Goldmoney Review: Can You Trust Them?

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Planning your investment journey is a function of many different critical elements. At the core, however, it all boils down to what you end up investing in and with what investment firm.

If you get these two foundational aspects right, securing your present and future finances shouldn't be an uphill climb.  Consistently growing your wealth while generating inflation-averse returns demands that you team up with the right investment firm.

Well, that's where the real quagmire lies. There are tons of them out there but only a handful have a reputable track record of successful transactions.  That said, you will hardly ever hear a company tarnish its name by highlighting its failures.

Instead, they will always hype their prowess in the game to ensure your hard-earned funds end up in their coffers. That's why third-party company reviews come in handy for an investor that cares about value for their money.

Before we get started with this review:

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A wise investor spends quality time studying the different reviews (both third-party and customer reviews) painting the real image of an investment firm. This is the surest way to enlighten yourself on what you are really up against.  

This review spotlights Goldmoney, a renowned investment firm in precious metals. You have probably heard about or even interacted with the firm but are not sure whether they are the right fit for your investment needs.  

Well, in this review we'll straighten out all your fears, worries, and guesswork by detailing everything you need to know about Goldmoney and its products. Take a look and decide whether this is where your attention and money should go.

About Goldmoney


goldmoney's website

Goldmoney is an investment firm dealing in precious metals and wealth management. It was founded by Roy Sebag, James Turk, and Joshua Dale Crumb in 2001 and is headquartered in Toronto, Canada.  

In 2015 Goldmoney was acquired by BitGold supports digital payments through gold while securing investors' savings.  

Goldmoney Holding came into existence with the sole aim of giving investors easy access to a secure, transparent, and affordable avenue to buy, sell, and vault various precious metals. Besides investing and storage, the firm also audits its clients' holdings regularly.

Goldmoney Management


James Turk, Roy Sebag, and Mahendra Naik of Goldmoney

At the helm of Goldmoney is Roy Sebag, the founder, chief executive officer, and one of the top directors of the firm. He sits at close ranks with James Turk, the co-founder and lead director of Goldmoney who retired in 2013.  

Other equally able members of the board of directors in the investment firm include Mahendra Naik (CPA), Stefan Wieler, and Andres Finkielsztain.  The rest of the executive team comprises:

  • Alessandro Premoli - chief technology officer
  • Paul Mennega - chief operating officer
  • Mike Busby - chief design officer
  • Alasdair Macleod - head of research
  • Renee Wei - director of global communications

Products and Services


image of gold bullion with some text

Goldmoney employs a very straightforward and efficient investment system. Thanks to their comprehensive Holding system, investors can easily find their way around and reliably chart their investment trajectory.  

The Goldmoney Holding system has been designed to especially guide investors in precious metal investment as well as wealth protection. Through this platform, clients can buy, sell, or hold/vault precious metals with much ease online.  

Becoming a part of Goldmoney Holding entitles you to invest in various precious metals including gold, silver, platinum, and palladium. All your precious metals managed under the Holding system are fully insured and stored at different vaults in select countries.

You can choose to keep your precious metals in either Ottawa, Hong Kong, Singapore, London, Zurich, or Toronto.  That said, there is a strong prospect that Goldmoney will launch additional vaulting locations soon.

In addition to storage, Goldmoney also runs regular audits of all your metal holdings and the results published within the Holding system. You can also access IRA, SIPP, and TFSA investment options.  

If you prefer offline transactions, Goldmoney lets you have physical possession of precious metal bullion bars and coins at the vaults in different locations. Alternatively, they can be shipped to your location directly.

To protect your wealth for the long haul, the firm also provides several customized pension products.  

Once you have a holding account with Goldmoney, you are assigned a dedicated Relationship Manager that you can conveniently interact with via your Holding Dashboard online.

This is to enhance customer service and make your investment experience as seamless as possible.  

The Goldmoney Holding system also allows you to hold your precious metals in reserve or exchange them for up to nine currencies including:

  • USD
  • GBP
  • EUR
  • CAD
  • CHF
  • JPY
  • NZD
  • HKD
  • AUD

In terms of investment flexibility, Goldmoney offers holdings for individuals, joint owners, corporations, as well as trusts.

Their user-friendly website keeps you up to date with the latest developments and shifts in stocks and prices to allow you to track your holdings effectively.

Goldmoney Insights


Goldmoney places a high premium on regular investor updates. On their insights page, you can always find the latest happenings in the world of investments. Each time you visit this particular page, there is always something new to learn.  

Knowledge is power and the more you keep abreast with the variables that are likely to affect your investments, the more clarity you gain on the best way forward.  

Moreover, armed with in-depth knowledge in matters inflation, interest rate fluctuations, currency variations, investment policy shifts, precious metal prospects, money supply dynamics, and GDP, you can confidently engage your Relationship Manager and work out ways to modify, multiply, or diversify your investments from a place of understanding.

Library


Accessing the Goldmoney Library is more like accessing a significant wealth of relevant knowledge for your investment journey. 

The library exposes you to a wide array of different books and whitepapers done by different authors and professionals in the investment landscape.

This, therefore, offers you a solid stepping stone to level up your investment knowledge and game plan altogether.  

In the library, you can expect to interact with deep-rooted industry insights from cutting-edge publications and research papers including:

  • The Science of Gold and Precious Metals
  • The fiat money quantity (FMQ)
  • Gibson's Paradox
  • Mises' battle against monetary socialism
  • A detailed look at Bank of England gold
  • The Aboveground Gold Stock
  • Gold and the Internet: The Future

This is just the tip of the iceberg of the in-depth knowledge base the Goldmoney Library offers.

Depending on your investment interests, there is an extensive variety of forward-looking material that you can digest to become a more informed and dynamic precious metal investor.

Safety & Transparency


As an investor, your primary concern is the safety of your hard-earned money. That's pretty understandable even to Goldmoney themselves.

As a publicly-traded financial technology firm, they have invested heavily in the right safeguards to guarantee safety and transparency throughout your investment journey with them.  

Some of the measures adopted include:

  • Counterparty risk protection: This covers you from the risk of brokerage or bank insolvency.
  • 100% metal ownership (fully-reserved): This gives you full privilege as the absolute owner of your precious metals. It is like holding the metal in your hand but still accessing it online where it is safer in a fortified vault. What's more, you can redeem your metal for cash as soon as you need it.
  • Secure and insured storage: The precious metal you hold is fully allocated and when you register them in your name, not even Goldmoney can lay claim on them. Moreover, all the storage vaults in the different locations are secure and fully insured.
  • Regular and independent audits of client holdings.
  • Metal quality and testing.
  • Top-grade online security standards.

Goldmoney Fees


When you buy precious metal from Goldmoney, they always strive to feature transparency as much as they can in the transaction. Their competitive dealing rates and storage fees can be accessed through their website.

That said, this is what you can expect to part with:

  • Buy and sell fee for precious metals at market quote (0.5%)
  • Buy and sell fee for precious metals at limit order (1%)
  • Exchange fee for precious metal (0.75%)
  • Precious metal vault exchange fee (0.75%)
  • Precious metal monthly storage fee (varies according to metal)
  • Account funding fee (free)
  • Account withdrawal fee (charged on bank account)
  • Metal bar registration fee (varies according to the metal with a minimum of 1 ounce)
  • Physical possession fee (applicable only to owners of at least 1kg of gold/1,000 ounces of silver)
  • Physical delivery of bars and coins (free)

Information for New Clients


homepage of the goldmoney website

As a new investor with Goldmoney, getting a good grip of the basics will form a solid foundation for your relationship with the investment firm and your investment success.

Over time, you'll be in a better position to protect your purchasing power while mitigating financial uncertainty.  Investment in precious metals is a way to guarantee consistent wealth growth and economic security.

Gold for instance has been around long enough to amass unmatched value in trade. It has successfully retained its purchasing power over the centuries and remains invaluable to date.  

This special ability of precious metals to store precious value over long periods gives them a huge advantage over other forms of money or currency.  

The more you accumulate precious metal, the more you can retain your purchasing power over time. Retaining your purchasing power comes through holding money that can maintain its value for long.

Another way is by holding money that appreciates faster than most other currencies both in the short term and medium term.  So, if you are looking to preserve your purchasing power in the long term, precious metals are an excellent investment solution.

Goldmoney promises to afford you a 24/7 accessible investment platform to safely kick-start your journey.

Goldmoney Reviews


With all the claims from Goldmoney pointing to an efficient, trustworthy, and dependable investment firm, you should seek to apply an extra set of lenses just to be sure they are as good as their word.

Let's screen some of the reviews and ratings the firm has received from different quarters and you can be the judge of your verdict.

  • Trustpilot

On Trustpilot, Goldmoney has so far amassed 1,902 reviews with an aggregate star rating of 2.4 stars out of 5. That's way below half the scale and an equivalent of 'poor'.

This is an indication that there is almost a 60/40 chance that you'll have a poor experience on the one hand and a good experience on the other.

  • Better Business Bureau (BBB)

While Goldmoney has attained an A rating in BBB, it is not BBB-accredited. This could signal a warning to a new client.

Furthermore, over the last couple of years, the investment firm has attracted several complaints depicting a worrying trend for a firm that old. It has an average customer review rating of 1.2 stars out of 5.

  • Ripoff Report

On the Ripoff Report site, Goldmoney has so far attracted only 7 complaints with the last one popping up in mid-2019. The silence in between could signify an improvement of service delivery altogether or loss of significant clientele.

Moving on to client reviews, Goldmoney has had a fair share of both positive and negative reviews. While the positive reviews are slightly past the halfway mark (54%) according to Trustpilot, the negative reviews are fast catching up lately.  

In the latest 10 reviews, for instance, 6 are 1-star reviews and 1 is a 2-star review. The other two are 3-star and 4-star reviews.

That means in a sample size of 10, 80% are negative reviews with a majority citing exorbitant fees, trust issues, as well as poor customer support.

Pros and Cons


As an investment firm, Goldmoney has its upsides and downsides as follows:

Pros

  • Exceptional investment solutions as better alternatives to paper investment
  • Secure investing platform
  • Fee transparency before investing
  • Dedicated Relationship Manager for personalized investment solutions

Cons

  • Extremely high monthly fees
  • The refund process is highly sophisticated

Conclusion

So, which way now for your precious metal investment? You have heard it from Goldmoney, third-party review sites, and some of Goldmoney's former clients.  

While Goldmoney is actively claiming to be the best in the game, some customer reviews consistently seem to disagree. It is therefore wise to approach with caution as a new client or investor.  

If you are convinced from this review Goldmoney is not for you, there are always better alternatives out there. Don't stop looking.  

If you find this review helpful, share your feedback with us.

We do not recommend Goldmoney.  They aren't a scam, but they are not the best choice for gold investments and certainly not IRA's, like other companies we have written about on this website.

You can get a Free Gold Investors Guide from our top gold and precious metals company recommendation by clicking the link above or you can read our article of the top companies we reviewed this year:

>> CLICK HERE to read our list of the top gold investment companies. <<

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