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In this Goldmoney review, we will share in-depth information to help you understand how this company operates and what you can expect from opening a Goldmoney account. Finding the right dealer can become challenging once you decide to invest in precious metals.
We firmly believe that you should have the authority to shape your financial future independently, reducing your dependence on institutions and politicians.
At The Gold Information Network, we understand the importance of your financial choices and the trust you place in our insights. We conduct in-depth research on each company we review, evaluating its reviews, reputation, product offerings, fees, and history while meticulously comparing it with similar market products.
In a financial landscape where banks appear geared towards serving the wealthy, we hold reservations about these institutions, the monetary system, and politicians. We passionately advocate empowering individuals like you with greater control over their finances. We firmly believe that you should have the authority to shape your financial future independently, reducing your dependence on institutions and politicians.
We provide an overview of GoldMoney, an online platform that allows buying, selling, and storing precious metals like gold, silver, platinum, and palladium.
Goldmoney is an investment firm that helps new clients and other customers invest in precious metals. They operate much differently than your typical investment firm.
Instead of purchasing gold, silver, palladium, and platinum and having them shipped to your door, Goldmoney lets customers purchase holdings, which they can use to buy gold and other precious metals. You can eventually take possession of your metals or cash in for various currencies.
The Goldmoney Holding System stores all your purchased metals in allocated storage. The company offers various storage options so you know where your metals are held. Holdings can be carried by individuals, joint owners, and corporations.
Once you take possession of your precious metals, Goldmoney partners with SchiffGold to deliver your fully allocated gold and silver holdings to your door. We will talk about how customers respond to Goldmoney Holdings below.
Roy Sebag is the founder of Goldmoney and the Chief Executive Officer. Mr. Sebag has been involved in the industry for many years and helps customers stay on track with their investment goals.
Mr. Sebag is also the founder of BitGold, and the two companies merged in 2015, allowing Goldmoney to launch its online platform that will enable customers to open a holding account to begin investing in gold, silver, platinum, and palladium.
Goldmoney makes a lot of claims about being the best in the industry, but is it all hype? Do they make good on their promises?
You can tell a lot about precious metals companies by reading customer reviews. If there are many negative reviews, you should consider another company.
Our first stop is always the Better Business Bureau. We check there for positive and negative reviews and customer complaints.
First of all, Goldmoney is not accredited by the Better Business Bureau, but they currently have an A+ rating. The company only has 1.5 stars out of 5, with two customer reviews. Three complaints have been resolved in the last three years.
We could only read one complaint, which revolved around a customer having problems withdrawing their holdings to their bank. The first withdrawal was successful, but the second did not go through, despite using the same bank account information. The matter appears resolved now, but we could not view how it got resolved.
We also checked Trustpilot for positive and negative reviews. The company has a poor rating of only 2.3 stars out of 5, with 1,924 customer reviews. There are quite a few reviews that are complaints.
Around 54% of the reviews are positive, with five stars, but there are also many negative reviews, and they seem to be increasing. That percentage makes working with Goldmoney quite a gamble.
The following are some of the common themes in complaints:
Our next visit was at RipOff Report. There are three customer complaints here, with some of the same things mentioned as the complaints on Trustpilot. Customers complain about the hidden fees and problems taking physical possession of their holdings and accessing their accounts.
These reviews do not look good for Goldmoney. They are not BBB accredited, have poor star ratings on consumer rating sites, and have many complaints.
We don't expect any company to offer perfection. There are always going to be pros and cons to every company. Choose a company with more pros than cons for the best results.
Goldmoney pros
goldmoney Cons
As you can see, many more cons than pros make recommending Goldmoney to our readers difficult. Investing in gold and other precious metals should not be so challenging. The right company makes the process of buying and selling gold almost effortless.
In our research for this Goldmoney review, we have found several red flags that cause us great concern. The precious metal industry is full of good companies, but there are plenty of bad ones.
We aim to separate the good from the bad and help our readers find the right company to assist them with their gold investments.
The following are some of the red flags we discovered in our research:
When it comes to investing your money, finding the right and trustworthy company is critical. Before you put money into a sinking ship, we urge you to take a long, hard look at the red flags we discovered above. Is this the company you want to invest your hard-earned money in?
Goldmoney is a legitimate company. They've been around for many years, but being a legit company does not make them a good one or even one you can trust. Investing in precious metal is not something to take lightly.
Goldmoney brings a unique offering to the table. Goldmoney Holding allows investors to invest in their choice of gold, silver, platinum, and palladium.
Precious metals held in the Holding System are fully insured and held in various depositories owned by the company. Goldmoney Holdings offers a straightforward approach to investing in coins and gold bars.
The company offers depositories located in Ottawa, Zurich, London, Singapore, and Hong Kong. The company plans to launch new depositories in the future. According to your gold investment needs, you can access multiple investments through the holding system, including IRAs, TFSA, and SIPP.
You will also be assigned a dedicated relationship manager who helps you manage your holdings. The relationship manager will interact with you through the online platform and will be there to answer your questions and offer guidance for your gold investments.
With the Goldmoney Holding System, you can hold or exchange your precious metals for the following nine currencies.
Goldmoney works pretty well for what it offers, but it has flaws, as evidenced by many customer complaints. You must carefully research before investing your hard-earned money into any company, including Goldmoney. You must learn all you can about the good and the bad.
Many people have fallen victim to Goldmoney's outrageous fees that seem to change without warning. Although some people have been satisfied with Goldmoney's services, there are far too many complaints.
From our research, we have not found any information on discount prices. In fact, in almost every Goldmoney review, you will read about exorbitant fees. We also cannot find information on the exact types of metal products Goldmoney offers.
Goldmoney offers gold IRA services through a partnership with Entrust. Entrust has provided Goldmoney with precious metals IRA and storage services since 2008.
Depending on your gold investment needs, they can help you roll over from an existing retirement account or open a new one. There may be a waiting period for your funds to become available.
Goldmoney offers an Insights Page, allowing investors to stay abreast of the latest developments in the precious metals industry. The platform encourages education.
Education is one of the most important aspects of investing in gold and other precious metals. By perusing the Insights page every chance you get, you will be better equipped to talk to your relationship manager about your gold investment strategy.
Goldmoney also offers a referral program to give clients a way to make money from the platform. Once you sign up for an account, you will be given a referral number to share with your friends and family.
You can use this number on your business website, personal website, or social media. Post it wherever allowed on the Internet.
When someone signs up under your referral number, you can earn a commission rate of 25% on their precious metal purchases. The more gold your referrals purchase, the more money you make in commissions.
Goldmoney is fairly transparent about its fees, but many clients have discovered hidden fees that caused them to close their holding accounts. While investing in gold can help you stay penalty-free with the IRS, the fees you pay to Goldmoney could take away much of your investment power.
The following is a breakdown of the fees Goldmoney charges. These are subject to change at any time, so we advise our readers to research themselves and contact a Goldmoney representative before investing in gold bars.
As you can see from the above, many fees are charged. For instance, if you invest around $2,000, you can expect to pay up to $200 in fees.
Storage fees can become costly, but you will be given a lower storage rate the more you invest. According to the Goldmoney website, Goldmoney works to save its customers on fees, but we have discovered the opposite in our research for this Goldmoney review.
The company also charges dormant and inactive fees, so even if you are not using your account, you could be racking up fees unexpectedly. The company will consider your account inactive if you do not use it for over three years. Your account becomes dormant after seven years of no activity.
If your account becomes inactive or dormant, Goldmoney will charge a 1% fee for each month until you log back in or contact the company to close your account.
We have worked diligently to offer truthful and concise information in our Goldmoney review. We believe knowledge is power and cannot recommend many precious metals companies because it appears they fail customers.
Goldmoney has excellent potential, but its implementation is lacking. There are too many good companies out there to use when investing in precious metals.
You should not settle for lackluster service, exorbitant fees, and rude customer service, no matter where you go to invest in precious metals.
Upon investigating the company and reading customer complaints, we feel Goldmoney lacks integral components for serving the needs of precious metals investors. Upon finalizing our Goldmoney review, we cannot recommend this platform to our readers.
As always, before investing in any precious metal company, we urge you to conduct careful research. Use our comparison charts to see how Goldmoney stacks up to its competition.
Read our countless precious metal company reviews to find the one that will offer you the best service. Many companies are better than Goldmoney.
Ultimately, it is your money, and it is up to you to invest wisely. If you choose to proceed with Goldmoney, take precautions and do not rush the process.
Be careful investing in gold and other forms of precious metals with companies like Goldmoney because fees and other problems may not be worth the hassle.
We recognize the significance of your financial decisions and the trust you place in us. We've done extensive research, examining reviews, reputation, products, fees, and history, ensuring you receive accurate insights.
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