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Last Updated: November 19, 2023
Provident Metals is a gold dealer that sells domestic bullion and international currency. Many people turn to companies like Provident Metals to help them invest in precious metals.
Before you buy metals from this company, we urge you to read our Provident Metals review.
We are here to provide extensive information to help you decide if Provident Metals is a trustworthy company or one you must avoid. We have conducted extensive research and are prepared to offer our findings.
Learn everything there is to know about Provident Metals and its operations. At the end, you will get our final thoughts and learn if we recommend this company to buy precious metals.
Provident Metals was founded in 2019, so it has not existed long. The company website offers a catalog of precious metals and their prices. At the top, you will see a ticker that provides the latest spot prices on gold, silver, platinum, and palladium.
There is plenty of content, including educational materials and a company blog offering information on precious metal products. You can sign up for a free newsletter that updates you on precious metal news.
Provident Metals offers customer service support via email and phone. Unlike other companies, this precious metals dealer does not provide 24/7 chat.
We found many customers saying they are a horrible company to deal with because they do not offer consistent customer satisfaction.
Many customers have reported that the online dealer representatives never answered their questions and did not listen to their concerns. We are concerned about whether Provident Metals is a reputable dealer or one we should all avoid.
Provident does not offer outstanding customer service. As we searched for at least one happy customer, we checked out the top consumer reporting sites to determine how the Provident customer service started and how it is progressing.
The company has been accredited by the Better Business Bureau since 2019, and they have an A+ rating. There are currently 129 customer reviews with a 4.75 star rating out of 5.
We also discovered the company has had 16 complaints closed in the last three years and 2 in the last year.
Although most customers were happy with the services they received from Provident Metals, there were also complaints.
Aside from poor customer service, there were consistent complaint themes, including the following:
We visited Trustpilot next. The company currently has an average rating of 3.3 stars out of 5, with 3,680 customer reviews. We saw some of the same common complaints as on the BBB.
Some of the customers who have complained say they have been with the company for ten years or more and never had a problem, and then suddenly issues began arising with their orders. Is the issue of poor customer service fairly recent?
Most of the complaints began pouring in around 2021. One customer stated Provident Metals does not require a signature for orders below $ 1,000.
Their order was lost, and USPS admitted they lost the package. Despite the evidence from the shipping provider, Provident Metals refused to pay for the claim even though the United States Postal Service lost the package.
Customers also complained the precious metal dealer would not respond to their claims of damaged gold, silver, platinum, and palladium. The customer service team refused to answer phone calls or respond to emails. The customer said they would never shop with Provident Metals again.
From rude service reps to no follow-up phone calls on claims, it is not looking good for Provident Metal. At this point, we urge you to proceed at your own discretion and will continue to release information about this company.
Provident claims are rising, and customers are not getting responses from the company. The Provident Metals website does not offer clear information on handling customer claims for purchases like copper bullion and numismatic coins.
We bring a balanced approach to this Provident Metals review. Every company usually gets some things wrong and some right.
Provident Metals is no exception. Below, we discuss the pros and cons of Provident Metals to help you determine if they should handle your metal investments.
We ask you to weigh the pros and cons carefully to determine if you should proceed with an online purchase with Provident Metals. The fast shipping may entice you, but will the company send packages promptly and safely? Will the financial institution be there for you if problems arise with missing metals or orders?
Provident Metals is not a scam, but they are not a reputable company. They have only been in business since 2019, and less than two years after opening, they were already receiving rampant customer complaints.
What happened to Provident Metals and their operations? Has this online dealer gone too far on its poor performance?
Provident Metals sells a variety of international and domestic precious metals, including gold, silver, platinum, and palladium coins and bars. The following are some of the top products customers are interested in, including gold and silver coins:
As you can see, plenty of options are approved for a precious metals IRA. While this precious metals dealer has a wide selection and fair prices, we do not believe they are the people's bullion dealer as they claim. Their competitive prices are not enough to keep customers happy.
Provident Metals does offer precious metals IRA services. The company has partnered with custodial services, including American Estate & Trust Company, Sterling Trust Company, and Preferred Trust Company.
Preferred Trust company is a trusted name among custodial service providers in the industry. You must inform your precious metal IRA custodian of your wishes to purchase from Provident Metals.
Provident Metals works with your chosen custodian to help you purchase precious metal to hold in your IRA. You must remember that you cannot hold precious metal at home.
You must store your IRA gold in an approved depository. Your precious metals will be held in the depository until you reach retirement age and take a distribution from your individual retirement account.
You can open an account with Provident Metals at no charge. You must pay specific fees for investing in gold IRAs with a legitimate company.
The fees will vary, depending on the custodian. Some of the fees you will pay include the following:
Remember that international shipping is not available. Shipping is free for orders over $199.
The standard shipping rate for orders under $199 is $7.99. Any orders over $1000 require a customer signature.
Most packages are shipped via USPS, though larger packages may ship through UPS. Remember that one customer complained that USPS lost my package because the shipping label was unclear.
Be careful when trusting this company to send your silver coins to your home, and be wary of the high sales tax on some purchases.
Provident Metals has a buyback program if you sell copper rounds and other precious metal products. They promise to offer competitive prices based on the current retail price.
Many people sell their gold coins once they retire or when they need cash. Remember that the IRA program rules stipulate that you cannot withdraw until retirement age or incur tax penalties.
If you are interested in the IRA program or want to purchase for your private collection, you must set up an account with Provident Metals. All you need to do to open an account is provide your name, email address, phone number, and password.
After registering your account, you can add a payment method and begin investing in an IRA program or buying for your personal collection. Your gold IRA custodian will work with you every step of the way, and Provident Metals will ensure your order is shipped to your chosen depository for safe storage.
JM Bullion owns Provident Metals. We could not find any information about the management team because it seems this company keeps the information under wraps. If we learn more about this associate member firm, we will report to our readers.
Provident Metals accepts bank wires, ACH, personal checks, money orders, Bitcoin, PayPal, and most credit and debit cards. Remember the shipping costs before placing an order, and make sure an insurance company covers your order before buying.
Provident Metals and JM Bullion are not the same company, but they do own Provident Metals.
If you are considering investing in a gold IRA, you may consider Provident Metals. Although they sell gold and other precious metals, we cannot recommend this precious metals dealer. They have far too many complaints, and our readers deserve much better customer service.
Many better options are available to help you invest in your retirement with precious metals, including American Hartford Gold, Goldco, Augusta Precious Metals, Birch Gold Group, and Noble. Proceed with caution if you decide to work with Provident Metals.