Kitco vs Apmex Comparison You Must Read
Let’s take a look at some key differences between these two companies.
Kitco is a Canadian company that was established in 1977 and has been going strong ever since.
They have offices all over the world, including Montreal, Hong Kong, New York City among others which means they are able to provide excellent service no matter where you may be located.
Apmex on the other hand is based out of Oklahoma but has served clients for over 20 years without fail!
Apmex and Kitco have quite similar product portfolios since they serve in the same industry. Nonetheless, there are minor differences between them in terms of what these two companies offer.
Apmex sells collectibles, bullion rounds, bars, and Palladium coins among other precious metals.
Kitco offers unique gifts such as commemorative coins to clients looking for something a little different than what is offered at Apmex. It also has products in the same categories but with more variety due to its bigger product portfolio.
Kitco accepts cash, Visa, MasterCard, and PayPal. It also allows for payments in the following currencies: US dollars or Canadian Dollars.
For new accounts with unverified shipping addresses, Kitco has placed a $10K limit on transactions but verified customers are able to spend up to $25k using these same methods of payment.
Apmex provides a much broader selection of payment methods, including Credit/debit cards (excluding prepaid), PayPal, eCheck, Paper Check, and Bank Wire. Customers can also pay with cryptocurrencies such as Bitcoin or Etherium if they so choose to do so.
Obviously, Apmex and Kitco have different policies for each payment method. They may apply different fees, or propose extra requirements depending on the selected payment method.
Both Kitco and Apmex have buyback programs that let customers sell their precious metals back to these companies.
However, there is a nuance I really need to mention.
Selling to Kitco works similar to buying from it. You choose your products, add them to your cart and check out to pay. Selling back to Kitco is a similar experience.
You choose the products you want to sell to the company, add to your cart and check out again. The only difference is the different pricing for buying from the company or selling to it.
However, selling to Apmex is an entirely different experience. You need to visit the Apmex website fill out the request quote form provided by the company.
What that means you don't know how much the company can pay for your product without you are asking them.
This may be a little unpleasant for some customers. Because lack of transparency will naturally raise questions in minds. What if Joe got a better price than I do, right?
Also, living in the 21st century, time and speed of execution is everything. Businesses better not stick to the old practices they used to apply in the old days.
I personally wouldn't wait for hours or even days (in the case of the weekend) just to learn the price of a product, let alone the payment and processing.
Furthermore, a lot of people may not prefer talking to a sales representative. Because we all hate the chance of being caught in the hard sell.
No business is perfect, and Kitco and Apmex are no exception. There will be losses, delayed orders, faulty products, etc. Both businesses have a functional customer support department.
The important part how well and fast these businesses handle customer issues.
Also, keep in mind everyone's experience is different. However, I will try to break down what you may expect in terms of customer support.
Kitco customer support business hours as below:
Monday – Thursday: 8:30 a.m. – 10 p.m. (ET)
Friday: 8:30 a.m. – 5 p.m. (ET)
While Apmex customer support business hours are:
Monday – Thursday 8 a.m. – 8 p.m. (EST)
Friday 8 a.m. – 6 p.m. (EST)
These business hours are the ones you can call companies to talk to a customer representative.
Apmex also offers a live chat (functional only during business hours), an email address, and a Fax number for customers to contact them. While Kitco only provides an email address other than the phone number to contact the company.
Shipping and Insurance
Kitco and Apmex have different mentalities in handling shipping customers' orders. Kitco's shipping and insurance regime is decentralized and denominated in the local currency. This makes it cheaper and more accessible.
While Apmex's approach is more centralized and denominated in the US Dollar. Clients from those countries whose currencies are weaker may find their products more expensive to ship from.
Furthermore, there are likely to happen delays due to the centrality of the shipping.
It is important that the privacy of the clients be upheld all the time when processing and executing the orders.
Both firms are aware of this very fact. That is why they too have put in place measures that are aimed at upholding the privacy of the clients.
Kitco’s privacy regime however tends to be more comprehensive than that of Apmex. Most past clients indeed have noted that their issues are better handled by the firm without little to no data loss.
On the same note, its products have consistently been packaged in ways that are less likely to attract the attention of would-be way-layers.
Sometimes, it could be that all you want is to safeguard your valuables for quite some time. These two firms yet again have you taken good care of.
They have vaults and storage facilities that are properly equipped to store your valuables. The storage facilities of Kitco are however more developed than that of Apmex.
It does manage a custodial storage program and a bullion buy-back service.
These two greatly safeguard and enhance the management of the valuables of the clients who opt to have theirs handled by it.
Moreover, it does retrieve and deliver the merchandise to the clients within a short time after the receipt of the notice.
There you have them! As you may see, there is really no clear winner here as they tend to outdo each other across all the parameters we have. Something stands out though from the conversations we have above.
Kitco is on the whole better for those who reside outside the United States or North America.
That is due to its decentralized service provision structure and the fact that it denominates its pricing in a number of local currencies. Its use is a sure way of bringing about some savings and convenience.
Apmex however beats its counterpart on the strength of the trust that many past users have bestowed on it coupled with the large volume of merchandise it has handled so far.
If you want to accrue bulk purchases, you know where to crane your neck to.
When all factors are put into consideration, Kitco is mainly great for a person who lives outside the US, is cash-strapped, and prefers physical interactions.
Apmex is however suited for those who reside in the US, uses the US dollar, and are tech-savvy.