Goldmoney Review (What Exactly Is It?) (Updated 2023)

Welcome to my Goldmoney Review!

(UPDATED JUNE 2023)

As investors, we would always want to ensure that we are investing with trusted and excellent investment firms.

However, we have a lot of options to choose from and most of them always claim that they are the best in the industry.

One way to find out which one is perfect for you, is through reviewing them. In this review, we are going to go through one of these companies, Goldmoney.

Is it legit and worth it? Or is Goldmoney a scam? We shall answer all of these questions in this Goldmoney Review. Let’s get started!

However, if you prefer to immediately know our top-recommended precious metals company, click here!

Goldmoney Review Quick Summary

What is Goldmoney?

We shall begin this Goldmoney Review with a brief background information and let’s get to know it.

Goldmoney is a precious metals dealer and investment company. It started in 2001 by its founders, Roy Sebag, James Turk, and Joshua Dale Crumband in Toronto, Canada.

In 2015, a gold payment technology company, BitGold formed a partnership with Goldmoney.

BitGold was also founded by Joshua Crumb and Roy Sebag.

Goldmoney provides its clients with precious metals for their investments.

Moreover, it has other services in which clients can avail to secure and expand their investments. We shall go over them in the next section.

Goldmoney Management

Before we get to the juicy information about the company, let's get to know the management team behind it. In my reviews, I always value companies that provide information about their staff and leadership team because it adds points to their legitimacy.

Currently, Goldmoney's CEO is Roy Sebag, who is also one of the company's co-founders and top directors. Moreover, he sits closely with James Turk, another co-founder of the company and lead director of the company, who retired back in 2013.

Another co-founder is Josh Crumb, who is also Goldmoney's Chief Strategy Officer.

The people below are members of the board of directors of Goldmoney:

• Mahendra Naik (CPA)
• Stefan Wieler
• Andres Finkielsztain

And lastly, we have the rest of the executive team of Goldmoney:

• Paul Mennega - Chief Operating Officer
• Alessandro Premoli - Chief Technology Officer
• Mike Busby - Chief Design Officer
• Alasdair Macleod - Head of Research
• Renee Wei - Director of Global Communications

History of Goldmoney

Now let us go back into time and find out the beginnings of Goldmoney.

The company started when the co-founders figured out that they cannot use gold to pay for their coffee, even though it is still considered as a currency

The gold standard stated that 1/35th of an ounce of gold is equivalent to a dollar. However, this standard was eliminated by former U.S. President Nixon.

Due to this, there was no formal connection between the precious metal commodity and the other currencies in the world.

Several policymakers and economists believed that this is the reason behind the U.S. financial challenges.

Goldmoney wants to bring back gold and precious metals as a global currency. Moreover, since digital currency is also booming lately, the company also wants to take advantage of it.

This is one of the reasons why Bitgold and Goldmoney was merged. With this, Goldmoney can now support digital payments through gold, Bitgold.

The BitGold and GoldMoney Inc. Merger

Usually, when big companies decide to merge, it would not end well due to the rise complications between them. Fortunately, the BitGold and Goldmoney merger was successful.

Examples of advantages are the drop of storage fees, as well as the introduction of gold-based debit card.

Furthermore, the primary owners of Bitgold became a part of the shareholders of Goldmoney. The collaboration of the people behind the two companies will surely work together to achieve both of their goals.

Goldmoney Products and Services

Goldmoney has a unique system of providing products and services. It has the Goldmoney Holding system or platform that makes it a lot easier for clients to do business and investments with Goldmoney.

You can see the features of the holding in the picture below. Anyone can open a holding, even joint owners, trusts and corporations.

Apart from this, Goldmoney provides its clients with essential Metal Transfers and Business tools to help them run their businesses and international transfers smoothly and easily.

The minimum investment allowed is 1 gram of gold. If ever clients opt to have their precious metals stored with Goldmoney, they can choose between 8 vault locations: Hong Kong, London (United Kingdom), Singapore, Toronto (Canada), Ottawa (Canada), Zurich (Switzerland), Frankfurt (Germany) and New York.

As time passes by, Goldmoney will expand its locations. It also offers IRA accounts (just like Goldco), SIPP and TFSA.

Moreover, Goldmoney aims to educate children as early as possible regarding managing and experiencing investments. That is why it has the Goldmoney Kids program.

Personally, I salute Goldmoney for having this kind of helpful program. It is not common for an investment company or firm to give importance to this matter.

If you visit the Goldmoney website, you will see that there are live price charts and market updates which are very accommodating and beneficial to its investors. Overall, Goldmoney has various services which can really make it as a full-service precious metals company.

Furthemore, Goldmoney allows clients to exchange their gold into nine currencies which are the following:

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

Storage Options

Goldmoney operates differently from other precious metal companies.

Your precious metals will be held via Goldmoney's Holding System. They will be sent to the company's holding facilities and will be listed under the client's name.

Currently, Goldmoney works with various facilities such as the following:

• BRINKS
• LOOMINS
• Rhenus Logistics
• Malca-Amit
• Royal Canadian Mint

Their vaults are located in various locations of the world:

• Hong Kong
• London
• Singapore
• Toronto
• Ottawa
•  Zurich
• Frankfurt
• New York

Rest assured that your precious metals will be safe and secure because these vault operators have the best storage facilities with state-of-the-art security systems designed to hold your precious metals.

Goldmoney Account Types

Although Goldmoney offers multiple kinds of accounts, these three are the basics where they should start with. So whenever a new client applies in Goldmoney, they need to consider the following account types:

Personal Accounts

If you only want to invest in precious metals for yourself and not for any businesses, then a personal account is what you should go for.

This will allow you to store precious metals in a highly secure storage facilities for low fees.

For personal accounts, Goldmoney will only charge monthly or annual fees that hold more than 1000 grams of precious metals. You can choose the vault operator and location that was listed above.

Also, this type operates differently. Goldmoney purchases a lot of 1-kilogram gold bars. Whenever a client buys 1 gram, they will be granted a certificate that shows ownership to a portion (1-gram) of that 1-kilogram gold bar.

If you buy 5 grams, then you own 5 grams of that 1-kilogram gold bar.

Clients will personal accounts can also sell back their precious metals that they bought from Goldmoney. However, they are required to pay for a commission fee after the sale of the precious metals.

Business Accounts

Business Accounts are for clients who own small or big businesses. With this, they will be able to gain access to precious metals and have a secure place for storage.

This account will let their businesses get payments and convert them into gold of an equal amount. Goldmoney allows the business owner to send an invoice every time they make a sale.

With this, instead of receiving cash, Goldmoney will send the business owner a paperwork that will contain information on how much gold they have earned under their account and the location of where the gold is being held.

Business Accounts are also eligible for gold payouts. Businesses may have employees who work overseas and sending them their salaries will require paying transaction fees, and they may be pricey. With Goldmoney, businesses will have a more affordable way of sending money to their employees.

Wealth Accounts

Both the Personal and Business accounts have a limit on how much gold they can keep. However, Wealth Accounts does not have such limit.

This account type was intended for clients who wish to own 1 kilogram of gold or more.

Moreover, Wealth Accounts can accept several other precious metals including silver and palladium. Last but not the least, Wealth Account Holders can sell precious metals anytime without ever having to worry about paying for multiple fees.

How does Goldmoney work?

Even though Goldmoney has a lot of services and products, the people behind it made sure that the process, as well as the system, are easy to access and navigate.

With that, to be able to join Goldmoney, you need to open a Holding account. You can do this through their website or you can contact Goldmoney so that their representatives can help you out.

After you have your account, you can start sending funds. Moreover, you can also purchase precious metals online.

Goldmoney Costs

Goldmoney values transparency. That is why it disclosed its rates and fees on its website. This is a huge factor for investment companies such as Goldmoney, because knowing the fees can greatly influence a client's decision.

Here are the fees.

Dealing Rates

Storage Fees

Account Funding Fees

How to redeem your gold bars

Being a client who has precious metals in Goldmoney's holding facility, you have the right to redeem your gold. However, this is only possible if you have a minimum of 1,000 troy ounces of silver or 1 kilogram of gold.

To redeem your precious metals, you simply need to contact Goldmoney and schedule an appointment with them to visit the location of the vault. Goldmoney does not allow the shipping the bars from their vaults.

The custodian where the precious metals are being held will require some paperwork that will confirm that you own them. Furthermore, you must bring a valid ID.

Lastly, Goldmoney will charge 0.75% of the total value of the precious metals if you redeem them.

Goldmoney Referral Program

I also found out in the Goldmoney website that it has a referral program. Basically, it is a chance for you to earn money. It is simple.

You just need to refer Goldmoney to people, friends or family. When they do business with Goldmoney, you will earn commissions up to 25%! Below is the process of joining the Goldmoney Referral Program.

Goldmoney Insights

When it comes to investments, knowledge is power. Gathering information and being updated always will keep you on the loop and will help you make the best and wises decision to move forward.

Goldmoney recognizes this important element thus, it has its Goldmoney Insights webpage for its clients.

Combine this powerful tool with Goldmoney's professional advisors, you and your investments will be taken good care of.

Goldmoney Library

Another source of information that you can find from Goldmoney is its Library that contains hundreds of useful books and whitepapers written by renowned authors and professionals in the investment industry.

Moreover, there are several research papers that you can access, including the following:

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

Goldmoney Safety and Transparency

When it comes to investments, such as in precious metals, safety and transparency are two important factors that you need to consider.

Since Goldmoney is publicly-traded financial technology firm, they have invested a lot in its safety and transparency.

They have a lot of measures including the following:

• 100% metal ownership (fully-reserved)
• Counterparty risk protection'
• Secure and insured storage
• Metal quality and testing.
• Top-grade online security standards.
• Regular and independent audits of client holdings.

Is Goldmoney a scam? Is it safe?

Goldmoney is not a scam. It has been serving investors and clients for years already. Moreover, it provides legit products and excellent services.

It is partnered with various international vault operators that will really keep your investments safe. Furthermore, it is operated with brilliant people who are experienced in the investments industry.

Moreover, Goldmoney claims that it has strict and a wide range of policies and processes, ensuring the safety of its clients’ investments.

However, is it actually the best? Well, we shall find out after we see its online ratings and reviews.

Ratings and Reviews

Up to this point, Goldmoney may sound like the best precious metals firm. However, in my reviews, I don't just settle with their websites and claims.

I make sure that I can check what other people and past clients say about the firm. So below are the ratings of Goldmoney in various rating websites.

As you can see, Goldmoney received low ratings. Moreover, in BBB, it has an A+ rating, which is good. However, for the star rating, it only received 1.5 rating, and is not currently BBB accredited, considering that it has been in the industry for quite some time.

A lot of customers shared their negative experiences online. In fact, others highly do not recommend Goldmoney.

Most of them complained about how unresponsive and obnoxious the Goldmoney supports and representatives are.

Also, fees tend to be increasing and are taken from the clients’ accounts without giving notice, according to some people.

This alone is a huge concern regarding Goldmoney. Is it the best? Will you trust it? Well, the chances of it being the answer to those questions are very low.

New website? (Updated June 2023)

As of June 2023, upon visiting Goldmoney's website, it looks different from the way it looked before. Currently, it is mostly text, and does not provide much information.

Either they are making improvements as of the moment, or they decided to downgrade their website. Nevertheless, this does not look good since the current website does not contain much information, especially the most important ones.

Pros and Cons

Final Verdict

Let’s conclude this Goldmoney Review with my final verdict. Is it really the best firm for you? Well, according to a lot of past clients and customers who experienced investing in Goldmoney, you should avoid it.

Personally, even though it sounds good with its claims, products and services, I always put the reviews of other people above. It is because they already experienced being with the firm. And based on my research, a lot of them did not like it.

So if you are not satisfied with Goldmoney, don't worry because you can always check out our top recommendation below.

Thank you so much for reading my Goldmoney Review! If you have any comments, questions or experiences with Goldmoney that you would like to share, feel free to leave them in the comments section below!