APMEX Review

What is APMEX?

APMEX is the world’s largest online retailer of precious metals, based in Oklahoma City, Oklahoma, formerly known as Edmond Coins.

Owner Scott Thomas and CEO Kenneth Lewis have led the company since Scott founded APMEX in 1999. Since then, APMEX has successfully completed over $11 billion in transactions and currently offers more than 20,000 different Gold, Silver, Platinum and Palladium coins, bars, rounds, jewelry, and other collectibles from mints around the world.

APMEX buys and sells precious metal products, bullion, rare coins, and currency. Their customer base includes individual collectors and investors to wholesale dealers. Though based in the US, the online APMEX experience caters to audiences in Canada and throughout Europe.

APMEX also owns Citadel Global Depository services. Citadel, which is managed by Brinks Security, provides maximum-security precious metals storage for APMEX customers.

APMEX currently has over 28,000 positive reviews, averaging 4.8 stars, and has received an A+ rating from the Better Business Bureau.

  • GoldSilver.com
    • Wide range of bullion, gold coins and collectibles
    • Transparent pricing
    • Ethical business philosophy

APMEX History

Scott Thomas, who is an avid coin collector and worked as a mortgage underwriter, founded Edmond Coins in 1999, forming the American Precious Metals Exchange, later simply APMEX, in Edmond, Oklahoma. In 2004, APMEX launched its first website. Five years later, they began shipping internationally. By 2009, APMEX reached its first $1 billion in sales. The following year, APMEX headquarters were moved into the building that formerly housed the Federal Reserve Bank of Oklahoma City.

In 2012, APMEX founded Citadel Global Depository Services, Inc. as a wholly-owned subsidiary. Citadel offers storage for APMEX clients that is managed by Brinks Security. Over the years, APMEX has also launched several successful, exclusive partnerships with eBay (2013), PCGS (2020). In 2018, APMEX started its own line of Silver bullion called 9Fine Mint.

In 2011, APMEX famously paid the security deposit for commercial space in The Trump Building in Manhattan’s financial district to now-President Donald Trump entirely in gold bullion. At the time, many considered it a publicity stunt that highlighted the dollar’s weakness.

APMEX Shipping Fees

Domestic orders above $99 are shipped for free, orders below that threshold are assessed a $9.95 shipping and handling fee. Citadel orders under $500 are also assessed a $9.95 shipping fee. APMEX will ship products within 1-3 business days of receiving cleared payment. Most shipments are via the USPS and are insured for the full amount. Ground shipping via UPS is available for $7.95 as long as you aren’t shipping to a P.O. Box. Shipments often require signatures, but you can make sure that yours will, by adding a $3.95 signature requirement. All expedited shipping methods require signature a signature upon delivery.

APMEX serves customers in the United States and routinely offers delivery to over 83 other countries including Australia, Austria, Belgium, Canada, Cayman Islands, Czech Republic, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, Macau, Malaysia, Mexico, Netherlands, New Zealand, Norway, Poland, Portugal, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Taiwan, and the UAE. International shipping rates are quoted at checkout and may be subject to additional duties or taxes upon receipt.

APMEX Payment Methods

APMEX accepts most major payment options, including credit cards (this excludes prepaid cards, though), PayPal, bank wire, eCheck, personal check, Bitcoin, and Bitcoin Cash. Like other gold and silver sellers, APMEX offers a 4% discount for preferred forms of payment, which includes wires, checks, Bitcoin, and Bitcoin Cash. The discount is already shown for each item as you view it on the website. APMEX doesn’t accept ACH transactions or money orders.

Per APMEX policy, checks and eChecks are held for four days before your order ships. Once your first check clears, you are eligible to pay by eCheck with APMEX in the future. Once you are an established customer, you can pay for orders up to $100,000 by check or eCheck.

APMEX only accepts same-day wires, so if you want to capitalize on the 4% savings, don’t opt for a two-or three-day option at the bank. Orders above $500,000 need to be verified and reviewed on a per order basis.

To pay using Bitcoin or Bcash, you’ll be given a BitPay invoice to be fulfilled within 15 minutes. APMEX accepts Bitcoin and Bitcoin Cash for orders up to $250,000. Orders in excess of that amount are reviewed individually.

APMEX allows for five days to receive payment. If your order is canceled or you must cancel your order, users are subjected to a $35 cancellation fee and any market loss if applicable. Market loss can be paid by credit card, personal check, or bank wire within 30 days.

APMEX vs. JMBullion

APMEX and JMBullion both offer excellent online precious metals shopping experiences. While JMBullion deals exclusively with domestic sales and deliveries, APMEX provides an optimized experience for customers in the US, Canada, Europe, and the U.K. The APMEX website converts prices to accommodate additional supported currencies. Similarly, APMEX will ship to customers abroad.

While APMEX’s extensive rare coins collection and impressive catalog edge out JMBullion’s selection, JMBullion does occasionally offer lower prices, especially on their weekly sale items.

Shipping and insurance are free for both companies on domestic orders over $99. Below that, JM Bullion charges $3.99 to ship an order.

Both companies offer a 4% discount for preferred payment types, including bank wire and check. JMBullion provides a 3% discount for Bitcoin purchases and does not yet support Bitcoin Cash purchases. APMEX offers a higher 4% discount for both Bitcoin and Bitcoin Cash purchases.

JMBullion enforces smaller transaction limits on PayPal and check purchases and requires minimum balances on various payment types. Unlike APMEX, they accept ACH transactions as well. JMBullion insists on establishing a purchase rapport using paper checks over a few initial purchases before a client is eligible for eCheck payment options. APMEX can select the eCheck payment option after a single paper check transaction.

JM Bullion’s market loss policy simply requires they are made whole in a canceled transaction at current market prices. Unlike APMEX, they don’t charge any additional fees.

APMEX vs. SD Bullion

APMEX and SD Bullion offer a large selection of precious metals to customers in the U.S. and abroad; however, the APMEX site caters more to the international experience. For domestic purchases over $99, both companies will ship and insure your order. Smaller purchases are subject to $7.77 shipping from SD Bullion and $9.95 shipping from APMEX.

SD Bullion specializes in highly-valued bullion, offering a more limited selection at better prices than APMEX’s expansive offerings. Their range is limited primarily to Gold, Silver and Platinum coins, bars and rounds. They do not offer many rare, collectible coins as APMEX does. To ensure that they have the best prices on the items that they do sell, SD Bullion offers to price match any bullion merchant offering a lower price than they do.

Occasionally, SD Bullion will offer coupon codes and place items on sale. The Founders of SD Bullion, the Silver Doctors for whom the site is named, host complementary content on their website and YouTube channel. The APMEX site has lots of news and advice on theirs as well.

SD Bullion works with smaller purchase requirements than APMEX. Debit cards, credit cards, and PayPal can only be used on smaller purchases up to $5,000. Money orders and eChecks for purchases up to $9,999, and cashiers and personal checks for orders up to $20,000. Like APMEX, SD Bullion accepts Bitcoin up to $250,000 with 15 minutes to complete the request. For all cash orders above $20,000, bank wire is required.

At SD Bullion, all-cash purchases, including checks and wires, will earn you a 4% discount. Unlike at APMEX, using Bitcoin to pay at SD Bullion will not entitle you to a discount, and they do not accept Bitcoin Cash.

SD Bullion’s cancellation policy is also more punitive than APMEX’s. In addition to market loss, SD Bullion will assess a 3-5% cancellation fee along with any collection expenses.

SD Bullion also offers offshore Gold and Silver Bullion storage in the Cayman Islands. The international storage facility may appeal to some buyers as it is outside of U.S. Jurisdiction, unlike APMEX’s Citadel facility.

Can You Sell Bullion to APMEX?

Yes. APMEX has purchased over $1 billion of products from the retail market over more than 100,000 transactions. Their buying process is quick and straightforward and backed by their long-standing reputation in the industry.

To begin selling your items to APMEX, request a quote online or via phone to lock in your price. Then ship your product with APMEX logistics support (they have special rates in place with UPS and USPS to ensure that your precious metals arrive swiftly and are appropriately insured). APMEX will make sure to process your payment by the end of the next business day. If they don’t issue your payment within that timeline, they’ll give you a voucher towards your next purchase.

Unlike other sites with limited buying policies, APMEX will purchase any bullion, numismatics, and rare coins or currency as long as they can authenticate it.

Rating: 4.5