Sell gold which i purchased with cryptos & load all proceeds into debit card or wire to bank account

merida2012merida2012 Posts: 5 Tin ✭
can i do that?

Comments

  • RocketDogRocketDog Posts: 510 Bronze ✭✭✭
    I think that if you bought some of GoldMoney's cold-storage Bitcoin, then traded that for gold within your GoldMoney Full Holding, then want to cash out by wiring that to your bank account or redeeming to your debit card. That should work, in theory. Assuming your full holding is fully verified, and they get all the proper info to wire to your bank.
  • SpontaneousOrderSpontaneousOrder Posts: 267 Bronze ✭✭✭
    If you purchased gold with crypto in a personal or business account, that is locked into the Dubai vault and cannot be loaded into the prepaid Mastercard, nor can it be transferred to your holding. You can only sell the gold and wire the proceeds to your bank.
  • merida2012merida2012 Posts: 5 Tin ✭
    edited February 28

    If you purchased gold with crypto in a personal or business account, that is locked into the Dubai vault and cannot be loaded into the prepaid Mastercard, nor can it be transferred to your holding. You can only sell the gold and wire the proceeds to your bank.

    Thanks alot. I thought if I use cryptos to buy gold when I sell I can only withdraw in cryptos. Tq sir! :smile:
  • merida2012merida2012 Posts: 5 Tin ✭
    RocketDog said:

    I think that if you bought some of GoldMoney's cold-storage Bitcoin, then traded that for gold within your GoldMoney Full Holding, then want to cash out by wiring that to your bank account or redeeming to your debit card. That should work, in theory. Assuming your full holding is fully verified, and they get all the proper info to wire to your bank.

    I heard about buying bitcoin from here but can't seem to find any button to get them on my main page. Are you saying we can wire money into GM to buy bitcoin? I thought GM only sells gold :/ :/
  • RocketDogRocketDog Posts: 510 Bronze ✭✭✭
    edited February 28
    Hi @merida2012 I will say "supposedly" because I could not find information on it in support. But there have been many conversations about it and video interviews about it. Supposedly, in a Full Holding, you can deposit cash (or trade gold), and buy some of GM's special cold-block (uncirculated) Bitcoins and just hold them as an investment. You could not spend those Bitcoins. I only have a Personal account so I would not have access to this feature myself, and like I said, I could not find a support article to send you to.
    Perhaps another community member can jump in here and enlighten us.
    BTW -- in the Full Holding you can also hold other metals such as silver, and palladium.
  • MaxLambMaxLamb Posts: 33 Staff ✭✭✭✭✭
    @merida2012 Hi all, allow me to weigh in as the support and FAQ page can get a bit vague in situations like this.

    You are able to load your Pre-Paid mastercard, or return funds to your Bank account via a wire, from any proceeds from selling metal within your Holding.

    @RocketDog and you are correct! Goldmoney Holdings do offer a wider range of services compared to Goldmoney Personal, including funding via cryptocurrency, purchasing other precious metals besides gold, and purchasing cryptocurrency. If you ever wish to make the migration from Goldmoney Personal to Goldmoney Holdings, feel free to send us a message or give us a call and we can assist your with any of your questions.
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