As the economy continues to tank, more and more people are waking up to the idea of getting the heck out of the stock market and jumping into precious metals like gold and silver. Maybe you are even one of these people. And perhaps you have heard about a company by the name of GoldMoney.com but you were not sure whether they were legit or not.
In this Goldmoney.com review, you are going to be able to take a look "behind the scenes" and see whether or not they are a great fit.
Who (or what) is GoldMoney.com? Can they lend you a helping hand? Are they a scam? How is their support?
Before getting started, it needs to be said that you are strongly encouraged to do your own research before you choose any company to work with. Stay aware. Do your own due diligence. You need to stay on top of things. After all, this is the internet.
With that said, let's get down to it, shall we?
Category: Precious metals
Here is a quote from the homepage of GoldMoney.com website:
"Our mission is to make physical gold and precious metals accessible to everyone. We designed the Goldmoney Holding to provide our clients with the lowest possible prices for dealing and storage while delivering the highest level of security and transparency.
A Goldmoney Holding is an online structure that allows you to securely purchase in precious metals owned in your name at insured vaults across five countries."
The concept sounds decent enough, right?
How are their reviews?
According to their BBB page, they have been in business for 5 years. They have a "C" rating and an average score of approximately 2 stars out of five stars based on six reviews (as of June 2020). They are not accredited by the BBB, either.
Here is a quote from their most recent BBB review (left by "Anthony Z" on January 16, 2020):
"Goldmoney has always had a very slow response time regarding customer service. I was a happy customer until years into my membership they requested additional documents to comply with the Anti Money Laundering Act. Yet I was still able to deposit money and buy metals in my gold money account. I thought that I had supplied enough documentation as proof of my identity, but then the types of documents they were requesting became absurd. In a last ditch attempt I am submitting my renters insurance and last years W2. Their customer service always gives you a run around and then weeks later when they do respond they never resolve your issue. Then in December of 2019 they announced that they would drastically rate the rates of their membership to $10 a month, which would drastically eat away at my small account. I pulled all of my gold holdings into cash only to discover that they will still charge a $10 fee to hold cash. That is insane. They offered to refund me my initial deposit, which is a cop out for them cause my account made a profit. There is definitely something wrong at Goldmoney... I am starting to believe that they don't even hold gold in any vaults." - Anthony Z
Not exactly the most encouraging review ever, right? Definitely makes you wonder, doesn't it?
According to the review website SiteJabber they have an average rating of 1.59 stars out of 5 stars based on 58 reviews.
Here is a quote from the most recent review left there, by a reviewer who goes by the name "Randy G":
"Try to withdraw fund and see what happen....every reply is 2 days late very little incentives to keep the existing client. Story is I open a account to buy gold and at the time it was very convenient. I withdraw some to fund my home purchase and have not touch the remainder about $50 CAD. I thought I could come back in the future, now they are charging me $10 storage fee and making the withdraw impossible and they just don't care. They effectively default on my deposit." - Randy G.
According to the review site TrustPilot, they have an average rating of 3 stars out of five stars based on 1,832 reviews. Here is a quote from a relatively recent review left on Trust Pilot on June 1st, 2020 by a reviewer who goes by the name "Agape Love":
"Fraud! Scam! Unethical!. My funds are locked for many month, while they keep charging me fees, to which I dont agree. I want my money out and I dont want to pay any fees. Give me my money back!!! However they do not return the money and keep charging me. I am looking to file legal complaints against this crooks, and may be everyone should do the same. They have no right keep charging you fees and keep your money hostage. STAY AWAY FROM THEM. WORST SERVICE EVER!!!" - Agape Love
Are you starting to see a pattern yet? It sounds like those that have "smaller" accounts are not having the greatest time with them.
Pros and Cons:
Here are some "pros and cons":
- Unique way to jump into precious metals
- Well-built website
- If the above-quoted reviews are accurate, it sounds like you might be in for quite the ride if you have a "smaller" account.
Is it a scam?
It would be pretty hard to say whether GoldMoney.com is a scam or not. From the sounds of the above-quoted reviews, it sounds like they might be the best fit for those with relatively small accounts. They seem to have a relatively easy to use website and support seems to be pretty responsive. GoldMoney.com seems like a credible company, but as always, you need to do your own research and due diligence before making a decision on who you would like to work with, especially, when it comes to precious metals.
Are there better options?
If you are on the lookout to diversify or just re-up your current stack, Goldco might be a great choice. Goldco (also known as Goldco Precious Metals) is a trusted and experienced full-service precious metals firm. They specialize in taking care of gold and silver IRAs.
The “bread and butter” of their operation is gold and silver. They know how to “walk the talk and talk the talk” when it comes to precious metals and are "no nonsense" people. Who doesn’t like that, right?
Hopefully this article was of use to you. Please, if you decide to go with GoldMoney.com, make sure to share your experience in the comment section below, as it could be of great help to others who are looking into them.
Also, if you have any questions, feel free to pop them into the comment section below. Other readers might have the answer you are looking for and can reply to your question quite easily- you just have to ask!
If you think this info could be helpful to someone, please feel free to email them a link to it. This is a growing topic with more and more people interested in it every single day. You might be doing them a huge favor!
Wishing you all the best on this journey called life.
Top Recommended Precious Metals Firm!
Goldco has received a tremendous amount of rewards and recognition. Not only that, they probably offer one of the greatest “Gold IRA” services available- not to mention their storage options are some of the most sophisticated you can find.
If you are sitting on the fence about who you should work with when it comes to hopping into precious metals, they have a nifty little “gold kit” they can ship to you completely free of charge (no strings attached), which you can request by hopping over here.