Goldmoney
Storage Fees
Min. Investment
Our Rating
Established
Goldmoney was founded in 2001 and has grown into a major player in the precious metals investment space. Unlike traditional gold dealers, Goldmoney operates as a digital platform that allows users to buy, sell, store, and even spend gold and other precious metals.
One of the key aspects that sets Goldmoney apart is its full-reserve banking model, meaning the gold and silver you buy is physically stored in secure vaults worldwide.
These vaults, located in Canada, Switzerland, Hong Kong, Singapore, the U.S., and the U.K., are managed by trusted operators like Loomis International, Brink’s, and the Royal Canadian Mint.
The company is publicly traded on the Toronto Stock Exchange (TSX) and follows strict auditing and security measures to ensure transparency.
- Secure & Insured Storage
- Full-Reserve System
- Goldmoney Mastercard
- Global Availability
- Diverse Payment Methods
- No Gold IRA Services
- High Storage Fees
- Limited Physical Redemption
- No Live Chat or Phone Support
Does Goldmoney report transactions to tax authorities?
Goldmoney may report transactions depending on the investor’s country of residence and local tax laws. Investors are responsible for complying with their tax obligations.
Can I store my metals at home instead of using Goldmoney’s vaults?
Goldmoney does not offer direct home delivery for small purchases. To take physical delivery, you must hold at least 1kg of gold or 1,000oz of silver.
Are my metals pooled with other investors' metals?
No, Goldmoney provides fully allocated storage, meaning each investor’s metals are assigned specifically to them and not mixed in a pooled account.
Can I hold metals in multiple vaults at the same time?
Yes, Goldmoney allows users to split their holdings across different vault locations for diversification and security purposes.
Products | Services | ||
|---|---|---|---|
Gold IRA Accounts | Transparent Pricing | ||
Silver IRA Accounts | Storage Options | ||
Direct Purchase | Free Shipping | ||
Buy Metals Online | International Shipping | ||
Physical Delivery (min 1kg gold ) | Mobile App | ||
Price Match Guarantee | Cryptocurrency Payment | ||
Buyback Guarantee | Live Chat |
Goldmoney’s Reputation & Ratings: What Users Are Saying
Positive feedbacks appreciate the platform's concept of facilitating precious metal investments and its user-friendly interface.
However, negative reviews are more prevalent. Common complaints include poor customer service, unexpected account closures, and hidden fees.
Additionally, issues like high storage fees and challenges in withdrawing funds have been highlighted.
Platform | Rating |
|---|---|
Trustpilot
| 4.3 (1,973 reviews) |
Better Business Bureau (BBB) | Not BBB Accredited |
Consumer Affairs | 4.8 (1,688 reviews) |
Google Reviews | 4.9 (2,579 reviews) |
Goldmoney’s Product List: Bars Only
Goldmoney offers a limited but high-quality selection of physical precious metals, focusing solely on bullion rather than collectible coins.
-
Available Products
- Gold Bars – Goldmoney sells gold bars that meet the highest purity standards, sourced from reputable refiners like Valcambi and Metalor.
- Silver Bars – Investors can buy large silver bars, but small silver denominations are not available, making them less liquid for everyday transactions.
- Platinum Bars – Platinum bars are available for investors looking to diversify their holdings beyond gold and silver.
- Palladium Bars – Investors can purchase palladium bars, a rare offering that appeals to those interested in industrial metals.
- Digital Gold Holdings – Instead of taking physical possession, investors can keep their metals in secure vaults across six different countries.
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Key Considerations
- No Coins or Numismatic Products – Unlike many competitors, Goldmoney does not sell gold or silver coins, focusing strictly on bullion bars.
- Minimum Redemption Requirement – Investors must accumulate at least 1kg of gold or 1,000oz of silver before requesting physical delivery.
- Vault Storage Preferred – Goldmoney emphasizes secure storage over direct ownership, making it more suitable for digital investors rather than those who prefer holding metals physically.
With a strong focus on customer service and easy use on its platform, Goldmoney is an excellent pick for online gold purchases.
Goldmoney Vaults: Locations & Security
Goldmoney offers secure and insured storage for precious metals in 13 vault locations across six countries. Unlike traditional gold brokers that focus on home delivery, Goldmoney emphasizes vaulted storage as the primary method of holding assets.
- Vault Locations: Investors can choose from Canada, Switzerland, Hong Kong, Singapore, the United States, and the United Kingdom.
- Trusted Vault Operators: Goldmoney partners with Loomis International, Rhenus Logistics, Brink’s, and The Royal Canadian Mint for secure storage.
- Full-Reserve System: Unlike some platforms, Goldmoney claims to hold a one-to-one allocation of metals, meaning every unit of gold is fully backed by physical holdings.
- Insurance Protection: All stored metals are fully insured, ensuring compensation in case of theft or loss.
While storage is secure and transparent, fees can add up, and physical redemption requires large minimum holdings (e.g., 1kg of gold or 1,000oz of silver).
Goldmoney Fees: What Will You Pay?
Goldmoney's fee structure is transparent but relatively high compared to some competitors.
The platform charges fees for buying, selling, storing, and withdrawing precious metals.
Fee | Cost |
|---|---|
Buy/Sell Trade Fee | 0.5% |
Minimum Storage Fee | $10 per month |
Gold Storage Fees (Holdings Only) | 0.18% annually |
Gold Storage Fees (Personal Accounts) | 0.36% annually |
Silver Storage Fees | 0.39% – 0.49% annually |
Withdrawal Fees (Bank Transfers) | $25 USD/EUR (Higher fees for other currencies) |
While transaction fees are reasonable, storage fees and physical delivery costs can add up over time.
Additionally, currency conversion fees apply if deposits or withdrawals are made in a different currency.
Does Goldmoney Offer a Buyback Guarantee?
Goldmoney allows users to sell their metals back to the platform, but the process can be slower than traditional gold brokers. The company does not offer instant liquidity, which may be a drawback for investors looking for quick access to cash.
Key buyback & liquidity policies:
- Sell orders are processed within 24-48 business hours but can take longer during peak demand.
- Funds from sales are credited to your Goldmoney account, from which you can withdraw to a linked bank account.
- Withdrawal fees vary based on the currency and payment method.
- Physical redemption requires a minimum holding of 1kg of gold or 1,000oz of silver, making it less flexible for small investors.
Payment Options – Multiple Ways to Fund Your Account
Goldmoney offers a variety of payment methods, making it easy for investors worldwide to fund their accounts and purchase precious metals.
Supported Payment Methods:
- Bank Wire Transfers – Free deposits for major currencies like USD, EUR, GBP, CAD, and more.
- Credit & Debit Cards – Allows quick funding for instant metal purchases.
- PayPal & TransferWise (Wise) – A great option for users who prefer online payment platforms.
- Cryptocurrency Payments – One of the few platforms that let users buy gold using Bitcoin and other cryptos.
- WeChat Pay & Alipay – Perfect for customers in China or those who prefer digital wallets.
While Goldmoney supports multiple payment options, withdrawal fees can be high depending on the currency.
Customer Service
Goldmoney's customer service receives mixed reviews, with some users praising the platform's security and transparency, while others report slow response times and lack of live support.
Contact Option | Details |
|---|---|
Email Support | support@goldmoney.com |
Ticket System | Available |
Phone Support | Not Available |
Live Chat | Not Available |
For urgent matters, Goldmoney’s lack of phone or chat support may be frustrating, especially for new investors needing quick assistance.
Is Goldmoney Worth It? Pros & Cons
Like any service, there are both advantages and drawbacks to consider before making a decision. Below are some of the key pros and cons of using their platform.
- Secure & Insured Storage
Goldmoney offers fully allocated and insured storage in 13 vaults across six countries, managed by trusted providers like Brink’s and Loomis International.
There are many options for investors unsure where to store their gold.
- Full-Reserve System
Goldmoney allocates 100% of purchased metals to the investor, ensuring physical backing.
- Goldmoney Mastercard
Users can spend their gold like cash using a prepaid Goldmoney Mastercard, a unique feature that bridges precious metals and everyday transactions.
- Global Availability
Goldmoney serves customers in over 150 countries, making it accessible to international investors looking for secure gold ownership.
- Diverse Payment Methods
Goldmoney supports bank wires, PayPal, crypto, WeChat Pay, Alipay, and other funding options, making it convenient for global investors.
- No Gold IRA Services
Goldmoney does not offer tax-advantaged Gold IRAs, which limits its appeal for retirement-focused investors.
- High Storage Fees
Fees are higher compared to some competitors, especially for small account holders.
- Limited Physical Redemption
Investors must hold at least 1kg of gold or 1,000oz of silver before requesting physical delivery, making it impractical for small investors.
- No Live Chat or Phone Support
Customer support is only available via email and ticket system, which can result in slow response times.
Opening a Goldmoney Account: Step-by-Step
Goldmoney allows investors to buy, store, and trade precious metals digitally, with the option to redeem them physically. Here’s how to get started:
Step 1: Open an Account
To begin, visit Goldmoney.com and sign up by providing your full name, date of birth, nationality, residential country, email, and phone number. You’ll also need to create a secure password and agree to the client agreement terms.
Step 2: Verify Your Identity
Once your account is active, Goldmoney requires identity verification. This involves uploading a copy of your government-issued ID (passport or driver’s license) and a proof of residency document (bank statement or utility bill).
Step 3: Fund Your Account
After verification, you can deposit funds via bank wire transfer, credit card, PayPal, WeChat Pay, Alipay, cryptocurrency, or TransferWise/Xoom. If using a bank wire, supported currencies include USD, EUR, CAD, GBP, JPY, and others.
Step 4: Buy Precious Metals
Navigate to the “Precious Metals” tab, select “Buy Metals,” and choose between gold, silver, platinum, or palladium. Set your investment amount and preferred storage vault location.
Step 5: Store, Trade, or Redeem
Once your purchase is complete, you can hold metals in secure vaults, trade with other users, or request physical delivery (subject to minimum redemption requirements).
FAQ
No, Goldmoney does not offer Gold IRA services, so you cannot use a self-directed IRA to invest through their platform.
Yes, Goldmoney allows users to buy small fractions of gold, silver, platinum, and palladium, making it more accessible than purchasing full bars.
No, there is no minimum deposit required to create an account, but storage fees apply once you hold metals.
No, Goldmoney does not currently offer an auto-invest or recurring purchase feature, so investors must manually buy metals when they choose.
How We Rated Gold & Silver Dealers: Review Methodology
At The Smart Investor, we evaluated gold brokers & dealers based on their overall value, pricing transparency, and investment options compared to other leading alternatives. Our hands-on testing focused on key factors that matter most to precious metals investors, including fees, security, product selection, and IRA investment options. Each broker was rated based on the following criteria:
- Pricing & Fees (15%): We prioritized brokers with transparent pricing, low markups on gold and silver, and fair premiums. Some platforms had hidden costs, including storage and liquidation fees.
- User Experience & Buying Process (20%): A smooth, intuitive, and secure buying process scored highest. Some brokers had complex procedures, slow transactions, or unclear order processing.
- Reputation & Ratings (10%): We factored in customer reviews, industry ratings, and regulatory compliance. Highly rated brokers had strong reputations for reliability, trustworthiness, and investor protection. Some had mixed reviews or unresolved complaints.
- Customer Support & Service (15%): We tested response times, availability, and helpfulness of support via phone, chat, and email. The best brokers provided knowledgeable assistance with fast, professional service, while others were slow or unresponsive
- Security & Storage Options (10%): We favored brokers offering secure vault storage, insured holdings, and direct delivery options. Some lacked proper security measures, increasing investment risks.
- IRA & Retirement Investment Options (20%): The best brokers offered Gold & Silver IRA accounts with IRS-approved metals, simple setup, and rollover assistance. Some lacked IRA services or charged high fees.
- Precious Metals Selection (10%): We rated brokers higher if they offered a wide range of gold and silver products, including bullion, coins, and bars. Some had limited selections, restricting investment choices.