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Goldmoney Review

Goldmoney review aims to provide Bear Lake Golds’ views on this company and what it offers as a precious metals company in the industry. As a major part of this review, we will provide accurate details about the company, its management team, what it sells, its services, and its pros and cons.

We used our Gold dealer review methodology while conducting this Goldmoney review. As a critical aspect of this review, we reached out to some people who have invested through the company, those who are currently investing, and some of its employees and members of its management team.

Using the details we researched and from our conversation with these people, we could not rate Goldmoney amongst our first thirty precious metals and gold IRA companies in the industry.

If you wish to know why we did not include them in our top thirty providers, read till the end of the review. We have a list of companies that met and exceeded our review standards, and we have rated them as the top three companies in this industry. These companies are Goldco, Augusta Precious Metals, and American Hartford Gold.

For more detailed information about our recommended top three precious metals IRA companies, please click the buttons below for their complete and detailed information kits.

 

#1 Recommendation

Best Overall Precious Metal Provider

 

Best IRA Gold information packREQUEST YOUR AUGUSTA GOLD GUIDE

 

#2 Recommendation

Best  Gold IRA Based On Price

 

Best IRA Gold information pack REQUEST YOUR GOLDCO GOLD GUIDE

 

#3 Recommendation 

Most Reliable IRA Provider

 

Best IRA Gold information packREQUEST YOUR HARTFORD GOLD GUIDE
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Goldmoney Reviews

Introduction to Goldmoney

Goldmoney is a gold IRA and precious metals dealer founded in Toronto, Canada, in 2001. It has been doing business for more than 20 years and has given many opportunities to people from different parts of the world to invest in gold and other precious metals.

In 2015, the company partnered with BitGold. BitGold is a payment system that facilitates using gold as a payment method, like other currencies. are the founders of BitGold, and their aim in founding the company was to help investors find precious metals based on their investment needs and goals. Additionally, it offered exceptional services to investors to help them grow and diversify their portfolios in the long run.

Goldmoney Management Team

TGoldmoney's helm as a founder and CEO (Chief Executive Officer). James Turk, the Lead Director, and a co-founder, sits on the same rank with Roy. However, in 2013, he retired. The other members of the board of directors are;

  • Mahendra Naik
  • Andres Finkielsztain
  • Stefan Wieler

In addition, the remaining members of the management team are:

  • Alessandro Premoli - chief technology officer
  • Mike Busby - chief design officer
  • Paul Mennega - chief operating officer
  • Renee Wei - director of global communications
  • Alasdair Macleod - head of research

What is Goldmoney Selling?

The company's business model differs from its competitors in the precious metals industry. Goldmoney stands out from the rest in the industry because of its “Holding System”

The holding system is an account that acts as an internal bank account. The Holding system makes it easy for investors to sell and buy gold and other precious metals. Here are the precious metals the company deals with. The holding system provides clients with an opportunity to open online accounts with the company. Through these accounts, they can buy, sell and swap precious metals from their dashboards.

Gold

Investors can buy gold coins and bars from the company. The company sells gold as units online via its Holding firm. You can also decide to buy physical gold from Goldmoney, but it will avail you of the value through your account. And through this method, you can comfortably buy or sell without physically shipping the gold.

The company’s method is almost like what you have when you buy and sell cryptocurrencies through an exchange. Only that this time, the value you see through your account has a backing from the value of real gold stored in one of Goldmoney’s secure storage facilities.

Silver

Gold is primarily used as a store of value, while silver is primarily for industrial purposes. Having it in your portfolio is one of the right decisions to make if you want your holdings to grow. Through Goldmoney's holding company, investors can buy and store silver. Buying silver from the company is very convenient because the company is digitally driven. The process is not very different from how you trade cryptocurrencies in exchanges.

Platinum

Platinum is another industrial metal that most tech companies use in the world. But away from its industrial use, it has become a popular investment vehicle like gold andsilver. Investors can buy this precious metal from Goldmoney through its Holding company. As an investor, you must set up your Holding account to buy from the company.

The major perk of buying through this method is; you will not have to pay the 1% transaction fees when you want to sell the precious metal. 1% may look small if you sell a small amount of platinum through the company. However, if your investment is large, that 1% transaction fee can become a large amount of money that you will be glad to avoid paying.

Palladium

The global greenhouse emission reduction contributes to the steady rise in palladium's popularity. The precious metal is rare, and you can buy it from Goldmoney as a physical asset.

Goldmoney Products and Services

For now, these are the countries where Goldmoney has storage vaults for precious metals. However, we were informed during our research that it intends to add more countries to the list.

Furthermore, the company can carry out personal audits regularly for the precious metals in your portfolio and publish the result within its Holding system. Goldmoney also offers IRA (Individual Retirement Account), SIPP (Self-invested Personal Pensions), and TFSA (Tax-Free Savings Account) investment options to interested investors.

When we spoke to some investors, they told us they transacted offline. According to them, the company allows investors to buy tangible precious metals coins and bullion bars in its various countries' storage vaults. It can also ship to the desired locations of investors if they opt for the option.

Goldmoney also provides some customized pension products for investors to protect their wealth for a long period. Immediately after you set up your Holding account with its Holding company, Goldmoney will assign a Relationship Manager to you. You can comfortably talk with this person from your online Holding Dashboard.

The company does this to enhance customer relationships and to ensure that every investment experience with it is seamless.

The Goldmoney Holding System allows investors to hold their gold, silver, palladium, or platinum in the company's reserve or exchange them for the following fiat currencies.

  • USD
  • EUR
  • CAD
  • GBP
  • JPY
  • CHF
  • HKD
  • NZD
  • AUD

Goldmoney makes its investment options flexible, allowing individuals, corporations, joint owners, and trusts to hold precious metals. The company has a user-friendly website that keeps investors updated on shifts in the prices of precious metals and stocks, the latest developments, and how to track their holdings effectively.

Shipping

The company offers professional service and has a large customer database worldwide. However, its shipping policy is complex. You cannot choose a shipping option until you purchase a particular amount of gold or silver.

Before physically shipping gold to your location, you must have bought at least 100 ounces. For silver, you must buy at least 30,000 ounces. 100 ounces of gold is around $1.8 million, and 30,000 ounces of silver is worth around $1.2 million.

It means that you can only opt for the company's shipping option if you are investing as a millionaire through it. If you buy less than these minimum shipping amounts, you must leave the precious metals in any of the company's storage vaults. Storing your precious metals with them means that you will pay storage fees.

In addition, you will not find any shipping fees on the company's website. To get your shipping quote, you will pay a fee. One of the investors we met told us that paying for a shipping quote is ridiculous. The company's complex shipping process scares away investors who want their precious metals delivered to them physically.

Goldmoney Costs and Fees

Buying/Selling and Storage Fees

Goldmoney is transparent with its fees and costs. You will see the company's fees and costs displayed on its website.

However, you must know that the company's costs and fees are based on its investors' holdings. The company charges storage fees in percentages. It takes between 0.065 and 0.082% from its customers’ holdings as storage fees. It means that you will pay more as storage fee if your holdings are bigger. 

Unlike Goldmoney, some companies in this industry charge their customers flat fees for storage. Customers pay the same amount for storage no matter what level their holdings are in every year. The flat structure is favorable because investors will not spend more on storage when their investments grow.

If you invest in precious metals through Goldmoney, here are the fees you will encounter.

  • You will pay a 0.5% transaction fee when you buy or sell at market prices.
  • You will pay a 1% transaction fee when you buy or sell at limited options.
  • You will pay a 0.75% fee if you exchange precious metals.
  • You will pay a 0.75% exchange fee to exchange precious metals between two vaults.
  • The monthly fees for storing metals depend on the precious metals in your holding. The company charges up to 0.082% of your entire portfolio to store your metals.

The company also adds a minuscule fee to the cost of the precious metals they sell. The metal with the highest applied fee is gold, and the fee can range from 0.01 to 0.018%, based on the amount you are buying. The fees look small but are not, if you make large purchases.

Referrals

Goldmoney will reward you if you refer others to its website. Immediately after they sign up and make purchases, you will get a referral commission. Your commission rate can get up to 25% of the new customers’ purchase.

How Does Goldmoney Work?

To begin investing through Goldmoney, you must set up your Holding account and wait for the company to verify it. In the verification process, you will send your details and documents to Goldmoney as part of the requirements for your KYC (Know Your Customer). When we spoke to employees in the KYC department, they informed us that customers could complete their KYC verification process offline or online.

Owning a Goldmoney Holding account allows you to freely sell and buy any amount of precious metals to and from anywhere in the world.

So here is how to get started.

Apply to Open a Holding Account

If you are new to the platform, you must provide these basic personal details.

  • Your full name
  • Date of birth
  • Email
  • Password
  • Place of Birth
  • Nationality
  • Current Country of Residence

Phone Number

Once you have submitted your phone number, you will be asked to confirm that you have reviewed the company's agreement document for clients.

Account Details Verification

After submitting these personal details and the company has set up your account, you will need to verify your submitted details. The verification process allows you to access all the services available to investors in the company. In addition, it is a measure the company employs to prevent money laundering and fraudulent activities.

For the verification process, you will submit a copy of a valid ID card issued by your nation's government. Furthermore, you will submit your proof of address as either a recent bank statement or utility bills.

Funding Your Holding Account

Before you fund your account, you will have to provide information about your source of income. You will be asked to choose between any of the options below.

  • Gifts
  • Salary
  • Pension/retirement income
  • Profit
  • Sale of business

If you do not provide adequate information about the source(s) of your income, the system will not approve your account.

After you get this part right, you can now proceed to add funds to your account. Go to your dashboard, and under "Manage Funds," click "Add Funds." The system will ask you to select the funding method you prefer. The options that the system will present to you are;

  • Bank Wire transfer
  • Credit Card
  • Cryptocurrency
  • PayPal
  • Alipay
  • WeChat Pay
  • Transferwise & Xoom

If you choose the last option on the list as your funding method, please know that Goldmoney only accepts nine different fiat currencies for account funding.

  • USD
  • EUR
  • CAD
  • GBP
  • JPY
  • CHF
  • HKD
  • NZD
  • AUD

Selling or Buying Precious Metals

After successfully funding your account, you can buy precious metals.

To buy precious metals, click the hamburger icon at the top of your dashboard. Select Precious Metals and click Buy Precious Metals. The remaining process is simple. You will select the precious metal you want to buy and the amount you want to purchase based on your account balance.

Then the system will prompt you to choose the vault where you would like to store your precious metals. There are about 13 vaults in 6 different countries to choose from. All vaults do not charge the same storage fees. Depending on the vault, the storage fee can range from 0.065% to 0.082%.

Once you are done with the selection and payments, Goldmoney will process your orders within two working days.

Goldmoney Types of Account

The company offers investors several types of accounts. As an investor, you can also have more than one account. The accounts are designed to suit the different investment needs and goals of different investors.

Personal

A personal account allows you to store gold up to 1,000 grams in the company's secure vault without paying storage fees monthly or yearly. In addition, Goldmoney gives you a legal title to a 1Kg gold bar portion.

The account allows you to choose any of their vaults in the US for storing your precious metals, and all your purchases will have full insurance.

Every time you buy or sell gold, you will pay a fee as a commission. With this account type, you can buy precious metals using your debit or credit card. Then you can choose to sell your gold back to the company if you wish. However, you may not sell it for its original price.

Business

The Business account type is almost like the personal account. However, it is for people who want to receive gold payments for goods and services. With a business account, investors use invoices and payout for transactions.

If you have this account, you can bill customers who buy from you or your business, and they will pay you in gold. If the customer prefers to pay you in a Fiatcurrency, Goldmoney will accept the payment, convert the money to gold and pay you in gold.

The invoices are not free. You will pay a commission fee for them. However, it is lower than the amount you will pay if you were to use a system like PayPal's invoicing.

The payout feature in this account type allows you to pay contractors, vendors, and your employees with gold. Gold payment methods reduce cross-border fees if you work with people in other countries.

Wealth

This account type is for you if you want to store more than 1,000 grams of gold. People who open a wealth account can store other precious metals. In addition, they can keep other foreign currencies in their account.

The wealth account type allows you to exchange precious metals for Fiat currencies and vice versa whenever you want to.

What Makes Goldmoney Unique?

Goldmoney Insights

The company places high priorities on giving regular updates to its investors, and it updates its investors through the Insights Page on its website. You will always learn something new whenever you visit this page. The updates you will get on its insights page include inflation matters, fluctuations in interest rates, variations in currencies, shifts in various investment policies, speculations on precious metals, dynamics of money supply, Gross Domestic Product, and so on.

Library

Goldmoney has a library section on its website. The section contains rich and relevant resources that will arm you for a successful investment journey. In the library, you will see various books and whitepapers written by various authors and experts in the investment world.

You will get what you need to begin your investment journey properly and step up your investment game plan from the information in these resources.

Some of the research papers and publications available in Goldmoney’s library are;

  • The Science of Gold and Precious Metals
  • Gibson's Paradox
  • The fiat money quantity (FMQ)
  • A detailed look at Bank of England gold
  • Mises' battle against monetary socialism
  • Gold and the Internet: The Future
  • The Aboveground Gold Stock

You can read other materials based on your investment needs to become very knowledgeable in the precious metals investment industry.

Safety & Transparency

The company pays attention to the safety of its investors' funds. Goldmoney invests heavily in security to guarantee its investors that their investments are safe. The company also takes extra measures to remain transparent to its customers.

Some of the measures that the company has taken to ensure security and transparency are;

Counterparty Risk Protection

This measure covers its customers from the bank's insolvency or brokerage risk.

Full Precious Metal Ownership

The company gives its customers full rights to their precious metals. It is like having the metals physically, but this time, accessing them through your electronic device because the company keeps them safe for you in a secure vault. You can always sell it for cash anytime you want.

Insured and Secure Storage

The company allocates the precious metals in its customers' holdings to them after it registers the metals in their name. Once this happens, no one can claim it, not even Goldmoney. In addition, the company's vaults in different locations have full insurance and security.

Other Security and Transparency Measures

Other Goldmoney safety and transparency measures are;

  • Testing their metals for quality.
  • Providing high-security standards for its online platform.
  • Conducting independent audits of customers’ holdings regularly.

 

How Do Customer Review Sites Rate Goldmoney

BB Review and Customer Testimonials

A

Rating was based on 30 complaints in the last three years.

Business Consumer Alllience Review

No Reviews Were Found

No Reviews Were Found

Google review

No Reviews Were Found

No Reviews Were Found

Facebook Reviews

No Reviews Were Found

No Reviews Were Found

Trustpilot Reviews

2.2 out of a possible 5 stars

The rating was based on 1916 reviews.

Goldmoney Promotions and Offers

At the time of writing this review Goldmoney did not have any offers or promotions available.  We firmly believe that one of the best promotion for opening and funding a gold or precious metals IRA is on offer from one of our top three most highly rated companies. You can find out more about this offer by clicking on the banner below

free $10,000 in silver

Goldmoney Pros And Cons

Pros
Goldmoney offer gold and precious metal IRAs in addition to selling most forms of precious metals
They are transparent about their fees and costs, as they are readily available on their website
The company has various secure vaults in different countries
You get assigned your own relationship manager from the start of your relation with the company
They have very in-depth and good guides and information available on their website
They offer numerous payment methods and several different account types.
Cons
Goldmoney is not a BBB (Better Business Bureau) accredited business
The company’s refund policy is very complex
We have concerns that its storage costs and fees are higher than the industry average
When buying precious metals for self-storage, You cannot ship precious metals until you buy up to $1.8 million worth of gold and $1.2 million worth of silver.

Conclusion to our Gold Money Review

To wrap up this Goldmoney review, Bear Lake Gold believes that the company is not a scam company. It is a legit company that has been in business for over two decades.

However, because of its shortcomings, we cannot include the company among our top gold IRA and precious metals companies. Here are some of the critical reasons that prevented us from rating them among our first thirty companies.

  • They are not a BBB accredited business.
  • They have more negative reviews than positive ones on a few public rating sites.
  • The company charges too much for its services compared to our recommended providers.
  • It is not an investment-friendly company for those who want to grow their wealth from little savings by buying physical precious metals and shipping them to their desired location.

Therefore, in our expert opinion, Goldmoney is not a company that you should invest your money through ahead of your retirement. We strongly recommend investing through one of our top Goldmoney alternatives for your investment needs. These companies will provide you with all the services Goldmoney offers without its shortcomings, especially if you live in the United States.

In addition, our top three recommended gold IRA companies have individual benefits for people who invests in precious metals IRA through them. Here are some of the benefits unique to each of our recommended companies.

  • Free silver worth $10,000 when you invest in precious metals IRA through Goldco.
  • You will get an expert and supportive precious metal IRA advisor for your investment solutions when you invest through Augusta Precious Metals.
  • You will get up to and free storage for up to three years when you invest in American Hartford today. You can check for the company's current promotions.

 

Our Recommended Alternatives To Goldmoney 

Goldco is a leading brand in the precious metal industry. It is a gold IRA company that you can trust, and it tops the chart on our list.

The company does not just have celebrity endorsements; it is a BBB-accredited business with an A+ rating. It also has a lot of positive reviews on different public review sites.

Augusta Precious Metals is the second on our list. It is a precious metals IRA company known for its wealth of experience in the industry. It sells quality precious metals and has at least 4.8 stars on public rating sites like TrustLink, Google Reviews, and Facebook

American Hartford is a gold IRA dealer in the industry. The firm is credible and known in the industry for selling quality precious metals to its customers.

American Hartford has an A+ rating with BBB, a BBB accredited business. On other public rating sites, the company has at least 4.7 stars out of 5.

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