Is goldmoney legitimate ?

GadsillaGadsilla Posts: 64 Copper ✭✭
I'd like to start of by saying that I really like the idea of goldmoney, and I enjoy holding parts of my portfolio in precious metals as it has granted me great profits and stability. However, upon reading reviews on goldmoney it appears that 90% of the reviews are negative. Mostly due to people being unable to withdraw their funds. This is why I'm restraining from building a strong position in goldmoney. I bought a small $120 position to check it out, and still haven't been able to withdraw it after four months.

Therefore I'm turning to the community here. What are your experiences ? Do you think goldmoney is legitimate, or somewhat shady ? If this post gets deleted or somehow denied from being posted that'll obviously answer it for me.

Comments

  • RocketDogRocketDog Posts: 675 Silver ✭✭✭✭
    @Gadsilla, my first answer to this disappeared after I tried to edit it, so I will try again.
    Yes, it is legitimate. I have been depositing case and redeeming gold for a couple of years. I believe Goldmoney to be an honest, well-intentioned company with some serious logistical problems, trying to operate internationally, online, within the laws of multiple banking regulations, multiple currencies, multiple technologies, etc. Typically if your transactions are set up to work properly, they will go without a hitch. Where the problems seem to arise is if something goes wrong. There do not seem to be systems that proactively identify and trap transactions that have not gone correctly. That is when people have a bit of trouble with feedback. I have had a couple very late shipments of gold due to the fact that the item I ordered was out of stock. I was not notified of the shortage. I just didn't get any gold, and no notification. After contacting them several times I finally got notification and was able to change my order to items that were in stock. I am pretty sure that all of the frustration is due to something like that. Or it is due to depositing money in an unverified account and being unable to withdraw money from the unverified account. So don't put much money into your account until it is fully verified.

    There used to be a lot of interesting discussion on this board, but then people starting using it as a tech support site. Then we all got bored hearing people complain, and i think that is why there isn't much discussion here now, but there are still people trying to use it to get support for their issues.

    When you consider the amount of gold that Goldmoney is holding for people, and how many customers they must have, then you begin to realize that the half dozen people on this board having problems is probably a small percentage of total customers.
  • GoldmattersGoldmatters Posts: 3,841 Admin
    Thanks for you consistent contributions @RocketDog . Your insights are very valuable to this community
  • GoldmattersGoldmatters Posts: 3,841 Admin
    I’ll add to @RocketDog ‘s thoughts here. There is zero doubt in my mind that Goldmoney is legitimate. Remember we are talking about a fully regulated, publicly traded company where successful transactions happen in great number every single day. As Rocketdog has mentioned, the board here is but a small number of global customers.

    No one, myself included is claiming that a company this size can be free from issues. Rocketdog outlines the challenges so I will not repeat what has been stated above.

    Changing the world is never easy.
  • Lone_StarrLone_Starr Posts: 104 Bronze ✭✭✭
    I've been a Goldmoney client for two years. I used it to help educate my son on the value of Gold. We used it as a savings mechanism for his first car, which was very successful. Overall I'm very happy with the service I've received over the past two years.

    There have been a lot of changes / growing pains over the past two years and well you can see the feedback & confusion from that growth and change. Going from a gold payment platform to a holding platform has forced their original clients in BitGold to adapt and change. We all know most people hate change. It felt like the company went from a young hip Canadian company to an old stuffy British company (that might be my American talking :-).

    Things seem to have mellowed out this year and it's been relatively quiet. They seem to have fixed the on boarding issues. As far as innovation, it seems to be a flat boring year for the company (excluding Mene), hopefully we'll start to see added functionality to the holding account next year.

    *disclaimer Just before the debit card option was taken away (due to an EU regulation) I sold all of my gold in my holding and turned that cash into Gold through MENE. So I'm in a sit, wait and watch pattern now with my holding account. I hope to see them add the option of physical redemptions either through Mene or Schiff Gold. I'm not sure why this option hasn't been offered since they are all connected in one form or another & people love holding Gold. I think it could be a cool option to offer others the ability to save in PM and then turn that into a ring or necklace etc....

    The Mene brand is sexy. I absolutely love the ease of the website, the product, speed of delivery and the way it is presented. My wife loves the packaging. They did a fantastic job putting that together! If they keep it up, I'll be a Mene client for life.
  • LGJLGJ Posts: 68 Bronze ✭✭✭
    Legitimate for sure. Potentially revolutionary. But I don't think that the market has favored the model. Roy and Josh are smart and visionary. We will see how things go in the future, but for now we are in some rough waters as far as Goldmoney is concerned IMO.
  • BigMouseBigMouse Posts: 95 Bronze ✭✭✭
    @Lone_Starr agree with you. I am planning to be a Mene client for life too.
    @Gadsilla I used to do weekly auto deposit (old personal account) without any issue. Have not done any transaction in 2018 but will start 2019. The only thing for me is that my holding verification is still pending. It's been 1 year now I think. I will stick with personal account for now.
  • GadsillaGadsilla Posts: 64 Copper ✭✭
    Thank you guys for your replies. I'll see what happens after I get approved. So far GoldMoney appears to have the best functionality for the portofolios I build for myself and my clients fitting my 10% prescious metal rule. However, if like mentioned above there are years of wait time involved it gets to the point where the service isn't beneficial anymore despite idealistically and principally being on point. So I'm truly hoping some efficiency changes will occur.

    Thanks.
  • RocketDogRocketDog Posts: 675 Silver ✭✭✭✭
    I just want to follow up that I have completed two sales of gold from my verified Holding since last Friday, a "small" one of a couple thousand dollars, and a much larger one. Both sales were confirmed within half a day, the funds were allocated to cash within my Holding within two days. Further my "test" wire of small amount reached my large US international bank yesterday -- that is within 3 Business Days. So now I will wire the large amount to the same bank. All of this with NO PROBLEMS. Not a hitch. Not a hiccup. No delay, no suspicion, no technical glitch, no lack of funds. It just worked. There were two business days after Goldmoney declared the wire transfer complete, before the funds showed up in my bank account. That was concerning but I know those funds go to the bank's wire account, and then the bank has to allocate the funds to me. So those two days in the ether were on my bank, not on Goldmoney.

    @Gadsilla thanks for circling back. I am glad you will give Goldmoney a try. I think the new Jumio verification should help speed the onboarding process. Just make sure you test your account and transactions (linked banks etc) with small amounts, and make sure the mechanism is working before you have to make a big transfer and I think you will feel fully confident in this company.
    Further, keep an eye on the news and note how regulatory requirements cause players in this industry to shift and contort their processes. Then aim your frustration at the proper government and central bank sources.
  • BigMouseBigMouse Posts: 95 Bronze ✭✭✭
    @RocketDog Nice post! Good to know you have no issues withdraw fund. That just give me more confidence.
  • BillybetaBillybeta Posts: 43 Copper ✭✭
    its def legit. However, from a shareholder prespective i have been kind of bummed roy has been so focused on mene while possibly at the dispense of GM. Mene is new and exciting and def has potential which will really help GM as a large shareholder. Just tough to watch all the attention go there while GM stock is trading a book or just below book value. WE need more focus!! Still definitely believe there is a bright future these just some of my current thoughts.
  • BillybetaBillybeta Posts: 43 Copper ✭✭
    wrote that quickly and on the go so it reads like garbage but hopefully made enough sense lol
  • RocketDogRocketDog Posts: 675 Silver ✭✭✭✭
    @Billybeta That totally makes sense and I agree with you!
  • GadsillaGadsilla Posts: 64 Copper ✭✭
    Thank you guys. I'll stick around after researching GoldMoney I can say I've been intruiged. I however, would never give any recommendations or build a portofolio position if I'm not completely sure that it's sound.

    Also, there's the issue with the approval time and frankly a lot of people are impatient. Most wouldn't bother with the 4 month+ wait time I'm currently at.

    As a final note the referral program caught my attention as I could use that potential revenue for some minor commission fee cuts.

    How long did it take for you guys to become fully approved ?
  • RocketDogRocketDog Posts: 675 Silver ✭✭✭✭
    I was fully verified in less than a week.
  • GadsillaGadsilla Posts: 64 Copper ✭✭
    RocketDog said:

    I was fully verified in less than a week.

    Wow ! Different times ? Or is it location based ? I tend to move around a lot all over the world for different reasons.
  • RocketDogRocketDog Posts: 675 Silver ✭✭✭✭
    Ya. Lots of people are approved quickly. You pretty much only hear about the slow ones on this board. Most people get approved within a week if there are no exceptional problems with their profile. In your case, moving all over the world probably makes you look like a risk, or at least makes it hard to research your credentials for the BSA (Bank Secrecy Act) and AML (Anti-Money Laundering) legislation, which is concerned with "Follow the Money" and anti-terrorist, anti-drug money procedures. People who live in specific "high-risk" countries will take longer or may never be approved based on policy at the time they apply. You would probably have similar problems applying to foreign (first world) banks for an account with them.
  • GadsillaGadsilla Posts: 64 Copper ✭✭
    @RocketDog Do you work for, are subsidies by, volunteer for, or have any sort of connection to GoldMoney outside of being a regular customer ?
  • RocketDogRocketDog Posts: 675 Silver ✭✭✭✭
    Hi @Gadsilla. No, I don't work for Goldmoney. I am a shareholder of XAUMF stock (US). I don't know anyone who works there, and they don't know me. I don't communicate with anyone at Goldmoney outside of this forum.

    I understand why you are asking as I have had similar concerns with other posters on this site who sound like they may be shilling for the company. I am critical of the company as well, when warranted. But I have also been on this site long enough to notice the trends in the posts, and to consider my own experiences with Goldmoney. Ultimately, I feel Goldmoney is running a legitimate business. They have a lot of customers, and store a lot of gold, and get most of the transactions right. They also have some nightmarish gaps in support for a few people whose transactions fall off the rails. I have seen most of those people get their accounts straightened out eventually. Mostly people who have transactional issues are suffering from delays in the transaction, and understandable FEAR when they feel they cannot make contact or get a response. It becomes apparent that some people are trying to run a scam or are confused or think their $10, stuck in an old Personal account is a major crisis. And maybe it is for them...but the rest of us should not get all worked up because some irresponsible person put $10 into an unverified account, and doesn't have the communication skills to contact support and get it back out.

    Then there is another group of people who have trouble with the validation process. There WAS as HUGE backlog last spring. But that has mostly been remedied. Now most people are getting validated in a reasonable amount of time. How do I know this? Because the sickeningly long threads of complaints on this board have ceased.

    Some people still don't get validated. Those people may have "red flags" in their profiles and may never get validated. And of course they will complain about it here, perhaps rightly so. Others may be having plain old admin problems. It is hard to tell who is who on this board. There ARE legitimate complaints on this board. There are also illegitimate complaints by people who don't understand or have red flags. Some of them feel entitled to have a validated account, and they are obviously upset when they don't get what they want. But is that necessarily Goldmoney's fault?

    I just try to look at it objectively, not over-react, and try to test the system whenever I can to validate people's complaints. I try to apply some psychology and some analysis to the postings on this board to determine what is actually true. I could be wrong. You will see on another post that I have actually decided to remove most of my funds from Goldmoney for now--not that I think it is fraudulent, but because it is not as convenient as it used to be to transfer money in and out (ACH transfers in the USA are now longer available), and I have chosen to invest in a building instead of leaving my money in here. I still trust Goldmoney. I hope they bring back some better transfer mechanisms.

    I hope this response answers your questions, once again, I totally understand your suspicions. It is hard to weigh the conflicting evidence.
  • GadsillaGadsilla Posts: 64 Copper ✭✭
    RocketDog said:

    Hi @Gadsilla. No, I don't work for Goldmoney. I am a shareholder of XAUMF stock (US). I don't know anyone who works there, and they don't know me. I don't communicate with anyone at Goldmoney outside of this forum.

    I understand why you are asking as I have had similar concerns with other posters on this site who sound like they may be shilling for the company. I am critical of the company as well, when warranted. But I have also been on this site long enough to notice the trends in the posts, and to consider my own experiences with Goldmoney. Ultimately, I feel Goldmoney is running a legitimate business. They have a lot of customers, and store a lot of gold, and get most of the transactions right. They also have some nightmarish gaps in support for a few people whose transactions fall off the rails. I have seen most of those people get their accounts straightened out eventually. Mostly people who have transactional issues are suffering from delays in the transaction, and understandable FEAR when they feel they cannot make contact or get a response. It becomes apparent that some people are trying to run a scam or are confused or think their $10, stuck in an old Personal account is a major crisis. And maybe it is for them...but the rest of us should not get all worked up because some irresponsible person put $10 into an unverified account, and doesn't have the communication skills to contact support and get it back out.

    Then there is another group of people who have trouble with the validation process. There WAS as HUGE backlog last spring. But that has mostly been remedied. Now most people are getting validated in a reasonable amount of time. How do I know this? Because the sickeningly long threads of complaints on this board have ceased.

    Some people still don't get validated. Those people may have "red flags" in their profiles and may never get validated. And of course they will complain about it here, perhaps rightly so. Others may be having plain old admin problems. It is hard to tell who is who on this board. There ARE legitimate complaints on this board. There are also illegitimate complaints by people who don't understand or have red flags. Some of them feel entitled to have a validated account, and they are obviously upset when they don't get what they want. But is that necessarily Goldmoney's fault?

    I just try to look at it objectively, not over-react, and try to test the system whenever I can to validate people's complaints. I try to apply some psychology and some analysis to the postings on this board to determine what is actually true. I could be wrong. You will see on another post that I have actually decided to remove most of my funds from Goldmoney for now--not that I think it is fraudulent, but because it is not as convenient as it used to be to transfer money in and out (ACH transfers in the USA are now longer available), and I have chosen to invest in a building instead of leaving my money in here. I still trust Goldmoney. I hope they bring back some better transfer mechanisms.

    I hope this response answers your questions, once again, I totally understand your suspicions. It is hard to weigh the conflicting evidence.

    Thank you for a very well written response. I'm always extremely cautious when using new investment platforms that are requested by clients, who often only have small savings that they are dependent on. I don't run anything big, and therefore have a very personal relationship with these people who decide to put their trust in me with their life savings. Including many that would be noticeably damaged if they weren't able to withdraw say $1,000.

    On a lighter note I can say that so far Mene is getting love and I'm expecting the gold interested clients to make purchases. Especially after we provided the comparative prices equivalent to 5-10% of that of which traditional jewelry stores offer. However, I do believe that a lot of those requests are fueled by Christmas coming up as compared to here on GoldMoney where it is often ideological.
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