BullionStar is one of the most popular precious metals dealers in the world. They are based out of Singapore, which is famous for being a tax haven. But are their services actually worth investing in? What do they offer, and are they legitimate?
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BullionStar is a major bullion dealer located in Singapore. Over the years, they have expanded to offer multiple other services and storage options. They even have international options in New Zealand.
They are one of the most diverse precious metals dealers globally, with an inventory comprised of over 1,000 items. You can browse ten different categories on the site to narrow down exactly what you're looking for. On the mobile app, you can search and filter by specific product.
On top of selling some of the most popular investment bullion available, BullionStar has launched multiple bars and rounds in partnership with other organizations. These are exclusive collectible items that cannot be found anywhere else.
The company makes an effort to keep prices as low as possible. They actually created their branded gold and silver bars to this end. When you sell these items back to the company, there isn't a spread between the buying and selling price. BullionStar wants to give investors an option that's easy to liquidate, and they aren't focused on turning a massive profit with it.
Since Singapore doesn't have any bullion taxes of any kind, it is one of the most highly favored countries by international investors. You can also use the company's platform to purchase bullion in New Zealand and other jurisdictions. This increases your chances of getting the best global price.
BullionStar's platform allows people to keep track of their holdings and store fiat currency. They accept about a dozen fiat currencies, plus they will take four different cryptocurrencies as payment. You have total control over your holdings. If you want to withdraw them, you can have them shipped to you whenever you want.
History of the Company
BullionStar created its online store in 2009. Then when investment precious metals became exempt from goods and services taxes in 2012, they established themselves as a global bullion dealer.
The company's founders have been involved in the precious metals industry for years. Prior to creating BullionStar, co-founder Torgny Persson created a Swedish bullion dealer called Liberty Silver AB. This company has been in operation since 2008, and Torgny continues to be the Chairman of the Board there.
Liberty Silver AB has grown so much since its inception that it is now the biggest Swedish bullion dealer. That means that Torgny Persson has managed to create wildly successful precious metals companies in two of the most tax advantaged nations on the planet.
The company has a timeline of significant moments in the business from 2009 through 2012. At first, the BullionStar site was just an informational hub. That changed when Singapore removed taxes on investment precious metals. After three years as an information site, BullionStar began selling precious metals.
It wasn't until the beginning of 2013 that BullionStar finished filing all the paperwork to be totally operational. In August of 2013, they launched their Gold Buyers Singapore program. This trademarked program is a way for customers to sell their scrap gold and jewelry to the company.
In May of 2014, BullionStar started accepting Bitcoin payments, much earlier than most of the world had hopped on the cryptocurrency trend. Shortly after that, in July of the same year, the company was able to open its in-person retail store. This became a major tourist attraction.
Throughout 2014 and 2015, BullionStar continued to grow and evolve. They added more educational resources and blogs to their website. They created customizable financial charts that would let investors chart the potential growth of different assets. In addition, they released gold and silver bars branded with the company name.
In December of 2015, BullionStar created its most ambitious resource list yet. This was Gold University, an educational portal that would teach learners about any precious metals topic you can think of.
In May of 2017, BullionStar officially launched a mobile app. On top of having all the functionality of the original website, the app had features like filtering, search tools, and price change alerts.
In April of 2018, BullionStar broadened the cryptocurrencies accepted. They would take Litecoin, Bitcoin Cash, and Ethereum as well as Bitcoin. Customers could also accept payments in cryptocurrency if they were selling their scrap jewelry.
In May of 2019, the company's retail store went through an enormous expansion and renovation process. In addition to pulling in new customers, this center had more tourist features. People could come to look at the 400 ounce gold bar and view information about precious metals on a dedicated video wall.
In August of 2019, BullionStar announced that they would start selling bullion from New Zealand. Their assets in the country were stored in a secure vault related to the central bank. They had also partnered with a new storage facility in New Zealand, so global customers had more options for offshore storage.
In December of 2020, BullionStar launched its own facility with safety deposit boxes. Not only can customers store their bullion there, but they can also store any other valuable items or electronic data.
Safe Deposit Box Program
BullionStar has launched its own program with secure safe deposit boxes. Rather than working with a partner storage company, this program is wholly owned and operated by BullionStar. The boxes are located at the company's massive Singapore retail location.
Three different sizes of box are available. Some of the items that you can store in them include:
There are very few restrictions on the types of items that you can store. Whether you're looking at valuable digital currency, documents, or precious tangible assets, the safety deposit box will protect your holdings.
Investors can access their safety deposit box at any time while the retail store is open. For added privacy, you'll use a private viewing room to open and view the contents of your box. You can also add contents in private, away from prying eyes.
Different Box Options
Each of the different box sizes has a different weight limit. The smallest can hold 10 kilograms. Then there are limits of 25 kilograms and 100 kilograms. Since many valuable assets aren't very heavy, many people will benefit from the small boxes. But those with a lot of bullion will appreciate the larger options.
You also get discounts on the pricing if you purchase the box for multiple years at a time. A small box has an annual price of about 400 SGD. But if you buy a decade in bulk, the price goes down to just 288 SGD per year.
The price for a year of the medium sized box is about 600 SGD. But with a purchase of ten years, that lowers to $488 annually. You also have the option to buy any of the boxes in 2 or 5 year increments for slightly smaller discounts.
The extra large box is nearly four times the size of the medium one. It also has four times the weight limit. Because of this, it has a more significant price tag. A single year of this box costs 1,279 SGD. If you buy a decade at once, the cost is 1,088 SGD annually.
Security and Insurance
You might be concerned about your privacy if you have to access your safety deposit box through the retail store. But the private viewing rooms aren't the only commitment made to privacy. You can also access your box with the self-service system without needing to even speak to an employee.
The self-service system involves using a PIN, box number, and physical access card to get into the vault. It is secure enough to prevent people from breaking in, but easy enough to allow simple access. Once you get into the vault itself, you'll use your physical key to unlock the safety deposit box.
Each of the vaults comes with a complimentary insurance policy. This covers the contents up to 150,000 SGD.
Vaults Versus Safety Deposit Boxes
BullionStar has also partnered with multiple secure vaults to help clients store their precious metals. So you'll need to decide whether a vault or a deposit box is the better choice for you.
When you use vault storage, you can access your holdings online whenever you want. The online platform also lets you buy and sell new bullion 24/7. It's easy to access reports about the value and growth of your holdings over time.
With vault storage, the cost is calculated based on how much your precious metals weigh. That means that people with a greater amount of metals might end up paying higher prices. Meanwhile, safety deposit boxes have a flat fee based on the size you choose. It doesn't matter what you store or how much you store.
Vault storage comes with an unlimited insurance policy. If anything happens to your metals, you can be reimbursed for the entire lost value, no matter how much it is. The safety deposit boxes have a limit to their insurance policies. Each vault is also regularly audited by a third party to make sure that the physical holdings match up to your account data.
The safety deposit boxes have a higher level of privacy because no one except you knows what's inside. You don't need an employee to help you add contents to the box, and you won't have third party auditors looking at your account.
You'll probably benefit most from a bullion vault if:
On the other hand, you'll probably benefit most from a safety deposit box if:
Is BullionStar a Scam?
BullionStar is not a scam. It is among the biggest precious metals dealers in Singapore. You can visit its retail location in person, and it is partnered with some of the most reputable storage and insurance companies in the industry.
The company also has a great reputation. Thousands of clients from all over the world have praised the customer service, products, and ease of use. The New Zealand bullion dealership has received similar praise.
Pros & Cons of BullionStar
BullionStar is an extremely impressive company. In just a decade, it has grown to offer its own safety deposit boxes, tourist displays, purchase programs, branded gold and silver bars, and other items.
Just keep in mind that they don't offer precious metals IRAs to American clients, so they're not the best choice if you want to buy with your retirement money. In addition, international shipping can be more costly and time consuming for American clients than simply buying from a US company.
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