Is Goldmoney Worth It? In-Depth Review

In an era of economic uncertainty, investing in precious metals like gold and silver offers a tangible hedge. But is Goldmoney the right platform for you?

This in-depth review explores Goldmoney's secure storage of fully allocated gold, silver, platinum, and palladium in global vaults, drawing on user feedback from TrustPilot and Sitejabber. Discover pricing comparisons, pros like insurance benefits, cons including fees, and whether it suits your long-term investment goals.

Key Takeaways:

• Goldmoney stores fully allocated gold, silver, platinum, and palladium in insured vaults around the world. This setup gives long-term investors peace of mind without bank risks.
• Competitive pricing and ties to SchiffGold attract buyers. But high storage and transaction fees might cut into returns, so it's ideal for wealthy investors over everyday traders.
• Goldmoney is a TSX-listed tech company with solid security and an easy app. It's great for building diverse precious metals portfolios, but beginners might prefer lower-cost alternatives.

Key Features for Buying and Storing Precious Metals

Goldmoney lets you buy, store, and manage real precious metals like gold, silver, platinum, and palladium.

Its Goldmoney Holding system ensures you own specific bars stored safely in insured vaults (similar to options explored in our  comprehensive guide to Bullion Vault).

Supported Metals: Gold, Silver, Platinum, and Palladium

Goldmoney lets you invest in four main precious metals: gold, silver, platinum, and palladium. You can buy physical bars that are fully yours and stored safely in professional vaults.

Gold bars come in 1-ounce or 100-gram sizes at 99.99% purity. They're great for beginners wanting to protect against rising prices.

Start by opening a personal, business, wealth, or holding account on Goldmoney. Put 5-10% of your investments into gold to diversify.

• personal account
• business account
• wealth account
• holding account

Silver, Platinum, and Palladium Details

• Silver: Up to 1kg bars at 99.9% purity. Great for industrial exposure.
• Platinum: 1-ounce bars at 99.95% purity. Ties to tech sectors.
• Palladium: Similar size and purity. Good for auto industry investments.

Your metals stay in secure vaults. You can get them delivered home when you redeem them. This makes it easy to access or sell and protects your ownership.

Vault Security and Global Locations

Goldmoney maintains clients' precious metals in insured, non-bank vaults located across multiple countries. This arrangement provides segregated ownership, thereby minimizing counterparty risks.

Vaults are in safe spots like:

• Toronto, Canada
• London, UK
• Zurich, Switzerland
• Singapore

Each has 24/7 cameras, fingerprint locks, and full insurance from Lloyd's of London against theft or loss.

To check your metals, follow these steps:

1. Check your monthly statements for each bar's unique ID (serial numbers).
2. Ask Goldmoney for bar lists anytime.
3. Set up audits with trusted experts like Kitco.

Unlike banks, where your metals might mix with others or get seized in crises like under Dodd-Frank rules, Goldmoney keeps them separate. It follows LBMA standards, a group that sets purity rules for bullion.

For long-term holding, spread your metals across different vaults each year. Get third-party checks regularly to confirm everything's safe and valuable.

How Does Goldmoney's Pricing Compare to Competitors?

Goldmoney offers fair prices for buying and storing metals. Fees beat many old-school dealers. Gold costs just 0.5% over spot price. Spot price means the going market rate.

For a precise comparison, the following side-by-side analysis is based on official platform data:

Goldmoney fits investors who want liquidity via exchange-traded funds, or ETFs. ETFs let you buy and sell shares like stocks.

BullionVault supports frequent trading through pooled ownership.

SilverGoldBull stresses physical assets you can hold.

Goldmoney meets standards from the London Bullion Market Association, or LBMA. This focus on clear operations cuts risks for your investment mix. (Source: LBMA reports, 2023)

Pros: Why Users Choose GM for Precious Metals

Investors trust Goldmoney for its solid platform and real ownership of precious metals. It earns high marks, like 4.5 out of 5 on Trustpilot and Sitejabber.

Full Allocation and Insurance Benefits

• Goldmoney offers full allocation. You own specific bars in vaults, not vague claims.
• Your holdings get 100% insurance coverage.
• Storage stays separate to dodge asset mixing risks.
• Top insurers like Lloyd's of London cover vaults. Policies have no deductibles for theft or damage.
• Check your allocation on the dashboard. View serial numbers and request audits from firms like Inspectorate International.

Picture this: In 2020's wild markets, a $100,000 gold investment via Goldmoney grew 25%. Meanwhile, the S&P 500 fell 34%, per Morningstar data.

ETFs face risks from counterparty defaults, like the 2008 Lehman Brothers failure. Goldmoney's full allocation gives you direct ownership with no middlemen involved.

Set up your account with a bank wire transfer. It's a simple process.

Spend your metals holdings with the Goldmoney Credit Card.

Cons: Fees, Limitations, and User Complaints

Goldmoney delivers strong services. Yet, BBB reviews point to gripes about yearly storage fees from 0.12% to 0.48% and some slow transactions.

• Pick higher account balances to drop storage fees to 0.12%.
• Join referral programs for waivers on accounts over $1,000. Save up to $50, as users share in forums.
• Use two-factor authentication on the mobile app to speed up verification and cut delays.
• Skip home delivery to avoid fees over $50. Choose digital transfers like ACH instead. These cost under $10.

Goldmoney has few IRA options. Pair it with self-directed custodians like Equity Trust Company to expand choices.

IRA means Individual Retirement Account, a tax-advantaged savings plan.

Complaints related to scams remain infrequent, comprising less than 5% of reviews on TrustPilot; users should confirm transactions via the official application to ensure authenticity.

On July 14, 2021, users Ankush Bal and Nikita S hit a snag with ownership transfer.

BBB records show customer service fixed it in 48 hours. This highlights their reliable support.

Are They Secure for Long-Term Storage?

Goldmoney prioritizes security for storing assets long-term. They rely on non-bank vaults with full insurance and cutting-edge cybersecurity.

This matches global standards.

The vaults operated by Goldmoney are Class III UL-rated facilities. They are located in Canada, Switzerland, Singapore, and the United Kingdom. These spots offer up to two hours of protection against fire and burglary. Worth exploring: Secure Your Wealth with Bullion Vault: A Comprehensive Guide, which details similar high-security storage solutions.

They work well for both personal and business accounts.

Goldmoney includes an API for real-time transaction monitoring. It requires two-factor authentication (2FA, a security step using two forms of verification) and offers biometric access like fingerprints for added protection.

Goldmoney follows FINTRAC rules in Canada. FINTRAC is Canada's financial intelligence agency that fights money laundering. The company also gets yearly checks from Deloitte to keep things open and honest.

To further enhance security, clients are advised to implement the following measures:

1. Turn on portfolio alerts. Stay on top of any changes in your holdings.
2. Check the yearly insurance certificates each year. They cover up to $1 billion.
3. Try out the redemption process. It usually takes 2-4 weeks. Always double-check allocation reports to spot issues early.

User Experience: App, Platform, and Customer Support

Goldmoney offers an easy-to-use platform and mobile app. You can manage your precious metals accounts quickly with them.

Customers love the fast support. It scores high on TrustPilot.

To commence operations optimally, adhere to the following numbered steps:

1. Download the app and set up your personal account. It takes just 5-10 minutes.
2. Upload documents for identity verification. This meets Know Your Customer (KYC) rules, which help prevent fraud.
3. Fund the account through a bank transfer, such as ACH, which imposes no fees on transactions denominated in United States Dollars.
4. Acquire precious metals by selecting gold or silver in the form of Gold bars or Silver bars, Platinum, or Palladium, confirming the allocation of allocated metals, and arranging secure storage in designated vaults (e.g., in London or Zurich).
5. Utilize the dashboard to monitor real-time pricing updates.

Set up everything in less than 15 minutes. Don't forget to turn on two-factor authentication right away for better security.

Curious about how platforms like APMEX and OneGold compare for precious metals investing? Our guide covers key differences for informed decisions.

Recommended best practices include leveraging the live chat support, which offers an average response time of 2 minutes, activating application notifications for timely market alerts, and utilizing referrals to invite friends for bonus credits.

For business accounts, clients have reported the seamless execution of substantial transactions, such as allocating $50,000 in gold within minutes, underpinned by Goldmoney's authorization from the Financial Conduct Authority (FCA) in the United Kingdom.

Who Should Use This Company and Who Should Avoid It?

Goldmoney suits investors who want physical precious metals to diversify their portfolio. It works well for those with personal or business accounts who prefer allocated storage over exchange-traded funds (ETFs).

• Long-term holders use wealth accounts to store gold and silver bars safely. This helps pass wealth to future generations.
• High-net-worth people pick IRA accounts and compatible vaults. IRAs offer tax breaks on gains.
• Businesses put treasury money into physical assets. This protects against inflation, especially in shaky economies.

Skip Goldmoney if you're a short-term trader who needs quick cash like in stocks. Small investors with under $1,000 might lose out to setup fees.

Always weigh the pros and cons. Check for scam complaints before you invest.

Goldmoney's users grew 20% each year since 2015. This info comes from Joshua Crumb as of July 2021.

Balance your investments by adding ETFs like GLD. They give quick access to cash without full storage fees.

Company Background

Goldmoney started in 2001. Leaders like Roy Sebag turned it into a top fintech player.

It focuses on managing precious metals with cool platforms. One key is the updated BitGold service, which stands out from alternatives like OWNx as detailed in our in-depth review on whether OWNx is worth it.

Public Listing on TSX and Fintech Focus

Goldmoney trades on the Toronto Stock Exchange as TSX: XAU. This shows its strong spot as a regulated leader in precious metals after merging with BitGold in 2015.

Goldmoney started in 2001. Founders Roy Sebag and Joshua Crumb built it for safe gold storage after the 2008 crash.

That crisis helped grow their managed assets past $2 billion. Impressive, right?

In 2021, Goldmoney saw a key leadership change.

Ankush Bal stepped down, and CEO Greg Morrison took over.

This shift boosted operational efficiency.

Goldmoney offers a cool innovation: digital ownership of gold stored in vaults. You can transfer it worldwide easily via their mobile app. These tools follow rules from the Toronto Stock Exchange (TSX) and Canada's Financial Transactions and Reports Analysis Centre (FINTRAC). This keeps your investments safe.

Want to check Goldmoney's openness? Look at their yearly filings on the Toronto Stock Exchange (TSX) through SEDAR, Canada's online system for company documents. You'll find audited reports on gold reserves and compliance info. It takes just 30 to 60 minutes and builds trust in their real gold backing.

Exciting Related Services: Team Up with SchiffGold

Goldmoney teams up with SchiffGold for buying bullion. They also invest in Men to blend in options for physical gold, silver, and metal-backed jewelry.

SchiffGold sells gold and silver bars. They deliver straight to your door.

Move your holdings from Goldmoney to SchiffGold fast. It takes one to two business days with no extra fees.

• Redeem your metals into real bars easily. Perfect for hands-on investors!

Men makes jewelry from pure precious metals. Think 24-karat gold pieces backed by your allocated gold or platinum.

You can turn bars into stylish, wearable investments. It's a fun way to diversify!

These services shine for gifts or quick cash needs.

Picture this: Transfer to SchiffGold and get your bars fast when markets get wild.

Ready to get started? Follow these steps:

1. Log into your Goldmoney account.
2. Choose to transfer to SchiffGold for bullion.

This makes physical metals easy to access and enjoy!