Migrating to Holding from Personal is a Horrible Experience

I wanted to get the new stuff, the ability to buy additional metals, which seems to be offered in the new Goldmoney Holding. I sent an email to support a few weeks ago and never heard back. So I researched how I could migrate and found a helpful howto in the support documents.

https://www.goldmoney.com/corporate/news/migration-guidelines-the-new-goldmoney-holding

Surprisingly, I was required to create from scratch an entirely new Holding account. This was frustrating because it required me to re-input all the personally identifying documents that I had already gone through before when opening my original BitGold account. So now Goldmoney has all this information twice.

The account registration process was terrible. There are bugs in the forms. The layout / visual of the registration portal doesn't match the website, so you think there has been a mistake and you've been taken to a website from 2006. If you explore any of the navigational links while in the registration portal you get taken to the normal website but have no way of getting back to the registration portal.

It was a horribly janky experience. It's as if the developers are testing their code on a live production server instead of a development server. It's as if there are multiple development teams working on their own stuff with no one coordinating it all into a single unified product.

Also noteworthy is that Goldmoney Holding apparently doesn't offer the debit cards, while Goldmoney Personal does. So while you are gaining the ability to purchase additional metals, you are losing the ability to spend your metals as currency.

The entire experience has been bad. Reflects poorly on Goldmoney. I submitted "messages" to support for each of the form bugs I encountered, with screenshots. I hope they can get this all cleaned up quickly.

Answers

  • bullionbrotherbullionbrother Posts: 9 Tin ✭
    I am sure there new account sign ups have come to a halt. 8 page form to fill out asking me where my money came from. It is easier to sign up with a brokerage account. I had a lot of hope in this company. now transactions take forever to clear deposited $ 5 days ago still in pending.
  • GMONEY1GMONEY1 Posts: 394 Silver ✭✭✭✭
    This is a side-note (because I think your concerns regarding the ease/difficulty of the migration process ARE valid):

    It IS easier to sign up for a brokerage account ..... and they'll even let you trade margin.... but are those really a good thing for you or for the financial system? (Rhetorical). There is a reason why it is so easy; they don't ask for enough info, and they don't check to see if their customers have what they say they have for assets and collateral....because all they care about is marginal revenue from trading commissions (regardless of risk).

    That said, be careful which brokerage account you use... part of my investment thesis is that a few major online brokers will be bankrupt within two years based on "Negative Selection Portfolios" (i.e. trades they are forced into in order to get marginal commissions), technological advances that have shrunk margins, and an overall lack of vetting and due diligence during the application processes.

    All that said -- as that was a side note -- the process at Goldmoney could be much improved; hopefully, they can find a way to streamline it somehow This world does need the service they provide imo, but in today's world people expect everything to be done in seconds (literally).
  • PinkdogPinkdog Posts: 509 Silver ✭✭✭✭
    Yes it is more work, but I really struggle to understand why it was so difficult. It really is not difficult, just time consuming. It took me 20 minutes to fill out the information requested. In 15 days my fullly verified Goldmoney account was approved.
  • whipowillwhipowill Posts: 4 Tin ✭

    I am sure there new account sign ups have come to a halt. 8 page form to fill out asking me where my money came from. It is easier to sign up with a brokerage account. I had a lot of hope in this company. now transactions take forever to clear deposited $ 5 days ago still in pending.

    This experience is making me consider moving back to BullionVault.
  • Marco_1983Marco_1983 Posts: 130 Bronze ✭✭✭
    @pinkdog Not everybody may have the possibility to authenticate their document and form for the Full Holding upgrade. It is not only time consuming. It is money consuming. You have to go to a lawyer or notary to do that and it costs money. It is not that I do not want to invest with Goldmoney. It's just annoying knowing that people like me coming from an already verified personal account have to go to the whole verification process not once, not twice but three times and also spend money and time in order to do so.

    @whipowill I still have a Basic Holding and waiting for the easier Full Holding verification process to be implemented. Maybe @Melanie and/or @KatyMillington could give us some update?
  • Scrooge_McDuck1Scrooge_McDuck1 Posts: 33 Tin ✭
    Yea so basically with only Gold it seems better to keep it Personal and have no storage fees rather than a full holding? Any other pros/cons?
  • mr1mr1 Posts: 312 Bronze ✭✭✭
    @Scrooge_McDuck1
    See my comment about pros/cons here:
    http://community.goldmoney.com/discussion/comment/26263#Comment_26263

    It is not totally comprehensive, but hopefully helpful.
  • Scrooge_McDuck1Scrooge_McDuck1 Posts: 33 Tin ✭
    Gotcha. I was under the impression that those features would transfer over (especially 1kg storage) so I opened up a holding and transfer my Gold. Grrr trying to cancel the transaction now...
  • Ebomb71Ebomb71 Posts: 10 Tin ✭
    Upgrading my basic holding to a full holding requires a certified copy of a government issued ID. Who the hell still uses certified copy's these days? In Belgium certified copy's of ID documents were abolished years ago as this undermines the security brought by eID's and biometric passports. As a result no lawyer, notary or public official wants or is even allowed to certify the copy of my ID. I brought this to Goldmoney's attention weeks ago but they don't care even though I have a verified personal account as well. As a result, no full holding for me. Meanwhile I have found other options for my metal purchases.
  • KlausKlaus Posts: 102 Copper ✭✭
    Ebomb71 said:

    Upgrading my basic holding to a full holding requires a certified copy of a government issued ID. Who the hell still uses certified copy's these days? In Belgium certified copy's of ID documents were abolished years ago as this undermines the security brought by eID's and biometric passports. As a result no lawyer, notary or public official wants or is even allowed to certify the copy of my ID. I brought this to Goldmoney's attention weeks ago but they don't care even though I have a verified personal account as well. As a result, no full holding for me. Meanwhile I have found other options for my metal purchases.

    True. I believe in the whole "socialist EU" there are government-issued IDs beyond passports. Precisely so you don't need to go out certifying who you are every time.

    As a matter of fact, is a certification by a bank office manager sent over as a digital file any more credible than an ID? Is it any less possible to edit or change for fraud?

    So out of touch
  • KatyMillingtonKatyMillington Posts: 49 Staff ✭✭✭✭✭
    @Marco_1983 there has been some delay on this - we hope to launch as soon as possible!
  • Marco_1983Marco_1983 Posts: 130 Bronze ✭✭✭
    @KatyMillington Thank you very much for letting us know. Please keep us updated. :smile:
  • mr1mr1 Posts: 312 Bronze ✭✭✭
    @KatyMillington
    I've started seeing online ads for the new goldmoney holding, but that seems premature given that the sign-up process hasn't finished being improved and bank transfers haven't been implemented.

    I worry about advertising dollars being wasted with the holding in its current state.
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