JM Bullion Review Buyers Must Read!
JM Bullion receives a positive review of 3.3/5 on ConsumerAffairs, 3.9/5 on Trustpilot together with 145 customer complaints filed on BBB. It was ranked as #40 (Inc. 500 Rankings) with a 3-year growth of 5,907%. It is one of the fastest-growing businesses in the US and featured by Forbes magazine.
JM Bullion is a precious metal investment company based in Dallas, Texas. The company was founded by Jonathan Wanchalk and Michael Wittmeyer in the fall of 2011. It serves investors worldwide with the physical precious metals and precious metal IRAs.
JM Bullion started its business for the first time in Lancaster, PA, where it spent its first two years. The company took off quickly. Just being over a year in business, JM Bullion reached $1M in sales with more than a hundred employees.
A year after relocating to Dallas, the company celebrated its one-millionth order. Shortly after, JM was in the Inc. 500 list together with one of the fastest-growing private companies in the US, competing with names like Microsoft and Oracle.
JM Bullion offers precious metals mainly in the shape of bullions, coins, and bars. Working directly with precious metals mints and distributors they can offer compatible prices in the market. They sell their products on their website offering a convenient platform to their customers.
The company is fully accredited by the relevant state and federal bodies. It works directly with mints and distributors in order to provide its customers with the best possible price.
What do I like about JM Bullion?
There is a lot of reason to work with JM Bullion, and here what I like the most.
1. Wide selection of precious metals.
They offer a wide selection of items to choose from. Gold, silver, platinum, and palladium bars, and coins are available in a variety of denominations.
2. The company applies no service charges.
The company does not charge a service fee or any other fee that goes on top of the purchase price. What you pay is the actual price stated before your purchase. Yet, you may expect a shipping fee depending on the size of your order.
3. Most recent product price list.
The costs of the sold items are up-to-date, as provided by a data feed from Xignite.com. Metal prices are often focused on a reasonable market price figure, which is given at the specific point of sale.
Moreover, the company's official website has a lock-in feature that keeps the gold price for 10 minutes (from the moment you start the checkout process).
What I don’t like about JM Bullion?
Here what I don't like about the company.
1. No Storage Services
If you own precious metals you need secure storage space. Unfortunately, JM Bullion doesn't offer any storage service for investors. It is a particular concern unless you don't plan to store your gold at your home.
2. Not listed with U.S Mint.
Most conscious investors wish to work with a company listed with US Mint and also have a legitimate ICTA membership, which contributes to the prestige of a business. Unfortunately, JM Bullion fails to meet this qualification.
3. Not TRUSTe Verified
JM Bullion is not TRUSTe verified. Companies who are TRUSTe verified have proven that their privacy practices satisfy the requirements of EU-U.S. Privacy Shield and/or Swiss-U.S. Privacy Shield. The accreditation gives buyers a sense of security in making online purchases.
Important Note: At the end of this page, we have the “Complaints” section that shows you the most common customer complaints with JM Bullion.
Products & Services
Precious Metal Sales
The products that are offered by JM Bullion include gold bullions (bars), silver coins & bars as well other precious metals such as platinum or palladium which can be purchased online through their website.
JM Bullion has over 100 different types of products that are all made by reputable mints like PAMP Suisse (Switzerland), Johnson Matthey & Company Ltd., Sunshine Minting Incorporated etc.
If you have never bought from JM Bullion, you may be overwhelmed by the number of products they offer. There's literally everything in their inventory. When I say “everything”, I mean everything from the Silver Maple Leafs to the Somalian Gold Elephants.
They also offer numismatic coins from around the world including Athena Owl Stackable coins, Egyptian Gods Series coins, Cayman Islands Marlin Silver Coins, and many more.
All these different types make it easy to find what customers look for without spending too much time looking at different precious metal dealers.
Most JM Bullion competitors are unlikely to offer the variety of products JM Bullion does. That's a major advantage of working with JM Bullion.
You can order a monster box.
Let me explain what a monster box is for those who have never heard it before.
A Monster box refers to a container used in bulk packaging of precious metals. It has smaller containers inside to allow further partitioning of the space for better organization. The box usually consists of 500 coins and is most commonly used for packing silver products.
There is a question a lot of people wonder the response.
Precious Metal IRA
JM Bullion offers rollover services for those who want to transfer their retirement savings into precious metal IRAs. The process of opening a precious metal IRA with JM Bullion is a 3-step process that works very intuitively. Here's how to to get started.
- Open a Self Directed IRA Account: The customer opens a self-directed IRA with JM Bullion. JM Bullion recommends working with their recommended IRA custodian, New Direction IRA for this goal.
- Fund Your Self Directed IRA Account: Once the self-directed IRA is opened, the customer is expected to fund the account. If the transfer is planned to be made rolling over an IRA, it would be necessary to talk to the custodian to make sure everything is fine.
- Purchase Precious Metals from JM Bullion: Once the customer funds the account, the custodian notifies JM Bullion that the customer has funds in the account to purchase metals from JM Bullion. At this point, JM Bullion suggests contacting them to select IRA-eligible metals and talk about depository storage.
Shipping and Insurance
JM Bullion only ships to addresses in the US (including P.O. Boxes and APO addresses). Free shipping is applicable for all orders over $199.00 (excluding Alaska & Hawaii). Orders less than $199 are subject to a $7.99 shipping fee. JM Bullion doesn't have international shipping according to the company's website.
JM Bullion accepts orders online and by phone. Orders are shipped within one business day of purchase, with the exception being orders placed on Fridays or holidays which will ship out Monday morning following a holiday weekend.
Even if JM Bullion does not ship to your country, you can still buy products from the company to be shipped to your international location. To achieve this you will need to work with a package forwarder service in the US. These are the companies that will forward your package to your desired international location. By using this technique you can ship JM Bullion orders internationally to almost any country or region in the world.
JM Bullion ships to the US addresses only. PO Boxes and military addresses are accepted. However, UPS stores or mail forwarding service locations cannot be valid delivery addresses.
Generally, JM Bullion delivers orders with USPS or UPS. Unless the customer requests a specific company to handle the shipping, JM will ship the order through its own choice of company.
Orders placed from Alaska and Hawaii are always sent via USPS because shipping to these locations is extremely expensive.
The goal of the JM Bullion is to deliver orders to the customer at the lowest possible price. Customers can change the shipping method on the checkout screen, depending on the contents of their order. If the customer cannot receive the order for any reason, it will be returned to the JM Bullion safely.
Does it mean only US citizens can benefit from the JM Bullion services?
Definitely not. There is always a turnaround. Let's say you live in Canada. Living in Canada, you cannot order from JM Bullion to be delivered to your Canadian address. However, you can still get your order shipped to your address.
Here is how that works. You work with a package forwarder service in order to redirect your JM Bullion order to your country of choice.
Please note that not all countries can benefit from such a service. Therefore make your research if it is applicable to your own case.
JM Bullion sends customer orders wrapped in protective packaging. This ensures the discretion and protection of the customer’s order. The protective packaging is placed in the shipping parcel to prevent the products from shifting during shipping.
The company intentionally does not place an indication of the valuable material in the packaging. Therefore, if you cannot receive your delivery for any reason, it will be returned to the company safely.
JM Bullion customers receive real-time updates informing the status of their orders. At the delivery, customers are asked to sign paperwork proving the order is delivered. Customers also receive an email from JM Bullion usually within 1 business day notifying them the delivery is accepted by the customer.
Every order is fully insured. JM Bullion is liable until the customer receives his/her order.
If an order is damaged or lost, the customer gets a full refund. That said, customers are responsible for informing JM Bullion within 48 hours of receiving unsatisfactory delivery. For more information, you can check their terms & conditions page.
How does the JM Bullion Buyback program work?
JM Bullion's buyback program offers an easy way to sell precious metals. If you're not sure how much your metal is worth and want a fair market price for it then this could be the perfect solution for you.
You can initiate a sale on JM Bullion's website like you purchase from the company, or request a quote for your metals if you don't want to do so.
This is how you can initiate for a buyback with JM Bullion:
Call JM Bullion & Lock Your Price
Call JM Bullion, lock your price, and finalize your sale. Their trading team can help you with any questions you may have during the buyback process.
Wait For Email Sent by JM Bullion Explaining Instructions
Once you’ve locked your sale, you will get an email from JM Bullion with instructions. This is a very important step. If for some reason, you cannot securely send your metals to JM Bullion, the company will not take any responsibility for your loss.
Wait for JM Bullion to receive your package, approve it, and process the payment.
Once your package has been received by the company, their inventory team will check and approve the sale. Once approved, your payment will be made either by paper check, ACH, or bank wire (at your choice). Please note that payment processing usually takes 1-3 business days.
Here is what usually happens with JM Bullion buyback program. Once you agree with JM Bullion the buyback price and conditions, you can either mail your metals to them, drop it off at their store in Dallas Texas (or any other location), send a courier with the package for pickup from your home address and they will pay by check within one business day of receipt up until $5000 worth per shipment.
This means that if someone sends more than $5000 dollars value then there's going be some delay while waiting for approval through management before payment happens.
How to make an order from JM Bullion?
JM Bullion offer a few different ways of making an order.
1. Through the online store
Buying from JM Bullion is as easy as ordering from Amazon. You add metals to your cart, then go to the checkout. The online store is well organized and has many detailed descriptions of every single product.
2. Filling out the lead form
You fill out the lead form on the company website for a callback. A company representative contacts you to answer your questions and help with the sale. This is a perfect option for those unfamiliar with precious metal investments.
3. Calling The Company
The majority of the precious metal investors are older individuals. There is a generation who don't like to visit online stores or even fill out a lead form. They want to dial in and talk to someone on the phone to place an order. Calling the company can be a viable option for those who are accustomed to the old way of doing business.
That said, all options are equally viable and safe to work with.
Accepted Payment Methods
JM Bullion accepts below payment methods:
- Card Payments (Visa, MasterCard, American Express, Discover),
- Bank wires,
- Paper checks,
- Echeck (ACH),
”Paper checks” include personal checks, money orders, cashier’s checks, online bill pay, bank drafts, and traveler’s checks. The company doesn't accept prepaid cards or convenience checks.
Below tables shows the minimum & maximums of each payment methods if used to purchase metals from JM Bullion.
|Credit/Debit Card(Visa | MasterCard | AMEX | Discover)||Minimum: $299 |
|PayPal||Minimum: $299 |
|Paper Check(Paper Check | Money Order | Cashier’s Check)||Minimum: $299|
|eCheck (ACH)||Minimum: $299|
|Bank Wire||Minimum: $2,500|
|Bitcoin / Ethereum||Minimum: $299|
More information about the payment methods is available on JM Bullion's payments page.
What are the JM Bullion Alternatives?
Here is a list of JM Bullion alternatives provide similar quality of service without a specific order.
- Regal Assets
- Noble Gold
- Augusta Precious Metals
- Birch Gold Group
- Patriot Gold Group
- Orion Metal Exchange
- RedRock Secured
- Advantage Gold
- Lear Capital
|Initial Setup Fees||Depends on Custodian|
|Annual Admin Fees||Depends on Custodian|
|Annual Storage Fees||Not Disclosed|
|Required Minimum Purchase||Not Disclosed|
|Preferred Depository||Investor Choice|
There are many great things about JM Bullion. However, there are unsatisfied customers with their experience at JM Bullion.
By looking at the ConsumerAffairs' site, below is a summary of problems customers experienced working with JM Bullion.
- Very high markup on popular products other than gold and silver.
- Intransparent taxing information during the checkout process. And a possible high cancellation fee applied when the customer wanted to cancel his order.
- Items delivered in wrong and/or damaged condition.
- A notification email sent to buyers indicating their payment failed. They were double charged when they tried using a different payment method. (If you are in this situation, ask your bank to cancel your transaction.)
- Sending no email confirmation to customers that the transaction has been successful. This may be due to the third-party autoresponder service they use. Relevant autoresponder messages may not be triggered or their autoresponder service provider may not be that good. In any case, their IT needs to deal with the problem.
- Some customers reported no issue when buying but when they want to sell back to JM Bullion. Customers are asked to provide their credit card information just in case the customer changes his mind or acts slowly in shipping.
- A customer noted accidentally adding some items to the cart. Once the checkout was completed the customer wanted to remove those items. He sent an email which responded by JM Bullion the next day asking for a $15 cancellation fee.
- Another customer said his order did not go through because the address on the Card was not the delivery address. However, his credit card is still charged by JM Bullion for the items never sent.
However, JM Bullion representatives seem to regularly visit the ConsumerAffairs website to read reviews and fix customer problems.
JM Bullion is listed on the RipoffReport site. By the time I write this post, there are 23 pages listing a total of 552 cases of dissatisfaction working with the company. The complaints are concentrated on bait and switch strategies, bad customer communication, second quality coins, etc.
There are close to 2000 customer reviews of JM Bullion on SiteJabber. Most reviews are positive and seem to get even better. The image below shows changes in the customer perception of JM Bullion.
It is evidently clear that JM Bullion works hard to improve its existing problems. The company is not listed with BCA Complaints or CitySearch. It is listed on Trustlink but not rated. There are also Yellow pages and Yelp reviews of the company.
Does JM Bullion accept coupons?
No, JM Bullion doesn’t offer any coupons or promo codes. However, JM Bullion's on sale page list the items that are already on sale.
Does JM Bullion offer any military discounts?
Yes, JM Bullion offers military discounts to US Armed Forces individuals. People who have served or are currently serving in US Armed Forces can benefit from it.
Are there any customer reviews of the JM Bullion buyback program?
There is not much feedback regarding JM Bullion's buyback program. That said, the program should be solid since they have closed a big volume of buyback so far. However, there is a Reddit post a customer complains about JM Bullion losing his/her buyback.
Does JM Bullion sell Bitcoin or other cryptocurrencies?
No, JM Bullion does not sell cryptocurrencies. However, the company accepts Bitcoin as a payment method for orders from $299 to a maximum of $250,000.
Does JM Bullion Sell Gold and Silver Eagles?
Yes, JM Bullion has a collection of American Gold Eagle Coins eligible for sale at any point. Some of their most famous items are the classic gold eagle coin depicting lady liberty designed by Augustus Saint-Gaudens in 1907. JM Bullion also offers American silver eagles, which are very popular with collectors and investors.
Does JM Bullion sell fake products?
No, JM Bullion does not sell fake products. It is a reputable company and only sells genuine products that come from Dillon Gage, a wholesale precious metal dealer specialized in investment-grade precious metal products.
Where does JM Bullion ship from?
JM Bullion ships all orders from their Las Vegas, Nevada warehouse. They specifically mask the return address on all of their packages so that the contents are not revealed.
How long does JM Bullion take to ship?
JM Bullion ships customer orders anywhere from 5 days to 2 weeks. However, in some rare cases, it can take up to 6 weeks.
Which depository JM Bullion work with?
JM Bullion offers secure precious metals storage through TDS Vaults. JM Bullion understands that many clients may not feel safe storing their valuables at home, which is why it provides a facility where investors can store them without the worry of theft or financial loss.
Does JM Bullion sell jewelry, scrap metal, silverware, notes, or metal shot? JM Bullion sells coins, and bars made of gold and silver. But it doesn't sell scrap metal, silverware, or notes.
Does JM Bullion accept Bitcoin?
JM Bullion accepts Bitcoin partnering with BitPay to process payments of its customers. As a customer, you must have an accepted wallet and the payment protocol used by BitPay. If your order exceeds $3,000, you will be asked to provide identification. This one-time verification helps both the customer and BitPay merchants reduce payment risk.
Which products does JM Bullion buy back?
JM Bullion buys back the most popular private and government-issued bullion coins and bars, as well as a wide range of collectible coins.
JM Bullion offers its customers 24-hour live chat support via email, allowing them to be accessible to its customers constantly rather than only being available during business hours.
So if customers have questions about the company's products, services shipping, or payment issues they don't need to wait the next day to get answers to their questions. Also, customers can track the status of their orders on the JM Bullion website to track their shipments at any time.
If you are looking for a reliable, trustworthy source to buy gold or silver bullion from then JM Bullion is the place you can work with. With their competitive prices and the multitude of products, they have been able to garner an unprecedented level of customer service in the precious metal investment industry.