Last Updated on March 30, 2023 by Ben
GoldMoney is a unique company that allows you to buy, sell, and store gold and silver. They offer a variety of services that make it easy for you to get started with precious metals. The make it simple for you to buy and sell gold and silver, and they also provide storage solutions to make sure your assets are safe. If you’re considering a dependable way to invest in gold and silver, GoldMoney is the perfect solution!
Table of Contents
- GoldMoney Review – What You Need to Know
- What Do They Offer?
- Types of Account
- What are the Costs of GoldMoney?
- GoldMoney Reviews and Ratings
- How to Become a Customer of GoldMoney?
GoldMoney Review – What You Need to Know
Goldmoney has been in operation for two decades. In 2015, they combined with BitGold to enable customers to make payments using gold. Joshua Crumb and Roy Sebag are the company’s founders.
When you invest, you get to share in the precious metals reserves of the firm. You may also use the technology to convert gold into money and vice versa, allowing you to complete online shopping or bill-paying transactions.
It’s also a wonderful method to take advantage of changing foreign exchange rates by switching between currencies. If you pay attention to the market shifts on a daily basis, you can maximize your gains.
The Holding System is a distinct element in the precious metals market. It makes it easier for investors to own precious metals. You won’t have to worry about storage or upkeep, making it ideal for first-time players.
You might be able to pay for company transactions in gold, depending on the sort of account you have. This includes sending invoices to clients, making purchases from suppliers, and receiving payments from consumers.
To open an account, you must buy at least one gram of gold. You may invest in a portion of the gold in one of six vaults strategically placed all around the world. You may also invest in metals like silver and platinum if you end up investing a significant amount with the firm.
The design is simple and straightforward to use. There’s a Goldmoney Kids program for kids to learn about investing.
How Secure is GoldMoney?
GoldMoney is a company that stores gold and other precious metals. They are based in Toronto, Canada, and are listed on the Toronto Stock Exchange. The company is audited by the accounting firm KPMG, and KPMG also audits GoldMoney’s financial statements, which list customer holdings of precious metals.
The company has a lot of systems in place to make sure that your money is safe. When you use GoldMoney, the company will do its best to keep it safe and secure.
GoldMoney uses different companies to store its customers’ gold. These companies are called vault operators. The company provides its customers with audit reports from these vault operators.
GoldMoney does not loan its clients’ gold. Clients can trade gold if they have money with them, so there is no risk.
All three providers have a sliding scale fee schedule, whereas larger transactions have lower rates. However, only BullionVault has a sliding scale fee schedule for transactions that happen throughout the year. The accumulated transaction volume resets at the anniversary of your account opening date.
GoldMoney does not charge any fees for “Sell” transactions. They might if the market is bad, but they do not right now.
What Do They Offer?
Gold is different from other metals because it is very durable. It doesn’t rust or corrode. Gold is also soft, so it can be shaped into jewelry easily. Gold is a good conductor of heat and electricity, which means it can be used in some industrial applications. Lastly, people use gold to make money and for jewelry.
Silver is different from gold. Sometimes it is used for people to store money. So when the value changes, the price will change too. Silver prices are more volatile than gold prices because people use silver in factories too.
Same way as gold and silver, platinum is traded around the clock on global commodities markets. Platinum often fetches a higher price than gold during the routine market and political stability periods because it is much rarer. Less of the metal is actually pulled from the ground each year.
Palladium is a metal that is less known than the three metals above. It has more industrial uses than other metals. Palladium is shiny and silver like pure metal, and it can be used in many types of manufacturing processes. This includes electronics, industry products, dentistry, medicine, chemical applications (other ones), jewelry, and groundwater treatment. The majority of the world’s supply of this rare metal comes from mines in 5 countries. The United States, Russia, South Africa, and Canada have mines where they can get them.
Types of Account
There are different types of accounts that you can have. You can have multiple accounts at the same time if you want. It all depends on what is best for you and your investment goals.
You can store up to one thousand grams of gold without paying any monthly or annual fees. When you open a Personal account, we give you a legal title to a part of a one-kilo bar.
You can select two vaults in the US to store your purchase. All purchases are fully insured.
You will reward a commission fee every time you sell or buy gold. But this company gives you the option to pay for your metals with a card (debit card or credit card).
You can get rid of your gold back to the dealer whenever you want, but you might not get as much money as you paid for it.
Accounts for businesses work just like accounts for people. Businesses also have payouts and invoices.
With invoices, you can bill customers for byproducts and services. You will then receive payment in gold. If the customer chooses to use the currency to pay, Goldmoney changes the payment into a gold purchase.
There is a small commission cost for invoices, but it is much less than the one typically charged by Paypal.
You can use the payouts feature to pay people with gold instead of cash. This is helpful if you work with contractors on an international basis because it reduces the number of foreign exchange fees.
What are the Costs of GoldMoney?
- Premium/mark-up for buying and selling gold – The mark-up or mark-down is about 1.40% for every purchase and sale.
- Commission for purchasing gold – The company takes a cost from each purchase. It is 0.5% of the cost of the gold you buy.
- Commission for selling gold – The commission for the sale of gold is 0.5%.
- Storage and insurance
- Storage costs vary by vault operator and vault location. The range is from 0.12% to 0.216% per year.
A minimum monthly storage fee of US$ 10 – Gold storage fees are charged for each vault where you store your gold. This means that if you have gold in different vaults, you will have to pay the storage fee multiple times.
- Bank wire fee – For transferring money from GoldMoney to your bank account, no bank wire fee is charged. The bank withdrawal fee is 25 U.S. dollars, though.
GoldMoney Reviews and Ratings
Some of the reviews of the company are good. Goldmoney says that they have the best practices in the industry. But when you look at third-party watch dogs, there is a different story. Some reviews have been absolutely dreadful.
The Better Business Bureau offers them an A rating, but they are not accredited. Most businesses want to become accredited after more than twenty years in the industry.
The BBB page has had 29 complaints about this company in the last three years. This is a lot of complaints about a company. Most good companies have just a few complaints in 5 years, and they try to fix them.
People who use TrustPilot have not been very happy with this company. Trustpilot gave them two stars out of 5 based on the average of over 1,900 reviews. Most people say they had a bad experience with this company. It is about 50/50 whether they had a good or bad time with their service.
Ripoff Report is a company that keeps track of scams and company fraud. They have five complaints against them. The latest complaint was filed in 2018, so it’s possible that their practices have improved since then.
How to Become a Customer of GoldMoney?
Sign up for a GoldMoney Holding Online
- You can have an account if you fill out the form.
Transfer Funds to your Holding
- People can wire money to GoldMoney from their bank account after they have registered.
Buy Precious Metals
- After GoldMoney has received the money, we can buy gold, silver, platinum, or palladium. Referral Program
- You can make money by mentioning people to the Goldmoney website. If people sign up using your referral link, you will make a commission on their purchases. The commission rate varies, but it can go as high as 25%.
- However, there are companies that offer better products with fewer complaints. The referral program is a good incentive, but you might find a company that offers better referrals.
Augusta Precious Metals
Augusta Precious Metals is a family-owned company that has been selling gold and silver for a long time. They help you save money and prepare for your retirement. Augusta Precious Metals helps you open an account that isn’t in a retirement account. Then you can buy gold or silver there.
The UnS Securities and Exchange Commission advises people to diversify their investments so they don’t lose money. People who have opened a retirement account with Augusta Precious Metals can work with our representatives. This account is built of gold and other precious metals. It has the same tax-deferred standing as other self-directed IRAs.
American Hartford Gold
Group is a family-owned company that gets rid of gold. You can acquire gold in bars or coins. Gold and silver IRAs are different from traditional IRAs. They permit you to invest in precious metals and help diversify your retirement savings.
American Hartford Gold is a company that offers valuable metals like gold and silver. You can buy the coins or bars. An IRA is an account that you use when you want to invest in precious metals without paying any taxes.
Goldco helps people who are old. They can make sure they have money so they won’t be poor again. Goldco is a company that creates this happen. The company has good ratings from the Better Business Bureau and Business Consumer Alliance because their customers like how they do things, like their dependability and ethical business practices. If you want to learn how to preserve your wealth and hold out your retirement goals, call to find out how you can use precious metals like gold or silver.
Goldco is a company that assists you set up and maintain an IRA account. They only offer gold and silver IRAs, but you can invest in other precious metals if you want to.
Goldmoney is a unique company that offers an innovative service. Their platform makes it easy to pay for things with gold, transfer assets between different currencies, and make investments.
However, there is some drawback caused by exchange-rate fluctuations between gold and national currencies and by the lack of availability of all features in some regions. For these reasons, it is vital to do your research before signing up for a GoldMoney account.