(UPDATED: 2023) Hello and welcome to my ‘Is BullionMax A Scam?’ article.
These days, potential investors are looking far and wide for the best metals dealer out there. Hence, in this ‘Is BullionMax A Scam?’ article, we will be taking a look at this relatively new company.
Needless to say, researching a firm beforehand is a good investment move. After all, you will be entrusting your hard-earned money to them. Additionally, we will be taking a look at their precious metals offers.
As usual, I always recommend to do your own research about a certain company that piques your interest. However, this good read is a good complement to help you understand more about BullionMax.
Without further ado, let us start this ‘Is BullionMax A Scam?’ article.
BullionMax Review Quick Summary
CEO: Bryan Greenwood
Promotion: Buyback program
What is BullionMax?
BullionMax, a California-based precious metals firm, is a relatively new name in this industry. Interestingly, having only been founded in 2020, their management boasts a 100-year experience under their belt.
Moreover, they have offerings for gold, silver, platinum and palladium, . Thus, investors in such metals will find joy purchasing them at BullionMax. Fortunately, BullionMax also offers wholesale prices to these metals.
The company takes pride in a ‘no nonsense buying experience’. Furthermore, they believe that their pricing is fair, competitive, and customer-friendly. What’s more, you can save if you opt to buy in bulk.
UPDATE 2023: On June 16, 2023, A-Mark Precious Metals' subsidiary, JM Bullion, acquired assets of BullionMax. It is intended that JM Bullion will operate BullionMax as a standalone brand.
Now, is BullionMax the best company for you? Are there any reports or claims of scams and rip-offs from this firm? Take a look at the succeeding sections.
Products and Services
To start, let me emphasize that BullionMax is a bullion dealer. Putting it simply, they are only focused on selling precious metals. Consequently, they have no IRA-related services as of writing this BullionMax review.
Commendably, they have upped their precious metals inventory, rivaling some of the industry’s big names. Also, their coins and bullions are IRA-eligible. In other words, they can be used as assets for a self-directed IRA.
Among these, commemorative and rare collectible coins are also present. This gives a lot of options for investors and collectors out there.
Moreover, they can ship your items either to your physical address, or to your IRA custodian. However, do remember that IRA-used assets cannot be stored at home!
Going back, these are some of the items you are going to find on their online platform.
As already mentioned, they have offerings for the common precious metals. Below are some of the products they offer for gold, silver, platinum and palladium.
- Credit Suisse Gold Bars
- PAMP Suisse Fortuna Gold Bars
- Sunshine Mint Gold Bars
- RMC Gold Bars
- Valcambi Gold Bars
- Royal Canadian Mint Bars
- PAMP Suisse Fortuna Bars
- Geiger Edelmetalle Bars
- Monarch Precious Metals Bars
- SilverTowne Bars
- Sunshine Minting Bars
- 1 oz Canadian Platinum Maple Leaf Coin
- 1 oz Platinum Bar
- 1 oz Palladium Coin
- Credit Suisse 1 oz Palladium Bar
How to purchase from BullionMax?
Usually, online bullion dealers require an account for each client or buyer. BullionMax is no different. If you want to purchase precious metals online, you need to create an account first.
Afterwards, you will access its product catalog on its website. There you can see the various items that you can purchase, along with its descriptions and prices.
Next, you add them to your Cart, pretty much the same thing as other e-commerce websites like Amazon. When all of the products you want are added, you can proceed to the checkout and pay for them.
There are several payment methods that BullionMax accepts. You can check them below. Once payment is cleared, your products are good to go to be shipped.
How to sell to BullionMax?
First and foremost, BullionMax requires a minimum item value of $1,000.
To start, they will require you to contact them. One can do so by emailing them or calling their contact number. Next, you need to ship your products to them so that they will examine your items and quote a price. Lastly, you will receive payment through wire transfer, paper check or ACH, whichever is your preference.
Honestly, buyback programs are a good thing for a company to practice. Needless to say, you can choose to conduct business with other firms that offer a more competitive way of pricing.
For instance, Goldco, the top precious metals company in the industry, is willing to help!
BullionMax Payment Methods
Another good thing about BullionMax is that it accepts various types of payment methods. This makes buying precious metals convenient for clients and investors.
- ACH Payments - For orders over $100,000 in total
- Debit Cards - VISA or Mastercard
- Cryptocurrency - Bitcoin, Wrapped Bitcoin, Etherium, Bitcoin Cash, Litecoin, Dogecoin, and 5 USD-pegged stablecoins
- Paper Check
- Cashier's Check
- Money Orders
- Bank Wire - Minimum of $500 and maximum of $500,000
- Credit Cards - VISA, MasterCard, American Express and Discover
- Google Pay
- Apple Pay
Does BullionMax offer any IRA services?
Unfortunately, BullionMax does not offer any IRA services since it is not an IRA custodian. However, it does offer IRA-eligible precious metals.
There are no information about BullionMax having a partnership or preferred IRA custodians.
If you wish to work with a precious metals company that also has IRA services, check out Goldco, since that is its specialization!
BullionMax Shipping Policy
According to its website, BullionMax usually ships its products on the next business day after the payment is cleared.
USPS and UPS are both utilized for the shipping. Furthermore, all shipments are fully insured.
For orders over $199, they receive a free shipping but BullionMax chooses the carrier.
Orders that are under $199 will require a shipping fee of $9.95.
Lastly, orders that are over $1000 will require a signature upon delivery to ensure that they will not be lost or be stolen.
BullionMax Reviews and Ratings
- Better Business Bureau - 4.93 out of 5 rating based on 57 reviews, A rating and BBB accredited since April 2021
- Business Consumer Alliance - AA rating based on 0 reviews
- Shopper Approved - 4.8 out of 5 rating based on 6,559 reviews
- Trustpilot - 4.5 out of 5 rating based on 61 reviews
As you can see, the ratings and reviews that BullionMax received are commendable and worthy of praise.
However, there are some people who shared some complaints about them. There is a Subreddit in which a user said that BullionMax is a bit sneaky with their pricing.
It seemed that BullionMax charged him a 4% processing fee.
BullionMax Pros and Cons
Is BullionMax a scam?
As a conclusion, this 'Is BullionMax A Scam?' article arrives at a resounding no as an answer. First and foremost, they are a reputable company with exciting deals and items.
Additionally, albeit being relatively new, they are already starting to make a name. With their competitive pricing and thousand of good reviews, it is not hard to imagine the good future they have.
Despite this, having IRA options would further boost the number of their business transactions. Also, they need to add more types of coins and bullions to further cement their company's name.
With that, I give BullionMax a solid 4 out 5 rating. If, after reading this good read, you want to skip to my recommended company, then worry no more. Conduct business with Goldco!
As usual, I am extending my gratitude to you for reading this article of mine. For any comments and suggestions, do leave them in the appropriate section below.