Goldmoney Review: A Trustworthy Investment Platform or Not?

Considering a gold investment with Goldmoney? This no-frills 2024 Goldmoney review divulges what you need to know about its trustworthiness, fees, and user experience. Get to the heart of what makes Goldmoney stand out, or not, as your go-to for precious metals investing.

Key Takeaways

Goldmoney’s Background and Services

Gold bars and precious metals

Goldmoney offers a unique platform to sell gold and for buying and selling other precious metals such as:

Founded in 2001 by James Turk, Roy Sebag, and Josh Crumb, this Toronto-based company has built a global presence with a storage facility in various locations around the world. Their relationship management team ensures smooth operations and customer satisfaction.

Apart from buying and selling precious metals, Goldmoney provides a range of other services as well. These include:

Goldmoney’s services are designed to accommodate different investment styles and needs. Whether you are a novice investor looking to buy gold for the first time or an experienced trader seeking to diversify your portfolio with precious metals, Goldmoney has you covered.

The Goldmoney Experience: Account Setup and Verification

Getting started with Goldmoney is a fairly straightforward process. It involves choosing an account type, providing personal information, and completing an identity verification process.

Now, we’ll delve into these steps in detail, ensuring we avoid the same copy paste response in our approach.

Account Types

Goldmoney offers a variety of account types to suit different investment styles and needs. These include:

The variety of assets that can be maintained in each account type distinguishes:

Each Goldmoney account type offers the advantage of holding precious metals while providing flexibility to conduct global transfers and purchase metals. Goldmoney also assigns a dedicated relationship manager to help clients with their account needs, ensuring a smooth and streamlined experience.

Funding Options

Goldmoney provides various funding options to suit your needs. These include bank transfer, debit and credit cards, as well as bank wire transfers and Direct Bank Transfer (CHAPS).

To stay up to date and ensure smooth processing of large transactions or withdrawals, it would be wise to provide advance notice to Goldmoney, as this will also help with compliance to regulatory requirements.

Unfortunately, Goldmoney does not support PayPal for funding. However, you can utilize your Goldmoney Personal or Business gold balance for fee-free funding. This provides an alternative for those who prefer not to link their bank accounts.

Precious Metals Offered by Goldmoney

Gold and silver bars in storage

One of the standout features of Goldmoney is the variety of precious metals available for investment, including the precious metal gold, as well as other precious metals such as silver, platinum, and palladium.

With Goldmoney, you can rest assured about the quality of precious metals. They maintain rigorous standards, ensuring the utmost quality and verification of all metals held for clients. They adhere to a chain of integrity for each metal, including silver, to ensure top quality for investors.

Apart from gold and silver, Goldmoney also offers the opportunity to invest in platinum. Clients can purchase it directly on the platform at the current buying price, thereby widening the range of precious metals accessible to investors.

Pricing and Fees Structure

The fee structure at Goldmoney encompasses transaction and minimum fee, including storage fees. There is a minimum monthly storage fee of US $10 for storing precious metals, irrespective of the metals’ balance in the holding.

If you decide to sell precious metals, bear in mind that Goldmoney charges a fee of 0.5%. Remember, this charge is on top of any potential bank transfer fees, which can accumulate, particularly for substantial investments.

In the event that an account remains inactive for a period of three years, a fee may be levied. This fee may amount to up to 1% of the account balance, and for inactive accounts holding a balance of $10 or more, a monthly fee of $3 is levied until the account is reactivated or the balance drops below $10.

Pros of Investing with Goldmoney

Goldmoney transparency and safety

Goldmoney offers a number of advantages for those looking to invest in precious metals. First and foremost, the company prioritizes the confidentiality of client information and has established a secure platform for the purchase, sale, and storage of precious metals.

Goldmoney, a platform dealing with gold money, takes security seriously, providing real ownership of physical metal in the form of precious metals and robust safeguards against unauthorized access. Investors can therefore feel confident and secure about their investments.

Another advantage is Goldmoney’s transparency. They provide insurance coverage for the metals held by their vault providers and place a strong emphasis on transparency to build trust and confidence among investors.

Cons of Investing with Goldmoney

Despite the many advantages, there are also some potential drawbacks to using Goldmoney. One of these is the higher costs associated with investing in Goldmoney compared to other platforms due to expenses related to storage, transportation, and securing physical gold.

The selling process is another area that could be a deterrent. Although the Goldmoney Holding feature is intended to simplify the sale of metal holdings at the Goldmoney selling price, user ratings suggest dissatisfaction with this aspect of the platform.

Lastly, Goldmoney has received critiques from customers regarding the purchasing process, customer service, and difficulties in closing accounts and withdrawing funds. These issues can potentially deter potential investors.

Goldmoney’s Safety Measures and Transparency

Goldmoney review: Safety and transparency

One of Goldmoney’s top priorities is ensuring the safety of their clients’ investments. They have established a comprehensive governance policy to maintain a secure audit trail for all precious metals acquired on behalf of its clients.

Goldmoney also conducts frequent independent third-party audits and utilizes patented daily settlement technology to bolster the security of the invested metals. This is an important factor for investors, as it provides reassurance that their investments are being managed with utmost care and diligence.

Alongside these security provisions, Goldmoney places a high value on transparency. They insure the metals stored in their vaults and strive to maintain transparency in all operations, fostering trust and confidence among investors.

Customer Reviews and Testimonials

Customer reviews and testimonials

Customer reviews of Goldmoney are mixed. Some customers praise the platform’s reliability and ease of use, while others criticize high fees, poor communication, and difficulty withdrawing funds.

On the positive side, many customers have expressed satisfaction with Goldmoney’s exceptional investment solutions and secure investing platform. They appreciate the ability to redeem in physical gold or silver and the option to withdraw physical gold.

However, the company also faces criticism. Some customers have reported challenges dealing with customer service, particularly in account closure and fund retrieval. These negative reviews indicate areas where Goldmoney could potentially improve in order to enhance the customer experience.

Goldmoney vs. Competitors

In comparison to competitors, Goldmoney offers a unique platform for investing in physical precious metals. Its comprehensive online platform, Goldmoney Active Trader, and its Personal, Business, and Wealth divisions, provide a streamlined user experience for investing in precious metals.

However, Goldmoney’s fee structure may deter some potential investors. Its minimum annual storage fee amounts to $120, whereas a competitor like OneGold only charges $20, potentially leading to savings of up to 83% on storage fees for customers.

Despite facing criticism for the abundance of add-on fees, Goldmoney upholds stringent online security standards to safeguard client transactions. This is a significant advantage over some competitors who may provide more transparent pricing but might not measure up to Goldmoney’s extensive security measures.

Summary

In conclusion, Goldmoney provides a comprehensive platform for investing in precious metals, offering a range of account types, funding options, and a wide variety of precious metals for investment. Its commitment to safety and transparency, coupled with a dedicated relationship management team, ensures a secure and smooth investment experience.

However, potential investors should be mindful of the high costs associated with investing in Goldmoney, including storage and transaction fees. Additionally, the selling process and customer service have received mixed reviews. Therefore, it is crucial to weigh the pros and cons before deciding to invest with Goldmoney.

Frequently Asked Questions

Is Goldmoney a bank?

Goldmoney is not a bank. It is an asset management company, specializing in precious metals custody and trading, real estate investment, and jewelry manufacturing. Therefore, it does not operate as a bank.

What is the alternative to goldmoney?

An alternative to Goldmoney is OneGold, which provides an intuitive platform with transparent pricing, offering several advantages for precious metals investing. Other competitors include Goldco Precious Metals, Kinesis, and Gold Royalty Corp.

How does Goldmoney work?

Goldmoney works by providing financial services with gold as the central asset. It offers custody and wealth services, trading, execution, and independent research to both individual investors and institutions.

What kind of precious metals can I invest in with Goldmoney?

You can invest in gold, silver, platinum, and palladium with Goldmoney to diversify your precious metal bullion portfolio.

What are the account types available in Goldmoney?

Goldmoney offers Individual, Corporate, and Trust account types, as well as Self-Invested Personal Pension Plans (SIPP), which can be considered a form of precious metals IRA. Consider which account type best fits your needs.