BBB Rating: A+
2.75/5
First Glance
Investors ought to make intelligent decisions with regards to what they invest in and whom they invest with.
There are numerous investment companies in today’s competitive market. Naturally, every firm will routinely advertise its greatness. After all, they all want more customers and will not like to lose a piece of the pie by simply being honest, especially if they have a terrible reputation.
That being said, you should never invest your money with investment firms, simply because a company touts itself as being the best firm around.
You should carefully study the company’s reviews, carefully understanding what the company is about and its offers.
Do not rely on reviews site such as this one alone. Read customer reviews sites to attain an intricate understanding of what other customers say about a particular company.
Before we get started with this review:
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In this review, we will do the legwork for you and discuss GoldMoney. This is a famous company for individuals looking to invest in precious.
Since you are here, chances are that you’ve heard about GoldMoney and you are looking to understand more about the company. You might also be unsure about the company’s offer, and you are looking to learn more.
As such, we’ll give you a complete breakdown so you know if the company is worth investing with both in the short and long term.
About GoldMoney
GoldMoney is an investment firm that deals with precious metals. It was founded in 2001. In 2015, the company merged with and absorbed BitGold, a payment technology company.
Joshua Crumb and Roy Sebag founded BitGold.
The leading product GoldMoney offers is a service designed to help their customer attain precious metals. As an additional service, they help their customers grow their investment portfolio.
What GoldMoney Offers?
The company has an accomplished system – the Holding system. The system is not only helpful, but clients find it easy to figure out how it works and invest with the system.
Clients don’t need extensive experience to make good use of holding. The system is easy to master if you put your mind and some effort into it.
The company also offers their customers Business and Metal Transfers tools designed to cater to the entire transfer range, including international transfers.
Investing with GoldMoney Holding gives you access to the following precious metals:
While customers have access to various precious metals, they must invest in at least one gram of gold.
In terms of the storage of precious metals, customers can choose between six vaults located in different locations worldwide. These are London, Toronto, Hong Kong, Zurich, Singapore, and Ottawa. The firm plans to bring more sites online.
GoldMoney also has the option for TFSA, IRA, and SIPP. Additionally, they also have the GoldMoney Kids designed to help kids learn valuable lessons about investing right as they grow.
We like how the design of GoldMoney Kids. The company has done an excellent job of teaching kids the concepts surrounding trading. Consequently, kids not only understand these concepts but also get excited about investing.
The GoldMoney Kids website is simple, intuitive, and has regular updates on stock and its prices. The website publishes all the significant developments relating to investing.
How Does Investing With GoldMoney Work?
GoldMoney has many moving parts. However, the firm has designed its product to be intuitive and easy to figure out, ensuring users get things going as fast as possible.
You need to create an account with Holding to create an account.
After creating your account, you can fund your account and purchase precious metals.
GoldMoney Fees
Central to GoldMoney’s culture and ethos, they operate as transparent and honest as possible. They post their fees and costs on their website. Below is a list of their fees:
Market Option Fees Associated With Selling and Buying Sell Precious Metals | 0.5% |
Limit Option Fees For Selling And Buying Precious Metals | 1% |
Fees For Exchanging Vaults | 0.5% |
Fees For Precious Metal Exchange | 0.75% |
Precious Metal Storage Monthly Fees
Gold | 0.01% to 0.018% |
Palladium | 0.065% to 0.082% |
Silver | 0.033% to 0.041% |
Platinum | 0.003% to 0.0049% |
Referral Program
GoldMoney also runs a referral program through which you can make money. Their referral program is designed with simplicity and ease of use in mind.
To earn money from the program, you only need to refer people to GoldMoney. When a referral signs up, you stand to get a commission that can be as much as 25%.
Is GoldMoney Legit Or A Scam?
As you would appreciate, a scam implies that a company takes money without rendering a product or service in return. With that in mind, GoldMoney cannot be classified as a scam. The firm has accrued years of goodwill. The company deals with legit services and products.
Importantly, they have thousands of happy customers.
Additionally, they have excellent security. They work with trusted vault companies such as Royal Canadian Mint, Brinks, and Rhenus.
With that in mind, it essential to be mindful of the fact that no company is perfect. As such, you should seek to learn what other investors have been experiencing.
For starters, you should know that the original owners sold the company. Since then, the company has accrued a lot of poor reviews.
Generally speaking, when a company transitions from one owner to another, the customer experience may change considerably. The recent negative reviews might reflect this change.
GoldMoney Ratings And Reviews
As expected, GoldMoney will claim to be the best precious metal investment firm. However, it would be best if you didn’t take their word as gospel truth. Conduct your due diligence by checking what their customers say about their services and products.
The firm has received pretty low reviews on third-party review websites.
Better Business Bureau
While BBB gives them an A-Rating, they explicitly state that GoldMoney is not a BBB accredited company, which is a warning sign. Additionally, the company has received over 30 complaints in the last three years.
Such ratings are quite worrisome for a company that has been in business for years now. Check out their BBB reviews here.
Trust Pilot
TrustPilot paints a more worrisome picture for GoldMoney customers. On TrustPilot, GoldMoney has been reviewed over 1,800 times, and they have accrued a misly 2.6-star rating. It’s basically a coin toss between having a positive and negative experience. Review their TrustPilot review page here.
Rip off Report
At the time of writing this review, Rip Off Reports has 7 complaints. However, GoldMoney has not received any negative review in over a year. Review their Rip Off Report page here.
To give you an idea of what their customers are saying about the company, here are some reviews for customers, both good and bad. Overall, the firm has received plenty of rave reviews in the past. However, it seems the company quality of services has gone downhill in recent times.
For instance, of the last 20 customer reviews, only 2 customers gave GoldMoney a 4 or 5-star review. The rest of the reviews are 1 or 2 stars.
As you can appreciate, there is a sizeable number of GoldMoney customers who’ve had a terrible experience and would never recommend investing with this firm. Unfortunately, the negative reviews seem to be on the upward trend, indicting that things are not getting better.
An issue that keeps occurring is that their staff, particularly their representative tend to be obnoxious.
Additionally, GoldMoney has been raising its fees. Even worse is the fact that GoldMoney allegedly cuts the fees from customer accounts without any notice.
If you’re rethinking giving GoldMoney your hard-earned money to invest, we understand. You shouldn’t play around with your savings.
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.
Are There Better Alternatives Out There?
There are plenty of customer-oriented investment firms around. Some firms are exemplary at doing a few things. However, the trick is to find a firm that does the vast majority of things well. Notably, the firm should have proof of customer satisfaction.
Based on customer reviews, Goldco is the precious metal investment firm to go with. The company has received over 1000 5-star ratings on TrustPilot, BBB, and Consumer Report. This firm has been on the market for over 10 years, and its ratings have been consistently high.
Goldco is especially renowned for helping its customers transfer precious metals, acquire precious metals, and setting up Gold IRAs.
What we like about Goldco is the free gold investment guide they give their customers. Additionally, you can speak to a customer representative before you decide to invest with the firm. Their professionally trained reps are always ready to help you.
Final Verdict
Is it a good idea to invest with GoldMoney if you’re interested in investing in precious metals? A sizeable number of their customers would advise you not to invest with GoldMoney.
The firm’s marketing makes it sound attractive. However, you should be shrewd and heed the advice of their former customers.
Goldco is a far better precious metals investment firm, especially when you want to invest in precious metals as a long-term asset on your portfolio.