Goldmoney Review: A Scam Exposed? Or World’s Trusted? (2023)

Welcome to my Goldmoney Review!

This company claims to be the World’s Most Trusted Name in Precious Metals!

So, can they live up to their name? Can you really trust them with your precious metals investments?

Let's get to know this company and determine if their existing clients can trust this company!

So, without further ado, let's start this Goldmoney Review!

What is Goldmoney?

Goldmoney Inc. is a financial technology company that operates a gold-based savings and payments network. The Company offers gold savings accounts, gold transfers, gold-backed debit cards, and merchant services. Plus, they can also be publicly traded on the Toronto Stock Exchange (TSX:XAU).

In addition, Goldmoney through its subsidiaries also offers precious metals custody and wealth services, trading and execution, and research to individual investors and institutions.

This provides the easiest way to purchase physical gold, silver, platinum, and palladium bullion online. Furthermore, they safeguard nearly $3 billion of assets for clients in 125 countries.

What's a Goldmoney Holding?

Goldmoney Holding is a way for them to provide their clients with a secure, transparent, and cost-effective platform to buy, sell, and vault precious metals.

Furthermore, all of the precious metals owned by their Clients and managed through Goldmoney Holding are fully allocated, insured, and stored at one of their vaults.

In addition to offering multiple insured vaulting locations with the world's leading providers, they perform regular audits of their Client's metal holdings. Plus, they publish these audits within the Goldmoney Holding.

Features of Goldmoney Holding

Here's what Goldmoney Holding can give you:

• First, you can buy, sell, and hold physical gold, silver, platinum, and palladium bullion online.
• More so, you can take physical possession of bullion bars and coins at vaults.
• Also, you can bespoke pension products in the UK and U.S. that offer long-term protection of your future wealth.
• Other than that, you can fully reserve accounts with (one-to-one) metal allocation. Your metal, your money.
• Next, there's comprehensive reporting with low-cost dealing and storage fees.
• Also, trusted customer service is provided – your personal Relationship Manager is available via phone, email, and secure messaging directly from your Holding Dashboard.
• More so, there's insured custody and storage at multiple vaults around the world.
• Furthermore, you can hold in reserve or exchange up to nine currencies (USD, GBP, EUR, CAD, CHF, JPY NZD, HKD, AUD).
• Lastly, holdings can be owned by individuals, joint owners, corporations, and trusts.

Opening a Goldmoney Holding

A Holding can be created in three easy steps which are:

Goldmoney Review: Products and Services

Goldmoney Precious Metals Products

Gold and other precious metals have always been synonymous with wealth and economic security. Plus, it has been valuable throughout known history and retains its purchasing power for life’s necessities over long periods. So, no other form of money or currency has outlasted precious metals as a store of value over time. Furthermore, the precious metals that they sell to you is held on these standards.

Furthermore. their precious metals products are sourced from respected refineries in the world. 

Below, I have listed these refineries:

• Valcambi (Switzerland)
• Metalor Technologies SA (Switzerland)
• Argor-Heraeus SA (Switzerland)
• Johnson Matthey Limited (United Kingdom)

Gold Bullion

Buying gold is an important way to preserve your purchasing power. Furthermore, it is a widely accepted principle that any serious investor should hold at least 10% of their portfolio in precious metals.

So, when you buy gold with Goldmoney, they promise to give you economical, transparent pricing and the highest standards of security as part of the Goldmoney Standard.

In addition, buying gold through your Goldmoney Holding attracts a lower premium than buying gold coins. Furthermore, they offer allocated metal with 100% customer ownership.

Silver Bullion

Like gold, silver is also a smart way to preserve and increase your purchasing power. However, silver tends to be more volatile than investing in gold. Furthermore, when you buy silver with Goldmoney you pay a lower premium than when you buy silver coins.

Platinum Bullion

At 5 parts per billion in the Earth’s crust, platinum is one of the rarest of precious metals. However, unlike gold and silver, platinum has no monetary history.

In contrast, its usefulness stems from its industrial application and its use in jewelry and investment.

The company offers 100% allocated ownership of the platinum you buy. Furthermore, all metal is fully insured and regularly audited by independent third parties. 

Palladium Bullion

Discovered in 1803 by William Hyde Wollaston, palladium is not as well known as the other precious metals: gold, silver, and platinum. Palladium together with platinum and metals like iridium and osmium are known as platinum group metals (PGM).

Unlike gold and silver, palladium does not have a history of monetary use. However due to its rarity and industrial usefulness, demand for palladium is high. Furthermore, during periods of robust economic growth, demand for palladium strongly increases.

IRA Services by Goldmoney

You can open an IRA account if you are a US citizen and their partners with securing your account is Entrust and Standard Life.

However, there aren't a lot of information on their website regarding this service. So, if you want to know more, then it is better that you contact them.

Goldmoney seems to offer great products and services. However, do not pull that trigger yet and continue reading this Goldmoney review and see for yourself if you should invest your money with them.

Goldmoney Fees

Goldmoney states in their websites the different fees that their customers will shoulder for specific transactions. Below, you can find these fees.

Buy and Sell Fees

Goldmoney charges a 0.5% on every buy and sell transactions.

Metal to Metal and Vault to Vault Exchange Fees

If you want to convert a metal position to other metal or exchange a metal position from one of their vault to other vault, then you would need to pay a 0.75% fee. Furthermore, this allows you to avoid paying twice for doing two transactions.

Account Withdrawal Fees

If you want to withdraw money from your account, then you will incur the following withdrawal fees. 

Below, you can find these withdrawal fees on different currencies:

Monthly Storage Fees

Goldmoney offers low-cost options for precious metals storage. Furthermore, this can be up to 90% less than ETF's and other precious metals products.

Goldmoney can insure up to $100,000 of gold bullion stored with them for as little as $10. Furthermore, compared to a Bank Deposit Insurance, there are no limits on the coverage for your precious metals bullions is your holdings.

However, there is a minimum of $10 monthly storage fee for any holdings irrespective of its current balance. This only applies for accounts that might have precious metals in their holdings that would result into a storage fee of less than $10.

Plus, this is done so that Goldmoney is abiding by the best practices in Audit, Governance, Know-Your-Customer (KYC), and Anti-money laundering (AML) regulations. 

You precious metals is stored in one of their 6 vault locations worldwide.

• London
• Hongkong
• Singapore
• Ottawa
• Toronto
• Zurich

Below, you can find the storage fees for different precious metals.

Bar Registration Fee

If you want to register a specific bar in your name, you can do so for a metal fee. 

Below, you can find the bar registration fees for different bar size, type, and metal. 

Goldmoney Review and Ratings

Below, you can find customer reviews and ratings of Goldmoney:

• Sitejabber - 1.6 out of 5 based on 78 reviews
• Trustpilot - 2.2 out of 5 based on 1,916 reviews
• BBB - 1.5 out of 5 based on 2 customer reviews

Looking at these ratings, I can safely say that this does not look good for Goldmoney. So, the usual customer complain that they receive is  about the customer service quality.

To summarize, their customer service can be a quite a hassle to get a hold of. Furthermore, other people also complains about the prices of gold and silver to be quite spread.

In addition, there are also reports of customers getting charged with fees without Goldmoney notifying them.

So with ratings and reviews like this, I would suggest you to bring your business somewhere else, somewhere better where you can get the best service!

Somewhere Like Augusta Precious Metals.

What I LIKE About Goldmoney

Available in many countries

Goldmoney accepts holdings from the following countries:

Quality Precious Metals

They have established a chain of integrity to ensure that all metals they hold on behalf of their clients are of the highest quality and verified bars contain the proper metal weight.

This means that a bar from outside the chain can only enter the chain once they have proven that the quality of the bar is in line with their high standards. To achieve this, we use ultrasound technology, or we meltdown and refabricate the bar.

All bars that are available for registration and/or delivery have a purity range of 99.95 - 99.99.

Secured Precious Metals

In the unlikely event that Goldmoney were to go bankrupt, you would be able to take full delivery of your metals if you held enough metal to be delivered in any of the bar sizes they support, or you would receive monetary reimbursement.

What I Don't Like About Goldmoney

Minimum Orders Required

Their Holdings have no minimum or maximum order amount for precious metals, so you can purchase, sell, or exchange as much or as little metal as you want. However, they do have limits for how much metal can be purchased or sold at the Goldmoney Buy or Sell prices.

Goldmoney requires the following minimum order amounts:

• For Gold orders, the minimum is 2 ounces
• For Silver orders, the minimum is 100 ounces

Limited Company Information

There's not much data or information on their website about the company and its profile.

So, you won't know much about the company. Well, I would not invest in a company that discloses very little information about who they are.

Mostly Negative Reviews

The company is filled with negative ratings from different review websites.

So, I'm not recommending this to you.

Is Goldmoney a SCAM?

So, to end this Goldmoney review I can say that Goldmoney is NOT A SCAM.

However, I am not recommending it since the company is filled with a lot of bad ratings and reviews.

Furthermore, these Goldmoney reviews are really bad and almost paints Goldmoney as being a scam. 

You can check out our top recommended Precious Metals Company if you are looking for a better Goldmoney alternative!

Thank you so much for reading my Goldmoney review, if you have any question please feel free to drop a comment below.