Goldmoney

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

So after one year of being a customer I have received a message that they need a new video KYC check. So I did it several times, but without succes because on apple they confirmed it was nto functional. They asked me to send in PAPER form the same documents for KYC as last year! I wrote them if they insist on PAPER KYC AGAIN, i do not want to be their customer anymore. MEANWHILE I succeded to do a video KYC and everything was ok. After som time after video KYC. I was on a holiday and after holiday I had like 10 messages from goldmoney. When I want to log in my account and read messages, it was closed! Some messages was about sellin all silver positions. So thank you for messages I can not access. I am curious when I will see the money! This is extremly customer unfriendly company and I advice keep away from them.

Don't ever do business with this company. I have been a verified holding for more than a decade, supported and recommended the company over the years, and then foolishly, put a lot more funds into my account end of 2019 to buy Silver as I thought it would do great in 2020. I was right, but very wrong to use Goldmoney service to trade.

Suddenly they need to verify my account, right when the market is heating up, and the verification process cannot be met. Instead they lock me out of my account and keep asking me to try again... for months and no matter what I do, they won't verify my account, always keep shifting the goal... mind you nothing has changed on my end, same address, same person, same accounts. At one point I actually passed the face verification and they said my holding was being verified... weeks go by and nothing has changed, so I reach out. They tell me I need to submit address verification again and they only accept e-statements... so I do that (for the third time), and when that is done, the whole verification process starts over and they want me to do the face verification again. It's ridiculous. Anything to prevent me from taking control of my account. Of course when I funded my account, no problem, but once the money is in my account, suddenly they don't know me.

More than a decade of paying their fees and buying/selling with them, and suddenly they don't know me and lock me out of my account - unable to buy, sell, or bring money home. Nobody can help me and new customer service representatives each time, telling me the same canned response, asking me to try again... one day they'll let me have my money back. Until then, I'm telling everyone don't go anywhere near this company. This went from a service I recommended to the worst experience I have ever had... stay away!

It wasn't always this way and I never write reviews, but felt so strongly that they are robbing many of such an important time in the PM market, instead holding money, refusing to acknowledge who gave it to them, and eliminating it with fees and inactivity. Never before have I felt as though something was stolen from me like this... never.

Very sincerely,
A most unsatisfied Goldmoney customer

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.

To my relief the support team responded yesterday 13. January 2020 immediately when I requested to close my account. With no hesitation it was deleted! I started this account in September 2015. Everything went well. They even compensated me then with 10 Euros because I complained about unforeseen wire costs.
But since gold was going nowhere, I decided not to invest in gold anymore and transferred the value back to my bank-account, mid 2018. Then I got disappointed in Goldmoney for their wire redemption fee of Euro 16.86 (0,5 Gau at the time. A Gau is a Goldgram) + a transferprovision of Euro 5.00. Plus it was not possible to retrieve all the value on my account, because of the amount requested was "too close to your total vault balance". To me this felt like trickery.
The Euro 28.13 that was still on the account I could not retrieve. No words about that rest-value in the email I received yesterday about closing the account. I take this loss. For me it was more important to step out. But imagine the profit of the management team when they do this to thousands of former customers. No bad word from me though about the support team. They seem to be genuinely kind and hard working.

Funny was that Goldmoney opened an extra vault in Toronto for me (while I had my goldvalue chosen to save in Zürich; I did not ask for that Toronto vault to be opened) to wire me some Euros worth of GAUs for my birthdays. That seemed a kind gesture, 0.156 GAU in total. BUT: now in january '20 they simply charged me a fee for this vault. This was simply taken from the rest-value on the account. The fee was more than I received previously. Felt like trickery again. To my taste, this is not the right way to treat customers.
Max Keiser previously invested in this business and trusted them. I am curious to find out what he now thinks of them. I had no time to watch the Keiser report lately. Did anybody hear him talking about Goldmoney recently?