Welcome to my JM Bullion review! Whether you're diving into the world of gold for the first time or are an seasoned pro, you've probably heard of the company JM Bullion.
Unfortunately, it can be hard for even the most seasoned individuals to ascertain whether a gold dealer is legit. We'll be looking at JM Bullion to determine if they're a reputable dealer or scammers in disguise.
Asking questions like this is important. After all, getting into gold is no walk in the park. It's important, then, that you do your own research before handing your hard-earned money over to a dealer.
We want you to invest with no regrets, that's why we've put together the following JM Bullion review, and aid you in your decision making.
JM Bullion Review Quick Summary
Company name: JM Bullion
Founders: Mike Whittmeyer, Jonathan Wanchalk
Price: Varies depending on your investments
What is JM Bullion?
JM Bullion is an online precious metals dealer/retailer that has been in operation since 2011. The company offers a vast variety of products and services including bars, coins, rounds, and precious metals storage, insurance, delivery.
Since its founding, JM Bullion has grown rapidly in the market and has established itself as a major competitor in the industry. The company was ranked #96 on the Internet Retailer Top 500 Guide to Online Retailers.
They were named as the #1 fastest-growing precious metals company in the nation in 2017 by Inc.5000. They also ranked #5 in the top 500 list of the 2019 Primary Merchandise category (JM Bullion's specialty).
To this day, JM Bullion remains to be one of the largest precious metals retailers in the world, with what they claim over 60,000 orders per month.
Where is JM Bullion Located?
The company only deals online, but they do have a physical address. They were originally based on Lancaster, Pennsylvania, but they moved to Dallas, Texas, in 2014.
Currently, the company isn't looking to build a retail location where customers can buy or sell precious metals. If you are looking for a physical store to buy precious metals, you can use JM Bullion's Local Directory to find a dealer in your area.
How Do They Work?
(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.)
Stated earlier, JM Bullion only transacts online. All you need to do is create an account in their website. Once you do that, you can now browse and add products to your cart and proceed to checkout as soon as you finalize what you want to invest in.
You will then be needed to choose your payment option, which JM Bullion has lots of options with, and then put your shipping information. It's that easy and straightforward. If you are confused, you can always call their customer service for assistance.
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. 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 a vast selection of precious metals products. If you want to know all about them, you can just easily go to their website and see it for yourself.
As for the prices and fees, they are transparent in their website and you can easily see them there. Here is a summary of their products and service:
- Gold Products: JM Bullion has one of the broadest gold products in 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 extensive 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 even bullets. These are available in different sizes and weights.
- Numismatic and Collectible Coins: JM Bullion extends their products to 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 to its 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 it.
- 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 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.
- 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.
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, or 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 price of the precious metal itself as these fluctuate over time.
You can easily do this by calling JM Bullion's customer service. You will never need to worry because the company claims to have the highest buyback rates in the whole precious metals industry.
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 damage 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 signature required. This means that the package will not be delivered without a signature from the recipient. This helps to prevent theft and damage during shipping.
Other FAQs About JM Bullion
Payment is typically issued in 1-3 business days from the time your items have been verified. It can take 1-2 weeks for a check to arrive if you choose that option.
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 the majority of customers want storage options for the metals they buy (unless they have their own bank vault in their basement).
If you're looking for vault storage, you'll need to look somewhere else. If you want me to give you some little direction, I recommend this company.
Yes, you can sell back to the company. All you have to do is to call their toll-free number 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.)
JM Bullion buys a majority of the more popular private and government-issued bullion coins and bars, as well as a large variety of collectible coins.
To confirm whether your item is sellable, contact them directly.
No, the company only operates in the US.
Yes, JM Bullion accepts Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Wrapped Bitcoin (WBTC), Dogecoin (DOGE), Litecoin (LTC), and 5 USD-pegged stable coins (GUSD, USDC, PAX, DAI, and BUSD).
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, 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 do business.
JM Bullion Ratings (Updated June 2023)
JM Bullion has been accredited with BBB since 2014. As of July 2023, they have an A+ rating with 4.57 out of 5 stars based on 707 reviews.
That said, it appears the amount of reviews listed by the BBB has dropped from 870 in October 2022. Why were 163 reviews removed in just a few short months? Also, they have 44 complaints in the last 12 months, and 244 complaints in the last 3 years.
Consumers Affairs Rating
JM Bullion posts a Consumer Affairs 3.6 out of 5 stars rating with 280 reviews. They have significantly increased the customer satisfaction as it was just a flat 3 out of 5 during October 2022.
JM Bullion's Trustpilot rating has unfortunately dropped as of this time of writing. From 4.5 out of 5 in October 2022, they only have 4.2 out of 5 stars based on 1089 total reviews.
Nevertheless, an above 4 star rating is a great metric that the company's products and services has satisfied their customers.
JM Bullion Reviews and Complaints
Although JM Bullion seems to have excellent high ratings, there does appear to be some complaints though. Some of them are even disturbing enough worth reconsidering if it is safe to invest in JM Bullion. Take a read on the following complaints from different customers:
As you can see, the reviews and complaints have been about the products and service. It seems to be a common happening that the packaging is compromised and that JM Bullion takes too long to respond to the concerns of the customer.
You can also view this video below that is about a complaint from a customer receiving nothing after buying from JM Bullion.
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.
The company was investigated by the Better Business Bureau (BBB) after several customers complained that they had not received their orders or that the orders they received were not as advertised or counterfeit.
In 2016, a customer sued JM Bullion for selling him counterfeit silver bars. The said 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.
Large sums of money are getting spent on their products, and when customers don't receive their exact genuine items by the promised dates, it can definitely make prospective clients feel uneasy.
Sure, they try to resolve each issue posted on BBB and others, 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 are the executive team that is behind JM Bullions 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
- BBB Accredited
- Wide array of products
- Free Shipping offer
- Accepts Bitcoin as payment
- Secure shopping experience
- Competitive prices
- Quite a few client complaints
- No direct precious metal IRA service
- Not listed as US Mint dealer
- History of fraudulent activity
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.
Gold, platinum, silver, copper, palladium
Buying, selling, storage, loans
Free shipping on orders over $199. Shipping is $7.99 for orders under $199.
Gold, Palladium, silver, platinum, and rhodium
Buying, selling, storage, loans
Free shipping for orders over $500. $7.97 shipping for orders under $500.
Gold monthly subscriptions ranging to $250
Selling and storage
Free shipping for orders over $299. $9.95 shipping for orders under $299.
Gold, platinum, silver, copper, and palladium
Buying, selling, storage
Free shipping for orders over $199. $9.95 shipping for orders under $199.
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 check out our yourgoldiraguide website to choose which the best precious metals firm we can recommend after reviewing over 200 gold IRA companies!