GoldmoneyReviews 91

This company is a scam. Thinking they are a reputable precious metal storage business, I purchased and stored gold with them in their Singapore vault in 2017 drawn in by the fact that they had no storage fees. Over the years, they added steep storage fees and unilaterally transferred my gold to their Toronto vault without my authority. They then decided to close down personal accounts such as mine and unilaterally liquidated my gold holdings in early 2025 just before the runup in gold prices. At the end, they took half my gold possession with their fees and sold my gold without my authorization just before the sudden surge in gold value so that they can pocket the appreciation themselves. When I called to complain, they said they have the right to do it in their agreement as they can unilaterally change their agreement without my consent. GoldMoney fails at its core mission, which is to store gold for its customers. Instead, they consider they have the right to your stored gold as their agreement allows them move it to any vault they want and sell it at any time they want by simply closing your account and freezing its value on that day. Just imagine a storage company that feels they have the right to relocate your stored possessions to wherever they want and to sell it whenever they want just by closing down your account. That's how GoldMoney operates.

First, a preface: if you want more accurate reviews, read SiteJabber (where Goldmoney sits around 1.5 stars) or Reddit threads. Trustpilot rated them around 2 stars until about a year ago, when—quite suddenly—a flood of 5-star reviews appeared.

I joined Goldmoney in 2011 after proper due diligence. At the time, it was a fair and transparent company owned by James Turk. For years I was genuinely happy with them—an honest custodian of my silver bullion at reasonable prices.

Silver collapsed after 2011 and stayed depressed for many years, which was painful, but that wasn't Goldmoney's fault.

Everything changed after James Turk sold the company in 2016 to Roy Sebag. Although the name and clientele stayed the same, the business model changed completely. The new entity became rapacious, deceptive, non-transparent, and predatory.

I first noticed this around 2017–2018 when I began selling small amounts to live on. Goldmoney started freezing my funds. Over the following years, my account was frozen four separate times, each time demanding additional documentation—despite the fact that I had already been fully vetted for years under the original Goldmoney.

No bank, broker, or financial institution has ever done this to me even once. Goldmoney did it repeatedly.

It became clear that my money was being used as leverage. Control had shifted to someone acting without good faith.

At the same time, charges rose: storage fees, selling fees, spreads. Had I not been deeply underwater on silver, I would have exited immediately. Instead, I was effectively trapped.

Even during Covid, they froze my account again, demanding a hard-to-obtain document. There was no legitimate KYC justification for freezing people's money like this. Eventually the funds were released—but only after delay and stress.

They invoke "the law" selectively: sometimes presenting themselves as a hyper-compliant bank, other times as a fintech platform charging massive hidden spreads—whatever suits them.

The freezing of funds is only one part of the model. You discover what this company has become when you try to sell your metal.

When you sell, they now charge a 0.5% fee. Under James Turk, sales were executed at spot with no such fee.

But they also quote prices around 5% below spot.

On a USD 200,000 sale, that's USD 10,000 gone instantly—plus the 0.5% fee. (And if your balance is held in a non-USD currency, they quietly apply a substantial FX spread as well; I only discovered this after converting, so keep funds in USD unless you want another hidden haircut.)

They stopped answering the phone years ago. If you're lucky, someone calls you back days later and hides behind vague language: "We use our own Goldmoney price—it's in the contract."

That USD 10,000 difference is roughly USD 10,000 more than you would pay at BullionVault or under the old Goldmoney. It's an enormous sum for nothing, protected only by small print you "agreed to" under duress.

But this still isn't the worst part.

They do not lock in your selling price—except they do, but only in the direction that benefits them.

You receive a "provisional" rate with a two-day settlement window. If silver rises, you get nothing more. If silver falls, you get paid less.

It's a one-way trade: heads they win, tails you lose.

They sell your silver immediately, so they carry no market risk. Yet they retain the right to pay you less if the price drops, while refusing to pay more if it rises. In volatile markets, this is enormously lucrative.

This is how they make their money: asymmetric rules buried in vague wording, relying on your exhaustion and lack of alternatives. If you object, your funds can simply be frozen again "for review."

If you joined during the James Turk era, you are trapped by default. Many people eventually accept the loss just to get their money back.

Ironically, they still advertise that they "only charge 0.5% when you sell."

In reality, it can easily be closer to 10%.

I was simply unlucky that a once-honest company was sold to this new entity.

If you haven't joined yet, learn from my experience and stay well away. There is no reason to introduce this kind of risk and stress into your financial life when you've been warned.

And again: read SiteJabber, Reddit, and the one-star Trustpilot reviews. You'll find many people describing experiences very similar to mine.

The company decided to change its core feature, which was the ability to get physical gold. Now they are forcing clients to close their personal accounts and sell their gold, not caring about the consequences it can have for their clients. The worst is that they have never informed their clients of these core changes or allowed us to recover physical gold. A company you can not trust. On top of that, their fees are astronomical on the sale.

Goldmoney used to be a trustworthy platform, but since the founder sold the company, it has completely gone downhill. What was once a reputable service now feels like a scam. There's no way to get in touch with a real human being — no phone number, no support team, just endless automated responses that go nowhere. Trying to withdraw your own money? Good luck. The process is so overcomplicated and drawn-out that it feels intentional. You'll be asked to submit documents multiple times, with no explanation, and every single step seems designed to delay you. What should take days takes weeks — or even months, if you're lucky. At this point, I'm not even sure they have a real office. The whole operation feels shady, and it's clear they're not prioritizing their clients anymore. It's incredibly frustrating and disappointing to see how far this company has fallen. I strongly advise against using Goldmoney. Want to tweak the tone or make it more detailed?

Many issues including Locking account and requiring income and employment information after account established. There is a gap between Spot price and what they actually buy/sell. When placing a buy/sell order, they won't lock in the price (and magically) the actual buy/sell price has always been less than the price you agree to. Then, they randomly announced that they are closing my account without providing any reasons. They are refusing to give me my physical assets and requiring that I sell my assets. In my case, the value of my assets are down over $17k and forcing me to sell within 90 days will most assuredly cause me to realize those significant losses. I have tried to speak with someone, but they only communicate via website message service.

I am also a victim of this company's insanely high account fees and extortionist charges when you sell your gold position. There was a TEN PERCENT(10%) difference between the value they showed in my account and the actual proceeds that I received from the sale of my total position, which represented the equivalent of $10,000 CAD in my case and I wasn't even shown the much lower amount at the time I confirmed my sale & wire transfer. I'm now reporting them to various financial governing and regulatory agencies to have them investigated and would also like to join forces with other clients that have been gauged & ripped off by this shady company that exploits its clients to possibly mount a class action law suit against them for fraudulent business practices, especially since they've been receiving complaints about their fees from many clients and done nothing about it.

The main issue is the lack of transparency. A reputable company should be upfront about all fees associated with their services. There is a posted fee of 0.5% per transaction that should cover the operational and logistical costs incurred by Goldmoney for those transactions. If for whatever reason they are insufficient, then those rates should consequently be adjusted and Goldmoney should inform their customers well in advance of the new rates and when they will take effect so they can make an informed decision whether or not they want to keep their assets with them. As it stands now, hidden fees are part of the transaction and results in a huge discounted price when redeeming your assets compared to the real market value and there is no other option than to sell to Goldmoney at its own determined price.

I wonder how Goldmoney customers who recently had to settle the redemptions of their holdings at a steep loss compared to fair market value feel about Goldmoney venturing into other businesses such as jewelry and real estate. Below is a statement from CEO Roy Sebag made recently on Dec 23,2023. This statement from Mr. Sebag comes as no surprise. "Because our precious metals businesses have performed so well in recent months, we have been provided with the opportunity..."

Full statement:

"We set out to build Goldmoney Properties into a second diversified income stream for Goldmoney Inc. by deploying the excess capital we had earned over the 2020-2023 period. Our goal was to capitalise on the generational shift in interest rates, and we felt that it was possible for this second income stream to reach $10 million of long-term inflation indexed earnings power per annum. Because our precious metals businesses have performed so well in recent months, we have been provided with the opportunity not only to reach this goal but to exceed it a whole year earlier than expected. Moreover, we have established ourselves as a reputable counterparty in the institutional property markets and have built relationships with the most prestigious asset managers."

The above quoted text is from an article published on their website directed at shareholders and potential investors in the company. Since I cannot link the article here is the title:

Goldmoney Inc. Announces Third Property Acquisition in the UK

Goldmoney customers deserve a fair and transparent experience. Focusing on core business practices, like competitive fees and clear pricing structures, would likely benefit both customers and the company's long-term success. Perhaps if these customer-centric improvements were implemented, the company's share price wouldn't be at an all-time low.

So apparently with Goldmoney what you see is not what you get… I did sale the spot price was $65.25, the price they gave me is $62. Freaking 5% less than spot price, will never use them again, outrageous fees.

What will make you regret buying is when you decide to sell.
It's not the 0.5% fee, that is standard. Yet, the disparity between Goldmoney and a reputable precious metal marketplace (your loss) will be astronomical.

The example below is not your total cost; that is even higher. This example shows only the difference between buying and selling when compared Goldmoney to a reputable competitor:

On a $50,000 transaction, you will lose at least $3,000, but more likely $5,000 or more. Even a smaller $10,000 transaction will generate an unnecessary loss of at least $600 but more likely $1,000 and above.

Goldmoney buy/sell (loss):
Au: 6.10%
Ag: 8.38%
Pt: 11.56%
Pd: 13.33%
Fee - 0.5%
———
6.6% to 13.83% total loss

Competitor:
Au - 0.17%
Ag - 0.4%
Pt - 1.1%
Fee - 0.5%
———
0.6% to 1.6% total loss

The staggering 6 - 12% shock will leave you thunderstruck. Think and decide for yourself.

I opened my account some months ago, but I discovered they were charging me $10 a month on my cash balance. I never bought metals, but when I tried to withdraw my funds, they told me I could only withdraw profits from metals investments. In short, they won't give me my money back.

Not only do they charge insanely high fees (I invested an amount with them as a test and they took 43% PER YEAR in fees) they also make it impossible to withdraw the remaining amount due to fees on transfer.
The change in their fee policy was not communicated or accepted and their customer service is incredibly unhelpful, even their replies on here are a joke it's the same copy paste response.

Invest your money elsewhere, these thieves will just take it.

When many began GM accounts around 2010 it was more simple with lower fees. It was perfect for travelers who could "set it and forget it". At some point that change, seems like around 2020. Fees got ridculous with notification and they began demanding more documents that those traveler types don't have.

You will be lucky if you can ever get your money back from this place. They demand reverification of documents that are near impossible to get for the types of folks that GM was originally marketed to.

At this point it seems like it might be a legit ponzi.

My financial advisor recommended Goldmoney and what a rip off! They charge exorbitant fees and have horrible customer service.stay away and good riddance!

In 2008, I set up gold holding with them, at the time worth $10,000. Their material said they kept the gold in a vault and I never had to do anything until I needed to. But when 15 years later I tried to access my holding on-line they informed me that they closed my holding due to inactivity, wiping it out with a inactivity fee in April 2022. They claim they sent notifications of their policy change. I never received anything.

They just stole my money. Based on current gold prices, they stole over $26,000.

They stole my funds and closed the account.

I can't regain access to my account.

They are scammers.

I have been with Gold Money for over 10 years and have found their operation to be top notch. I see a number of bad reviews but it looks to me like mostly inexperienced, whiny small, short termers that this type of outfit is not geared toward. I recommend they get a passbook savings account at a local bank. For seasoned long term investors that want some "real money" internationally to put aside Goldmoney's the real deal. They have been responsive in a reasonable time frame when contacted and appear to remain compliant with the increasingly onerous financial regulations that nearly appear as de facto capital controls that have become de rigor in this new world disorder. The case for precious metals is better than ever and Golmoney is a wise choice for an allocation by savvy investors.
MC

I have been a member for10 years. I came across quite a few reviews on how bad Goldmoney was because they would not give you your money, you could not withdraw, etc. The reviews say that they ask you for a ridiculous amount of forms which is a ploy so that they can keep your money. I started to get worried because I have a good chunk of my savings there. So I went and for the first time ever sold some gold to try it out. They asked me for 1 document that had my current address on it. I sent it, it took two days and I received an email that I was now able to withdraw my funds. This is the KYC I think it's called that everyone was complaining about. Really? I seriously do not understand what all the complaining is about. It was as simple and quick as can be. As for the fees for buying and selling, I think they are great. I estimated that all in they charge about 5-6% premium for silver. Try finding that premium anywhere else. As I speak, silver spot is around $19 and silver eagles are at $33 at any online store. Maples are at $27. That is around 60 to 70% in premiums! There are always haters. I am very happy with Goldmoney and will continue to use them and recommend them.

I put in £20 to test their site to see if i wanted to invest larger amounts, I did this with crypto and stocks too.
Within a few days my money was halved, when I asked why they said that they have a $10 a month storage fee, so i said that is too much and I need to withdraw my money. They charged me 1% to sell my holdings, but I could not draw out my remaining £11.36 because they charge $25 to do a wire transfer.
It would be a lot cheaper to buy gold from a reputable broker and pay for a safety deposit box. It is only £20 but if I put in £2000, I would be down $120 after a year, if I kept in there long term as most people buying gold would do, my gold would have evaporated after some year with no appreciation after fees.

Fees ate through the entire value in 3 yrs, then they closed my account without notification. Lost over $5k USD. Stay away.

It seems as if they indirectly cater to six figure plus transactions/clientele. Because, I deposited $100 just to test the waters with plans of being a long term investor once that had gained my trust. However, I had to jump through innumerable hoops in an attempt to verify that I sent the funds, even though my bank showed that they had received them several days prior to me contacting customer service. Then, when I had finally reached the final verification stage, my funds were "magically" rejected with no reason as to why.

I reached out to customer service and was told that they would contact the transfer department to see what happened. But they promptly ghosted me.

I did a quick search for the top/best precious metals brokers, and they didn't make any of the lists. From this experience, I can see exactly why. I'm thankful I dodged that bullet. Going to be buying from a reputable dealer, and storing my metals in a safety deposit box.