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Midwest Bullion Exchange Review 2023: Fraudulent Company? (Truth)

September 8, 2023

Midwest Bullion Exchange Review

Greetings, welcome to my Midwest Bullion Exchange Review!

Precious metals have been an excellent store of value for centuries. And up to the current times continue to be a popular form of investment, especially through high inflation rates and economic instability.

More people are becoming interested in investing to such. At the same time, a spike in precious metals scams is evident. Due to this, it is important to do extensive research and choose a reputable company to invest in to avoid losing money.

Maybe you have come across this company and wondered whether this company's products and services fit to your preferences. This Midwest Bullion Exchange Review contains all the vital information you need to know, so let's get right on to it!

Midwest Bullion Exchange Review Quick Summary

Name: Midwest Bullion Exchange

Website: privatebullion.com

Owners: Scott Hage

Price: Varies depending on your investment

Rating: 3/5

Midwest Bullion Exchange Review

What is Midwest Bullion Exchange?

Midwest Bullion Exchange, also known as its subsidiary "Private Bullion" is a full-service precious metals company. Upon its founding back in 2009, it started as an internet-based precious metals dealer.

Since then, they have grew and expanded to a wider range of products and services. They take pride in being a responsive company, having a website available any time of the day through the week.

Due to the company's commitment to excellence, they have garnered prestigious awards and accomplishments such as 2022's Top 10 Best Precious Metals Dealer by Forbes and 2021's Top 10 Best Precious Metals IRA Provider by Investopedia.

Midwest Bullion Exchange has built a solid reputation within the industry. Whether or not you think this company is worth investing for totally depends on your fit with their products and services. You will know the following below.

Midwest Bullion Exchange Products

Midwest Bullion Exchange offers a range of precious metals including gold, silver, platinum and palladium. They all come in bars, rounds, and coins. They also have IRA-eligible ones.

The following are the coins that are listed on Midwest Bullion Exchange's website:

  • Gold: American Buffalo, American Eagle, Australian Philharmonic, British Coins, Canadian Coins, and other world coins.
  • Silver: American Eagle, Canadian Maple Leaf, Silver Britannia, Junk Silver
  • Platinum: American Eagle, Australian Platinum, Austrian Philharmonic, Canadian Maple Leaf

Other products include collectible coins and pre 1933 gold and silver. Their website has a unique tab labeled as "Specials" wherein they display the items that they have on discount or sale. 

While the company offers a variety of precious metals, their catalog is limited and some products may be out of stock. If you're looking for a company with a wider selection, I recommend Goldco

Goldco offers a wide variety of precious metals, including gold, silver, platinum, and palladium. They also have a variety of other products, such as IRAs and bullion storage.

Midwest Bullion Exchange IRA 

Midwest Bullion Exchange is an IRA custodian and they offer IRA services and IRA-eligible precious metals. They can help you set up a self-directed IRA and safekeep the precious metals that you have purchased.

The other services that the company offers to their customers are rollovers and transfers. With a rollover, you can move your existing IRA to a self-directed IRA at Midwest Bullion Exchange. With a transfer, you can move your IRA from another dealer to Midwest Bullion Exchange.

If you are considering investing in a precious metals IRA, Midwest Bullion Exchange is a reputable dealer that can help you get started. However, it's important to do your own research and compare different IRA custodians before you make a decision.

Midwest Bullion Exchange Prices

The company takes pride in its competitive precious metal prices. Even with the premium price of 1-3% added, the prices generally are favorable for your budget.

Also, Midwest Bullion Exchange puts on special offers and discounts from time to time and you can see them in their website. The following below are the current prices as listed in their website:

  • Gold1 oz. gold bar$1,844.10
  • Gold1 oz. American Gold Eagle coin$1,852.70
  • Gold1 oz. Canadian Gold Maple Leaf coin$1,851.
  • Silver1 oz. silver round$22.07
  • Silver1 oz. American Silver Eagle coin$22.26
  • Silver1 oz. Canadian Silver Maple Leaf coin$22.17

How To Purchase From Midwest Bullion Exhange?

Since Midwest Bullion Exchange is an online precious metals dealer company, you will need to access their website in order to complete transactions. The first step you should do is to create an account.

Once you have created an account, you will need to verify and authenticate your account by providing information and email address. Once done, you can now shop for products.

You can browse the Midwest Bullion Exchange website by metal type, product type, or brand. You can also use the search bar to find specific products. If you find something of your liking, you can add those to your cart. 

Once you have added all the products you want to buy to your cart, click on the "Checkout" button. You will be taken to a page where you can review your order and select your payment method.

After you have selected your payment method, you will be able to review your order. Make sure all the information is correct before you click on the "Submit Order" button.

Your order will then be shipped. You will receive a tracking number which you can use too monitor the package and see when it will be arrive at your door.

Accepted Payment Methods

Midwest Bullion Exchange accepts the following payment methods for transactions:

  • Credit cards: Visa, Mastercard, Discover, and American Express
  • Debit cards: Visa, Mastercard, and Discover
  • Wire transfers: Wire transfers are accepted from all major banks.

They also accept cashier's checks and cash orders. Take note that fees may be added for certain payment options. Example of this is a 3% processing fee for credit card payments.

Storage Services

Midwest Bullion Exchange offers a variety of storage services for your precious metals. Whether you are looking for a short-term storage, or a long-term investment, they can cater to your needs.

They allow self-storage, and also offer allocated and unallocated storage options. The following are better explained below:

  • Self-storage: You provide your own storage container and are responsible for the security of your metals. This is the most affordable option, but it also gives you the most control.
  • IRA storage: Midwest Bullion Exchange will store your metals in a secure facility and provide you with all the necessary paperwork to keep your IRA compliant. This is a good option for investors who have precious metals in an IRA.
  • Allocated storage: Your metals are segregated from other metals in storage, giving you peace of mind. This is the most secure option, but it is also the most expensive.
  • Unallocated storage: Your metals are commingled with other metals in storage, so you will not be able to track the specific bars or coins that you own. This is the least expensive option, but it is also the least secure

Vault storage of the company's IRA-eligible products are provided by Delaware Depository. Furthermore, it is fully insured by Lloyd's of London, which is one of the oldest insurance companies in the world.

For custodial services, Midwest Bullion Exchange partnered up with GoldStar Trust Company.

Shipping Services

Midwest Bullion exchange offers a variety of shipping services for customers purchasing precious metals. They ship via FedEx, UPS, USPS. The following are the options for shipping:

  • Free shipping: Midwest Bullion Exchange offers free shipping on orders over $2,500.
  • Rush shipping: Midwest Bullion Exchange offers rush shipping for an additional fee. Rush shipping typically takes 1-3 business days.
  • Insured shipping: Midwest Bullion Exchange offers insured shipping for an additional fee. Insured shipping protects your order in the event of loss or damage.

The products are shipped to our customers in the original mint packaging. Midwest Bullion Exchange claims that the products they deliver are certified investment-grade and are considered good delivery. 

Educational Services

In Midwest Bullion Exchange's website, they offer different educational resources. All of these are free to access and definitely contains helpful knowledge regarding precious metals.

First off, they have an educational blog section. You can find articles of different topics ranging from precious metal history, benefits of investing in precious metals, and facts about gold and silver.

They also have a glossary and FAQ tab where you can learn the basic terms and find answers to the common customer queries. Lastly, they have live charts where you can monitor the current prices of precious metals and keep being updated about such.

Buyback and Return Policy

Midwest Bullion Exchange accepts returns and also offers buybacks for their customers. You will need to follow their guidelines and agree to their quotes to confirm such. The following are the policies:

  • Buyback: The buyback price will be based on the current spot price of the metal and the condition of the metal. You will need to contact customer service, then they will give you a quote. If you agree, the company will send you a shipping label and you will need to send the metal back to them.
  • Return: Midwest Bullion Exchange offers a return policy on all precious metals that it sells. This means that you can return your precious metals for a full refund within 30 days of purchase. The policy will not apply to custom orders or items that have been damaged.

Midwest Bullion Exchange Customer Service

Midwest Bullion Exchange has excellent customer service. Their team is said to be knowledgeable and helpful. They are always happy to answer your questions and help you with your purchase.

A great feature about their website is that they offer a toll-free phone number. You can also reach them through email support and live chat on their website. This means that you can get help quickly and easily, 24 hours a day, 7 days a week.

Where Is Midwest Bullion Exchange Located?

Midwest Bullion Exchange is located in Minnetonka, Minnesota, United States. Their address is 601 Carlson Parkway, Suite 1050, Minnetonka, MN 55305.

According to their website, Midwest Bullion Exchange has other offices outside of their headquarters in Minnetonka, Minnesota. This includes one in Las Vegas, Nevada, Miami, Florida, and New York, New York.

Midwest Bullion Exchange Ratings

If you are a constant reader of our website, you will know that we really are keen on showing how these precious metals companies are rated by trusted experts in the industry.

We are going to see how Midwest Bullion Exchange is rated and reviewed from other reputable websites. (UPDATED JULY 2023).

Midwest Bullion Exchange BBB Rating

Midwest Bullion Exchange Review

Surprisingly, although Midwest Bullion Exchange has already been in business for over 13 years, they are still not yet accredited with BBB, and so have 0 reviews within. On a positive note though, they are graded A+ by BBB.

Midwest Bullion Exchange Yellowpages Rating

Yellow Pages Rating

For Midwest Bullion Exchange's Yellowpages rating, they have a perfect 5/5 star rating. However, this won't pull any weight because this is based on 2 reviews only. And worse, the last review was way back 2015.

Midwest Bullion Exchange Yelp Rating

Yelp Rating

The company's Yelp rating is no different. Midwest Bullion Exchange also had a perfect 5/5 star rating but based on only 2 reviews. Similarly, the last review that the company had with Yelp was way back 2016.

Midwest Bullion Exchange Facebook Rating

Facebook Review

Their Facebook profile used to have 1 review and the customer tagged the company as "recommended" and gave it a 5/5 star rating. However, it seems to be gone as of this time of writing. 

Midwest Bullion Exchange Complaints

Even though the ratings are good, they are still based on a few number of reviews, which is not that much of a help, considering that other companies have very good ratings and reviews.

Consequentially, due to the very low number of reviews and ratings, Midwest Bullion Exchange has no complaints in BBB, Facebook, Yelp, and Yellowpages. Although they got none on the internet, this doesn't mean that the company is perfect.

Better Alternatives to Midwest Bullion Exchange

Before you invest in precious metals, it is important to do your research and understand the risks involved. There are many reputable precious metals companies, but there are also some scams out there.

The following below is how Midwest Bullion Exchange fares against major competitors like Goldco, Acre Gold, and SD Bullion
Midwest Bullion Exchange Review

4.3/5

Products

Gold, silver  palladium, and collectibles

Services

Buying, selling, storage

Shipping

Free shipping on orders over $2500. Shipping is $7.99 for orders under $2500.

Goldco Logo

4.4/5

Products

Gold, platinum, silver, rare coins, and palladium

Services

Buying, selling, storage

Shipping

Free shipping for orders over $25k. Shipping fee depends on orders under $25k.

Acre Gold Logo

4.0/5

Products

Gold monthly subscriptions ranging to $250

Services

Selling and storage

Shipping

Free shipping for orders over $299. $9.95 shipping for orders under $299.

SD Bullion

4.2/5

Products

Gold, platinum, silver, copper, and palladium

Services

Buying, selling, storage

Shipping

Free shipping for orders over $199. $9.95 shipping for orders under $199.

I believe that Goldco offers better products and services overall. Goldco has a wider selection of products, including more rare and exotic metals. They also offer a wider range of services, such as IRAs and lending. Additionally, Goldco has a better reputation for customer service.

Company Pros and Cons

Pros

  • Low prices
  • Good products and services
  • Good customer service
  • Have been conducting business since 2009

Cons

  • Lacks reviews
  • No rare coins or metals
  • Narrow product selection

Is Midwest Bullion Exchange a Scam?

To conclude this Midwest Bullion Exchange Review, let's answer this question. Midwest Bullion Exchange is not a scam. It is a legit and genuine full-service precious metals provider.

Moreover, it is partners with various companies such as Delaware Depository and GoldStar Trust Company. Currently, it still lacks reviews compared to its competitors and lastly, its products are limited compared to others.

So if you are looking for the best precious metals company, check out my top recommendation Goldco. This company offers a wider range of products and services. Additionally, Goldco has a better reputation in the industry.

Thank you so much for reading my Midwest Bullion Exchange Review. If you have any comments or questions, feel free to leave them in the comments section.

Anis is a digital marketing expert that enjoys writing blogs and helping people avoid scams online; he is passionate about investing in real estate and gold; in his free time, Anis loves playing football, going to the gym, and hanging out with friends.


By the way, if you are tired of scams and want to invest with a legit gold company, check out my 6 top legit gold IRA companies of 2024!

Anis

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