As investors, you would always like to guarantee that you’re investing with reliable and great investment firms. Right? Nonetheless, you have many options to choose from, and many of them claim that they’re the best in the market.
One excellent way to determine which one is ideal for you is through reviewing them. Today’s post will provide you with an honest and unbiased Goldmoney review. Is it worth it? Is it safe to use? Everything you need to know will be answered in this Goldmoney review.
So, without further ado, let’s get started!
What Is Goldmoney?
If you don’t know yet, Goldmoney is a precious metals dealer and an investment company founded in 2001. In 2015, a gold payment technology firm, BitGold, created a partnership with Goldmoney. It’s worth mentioning that Roy Sebag and Joshua Crumb founded BitGold.
Goldmoney offers its clients and customers precious metals for their investments. On top of that,t it has other services in which customers can avail themselves to expand and secure investment goals. We will share go over them in the next sections.
Goldmoney’s Holding System
Goldmoney Holding was founded to offer their customers a cost-efficient, transparent, and secure platform to buy precious metals, sell gold, and vault metals.
Keep in mind that all their metals owned by their clients and managed through the holding system are completely allocated, insured, and stored at international vaults across seven nations.
Apart from providing different insured vaulting locations with the globe’s leading provider, they conduct regular audits of their client’s metal holdings, publishing such audits within the Goldmoney Holding.
When you invest, you receive a portion of the company’s metals holdings. You can also utilize the technology to transfer gold coins into currency and vice versa. That enables you to complete transactions such as bill payments or online shopping.
On top of that, jumping various international currencies is an excellent way to enjoy the exchange materials. If you pay close attention to how the market shift regularly, you can make the most out of your returns.
Their holding platform is a unique aspect of the trusted precious metal industry. It helps to streamline the process of owning other precious metals. Further, you don’t need to think about maintenance or storage, making it suitable for new investors who are simply getting used to the game.
Depending on the Goldmoney account you have, you can also pay for business transactions in gold and silver. That involves sending invoices to clients who make purchases from vendors and receive payment from customers.
How awesome is that?
The Products and Services Offered by Goldmoney
Bear in mind that Goldmoney provides a unique system offering a wide array of products and services. As mentioned earlier, they have the Goldmoney Holding platform, which makes it simpler for customers to do business and investments with Goldmoney.
With the company’s system, anyone can open a holding, even corporations, trusts, and joint owners, among many other investment companies. On top of that, Goldmoney offers its customers vital Metal Transfers and Business tools to help them run their international transfers and businesses easily and smoothly.
A Goldmoney Holding owner can buy these metals from Goldmoney, including:
Take note that the minimum investment permitted is one gram of gold. Suppose even the client opts to have their metals stored with the company. In that case, they can pick between six vault locations: Zurich, Switzerland, Ottawa, Canada, Toronto, Canada, Singapore, London, United Kingdom, and Hong Kong.
As time passes by, Goldmoney strives to grow its locations. It also provides TFSA, SIPP, IRA accounts such as Goldco. Further, the company strives to inform younger generations about managing and experiencing the investment process as early as possible. That’s why they have their own Goldmoney Kids program.
Other people salute the gold payment technology company for having that kind of useful program. It’s not typical for an investment company to give importance to this matter.
If you visit their website, you’ll notice that there are stock market updates that are extremely accommodating and useful to its investors.
Generally, Goldmoney has different services, which make it one of the best reliable companies out there.
How to Get Started with Goldmoney
As a new investor with the company, you need a good grip of the basics to have a solid foundation for your relationship with the investment company and your investment success.
Over time, you will be in a much better position to safeguard your buying power while mitigating financial risks. Take note that investment in metals is a way to ensure consistent wealth growth and economic security, especially with the current state of the world economy.
For example, gold has been around for a long time, long enough to collect unmatched value in trade. It has efficiently retained its buying power over the centuries and stays invaluable to date.
That special capability of metals to keep precious value over a long time offers them a big edge over other forms of currency of money.
The more you gather precious metals, the more you can keep your buying power over time. You see, keeping your buying power comes through holding money, which could sustain its value for a long.
Another way is through holding money that appreciates quicker than many other currencies, both in the medium and short-term. Thus, if you’re seeing to maintain your purchasing power in the end, precious metals are an excellent investment opportunity.
Goldmoney promises to provide you with a 24/7 accessible investment platform to securely jumpstart your journey.
You will find different fees, which you can anticipate paying with your transactions.
For instance, you need to pay 05% of the transaction’s value if you buy or sell precious metals on the market. That’s especially true, irrespective of whether you are a seller or buyer. The fee goes up to 1% with the limited selling option.
Would you like to exchange precious metals? Then you need to pay foreign exchange fees of 0.75%. Thus, you need to make sure you take that additional cost into account, especially if you bounce between different currencies to maximize returns.
Would you like to exchange the vault your gold is stored in?
Then you must pay 0.5% of the exchanged holdings. On top of that, you need to pay monthly storage fees, no matter where you have a transaction or not.
The precious metals themselves are marked up past market value. However, not very much. All of the markup ratings are less than 1/10 of one percent. Thus, you can expect to pay the highest fees on the transactions, not on the initial purchases.
Do you prefer people to Goldmoney? Lucky for you because you can get commissions on their future purchases. Bear in mind that commission rates differ, but other people get payments as high as 25%.
Goldmoney is a decent company that partners with accredited custodians. You can be sure that all your holdings are secure. Nonetheless, they have customer service experience concerns and business practices that might give you a pause.
The major concern seemed to have happened when the company changed ownership.
Here’s the rundown of the fees you can expect:
Monthly precious metal fees
-Palladium – 0.065% to 0.082%
-Platinum – 0.003% to 0.0049%
-Silver – 0.033% to 0.041%
-Gold – 0.01% to 0.018%
-Vault exchange fees – 0.5%
-Precious metal exchange fees – 0.75%
-Buying and selling precious metals (limit option) 1%
-Buying and selling precious metals (market option) – 0.5%
Goldmoney Referral Program
The Goldmoney website also comes with its own referral program. That is a way for their customers to earn money, and it’s also simple to understand. All a customer has to do is to refer other people to Goldmoney to buy gold. When they sign up, they receive commissions that are as much as 25%.
Transparency & Safety
As an investor, one of your main concerns is the safety of your hard-earned money. Right? That is quite understandable even to the company themselves. As a publicly-listed company, Goldmoney has invested significantly in the right protection to guarantee transparency and safety throughout the customer’s investment journey with them. Some of the safety practices they have adopted are the following:
Secure and insured storage
The precious metals you hold are completely allocated. When you register a Goldmoney personal account in your name, not even the company can claim on them. Further, all the storage faults in various locations are fully insured and secure, which removes all the hassles.
100% metal ownership
That offers you a complete privilege as the owner of your precious metals. It’s like holding the four precious metals in your hand but still accessing it online where it’s safer in a fortified vault. Further, you can redeem your physical metal for cash as soon as you need it.
Counterparty risk protection
That covers you from the risk of bank insolvency or brokerage. On top of that, the company offers regular and independent audits of its client holdings. There are metal quality and testing as well as top-grade online security standards.
Customer Reviews from Real Customers
Keep in mind that the original owner of the Goldmoney sold it to new management. Unluckily, everything seems to have gone downwards from there. The company had many happy customer reviews when it first started, but after the change of management, there has been a major flood of negative reviews.
There are many more consumer reviews accessible for the company than for many investment companies. They have a global reach, and thousands of investors have utilized them to get started with their portfolios. They are also one of the main go-to and reputable companies for people starting out.
That only indicates that there are many reviews across websites such as Better Business Bureau, Trustpilot, and Sitejabber, among others.
Unluckily, a big chunk of them is deeply negative reviews.
Better Business Bureau Reports You Need to Know
Did you know that Goldmoney is not accredited with the BBB?
Not to mention their average customer review is 1.2 stars out of 5. Can you believe it? Nearly everybody has given the lowest possible rating for their services.
Fewer overall complaints were related to problems with a product or service. A few are connected to billing and collections. Some were associated with delivery concerns, and one had to do with marketing.
One of the recent concerns mentions that the person tried to transfer funds out of their account. However, the entire bank transfer was paused. Goldmoney’s relationship management team refused to respond to concerns. After a few days, the person called the company and was told it was a problem with the transfer.
The person then clarifies their bank account details and thinks their transfer would be processed. However, after two weeks, the transaction was still processing. A representative from the relationship management team from the company wouldn’t even respond to the customer’s messages.
Goldmoney’s relationship manager then reached out after the customer filed the report to make sure the transfer went through. However, it’s extremely discouraging that the person had to file a public complaint about anything to be resolved.
Another complaint mentions that the person tried to transfer metals into a foreign currency for an Australian bank personal account. However, the company would not allow them. The customer could not reach any of the support team. They had wanted to get rid of their funds before the new storage fee, and fee schedule took effect. In the end, Goldmoney did reach out and fixed the problem, just like how the first problem was resolved.
Another concern was filed by a person who wished to withdraw funds before the new annual storage fees. They sold their assets at a loss and requested to have their money transferred to their personal accounts. The company explained the bank wire transfer had been completed. However, the bank personal account of the customer had never received the funds. The customer then updated eventually to say the money did arrive.
There is also another customer who experienced the same concern with withdrawing funds out of their Goldmoney account. They liquidated their gold and transferred the current to their personal account via bank transfer.
Their account cited the transfer has already been confirmed.
However, weeks passed by without the money showing in their personal account. Goldmoney then responded to explain that due to the increase in the number of transfers, their system’s multiple market crashes. Most customers were facing transfer delays because of that. They also mentioned the money had been delivered and the customer should be a little bit patient. They also provide advance notice.
At first, the customer was angered by that kind of response by the company, as they were losing money. Nonetheless, they came back several days later to report that the money had already reached their account.
The same appears to have occurred to another individual filing a complaint. A wire transfer took a very long time to clear, which resulted in the person thinking it had never been made in the first place. The company replied with the same information. Also, there hasn’t been any reply from the customer indicating have they ever received their money or not.
There have been different Ripoff Reports that have been filed against Goldmoney. That is a strange number for a business to have. For example, one complaint mentioned that the company had no issue taking their money during the initial investment process. However, they locked the person out of their Goldmoney personal account without prior notice.
There had been no changes to the login information as well. Without any phone support accessible, the person had to send an email to Goldmoney, but the response was not enough.
The person then finally managed to get in touch with a customer staff over the phone, trying to get back into their Goldmoney account.
The company representative asked them for a massive number of personal details to verify the person’s identity. After the person answered all the needed questions, they were asked to present a phone bill as proof of their ID.
The unnecessary process infuriated the customer so much that they only decided to close their Goldmoney account completely. However, they were not permitted to do that without having their login. The firm would not give them login without the customers’ phone bill.
Another Ripoff Report comes from a user whose account was opened way back in 2016. They connected their debit card account and permitted regular deposits. After their account had accumulated quite a bit of money, the company told the user they needed new ID verification, even though the customer had already presented this.
In spite of this, the firm insisted, so the user presented the details. However, they were then told that the information was not enough, as the quality of the images was not decent enough. Infuriated, the customer told the company to prevent automatic payments. The user was told to use the site’s customer service tab.
Still, the company had locked the user out of their account because of insufficient credentials, although they had recently confirmed their identity.
The user tried many more times to confirm their identity with clearer documentation and images. However, the company refused each of them. The user decided to file a complaint, but no one responded. The customer then talked to a reporter, and interestingly, one of the company’s managers paid attention to the problem.
But that was not enough. The user had had to close their checking account to avoid automatic payments. Without any banking details, the company explained that they did not know how to get the money back to the customer. A bank transfer was refused by the user’s bank. A check finally had to be delivered through the mail. By that time, six months had already gone by.
Another complaint was connected to account access. The person had set up 2-factor authentically that needed a mobile phone to log in.
However, when they changed their phone number, they lost the ability to log in to their Goldmoney account.
After the customer reached out for assistance, the customer service team provided them with a long list of documentation they should provide to confirm their identity. Nonetheless, there was no way for the user to provide all of them. They had no way of accessing their hard-earned money, and the company didn’t even have an interest in helping.
Another report claims that Goldmoney stole $17,000 from them for a predatory fee. The original Goldmoney account had $43,000 in it. After moving $20,000 out of it, the customer was informed that the firm did not know where the rest of the funds were.
Later, the company told the user that their money had been taken because of fees. With the existing fee structure, it does not make sense that the total would come out whopping $17,000.
Another report seems to be connected to a customer returning after a few years away. Unluckily, they seem to have come back to the new Goldmoney management. They made a request to have ore $1,000 in gold paid out via a bank transfer. Also, they presented numerous forms of identification.
Goldmoney also blocked the customer’s request, as they said there was a problem with one of the customer’s previous accounts. Nonetheless, that account was not associated with the current transaction at all. It also did not hold any of the current funds. The user gave Goldmoney their login details for the blocked around but never heard back.
There is another report that said the company makes false promises about its investment abilities. They mentioned that they have the experience to choose stocks that win 80-90% of the time. That user only discovered that only 20-30% of their stocks rose.
Is Goldmoney a Scam or a Legit Company?
As you would guess, a scamp means that most businesses take money without rendering a service or product in return. With that in mind, Goldmoney can’t be categorized as a scam, as they have a legal title. The company has also collected years of goodwill and deals with legit services, products, and pay vendors.
On top of that, they have many happy customers at the same time. They have great security and work with reliable vault companies like Rhenus, Brinks, Royal Canadian Mint, among other Canadian businesses.
With that in mind, it is important that you are extra mindful of the fact that no company is blemish-free. As such, you should learn about the best business practices and solid investment principles to avoid being scammed by other companies. Do not be swayed by false promises.
For beginners, you must understand that the original owners sold Goldmoney. Since then, the company has collected many poor customer reviews. Normally, when an organization transitions from one owner to another, the customer experience may change substantially. The recent negative reviews might mirror that change.
The only thing we do not like about the company is that their Holdings do not have a maximum or minimum order amount for precious metals. Thus, you can sell, exchange, or purchase as many or as few precious metals as you wish. Nonetheless, they do have limits for how much precious metals can be sold or bought at the Gold Buy or Sell prices.
Take note that Goldmoney needs the following minimum order amounts:
· For gold orders, one-kilo gold bar, the minimum is two ounces
· For silver orders, the minimum is 100 ounces
Good Alternatives to Consider
You will find many customer-oriented investment firms in the market today. Other companies are excellent at doing several things.
Nonetheless, the key here is to find a company that does the vast majority of things well. For instance, the company should have an excellent customer service experience follows relevant laws such as stricter IRS standards.
Based on customer reviews, Goldco is the precious metals investment company you can consider. The company has obtained more than 1,000 five-star ratings on BBB, Consumer Report, and Trustpilot. The company has also been in the market for more than a decade, and its ratings have been continuously high.
Bear in mind that Goldco is especially famous for helping its clients transfer precious metals, obtain precious metals, and set up Gold IRAs. What you will like about this company when you want to buy gold is the free gold investment guide they provide their users. On top of that, you can freely speak to a customer staff before investing with them. It’s worth mentioning as well that their professionally trained team is always there to assist you.
Wrapping It Up
To sum up, Goldmoney is a great company that offers a service no one has ever done before. They make it simple to pay things with gold, transfer different asses between various currencies and make investments without hidden costs.
Nonetheless, even since the firm was sold to new owners, the management has gotten a lot worse. People have repeatedly mentioned that the firm stalls when they like to cash out from multiple accounts, requesting unnecessary IDs and often locking people out of their accounts.
That could have been a wonderful service, but we cannot currently suggest it. There are simply too many negative reviews out there, and the process seems like too big of trouble.
Nonetheless, even though we believe that Goldmoney is a solid firm, we genuinely think there are better companies in the market to make your investment with.
We hope you find this Goldmoney review informative and useful at the same time. If you have any questions, concerns, or experiences with Goldmoney that you like to share, do not hesitate to leave them in the comments section below!
More Gold Company Reviews You Should Read
After reading my 2023 Goldmoney review, I’m sure you’re going to want to read more. Here’s a list of other gold investment articles that you might like, including a full review of the best company out there.