Have you been looking for the best way to diversify your investment portfolio? Do you feel nervous having all of your money in the stock market and want to make sure you're protected against volatile stock prices? If so, you may be considering investing in precious metals.
Goldmoney is one option that you may have come across during your search for the right company to give your business to. Today, we're going to take a close look at what Goldmoney is, what they have to offer, and what other users have said about their experiences working with the company. Take some time to read through our reviews to gain the information you need to decide whether Goldmoney is the company you'd like to work with.
What is Goldmoney?
Goldmoney is a precious metals investment company. However, it is a little different from what you typically think of when you hear the term precious metals investment company.
If you're at all familiar with other precious metals dealers, then you know how most companies work. You purchase gold, silver, platinum, or palladium coins or bars. You can either have your precious metals shipped to you, store them in a secure vault, or (if you're adding them to a Precious Metals IRA) have them stored in an IRS-approved depository.
Goldmoney works a bit differently. Rather than purchasing coins or bars, Goldmoney has a holding system. Investors purchase larger pieces of gold, silver, platinum, or palladium at a lower overall cost. The precious metals are stored in one of Goldmoney's secure vaults. We'll go into a bit more detail about exactly what a Goldmoney Holding is a little later.
Goldmoney has been in business for over two decades. It was started in 2001. In 2015, Goldmoney joined Joshua Crumb and Roy Sebag's company, BitGold. BitGold aims to help individuals choose the best precious metals to match their investment goals. Upon the merger, BitGold and Goldmoney were combined to create Goldmoney Inc.
Currently, Roy Sebag is the CEO of Goldmoney. Sebag has a long history in the precious metals and financial industry. In addition to founding BitGold in 2014, he has also work in investment management and written various papers, such as "Global Gold Mine & Deposit Ranking" and "The Natural Order of Money."
As we mentioned above, Goldmoney works a bit differently than most other precious metals investment companies. Rather than just purchasing coins or bars, you sign up for a Goldmoney Holding. You can add gold, silver, platinum, and palladium bullion to your holding.
Your holdings are fully allocated, protected by full insurance, and held in a vault with top-notch security. Goldmoney has numerous vault locations around the world, so you'll have some choices about where you'd like your assets to be held.
Like other account types, holdings can be owned by an individual. They may also be held by joint owners, trusts, or corporations. One of the main benefits of owning precious metals in the way Goldmoney offers them is the lower cost and lower storage. Compared to bars and coins, the precious metals holdings offered by Goldmoney are a better deal and the wholesale storage fees can save you money.
If you ever have questions or need assistance with your account, you can reach out to your personal Relationship Manager. Relationship Managers can be contacted over email, by phone, or by sending a secure message through your online dashboard.
If you ever decide you want to take possession of the gold, silver, platinum, or palladium bullion in your account, Goldmoney works with SchiffGold. SchiffGold can ship your selections directly to your door.
Opening a Goldmoney Holding
Opening a holding with Goldmoney is easier than you may think and shouldn't take up much of your time. All the steps can be completed through the website as well.
First, you'll need to complete the holding application. Here, you'll enter your personal information, whether you're applying for an individual, corporate, or trust holding, and set up a password for your account.
Then, you'll enter the information necessary to fund your account. And, finally, you can buy or sell precious metals through your holding.
Safety and Transparency
When you invest your money in a Goldmoney holding, the company assures you that you can feel confident in the safety and security of your investment. You always retain full ownership of your precious metals. Goldmoney simply stores them on your behalf, but always under your name.
Additionally, all of Goldmoney's vaults are highly-secure facilities operated by professional, trusted names in the industry. Some of these companies include Brink's Loomis International, Malca-Amit, the Royal Canadian Mint, Rhenus Logistics, and G4S.
All holdings are also fully insured against theft or damage. So, on the off-chance that something does happen to your investments, you will be covered.
To give their customers added peace of mind, Goldmoney also conducts independent, third-party audits of the holdings in their vaults. They offer the results of their audits to their customers, so you can always check on the status of your holdings.
To add yet another layer of confidence, Goldmoney only offers top-quality precious metals that meet very high standards. All of their gold and silver metals meet the London Bullion Market Association's London Good Delivery Standard and all platinum and palladium bars meet the standard set by the London Platinum and Palladium Market.
To show their authenticity and quality, each of the bars offered by Goldmoney includes stamps showing a serial number, the year of production, the fineness, and the refiner's name.
In addition to the top-notch security for the vaults where your precious metals are held, Goldmoney has also taken a number of steps to keep their online platform secure. They utilize RSA 4096 and AES 256 (military-grade) encryption. Additionally, the company will have you link up your mobile phone with your account to add another layer of verification before making any online transactions.
Costs and Fees
Goldmoney aims to be very upfront and transparent about the costs and fees you should expect to pay. You can find all of this information on the website. As an overview, here are some of the fees you can expect to pay:
Goldmoney Referral Program
Excited to try Goldmoney and think your friends or family may also share your enthusiasm? Then, the Goldmoney Referral Program may be for you. Once you have your Goldmoney account set up, you can generate referral codes to share with friends and family.
Simply pass on these referral codes to the people who are interested, post them on social media, or embed them as links on a website. When any of your referrals sign up and purchase precious metals, you will earn 25% of the net margin of their purchase. You also earn the same commission when they sell their precious metals.
Once you start getting referrals who are signing up, you can track your earnings with the Referral Report. The commissions for referrals are paid on the first business day of the month.
Information and Resources
If you would like to learn more about the benefits of investing in precious metals to help you decide whether working with Goldmoney is the right fit for you, check out the information found under the "Research" tab on the website. This section includes market updates, live precious metals prices, and numerous informative videos and articles.
Are There Any Red Flags for Goldmoney?
Before giving your business to Goldmoney, or any other precious metals investment company, looking for any red flags is a smart idea. In our experience, it can be helpful to see what past customers have to say about their experiences working with the company. This can give you an idea about whether you should expect to be treated how you're expecting, and whether the company will live up to your overall expectations.
The Better Business Bureau, Business Consumer Alliance, TrustLink, Trustpilot, and Google are five of the review sites we rely on when making such important decisions. These sites are all well-respected and offer honest reviews from real customers.
Once we pulled up the reviews for Goldmoney on these sites, we became a bit concerned. Three of the sites (the Business Consumer Alliance, TrustLink, and Google) didn't have any reviews listed for the company. And, possibly even worse, the reviews available on the BBB's website and Trustpilot were not positive.
Goldmoney only has a 1.2 out of 5-star average on the BBB's website and a 2.4 out of 5 stars on Trustpilot. Neither of these are high ratings. In fact, they're pretty far below average. Sometimes you can chalk up negative reviews for a company to a few disgruntled customers. However, there are more than just a few reviews on Trustpilot (nearly 2,000).
Is Goldmoney a Scam?
Now, you'd probably like to know whether Goldmoney is a scam. Goldmoney was founded in 2001. We don't believe it would have stayed in business so long if it weren't a legitimate company. However, while we don't think that Goldmoney is a scam, we also would suggest really thinking hard before giving them your business. There are a few main reasons that we would suggest looking elsewhere.
First, as we shared above, customer reviews for Goldmoney are not very positive. They only have a 2.4 out of 5 average rating on Trustpilot and a 1.2 out of 5 average rating on the BBB's website. These are both very low and should make you wonder if you'll actually be happy with the service you receive from the company.
It appears that many of the negative reviews have been placed more recently. In 2015, Goldmoney joined with BitGold, which was founded by Joshua Crumb and Roy Sebag. It appears that the new ownership of the company may be the reason for the more negative reviews.
We're also not sure that we like Goldmoney's approach to investing in precious metals. Rather than purchasing coins and bars, the method they primarily recommend is purchasing precious metals holdings. Rather than buying bars or coins, you're investing in larger pieces of gold that will be stored at an external vault location. This may be appealing to you, but if you are interested in holding the physical precious metals you invested in (either now or at some point in the future), you may not like their approach as much.
The fees charged by Goldmoney for storage are based on the total amount of your holdings. For individuals with a large precious metals holding, this means that you could be paying very high storage fees. Some individuals may find that they do best when charged a flat storage fee. This is something to consider and may be worth doing a little bit of math to compare what you'll pay with Goldmoney compared to what other companies charge.
Pros & Cons of Goldmoney
So, is Goldmoney right for you? If you're really intrigued by their precious metals holdings and how they differ from investing in coins and bars, then maybe. But, otherwise, we'd recommend choosing one of our top-recommended precious metals investment companies instead. These companies have much higher reviews from past customers and will offer you exceptional customer service as you invest in precious metals to prepare and save for the future.