Goldmoney Review

In the past, saving money in banks was a common method for building wealth. However, things have changed.

Banks now often offer interest rates lower than the inflation rate, which means money saved there doesn’t grow significantly.

Because of this, many people are looking to gold as a secure way to protect their savings. Unlike banks, gold isn’t tied to any company or government, so it can’t go bankrupt and lose value.

With more people interested in gold, the question is: where is the best place to invest?

Goldmoney is one company that many people talk about. They have been around for over 20 years and many customers buy gold and other precious metals.

In this Goldmoney review, you can learn what customers say and other details about them before investing your money.

Key Takeaways

What is Goldmoney?

Goldmoney stands as a pioneering investment platform specializing in precious metals management, particularly gold and silver.

Since its establishment in 2001, the company has maintained its position as a publicly traded entity on the Toronto Stock Exchange, building a strong reputation for reliability and trust.

The company implements robust security measures to protect client investments through regular audits conducted by KPMG LLP, a prestigious accounting firm.

Advanced technological systems monitor and safeguard customer assets continuously, demonstrating the company’s commitment to investment security.

Quality assurance remains paramount in Goldmoney’s operations. The company exclusively deals with precious metals certified by the London Bullion Market Association, ensuring clients receive only premium-grade materials that meet international standards.

The founding vision of Goldmoney centered on democratizing access to precious metal investments. As gold prices continue reaching significant levels, the potential for valuable investment opportunities has grown substantially.

A strategic merger with BitGold, founded by Joshua Crumb and Roy Sebag, occurred in 2015. This partnership revolutionized the precious metals market by enabling digital gold transactions for online purchases.

Through their gold IRA program, Goldmoney provides diverse investment options including gold bars and coins, allowing investors to build wealth through appreciating assets.

The company maintains its core focus on facilitating secure precious metal investments while ensuring sustainable growth for its clients.

The platform serves as a comprehensive solution for individuals seeking to diversify their investment portfolios with precious metals.

By combining traditional investment security with modern digital capabilities, Goldmoney has established itself as a trusted name in the precious metals market.

Each service offered reflects the company’s dedication to making precious metal investments accessible and secure for everyone.

Whether you’re a seasoned investor or new to precious metals, Goldmoney provides the tools and expertise needed for successful investment management.

Team Behind the Company

The leadership team combines diverse expertise with a shared vision of delivering exceptional financial services while driving innovation forward.

Let’s explore how each team member contributes their unique strengths to the company’s success!

Roy Sebag: CEO

As CEO of Goldmoney Inc., Roy Sebag leads the company’s precious metals trading operations. His entrepreneurial spirit extends to founding Menē Inc., specializing in pure gold and platinum jewelry.

Roy’s innovative mindset shone through when he established BitGold, pioneering digital gold-based savings and payments.

His multifaceted career spans various business sectors, and he has authored an influential book alongside significant financial publications.

James Turk: Lead Director

James Turk guides the company’s direction as Lead Director. His career began at Chase Manhattan Bank, where he gained international experience working across Thailand and Hong Kong.

His expertise led him to a significant position at the Abu Dhabi Investment Authority, followed by advisory roles at various firms. As a Goldmoney co-founder, he remains actively engaged in steering the company’s course.

Stefan Wieler: Director

Stefan Wieler strengthens the team with his decade-plus experience at prestigious financial institutions, including Goldman Sachs.

His expertise encompasses investment strategies, particularly in gold and oil markets, complemented by strong academic credentials and Mandarin Chinese proficiency. His achievements in investment fund management have earned industry recognition.

Mahendra Naik: Director, Chairman of Audit Committee

Mahendra Naik oversees financial integrity as the audit committee chairman. His background as a Chartered Accountant includes significant roles, notably as CFO at IAMGOLD. A University of Toronto graduate, he has provided financial guidance to numerous corporations.

Andres Finkielsztain: Director

Andres Finkielsztain contributes extensive investment expertise, managing significant portfolios across technology and real estate sectors.

His career spans work in Argentina and with prominent financial institutions, including Soros family ventures.

His decade-long tenure at J.P. Morgan enhanced his global investment acumen. An economics graduate from Bard College, he demonstrated leadership during his academic years.

Why Choose Goldmoney?

Goldmoney stands as a superior platform for purchasing, selling, and safeguarding precious metals. This service provides more than just metal transactions; it delivers comprehensive security and exceptional customer support that enhances your investment experience.

Here’s why Goldmoney stands out:

• You Own Your Metals: Goldmoney registers precious metals directly under your name. This arrangement gives you personal ownership similar to physical possession while offering convenient online management capabilities.
• Safe from Financial Risks: Your Goldmoney account operates independently from traditional banking systems, protecting your metals from financial institution failures and market volatility.
• Real Metals, Not Just Paper: Unlike many competitors who offer paper-based metal investments, Goldmoney provides genuine physical metal ownership without hidden complexities or additional risks.
• Stored Safely and Insured: Your precious metals remain secure in specialized vaults distributed globally. Complete insurance coverage protects your investment against potential losses or damages.
• Everything is Checked and Clear: Operating as a public company, Goldmoney adheres to strict regulatory standards and maintains transparent business practices, establishing itself as a reliable custodian for precious metals.

Goldmoney represents more than a precious metals trading platform; it offers a comprehensive, secure, and transparent system that ensures genuine ownership and professional storage of your valuable assets.

What Products Does Goldmoney Offer?

Goldmoney operates a user-friendly platform known as the Holding system, designed to be accessible to investors at all experience levels. The platform’s straightforward interface allows newcomers to master its features through minimal practice.

Through Goldmoney Holding, you have access to invest in these valuable metals:

• Gold
• Silver
• Platinum
• Palladium

The platform requires all investors to begin with a minimum purchase of one gram of gold, establishing a foundation for their investment portfolio.

For secure storage of these precious metals, you can select from six strategic vault locations worldwide:

• London
• Toronto
• Hong Kong
• Zurich
• Singapore
• Ottawa

Additional vault locations are expected to be introduced in the future. Goldmoney extends its services beyond adult investors by offering specialized accounts like TFSA, IRA, and SIPP.

A notable feature is Goldmoney Kids, an educational program specifically crafted to introduce young people to investment concepts. The Goldmoney Kids program transforms investment education into an engaging experience for children.

Its user-friendly interface provides real-time stock updates and market prices while breaking down complex investment news into child-friendly explanations.

How to Buy from Goldmoney

Precious metals investment through gold and silver offers a secure method to protect your wealth. Goldmoney.com provides a user-friendly platform accessible via computer or mobile devices for metal purchases.

Follow this straightforward guide to begin:

Step 1: Open an Account

• Navigate to Goldmoney’s official website.
• Select the new account registration option.
• Provide essential information including:
  + Full name.
  + Date of birth.
  + Email address.
  + Secure password.
  + Place of birth.
  + Nationality.
  + Current residence.
  + Contact number.
• Review and accept the client agreement terms.

Step 2: Verify Your Details

• Complete identity verification after account creation.
• Submit government-issued identification.
• Provide proof of address through bank statements or utility bills.

Step 3: Put Money in Your Account

• Declare source of investment funds (employment, gifts, savings).
• Access Account Dashboard.
• Select the Add Funds option and choose payment method:
  + Credit card.
  + Bank transfer.
  + WeChat Pay.
  + Cryptocurrency.
  + PayPal.
  + TransferWise or Xoom.
  + Alipay.
• Remember bank transfers accept specific currencies (USD, EUR, GBP).

Step 4: Buy Metals

• Navigate to the Precious Metals section.
• Click the Buy Metals option.
• Select the desired metal type.
• Choose investment currency and amount.
• Pick storage location preference.

Your metal purchase typically appears within your account dashboard after 1-2 business days. Options include secure storage or trading through Goldmoney’s platform.

The platform streamlines precious metal acquisition through transparent processes. Prepare necessary documentation beforehand to ensure smooth account setup.

Upon completion, managing your precious metal investments becomes effortless through the intuitive interface.

How to Sell to Goldmoney

Goldmoney provides a simple process for selling precious metals at market prices. Users can convert their metals into nine available currencies, including USD, GBP, and EUR, making transactions flexible and convenient.

Steps to Sell Your Metals:

1. Login: Access your Goldmoney Holding account through secure login.
2. Navigate: Access the menu by selecting the three white lines positioned at the top left corner.
3. Choose ‘Sell Metals’: Find the ‘Precious Metals’ section, then select ‘Sell Metals’ to view your metal holdings and storage locations.
4. Select Metal and Vault: Specify which metal you wish to sell and its storage location. For instance, select gold stored at Loomis vault in Zurich if applicable.
5. Enter Amount: Proceed to the next step and specify your selling quantity either by monetary value or metal weight.
6. Choose Where the Money Goes: Select between transferring proceeds to your bank account or maintaining funds within your Holding under your preferred currency.
7. Review Order: Examine the transaction summary displaying rates and associated fees for accuracy.
8. Confirm Quickly: Complete order confirmation within one minute to prevent order expiration and restart requirements.
9. Finalize the Order: Accept terms by checking the required boxes and submitting order placement.

Upon completion, you receive email confirmation detailing your sell order. Processing is typically completed within one business day, while bank transfers require three to seven business days for completion.

The system streamlines metal sales through straightforward steps, ensuring secure transactions and proper documentation.

You maintain control over your assets while benefiting from transparent pricing and multiple currency options.

The platform handles verification and processing efficiently, though bank transfer times vary based on the financial institutions involved.

Remember to monitor market prices and consider timing when placing sell orders, as rates fluctuate continuously.

Keep your account details updated to prevent delays in fund transfers and maintain proper documentation for your records.

The platform ensures secure transactions while providing flexibility in managing your precious metal investments.

How Does Goldmoney Help You with Storing Your Precious Metals?

Goldmoney provides secure storage solutions for your precious metals through a comprehensive system of protected vaults.

The service ensures your valuable assets remain safe and accessible through these key features:

Your precious metals are stored within highly secure, monitored, and fully insured storage facilities. These vaults span multiple global locations, offering storage options across Canada, Hong Kong, Singapore, Switzerland, the UK, and the USA, providing flexibility in asset placement.

You maintain control over your storage preferences by selecting specific vaults and storage providers that align with your needs.

The storage facilities are operated by renowned security companies including Loomis, Brink’s, Rhenus Logistics, and the Royal Canadian Mint, ensuring professional handling of your assets.

Your stored metals receive complete insurance coverage, with Goldmoney conducting quarterly vault audits to verify proper storage conditions.

These audit results appear directly on your account Dashboard, keeping you informed about your metals’ status.

For enhanced security, you can opt for bar registration under your name, establishing clear ownership that neither Goldmoney nor the vault operators can contest.

Goldmoney demonstrates transparency through public listings on major exchanges including Toronto (TSX), NASDAQ, and Frankfurt, reinforcing their commitment to accountability.

This service offers a methodical approach to precious metal storage, emphasizing security, transparency, and customizable protection options.

Delivery Policy

As a verified Goldmoney client, you can access physical delivery of your stored precious metals, subject to specific requirements such as bar registration.

You have options to either collect metals directly from vault locations or arrange insured delivery. Available options include 100-gram, 1-kilogram, or Gold Good Delivery Bars.

Delivery availability varies by location due to insurance restrictions. Each delivery request undergoes individual review, and vault collections require a minimum of three business days’ notice.

To arrange delivery details, connect with your Relationship Manager through the Holding messaging system.

Delivery and collection fees vary based on vault specifications. Bar registration, establishing complete ownership, must precede any physical withdrawal.

Remember that delivery services are exclusive to Goldmoney Holding platform users, excluding Personal Account holders.

For VAT considerations, particularly regarding silver, platinum, and palladium from specific vaults, consult tax professionals to understand potential duties and costs associated with delivery or collection arrangements.

This comprehensive delivery system ensures secure transfer while maintaining proper documentation and ownership verification throughout the process.

Goldmoney Costs and Fees

Goldmoney is a precious metals service provider that has more features than normal trading platforms that are used for many trading tasks.

The platform enables you to buy, sell, and store precious metals with specific fees for each service you choose to use.

For buying and selling precious metals through Goldmoney, you need to pay a 0.5% fee on your total transaction value.

The platform charges a standard storage fee of US $10 per month for all accounts including Holdings and Personal Accounts.

The platform waives this minimum fee if your storage costs, based on metal holdings, exceed $10. Storage fees vary by metal type and storage location.

Gold storage fees range from 0.01% to 0.018% monthly, which amounts to 0.12% to 0.216% yearly, depending on your chosen vault location.

Storage costs for silver, platinum, and palladium have their own specific monthly and yearly rates. These rates change based on storage quantity and vault location, with multiple storage options available worldwide at varying rates.

The platform makes account funding convenient through several free methods like bank wires and transfers. However, withdrawal fees apply and are deducted from your balance, with rates varying by currency type.

Metal bar registration under your name requires additional fees, which vary according to metal type and bar size.

Through this fee structure, Goldmoney provides transparent pricing for precious metals trading and storage services.

These services make precious metal investment very accessible by giving you multiple possibilities that help to complete your investment goals.

Customer Reviews and Ratings for Goldmoney

User feedback for Goldmoney varies across multiple review platforms.

• Trustpilot displays 1,966 reviews with a 4.1 out of 5 stars rating, indicating mixed user experiences with the service.
• The Better Business Bureau (BBB) awards Goldmoney an A+ rating, highlighting their proficiency in complaint resolution and ethical business practices. This prestigious rating demonstrates their commitment to maintaining high standards of service and reliability.
• Sitejabber presents a contrasting perspective, with Goldmoney receiving a 1.3 out of 5 rating based on 88 reviews. This lower score reflects significant user dissatisfaction with their services.

Long-term customers appreciate several aspects of Goldmoney’s offerings, including:

• Excellent customer service.
• Dependable investment options.
• Competitive gold storage fees.
• Strong reputation in the industry.

However, numerous customers report negative experiences:

• Monthly inactivity fees of $13.
• Difficulties withdrawing funds.
• Substantial losses around $2,000 due to undisclosed fees.
• Account access restrictions.

These conflicting reviews paint a complex picture of Goldmoney’s service quality. While some users praise their reliability and professional approach, others warn about hidden charges and account management issues.

The stark contrast between the BBB’s A+ rating and user reviews on platforms like Sitejabber suggests varying experiences depending on individual circumstances.

The disparity in customer feedback emphasizes the importance of thorough research and careful consideration before investing through Goldmoney.

You should weigh both positive and negative aspects, understanding that experiences can vary significantly among users.

Consider your investment goals, risk tolerance, and comfort level with the reported issues before making financial commitments with this platform.

Remember that while some customers report successful long-term relationships with Goldmoney, others face significant challenges.

This mixed feedback suggests approaching any investment decisions with caution and conducting comprehensive due diligence.

Pros and Cons of Goldmoney

When considering precious metal investments or using gold as a currency alternative, understanding the advantages and potential drawbacks becomes essential for making informed decisions.

Here’s a comprehensive look at what Goldmoney offers and areas where it might fall short:

Pros:

• Multiple Account Funding Options: Your account can be funded through various methods, including PayPal and cryptocurrency transfers.
• Educational Resources: The platform offers extensive educational materials and guides to help investors understand their investments better.
• Transparent Fee Structure: The company maintains transparency about costs, making it easier to plan your investments.
• Global Storage Solutions: Secure storage facilities across multiple countries ensure your precious metals remain protected in various locations.
• Diverse Investment Options: You have the flexibility to invest in complete bars or fractional portions of platinum, palladium, silver, and gold.
• Market Analysis Tools: Access to comprehensive gold market insights helps enhance your investment strategy.
• Multiple Redemption Methods: Choose between physical delivery or pickup options for your precious metals.
• Risk Management Benefits: The platform offers a structured approach to precious metal investments, helping minimize common investment risks.

Cons:

• Limited Customer Support: The absence of real-time chat support might result in delayed response times.
• Premium Pricing: The fee structure tends to be higher compared to industry alternatives, potentially impacting investment returns.
• Simplified Platform Interface: The website functionality might appear too basic for sophisticated investors seeking detailed information.
• Fee Complexity: Multiple fee types can accumulate and affect overall investment performance.
• Restricted Price Visibility: Price information requires account creation, making initial cost comparison challenging.

Before committing to Goldmoney, carefully evaluate these advantages and disadvantages against your investment objectives.

Consider your tolerance for service limitations and fee structures while assessing how well the platform aligns with your financial goals.

This evaluation will help determine if Goldmoney serves as the appropriate choice for your investment strategy.

Is Goldmoney a Legitimate Agency?

Goldmoney stands as a reputable company specializing in precious metal investments, including gold, silver, platinum, and palladium.

Since its establishment in 2001, the company has built a strong reputation for providing customers with secure and accessible methods to buy, sell, and store precious metals.

The company ensures investment security through strategically located storage facilities across multiple countries.

Goldmoney adheres to strict regulatory compliance measures, prioritizing customer protection and maintaining operational transparency.

As with any investment service, you should conduct thorough research and evaluate your financial objectives before committing to their services.

Frequently Asked Questions

Q1: How does Goldmoney work?

Goldmoney functions as a precious metals investment platform, enabling users to buy, sell, store, and earn metal.

The process involves opening an account, transferring funds, and purchasing precious metals, which are then stored in secure vaults under Goldmoney’s supervision.

Q2: What is the alternative to Goldmoney?

Several alternatives exist, including Mennica Polska, US Money Reserve, Karatbars International, and Goldco Precious Metals.

These companies offer services ranging from coin production to government-approved precious metals sales, focusing on gold investments for wealth preservation.

Q3: Is Goldmoney a bank?

Goldmoney operates as a financial services company rather than a bank. It specializes in physical gold and precious metals allocation for retail and institutional investors, without offering traditional banking products like loans or mortgages.

Q4: Who is the owner of Goldmoney?

Goldmoney Inc., listed on the Toronto Stock Exchange, owns the company. Founder Roy Sebag and co-founder Josh Crumb maintain significant shareholdings and guide the company’s strategic direction.

Q5: Where is Goldmoney based?

Operating from Toronto, Canada, Goldmoney serves clients globally while maintaining compliance with various jurisdictional regulatory requirements through its precious metals investment platform.

Q6: What is the difference between Goldmoney and OneGold?

Both platforms facilitate gold investments but with distinct approaches. OneGold appeals to diverse investors through lower fees, automated investments, and user-friendly interfaces.

Meanwhile, Goldmoney focuses on high net-worth clients, offering manual trading options and multiple precious metals with various redemption possibilities.

Conclusion

Goldmoney presents itself as an excellent choice for precious metals investment, particularly suitable for newcomers to the market.

The platform combines accessibility with security features, making it appealing to various investors. Their service enables you to purchase, sell, store, and utilize precious metals as currency.

While considering associated costs and inherent investment risks remains important, the platform maintains its position as a reliable investment option.

For investors seeking portfolio diversification against market volatility, Goldmoney offers a practical solution for incorporating precious metals into investment strategies. The platform demonstrates effectiveness across diverse investor profiles.