JM Bullion Review 2023: Are They Legit? (Yikes)

Welcome to this JM Bullion review, freshly updated for November 2023!

Whether you're diving into the wonderful world of precious metals for the first time or are a seasoned pro, unless you've been living under a rock, the name "JM Bullion" probably rings a bell.

(Hopefully they're "silver bells" - this is Christmas season, after all.)

Unfortunately, it's no simple matter for even the most seasoned individuals to discern whether a gold dealer is legit or not until you've cut the check, and by then, it's usually far, far too late to change your mind.

So, today, we'll be taking a gander at JM Bullion to see how they "stack up" for you silver stackers out there. Is JM Bullion legit? Or are they just thieving scammers in disguise?

Asking questions like this is extremely important. After all, getting into physical gold and silver is no cake walk. It's important that you do your own due diligence before you risk handing over your hard-earned greenbacks to a dodgy back-alley dealer.

Hopefully this review of JM Bullion will help you get a better feel for their business practices. You don't want to have regrets, do you? Well, that's precisely why we've put together the following JM Bullion review for you. Now grab a cup of joe, have a read and let's get down to brass tacks...

JM Bullion Review Quick Summary

What is JM Bullion?

JM Bullion is an online precious metals dealer that has been in the game since 2011. The company offers a cornucopia of precious metal products and services including bars, coins, and rounds, as well as precious metals storage, insurance, and delivery.

Since its inception, JM Bullion has grown rapidly in the market and has established itself as a major player in the precious metals industry. The company was ranked #96 on the Internet Retailer Top 500 Guide to Online Retailers.

They were also named as the #1 fastest-growing precious metals company in the nation in 2017 by Inc. 5000, as well as ranking #5 in the top 500 list of the 2019 Primary Merchandise category (JM Bullion's bread and butter).

To this day, JM Bullion is one of the largest precious metals retailers in the world, with what they claim to be over 60,000 orders per month.

That's not small potatoes.

Where is JM Bullion Located?

The company only deals with clients online and over the phone, but thankfully they do have a physical address. They were originally based in Lancaster, Pennsylvania, but they moved to Dallas, Texas, in 2014. (Can you blame them? Who wants to risk it in "Pistolvania" anyway? Now, sing it with me... "God bless Texas...")

In all seriousness, though, the company isn't looking to build out retail locations where customers can buy or sell precious metals anytime soon, so don't hold your breath on that one. If you are looking for a physical store to buy precious metals from, you can use JM Bullion's Local Directory to find a dealer in your area.

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 a great variety of products.

(Feel free to check out their website for the full list of items they're selling, but it seems to mainly consist of coins and bullion for the most part.)

As mentioned previously, JM Bullion only transacts online or over the phone. All you need to do is create an account on their website or give them a jingle. Once you do that, you can browse their website and add products to your cart before proceeding to checkout as soon as you finalize what you want to add to your stack.

You will then need to choose a payment option and punch in your shipping information afterwards. It's pretty straightforward. If you are confused, you can always ring their customer service for assistance.

As for shipping, unfortunately JM Bullion doesn't guarantee the number of days needed to ship your order. The company says that it will ultimately depend on the carrier. They do, however, guarantee that the majority of orders are shipped within one business day after a customer's payment has cleared.

JM Bullion Products

JM Bullion has quite a vast array of precious metals products. Silver eagles, austrian philharmonics and almost everything in between.

As for the prices and fees, they are fairly transparent.

Here is a summary of their products and services:

• Gold Products: JM Bullion has one of the broadest selection of gold bullion bars and coins on the market. They've got American Gold Eagles, Canadian Maple Leafs, British Gold Coins, Australian Gold Coins, and Austrian Gold Philharmonics, among others.
• Silver Products: The company also has an extensive selection of Silver products. These include American Silver Eagles, Canadian Silver Maple Leafs, British Silver Coins, St. Helena Silver Coins, and Austrian Silver Philharmonics.
• Platinum and Palladium: For those interested in Platinum and Palladium, JM Bullion offers American Platinum Coins, British Platinum Coins, Canadian Platinum Coins, Austrian Platinum Philharmonics, and Palladium Bars and Coins among others.
• Copper Products: JM Bullion offers a variety of copper bullion products, including bars, rounds, pennies. and more. These are available in different sizes and weights.
• Numismatic and Collectible Coins: JM Bullion has quite a range of collectible coins. They have limited-edition coins, proof coins, colorized coins, gilded coins, error coins, minted sets, and even commemorative issues. 
• Precious Metal Accessories: They also sell a variety of accessories for storing and protecting your precious metals. They have coin capsules, coin tubes, coin boxes, coin safes, and even gift certificates.

JM Bullion Services

One reason why JM Bullion continues to be a leading precious metals dealer in the market is because they've got a wide range of services for their customers. 

• Storage and insurance: They offer both physical and online storage. JM Bullion has their own secure vaults and third-party storage facilities. They also have a variety of insurance plans for them. 
• Education and research: They have a blog, an educational center, and a research team that provides up-to-date information on the precious metals market. These resources include articles, videos, and webinars.
• IRAs: Although JM Bullion does not have a direct IRA service, they can help you open and fund a physical precious metals IRA. They partner and work with New Direction IRA, which offers a variety of IRA products, including self-directed IRAs and trustee IRAs. That said, if you're looking for the TOP gold IRA guys, click the orange button at the bottom of this post to learn more.
• Loans: Through a partnership with Collateral Finance Corporation (CFC), JM Bullion now offers loans. Customers can use their existing bullion as collateral to borrow cash without selling their assets. Cool concept, no?

JM Bullion also offers 24/7 customer service. Their customer service team is knowledgeable and helpful, and they are always willing to answer any questions that customers may have.

JM Bullion Payment Options

JM Bullion accepts the following payment methods:

• Visa
• American Express
• Discover
• MasterCard
• PayPal
• PayPal Credit
• Bank wires
• ACH
• Paper checks
• Bitcoin (if you are into that sort of thing.)

There are no order minimums for orders paid through credit/debit cards, PayPal, Bitcoin, Paper checks, and ACH. For bank wires, however, a minimum order amount of $2,500 is required.

Does JM Bullion Have Buybacks?

Yes, JM Bullion offers buybacks. You can sell your gold and silver bullion to JM Bullion for cash. As for the price, it will be determined by the current market rate of the precious metal itself as these fluctuate over time.

You can easily do this by calling JM Bullion's customer service. You shouldn't need to worry because the company claims to have some of the highest buyback rates in the whole precious metals industry, but it probably wouldn't hurt to shop around, just to make sure.

Are JM Bullion Deliveries Insured?

Yes, JM Bullion deliveries are insured. The company ships all orders with full insurance coverage. You won't need to worry if your order is lost or damaged in transit because you will be reimbursed for the full value of your purchase.

They ship via UPS, FedEx, USPS, and many others. The specific shipping method used will depend on the size and weight of your order, as well as your shipping destination.

All JM Bullion orders are shipped with a signature required. This means that the package will not be delivered without a signature from the recipient. This helps to prevent theft after shipping. No more "porch pirates" with sticky fingers trying to make off like bandits with your stack... If you're from Detroit, you know exactly what I'm talking about...

Other FAQs About JM Bullion

Is JM Bullion A Scam?

No, this company is legit. They have come a long way since their start in 2011. They have built a strong reputation in the precious metals industry with their continuous excellent services, which is certainly a reason why they have garnered multiple awards.

Whether they are best for you and your personal needs, however, is a completely different story. Read some of the reviews below to get a feel for how they really do business.

JM Bullion Ratings (Updated November 2023)

BBB Rating

JM Bullion has been accredited with the BBB since 2014. As of November 2023, they have an A+ rating, but their review ratings have dropped a bit from 4.57 out of 5 stars in October to just 4.54 out ofb5 based on 559 reviews. 

That said, it appears the amount of reviews listed by the BBB has dropped quite dramatically from 870 in October 2022. Why are there only 559 reviews now? That seems rather odd, doesn't it? 

Not only that, they literally have 46 complaints closed in the last 12 months, and 210 complaints closed in the last 3 years! That's a boatload of complaints, no?

Consumers Affairs Rating 

As of November 2023, JM Bullion Consumer Affairs has dropped from a measly 2.3 out of 5 stars to a paltry 2.1 out of 5 based on 285 reviews. Yikes! It appears that overall customer satisfaction has decreased significantly, as their prior customer rating on Consumer Affairs was a flat 3 out of 5 during October 2022. Not only that, THIRTY PERCENT of their reviews on Consumer Affairs are 1 star reviews! That's abhorrent! Proceed with caution!

Trustpilot Rating

JM Bullion's Trustpilot rating has unfortunately dropped as of the time of this writing as well, from 4.5 out of 5 in October 2022 to only 4 out of 5 stars based on 1096 total reviews in November 2023.

Nevertheless, an 4+ star rating is a relatively decent rating. But their current Consumer Affairs rating is definitely NOT the highest in the room, quite the opposite in fact. I don't know about you, but I'm not willing to roll the dice on a company with that many negative reviews. It's just not worth it.

JM Bullion Reviews and Complaints

Although JM Bullion seems to have relatively decent ratings (with the exception of Consumer Affairs), there does appear to be more than a couple complaints. Some of them are quite disturbing, to the point that you actually might want to reconsider buying from JM Bullion. Don't take my word for it, just have a look at the following complaints from different customers below:

As you can see, the reviews and complaints have been about the products and services. It seems to be a pretty common happening that the packaging is compromised and that JM Bullion takes too long to respond to the concerns of the customer. As they say in the deep South, "Ain't nobody got time for that!"

Does JM Bullion Sell Fake Gold?

JM Bullion is definitely not a scam. It is 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, to say the least.

The company was investigated by the Better Business Bureau (BBB) after several customers complained that

A) they had not received their orders

or

B) that the orders they received were not as advertised or worse, counterfeit!

In 2016, a customer even sued JM Bullion for selling him... Wait for it... counterfeit silver bars (!!).That same customer was a regular buyer of the company for several years and had never had any problems before. He said that he was "shocked" to discover that the bars he had bought were counterfeit. Was it on purpose? Only you can answer that, go with your gut...

Large sums of money are getting spent on their products, and when customers don't receive the exact items they ordered by the promised date, it can definitely make prospective clients feel more than uneasy.

Sure, it seems like they've tried to resolve each issue posted on BBB and other review sites, but if you don't want any surprises or problems, it's probably best to aim for a company with no serious complaints to begin with.

How is JM Bullion’s Customer Support?

A company's customer service can speak volumes about the professionalism of its management. No business is perfect, but oftentimes, customer support says a great deal about how the company operates.

As for JM Bullion, numerous users have complained 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 and again. Nevertheless, JM Bullion seems to be trying 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 Management

The company JM Bullion was founded by Michael Wittmeyer and Jonathan Wanchalk. These two friends shared a passion for precious metals and ultimately brought their interests to open this business.

The following below is a list of "who's who" on the executive team that is behind JM Bullion's success:

• Michael Wittmeyer - CEO
• Jonathan Wanchalk - President
• Aloysius "Al" Lee - VP, Digital & Technology
• Tom Fougerousse - Operations Executive
• Rob Milstead - Chief Financial Officer
• Kevin R. Mitchell - InfoSec Manager

The team is composed of traders, precious metals analysts, software engineers, and financial analysts, all working together to maintain the quality of JM Bullion's business.

Pros and Cons

JM Bullion Against Other Platforms

It is highly recommended that you do your own due diligence before trusting your hard-earned cash to any precious metals company. 

While perfect companies rarely exist, doing thorough research can lead you to a company that is reputable and will best suit your needs. Take the time to search for reviews and complaints, especially from 3rd party review sites.

Compare the offerings of each company and their ratings to make a smart decision. The following below is how JM Bullion fares against major competitors like Money Metals Exchange, Acre Gold, and SD Bullion.

Conclusion

No precious metals 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 do yourself a favor by checking out the next review below to see which gold dealer can actually be recommended after reviewing over 200 gold companies... click the orange button below!