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APMEX Dealer Review

Did You Know?

APMEX was originally CheaperGold.com. They changed the name to American Precious Metals Exchange after a customer gave them feedback that Cheaper Gold was not a quality brand name.

 

APMEX Payment Options

Please note, APMEX has very limited information on minimums and maximums for payment methods. We supplied below the information we could find.

 

Credit/Debit Card

PayPal

Crypto

eCheck

Paper Check

Bank Wire

APMEX Shipping Policy

Price

APMEX.com offers free shipping on all orders over $199.00. Orders less than $199 incur a charge of $9.95. When you opt for standard shipping, you are allowing the dealer to choose the cheapest and best shipping option for themselves.

They also allow you to upgrade your shipping to USPS Priority, UPS Ground, UPS 2nd Day Air or UPS Next Day Air Saver for a fee.

Couriers

APMEX used both USPS and UPS as their main shipping companies. Their orders are shipped out of their Oklahoma City facility.

Insurance

Each package is fully “registered/insured” and may require a signature upon delivery. We did not see an option at checkout to upgrade your shipment by adding signature required.

International

APMEX does ship internationally. They called the service APMEX Global. You can view an entire list of countries they ship to here: https://www.apmex.com/international. Please note that APMEX has different order minimums, payment methods and shipping methods for international orders. This is pretty standard practice.

Order Processing Time

APMEX has a QuickShip program where they guarantee your order will be shipped from their facility the next business day after your payment clears. There are certain requirements that need to be met.

For example, pre-sale orders would not qualify for this program. They cover their QuickShip policy thoroughly on this page: https://www.apmex.com/orderingpolicy

APMEX Shipping Options at Checkout(Screenshot of Shipping Options at Checkout)

 

 

Pricing Rating

2/5

APMEX is consistently one of the highest if not the highest price dealer for gold and silver bullion products. Therefore, if you are looking for bullion, we suggest you save money and purchase from another online bullion dealer.

 

Selection Rating

5/5

APMEX does offer the largest selection of precious metals products by far. The CEO has said publicly they offer more than 20,000 items. For those looking for gift or collection items, then most likely, this is your dealer.

 

APMEX FAQs

APMEX’s website says they guarantee their customer’s satisfaction. They do this by offering a 7 day return, refund or exchange policy.

Please note that the 7 days starts once the customer receives the order, not when the customer actually makes the order.

They state you need to apply for this policy by calling (800) 375-9006.

They go on to say that shipping and handling charges are not refundable and that the customer is responsible for the cost of the return shipping. The entire policy is outlined here: https://www.apmex.com/orderingpolicy

APMEX has a deals page on their website located here: https://www.apmex.com/deals

These deals are updated weekly and if you are on their email list, they normally email out special, time sensitive deals like flash sales or 48 hour sales.

 

Yes. APMEX does charge sales tax on applicable orders. APMEX has an interactive map that allows you to click on your particular state to see what sales tax may or may not apply to you: https://www.apmex.com/state-sales-taxes

Keep in mind, sales tax in precious metals can be very tricky so you’ll want to read the document thoroughly. For example, some things on your order may qualify for sales tax while others do not. Each state and each product is different.

 

No. APMEX does not offer a military discount. At least if they do, they do not mention it anywhere on their website.

 

APMEX does have a coupon code URL: https://www.apmex.com/apmex-promo-codes-and-coupons, however, at the time of this writing there are no coupon codes listed.

We suspect this URL is only for the purposes of getting traffic to their website of people searching for APMEX coupon codes. We do not expect this URL to be populated with discount or coupon codes in the near future.

 

Yes, APMEX would certainly qualify as reputable and legitimate. They were founded in 1999 and continue to have great online reviews and ratings from the Better Business Bureau. They have also assisted in multi-billions of transaction dollars.

In 2017, they were listed as the 45th out of 500 in all North American Internet retailers.

Like all big companies, they have their issues. For example, the last couple of times we have used their chat, it has not been a great experience. But they are certainly trustworthy when it comes to ordering gold and silver from.

 

No. To our knowledge APMEX has never offered any long-standing silver at spot offers for new customers. They have offered silver at spot during temporary promotions like Black Friday or Cyber Monday.

Those offers sale our very quickly and very few customers actually get those offers.

Yes. APMEX offers storage through their company called Citadel Global Depository Services, Inc. This is a service they offer in conjunction with Brinks. So essentially, you are storing your metals at Brinks with APMEX as the middleman.

There is a monthly minimum of $15.00. The annual fee is based on your total portfolio value and looks like this:

  • Up to $1,000,000 – 0.55%
  • Up to $10,000,000 – 0.50%
  • Over $10,000,000 – 0.45%

Their website says your items are kept separate from others and are protected against theft, damage and physical loss.

Yes, APMEX.com helps with self-directed Gold and Silver IRA purchases. They have a list of preferred IRA custodians listed on their website: The Entrust Group, Goldstar Trust, Kingdom Trust Company, STRATA Trust Company and Equity Institutional. They also list contact information and links to each custodian.

It doesn’t seem like they have a preferred storage depository for IRAs which is actually a good sign.

They also have links to IRA eligible products so it’s easy for you to find gold and silver products that qualify for IRA holdings.

 

APMEX is located in downtown Oklahoma City, Oklahoma in an old Federal Reserve Building.

APMEX’s physical address is: 226 Dean A McGee Ave, Oklahoma City, OK 73102

 

 

APMEX is owned by Scott Thomas. He founded the company in 1999 in Edmond, OK.

 

APMEX History

APMEX, or American Precious Metals Exchange, actually started out of pure necessity. Back in the late 1990’s, Scott Thomas’ grandfather passed away and left a decent sized coin collection to the family.

Growing up, Scott always like messing around with these old coins with his grandfather so the family decided to leave the collection to him. We are uncertain if Scott was tasked with selling them for the family or if he started doing it for fun. But either way, he started trying to sell these coins.

It should be noted that there not silver eagles and silver maples. These were what we would call collectibles. The random coins a grandpa collects and passes down.

To start, Scott opened a little booth in a flea market in Edmond, Oklahoma. He would eventually start trying to sell the coins on eBay as well. And through searching and trying to find ways to sell these coins, the entrepreneurial light bulb went off.

What he realized in 1999, it there were no real coin dealers selling coins yet on the internet. The internet was still new and transacting online was still not a trusted viable means of transacting for the regular customer.

APMEX.com Starts as CheaperGold.com

But as fate will have it, Scott made the bold move of purchasing cheapergold.com. In 1999, this was an excellent domain name purchase. But in short time, a customer told Scott that cheapergold.com, sounded, well… cheap.

The next domain name purchased was APMEX.com which stands for American Precious Metals Exchange.

However, it wasn’t like he started the website and business started booming. Remember, we’re still in the 2000’s.

The real income producer for APMEX in these days was actually a local coin shop named Edmond Coin. Scott started and ran Edmond Coin for several years before APMEX finally outgrew the coin shop and it was time to only focus on growing APMEX.com.

APMEX Moves To Federal Reserve Building

Over time, APMEX outgrew the coin shop and all the spaced they leased behind the coin shop. Rumor has it that APMEX was shipping nearly $700,000,000 million dollars of gold, silver and platinum a year in units rented behind Edmond Coin.

At this point, they needed a facility to hold such a large business. They chose and old Federal Reserve Bank building in downtown Oklahoma City.

This building was excellent since it already possessed a large amount of security measures from it’s original purpose of protecting the US dollar bank notes.

Since moving to their new location, APMEX has blown up doing billions of dollars in revenue yearly and carrying more than 20,000 different types of gold and silver products at any given time.

 

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