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Review 6/22/2011
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I have been trading with Monex for around 2 years. Their service is very good and in general I am very happy with the company and my broker, whose name is Justin. Of course, as with any business there is room for improvement. The key things I discuss with my broker are such things as a lack of on-line access, the inability to ACH money into your account, etc. What's good is that when I discuss these things, they are taken under advisement, and actually Monex did make available an on-line account where you could view your holdings and their values (like an on-line statement) which shows you gains and losses, etc. I also criticized the firm for only having 1,000 ounce bars of silver because it cost $35,000 to trade the minimum silver bullion whereas it cost only $15,000 for Gold, $17,000 for platinum, and $7700 for Palladium which makes no sense, particularly since silver is looked at as "poor man's gold." Shortly after, the firm began trading in 100 oz bars of silver. I joked with my broker that Monex was taking all my suggestions, and told him it was ok, he could take the credit for the ideas.
As far as the actual buying and selling of precious metals, I think the firm is more than adequate. I hope the people making such rash complaints are not people who simply lost money. Precious metals investing, like stocks, bonds, and real estate fluctuate in price. These accounts are not discretionary, meaning you are responsible for the decision to buy or sell. If you buy high and sell low, I don't think that should be held against Monex. Of course there is a spread. There has to be for the firm to make money. There is a bid ask on virtually every investment vehicle.
I personally have recommended Monex and would recommend it to anyone who wants to trade precious metals in physical commodity form.
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