Hello! Welcome to my "Is JM Bullion A Scam?" review! We will be taking a look at JM Bullion to find out whether they are a legit dealer. Or not. Are they scammers? Well...
Countless prospective clients seem to be wondering whether JM Bullion is a scam or not, there's nothing wrong with asking that question.
Getting into gold is no walk in the park, so it's important to do your own research before giving any company your hard-earned money. You don't want to have any regrets, right?
Without any further ado, let's jump into the review:
JM Bullion Review Quick Summary
Company name: JM Bullion
Owner: Mike Whittmeyer
It is HIGHLY recommended that you do your own due diligence before handing over your hard-earned cash to any precious metals company.
Make sure to search for reviews and complaints, especially from 3rd party review sites online. While perfect companies rarely exist, doing thorough research can lead you to a company that offers precious metal products and services that best suit your needs.
Compare the offerings of each company (as well as their overall ratings) to find the best fit for you.
If you'd like to read about the TOP rated precious metals dealer of Autumn 2022, click here.
So, What is JM Bullion?
JM Bullion is a precious metal dealer that has been in operation since 2011. You can buy from them or sell to them.
Where is JM Bullion Located?
The company only deals online but they have a physical address at 1813 Olde Homestead Ln, Lancaster, PA 17601, USA.
How Do They Work?
You can buy Gold, Silver, Platinum, Palladium, Copper and other precious metals from JM Bullion in the form of coins and bars. They have quite a wide array of products.
(You can check out their website for the full list of items they're selling, but it seems to mainly consist of coins and bullion.)
As for their accepted payment methods, you can pay with:
- Visa, American Express, Discover, MasterCard, PayPal, PayPal Credit, bank wires, ACH, paper checks or bitcoin if you are into that sort of thing.
There are no order minimums for orders paid through credit/debit card, PayPal, Bitcoin, Paper checks and ACH. For bank wires, however, a minimum order amount of $2,500 is required.
As for shipping, JM Bullion doesn’t guarantee the number of days needed to ship your order.
The company says that it will ultimately be dependent on the carrier. However, they guarantee that the majority of orders are shipped within one business day after a customer’s payment has cleared.
More FAQs about JM Bullion
Do They Offer Precious Metals IRA Services?
JM Bullion does not directly offer Gold IRAs. However, they have partner custodians that can help their clients take care of their IRA needs.
Do They Offer Storage?
Surprisingly, JM Bullion does not offer secure vault storage. Most of the company’s competitors offer storage facilities that cater to their client's needs because it’s almost a certainty that a customer would want storage options for the metals they buy (unless they have a bank vault in their basement). If you're looking for vault storage, you might want to look somewhere else. If you want me to give you some little direction, I recommend this company.
Can You Sell Back Your Metals To Them?
Yes, you can sell back to the company. All you have to do is to give their toll-free number a ring so you can get the current prices they can offer for your metals. The company claims to have the highest buyback prices in the industry. JM Bullion also states that all buyback prices will be finalized over the phone. (Make sure to do your own due diligence on this and compare other options before pulling the trigger.)
Does JM Bullion Ship Worldwide?
No, the company only operates in the US.
So, Is JM Bullion A Scam?
No, this company is legit. They have come a long way since their start in 2011. However, whether they are best for you is a completely different story. Read some of the reviews below to get a feel for how they do business.
JM Bullion Ratings (Updated October 2022)
As of October 13, 2022, JM Bullion has an "A+" rating from the BBB and a 4.6 out of 5 rating based on 870 reviews. That said, it appears the amount of reviews listed by the BBB has dropped from 980 in August to just 870 in October... why were almost 100 reviews removed in just a few short months? Also, they have 96 complaints in the last 3 months, and 278 complaints in the last 3 years, as you can see below:
Consumers Affairs Rating
Their Consumer Affairs rating has dropped from 3.3 out of 5 in August to just 3 out of 5 in October based on 54 ratings:
Their Trustpilot rating is still holding steady at 4.5 out 5 based on 1,064 reviews:
As an aside, below is a screenshot of JM Bullion's Trustpilot rating in 2021.
As you can see, there is a huge improvement in its rating, going up to 4.5 from 2!
JM Bullion Reviews and Complaints
Sadly, there does appear to be some complaints, though...
How is JM Bullion’s Customer Support?
A company’s customer service can speak volumes about the professionalism of their management. No business is perfect, but oftentimes, their customer support says a great deal about how the company operates.
As for JM Bullion, quite a few users complain about the lack of professionalism and accountability from the company. They do have an email address and a phone number for clients to contact, but apparently that isn’t always enough to guarantee great customer service in the eyes of some customers.
This contrasts greatly with top gold IRA companies, which get positive customer service reviews time after time. This is one of the primary areas that led us to choose our top gold IRA company, which you can learn about here.
Nevertheless, JM Bullion seems to try to resolve some complaints shown on the BBB website. However, there were multiple clients suggesting that JM Bullion reps only give them "the runaround" when they complain about their orders. This probably isn’t exactly what you would call "good" customer service...
JM Bullion Vs. APMEX
Of all the other precious metals companies out there, one of the most common comparison made is between JM Bullion and APMEX. So below, I will provide with a quick comparison between them.
Overall, JM Bullion has a higher rating compared to APMEX. If you wish to know more about APMEX, feel free to read my APMEX review.
Pros and Cons
- BBB Accredited
- Wide array of products
- Free Shipping offer
- Accepts Bitcoin as payment
- Quite a few client complaints
- No direct precious metal IRA service
- Not listed as US Mint dealer
3 Stars out of 5
To sum it up, as of October 2022, JM Bullion is not a scam. It's a legit precious metal dealer that has been operating since 2011. However, the complaints filed against the company with the BBB can leave one feeling a bit on edge.
Large sums of money are getting spent on their products and customers not getting their bullion items by the promised dates can definitely make prospect clients feel an unnecessary sense of uncertainty.
Sure, they try to resolve each issue posted on BBB, but with that said, it’s probably best to aim for a company with no serious complaints if you don't want any surprises.
That said, you might want to check out this company instead. They have quite a few good reviews.
No precious metal company is perfect. Each one of them offers a different way of doing things. The goal is to find one that adheres to your standards and offers the exact services that you're looking for.
You can give JM Bullion a try if you believe they are capable of providing great service, but it’s important to know the potential risks by reading every review they've received before pulling the trigger.
Or you can check out our #1 top gold IRA dealer which is the best we can recommend after reviewing over 200 gold ira companies!