How to use goldmoney ? Buy and sell ?

Akeim47Akeim47 Posts: 2 Tin ✭
Hello there ,
I'm new to this and I don't how it works !? How can I buy and sell gold ?
Please advice !
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  • aleithiaaleithia Posts: 6 Tin ✭
    hey , you first have to set up account information, and they have to verify you but sending some additional info.....in community page and online support can find how to initially set up, you'll then get a confirmation from them that you're good to go...initial setup was your name, age, birthday email, credit card info etc....once got the go ahead, to purchase you go to deposit, and you can buy via bank transfer, credit card... (I do credit card so not sure how via bank transfer) but you type in amount you want to spend. example say $100.. (the deposit fee is taken out of this) and it will give you the amount of gold in grams it'll give you for that amount (given the price for that day...say $38 per gram). if you're trying to buy an particular amount of gold, play around with entering different dollar amounts til is says the amount in grams you want in gold. ...(can do this before you finally purchase) once looks good, hit process and submit and you'll get message that it went thru and is being pending via confirmation with the vault...(you also in initial set up have to pick a storage vault...it will ask you which one....options are Toronto, new York, Singapore, European etc etc). storage is free up to 100grams. you can see all your transactions and current balance in overview tab or transaction tab....to redeem or have it sent to you ....have to go to redeem, choose physical gold or bank transfer,,, for physical gold you'll get several options you can pick from and add to "cart" it'll take the fee from it. can buy gold or silver in coins, or cubes, half ounce, whole ounce etc. when done process/submit and it tack on shipping fee. (sorry also in initial setup up or put your address in). it'll show the address it ship to (your address)....you'll usually receive it in 2 days via UPS with signature required when arrives....hopefully this helps some....
  • aleithiaaleithia Posts: 6 Tin ✭
    to sell it, I think I read somewhere that goldmoney doesn't buy it back,....not sure of this, but if you had physical gold shipped to you and want to sell, you could take it to a reputable dealer and sell,,,,that'll take some researching.....but there's a section in community page that does cover selling.....
  • ChrisChris Posts: 53 Bronze ✭✭✭
    Thanks for all the detail @aleithia . One correction would be that storage is free up to 1,000 grams.

    In regards to bank wire transfers, you would need to fill out the relevant details for your bank account in order to process deposits from the bank account and redemptions/withdrawals to the bank account.

    In regards to selling gold, if you were to redeem physical gold to your address and wanted to sell it to a reputable dealer then you would need to make sure that you have it appraised according to their standards in case it differs from our own. As noted previously, it would require some researching.

    If by selling you meant redeeming gold/withdrawing using our platform, then we have different redemption options; we offer global bank transfers, bank wire transfers, prepaid card redemptions and physical gold redemptions to a user's home address. Each type of method comes with their own benefits and it would really depend on what your intentions are for the account whether it is redeeming to your bank account or having a savings account in gold with a prepaid card to allow for spending without an issue of credit. These are just examples.
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