JM Bullion Review: Fees, Minimums, Custodians, Complaints

Is JM Bullion legitimate, and what does it charge?

This page is part of our Gold IRA Companies Compared library and follows our company research methodology.

We do not give verdicts. We show what JM Bullion says, what independent records we could open, and what we could not check.

JM Bullion is a different kind of company from many on this list. It describes itself as an online retailer of physical metals. Its website does have an IRA page that says customers can buy IRA-eligible gold, silver, platinum and palladium. But the same page says: "We are not able to help set up the actual IRA, but we can recommend custodians for you to speak with." So the IRA, its paperwork, its fees and its tax reports come from another company, the custodian. JM Bullion is the seller of the metal.

On fees, we found no IRA fee schedule from JM Bullion. The IRA page says custodian and storage fees "vary depending on the size of your account and the metal holdings in your depository," and sends you to the custodian or the depository. The page states a $100 minimum that applies to all orders, and says there is no separate IRA minimum. We also found no published buyback spread (the gap between its selling price and its buying price). One depository the IRA page names, First State Depository, shares a name with a Wilmington, Delaware depository whose owner was convicted in a federal case; we have not confirmed they are the same business (details below).

Who is JM Bullion?

JM Bullion's home page says: "JM Bullion is an online retailer of precious metals products, established in 2011." Its About page says it is based in Dallas, Texas. These are the company's statements about itself.

The company's IRA page says "As a subsidiary of Gold.com (NYSE: GOLD)," it has "a direct link to the wholesaler." The parent's own documents agree. A 2024 press release called JM Bullion a "wholly-owned subsidiary of A-Mark Precious Metals, Inc. (NASDAQ: AMRK)." A November 6, 2025 release said A-Mark would change its name to Gold.com and move to the New York Stock Exchange effective December 2, 2025. A-Mark's annual report for the year ended June 30, 2025 refers to "its foundational acquisition in 2021 of the remaining equity interests in JM Bullion, Inc." and says A-Mark made an initial investment in 2014.

The Terms and Conditions name the legal entity as "JM Bullion, Inc."

Quick facts at a glance

How does a Gold IRA with JM Bullion work?

A Gold IRA is a self-directed IRA that holds physical metal instead of mutual funds or stocks. Usually three companies play three roles, and the dealer is only one of them.

• The dealer sells you the metal. Here, that is JM Bullion.
• The custodian legally holds your IRA, keeps the records and sends the tax forms.
• The depository is the secure vault where the metal is kept.

Our guide to the custodian, the dealer and the depository covers the roles.

JM Bullion's IRA page describes three steps. The first is to open a self-directed IRA account. The second is to fund it, either with a new contribution or by moving money from another IRA. The third is to choose IRA-eligible products and lock in pricing once the account is funded. The page says funding can take "up to several weeks" after the account is opened.

One point needs clearing up. The step list reads as if you open the account through JM Bullion, while the same page says the company cannot help set up the actual IRA. Ask JM Bullion to describe in writing who does what.

The page says that when you use New Direction Trust Company, opening an account "can take 1-2 business days." For money coming from an employer plan such as a 401(k), the page says the funds are generally paid to you first, and you then have 60 days to deposit them into the new IRA or may owe taxes. Taking that route has its own rules, covered in our guides on the 60-day rule and rolling a 401(k) into a Gold IRA. For a plain-English overview, see how a Gold IRA works. The page also says that taking physical possession of metals is a distribution with possible tax consequences; see home storage.

What products does JM Bullion say are IRA-eligible?

JM Bullion's IRA page and a separate article on its site (created on October 6, 2025, per the page) list minimum purity levels, which the site calls fineness: gold .995, silver .999, platinum .9995 and palladium .9995. The IRA page says "The American Gold Eagle is the only exception to the following numbers." It names pre-1933 gold, gold Krugerrands and 90% U.S. silver coins as examples of products that are not approved. The article adds that non-approved metals "will be rejected by the depository."

The Internal Revenue Service says gold, silver, platinum or palladium bullion "of a certain fineness" is not a collectible if "a bank or approved non-bank trustee keeps physical possession of it." The IRS page we opened does not define "certain fineness," so we do not repeat a purity figure from it. Ask your custodian to confirm each product before you buy. Our pages on non-eligible coins and the eligible product checker explain more.

JM Bullion's lists are the company's description. Eligibility is a question for your custodian.

What does JM Bullion charge?

JM Bullion's IRA page does not list IRA fees. Its answer to "What are typical custodian and storage fees?" is: "Fees vary depending on the size of your account and the metal holdings in your depository." It adds: "Please contact either your IRA custodian or your depository of choice to learn more about fee structures."

That leaves four costs to find out about.

What does the custodian charge?

The one custodian JM Bullion names is New Direction Trust Company (NDTCO). We opened a fee schedule from NDTCO's website, version V.101524, which says its changes took effect November 15, 2024. We do not know that this is the current version, and JM Bullion does not say this schedule applies to its customers. We show it only as an example of what a custodian's schedule can look like. Because the PDF text was jumbled when our reader opened it, we show only the figures that were clearly labeled.

The schedule states "All annual fees are per asset." It also says storage fees are not included, and that depository fees are set by the depository and billed to the account. Other items, such as the application fee, were unclear in our reading and we do not report them.

Why does this matter? A flat annual fee takes a bigger share of a small account: a made-up $220 fee is 2.2% of $10,000 but 0.44% of $50,000. Our guides to custodian fees, storage fees and hidden fees explain each charge.

What is the minimum, and who does it leave out?

According to the IRA page, "we do have a $100 minimum that applies to all orders," and there is no separate IRA minimum. That is the dealer's minimum. A custodian may have its own opening requirements, and metal prices mean $100 buys only a small amount. The IRA page does not mention any minimum from the custodian, and we did not find one on the NDTCO fee schedule we opened.

Our page on minimum investment explains how flat fees weigh on small accounts, and our page on allocation and concentration risk covers how much of a retirement account to put in one asset. A fee-only financial planner or tax professional can help you decide what share is right.

What do you pay for the metal itself?

The spot price is the current market price for one troy ounce of the metal. A dealer sells above spot (the added amount is the premium, or markup) and buys back below spot. The difference between the selling price and the buyback price is the spread. The Commodity Futures Trading Commission (CFTC) puts it this way in its customer advisory on buying physical metals: "A dealer will always sell metal above the spot price and buy it back below the spot price." It also says, "If fees are not available in writing before your purchase, that is a red flag," and suggests you "Ask how much you would receive if you had to sell back the metal tomorrow."

JM Bullion's Terms say the price you see when you submit an order is the guaranteed price, if you send payment within set time frames. Bank wire payment must be sent within two business days, and checks must be postmarked within one business day of ordering and received within ten calendar days. After you place an order, the Terms say: "You may not cancel any confirmed purchase order that you have placed with us." The Terms also say that, before shipment, a confirmed purchase may be offset by selling the product back to the company at its current asking price. Ask the company to explain in writing what that means for you.

The pages we read do not state a premium for any product. We did not compare prices with any other dealer and make no claim about whether they are high or low. For a longer explanation, see how dealer premiums work.

A made-up example, not JM Bullion's spread: if you buy $50,000 of coins and the buyback price for the same coins is 5% lower, you would receive $47,500. The buyback price would then have to rise about 5.3% to get you back to $50,000.

What does JM Bullion say about buying back your metals?

JM Bullion's "Sell to Us" page describes how the company buys metal from customers. What the page says, as of our October 16, 2026 visit:

• You select products using an online tool and check out to lock in a price. The page says you can "lock in your price online 24/7."
• You ship your items following the emailed instructions. The company inspects each item, approves the sale, and then issues payment.
• The page says: "Please note our minimum purchase amount is $1,000." It shows no spread, formula or fee.

The Terms add that "Most offers by us will be locked-in up front," and that these prices "are calculated based upon a customer's good faith representations regarding the product(s)." The company may instead "only provide a quote and make an offer of a Sell To Us Price upon inspection of the product(s)." Payment "will generally be issued within 3-7 business days following processing the Transaction."

The Sell to Us page lists the question "Can I sell from my IRA?" but the answer did not appear in the text we received, so we do not know whether or how IRA metals can be sold back to JM Bullion. Our guide to selling gold in your IRA explains the usual steps, buyback policies and liquidation costs explains what a buyback offer can promise, and liquidity risk covers needing cash quickly.

Who is the custodian, and where is the metal stored?

Custodian

The only custodian JM Bullion names is New Direction Trust Company. Another sentence on the page refers to "Our self-directed IRA custodian partners" without listing them.

NDTCO's website says it is based in Louisville, Colorado, and that it "performs the duties of a directed (passive) custodian." The page names no charter or regulator.

The IRS keeps a list of approved nonbank trustees and custodians. We opened the version "as of April 1, 2026," and New Direction Trust Company did not appear on it. The IRS page we opened says bullion qualifies if "a bank or approved non-bank trustee keeps physical possession of it," so a custodian could qualify as a bank or by some route we did not look into. We did not determine how NDTCO qualifies. Ask any custodian in writing for its status and regulator. Our guide on custodian requirements explains what the law asks for.

Depository and storage

The IRA page says the dealer "MUST ship the products to an approved IRA depository," where the metal stays until you sell. It says metals usually ship within 1 to 5 business days after funds clear, plus 1 to 5 more business days to reach the depository.

The page also says: "Our customers metals are securely vaulted in our high-security vaults located in Las Vegas, Nevada and Dallas, Texas," that the vaults are "insured by Lloyd's of London," and that "Customers vaulting their metals in Dallas enjoy additional savings on shipping." It does not say who operates those vaults, whether they are the approved depositories your custodian would use, what they charge, or whether the storage is segregated. Our guide to segregated and commingled storage explains why that last point matters.

The IRA page also says metals at a depository will be "fully insured." Its answer to "How do I know my metals are actually there?" says: "Most all depositories, including First State Depository," provide accounting and reporting services. See our guides to IRA metals insurance and how to verify your metals for what to request.

What we found about First State Depository

The U.S. Attorney's Office for the District of Delaware published a press release on June 20, 2025 about a precious metals depository named First State Depository in Wilmington, Delaware. According to the release, its owner was convicted after an eight-day jury trial of mail fraud, wire fraud and income tax evasion, and was sentenced on June 17, 2025 to 65 years in prison. The office said he stole at least $76 million from customers and that more than 1,000 customer accounts were missing precious metals.

Three limits apply. The release does not mention JM Bullion, and we do not suggest JM Bullion did anything wrong. We have not confirmed that the depository in the release is the same business as the one named on JM Bullion's page, and we cannot tell whether any JM Bullion customer's metals are held there. Ask which depository would hold your metals.

What does JM Bullion say about its ratings and credentials?

The home page says "We have proper and full accreditation from the state, federal government, and distributors alike," without saying which licences it means. It shows a 4.8 out of 5 rating and "400,000+ Reviews" credited to Shopper Approved, which we did not open. The About page lists a 2017 Gold Stevie Award and says more than 70,000 customers have referred the company. These are company claims, not our ratings. Our guides on how review sites make money and on fake and incentivized reviews explain how to read them.

What does JM Bullion's BBB profile show?

The Better Business Bureau (BBB) publishes business profiles, customer reviews and complaint records. We could not open BBB's website. Everything below comes from screenshots of JM Bullion's BBB profile supplied by the site owner on 2026-10-16. The exact capture date is not shown, and the newest review visible is dated October 8, 2026. Treat these figures as unverified by us beyond what the screenshots show.

The profile text describing the business appears to be supplied by the company. It says: "JM Bullion is an online retailer that supplies individual investors with physical gold, silver, platinum, and copper products," and "We deal strictly in physical metals intended for delivery directly to the customer." The profile as we saw it did not mention an IRA program or IRA-eligible products. BBB also lists the Texas Office of Consumer Credit Commissioner under "Other Resources." We state no licensing fact from that.

How to read the BBB figures

The A+ is BBB's letter grade. The 4.56 is something different: an average of star ratings that customers wrote, a measure that is not BBB's rating. The two should not be mixed up. On the first page of reviews we saw (10 reviews dated September 6 to October 8, 2026), there were seven five-star reviews, one four-star review and two one-star reviews, and no business replies were visible. We draw no conclusion from 10 reviews out of 597.

Positive reviews there mention the website, shipping and packaging, and customer service; one reviewer said they believed graded coins were overpriced. The two one-star reviews were the reviewers' opinions and allegations. One alleged that shipping instructions the reviewer said had been promised to be saved were missing on a later order, and that the shipment was sent back. The other said paying with cryptocurrency on a mobile device did not work. We have not checked either claim.

BBB's page says it does not verify information from third parties, does not endorse any business, and that the nature of complaints and responses can matter more than the number of complaints. It also says a profile generally covers a three-year reporting period.

The BBB complaint counts

BBB's profile says JM Bullion has 191 complaints filed with BBB in the last 3 years, 120 of them in the last 12 months. The profile includes complaints for the headquarters and corporate-owned locations. We do not compare these counts with other companies.

The complaints page was too small to read in the screenshot we received. It appears to show entries labeled initial complaint, business response and customer answer, but we cannot say what any complaint alleges, how it was categorized, how it ended, or what the company said. We state nothing about the content of the complaints. Complaints are consumers' allegations, and business responses are the company's statements. No judgment or order appears in what we saw.

The return terms BBB shows

The BBB profile carries a company-supplied "Refund and Exchange Policy" that, as relayed to us, mentions a five percent restocking fee on credit card purchases. We found no restocking fee in JM Bullion's own Terms (below). Ask the company which policy applies, in writing.

What do the website terms say?

When you use a website, you agree to its terms. These are not necessarily the same as the order confirmation or any account paperwork you sign for an IRA. We read the Terms and Conditions page, which says it was last modified on July 29, 2026. We did not see a custodian's account agreement or any separate IRA documents.

Arbitration is a private process, instead of a court, to settle a dispute. This is not legal advice; a lawyer can review a contract before you sign. The Terms say nothing about IRAs, so we cannot tell how they apply to IRA purchases or whether the custodian's or depository's agreements add terms.

What public records did we check?

Our methodology lists the records we look for on every company. Here is what happened for JM Bullion, as of October 16, 2026.

What we did not check

We cannot say that JM Bullion has, or has not, been the subject of a lawsuit, regulatory action or complaint. We could not query the CFPB database, read only part of the parent's annual report, and did not search court dockets or state agencies. A search that finds nothing is not proof that nothing exists. Our guide on how to verify a dealer covers those databases, and our precious metals enforcement database will list cases we confirm.

What should you ask JM Bullion before you buy for an IRA?

Ask for answers in writing.

1. Which custodian would hold my IRA, and may I see its current fee schedule?
2. How is the IRA opened, and what does JM Bullion do in the process?
3. Which depository would hold my metal, who operates it, and what are its fees? Ask about the Las Vegas and Dallas vaults the page mentions, and about First State Depository, which the page names.
4. Will my metal be held segregated or commingled, and who insures it?
5. What are the sale price, the spot price and the buyback price for each product I am quoted? Ask for all three at the same time.
6. How does a sale from an IRA work, and what does it cost?
7. What is the Market Loss Fee, in dollars or percent, if I cancel or return an order? And is there a restocking fee?
8. Who pays shipping to the depository, and what happens if a product is rejected as ineligible?
9. How are your representatives paid? The CFTC suggests asking this directly.
10. How do the arbitration terms work, and how do I opt out?

See also how to evaluate a Gold IRA company.

What are the risks that apply no matter which company you pick?

No company can remove the basic risks of owning physical metal. Prices go up and down; see price volatility for the size of past swings. Counterparty risk, the chance that a company you depend on fails to do its part, is in our counterparty risk guide. We do not predict prices, and nothing on this page should be read as a forecast.

How does this compare with other companies?

We publish every company review on the same fields so you can read them side by side, and we do not rank them. JM Bullion differs from some companies in our library because it describes itself as a retailer that supplies metal for IRAs and says it does not set up the IRA. See also our APMEX Review or compare Gold IRA Companies Side by Side.

How was this page researched, and when will it be updated?

On October 16, 2026 we opened JM Bullion's home page, IRA page, About page, Terms and Conditions page, Sell to Us page, shipping page, FAQ list (question titles only; answers were not shown) and an article about IRA-approved products. We also opened a New Direction Trust Company fee schedule and home page, the IRS pages and list noted above, the CFTC advisory, a Department of Justice press release, two parent-company press releases and part of its annual report. Our reader returns summarized page text, so we quote only short fragments. We could not open bbb.org, and the CFPB service returned errors. We did not open Section 408(m) itself or Shopper Approved. Anything that came only from JM Bullion is written as JM Bullion's statement.

Fees, terms and company information are reviewed every three months under our update policy, and sooner if a regulator announces an action or a reader reports an error. If something here is out of date, please tell us through our corrections page.

This page is general information, not personalized advice. Decisions about your retirement savings depend on your own situation, so talk with a qualified financial planner, tax professional or attorney before you act.