Previously, saving money in banks was a common way to build wealth. Now, things have changed. Banks often give less interest than the inflation rate, meaning money saved there doesn’t grow much.
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.
STOP! Before I go any further, I want you to think carefully about where you’re putting your money. Picking the right company to invest with is a big deal, and I know my advice might help you decide that.
I’ve spent much time looking around and compiled a list of my favorite gold IRA companies. I think you’ll probably find one that’s just right for you.
>> CLICK HERE to check out my list of the 10 Best Gold IRA Companies <<
Find out if “Goldmoney” made it to my list this year!
Or
Click the button below for a FREE Gold IRA Kit from my most trusted provider:
Get The FREE Gold IRA Kit Americans Are Using To Protect Their Retirement Savings…
– Join the Thousands Who Have Safeguarded Over 2 Billion Dollars in Savings with This Gold IRA Kit! –
What is Goldmoney?
Goldmoney is a company that helps people invest in and manage precious metals such as gold and silver. Goldmoney was founded in 2001 and is listed on the Toronto Stock Exchange, making it a well-known public company. Its mission is to provide secure and trustworthy services to its customers.
Goldmoney ensures the safety of its clients’ investments by having its accounts checked by KPMG LLP, a respected audit firm, and using special technology that helps manage and protect its customers’ investments every day. These steps show that Goldmoney is serious about protecting its clients’ investments.
The company also pays close attention to the quality of the metals it handles. It only deals with metals like gold and silver that meet high-quality standards set by important organizations like the London Bullion Market Association. This means the metals are top-notch and trusted.
When Goldmoney was first created, it aimed to make buying precious metals easy for everyone. Nowadays, gold prices are very high, so investing in it can be quite valuable.
In 2015, Goldmoney teamed up with BitGold, a company started by Joshua Crumb and Roy Sebag. This partnership made it possible for people to use gold as digital money to buy things online.
The company offers a variety of gold products through a gold IRA (an investment plan). This means investors can choose from gold bars, coins, and more, watching their value increase over time. Goldmoney focuses on helping people buy precious metals and grow their money safely and securely.
Team Behind the Company
They have leaders from varied backgrounds, but they all share a commitment to providing top-notch financial services and pushing the boundaries of innovation.
Here’s a closer look at each team member’s role and their unique contributions to the company.
Roy Sebag: CEO
Roy Sebag is the head of Goldmoney Inc., a company that helps people trade in precious metals like gold. He started Goldmoney and also another company called Menē Inc., which sells real gold and platinum jewelry.
Before all this, Roy made a name for himself by starting BitGold, a successful way for people to save and pay with gold online.
He has been involved in many different business areas throughout his career and has also written a popular book and some important financial papers.
James Turk: Lead Director
James Turk oversees things as Lead Director. He started out his career at Chase Manhattan Bank, traveling and working in places like Thailand and Hong Kong.
He then went on to play a key role at the Abu Dhabi Investment Authority and has shared his expertise with other companies, too. James helped start Goldmoney and stayed actively involved in guiding the company.
Stefan Wieler: Director
Stefan Wieler is a big part of the team, bringing with him over ten years of working at some of the biggest names in finance, like Goldman Sachs.
Stefan knows a lot about investing, especially in things like gold and oil, and has a strong educational background, including knowing how to speak Mandarin Chinese. He’s been recognized for his good work in investment funds and knows a lot about managing money.
Mahendra Naik: Director, Chairman of Audit Committee
Mahendra Naik looks after the company’s financial health, making sure all the money matters are in order. He’s got a lot of experience as a Chartered Accountant and has worked with big firms and as a Chief Financial Officer at IAMGOLD. He went to the University of Toronto and helped other companies too with their finances.
Andres Finkielsztain: Director
Andres Finkielsztain brings a lot of experience in investments, handling big deals in different areas like tech and real estate.
He’s worked in Argentina and for important companies in the finance world, including some founded by the Soros family.
Andres also spent over ten years at J.P. Morgan, learning all about global investment opportunities. He studied economics and was a student leader at Bard College.
Why Choosing Goldmoney?
Choosing Goldmoney to buy, sell, and keep precious metals safe is a great decision. With Goldmoney, you’re not just getting precious metals; you’re also getting the peace of mind and excellent service that comes with them.
Here’s why Goldmoney is a great choice:
- You Really Own Your Metals: At Goldmoney, when you buy precious metals, they put them in your name. It’s almost like holding the gold yourself, but you also get to manage it online easily.
- Safe from Financial Risks: With a Goldmoney account, you don’t have to worry about losing your metals if banks or other financial businesses face problems. It’s a secure feeling.
- Real Metals, Not Just Paper: Some other products out there might make you think you own metals, but really, it’s all on paper. With Goldmoney, you own the actual metal with no tricks or risks.
- Stored Safely and Insured: Your metals are kept safe in secure vaults all over the world. They are also insured, meaning if anything goes wrong, your investment is protected.
- Everything is Checked and Clear: Goldmoney is a public company, meaning they follow strict rules and are very open about how they run things. This makes them a trustworthy place to keep your precious metals.
Goldmoney doesn’t just help you deal with precious metals; it offers a full, safe, and trustworthy system for actually owning and storing them.
What Products Does Goldmoney Offer?
Goldmoney has an easy-to-use system called the Holding system. It’s simple enough that even beginners can quickly learn how to use it with a bit of time and effort.
When you invest with Goldmoney Holding, you can choose from these precious metals:
- Gold
- Silver
- Platinum
- Palladium
All customers have to start by investing in at least one gram of gold. This way, everyone has a starting point in their investment journey.
To keep these precious metals safe, Goldmoney lets customers choose from six vaults around the world: London, Toronto, Hong Kong, Zurich, Singapore, and Ottawa. They’re planning to add more locations soon.
Goldmoney isn’t just for adults. They offer TFSA, IRA, and SIPP accounts and have a special program called Goldmoney Kids. This program is designed to teach kids about investing in a fun and easy way.
Goldmoney Kids makes learning about investment exciting for children. The website is easy to use, keeps up with the latest in stocks and their prices, and explains big investment news in a way that’s easy for kids to understand.
GET UP TO $10,000 FREE SILVER TODAY!
– Uncover the Top 3 Reasons to Get Your FREE Gold IRA Kit Now –
- Learn the Secrets to Protecting Your Savings Without TAXES or PENALTIES
- Learn the Strategies to PROTECT & GROW Your Retirement Wealth
- Get This Kit Delivered to Your Door for FREE – $0 Shipping & Handling Charges
How to Buy from Goldmoney
Buying precious metals like gold and silver can be a good way to keep your money safe. Goldmoney.com is a website that makes this easy to do from your computer or phone.
Here’s a simple guide on how to get started:
Step 1: Open an Account
- Go to the Goldmoney website.
- Click to start a new account.
- Fill in your details such as your name, birthday, email address, password, where you were born, your nationality, where you live now, and your phone number.
- Agree to the rules and terms by reading and accepting the client’s agreement.
Step 2: Verify Your Details
- After you set up your account, you need to prove who you are.
- You can use a government ID and something like a bank statement or a utility bill to confirm your address.
Step 3: Put Money in Your Account
- You need to tell them where your investment money comes from, like your job, a gift, or savings.
- Go to “Account Dashboard.”
- Click on “Add Funds” and choose how to pay, like:
– Credit card
– Bank transfer
– WeChat Pay
– Cryptocurrency
– PayPal
– TransferWise or Xoom
– Alipay - Note that if you use a bank transfer, you can only use certain currencies like USD, EUR, or GBP.
Step 4: Buy Metals
- Select “Precious Metals” and then “Buy Metals” from the menu.
- Pick the type of metal you want, the currency, and how much you want to invest.
- Choose where your metals will be kept.
After these steps, you will usually see your metals in your account within 1-2 days. You can keep them safely there or trade them on the Goldmoney platform.
Goldmoney makes it very clear and easy to buy precious metals. They guide you step by step, and you just need to make sure you have your personal information ready. Once your account is set up, buying and keeping track of your metals is just a few clicks away.
How to Sell to Goldmoney
Selling your precious metals through Goldmoney is simple and straightforward. Here is a clear, step-by-step guide on how to do it, along with some common questions answered to make sure your selling process goes smoothly.
Goldmoney allows its users to sell their metals easily based on the current selling price. You have the choice to convert your metals into one of nine currencies, which include popular options like USD, GBP, and EUR.
Steps to Sell Your Metals:
- Log in: First, sign into your Goldmoney Holding account.
- Navigate: Click on the three white lines in the top left corner to open the menu.
- Choose ‘Sell Metals’: Scroll down to ‘Precious Metals’ and click on ‘Sell Metals’ to view the metals you have and where they are stored.
- Select Metal and Vault: Pick the metal you want to sell and the vault location it’s in. For example, if you have gold in the Loomis vault in Zurich, select this.
- Enter Amount: Click ‘Next Step’ and type in how much you want to sell. You can put this amount in as money or as the weight of the metal.
- Choose Where the Money Goes: Decide if you want the money from the sale to go to your bank account or stay in your Holding in the new currency.
- Review Order: You’ll see a summary of your sell order with the rate and fees. Check everything is correct.
- Confirm Quickly: Confirm your details within one minute, or the order will expire and you’ll need to start over.
- Finalize the Order: Agree to the terms, click the check boxes, and then ‘Place Order’.
You’ll receive an email confirmation with all the details of your sell order. Normally, it processes within one business day. Transferring to a bank can take three to seven business days.
How Does Goldmoney Help You with Storing Your Precious Metals?
Goldmoney is a service that keeps your valuable metals safe and sound. Here’s how it helps you with storing your precious metals:
Goldmoney keeps all its clients’ precious metals in very secure storage vaults that are watched over and insured.
These vaults are in many parts of the world, like Canada, Hong Kong, Singapore, Switzerland, the UK, and the USA, giving you lots of options on where to keep your assets.
When you decide to store your metals with Goldmoney, you get to pick which vault and company you want to use.
The vaults are run by well-known companies such as Loomis, Brink’s, Rhenus Logistics, and the Royal Canadian Mint, so you know your metals are in good hands.
Goldmoney makes sure that the value of your precious metals is fully covered by insurance. Every three months, Goldmoney checks its vaults to make sure everything is as it should be.
They then tell you about these checks through their account Dashboard, so you’re always up to date on how your metals are being stored.
If you want an extra layer of security, Goldmoney lets you register specific bars in your own name. This means no one else, not even Goldmoney or the vault keeping your bars, can say they own them.
Goldmoney is a reliable service that lists its details publicly on stock exchanges in Toronto (TSX), NASDAQ, and Frankfurt, showing they’re open and trustworthy.
By using Goldmoney, you’re choosing a secure and careful way of keeping your precious metals safe, with lots of transparency and options for added security.
Delivery Policy
Verified Goldmoney clients can physically get their precious metals stored in their Holding, but certain conditions apply, like registering the metal bars.
Their clients can choose to pick up the metals directly from the vault or have them delivered and insured. This option includes 100-gram, 1-kilogram, or Gold Good Delivery Bars.
Keep in mind, not all locations can receive deliveries due to insurance rules. Every delivery request is checked one by one, and those who want to pick up from the vault must tell them at least three business days before.
For delivery details, talk to your Relationship Manager through the Holding messaging service. Delivery and collection costs vary, depending on what the vault says. A registered bar means you own the metal completely, which you need to do before taking it.
Note that you can only ask for delivery through the Goldmoney Holding platform, not with Personal Accounts.
For taxes like VAT, especially with silver, platinum, and palladium from certain vaults, talk to a tax expert to understand your costs and duties when arranging delivery or collection.
Goldmoney Costs and Fees
Goldmoney provides services for buying, selling, and storing precious metals, with specific fees for each action.
Whenever you buy or sell precious metals, Goldmoney charges a 0.5% fee on the total transaction. For storage, there is a standard fee of US $10 per month for all accounts, both Holdings and Personal Accounts.
However, if your storage costs based on how much metal you have are more than $10, you won’t have to pay this minimum fee.
Storage fees vary depending on the metal you’re storing and where it’s kept. For example, storing gold can cost between 0.01% to 0.018% per month, and this adds up to about 0.12% to 0.216% per year depending on the vault location.
Silver, platinum, and palladium also have specific monthly and yearly costs. These costs differ based on how much you store and where it’s located. There are several storage options around the world, each with different rates.
Goldmoney also makes it easy to add money to your account with several free options such as bank wires and transfers. But when withdrawing money, they take fees from your balance based on the type of currency you use.
You can also register metal bars in your name for an additional fee, which varies depending on the type of metal and the size of the bar.
Through these fees, Goldmoney offers clear and straightforward pricing for those interested in trading and storing precious metals.
Customer Reviews and Ratings for Goldmoney
Goldmoney has received mixed feedback from its users on different review websites. On TrustPilot, it has gotten 1,935 reviews with an overall score of 2.5 out of 5 stars.
This score shows that users have had both good and bad experiences with the service. Some people might be happy, while others feel there’s room for improvement.
However, when it comes to the Better Business Bureau (BBB), Goldmoney shines with an A+ rating. This high rating means Goldmoney is good at handling any complaints and conducts business in a way that’s trustworthy and fair.
This positive mark from the BBB suggests that Goldmoney is a reliable company, even though some users on other sites might disagree.
Sitejabber, another review site, shows a less favorable view with a rating of 1.5 out of 5 based on 86 reviews. This low score indicates that a significant number of users did not have the best experience with Goldmoney.
Lastly, Goldmoney is praised by some for its great customer service and reliable investment opportunities. Customers who have been with them for a long time appreciate their low fees for storing gold and trust them because they are a well-known company.
However, others have had bad experiences, calling the company dishonest. They complain about being charged $13 every month for not using their account and having trouble getting their money out.
Some people say they lost a lot of money, about $2,000, because of hidden charges and were even blocked from accessing their funds. With such mixed reviews, it’s important to be careful and think hard before putting money into Goldmoney.
Pros and Cons of Goldmoney
Whether you’re thinking about saving your coins in gold or just using it like everyday money, it’s important to see what benefits you can get and what problems you might run into.
Let’s get right into finding out what Goldmoney has to offer and what to watch out for!
Pros:
- There are Many Ways to Fund an Account: You can add money to your account using PayPal or through cryptocurrency transfers.
- Helpful Support Materials: They provide a lot of helpful information and articles that answer many questions investors might have.
- Clear Pricing: Goldmoney is clear about its fees, which helps you understand what you are paying for.
- Vaults Around the World: The company uses secure vaults in various countries, allowing you to store your metals safely in different locations.
- Variety of Products: You can invest in whole platinum, palladium, silver, and gold bars or just a piece of a bar.
- Research on Gold Markets: They give important insights into the gold market that can help you make better investment decisions.
- Flexible Redemption Options: You can choose to have your bars sent to you or pick them up, giving you control over how you receive your metals.
- Safer Investing: Investing in precious metals through gold money can reduce some risks associated with these types of investments.
Cons:
- No Instant Help Support: There is no way to have a live chat with support, which means getting help could take longer.
- Higher Costs: Goldmoney’s fees are more expensive than those of many other companies, which might put people off looking for a cheaper option.
- Basic Website: Some users might find the website too simple and lacking detailed information.
- Many Fees: There are various extra fees which could lower your overall investment gains.
- Limited Access to Prices: You need to have an account to see the prices, which can be inconvenient if you’re just looking to compare costs before committing.
If you’re thinking about using Goldmoney, it’s important to think about all above pros and cons. Make sure it fits with what you need and how much you’re okay with spending on fees and dealing with customer service. This way, you can make a choice that’s right for your money goals.
Is Goldmoney a Legitimate Agency?
Goldmoney is a real company that helps people invest in metals like gold, silver, platinum, and palladium. It started in 2001 and has become known for giving customers a safe and easy way to buy, sell, and keep these valuable metals.
They make sure your investment is safe by having secure storage places in different countries. Goldmoney also follows important rules to protect their customers and be open about their business.
But, like using any service to invest your money, it’s smart to look into it yourself and think about what you want financially before getting started.
Frequently Asked Questions
Q1: How does Goldmoney work?
Goldmoney operates as a platform for investing in precious metals, allowing users to buy, sell, store, and earn metal. Clients open an account, transfer funds, and then purchase gold or other metals, which Goldmoney holds in secure vaults.
Q2: What is the alternative to Goldmoney?
Alternatives to Goldmoney include companies like Mennica Polska, US Money Reserve, Karatbars International, and Goldco Precious Metals.
These businesses range from making coins to selling government-approved precious metals, and they focus on helping people invest in gold to protect their money.
Q3: Is Goldmoney a bank?
No, Goldmoney is not a bank. It’s a financial services company specializing in the allocation of physical gold and other precious metals for retail and institutional investors without offering traditional banking services like loans or mortgages.
Q4: Who is the owner of Goldmoney?
Goldmoney is owned by Goldmoney Inc., a publicly traded company on the Toronto Stock Exchange. Its founder Roy Sebag and co-founder Josh Crumb are significant shareholders, guiding the company’s strategic vision.
Q5: Where is Goldmoney based?
Goldmoney is based in Toronto, Canada. It’s an international firm offering services worldwide, complying with regulatory standards of various jurisdictions while providing a platform for precious metals investment.
Q6: What is the difference between Goldmoney and OneGold?
OneGold and Goldmoney are online platforms enabling gold investments. OneGold caters to both novice and experienced investors with lower fees, automated investments, and a user-friendly interface.
Goldmoney targets high net worth clients, offering manual trades and supports multiple precious metals with various redemption options.
Conclusion
Goldmoney is a good choice for people who want to invest in gold and other valuable metals. It’s easy to use and safe, which is great for anyone new to investing.
You can buy, sell, keep, and even use these metals as money through their service. While it has some costs that you need to think about and the usual risks that come with investing, it’s still a solid option.
For those looking to protect their money from big ups and downs in the market, Goldmoney offers a smart way to add gold to their investment mix. It seems to work well for lots of different investors.
Goldco Precious Metals
- Goldco Surpasses $2 Billion in Precious Metals Placements
- Over 5,000 Five-Star Ratings on BBB, Trustpilot, and ConsumerAffairs
- Seven-Time Winer on the Inc. 5000 List