Goldmoney.com Review


by Grant HEnson

*The owners of this website may be paid to recommend some precious metals companies. The content on this website, including any positive reviews of these companies and other reviews, may not be neutral or independent.

In the 1980s and 1990s, saving money in bank accounts and accumulating wealth over time was more practical. But it's not the same today. In fact, most banks now pay less interest on savings accounts than the inflation rate. 

So, it's no surprise that many individuals are using gold to preserve the value of their investment funds. Gold has no counterparty risk. Hence, even when a bank faces bankruptcy and loses all the depositors' money, gold investors can rest assured that their fund's value is preserved for years. 

But how do you safely invest in precious metals like gold? Who is the ideal investment partner to consider? One popular investment company that repeatedly comes up is Goldmoney. But is it really reliable? It’s time we find that out! 

Drawing from my personal experience of investing in precious metals over the years as well as my experience with Goldmoney, I will discuss all the features and aspects I’ve explored about Goldmoney. 

Without further delay, let’s begin!

Goldmoney.com: A Brief Overview

Goldmoney was founded in 2001 and is a TSX-listed firm that aims to ensure that all of its customer’s assets are independently audited and externally tested. 

How do they do this? As a listed public corporation, Goldmoney uses a mix of independent third-party audits by KPMG LLP — a Big Four accounting firm — and its proprietary daily settlement technology for managing all investors' cash and metal holdings. This enables the company to secure all of its customers' assets.

Aside from that, Goldmoney is also quite transparent about the quality of the metals it sells. The company exclusively handles high-quality precious metals, complying with the London Good Delivery standard for gold and silver bars set by the London Bullion Market Association. This standard also extends to platinum and palladium bars, which align with the guidelines established by the London Platinum and Palladium Market.

What was quite interesting to me was that each of the precious metal bars they sell is stamped with the following: 

  • Year of Production
  • Fineness
  • Refiner's assay stamp
  • Serial Number

This process was not only unique but also added to the credibility of the company. Another interesting factor was that their precious metals collection is acquired only from the world's most trusted refineries. These include:

  • Johnson Matthey Limited
  • Valcambi
  • Metalor Technologies SA
  • Argor-Heraeus SA
  • Valcambi
  • Metalor Technologies SA
  • Argor-Heraeus SA

All of these aspects contribute to Goldmoney's trustworthiness. However, it is worth noting that there are certain drawbacks to investing in the organization. I'll go over these cons in detail further in the article.

The Best Gold IRA Companies in 2024

Before I get started with this review, I want to inform you that I have reviewed dozens of precious metal IRA companies over two decades, and I have curated a list of the top 6 gold IRA companies in 2024. I highly recommend reading this article before proceeding with an IRA transfer.

The #1 Best Gold IRA is Augusta Precious Metals, with its A+ rating from Better Business Bureau, hundreds of 5-star reviews, and lifetime account support. Read my review on Augusta Precious Metals, or visit the official Augusta website to learn more. 

What Makes Goldmoney.com Standout?

As per my investment experience, below are some standout factors about Goldmoney:

Precious Metals Trading

While most other precious metals investment companies allow you to invest in physical assets and seek their physical possession, Goldmoney takes a different approach. They let you purchase precious metals coins and bars as online units through its holding company. 

Of course, you will still invest in physical assets and can seek their possession whenever needed. However, keeping your assets as online units allows you to access their value through your Goldmoney account. This way, you can keep track of the price ups and downs from your account and trade the assets without physically transporting the gold. 

Here, it is worth noting that this value is backed by physical assets stored at one of Goldmoney's 13 vault facilities. So whenever you're ready, you can get your assets delivered to your address from one of their facilities. That said, Goldmoney allows you to invest in the following: 

  • Gold coins and bars
  • Silver coins and bars
  • Platinum coins and bars
  • Palladium coins and bars

Usage Ease

One of the best things about investing with Goldmoney was the quick and hassle-free signup process. Unlike most other trading platforms or investment companies with prolonged signup processes, Goldmoney has a simplified trading platform. 

Everything was quite easy, from setting up my account to financing it and acquiring gold. However, if you face trouble at any step, the platform has instructional videos you can easily refer to.

Asset Storage

As mentioned, the precious metals owned by all Goldmoney customers are stored in safe, fully insured vaults. Based on your preference and residential location, you can choose to get your metals stored at one of the 13 vaults located across the following six countries:

  • Canada
  • Switzerland
  • Hong Kong
  • Singapore
  • The United States
  • The United Kingdom

Adding more to the security of the assets, all these vaults are managed by trusted private vault operators, including:

  • Loomis International (Nasdaq OMX: LOOM)
  • Rhenus Logistics
  • The Royal Canadian Mint
  • Brink's (NYSE: BCO)

Goldmoney also ensures that their vault providers' insurance coverage is equal to the value of assets the company holds on your behalf. Hence, in case of any misfortune, like asset loss or damage while in the company’s custody, you can get your asset’s value refunded.

Online Security Measures: 

Goldmoney's platform security measures are another noteworthy factor. The company secures your Goldmoney account and personal information using military-grade encryption (AES 256 and RSA 4096).

Furthermore, the company lets you connect your mobile phone to your precious metals holdings. This feature allows you to confirm gold bar delivery requests, transfers, and even finance withdrawals from your holding before completing the online transaction. All this is possible using your mobile phone.

What's more? As an added security layer, you can lock all the bank account(s) details linked to your Goldmoney account. This prevents the addition of any new bank account information. As a result, even if someone gains access to your account, they can't send payments to any new bank account.

How to Invest in Precious Metals with Goldmoney.com?

As I said earlier, opening an account and investing with Goldmoney is quite straightforward. In fact, it took me only 4 simple steps to complete my first investment with the company. What are these steps? Let’s explore. 

Step#1: Open an Account

To open an account on Goldmoney, all you have to provide is your: 

  • Full name
  • Date of birth
  • Email
  • Password
  • Birthplace
  • Nationality
  • Current residential country
  • Contact number

Once you fill in all the details, you must confirm that you’ve read the company’s client agreement document to proceed. 

Step#2: Details Verification

After your account is active, you must verify your information to access all of Goldmoney's services. 

When my account was activated, I had to provide a copy of my government-issued ID and bank statement as evidence of residency. 

However, if you don't want to submit your bank statements, you can also provide a copy of your utility bills.

Step#3: Account Funding

Upon verifying your account details, the next step is to confirm your source of funds for the investments you will make. This can include any source, from your salary to gift money, pension, profit, etc. 

Remember that this is crucial in ensuring your legitimacy as an investor on the platform. You might face account approval delays if you don’t provide accurate information. You can add funds to your account once you confirm your fund’s source. 

For that, you have to open “Account Dashboard” and select “Add Funds”. Now choose from one of the following methods and proceed with the funding:

  • Credit card payment
  • Bank wire transfers
  • WeChat Pay
  • Cryptocurrency payment
  • PayPal transfers
  • Transferwise or Xoom transfers
  • Alipay payments

Note: In the case of bank wire transfers, you can only fund your account in USD, EUR, CAD, GBP, JPY, NZD, AUD, HKD, and CHF.

Step#4: Make the Investment

Finally, it's time to purchase your preferred precious metals. You must select “Precious Metals” from the main menu and then choose “Buy Metals.” Next, you have to select the type of metal you want to purchase, your preferred currency and the amount for investment.

Lastly, you must pick the vault to store your assets. And that’s it! Once you see your asset value in your account, you can choose to keep or trade it with other users. Here, it is worth noting that each buy and sell order on Goldmoney takes 24-48 business hours to process fully. 

Goldmoney.com Fee

Regarding Goldmoney's pricing, it left me with mixed feelings. Why? On the one hand, the company maintains a commendable level of transparency in disclosing its fee structure. However, on the other, they impose a relatively higher fee compared to other investment companies in the precious metals industry. 

Not to mention the different types of fees, including the following: 

  • Trade (Buying/Selling) Fee: 0.5%
  • Fee For Replacing One Metal with Another or The Position of the Metal in Any Other Vault: 0.75%
  • Storage Fee: Minimum $10 applicable on all accounts with precious metals holdings. The exact fee is based on the asset, as per the following:
  • Gold: 0.01% - 0.018%
  • Silver: 0.033% - 0.041%
  • Palladium: 0.065% - 0.082%
  • Platinum: 0.03% - 0.049%
  • Account Withdrawal Fee: This fee is deducted directly from the currency balance before funds are processed to the bank account. The fee varies depending on the account type, currency, and withdrawal value. It is disclosed before each transfer.

Besides these specific charges, you are also charged a fee if you choose to physically obtain your assets from the vault. This fee is disclosed at the time you make the request. However, it is worth noting that you can only redeem your assets physically if you own at least 1 kg of gold or 1,000 oz of silver.

Goldmoney.com Rating on Consumer Review Sites

Consumer Protection Agency

Rating

Number of Reviews

Complaints in Past 12 Months

Better Business Bureau (BBB)

A+

2

0

TrustPilot

2.2/5

1,925

496 reviews that are below 4-star

Pros and Cons

Pros

  • Easy-to-use website
  • Account funding options include Paypal or Crypto transfers
  • The support and article section answers all basic investor questions
  • Pricing transparency 

Cons

  • No live chat support
  • High pricing compared to competitors

Final Verdict

Ultimately, there is no denying that Goldmoney is a legitimate company. From their emphasis on product quality to strong security measures and reliable storage services, plenty of factors speak in favor of the company. But, at the same time, their limited customer support options, high fees, and many negative reviews from past clients do leave room for doubts. 

Hence, I suggest you consider both the positive and negative aspects of Goldmoney and compare them with your specific investment goals. This way, you can better determine whether the company is the ideal investment partner for you or not. If you want to consider some other options, take a look at my article on the top precious metal companies in 2024.

FAQs

Where is Goldmoney based?

Goldmoney is based in Toronto, Canada.

Is Goldmoney a bank?

No, Goldmoney is not a bank. Instead, it is a precious metals investment and custody platform. Hence, all precious metals in your Goldmoney Account Balance are your property.

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