GoldMoney Review: Pros, Cons, Fees, & Detailed Research

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Last Updated: February 24, 2024

GoldMoney is a renowned investment firm that deals with precious metals and helps clients manage wealth. The company has been around since 2001, and through its subsidiaries, it operates jewelry manufacturing, property investment, and coin retail businesses. Before we go further in this GoldMoney review, we want you to know how we approach each company review.

At Barcode of Life, we understand the importance of your financial decisions and the trust you have in our information. We conduct in-depth research on every company we review, including their reputation, product offerings, and history. Our goal is to provide you with reliable, comprehensive information so you can make confident choices.

We hold a skeptical view of banks, the monetary system, and politicians, recognizing that these entities often cater more to the wealthy than everyday investors. Therefore, we strongly advocate for individuals to have greater control over their own finances, firmly believing that they should have the power to make decisions about their money, reducing dependence on institutions and politicians.

The #1 ranked gold investment company has agreed to give our readers a FREE gold kit at no cost, until March 7, 2024. If you are even thinking about investing in gold, you need to request this kit.
 
Check out our best gold IRA companies list for 2024.

See How Smart Americans are Protecting Their Savings & Retirement

Key Takeaways

What Kind of Company Is GoldMoney?

GoldMoney is a precious metals company that operates globally. Not many gold companies offer this type of service to investors. GoldMoney Inc. is an online retailer of gold, silver, platinum, and palladium coins and bars. GoldMoney lets investors know their options and will guide you through account creation and management.

Company Background & Ownership

The company opened its doors in 2001 and began serving seasoned investors and other customers who wanted to start investing in gold and other forms of precious metals. Roy Sebag is the founder and Chief Executive Officer of GoldMoney. He is also the founder of BitGold, which merged with GoldMoney in 2015.

GoldMoney prides itself on helping customers reach their investment goals. You can purchase from them and take physical possession eventually, but you must select a storage facility if you plan on investing in a gold IRA. GoldMoney does not offer gold IRA investment services.

What Do Customer Reviews Say?

We take an exhaustive approach to reviewing gold companies. Our first concern is finding negative reviews to determine if a company is worth a recommendation.

We did find quite a few reviews with complaints and want to share the information we found in this GoldMoney review. We urge you to conduct your own research and learn as much as possible about the company before you jump on board.

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Better Business Bureau

We constantly check the BBB before forming an opinion on any company, though this is far from our only resource. We checked the BBB and found the company has an A+ rating with 1.5 stars out of 5. The company is not BBB accredited.

GoldMoney has four complaints that were closed within the last three years and one in the last 12 months. The following are common themes among customers.

Unfortunately, some of the complaints are no longer visible. Over time, the complaints get removed, or the customer keeps them private. We will update you if we discover any further information from this third-party company.

Business Consumer Alliance

We could not find a profile for GoldMoney on the BCA website. We will update this GoldMoney review if one becomes available.

Trustpilot

GoldMoney has a poor rating on Trustpilot, with 2.5 stars out of 5 based on 1,922 customer reviews. Like on the BBB, common complaints revolve around withdrawal problems and communication issues. Customers also complained about extremely high fees and unexpected cancellations.

RipOff Report

There are a few customer complaints on the RipOff Report. The precious metals GoldMoney sells have brought about problems among customers. Some say they cannot get their money back, even when they want to close their accounts. The negative reviews do not look good for this precious metal company.

pros & Cons

We take a balanced approach to reviewing gold companies because we believe there is good and bad in almost every company, and GoldMoney is no exception. Before you register with GoldMoney, review the following.

Pros

Cons

Is GoldMoney a Legitimate Company?

GoldMoney is a legitimate company. Despite the customer complaints, they have been around for decades and have solid ratings on the BBB. Unfortunately, these facts do not mean the company is worth your time.

Many complaints are lodged against the company, and some say you should not trust GoldMoney with your bank accounts because they will continue to drain them dry of money, even if you never invest in precious metals.

We want to clarify that this company is legitimate, but we urge great caution before you proceed with them. Many have complained about storage fees and other issues.

What Precious Metals Does GoldMoney Sell?

Determining exactly what GoldMoney sells is challenging because they have no listed inventory on the website. Not only can you not view the prices, but they do not even show pictures of coins.

In addition, you cannot purchase coins and bars and have them shipped to your home. Every purchase goes to a holding vault; you cannot withdraw until you reach a threshold.

Does GoldMoney Sell Gold Internationally?

GoldMoney has several international vaults that allow people from the following countries to invest in precious metals:

If your country is not listed, you can contact GoldMoney for assistance with buying precious metals. You must supply them with several pieces of information, including how you plan to deposit funds and where you obtained the money.

Fee Structure: GoldMoney Account Management & Precious Metal Storage Fees

Although GoldMoney states they are transparent in their fee structures, customers often complain the company shifts their fees without informing them. We found the following fee structure, but we caution you to check with the company before parting with your hard-earned money because fees can change.

Shipping Policies

GoldMoney's shipping policy is not easy to understand. You cannot take physical delivery until you hold at least one kilogram of gold or 1,000 ounces of silver. You will need to buy millions of dollars worth of gold and silver before you can have the gold bars shipped to your home.

One thing that surprises many people is that they must pay the company for a shipping quote for their silver and gold bars. Unfortunately, their shipping policies need a lot of improvements.

How to Buy Precious Metals From GoldMoney

You cannot purchase precious metals from GoldMoney until you create an account. You can choose from a few, depending on your investment strategy.

It is also important to understand your precious metals will not be sent to one of the vaults until you buy at least one ounce. The following are the types of Gold Money accounts you can open.

Personal Accounts

Most people will open a personal account to buy precious metals from GoldMoney. You will need to start with one account but will have the option of opening multiple ones later.

Personal accounts are non-business accounts. You will not be charged fees unless you hold over 1,000 grams of precious metals. You can buy in small increments of a gram and receive a certificate that you own a portion of a bar. You can buy and sell from a personal account.

Business Accounts

These accounts operate a little differently than personal ones. Small and large business owners can open these accounts.

The business account can also send invoices. Instead of receiving cash for the invoices, GoldMoney converts the money into gold, and you will receive paperwork that proves gold ownership.

GoldMoney business account ownership also allows owners to pay employees while avoiding high charges. GoldMoney does charge a commission fee, but it is usually much less than other services charge.

Wealth Accounts

Personal and business accounts limit the amount of gold you can hold, no matter how much money you have. There are no limits to a wealth account.

Wealth accounts are ideal for investors who want to own a kilo or more of precious metals. With a wealth account, you can invest in different metals, including palladium.

As a wealth account holder, you can sell as much gold as you like without paying extravagant fees.

Add Funds

Before adding money, you must go through a verification process. The company will not open your holding account until you verify your identity.

If you live in a country not supported by the company, you may need to provide more information. You also cannot begin selling gold until the verification process is complete.

You will need to log into your account to add your bank account. You must conduct bank wire transfers to add funds to your account.

You will need to add your bank account information and ensure everything is added correctly, or there could be delays in funding your account with a wire transfer. Remember that you cannot buy gold until you have funds in your account.

How to Redeem Your Gold Bars From the Vault

There will likely come a time when you want to redeem your gold bars. You can redeem your bars if you own at least 1,000 troy ounces of silver or one kilo of gold.

It is important to note that GoldMoney will never ship your gold bars from its vaults. You can call the company to schedule an appointment to pick up your gold bars from the vault in person.

You must bring your ID and paperwork to confirm your identity to pick up your bars. You should also know that GoldMoney will charge 0.75% when you redeem.

Referral Program

GoldMoney also offers a program to allow customers another opportunity to make money. This program gives customers a referral number they can share with others.

GoldMoney will provide compensation when a referral registers and buys gold bars. You can earn up to a 25% commission fee.

Are Your Investments Safe with GoldMoney?

As you begin investing in gold and silver, your first priority should be ensuring your investments are secure in the holding system.

GoldMoney is a publically traded firm that has taken precautions to ensure the safety of its customers and holding system. The following are some of the safeguards put into action for storing gold.

  1. Counterparty risk protection is essential for protecting investors against bank insolvency.
  2. Secure storage with insurance protects your precious metal. Your metals are fully allocated, so no one can buy them or take possession.
  3. You retain 100% ownership, even though your metals are held in GoldMoney holding. You will be charged a storage fee.
  4. The company conducts regular audits and brings in third-party auditors.
  5. GoldMoney has top-notch security measures in place to protect your gold.

It appears GoldMoney has put all the proper security measures in place, so it is likely safe to invest your money, but there are negative reviews that talk about problems with withdrawing. Many people do not like the fact that they have to pay more money with more gold holdings.

Are There Alternatives to GoldMoney?

There are many alternatives to GoldMoney. Some gold companies offer storage options through their own operations.

Other companies partner with secure depositories that help investors protect their gold for precious metal IRAs. You cannot store your gold at home if you invest in a gold IRA because the IRS will not allow it.

Before selecting any gold company, you must research carefully. We have a large selection of reviews we encourage you to read.

Seek knowledge to help you make an informed decision. We are concerned about GoldMoney and are unsure if you should settle for such a company.

Bottom Line: Is GoldMoney Right For Your Investment Needs?

GoldMoney opened its doors in 2001, so they have certainly been around long enough to develop a reputation.

On the surface, GoldMoney seems like a good option for investors, but we became concerned once we started researching and reading about all the complaints.

We cannot, in good faith, recommend GoldMoney to our readers, though the business model seems a good one. You would likely be better off buying from a gold dealer that partners with a secure depository.

If you do decide to work with GoldMoney, be cautious and ensure you read the terms and conditions entirely. Know what you are getting into before registering.

Investing in gold and other precious metals is a sound move, but GoldMoney may not be the best choice. Take your time finding the right dealer to meet your needs. There may be much better options out there for your investment needs.

Recognizing that banks often serve the interests of the wealthy rather than everyday investors, we approach banks, the monetary system, and politicians with skepticism. We strongly believe that individuals should have greater power over their finances, empowering them to make decisions about their money independently and reducing reliance on institutions and politicians.

The #1 ranked gold investment company has agreed to give our readers a FREE gold kit at no cost, until March 7, 2024. If you are even thinking about investing in gold, you need to request this kit.   

See How Smart Americans are Protecting Their Savings & Retirement

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