Investors need to be smart with all of their decisions, not just what they invest in but also with whom they invest.
There are many investment firms around today, and they’re routinely going to talk about how great they are. (After all, no company wants to lose out on customers by being honest, if they have a bad reputation.)
However, you can’t afford to put your investments in the hands of just any investment firm that hypes itself up.
You need to look at reviews of these companies, which go into depth about them and what they offer.
Not just reviews from sites, like Otis Gold, but from customer review sites so you can see exactly what people are saying. More on that later.
With this review, we’re going to talk about Goldmoney, a popular precious metals firm.
Since you are reading this, you've likely heard of Goldmoney but unsure if you should work with them. We’re going to give you the total breakdown so you’ll know if they’re worth your attention and money.
Founded in 2001, Goldmoney is a precious metals investment firm. They also joined forces with BitGold, a gold payment technology company, in 2015.
Roy Sebag and Joshua Crumb are the founders of BitGold.
Goldmoney sets up customers with their own precious metals. They also have additional services that can help your investment portfolio to grow even more.
What Do They Offer?
Goldmoney’s system is very accomplished. There’s the Holding system, which is useful for clients trying to figure out investing.
It doesn’t take any exceptional experience to have a holding. You can pick up on it quickly if you’re willing to pay attention.
They also gives customers great Business and Metal Transfers tools that are ideal for transfers, including international ones.
If you’re part of Goldmoney Holding, you can invest in the following precious metals:
You have to invest in at least one gram worth of gold. If a client wants to keep their precious metals with Goldmoney, there are six vaults to pick from. These are in Hong Kong, London, Ottawa, Singapore, Toronto, and Zurich.
Over time, they are going to bring in more locations. They also have options for IRA, TFSA, and SIPP.
Your children can learn some valuable information about investing with their Goldmoney Kids program.
I really like how they have this implemented. They do an excellent job of presenting this information in a way that kids can understand and get excited about.
Their website has a great interface overall, with regular updates on stocks and prices. If you need to know about significant developments, the website should have them.
How Do They Work?
There are a lot of components to Goldmoney. However, it’s designed in a way that ensures users won’t have a difficult time figuring things out.
To create an account, you first need to have one with Holding.
Once you’ve made your account, you’ll be able to send funds and buy precious metals.
Goldmoney cares about being as honest and transparent as they possibly can. They post their costs and fees on their site. You can find the fees listed below:
- Buying and Sell Precious Metals (Market Option) - 0.5 percent
- Buying and Sell Precious Metals (Limit Option) - 1 percent
- Precious Metal Exchange Fees - 0.75 percent
- Vault Exchange Fees - 0.5 percent
- Monthly Precious Metal Storage Fees
- Gold - 0.01 percent to 0.018 percent
- Silver - 0.033 percent to 0.041 percent
- Platinum - 0.003 percent to 0.0049 percent
- Palladium - 0.065 percent to 0.082 percent
Is GoldMoney A Scam? Are They Safe?
GoldMoney Reviews and Ratings
Goldmoney would probably tell you they’re the greatest precious metals company around. That’s why you should check their claims against what their customers are saying on other websites.
These are some of the ratings they have received from different sites. Many of them have been pretty low.
Better Business Bureau (BBB)
The Better Business Bureau gives them a A rating, however it also says that they are not BBB accredited, which is a warning sign. There have also been 30 complaints in the last 3 years, which is very worrisome for a company that’s been in business as long as they have. Here's their BBB page.
Even more worrisome than their BBB ratings are their TrustPilot ones. They have had over 1,800 reviews and only have a 2.6 star rating overall. According to these reviews, it's basically a 50/50 coin flip chance that you'll have a positive experience with them, which is not encouraging at all. Here's their TrustPilot page.
Rip Off Report
Here are some specific reviews from customers, both good and bad. While they do have some great reviews in years past, it looks like they have gone downhill since then. Of the last 20 reviews, only 2 of them have been 4 or 5 stars. The rest are 1 or 2 stars. You can see these on their TrustPilot page.
As you can see, many people say they had a terrible experience with this company and wouldn’t encourage anyone to work with them. The negative reviews seem to be on an upward trend, according to the third party customer review sites.
A large issue is that their staff, particularly their representatives, are viewed as very obnoxious.
Their fees have also been climbing. These will allegedly be taken out of customer accounts without warning.
If you’re having some second thoughts about using Goldmoney after reading this, we understand where you’re coming from. It's not an easy decision to give a company a large portion (or all) of your hard earned savings over the years.
Are There Better Alternatives Out There?
Reputable and customer oriented investment firms might be a dime a dozen. But they definitely do exist. Some firms do a few things well, but you want a company that does a majority of things well and have the proof of customer satisfaction to show for it. The best company, based on customer reviews, out there is Goldco. They have almost 1000+ 5 star ratings from BBB, TrustPilot, and Consumer Reports.
Like many firms, Goldco offers precious metals and helps with transferring or setting up Gold IRAs. They have been in business for more than ten years, and their ratings are consistently high.
What we really like about them is you can request a free gold investment guide and also speak to a customer service rep before you ever decide to do anything. This soft and understanding customer approach is what so many customers love about them. Watch this Goldco video to learn more.
Should you go for the Goldmoney if you’re looking into precious metals investing? Many of their former customers would likely say you shouldn’t.
They make it sound attractive, but lots of crummy items are wrapped up in fancy packaging. It’s always good to heed the advice of former customers.
However, you don’t need to dwell and put your precious metal investments on permanent hold. There are lots of great alternatives out there, such as Goldco. You can read their full review here.
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