Provident Metals Review

Disclaimer: Some or all of the companies listed here may provide us compensation. This is partly how we keep and maintain our free services for consumers. Compensation and in-depth research from our team determines the results of our reviews.

Provident Metals is an online dealer of precious metals. They are known for having a wide range of different coins available in platinum, gold, silver, and copper. In addition, they have some other products and legal tender available. Their website has some information about opening a precious metals IRA.

But though this company is popular, they might not actually be the best place to invest. There are some concerning customer reviews online. Let's take a look at what they offer and what people have to say about their experiences.

  • Product Type: Precious Metals
  • Owner: JM Bullion (parent organization); Joe Merrick (CEO)
  • Rating: 1.5/5

Important: Before we move on with this review...

Picking a company to invest with is a HUGE financial decision. We have done years of research (updated often) and want to share our results with you before you make this important decision.

See if Provident Metals made our top 5 precious metals investment companies list this year...

---> Top 5 Precious Metals Investment Companies For This Year <---

Or you can checkout our top recommended company right away below:

Otherwise, feel free to continue with our in depth review of Provident Metals below!

Available Products

Provident Metals Review

The company has one of the most widespread catalogs of any online precious metals dealership. You can browse products by different categories, such as looking at popular items or in stock items. Some of the items are available to place into a precious metals IRA, though not all of them are.

In addition to having gold and silver coins from mints around the world, the company also carries gold and silver bars, popular collectible coin series, and coin handling supplies.

Almost every type of coin and bar that you can think of is available. You just have to check out the website and see. Coins are available in several different weights, and there are even platinum options.

The collectible coin series cannot be held in a precious metals IRA. These are also a riskier investment than pure bullion, since they are only worth as much as people are willing to pay for them. Still, they may appeal to collectors.

IRA Services

Provident Metals Review

Provident Metals has some limited IRA services available. However, they aren't as streamlined or as helpful as with other companies.

The company has partnered with Preferred Trust Company. When you want to open a precious metals IRA, you are encouraged to call them to initiate the process. With other precious metals IRA specialists, the company handles talking to the custodian and even walks you through the paperwork.

There don't appear to be dedicated IRA specialists on the Provident Metals team. The biggest thing that the company offers is the ability to search for precious metals that are eligible for holding in an IRA. That way, you don't accidentally make any purchases that aren't compliant with IRS regulations.

Overall, it's nice that they give lip service to precious metals IRAs. But there are plenty of other companies that do it better.

Selling Program

Provident Metals Review

If you want to sell your precious metals, you can sell them to Provident Metals. The company claims that it offers the most competitive pricing on the market. Since their buying prices are published on their website, you can compare their offers against those of other companies.

You can sell certain numismatic coins and bullion of the gold, silver, platinum, or palladium variety. The company's buy prices include lists of specific coins and bullion, along with the current offered price for each.

The first step to sell the metals is to call the company and lock in the price. You can talk to a representative about the value of your metals. Many items have their buyback price already listed through the website. After you confirm the transaction, your price locks, so you won't lose money even if the price of the metals decreases.

You will then be sent an email confirmation that has the inventory, the agreed upon prices, and a packing slip.

Your job is to follow the shipping instructions in the email within a business day. It's best to insure the items so that you can have their value recovered if they get lost in the mail. While you are responsible for packing the items, your email will have recommendations for how to keep the packaging safe.

After Provident Metals receives the package, they will verify the quality and authenticity of the items. Then they will issue a payment. They say that you should allow three business days for the payment to be sent.

Payments can be made through a bank wire transfer, a paper check, or an electronic check. Paper checks have a fee of $30, while wire transfers have a fee of $25.

Is Provident Metals a Scam?

Provident Metals Review

Provident Metals does not appear to be a scam. The company has been accredited with the Better Business Bureau since 2019. It holds an A rating. The only reason given for the rating was the length of time that the business was operating, but the large number of complaints is likely why they don't have an A+.

In fact, the number of consumer complaints is disturbing. Though a few customers have left glowing feedback, there are extremely mixed reviews on third party websites like Sitejabber and Trustpilot. Many people report having extremely negative experiences.

On the BBB website, there have been a whopping 19 complaints filed in the prior three years. Of those, 11 were filed just in the past year alone.

Even large companies shouldn't have this many complaints filed against them. It seems to indicate that something is wrong on a managerial level. But let's take a look at some of the most recent BBB complaints to see what's going on.

BBB Complaints

Provident Metals Review

Nine of the complaints filed with the BBB were related to an issue with a product. Five were related to billing problems, and five were related to problems with the delivery.

Undelivered Package

One of the complaints was filed in July of 2021. This customer had ordered several coins from the company in June. Almost three weeks later, the order still hadn't shipped. The online order stated that the items weren't ready yet and asked that the customer give them extra time.

Almost a week after that, nothing had changed. The customer contacted the company to ask to get their money back. The company said that a refund could not be issued. But the company website stated that refunds could be given when a package wasn't delivered.

The company responded to say that they had shipped out the metals and that they were delivered at the end of July. They also added that their policy was to decide themselves whether customers were eligible for refunds.

Damaged Packaging

One complaint was filed in May of 2021 regarding the packaging of the customer's products. The package was meant to ship insured through UPS. But the customer was not asked to sign when they received it. Upon opening the package, the customer found that several of the products they purchased were missing.

Several of the products had come loose inside the packaging, rather than being packaged safely. There was a hole in the package, though this was contained in an undamaged box.

The moment the customer opened the packaging, they contacted Provident Metals and created a claim. They were asked to send pictures. Upon doing so, the company's claims department contacted them. They were told to file a police report, so they did. As of writing the complaint, they had not yet been refunded or had their products replaced.

The company responded to say that the claim was approved and that the missing coins were shipped.

Two Months for Delivery

A customer made a purchase at the end of January. They filed their BBB complaint at the end of March to say that the coins still hadn't arrived.

At first, when the order failed to arrive in the correct time frame, the customer contacted the company. The company said they would create a claim. The customer waited for several more weeks, assuming that the coins were being delayed in their shipping due to COVID.

Every time they would call and ask about the order, they would be told that the claim was "still under investigation." The company claimed that investigations took 30 days, but the customer filed their complaint after the 30 day period was up.

The customer had originally received reassurances that their order would be refunded. But then a company manager told them that there wasn't a guarantee that they would receive a refund. The customer didn't care about receiving the coins anymore and only wanted to get a refund.

From there, some back-and-forth occurred between the company and the customer:

  • The company informed the customer that they would be refunded for part of their purchase price, minus the cost of market losses.
  • The customer said that they should not be liable for the market losses because they had never received the coins in the first place.
  • The company quoted their terms and conditions, which indicate that market loss is part of the refund process.
  • The customer again said that they should not be penalized for the company's mistake.
  • The company finally agreed to recoup the cost of the market losses.

This seems like a lot of back and forth for something that shouldn't even have been an issue to begin with, especially considering the customer had been waiting for weeks for a resolution already.

Should You Invest with this Company?

Provident Metals Review

The above complaints are just a fraction of the complaints that people have filed against the company. Though the company appears to have responded to all of them, they haven't always provided the best customer service. For example, there wasn't any reason for all that back-and-forth in the final outlined complaint.

Just because a company is legitimate doesn't mean that it's the right place to invest. There is no indication that anything illegal is happening here, but there are definite patterns of dissatisfied customers. Judging by the reviews online, you're about as likely to have a negative experience as a positive one.

There are other precious metals investment companies that have much better online consumer reviews. In addition, these companies often have a longer history operating in the industry.

Pros & Cons of Provident Metals

Pros

  • Popular online dealer offering copper, silver, gold, and platinum products.
  • Ability to sell your precious metals to the company.

Cons

  • Multiple complaints written by customers through the BBB, Trustpilot, Site Jabber, and other third party websites.
  • Several customers were not satisfied by the company's complaint resolutions.
  • Patterns of complaint about lost packages, difficult refunds, damaged or incorrect items, and unhelpful customer service.

Final Thoughts

Provident Metals is an online precious metals dealer that offers products including gold, silver, platinum, copper, and even legal tender. At first glance, they seem to have everything you could want from a precious metals investment company. They appear to be backed by industry expertise and robust services.

However, the company's reputation really suffers due to its online reviews. Though it is accredited with the BBB, there have been a whopping 19 complaints filed in three years. The company's resolutions to the complaints have not always satisfied the customers.

This isn't the only place that you can find complaints. There are extremely mixed reviews on Site Jabber and Trustpilot, with many customers indicating that they had problems with the delivery, customer service, or products themselves.

Even though the company looks good on the surface, we can't recommend a dealer that has this many negative consumer reviews. It's better to work with a company that has a longer established history in the industry, along with positive customer feedback.

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 Provident Metals below!

Leave a Comment