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The internet has made it easier than ever to buy gold, silver, and other precious metals.
Whether you intend on buying precious metals to add to your collection or as part of a gold IRA, you must buy from a reputable source.
Goldmoney and BullionVault are both considered to be quality retailers that you are encouraged to learn more about before making your next gold, silver, or palladium purchase.
Before we get started, investing your savings is a serious task. When it comes to adding precious metals to your portfolio, how do you know which companies to trust?
That is why we have researched every company in the industry and selected the very few with the highest customer service standards.
This way you can easily compare the best companies in the business, and choose one that fits your needs and investment goals.
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Goldmoney is an online retailer and holder of precious metals that was created in 2001. Although you buy gold, silver, or other products online, you are purchasing a tangible product as opposed to shares in a gold company or a precious metals ETF.
After a purchase is made, the product is transferred to a secure holding facility until it is sold or transferred to another vault. The company's website claims that it currently holds more than $2.5 billion in assets across 100 countries.
BullionVault was formed in 2003 but wasn't officially open for business until 2005. The company is a joint venture between GBIT and Augmentum Fintech. Although the company does business in the United States, it was created in London and is based there to this day.
The company has multiple storage vaults throughout the world, which the company says are designed to help lower storage and handling costs.
What Customers Say About Goldmoney
According to SiteJabber, Goldmoney has an average rating of 1.57 stars from 82 reviewers. This means that the company is not liked by customers who typically complain about poor customer service, high fees, and issues related to storing and transferring their holdings.
However, some reviews were generally positive about the company, and the best way to learn more about the business is to contact a customer service representative by phone or email.
What Customers Say About BullionVault
According to Trustpilot, there have been more than 2,200 reviews of BullionVault with the vast majority of the reviews containing positive feedback.
Overall, the company had a 4.6 rating, which equates to a customer satisfaction rating of over 90%. Reviewers praised the firm's commitment to customer service and making the process of buying, liquidating, and transferring holdings as easy as possible.
What Does Goldmoney Sell?
Goldmoney primarily buys and sells gold and silver bars as well as platinum and palladium. According to the company's website, every gold bar that it purchases on a client's behalf weighs at least 350 troy ounces and is at least 99.5% pure.
The silver bars the company purchases on a customer's behalf are at least 730 troy ounces and are 99.9% pure. Although specific information wasn't made available regarding platinum or palladium products, it's likely that they also meet size and purity standards to maximize their resale value.
Furthermore, the products sold by GoldMoney are eligible for inclusion in the precious metals IRA that the company provides. According to the company's website, the IRA is offered through Standard Life and Entrust in the United States.
What Does BullionVault Sell?
As the name suggests, BullionVault primarily sells gold, silver, and platinum bullion. This means that the products purchased from this site will have a purity of 99.5% for bars and at least 90% for coins. Making a purchase is as easy as creating an account, making a deposit, and verifying your bank and personal information.
Instead of buying precious metals directly from the company itself, you will buy them from investors on the site who are looking to sell them. According to the firm, this makes it easier, faster, and more affordable to complete a transaction.
The order board is updated in real-time, which means that you'll get the most accurate and timely prices. As with any other markets, bid/ask spreads may widen or tighten depending on several factors such as time of day, order size, or where you're looking to purchase from.
Goldmoney Storage and Other Fees
As with most other gold buying and selling platforms, Goldmoney charges a fee of .5% each time that you buy or sell your precious metals. For instance, if you sold a gold bar for $100, the platform would charge 50 cents as a transaction fee. There is a .75% fee to move precious metals from one storage facility to another.
While there is no charge to create or fund your account, fees may apply when it comes time to send money from your Goldmoney account back to your bank. For accounts that use American dollars, the wire transfer fee is $25. Fees are higher for accounts that use Canadian, Australian, or New Zealand dollars.
A metal storage and insurance fee of at least $10 a month applies to all accounts worth up to $100,000. Total storage and insurance fees for accounts worth more than that are as high as .018% for gold, .041% for silver, and .082 for palladium. There is no limit to the amount of product that can be insured or stored at this company's facilities.
BullionVault Storage and Other Fees
A commission of up to .5% is charged on all transactions conducted through the site's buying and selling platform. The fee may be reduced for bulk transactions of more than $75,000. A minimum fee of .05% will be charged regardless of the size of any purchase or sale made with BullionVault's help.
A storage and custody fee of up to .12% of an outstanding gold balance will be charged monthly. The minimum payment is $8 per month for accounts that use American dollars. Storage and custody fees of up to .048% apply for silver, platinum, and palladium holdings with a minimum charge of $8 per month.
BullionVault offers text message services that alert you to any changes made to your account. A fee of 20 cents is applied to each message sent, and you have the right to modify your preferences or opt out of this service altogether.
You'll be charged an ACH fee of $10 to send money from your BullionVault account to your bank account. A fee of up to $500 may be assessed if your account is dormant or deactivated. Fees may also be charged to have bullion sent to your address or to have bullion transferred from one facility to another in an armored vehicle.
Pros and Cons of Using Goldmoney
Perhaps the best reason to use Goldmoney is that they offer a secure and reliable precious metals buying and storage solution. In addition to robust insurance on your holdings, you are also given access to one of the most secure online portals in the precious metals industry.
According to the company's website, it uses the same protocols as the military to keep accounts and personal information safe from hackers or other bad actors.
As some have mentioned in their reviews, one of the primary downfalls to using GoldMoney is a perceived lack of customer service.
This may be especially troubling if you are new to investing in gold or aren't adept at using computers or other types of relatively modern technology. In addition, some users have reported difficulties attempting to liquidate or move their holdings promptly.
Pros and Cons of Using BullionVault
The fact that you can buy and sell precious metals directly from other gold and silver holders may be appealing to traders and investors alike. Having the ability to do so allows you to get a better price on whatever you'd like to buy because you don't have to pay high commissions.
Furthermore, since prices are offered in real-time, you can compare what sellers are asking for with the spot price of whatever you're looking to purchase. Having this information may make it easier to buy with confidence as you'll know if you got a fair price or not.
One of the key drawbacks to using this company is that you'll likely be charged a fee for even minor changes to your account. For example, the company charges $50 just to change your bank account, and you may also face financial penalties for failing to provide verification documentation on time.
Furthermore, you may be charged a fee for making deposits of less than $100 or for changing your account password. Therefore, you may want to stay away from this company if you're forgetful or don't have a lot of money to invest at one time.
Investing in gold, silver, and other precious metals may enable you to obtain a hedge against inflation. It may also help to protect the value of your portfolio during periods of political or economic uncertainty.
Although gold is a physical product, it is generally liquid enough to buy or sell in a timely, convenient, and affordable manner. Using companies such as Goldmoney or BullionVault may add another layer of ease and affordability to this process whether you're trading in the United States or other parts of the world.
Remember to read our list of the Top Gold Companies.
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