BullionVault Review: A Trusted Source for Gold and Silver Investment?
Choosing the right platform for trading and storing gold and silver can be daunting. In this BullionVault review, we directly address your main concerns about security, costs, and user experience, helping you decide if BullionVault is the right partner for your precious metal investments.
Key Takeaways
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BullionVault is a trusted precious metal trading platform, offering secure trading, storage, and insurance for gold, silver, and platinum, with transparent pricing based on live spot prices.
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The platform is user-friendly and accessible to both experienced traders and novices, with a minimum purchase requirement of just one gram and features such as straightforward buying and selling processes, along with secure vault storage in multiple countries.
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BullionVault’s competitive edge includes low trading commissions, comprehensive educational resources, robust safety measures, and positive customer feedback, with a high satisfaction rating and praise for its customer service.
BullionVault: A Comprehensive Overview
Renowned for its security and legitimacy, BullionVault stands tall in the world of precious metal trading. It offers:
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A prestigious membership in the London Bullion Market Association, a clear testament to its adherence to high standards and best practices
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The opportunity to trade gold, silver, and platinum in major currencies, including US Dollars, British Pounds Sterling, and Euros through a secure BullionVault account
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Transparent pricing based on live spot prices with a one percent spread, ensuring a fair trading environment
BullionVault prides itself on being accessible to all. It invites both experienced traders and newcomers alike with a minimum purchase requirement of just one gram. Moreover, BullionVault doesn’t compromise on purity, providing gold with an impressive 99.76% purity. Its high standards, user-friendly platform, and rich resources all contribute to BullionVault being a top contender for precious metal investment.
Company History and Ownership
BullionVault has come a long way since its inception in 2005. Founded by Paul Tustain, it quickly gained a reputation as a trusted platform for trading gold, silver, and platinum. Tustain wears many hats – he is the CEO and Founder of Galmarley Ltd, which owns BullionVault, and the Founder and Chairman of WhiskyInvestDirect. His extensive experience across multiple industries has undoubtedly contributed to BullionVault’s success.
Ownership plays a vital role in selecting an investment platform, and BullionVault shines in this regard. It is owned by Galmarley Ltd, offering an added layer of trust and reliability for investors aiming to diversify their portfolio with precious metals.
Services Offered
BullionVault offers a range of services to meet the diverse needs of its customers. From buying gold, silver, and platinum to providing secure storage and insurance for these assets, BullionVault has you covered. You have the freedom to choose from a variety of products, including buy gold bullion, as well as store gold bullion and:
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Bars and coins like the 2021 Gold Sovereign coin
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Krugerrand coins
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Gold Maple Leaf coins
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Gold Kangaroo coins
There’s something for every investor, with bar options ranging from 1-gram bars up to 1000-ounce bars.
Moreover, BullionVault stands out by providing customers the option to securely store their precious metals in vaults located across various countries. It’s worth noting that BullionVault does not provide services for unallocated gold. Instead, customers own specific allocated pieces of physical gold or other metals, which are stored in the vault location of their choice. BullionVault distinguishes itself from numerous other platforms through its unwavering commitment to security and transparency.
Trading on BullionVault
Trading precious metals on BullionVault is straightforward and user-friendly. Whether you’re buying or selling, the platform offers a seamless experience. To get started, you’ll need to complete the registration process, make a deposit, and you’re ready to start trading. You have the option to fund your account using a UK debit/credit card. Alternatively, you can also make domestic and international wire transfers in GBP, USD, EUR, or JPY. Then, you’re all set to explore the world of gold, silver, and platinum trading.
Navigating through the BullionVault website is a breeze, thanks to its intuitive design and detailed explanations. Regardless if you are an experienced trader or a beginner venturing into the world of precious metals, BullionVault caters to your needs. Its reputation as one of the leading bullion dealers is well-deserved, thanks to its commitment to providing a user-friendly experience for its customers.
Buying Process
When it comes to purchasing precious metals on BullionVault, simplicity is key. Once you’ve registered on the platform and transferred funds from your bank, you can start buying gold, silver, or platinum without delay. The process is as simple as:
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Choosing your preferred metal
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Selecting the quantity
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Setting the price
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Placing an order for execution and shipment.
The best part? BullionVault caters to all types of investors. The minimum purchase amount is just one gram, making it easy for anyone to start investing in precious metals. And it’s not just about accessibility – the platform is designed for efficiency, too. Most individuals are able to finalize their purchase in approximately 15 minutes.
Selling Process
Selling your precious metals, including the option to sell gold, on BullionVault is as straightforward as buying them. All you have to do is select the item to sell, enter the desired quantity and price, and let the platform do the rest. The process is automated, making it convenient and hassle-free.
BullionVault welcomes the sale of various physical precious metals, including physical gold bullion and other options such as:
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Silver
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Platinum
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Palladium
The sale price is determined by checking the current prices in your selected vault and currency. Such transparency guarantees a fair valuation for your precious metals.
Storing Your Precious Metals with BullionVault
Storing your precious metals is a critical aspect of investing, and BullionVault recognizes this. It offers secure storage for precious metals in various vault locations around the world, guaranteeing the safety of customers’ assets. Rest assured that your investment, be it gold, silver or platinum, is secure.
In addition to secure storage, BullionVault also offers comprehensive insurance for all the gold and silver stored. This means that your investment is protected at all levels, giving you peace of mind. The platform also stands out for its inclusive storage fees, which are not only competitive but also transparent. BullionVault’s blend of security, insurance coverage, and competitive pricing makes it a preferred choice for numerous investors.
Vault Locations
BullionVault offers a variety of bullion vault locations for storing precious metals, including:
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United Kingdom
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United States
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Canada
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Switzerland
These vaults provide customers with multiple options to choose from.
These world-class vaults are operated by trusted partners, including Loomis International in London and New York, Malca-Amit in Zurich, and a vault in Toronto that stores London Good Delivery bars. The choice of multiple locations gives you the flexibility to choose a vault that best meets your needs, enhancing the convenience of BullionVault’s secure storage.
Storage Fees and Insurance
Storage fees and insurance are crucial factors to consider when choosing a platform for trading precious metals. BullionVault imposes a storage fee of 0.12% for gold and 0.48% for silver and platinum, ensuring a transparent and fair pricing structure.
However, what distinguishes BullionVault is its extensive insurance coverage. In collaboration with Marsh & McLennan, BullionVault provides coverage of up to $2 billion overall, with a specific coverage of $2.5 billion for any single loss occurring in the Zurich vault. BullionVault’s dedication to safeguarding your investment permeates all aspects of its service, solidifying its reputation as a trusted platform for numerous investors.
Pricing and Fees
BullionVault offers transparent pricing and fees for trading, storage, withdrawal, and transfers. The fees for purchasing gold, silver, and platinum vary from 0.05% to 0.5% of the value, depending on the transaction amount. In addition, there is a commission for gold transactions, while silver and platinum transactions have a mark-up. Generally, gold transactions entail a commission, while silver and platinum transactions involve a mark-up..
Withdrawal and transfer fees also apply. When withdrawing bullion from BullionVault, fees are applied for taxes, transportation, and insurance. However, there are no additional charges for releasing bullion assets from the platform.
In general, the pricing structure is designed with clarity and transparency, ensuring investors know precisely what their costs are.
Trading Fees
Trading fees on BullionVault are competitive and transparent. The platform charges a flat rate of 0.5% for all buy and sell orders, along with an extra 0.3% currency-switching fee for Daily Price orders set in British Pounds, Euros, or Japanese Yen. Such a simple fee structure guarantees that you’re always informed about the cost of each transaction.
BullionVault’s trading fees are very competitive when compared to its rivals. The platform charges a flat commission of 0.5% for the purchase or sale of:
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gold
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silver
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platinum
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palladium
This makes it a cost-effective choice for many investors.
Withdrawal and Transfer Fees
BullionVault maintains transparency and simplicity in its withdrawal and transfer fee structure. The various procedures for withdrawal and transfer include:
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Initiating a bank transfer to your associated bank account
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Withdrawing gold in the form of a Pamp Fortuna 100g bar
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Executing a manual bank transfer using BullionVault’s bank details
The fees associated with these processes are clearly outlined on the platform.
Withdrawal requests must exceed $100 or its equivalent in other currencies, and there is a fixed fee of SGD 129 per withdrawal, regardless of the amount of metal being withdrawn. Transfer fees, on the other hand, are determined by a dealing commission for each transaction made through the order board, ranging from 0.05% to a maximum of 0.5%, depending on the transaction amount.
BullionVault Membership and Account Verification
Becoming a BullionVault member is a simple process. Here are the steps:
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Complete the registration process.
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Verify your account through email.
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Deposit funds.
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Start trading gold, silver, or platinum right away and buy gold.
This allows you to start investing even before the completion of the account verification process, enhancing efficiency and user-friendliness.
Account verification is an important step to ensure the security of your investment. To verify your account, you’ll need to upload necessary documents through the validation section on BullionVault.com or via the mobile app. If the account is not verified within 8 weeks of the initial deposit, a monthly penalty of $30 will be imposed until verification is successfully completed. This procedure is designed with the goal of safeguarding your investment and deterring fraudulent activities.
Comparing BullionVault to Competitors
When compared to its competitors, BullionVault stands out in several key areas. For one, its trading commission starts at 0.5% and reduces to as low as 0.05% depending on the volume of gold traded annually. This competitive pricing structure, coupled with a flat fee of 0.5% for all buy and sell orders, sets BullionVault apart from many of its counterparts.
On the fronts of security and insured storage for precious metals, BullionVault outperforms competitors such as BullionStar and Royal Mint. Furthermore, BullionVault offers an opportunity to buy physical gold that is eligible for SIPP pension investing and has lower fees compared to GoldMoney, which typically has higher fees and does not permit the use of its physical gold for SIPP pension investing. For those looking to store physical gold, BullionVault is a top choice.
Customer Service and Support
BullionVault provides a dependable customer service team to cater to all customer queries and issues. Operating from 9 am to 8:30 pm UK time, or 4 am to 3:30 pm EST, Monday to Friday, BullionVault’s customer service team is always ready to assist. Whether you have a question about trading, pricing, or storage, you can reach out via telephone, email, or online chat.
The customer service team supports the English language and can be accessed through Live Chat. Such accessibility guarantees that customers receive the help they need, when they need it. In a world where customer service often makes the difference between a good and a great platform, BullionVault certainly shines.
Educational Resources and Tools
To help investors make informed decisions, BullionVault offers a wealth of educational resources and tools on its website. From investment guides to market analysis reports, these resources provide valuable insights and knowledge, enabling investors to navigate the precious metals market with confidence.
Whether you’re a seasoned investor looking for the latest market trends or a novice investor seeking guidance, BullionVault has got you covered. The platform’s articles and guides are designed to assist users in making well-informed decisions about their investments. Additionally, investors can access a variety of charts and market analysis data, offering valuable insights for their trading strategies.
Safety and Security Measures
When investing in precious metals, safety and security take the utmost precedence. Recognizing this, BullionVault has implemented robust safety and security measures to protect your assets and personal information. One such measure is the Burglar Alarm service, which sends notifications to customers’ smartphones in various scenarios, including login attempts, transfer requests, and password reset activations.
In addition to these proactive measures, BullionVault also conducts daily audits of all assets held by its users, with the results made publicly available on its website. This level of transparency and precision in record-keeping ensures that you always have an accurate picture of your investment, further enhancing the safety and security of your precious metals.
Tax Implications of Investing in Precious Metals
Understanding potential tax implications is crucial when investing in precious metals. These can vary depending on the jurisdiction, so it is advisable to seek guidance from local advisors. Whether you’re in the United Kingdom, Canada, or Australia, local tax laws will impact your investment in precious metals.
In the United Kingdom, for example, profits derived from investments in precious metals, such as gold coins, are subject to Capital Gains Tax. However, certain bullion coins issued by The Royal Mint are exempt from this tax for UK residents.
In Canada, subsequent supplies of precious metals are exempt from tax, and sales of precious metals with a value less than $1,000 are also exempt from capital gains taxes.
Meanwhile, in Australia, investors will face Capital Gains Tax on the profit generated from the sale of gold bullion.
Customer Reviews and Testimonials
Customer reviews and testimonials bear witness to the trust and reliability BullionVault has cultivated over the years. The platform has consistently received positive feedback, with many customers praising its user-friendly interface, competitive pricing, and secure storage options. According to TrustPilot, BullionVault maintains an average customer satisfaction rating of 95%, a clear indication of its commitment to excellence.
Customers often commend BullionVault for its transparency, high quality of customer support, and dependable email alerts for all activities conducted within the application. These positive testimonials underscore BullionVault’s commitment to providing a seamless and secure trading experience for its customers.
Summary
In the world of precious metal trading, BullionVault stands out as a trusted and reliable platform. With its transparent pricing, user-friendly interface, and secure storage options, it provides a comprehensive solution for investors looking to diversify their portfolio with gold, silver, or platinum. From the ease of buying and selling precious metals to the safety and security measures in place, BullionVault goes above and beyond to ensure an exceptional trading experience.
So, whether you’re a seasoned investor or a novice looking to dip your toes into the world of precious metals, BullionVault is a platform worth considering. With its wealth of educational resources, robust customer service, and positive customer reviews, it’s clear that BullionVault is more than just a trading platform – it’s a partner in your investment journey.
Are you prepared to expand your investments with the inclusion of gold?
Buying gold and various other rare-earth elements can supply a way to diversify your investment profile. Gold’s absence of connection with supplies and bonds helps in reducing overall danger for investors. One alternative for purchasing gold is via specialized gold IRA companies.
Frequently Asked Questions
Is BullionVault reputable?
Yes, BullionVault is considered reputable and a good option for investing in physical gold, silver, or platinum, with many customers trusting them for years.
Is BullionVault regulated?
BullionVault is regulated under English law, as the London bullion market, including BullionVault, is regulated by English property law.
Who owns BullionVault?
BullionVault is owned by Galmarley Ltd, a company that received investment from the World Gold Council in June 2010 to develop the online physical gold investment market.
Is BullionVault insured?
Yes, BullionVault is insured, with coverage including all risks liability up to $2 billion and up to $2.5 billion for a single loss in the Zurich vault. This insurance is inclusive of the annual custody charge for gold, silver, and platinum storage.
Can I buy and sell precious metals on BullionVault without verifying my account?
No, you need to verify your account through email before buying and selling precious metals on BullionVault. Monthly penalties apply if the account is not verified within 8 weeks of deposit.
