What is American Precious Metals Exchange?American Precious Metals Exchange Locations, Timings, Email, Phone, Services
The American Precious Metals Exchange (APMEX) is a company that specializes in the buying and selling of precious metals, including gold, silver, platinum, and palladium. American Precious Metals Exchange serves as a marketplace for individuals and investors to purchase a wide variety of bullion products, such as bars and coins, as well as other related items like numismatic coins and collectibles.
The company was founded in 2000 and it is based in Oklahoma City. American Precious Metals Exchange has become one of the largest precious metals dealers in the United States.
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The company offers a vast catalog of products, providing customers with options for investment and collecting purposes. American Precious Metals Exchange has gained recognition and built a reputation within the industry for its extensive selection, competitive pricing, and reliable service.
Through its online platform, American Precious Metals Exchange allows customers to browse and purchase precious metals conveniently. The company also offers storage services for customers who prefer to store their metals securely. American Precious Metals Exchange operates nationally and internationally, catering to customers from various countries.
- Address: 226 Dean A Mcgee Ave Oklahoma City, OK 73102-3413
- Phone No: (405) 595-2100
- Website: https://www.apmex.com/
- Email: [email protected]
People Behind American Precious Metals Exchange: CEO, Owner, Co-Founders & MoreWho owns American Precious Metals Exchange? What is the management team behind American Precious Metals Exchange?
Mr. Scott Thomas is the President, and Mr. Kenneth Lewis serves as the Chief Executive Officer of the firm. Doug Sterk acts as a Chief Financial Officer and Ryan Boyles serves as the Vice President of Merchandising at American Precious Metals Exchange.
Mr. Scott Thomas: President
Scott Thomas, the founder, and president of American Precious Metals Exchange, has been at the helm of the company since its establishment. Under his visionary leadership, American Precious Metals Exchange has emerged as one of the largest buyers and sellers of precious metals, including gold, silver, and other valuable products, within the United States. Mr. Thomas is credited with devising the highly successful online marketing and distribution strategy that has propelled the company’s growth.
In recognition of his contributions to the field, Mr. Thomas was honored with the prestigious Presidential Award from the American Numismatic Association in 2009. This esteemed accolade was bestowed upon him by the world’s largest and most respected numismatic organization.
What started as a small, single-location retail store has now transformed into a global operation employing hundreds of dedicated professionals, thanks to Mr. Thomas’s leadership. He has secured APMEX’s status as an authorized distributor for numerous major governments involved in the minting and distribution of gold and other precious metal coins, including the esteemed designation as an Authorized Purchaser with the United States Mint.
Through strategic efforts, APMEX’s portfolio has expanded to include thousands of different precious metal products valued at billions of dollars. Mr. Thomas has nurtured a vast and active network of independent dealers, fostering liquidity and creating a robust, two-way market for a wide array of precious metal offerings.
Not content with domestic success alone, Mr. Thomas has spearheaded American Precious Metals Exchange’s global expansion, establishing a presence in over 60 countries. He remains actively engaged in the industry, participating as a member of the Industry Council for Tangible Assets (ICTA), an influential trade association, as well as the International Precious Metals Institute (IPMI), an esteemed international association encompassing producers, refiners, fabricators, scientists, financial institutions, and merchants operating within the precious metals markets.
Mr. Kenneth Lewis: Chief Executive Officer
Ken Lewis is a highly accomplished professional with over two decades of leadership experience spanning various retail and technology companies, including several Fortune 500 organizations. Known for his results-driven approach, Mr. Lewis has implemented strategic and operational transformations that have consistently contributed to the growth of both revenue and profitability within the organizations he has been associated with. His unwavering focus on customer satisfaction is matched by a strong commitment to employee development.
Mr. Lewis became a part of American Precious Metals Exchange in 2011, initially serving as the Executive Vice President of Operations before assuming the role of Chief Operating Officer for two years. His extensive background and expertise have played a pivotal role in shaping the operational efficiency and success of the American Precious Metals Exchange. For further insights into Ken Lewis’s professional journey, please refer to his LinkedIn profile.
Mr. Doug Sterk: Chief Financial Officer
Doug Sterk, a seasoned professional with over 20 years of expertise in accounting and finance, became a part of the American Precious Metals Exchange in 2017. Previously serving as the Controller at Paycom Software, Inc., Mr. Sterk accomplished significant milestones, such as preparing the company’s inaugural annual 10-K report and providing valuable support in strategic planning, budgeting, and forecasting. He holds memberships in prestigious organizations such as Financial Executives International and the American Institute of Certified Public Accountants.
Currently holding the position of Chief Financial Officer at American Precious Metals Exchange, Mr. Sterk assumes responsibility for overseeing various crucial aspects, including financial performance, regulatory compliance, risk management, and project management. For more comprehensive details about Doug Sterk’s professional background, you can visit his LinkedIn profile.
Mr. Ryan Boyles: Vice President of Merchandising
Ryan Boyles became part of American Precious Metals Exchange in 2011, assuming leadership positions in areas such as Business Intelligence, Business Development, and Merchandising. Throughout his tenure, Mr. Boyles has spearheaded various significant initiatives, including the successful establishment of marketplaces on platforms like Amazon and Walmart. He has also played a key role in implementing Third-Party Inventory strategies, expanding exclusive product lines, and revamping inventory planning tools and dashboards in the Merchandising department. For more information about Ryan Boyles and his professional background, you can visit his LinkedIn profile.
American Precious Metals Exchange Products: Bullion Coins, Bars, And Rare CoinsAll products offered by American Precious Metals Exchange
American Precious Metals Exchange has one of the largest collections of precious metals products. They offer gold, silver, platinum, and palladium products of all kinds including IRA-eligible, numismatic and semi-numismatic coins.
The company provides pricing details for every product which can help you get an idea of how much you would need to spend.
You will find plenty of rare and collectible coins in their collections you might not find elsewhere.
Gold IRA Products:
The American Precious Metals Exchange gold selection has a ton of IRA-eligible coins and bars for you to choose from. You will find all of the popular IRA coins here including American Eagle, Canadian Maple Leaf, and more.
Some of the notable coins present in the collection are:
- American Gold Eagle
- Canadian Gold Maple Leaf
- Australian Gold Kangaroo
- Great Britain Gold Britannia
- Austria Gold Philharmonic
And several more.
Similarly, you will find gold bars of all sizes and varieties in their collection including PAMP Suisse, Credit Suisse, and others.
Silver IRA Products:
The American Precious Metals Exchange silver collection has all the popular silver IRA products:
- American Eagle Silver Coin
- Canadian Silver Maple Leaf
- American Eagle Silver Coin (Proof)
- Austrian Philharmonic Silver Coin
- Australian Silver Kookaburra
- Armenia Silver 500 Drams Noah’s Ark
You find coins of various years and sizes in this selection. Furthermore, there are multiple silver bars available in this collection of 1 oz, 10 oz, and 100 oz sizes.
Platinum IRA Products:
Some of the notable products present in their catalog are:
- American Platinum Eagle
- Valcambi 1 oz Platinum Bar
- Canadian Platinum Maple Leaf
- Australian Platinum Platypus
- Credit Suisse 1 oz Platinum Bar
And many more.
Palladium IRA Products:
You will find a substantial collection of palladium products in their catalog too:
- Canadian Palladium Maple Leaf
- 1 oz Palladium Bar PAMP Suisse
And several more.
Their product is certainly fantastic but a lot of the products were unavailable at the time of writing this American Precious Metals Exchange review.
Non-IRA Products:
While the bullion dealer certainly has a great collection of IRA-approved products, it’s the non-IRA section where they truly shine the most.
You will find rare coins of all sorts here including Pre-1933 US Gold Coins, Silver Dollars (1794-1978), Peace Silver Dollars (1921-1935), and more.
Moreover, they have an Elite Picks section where they share the best rare coins of their collection.
You will also find licensed and movie-based coins in their selection.
So, if you’re an avid collector or a casual investor, their non-IRA selection might be a great fit for you.
How to Invest in American Precious Metals Exchange IRA?Step-by-step guide for investing in American Precious Metals Exchange IRA
To invest in a precious metals IRA through American Precious Metals Exchange, here are the general steps:
- Open a Self-Directed IRA
Select an IRA company that handles opening precious metals IRA accounts and fill out an application. You can work with American Precious Metals Exchange to recommend an IRA company and provide the necessary paperwork. However, I don’t recommend doing so.
- Fund Your IRA
Once you have selected an IRA company, you can move your funds into your new IRA account. You can work with the IRA company representative to transfer or rollover funds into the new account.
- Select a Precious Metals Dealer
One of the forms you need to fill out along the way is typically called a Buy Direction Letter. This is where you list the precious metals dealer you have selected, such as American Precious Metals Exchange.
- Decide Which Precious Metals to Purchase
You can choose to invest in gold, silver, platinum, or palladium for your IRA. There are some restrictions regarding fineness requirements and allowable coin types, so it’s important to get guidance from American Precious Metals Exchange in this area.
- Place Your Order
Once the funds are available in your IRA account, you can call them to place your order for the desired precious metals.
However, I don’t recommend opening an IRA with them. Why? Because there are plenty of better options available for you.
Opening a precious metals IRA is a major decision. That’s why I suggest checking out our top gold IRA providers list. There, you can find the best precious metals dealer in your state and choose accordingly.
Also, the list will help you understand what the industry’s best has to offer and what you might miss out on.
American Precious Metals Exchange Fees and Charges: Do they overcharge?What are their fees? Do they have hidden fees?
American Precious Metals Exchange says that they don’t apply any additional charges to the spot prices they show on their website.
However, if you pay the company through a check or wire transfer, you would get a 4% discount. This discount offer is unavailable with PayPal, BitPay, and credit cards.
Apart from these transaction fees, your IRA fee would depend on the custodian you choose. American Precious Metals Exchange offers you 5 custodians to choose from:
- Equity Institutional
- GoldStar Trust Company
- Kingdom Trust Company
- The Entrust Group
- STRATA Trust Company
Different custodians have different fee structures. For example, Equity Trust charges $50 for account set-up fees while Kingdom Trust doesn’t charge any setup fees.
Furthermore, your American Precious Metals Exchange fees would also be dependent on the size of your investment.
The minimum storage fee for your precious metals IRA is $15 and the storage rate is 0.55%.
There is no minimum investment requirement listed on the website of American Precious Metals Exchange.
| Initial Setup Fees | Depends on Custodian |
| Annual Maintenance Fees | Depends on Custodian |
| Storage Fees | 0.55% ($15 minimum) |
Companies like Augusta charge ZERO fees for up to 10 years and allow you to choose your gold & silver. American Precious Metals Exchange on the other hand provides fewer options.
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American Precious Metals Exchange Reviews and Complaints: BBB, Trustpilot, SitejabberRead all the American Precious Metals Exchange reviews & complaints
Better Business Bureau (BBB):
On the Better Business Bureau website, American Precious Metals Exchange has an A+ rating and 3.85 stars out of 5-star ratings based on 184 customer reviews. They are since 23 years in the industry. A total of 113 complaints have been filed or closed in the last 3 years. This business is BBB accredited on Better Business Bureau website.
BBB accreditation refers to the recognition given by the Better Business Bureau (BBB) to a business that meets specific standards of trust and ethical business practices. When a company is BBB accredited, it signifies that the business has undergone a thorough evaluation by the BBB and has met its accreditation criteria. This accreditation is voluntary and demonstrates a commitment to maintaining high standards of customer service and ethical conduct.
The A+ rating on BBB is the highest rating that can be awarded to a business by the Better Business Bureau. This rating represents the BBB’s assessment of the company’s overall performance and its adherence to BBB standards and best practices. The A+ rating reflects the BBB’s confidence in the business’s ability to interact with customers in a trustworthy and transparent manner.
Shopper Approved:
On Shopper Approved, American Precious Metals Exchange has 4.9 stars out of 5-star ratings based on 205,632 customer reviews. Mostly all the reviews presented are positive. The customers are praising the company’s knowledge, rapid shipping time, and its true staff.
Site Jabber:
On-Site Jabber, American Precious Metals Exchange has 3 stars out of 5-star ratings based on 38 customer reviews. The review is mixed, with customers commending the company’s customer service, knowledge, and prompt delivery.
Yelp:
American Precious Metals Exchange has received a rating of 2.5 stars out of 5 on Yelp, based on 47 customer reviews. The reviews are a mix of positive and negative feedback. Some customers have expressed satisfaction with their services and products, highlighting their positive experiences. However, there are also complaints regarding products and shipping that have been raised by some customers.
It’s important to consider these varying experiences when evaluating the company and making informed decisions about engaging with its services.
Trustpilot:
On the Trustpilot website, the business has received a rating of 1.9 stars out of 5 based on customer reviews. With a total of 7,835 customer reviews on the platform, the business has received predominantly negative feedback, resulting in a poor rating on Trustpilot.
Poor ratings on Trustpilot reflect customers’ negative experiences and dissatisfaction with various aspects of the business. These negative reviews could be attributed to factors such as low product or service quality, inadequate customer service, issues with delivery including delays or problems, deceptive practices, billing or payment complications, lack of transparency or communication, and an overall subpar experience.
It is essential to consider these poor ratings and negative reviews as part of the evaluation process when making decisions about engaging with a company’s products or services. It is advisable to thoroughly research and consider multiple sources of information to gain a comprehensive understanding of a business’s reputation and customer satisfaction levels.
Business Consumer Alliance (BCA):
On Business Consumer Alliance, the company has D ratings with 2 stars out of 5 stars in their BCA account. Only 5 customers reviewed them on BCA. They have no membership in BCA. They are in business for 23 years. A total of 3 complaints have been closed in 3 years.
Consumer Affairs:
On Consumer Affairs, the business has 4 stars out of 5-star ratings based on 298 customer reviews. Almost all the reviews are favorable and positive, with customers commenting on the company’s customer service, knowledge, and rapid delivery.
Ripoff Reports:
The American Precious Metals Exchange has 23 reports registered in their Ripoff Report account. The reviews are attached below.
Google Reviews:
On Google, the company has 4.7 stars out of 5-star ratings based on various customer reviews. There are a total of 941 customer reviews on Google, and most of them are positive, with customers praising the company’s excellent customer service, professionalism, and expertise.
Trustlink:
On the Trustlink website, the company has 3.5 stars out of 5-star ratings based on only 3 customer reviews. The reviews given by the customer are average for the company.
Some Negative Customer Reviews:
#1. Kelly points out that APMEX is the most expensive option for buying gold, stating that the company charges a higher premium over the spot price compared to other online companies. This highlights Kelly’s observation regarding the pricing structure of APMEX in relation to other competitors, specifically focusing on the higher premiums charged by the company.
#2. Michael expresses dissatisfaction, as his package was marked as delivered without actually being received. He doubts the company’s investigation efforts and took it upon himself to look into the issue further. This highlights Michael’s frustration with APMEX’s handling of his package and their perceived lack of thoroughness in addressing the situation.
#3. Fabio expresses dissatisfaction with APMEX, as he is unable to choose a shipping service other than USPS. He desires the option to select from different shipping options due to his lack of confidence in the reliability of USPS. This underscores Fabio’s preference for more flexibility in shipping choices and his concerns about the current shipping option offered by APMEX.
#4. Leo shares his worst experience with APMEX, expressing disappointment and stating that the company lacks concern for customer satisfaction. He recounts an interaction with a representative who suggests contacting customer service, but Leo finds this response ironic. He mentions having a previous conversation on eBay, where APMEX has since stopped responding to his messages. This underscores Leo’s frustration with APMEX’s poor customer care, ineffective communication, and unaddressed concerns.
#5. Corey expresses their dissatisfaction with APMEX, as their order was canceled for the second time over a week ago. Despite being informed on multiple occasions about the refund being sent out, Corey has not received it yet. He also expresses frustration with the lack of helpfulness from customer service. Corey’s experience with them highlights order cancellations, delayed refunds, and unhelpful customer service.
Some Positive Customer Reviews:
#1. William expresses his positive experience with APMEX, stating that he has been purchasing modest quantities of silver and gold from the company for over five years. He has always received professional treatment and plans to continue buying from APMEX.
#2. Cindy shares their positive experience with APMEX, mentioning their collection of Peanuts collectibles. They express satisfaction in finding some items they were previously unable to acquire. Cindy notes that the spot price was lower, making it an opportune time to make purchases. Having had great experiences with APMEX in the past, they express confidence in the company and their decision to buy during a favorable market condition.
#3. APMEX offers Jack Jackson a broad selection of products to choose from and provides an easy-to-navigate website. He commends the simple ordering process and emphasizes that the delivery was fast and secure. Jack mentions that the product he received matched the advertised description, leaving him with no complaints. Jack’s positive feedback emphasizes APMEX’s efficient ordering, reliable delivery, and accurate product representation.
#4. Mack highly praises APMEX, describing them as an excellent company and expressing their enjoyment of doing business with them. He specifically highlight their positive experience with customer service, emphasizing that their query was promptly resolved within a single working day. This testimonial reflects Mack’s satisfaction with APMEX’s overall service and their positive encounter with the company’s efficient and responsive customer support.
#5. Todd commends APMEX for offering excellent prices, stating that they may have the best retail buy-back prices available. He mentions that APMEX has the best buy-back policy they have ever come across. They describe the company as reliable, reputable, and trustworthy. This feedback highlights Todd’s positive experience with APMEX, emphasizing their competitive pricing, favorable buy-back policy, and overall reliability and trustworthiness as a precious metals dealer.
Application of American Precious Metals Exchange on Google Play Store:
American Precious Metals Exchange has an official mobile application available on the Google Play Store. They have 500K+ downloads and 4.8 stars ratings out of 5 stars, with 12K customer reviews. The company primarily provides its services through its website and by phone. Customers can place orders for gold, silver, platinum, and palladium products online or by calling their toll-free number. American Precious Metals Exchange also offers educational resources and market insights on its website to help customers make informed investment decisions.
Is American Precious Metals Exchange Legit? Should You Invest With Them?Is American Precious Metals Exchange a scam or legit? Are they worth it?
American Precious Metals Exchange is a legitimate company with over two decades of experience in the industry. It has established itself as a leader, offering a vast product catalog featuring over 40,000 items. Customers can find a wide selection of gold, silver, platinum, and palladium products, including IRA-approved, numismatic, licensed, and semi-numismatic coins and bars.
The company provides valuable resources to customers through its Knowledge Center, offering investment guides and articles to assist individuals in starting their precious metals investment journey. American Precious Metals Exchange has partnered with five custodians, allowing clients to choose from multiple options for their custodial services. They also offer real-time reporting on storage and have collaborations with FedEx and UPS for secure delivery of precious metals to customers’ homes.
For added convenience, American Precious Metals Exchange has a mobile app that enables customers to make purchases while on the go and stay updated on the latest offers and deals.
It’s important to note that American Precious Metals Exchange has received poor ratings on several consumer platforms, with complaints primarily concerning the pricing and order handling. Due to these issues, I exercise caution in recommending this company or any other specific investment provider.
Pros:
- One of the largest product selections
- Multiple custodial partners
Cons:
- Mixed reviews
- Received serious allegations in some complaints
- High markups
- They have a D rating on Business Consumer Alliance
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