Owning gold has become much easier over the last decade. The idea of allocated gold, owning fractions of gold bullion bars stored in vaults, has resulted in customers having greater access to gold on terms applicable to their circumstances.
Two of the most popular outfits offering allocated gold, GoldMoney and BullionVault, are superficially similar but have significant differences.
Customers must be aware of the advantages and disadvantages of each to make their own decisions based on their goals.
here’s the information presented in a table format for easier comparison:
| Aspect | Goldmoney | BullionVault |
|---|---|---|
| Pros | Secure and reliable storage solution | Direct trading with other holders, potentially better prices |
| Robust insurance coverage | Real-time pricing comparison with spot prices | |
| Access to highly secure online portal | Hedge against inflation and economic uncertainty | |
| Cons | Perceived lack of responsive customer service | Charges fees for minor account changes and maintenance |
| Challenges for new investors or less tech-savvy users | Penalties for late verification documentation submission | |
| Reported difficulties in liquidating or transferring funds | Fees for small deposits or password changes |
This table provides a clear overview of the pros and cons of using Goldmoney and BullionVault, making it easier to compare their features and make an informed decision based on individual preferences and investment goals.
Customer Feedback
Customer Feedback on Goldmoney:
Goldmoney receives a below-average rating of 1.57 stars out of 5 from 82 reviewers on SiteJabber. Common complaints revolve around inadequate customer service, high fees, and difficulties with storing and transferring assets.
Despite the negative feedback, there are some positive reviews about the company. To gain a comprehensive understanding of Goldmoney’s services, contacting their customer support via phone or email is recommended.
Final Recommendation: While Goldmoney has mixed reviews, with some customers expressing dissatisfaction, it may still be worth exploring further, especially if their services align with your needs. However, it’s advisable to thoroughly research and potentially reach out to their customer service for clarification on any concerns before making a decision.
Customer Feedback on BullionVault:
BullionVault boasts a significantly higher satisfaction rate with over 2,200 reviews on Trustpilot. The majority of reviews are positive, resulting in an impressive overall rating of 4.6 out of 5, indicating a satisfaction rate exceeding 90%. Customers applaud BullionVault’s dedication to exemplary customer service and its streamlined processes for purchasing, liquidating, and transferring assets.
Final Recommendation:
BullionVault stands out with overwhelmingly positive feedback, suggesting a reliable and customer-focused service. If you’re considering investing in precious metals, BullionVault appears to be a promising option based on its consistently high customer satisfaction ratings.
| Goldmoney | Bullionvault | |
|---|---|---|
| Buy Gold | Yes | Yes |
| Buy Silver | Yes | Yes |
| Buy Platinum | Yes (Goldmoney Sells Platinum) | No (Platinum not available) |
| Buy Palladium | Yes (Goldmoney Sells Palladium) | No (Palladium not available) |
| Physical Delivery of Gold | Yes (Offers Physical Delivery of Gold) | Yes (Offers Physical Delivery of Gold) |
| 24 Hours a Day Gold Trading? | No (24 Hours Trading at Goldmoney) | Yes (24 Hours Trading at Bullionvault) |
| Offshore Gold Storage in Hong Kong? | Yes (Goldmoney Offers Offshore Storage) | No (Not offered by Bullionvault) |
| Offshore Gold Storage in Switzerland? | Yes (Goldmoney Offers Offshore Storage) | Yes (Offered by Bullionvault) |
| Offshore Gold Storage in the USA? | No (Not offered by Goldmoney) | Yes (Offered by Bullionvault) |
| Free Gram of Gold Bullion | No (Not offered by Goldmoney) | Yes (Offered to New Account Holders) |
| Digital Gold Currency | Yes (Can be used as Digital Currency) | No (Cannot be used as Digital Currency) |
| Buying Gold – Fees and Rates | Cost of Buying Gold with Goldmoney | Cost of Buying Gold with Bullionvault |
| Selling Gold – Fees and Rates | Price of Selling Gold with Goldmoney | Price of Selling Gold with Bullionvault |
| The Price of Storing Gold | Price of Storing Gold with Goldmoney | Price of Storing Gold with Bullionvault |
Comparative Analysis of Goldmoney and BullionVault: Fees
Goldmoney Fees:
Goldmoney imposes a fee of 0.5% per transaction for buying or selling precious metals, such as gold bars. For instance, if you sell a gold bar for $100, the platform will deduct a 50-cent transaction fee. Additionally, there’s a 0.75% charge for transferring precious metals between storage facilities.
While there’s no fee for creating or funding your account, charges may apply when transferring funds from your Goldmoney account to your bank. For accounts using US dollars, the wire transfer fee is $25, with higher fees for accounts in Canadian, Australian, or New Zealand dollars.
Monthly metal storage and insurance fees start at $10 for accounts valued up to $100,000. For accounts exceeding this value, storage and insurance fees can reach up to 0.018% for gold, 0.041% for silver, and 0.082% for palladium. There’s no limit on the amount of product that can be stored or insured.
BullionVault Fees:
BullionVault charges a commission of up to 0.5% on all transactions, with potential reductions for bulk transactions exceeding $75,000. Regardless of transaction size, there’s a minimum fee of 0.05%.
Monthly storage and custody fees for gold holdings can be up to 0.12% of the outstanding balance, with a minimum charge of $8 for accounts in US dollars. For silver, platinum, and palladium, storage and custody fees go up to 0.048%, also with an $8 minimum charge.
BullionVault offers text message alerts for account changes at a fee of 20 cents per message, with the option to modify preferences or opt out.
ACH transfers from BullionVault to bank accounts incur a $10 fee. Dormant or deactivated accounts may face fees of up to $500. Additional charges may apply for bullion delivery to your address or transfers between facilities via armored vehicles.
Final Recommendation:
Consider your investment goals and preferences when choosing between Goldmoney and BullionVault. Both platforms have transparent fee structures, but it’s crucial to assess how these fees align with your investment strategy and budget. Additionally, compare the range of services offered by each platform to determine which best suits your needs.
This company is headquartered on the island of Jersey in the English Channel. GoldMoney is set up on a similar plan as BullionVault. Customers can purchase their gold, silver, platinum or palladium directly from GoldMoney, who stores it for them in vaults insured by Lloyd’s of London and located in London, Zurich and Hong Kong. The primary advantage of GoldMoney is the option to take full physical delivery. Delivery options are 100 grams, 1,000 grams or 400-ounce 99.9 percent pure Good Delivery bars. This holds tax implications for GoldMoney customers. Price increases of precious metals held in a GoldMoney account or “holding,” when realized upon the sale of the metals, would constitute capital gains and therefore be subject to capital gains taxes. Taking physical delivery of the gold does not incur capital gains taxes on its own because physical delivery means merely transferring the storage location. GoldMoney offers something different to BullionVault: A patented digital gold currency used to make payments to other GoldMoney customers. When customers purchase gold, they have the option of transferring their shares to other customers. This allows GoldMoney to function as an effective alternative banking system, however if you are just looking to store bullion safely, this feature is probably superfluous and of little interest to you.