Goldmoney Review

Goldmoney Review

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Since opening more than two decades ago, Goldmoney built a base of clients who buy rare and precious metals. Gold IRAs are among the more popular choices for investors planning for their retirement years. While they can add stocks and bonds or other investments, they can also store precious metals in an IRA. 

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Goldmoney created a secure and safe online platform that gives investors access to those metals but also helps them sell their metals and store them.

Learn more about the company and site in this Goldmoney review that looks at what it offers, its pricing and fees, and what other customers thought about working with Goldmoney.

All About Goldmoney

Goldmoney opened its doors in 2001 with the idea of finding ways to help the general public buy precious metals. Gold is one of the more valuable types of metal and sells for around $2,000 an ounce or more than $60 a gram.

Goldmoney-logo

With a gold IRA, investors can purchase gold bars, coins, rounds, and other forms of bullion and watch as their values rise. In 2015, Goldmoney partnered with the company BitGold. Investors can now use gold as a virtual currency option for online payments.

Goldmoney Review - Review

Goldmoney Pricing and Fees

Goldmoney charges fees for every gram of gold that a client buys. Some of the fees only kick in when they own a larger amount, but there are also commission fees they pay when they sell gold.

Unlike competitors that offer a flat service fee for the storage, Goldmoney charges a rate based on the value of the account or the number of precious metals in it. Clients may not like that their annual fees keep going up as they buy more.

Prices start at 0.05%, which is the commission fee Goldmoney charges when someone buys or sells gold. This fee only applies to gold and precious metals that are readily available. The fee jumps to 1% for rarer metals that are harder to find.

When a client spends $2,000 on an ounce, they'll pay between $10 and $200 in fees on top of the value of the metal. Goldmoney charges .075% on an exchange that a client sets up or when they send their metals from one vault to another one.

Storage fees vary across vault locations. Goldmoney bases the fees on both the types of precious metals owned and the total amount of each one, too. Clients pay less when they own 50,000 ounces or more. 

Goldmoney charges dormant and inactive fees, too. These fees only apply when the client stops buying from the company or using their accounts. The account becomes inactive when no one accessed the Goldmoney account for three years.

After seven years, it becomes dormant. Goldmoney charges up to 1% of the total value of the account per month until the owner or another person logs into the system again or contacts the company.

One way to make money beyond selling gold to Goldmoney is through its referral program. This program gives clients a referral number they can share with others.

When someone signs up under them, they earn a commission on the total amount the new client spends. Goldmoney lets clients earn a commission of up to 25%.

Goldmoney Available Products and Services

While many sites help investors buy precious metals, Goldmoney operates differently from those sites.

Clients cannot simply buy gold bars and other types of bullion and send them to a storage facility or have them shipped to their homes. Goldmoney uses a holding system in which anything the client buys will go to a holding facility. 

Goldmoney Available Products and Services

The facility keeps the metals in a set account listed under the client's name. There is no option for clients to send gold to a different facility or ship gold to their homes. Goldmoney works with international vaults in eight parts of the world:

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

Goldmoney also has a minimum amount requirement. Clients must buy at least one ounce of precious metal before Goldmoney will send it to one of these vaults. Though clients can purchase a single gram, most clients buy larger amounts.

Account Types

The site asks that new clients pick the type of account that describes their investment style. Though they have the option of setting up multiple types of accounts, they need to start with one.

1. Personal Accounts

Any individual who wishes to buy and sell gold for nonbusiness purposes will need a personal account. A personal account allows them to store their precious metals in a secure facility without paying any high fees.

Goldmoney only charges monthly/annual fees on personal accounts that hold more than 1,000 grams of one or more precious metals. The account holder can choose storage in one of the vaults in other countries or pick one of the two vaults located in the United States.

The way it works is a little different, too. Goldmoney buys large amounts of gold bars that weigh one kilogram. When a client buys a gram, they receive a certificate that shows they own a portion of that bar. If the client buys 10 grams, they own 10 grams of a specific gold bar.

They can sell any of the gold or other metals they buy from Goldmoney, but they must pay a commission fee back to the company upon the completion of the sale. Goldmoney also buys precious metals from former and current clients who set up personal accounts.

2. Business Accounts

A business account helps a small or large business owner purchase gold and get a safe place to store it. Their accounts allow them to get payments and turn them into more gold, too. Goldmoney lets the business account holder send an invoice when they sell products to another person or work for them.

Instead of getting cash, Goldmoney will convert the funds into an equal amount of gold. The account holder receives paperwork that shows how much gold they earned and where Goldmoney stored it.

Business accounts also qualify for gold payouts. A business owner may have employees who work overseas and in other regions. When they send them money, they usually need to pay a transaction fee. Goldmoney gives them a more affordable way to pay others.

They can pay almost anyone with gold through Goldmoney and avoid high fees. While Goldmoney charges commission fees on all of these services, they are often less than what other payment processors charge.

3. Wealth Accounts

Both business and personal accounts limit the amount of gold the individual can keep. With a wealth account, there isn't a limit. Goldmoney designed its wealth accounts for those who want to own a kilogram of gold or more.

Wealth accounts also accept other forms of precious metals like palladium and silver. Holders can sell any of the metals in a wealth account whenever they want without paying a lot of fees.

Goldmoney vs. Other Investments

Goldmoney offers an alternative for clients who want to invest their money in the precious metals market. With an exchange-traded fund (ETF), an investor buys stocks and bonds that a manager handles.

The manager may handle dozens of accounts and thousands of stocks and bonds. When the market drops, the investor can lose everything that is in their account. With a Goldmoney account, the client does not lose money unless they sell the metal for less than they paid.

An EFT is a type of paper metal fund or account. The client only owns the investments they see on paper. There's always a chance that they may want to cash out and find that the lead company does not have enough money to cover the total amount due to them.

They will also find a risk that the company handling the account goes out of business or needs to file for bankruptcy. Goldmoney allows clients to buy a fraction or portion of gold and other metal bars, but the clients retain ownership of everything they buy.

Storage Options

Goldmoney offers clients many options when it comes to storage beyond just the vaults found in the United States and overseas. Clients can buy an entire gold bar and request to register it.

Goldmoney will place the client's name on the bar and prevent anyone else from buying a portion of it. Every vault also has extensive insurance to protect investments in case of emergencies or facility failures.

Another bonus of using the Goldmoney system is that it audits every facility once a year. They release their findings online and allow clients to see and read them online. This provides clients with another layer of protection.

Precious Metals

Goldmoney follows the standards put in place by major organizations to ensure that all of the precious metals sold weigh the correct amount and have the proper percentage of metal.

Though clients cannot see the bars, each one features several marks that show the year it came out, the name of the refiner, a serial number, and the total percentage of precious metal it contains.

All of the gold bars available from Goldmoney are 99.5% pure gold and weigh a minimum of 350 troy ounces up to 430 troy ounces. The silver bars weigh 750 to 1,100 troy ounces and are 99.9% pure silver. These standards ensure that clients can add either bar to a gold IRA.

Goldmoney also acquires palladium and platinum bars for clients. Silver, gold, palladium, and platinum bars come from refineries located in Switzerland, the United Kingdom, and other countries.

How to Redeem Bars

Any client who uses a Goldmoney vault has the right to redeem their bars and take ownership of them. They can only do this if they own a minimum of 1,000 troy ounces of silver or one kilogram of gold.

The client will need to reach out to Goldmoney to confirm ownership and schedule an appointment to visit the vault in person. Goldmoney will not ship bars from its vaults.

The custodian who oversees the vault will require some paperwork that shows the listed owner. Clients should also bring a photo ID. They will then have the chance to leave with all of their precious metals. Goldmoney charges a fee of 0.75% of the metal's total value for those who want to redeem their bars.

Home Deliver

Another option for owners is home delivery, which is only available when they buy a full bar. Goldmoney works with SchiffGold to send the bars to the client's home address or another location of their choosing.

Is Goldmoney Legitimate?

Goldmoney is legitimate, but it did pick up some negative reviews since it launched. Many of those reviews were with the Better Business Bureau, which closed 10 customer complaints in the last decade.

Several clients stated that they tried to sell gold through the online platform and never received their money.

Clients also expressed some of their frustrations on both Sitejabber and Trustpilot. A few clients claimed that it took weeks and even months for them to get the money that Goldmoney owed them and that money only came through when they complained online.

Others stated that their accounts lost money because Goldmoney marked them as dormant or inactive before three to seven years passed and that the site refused to refund any of their lost funds.

Goldmoney Review - Trustpilot

It's worth checking out the positive experiences that clients had, too. Clients made as many as five or even six figures selling their precious metals online and didn't have any issues getting the funds in their bank accounts.

Others liked how many forms they needed to file for Goldmoney to prove their identity before they could withdraw their money. Quite a few reviews pointed out the online platform for buying and selling and loved that Goldmoney allowed them to buy smaller portions of gold bars.

Our Rating

Pros & Cons of Goldmoney

Pros:

  • Works with vaults in multiple countries
  • Offers full platinum, palladium, silver, and gold bars as well as portions of those bars
  • Provides research into the gold market
  • Allows clients to redeem their bars or opt for home delivery
  • Takes the risk out of precious metal investing

Cons:

  • Charges a lot of various fees
  • The website is basic and doesn't have a lot of info
  • Requires clients to have an account to access prices

Final Thoughts

Goldmoney is not for beginner investors. The website does not have a lot of information readily available and requires that clients set up accounts before they get full access.

It does offer a lot of free resources and articles on the precious metals market and news about the market. While some clients had issues getting the money that Goldmoney owed them, others had no problems working with this company.

Remember to read out list of the Top Gold Companies to see if Goldmoney Review made the cut.

>> Click HERE to read our Best Precious Metals Investment Companies list <<

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