What is Goldmoney?Goldmoney Locations, Timings, Email, Phone, Services
Goldmoney is a financial technology company that provides digital gold and precious metals custody and transaction services. It was founded in 2001 by Roy Sebag and Josh Crumb to make gold accessible and usable as a medium of exchange in the digital age.
The company renamed its name in the year 2015 from BitGold to Goldmoney. Goldmoney offers a platform that allows individuals and businesses to buy, sell, store, and transfer physical gold, silver, platinum, and palladium. Users can open an account with Goldmoney and hold precious metals in secure vaults located in various global locations, including Canada, Switzerland, Singapore, and Hong Kong. The company ensures that the precious metals are fully reserved and allocated to each customer.
One of the key features of Goldmoney is its ability to facilitate peer-to-peer transfers of precious metals. Users can send gold or other metals to other Goldmoney account holders instantly and free of charge. This feature enables individuals to make transactions and payments using gold as a form of currency.
Goldmoney also provides a variety of additional services, including a Goldmoney Mastercard that allows users to spend their precious metals holdings directly at any merchant that accepts Mastercard. The company also offers options for converting precious metals holdings into fiat currencies and vice versa. Currently, their biggest industry rival is OneGold.
Address: 305 – 334 Adelaide St W Toronto, ON M5V 1R4
People Behind Goldmoney: CEO, Owner, Co-Founders & MoreWho owns Goldmoney? What is the management team behind Goldmoney?
Roy Sebag is the founder and CEO of Goldmoney. Josh Crumb is another co-founder and CSO of the company.
Mr. Roy Sebag: Co-Founder and Chief Executive Officer
Roy Sebag is one of the co-founders of Goldmoney. He has been serving as the CEO since its inception. Sebag is an entrepreneur and investor with a background in finance. He played a pivotal role in developing Goldmoney’s vision of democratizing access to gold and other precious metals. In addition to his role at Goldmoney, Mr. Sebag also holds the positions of Founder and Chief Executive Officer at Menē Inc., a direct-to-consumer jewelry brand. Menē specializes in creating pure 24-karat gold and platinum jewelry, which is sold transparently based on gram weight.
Before establishing Menē, Mr. Sebag founded BitGold in 2014, a digital gold payments and savings platform that achieved remarkable success. In 2015, BitGold merged with Goldmoney, leading to the formation of Goldmoney before his ventures in the digital gold space, Mr. Sebag worked as a portfolio manager, engaging in fundamental long and short-equity investing. His focus areas included distressed, event-driven, and natural resource-related investment opportunities.
Throughout his extensive business career, Mr. Sebag has been involved in various industries, spanning technology, precious metals, manufacturing, mining, agriculture, and investment management. He has also authored the bestselling book “The Natural Order of Money” and has written notable papers such as “Global Gold Mine & Deposit Ranking” and “The Gold Jewelry Standard.”
Mr. Josh Crumb: Co-founder and Chief Strategy Officer
Josh Crumb is another co-founder of Goldmoney. He holds the position of Chief Strategy Officer. Crumb is an expert in finance and investment management. He has been involved in shaping Goldmoney’s strategic direction and product development.
Paul Mennega: Chief Operating Officer
Paul Mennega serves as the Chief Operating Officer at Goldmoney. With a background in technology and operations, Mennega oversees the company’s day-to-day operations, including technology infrastructure, customer support, and compliance. In 2015, Paul became a part of Goldmoney as a Senior Software Engineer. However, in 2017, he transitioned to the role of Chief Operating Officer (COO) within the company. Throughout his tenure as COO, Paul has dedicated his efforts to enhancing processes and fostering improvements in the workforce.
Paul’s entry into the technology industry coincided with the dot-com collapse, and his experience in Silicon Valley allowed him to witness the unfolding of the US housing bubble firsthand. These events sparked Paul’s deep fascination with global macroeconomic trends, precious metals, and the transformative advancements in the field of finance.
Goldmoney Products: Bullion Coins, Bars, And Rare CoinsAll products offered by Goldmoney
Goldmoney offers a unique and comprehensive system that encompasses a wide range of products and services to cater to its customers’ diverse investment needs. The company’s flagship platform, Goldmoney Holding, simplifies the process of conducting business and making investments with Goldmoney.
One of the notable features of Goldmoney Holding is its inclusivity. It allows individuals, corporations, trusts, joint owners, and various investment companies to open holdings and engage in transactions. This flexibility ensures that Goldmoney’s services are accessible to a wide range of customers.
To facilitate seamless international transfers and business operations, Goldmoney provides essential Metal Transfers and Business tools. These tools enable customers to conduct transactions efficiently and smoothly, supporting their international business activities.
Within the Goldmoney Holding platform, customers have the opportunity to purchase a variety of precious metals, including palladium, platinum, silver, and gold. It’s important to note that the minimum investment allowed is one gram of gold. Customers can choose to store their metals with Goldmoney, and the company offers six vault locations in Zurich (Switzerland), Ottawa and Toronto (Canada), Singapore, London (United Kingdom), and Hong Kong.
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Goldmoney is continuously working to expand its locations and services. It offers accounts such as TFSA (Tax-Free Savings Account), SIPP (Self-Invested Personal Pension), and IRA (Individual Retirement Account) through partnerships like Goldco, catering to the specific needs of different regions and regulatory frameworks. The company also places emphasis on educating and involving younger generations in the investment process.
How to Invest in Goldmoney IRA?Step-by-step guide for investing in Goldmoney IRA
To invest in a Goldmoney IRA, follow these general steps:
Open a Self-Directed IRA Account: Fill out an IRA form to open a self-directed IRA account with their custodian partners. You’ll also need to choose an IRA-approved storage facility for your precious metals.
Fund Your IRA Account: Once your self-directed IRA account is set up, work with your custodian to fund your account with cash, rollover funds, or a combination of both.
Choose Your Precious Metals Products: Goldmoney offers a selection of IRA-approved precious metals products, including gold, silver, platinum, and palladium coins and bars. Choose the products you want to invest in.
Place Your Order: Place your order with the company for the selected precious metals products. You’ll receive a quote with the total cost of your order, including applicable fees.
Direct Your Custodian to Make the Purchase: After placing your order, you’ll need to direct your custodian to purchase on your behalf. Your custodian will provide you with the necessary paperwork to complete this step.
Store Your Precious Metals: Once your purchase is complete, Goldmoney will ship your precious metal products to your chosen IRA-approved storage facility for safekeeping.
However, I don’t recommend opening an IRA with them. Why? Because there are plenty of better options available for you.
Opening a precious metals IRA is a major decision. That’s why I suggest checking out our top gold IRA providers list. There, you can find the best precious metals dealer in your state and choose accordingly.
Also, the list will help you understand what the industry best has to offer and what you might miss out on.
The Partnership between Goldmoney and The Entrust Group:
By utilizing an Entrust self-directed IRA, individuals have the opportunity to enhance the diversification of their retirement portfolio through the inclusion of precious metals such as gold, silver, palladium, and platinum.
Since 2008, Entrust has been working in collaboration with GoldMoney to administer investments in precious metals. This partnership enables us to provide clients with a wide range of advantages and increased flexibility when it comes to investing in precious metals within their IRA accounts.
Goldmoney Fees and Charges: Do they overcharge?What are their fees? Do they have hidden fees?
Goldmoney implements various fees for its services related to buying, selling, storing, and maintaining precious metals accounts. Unlike competitors with flat storage fees, Goldmoney’s fees are based on the value of the account or the number of precious metals held, which may lead to increasing annual fees as clients acquire more metals.
For the purchase or sale of gold and readily available precious metals, Goldmoney charges a commission fee starting at 0.05%. However, for rarer and harder-to-find metals, the commission fee increases to 1%. In addition to transaction fees, Goldmoney applies a fee of 0.075% for exchanges between vaults or when clients transfer their metals from one vault to another. Storage fees vary depending on the vault location and are determined by the types and quantities of precious metals owned. Clients who possess 50,000 ounces or more may benefit from reduced storage fees.
Goldmoney also imposes dormant and inactive fees. Inactivity fees are applicable when clients cease making purchases or using their accounts. An account becomes inactive if there is no access for three years, and after seven years, it becomes dormant. Goldmoney charges up to 1% of the total account value per month until the owner or another person logs in or contacts the company.
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Beyond buying and selling gold, clients can participate in Goldmoney’s referral program to earn additional income. By sharing their referral number, clients can earn commissions of up to 25% on the total amount spent by new clients who sign up using their referral link.
Companies like Augusta charge ZERO fees for up to 10 years and allow you to choose your gold & silver. Goldmoney on the other hand provides fewer options.
Goldmoney Reviews and Complaints: BBB, Trustpilot, SitejabberRead all the Goldmoney reviews & complaints
Better Business Bureau (BBB):
On the Better Business Bureau website, Goldmoney has an A+ rating with 1.5 stars out of 5-star ratings based on only 2 customer reviews. They have been in the precious metals industry for 21 years. Total 7 complaints have been filed and closed in the last 3 years. The business is not BBB accredited on the Better Business Bureau website.
On the other hand, non-BBB accreditation means that a business has chosen not to seek accreditation from the Better Business Bureau. Accreditation is a voluntary process where businesses can undergo an evaluation by the BBB and adhere to their standards and best practices. It involves paying fees and meeting specific criteria set by the BBB.
Not being BBB accredited does not necessarily imply anything negative about a business. Some businesses may choose not to pursue accreditation for various reasons, such as cost considerations or a focus on other forms of accreditation or industry certifications. However, it also means that the business has not undergone the BBB’s evaluation process and does not have the official accreditation and rating provided by the organization.
On SiteJabber, the Goldmoney has 1.5 stars out of 5-star ratings based on 82 customer reviews. The reviews given are not in favor of the company. Customers criticized the company’s customer service and slow delivery.
On the Trustpilot website, Goldmoney has 2.5 stars out of 5-star ratings based on customer reviews. There are 1922 customer reviews on the website. The business has poor ratings on Trustpilot.
Poor ratings on Trustpilot refer to negative reviews and low ratings given by customers or users of a particular product, service, or company on the Trustpilot platform. Trustpilot is an online review platform that allows customers to provide feedback and rate their experiences with businesses. When customers give poor ratings on Trustpilot, it typically indicates dissatisfaction with their overall experience.
Goldmoney has received several complaints on (Trustpilot and Site Jabber)
Goldmoney has received several unresolved complaints from customers. There are also several unresolved negative reviews on different platforms. Our #1 rated gold IRA company has ZERO unanswered complaints on BBB.
Some Negative Customer Reviews:
#1. Karen expresses her initial positive experience with the company, which took a turn when they began requesting unwarranted taxes. Karen is disappointed with this situation and emphasizes the common phrase “death and taxes.” Subsequently, Karen had to file a claim with an entity called “Bio.”
#2. Alison shares a disappointing experience, revealing that their financial advisor recommended Goldmoney, but it turned out to be a rip-off. Alison expresses dissatisfaction with the company’s exorbitant fees and highlights the poor quality of their customer service. In light of these negative experiences, Alison strongly advises others to steer clear of Goldmoney and bids them good riddance.
#3. Ron alleges that his funds were stolen, and his account was subsequently closed, leaving him unable to regain access. He firmly asserts that the company in question is engaging in fraudulent activities, referring to them as scammers. Ron strongly advises everyone to avoid this company at all costs
#4. Kirby shares a disappointing experience, mentioning that fees consumed the entire value of their account within three years. To make matters worse, the company closed Kirby’s account without providing any prior notification. He suffered a loss of over $5,000 USD. Kirby strongly advises others to stay away from this site, labeling it as a rip-off. According to Kirby, the fees imposed by the company will erode the value of any gold one possesses.
#5. Jake strongly expresses his dissatisfaction, stating that the experience is the epitome of terrible. He claims that attempting to withdraw funds is intentionally made challenging, and communication with the company is extremely poor. Jake feels that he has to go through unnecessary hurdles and follow strict instructions, or else the company will retain his money. He advises others to steer clear and stay far away from this situation.
Some Positive Customer Reviews:
#1. Michael P. highly praises Goldmoney, stating that it provides excellent service and offers an important service to society. He expresses satisfaction with the continuous growth of his account number, believing that the current gold bull run is just the beginning. According to Michael, Goldmoney enables individuals to get on the train of this gold rally and reach their financial goals securely.
#2. Chris Balfe shares a positive experience, mentioning that they recently withdrew $8,000 from Goldmoney. They were pleasantly surprised to receive the funds just two days later, as promised, after providing the necessary updates. Chris acknowledges having initial concerns due to negative reviews but states that their personal experience was contrary to those reviews.
#3. Wojciech Lesniak shares a positive testimonial, stating that they have been using Goldmoney for over 10 years without encountering any issues. Recently, they successfully sold their holdings and withdrew funds without any complications. Wojciech also commends Goldmoney’s customer support, noting that they consistently received prompt responses to their queries and concerns. Overall, their experience with Goldmoney has been smooth and satisfactory.
#4. Francisco Sapunar expresses his satisfaction with the exceptional customer service provided by Goldmoney. He highlights the ease of communication and the team’s helpfulness in addressing his concerns. According to Francisco, his problem was swiftly resolved by the team, showcasing their efficiency and dedication.
#5. Steve S. shares their perspective on negative reviews surrounding the process of selling gold and making withdrawals from Goldmoney. Despite reading such reviews, Steve decided to conduct a personal test by selling some gold and withdrawing funds. To their surprise, the process was completed in less than a day. Steve suggests that the challenges some individuals face might be related to legal requirements in their respective countries, as their own experience was straightforward.
Is Goldmoney Legit? Should You Invest With Them?Is Goldmoney a scam or legit? Are they worth it?
No, I don’t think you should invest in them.
However, that’s because there are plenty of better investment companies available for you.
Transparent fee structure
Several decades of industry experience
Does not provide IRA services independently
Has various complaints on BBB and Trustpilot
Few customer reviews available on third-party platforms
The website is very hard for customers to navigate
They charge a $25 fee for redeeming your gold
Goldmoney is a legitimate company that provides services related to precious metals, including the buying, selling, and storage of gold, silver, platinum, and palladium. They have been operating since 2001 and have established a significant presence in the industry.
On the other hand, the company has several recorded complaints against it.
When considering whether to invest with Goldmoney or any other investment platform, it’s important to conduct thorough research and consider various factors. It’s always advisable to consult with a financial advisor or conduct further research to determine if investing with Goldmoney aligns with your specific financial situation and investment objectives.
While I would say they are among the biggest names in the precious metals industry, they are not the best.
There are several companies with more specialization, service, and fee structures than Goldmoney
Before you consider investing with them, I suggest you check out our list of the best gold IRA companies of 2023. Or, you can get a free guide from our #1 rated gold IRA provider below: