Is APMEX a Scam – Fraud? Customer Complaints Reviews
We’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: What Makes a Gold IRA Company the Best
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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.
Updated – August 24, 2022:
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 98 complaints
- 43 of those complaints have been resolved within the last 12 months.
- With 199 customer reviews, they have managed to maintain a 4.03-star (out of 5) rating.
- 1-star rating: 46 total – 2-star rating: 2 total – 3-star: 2
- the remaining 153 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.
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 was charged even though the client did not cancel the order
- refund made via check even though paid with a 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.
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 have 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.
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Hopefully, we have helped in answering is apmex a scam or have informed you on the most important apmex complaints today. See our top recommended company above.