Welcome to my "Is Provident Metals Legit?" review!
(UPDATED FOR SEPTEMBER 2022)
Before you decide whether you would work with Provident Metals in 2022, you might want to read this review first...
Is Provident Metals legit? Or is it a scam? You are about to find out the shocking answers to these questions!
Provident Metals Review Quick Summary
What is Provident Metals?
Provident Metals is an online precious metals retailer based in Dallas, Texas founded in 2009. It generally serves clients from both the United States and Canada.
Interestingly, it is one of the few online retailers that has started to accept crypto currencies as a form of payment such as Bitcoin.
What are Provident Metals' products?
The company offers a variety of precious metals ranging from gold, silver, platinum, palladium, and copper bullion, bars, coins, and rounds.
If you are new to the gold investing industry, Provident Metals offers several starter packs to guide you, as well as buyback products
Does Provident Metals offer IRAs?
Yes. IRAs are one of its main services, and Provident Metals has a selection of IRA-eligible products for those looking to invest. Better yet, they feature a tax-free ROTH IRA, which is good news for account holders.
As for added fees involved in the setting up a precious metal IRA investment account, these are not disclosed as it’ll greatly be determined by the custodian you select.
Provident Metals has partnered with Preferred Trust Company – although it’ll still be up to your discretion.
According to Provident Metals...
However, if you prefer a company that specializes in IRAs, then you are looking for Augusta Precious Metals.
Can the metals be delivered directly to your home?
Absolutely. The deliveries are fully insured and can be subject to free shipping depending on the subtotal. Multiple orders cannot be combined.
Unfortunately, these services can only be availed in Canada and the United States.
Below are more information from Provident Metals.
Can you store your metals in Provident Metals?
You may, however, this through third-party depository partners. Again, the fees and exact whereabouts are concerning.
Can you sell back your metals to Provident Metals?
Yes. Whether you purchased your precious metal through Provident or not, you may sell this to the company provided it meets the minimum amount of $1,000, and you’ve contacted their purchasing department.
It works in three steps:
- Call in to set up a selling account
- Ship your items
- Payment is released
Furthermore, you can see below the requirements you need to meet to sell back.
How is the Provident Metals support?
The company support system lacks a live chat box on its website, which is a shame.
Instead, the website offers a phone number, an e-mail address, and a physical address for you to contact its staff and voice out your concerns.
Ratings (September 2022 Update)
Overall, Provident Metals received fairly OK ratings from different websites. You can see them below.
SEPTEMBER 2022 UPDATE: As of the of mid-September 2022, Provident Metals has an average rating of 3.9 3/5 based on 3,670 reviews 3,677 reviews on Trustpilot, with the latest review giving just a 1 out 5 rating, courtesy of Wane "Baby Boomer" Boon:
As you can see below, they used to have a 4.1 out of 5 rating on Trustpilot, so for their rating to have dropped so much from 4.1/5 to only 3/5 would indicate that something has changed and customers are not as pleased as punch like they used to be:
It appears their rating on SiteJabber has dropped from 2.83 out of 5...
to just 2.66 out of 5....
Their current BBB rating (As of mid-September 2022) is 4.72 out of 5 based on 148 customer reviews:
Even though Provident Metals has relatively OK ratings, people still shared some complaints and negative reviews about the company.
You can see some of them below. These could also serve as a warning for you...
Pros and Cons
- Wide variety of products
- Several payment methods available
- Numerous complaints on review websites
- Ships only to Canada and the US
- No live chat on website apparently
Is Provident Metals Legit? - Final Verdict
Is Provident Metals legit? Well, so far, it is a legit precious metals firm, company and dealer.
It offers good products and services, which includes IRA. Furthermore, it actually received good ratings. However, ratings are not good enough. We need to take into consideration what other people expressed about the company.
Provident Metals received quite a lot of negative reviews and complaints. And this is not a good indication of it being the best precious metals firm.
If you are looking for the best firm, the check out the top recommended one at the bottom of this review!
Do you have any experience investing in Provident Metals, feel free to share what you think in the comments section below!
Thank you so much for reading my "Is Provident Metals Legit?" review!