Bullionvault vs Goldmoney Review, Can you trust them or is it a scam?
Last update: August 2, 2011
We take a look at both of these companies at the same time because they are so similar.
Are you interested in trading gold and silver on a short term basis? Do you want to profit from the rise in precious metals, but you don't need to have physical gold or silver? Take a look at our Plus500 review, you can easily trade in gold and silver on that platform.
How to physically buy gold or silver?
You can see a screenshot from the Goldmoney platform below. First you have to choose which precious metal you want to buy and where you want to store it (Silver in this example).
After that you get the current prices of silver and you can calculate how much silver you want to buy. The order will be executed after clicking on continue.
Let's now take a look at the Bullionvault platform. As you can see it's a bit more complicated because they show all the info at once. You'll see an overview of all the precious metals, the location of the vault and the currency. You can place an order by clicking on the button next to the price (green is sell, orange is buy).
After clicking, the details of your order appear on the right side of the screen. In the example above, we clicked on the Buy button that's situated next to London gold in euro.
What about the fees?
(fees from August 2011)
Bullionvault charges a commission of maximum 0.8% per trade and falls to a minimum of 0.02% depending on the amount of gold or silver you buy or sell in the year. Every month, you also have to pay a storage and insurance fee. It's 0.12% per year on gold, billed monthly and subject to monthly minimum of $4 and 0.48% per year on silver, billed monthly and subject to monthly minimum of $8.
Goldmoney is a bit more expensive. For silver there's a commission of 4.24% per trade, this can fall to a minimum of 2.49%. For gold it's maximum 2.74% per trade and minimum 1.48%. The storage fee for gold is 0.18% per year and for silver it's 0.49%. The storage fee is billed monthly but is paid in precious metals. The minimum cost per month is 0.1 goldgrams or 0.2 of an ounce silver.