Goldmoney.com Review

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. 

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: 

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:

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.

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: 

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:

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

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: 

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:

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: 

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

Pros and Cons

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.

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