CBMint advertises itself as a leading online precious metals dealer that offers physical gold, silver, platinum, rhodium, and palladium bars, and bullion coins for investors. They have also been in the business since 2014.
Our Summary of CBMint in Short
Company name: CBMint
BBB grade: none
Summary: CBMint is one of the only precious metals companies that charges no commission or service costs and low markups to help keep their product costs reasonable.
They also state that their precious metals are sourced directly from mints and other reputable distributors, and they also guarantee to buy back their products at some of the best prices, so what more could you ask for?
However, with only a few customer reviews, except the ones on their website, and no BBB accreditation, we find it hard to know if everything they say is true. But they also have no complaints on any gov. sites, so we can't say they are all bad.
Instead, we recommend you contact the company yourself and ask lots of questions before investing so you are totally sure.
Our score: 3.5/5
Should you work with CBMint in 2023?
We understand how difficult it is to choose a reliable precious metals company to work with. For that reason, we created a list of gold IRA dealers that we think are best to avoid. Click on the button below to make sure CBMint isn’t one of them and discover our top 3 recommendations for this year.
They Also Offer IRA-Eligible Precious Metals for Retirement Investors
The company boasts that they also offer .9995 or higher pure platinum, gold, and pallidum products and .999 or higher pure silver products for retirement investors.
According to the IRS, these are the minimum fineness weights required for precious metals to be considered worthy of a self-directed IRA.
They Work With Entrust Group as Your Custodian
When you purchase precious metals as part of a retirement account, the IRS requires you to appoint a custodian to fund your plan with precious metals, manage your account, and report your taxes on your behalf.
CBMint states that they partner with Entrust Group as your custodian due to their over 20 years of experience in the industry. They have also managed over $3 billion in assets, which has earned them the reputation of one of the most trusted IRA custodians in America.
The company boasts that they also like that Entrust Group provides excellent customer service and that their IRA account costs are reasonable.
8 IRS-Approved Depositories to Choose From
The IRS also requires your custodian to ship your precious metals to an IRA-approved depository or storage facility for safekeeping until you reach retirement age.
Therefore, you must also choose a depository where you want your bars and coins to be stored until you want to take possession of them.
CBMint provides a list of 8 precious metals depositories to choose from. Some things to consider when choosing a depository include location, if you plan to visit, and storage costs.
Your gold, silver, platinum, rhodium, and palladium products are also fully insured in transit to the depository and then again by the storage facility once they are in their custody for peace of mind.
Investing Guide and Glossary of Terms
If you are new to precious metals investing, you can download the company's investment guide to help you get started. They state that experienced investors can also download it to learn about other precious metals they may not know about and more.
The company also includes a glossary of coin and bullion terms on its site to help novice investors become familiar with the industry lingo for more confident investing.
Pros:
Low Pricing on Their Products
CBMint explains that one reason to invest in gold, silver, platinum, palladium, and rhodium through them is they offer some of the best prices on their investment-grade metals products.
They state some reasons they can do so are there are no commission or service charges. The company boasts that they also only charge a small markup on their products, which helps keep their precious metals cost low.
Customers can also rest assured that the product costs they see on CB Mint's pages are what they will pay.
However, they state they are subject to change minute by minute based on their current market rate. But provided you complete your transaction within 10 minutes of adding the precious metals to the checkout cart, you will be charged the market rate you see at that time.
No-Charge Shipping
The company states that customers will enjoy no-charge shipping to their homes as another way they help keep their product costs low. However, this only applies to residents in the continental 48 states, and their order minimum must be at least $199.
Each package also includes insurance against damage, loss, or theft in transit at no additional cost. However, it still requires your adult signature upon delivery.
Otherwise, if you leave special instructions for the delivery service to leave the package at your door or with someone else, and it gets damaged or stolen, CBMint claims no responsibility.
Your package will also include a tracking number so that you can monitor its shipping progress until it reaches your home for added security.
They Guarantee Their Products Condition and Authenticity
As a customer of CBMint, you also have their promise that their bullion products have been sourced directly from reputable distributors, mints, and refiners, so you know the gold, silver, platinum, and other precious metals you receive from them are authentic and in top condition.
Some of their products include:
- 1 Ounce Australian Gold Kangaroo coin
- 1 Ounce American Gold Eagle coin
- 1 Ounce American Silver Eagle coin
- 1 Ounce American Platinum Eagle coin
- 1 Ounce Canadian Palladium Maple Leaf coin
- 1 Ounce Canadian Silver Maple Leaf coin
- 2022 1 Ounce Canadian Gold Maple Leaf coin
- 1 Ounce Silver Round Buffalo coin
- 100 Ounce silver bar
- 1 Kg gold bar
- 1 Ounce Rhodium gold bar
- 1 Ounce Palladium bar
- And more
Or, if you are a coin collector, they also offer U.S Mint coin pendants, which include your choice of silver or gold designs. However, as of now, they are only available for women. But they state that men's jewelry is coming soon. Their site also advertises they have golden watches coming soon.
Customers Can Also Sell Their Bullion to CBMint
CBMint customers can also sell their bullion back to the company when they are ready to receive cash for their investments.
They also claim they offer to pay the most for your pure silver, gold, rhodium, platinum, and palladium bullion. However, the catch is you must ship the metals to them yourself. Your precious metals must also be proven authentic and high quality before the company will accept them.
Cons:
No List of Company Charges
Some precious metal companies and custodians charge you to set up your IRA account. Therefore, it is important to know if CB Mint or their custodian charges you to set up your IRA account so you can factor it into your costs.
However, we couldn't find any details on their site regarding account setup charges. So you will have to contact them to see if they allow you to set up an account at no cost.
They do state on their site that they charge you to use your credit card to pay for your products. But for all other payment types, there is no charge. They also provide a 3% discount on paper checks, cashier's checks, and money order payments and a 4% discount on bank wire payments. However, you meet the minimum order requirements for each method.
No Minimum Investment Requirement Stated on Their Site
Many precious metals companies also have a minimum investment requirement, which also helps you determine if setting up an IRA account with them is right for you. So, again, you will need to contact them to inquire about their minimum investment requirement.
However, their site does state that there is a $1,000 minimum for bank wire orders.
Is CBMint a Scam?
The first thing you can do to see if a company is a scam is to check the most reputable online consumer review sites to see what their customers say, so we did just that.
CBMint Customer Reviews With the Better Business Bureau
One of the pages returned when we keyed “is CBMint a scam” into the search box was their Better Business Bureau page. So we clicked on it and found that they had two customer reviews listed in their BBB profile.
One of the customers shared that they felt scammed by CBMint because they received a refund from the company but did not receive a reimbursement for the wire transfer fee. However, the other customer review was positive.
CBMint Customer Reviews on Trustpilot, Trustlink, Google Reviews, and Yelp
Trustpilot, Trustling, Google Reviews, and Yelp are also well-known consumer review sites to see what companies' past clients have to say about them.
So we visited each of these sites to see if we could find any customer reviews left by CBMint clients, but there were none.
CBMint and Government Sites
.gov sites are official websites owned by government authorities where you can also find out if a company is a scam.
For instance, if a company has too many customer complaints filed on them with a government consumer protection agency, thus raising their suspicion of fraudulent activity within the company, the proper authorities will then take action by filing a lawsuit against them on behalf of consumers.
The details of their lawsuit against the company will be on their webpage so that consumers can learn about it and protect themselves against the scam.
Or, to learn about scam types and how to recognize them, you can check out .gov sites, such as USA.gov, to see if a company is displaying any of these behaviors so you can avoid doing business with them.
We checked many .gov sites to see if CBMint had any official lawsuits filed against them by government consumer protection agencies, and we didn't find any.
So, as far as we could find, there is no sound evidence that CBMint is a scam.
How is Their Customer Support?
CBMint's site states that they are one of the best places to buy gold and other physical metals because of their 100% customer satisfaction. Hence, we wanted to know if this is an honest claim.
So we turned to their BBB profile, where their only customer reviews seem to exist, and found that at least one customer agrees. The customer was happy to share that CBMint went above and beyond to service them and kept them well-informed throughout the investment process.
Has There Been Any Complaints About CBMint?
As for the various .gov sites we researched, CBMint has no official complaints against them. But they do have one complaint filed on them with the BBB, involving an improper refund amount.
Therefore, you need to check back with .gov sites and the various reputable consumer review sites to learn of any recent complaints filed against CBMint before you invest.
Conclusion
Low Prices on Quality Gold, Silver, And More
CBMint boasts that they stand apart from other precious metals companies because they offer some of the best deals on their gold, silver, platinum, palladium, and rhodium products by eliminating commission, service, and shipping charges.
We love that they offer such reasonable prices on their products and that they go out of their way to do so, which seems to show they value their customers. It also makes investing in physical metals more accessible to all investors, which makes it easier for them to get started.
They Only Offer Quality, Authentic Metals
We also appreciate that the company only sources their bars and coins from reputable fineries, mints, and distributors and not from outside third parties, so you know the products you receive from them offer the highest resale value.
It is also good that they inspect and ensure the products they allow their customers to trade to them for cash are of the finest quality so they can continue to offer only the best gold, silver, and more to the public.
Retirement Investors Can Also Get in on the Action
Their wide selection of IRA-approved physical metals means that retirement investors can also benefit from some of the best deals on quality gold, silver, platinum, and more, which we also love.
Thus, they can invest at the lowest rates possible with the potential for greater returns when they reach age 59 1/2.
They Work With a Highly-Experienced Custodian
We also like that they work with a trustworthy, 30-year, industry-proven custodian. However, it would also be nice to know the list of 8 IRS-approved depositories they work with for all-around confidence in your precious metals custodians.
But unfortunately, when we clicked the link to access the list, it wasn't working. We also found at least two other pages on their site that did not work. Therefore, it makes us wonder how seriously they take their online image.
It would also help if we knew their custodian and depository charges and CBMint's minimum required investment. However, again, they were not listed on the company's site.
No BBB Accreditation
We noticed that CBMint is not accredited by the BBB, which also makes us question how much they value their professional image and reputation.
The BBB is a private organization that uses its own set of strict ethical standards to vet companies for consumers' protection. Hence, many reputable companies are accredited by the BBB to help show their customers they are trustworthy.
Though CBMint has a BBB profile page, it is not accredited by the Better Business Bureau, which we find cringing. However, they do have the BBB's highest rating of AAA.
Not Enough Customer Reviews
Of the three or more reputable consumer review sites we researched to see what customers had to say about their experience with CBMint, we were only able to 2 customer reviews, which were on their BBB page. And one of the reviews was a customer complaint about feeling scammed by the company.
So with not enough evidence to go on that CBMint is what they say they are, it's really hard for us to say that we strongly recommend them as a precious metals company you should work with.
However, we also could not find enough complaints to say that you should not. Just be sure to ask lots of questions, and do not make an investment unless you feel confident.
Would you rather invest in silver?
>> Click here to see our curated list of the most reputable silver IRA companies. <<
3.5/5