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CBMint is one of many online precious metals dealers scattered throughout the US. Headquartered in Texas, they say that their goal is to provide precious metals with the best customer service. But there are some concerning reviews online. Is this company really everything they claim to be?
We've taken a look at what CBMint offers, who they serve, and whether the operation is legitimate.
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CBMint has some great qualifications on paper. For example, they are accredited with the Better Business Bureau and have an A+ rating. They are also a member of the American Numismatic Association, which indicates that they have a high level of knowledge about the industry.
The company was founded by multiple different investors who wanted a precious metals company that does things differently. The owners believe that it's essential to integrate precious metals into your portfolio for stability in times of economic turbulence.
According to the website, the company has a few different values that they prioritize in all of their policies.
The first is low prices. Most of the bullion in the inventory comes straight from the mints, so there's no middle man. That lets them sell the items at a lower markup and ensure that all of the products are authentic.
The second value is simplicity. They want to make it easy for people to buy precious metals online. To this end, they have several payment methods available as you shop online. If the items are being shipped in the continental US, you'll get free insured shipping on every purchase.
The third value is customer service. They say that they care about giving the best client satisfaction, but there are some reviews that call that into question. Clients have reported that it's difficult to get in contact with the company to resolve issues.
The fourth value is security. The company uses encryption and data protection to make sure that your information is safe throughout the entire buying process.
Is CBMint a Scam?
CBMint is not a scam. The company has been in business for eight years. It has an A+ rating and accreditation with the Better Business Bureau. In addition, there are a fair number of positive customer reviews online.
But there are also a fair number of complaints.
On the BBB website, the company has a total rating of 3.29 out of 5 stars, indicating very mixed reviews. It seems like about half of the customers had a great experience, while the other half had a terrible one.
There have also been five official complaints filed in the last three years. Of those, though, only one of the complaints was filed within the previous twelve months.
Let's take a look at the issues that some of the customers had.
Of the five complaints that have been filed, three were related to an issue with a product or service. Two were related to delivery problems. It's important to note that the negative customer reviews do not count as official complaints, which means that more than five customers have had a negative experience.
But any company will get some complaints after it's been in business for long enough. What's most important is how they handle it.
One official complaint filed within the last three years was filed in July of 2020. The customer said that the company cancelled their order without permission and then didn't uphold their own market loss policy.
The customer's son was the one who placed the actual order. He was unable to write the complaint because he was deployed with the National Guard at the time. But he had purchased some silver bars that were supposed to be in stock. The website said that the items would ship once a money order or check was sent.
Even though the company got the check, they didn't ship the order out. They contacted the customer's son and told him that they would need to cancel the order. The son said that he wanted the silver rather than having his money back. The company returned the money instead and said that in a few weeks they might be able to work with him.
A few weeks after that, the son did indeed call the company. So did the person writing the complaint. Despite making contact several times, they were always stalled and told that the order couldn't be completed. The customer was frustrated because they would have invested elsewhere had they not been told the silver order could still be placed.
The company replied to say that they had to mail the check payment back due to supply disruptions as part of the COVID-19 pandemic. They added that they would reach out to the customer when they stopped having supply issues.
The customer said that they didn't accept the response because they believed that the company had been dishonest with them on purpose. The company never responded to indicate whether they wanted to rectify the situation.
No Confirmation Email
Another complaint came from a customer who said that they never received a confirmation email for their order. Despite trying to call the business repeatedly, they kept getting voicemail. The customer said that they had mailed their check and that the money had been cashed. They wanted immediate confirmation that their shipment would actually be sent out.
The customer said that if they didn't receive the items they ordered, they would be filing a complaint with the FBI Fraud Investigation Division.
While the company never responded publicly to this complaint, the customer did follow up a few days later to say that they had received their order in the mail. They added that they were still concerned about the subpar customer service and computer glitches, though.
These are the only two complaints that are publicly displayed on the BBB website. It's possible that the other customers chose not to display theirs or took them down after the issue was resolved.
Pros & Cons of CBMint
So... should you invest with this company?
Though they are a legitimate business, some of their complaints are concerning. It seems like they're not good at communicating with customers about potential issues with their packages. The company did not follow up with one about a computer glitch, and they cancelled the order of another because they didn't have the right inventory.
There are other precious metals dealers that have much more transparent policies when dealing with customers. They also have more universally positive feedback. A few complaints aren't necessarily a bad thing, but when there are as few online reviews as this company has, it becomes a concern.
Overall, we believe that there is a better option when it comes to your investment.
The above company is our top recommendation after doing extensive research. Feel free to keep doing your own research, or you can visit CBMint below!