reviews


Updated June 22, 2021:

They’ve been accredited with the Better Business Bureau (BBB) since 2004, and they have earned an A+ rating. However, over the past 3 years:

  • they’ve accumulated 56 complaints
  • 40 of those complaints have been resolved within the last 12 months.
  • With 182 customer reviews, they have managed to maintain a 4.16-star (out of 5) rating.
  • 1-star rating: 35 total – 2-star rating: 2 total – 3-star: 2
  • the remaining 143 reviews are either 4-star or 5-star!

 

APMEX is in good standing and has been operating since the year 2000. There are no known significant government actions involving American Precious Metals Exchange at this time.

 

APMEX Complaints


It seems the company does make a conscientious effort to respond to every complaint and has resolved most of the issues. The complaint volume is usually relative to the size of a particular business. So to some, it might be considered normal to see a relatively small number of negative customer comments. Some of those complaints may be concerning to others.

The majority of APMEX complaints are stemming from:

  • refusing to accept buybacks from certain coins
  • buying back precious metals at below the market price
  • charging high over-spot prices
  • being sent the wrong coin
  • they have a strict Anti-Money Laundering vetting process
  • impolite customer service
  • slightly higher prices than their competitors

 

In the company’s defense, we did see on numerous occasions that if a mistake was made, a refund and appeasement store credit was credited to the client’s account.

 

Summary of complaints on file at the ComplaintsBoard:

  • unprofessional customer service
  • unusually long wait times for shipping metals
  • cancellation fee charged even though the client did not cancel the order
  • refund made via check even though paid with credit card
  • coin not in stock after ordering, the client asked to choose a different coin

The summary rating that is provided is not an accurate representation based on the thousands of happy customers and long-term clients that Apmex maintains.

  •  2-star rating based on 6 complaints. Two have been resolved. These are unsubstantiated and APMEX has not responded.

 

American Precious Metals Exchange meets the BBB’s accreditation standards and it has been determined that they make a good faith effort to resolve consumer complaints. Even though there are numerous complaints, they still have an A+ rating for this reason. It seems the issues are being resolved, which is a good thing, important to know they care. Just food for thought when weighing your options.

 

There are also positive reviews of APMEX out there from customers that had no issue with the company.

  • received their precious metals and the gold sold back was at fair market value. 
  • many of their clients have used APMEX several times and attest that it’s always a painless transaction and would recommend them without hesitation.

 

Summary


When researching further you may notice complaints in different categories, not just for customer service. It seems some issues customers are having were with the actual products, delivery, and billing. But the amount of complaints that we are seeing is on the low side, compared to the huge number of transactions and customers.

 

It seems the majority of complaints people generally have with large companies do arise from shipments not being received or receiving them late. Others having to wait 30 days before the company issues a refund, etc.

 

There are also a lot of warnings from people who have used companies where some claim they were scammed and that their ordered product was never received or having their orders canceled for no reason. Very rarely, some have even received chipped or cracked bars.

 

When customers contact their precious metals dealer and are told to return the product due to a defect the company should cover the shipping charges. Most would agree that the dealer should be responsible for the additional expenses.

 

There are many consumer review sites out there where you’ll be able to find complaints, positive reviews as well as discouraging reviews, but that does not mean that the company in question is bad or an outright scam.

 

When doing further research be cautious and don’t ignore detailed comments or complaints. Compare them with the good because all companies have their good qualities or they would not be in business for long. If a company values long-term relationships with its customer base and isn’t just worried about making the initial sale, it will continue to keep its clients satisfied.

 

Which Companies Are We Recommending?


If you’re planning on checking out other companies, have a look at Our TOP 3 Recommended Precious Metals Companies

See Who the Winners Are! (👇click below)

 

If you have your own insights answering is apmex a scam or know of any apmex complaints and would like to add your two cents, go ahead and leave a comment below and share your experiences with the rest of us. Please feel free to leave your review below, the more detailed the better. Thanks!

20 comments on “Is APMEX a Scam – Fraud? Customer Complaints Reviews

  1. I received my 3 2019 silver eagle .they are fake.the eagle side is up when it should be down. It’s smaller than a real and the details suck. I am really pissed off. This company is a scam

  2. Recieved 1884 morgan silver dollar. Scratch down one side. And something on surface not toning. If you are pros you know this. Graded 63 NGC. Does not seem possible.

  3. I saw so much social-media negativity toward Apmex I really hesitated before using them, but finally decided to sell them five-figures worth of gold coins, and (this week) had a courteous, prompt (including payment) experience all around.

  4. I’ve been an APMEX customer for 12 years. I used to pay primarily by check because that payment method offers the best deal. Lately I have been using bitcoin to make purchases. I have also used a credit card via paypal a few times. Every transaction has been smooth as silk regardless of payment method and I have always been happy with the product. I am impressed with this company. It’s actually quite unusual to do business with anyone for that long and have no complaints. Fortunately for me, and unfortunately for the purposes of this review, I can’t comment on customer service as I have never needed it.

  5. I have been dealing with APMEX for 15 years. I’m was at the elite customer level and had my silver card and all.

    After placing roughly a $150k order with them I received 6 items with broken TEP (Tamper Evident Packaging), a 20% premium.

    I complained and asked for a replacement and they deleted my account and all my records.

    They threatened to sue me, posted personal information on twitter and even made false claims that they did not answer.

    They lost their arbitration with the BBB, check other rating sites and the second and third pages of google.

    My returns are still good until April 4th but when I tried to return the items last week they would not accept it.

    They also cancel trades that move against them. They give no reason other than they have the right to cancel any trade they want, nice business model.

  6. I’ve been with APMEX going 3 years now. I’ve experienced a couple of their competitors. So far APMEX appears to be the easiest, secure and prompt response interface. I’d rate them 5+ 🌟.

  7. I did my first investment in gold bullions .99999 coins transaction with them last week. I only have positive comments about; their products, services and, the quality of the product I received. My biggest scare before my first purchase with any company online was to be “bamboozled” with counterfeit material. So far, it is not a concern with APMEX.

  8. Until recently APMEX was outstanding. Over the last 13 years, I have ordered from APMEX over $200,000 in gold and platinum that I store in my safety deposit box. And, I recommended them to several people. During these 13 years, they have grown from a small company to one of the largest.

    However, APMEX has now become a criminal organization because they will first take your money and after your check has cleared your bank, they will then find issues in your order. Especially, like in my case where the market value of my order increased by almost $1,000. They refused to fill my order until after I resolved some issues and they intended to cancel my order and resell at the much higher current market price if I didn’t respond to an email within 48 hours. As a long-term customer, APMEX had zero reasons to find any issues and I was able to resolve the issues and they shipped my order. However, I was certainly worried for a couple of days. Their intent was to cancel my order since the price had increased. I believe there would have been no issues if there had been a price drop.

    If APMEX has any reasons for issues, they should post it on their website or otherwise notify you and give you the opportunity to resolve the issues before they accept your order. Certainly, APMEX shouldn’t wait until after your check has cleared and they have your money to find issues. Their so-called justification is that some people will use an alias to place an order and APMEX will use that as an attempt to cancel the order if there is a significant increase in the market price or perhaps even to keep your money. Regardless, whether their issues are the use of an alias and/or some other reason, the customer should be given an opportunity to resolve the issues before making payment. Otherwise, if they receive payment, they should fill the order.

    I don’t recommend APMEX unless you first call and talk to them to make sure they will have no issues. Instead, I recommend “Only Gold” or “JM Bullion.” Both companies sell gold, silver, platinum, etc. and have very good prices.

  9. Took advantage of their offer on silver rounds, courteous service and prompt delivery. Very satisfied

  10. My dealings have been more than 5 stars. i love to deal with them in ever way. you name it. great great great

  11. I just made 2 spearate Silver purcahses of 100oz and 10oz Sundshine Mining bars and they were perfect, shipped free and cost competitive. Frankly I find Apmex great to work with.

  12. Like so many others, I’ve ordered for years now, I always use personal check, of course I have to wait for it to clear then they ship, emailing me along the way, del date, &status, guess what it’s there every time just like promised just f y I

  13. Doing biz with them for past 2 yrs. No complaints. Order what I want, get what I want. Nothing to complain about that. Compare before I buy, there always close or better $$ wise……go beat that with a stick.

  14. I have been dealing with APMEX for several years and have found their customer service, prices, and selection unmatched in the market. I even purchased a bag of 90% silver coins and, when counted out, found I was short less than a dollar. I called APMEX and they made up the difference immediately with no questions asked…..

    My only complaint is that their Morgan grader could use a little help. I’ve purchased some coins boasting certain grades and found they didn’t quite match up to that grade. Grading can be so controversial that I don’t consider that a true gig on the company though.

  15. Just purchased some gold coins from Apmex last week(9-25-14) and received fast and courteous service and at a good price. They have a selection of gold coins that are not carried by anyone else that I can find as well. Anyway that has been my experience. Cheers Rich

    • Cheers Richard. Glad to hear you had a good experience with them and thanks for sharing it here with us. Let us also know how it goes after receiving your gold and if something changes. Be careful of valuations if they are numismatic coins (considered collectibles). As an investment and an inflation hedge, bullion coins are usually the preferred choice and these bullion should also be IRS/Gov’t. approved.

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