- 26 Jul 2021
- Precious Metals
- Comments: 0
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As with any other investment, we recommend that you do extensive research before investing in BullionVault. Read reviews from customers, find out the company offerings, prices, and then compare with other companies in the industry and decide which one works best for you. Below is a review of everything you need to know about BullionVault.
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BullionVault was established in 2003 by Galmarley Limited. It is also partially owned by Augmentum Capital and World Gold Council. They hold about $2 billion in stored bullion, have clients in more than 175 countries and over 65000 clients. The company is one of the most prominent precious metals investment services online globally. Their bullions are stored across five vaults.
BullionVault is highly rated and considered safe by most of its customers. If you would like to store and invest in gold, you should consider BullionVault. Private customers are usually allowed to trade, sell, buy, and store their precious metals at affordable prices. BullionVault has been a member of the London Bullion Market Association since 2008.
BullionVault has quite educational materials that can significantly help anyone new to investing and does not know much about precious metals. For instance, they have a YouTube channel with video tutorials talking about metal trading. Some of the content they put out touches on how you can buy bullion. Therefore, visit their channel to learn a few things about safely investing in precious metals.
The BullionVault website is a multilingual website available in Chinese, Polish, Japanese, German, Italian, Spanish, French, and English. When buying precious metals on the BullionVault website, you can filter the available markets by minimum order size, weight unit, and storage location. It is worth mentioning that you can buy bullion with either of the four currencies BullionVault accepts, regardless of your designated storage location.
At the moment, the website offers six different coins that individuals can select from. Since BullionVault is a dealer, sellers and buyers usually get into the trades with their custom bids respective to the current market conditions.
The platform has a history tab that shows you the overview of the activity of your account based on things like value, quantity, price, currency, metal type, order type, order status, and order date. There is also an investment tab guide that has a purchase guide. Gold has additional guides like investment plans.
How BullionVault Works
BullionVault is a precious metals company that allows people to sell, store, and buy physical platinum, gold, and silver. Other than gold and silver bars, you can also buy coins from them if you are interested.
Generally, it is not advisable for anyone to store precious metals in their home. So a lot of people were not keen on investing in precious metals because the other alternative they had was having their precious metals held in a safe deposit box which is pretty expensive. However, more people are investing in precious metals because there are more affordable storage options now. BullionVault is one of them.
BullionVault offers a storage option for their customers’ precious metals at a reasonable price. You no longer have to worry about storing your precious metals at home or in a safe deposit box that is too expensive. BullionVault offers storage starting from $4 a month, which is pretty reasonable.
BullionVault Storage Options
BullionVault has its storage vault spread across five different countries, so you will select what works for you best. Listed below are the locations you can select to have your precious metals stored.
Having your gold or silver stored in an online vault is pretty safe and an excellent idea. The vaults used by BullionVault are some of the most impregnable vaults worldwide. Besides, all their coins and bars are insured. You are free to choose where you would like to store your precious metals since it is not mandatory to have BullionVault store them for you.
Suppose you are an investor who is based in London. Your preference could be Singapore or New York. However, if the idea of physically collecting your precious metal and bringing it home appeals to you, you could choose London or Zurich. You can also have your precious metals transferred to a different country that provides you more guarantees if you ever have a change of mind.
Is BullionVault Safe?
BullionVault has one of the most secure and safest websites in the world. It is also worth mentioning that they have an app, but this is only beneficial to customers who are traders. You do not have to worry about the safety of your precious metals because they are insured, and you can also be sure that your precious metals cannot be stolen by someone hacking the system.
This is because transfers are only allowed to your bank account. Therefore, if someone were able to steal your information and access your account, they would be able to sell your metals, but they would not access that money because they cannot cash out. This is because cash can only be allowed in your bank account.
Another security upside is that if you hold your gold in a different country, the government cannot confiscate it. However, tax authorities and creditors can easily access the gold in your country if you are holding gold in your country. Luckily, you do not have to worry about this because you can select to have your Precious metals held in a different country by BullionVault.
Three vault providers vault and look after the precious metals bought by BullionVault's customers.
The above-listed companies are part of the London Bullion Market Association as storage and transport authorities. Note that these companies are separate entities and only provide security services to BullionVault.
BullionVault offers different precious metals you can choose from depending on your budget and what you are looking for. It is worth mentioning that coins cost more than bars. Listed below are the options you can choose from when purchasing from BullionVault
For each precious metal you would like to purchase, the minimum is one gram. Listed below is the minimum purity of each bar sold by BullionVault
It is worth mentioning that there is no white gold available at BullionVault, so you may have to look elsewhere if that is what you are interested in. Besides allowing their customers to purchase gold and silver from them, BullionVault also offers their customers an Automatic Gold Investment Plan, not forgetting that they offer safe and affordable storage.
The Automatic Gold Investment Plan lets you buy gold at standard times at the daily London price. All you are required to do is transfer money into your account, and that money will be utilized in automatically purchasing gold. This is a hands-free and also quite convenient gold investing strategy since, as an investor, you do not need to place any active trades or orders.
If you would like to invest in precious metals, then BullionVault is by far one of the most affordable options. However, it is not free since several costs go into having a BullionVault account. Discussed are BullionVault fees broken down.
First, before we get into breaking down the fees associated with having a BullionVault account, it is worth stating that there are specific things that are free. This include:
Listed below are the costs you will incur for storing gold in BullionVault.
It roughly adds up to $48 annually. You can activate an alarm via SMS, but it is not a prerequisite. Note that you will also be charged for each SMS alarm. Essentially, the alarm SMS notifies you whenever there is any movement in your account. For more information about the SMS charges, you can find that information on the BullionVault website.
You will have to pay 2.5% of the total value withdrawal fee when getting your gold bars delivered. This is usually about 400 troy ounces. A surcharge of ca.3-6% will apply for gold bars that are 100g, and a 7.5% charge will apply to non-standard sizes.
Usually, the high fee you are charged for managing your bullion is often charged for things like withdrawals, reservations, transport, and storage. It is also worth noting that you will be charged insurance fees, transportation fees, and taxes upon withdrawal. Not forgetting that BullionVault traders may be charged penalty fees when they violate specific conditions. Listed below are some of the penalty charges you may face.
Selling and Buying Fees
The minimum purchase of BullionVault is a single gram. A commission usually applies to both the selling and buying of gold. For instance, you will be charged a 0.5% rate for the first $75,000 of gold bought when the year starts. 0.1% for the next $75,000 of gold purchased, and 0.05% for any additional gold you will buy in the year. This commission structure also applies to selling gold. You can visit their website for more information on rates and how commission works.
Usually, the commission tiers are calculated every year, and the rates are reset to 0.5% annually on the anniversary of your account registration. It is also worth mentioning that a wire transfer from BullionVault into your bank account will cost you $10, but a wire transfer to BullionVault is free.
How to Open an Account with BullionVault
The process of opening an account with BullionVault is pretty straightforward. Listed below is a step-by-step guide on how to go about it.
They will send you a confirmation email, so ensure you confirm you have opened an account with them in the confirmation email they send you. You will then need to get your account verified. You have eight weeks to ensure that you have verified your account to avoid getting penalized. You will be charged a $30 monthly penalty until you get your account verified.
Opening an account with them is that simple. Once you are done opening an account, they will give you the bonus of four grams of silver they give new customers. You will not have to pay any fees until you deposit money into your account to buy silver or gold. Listed below are the steps you should follow if you would like to deposit money.
It is worth mentioning that you need to verify your identity once you transfer funds into your account. You can verify your account online by providing a copy of your driver’s license, passport or ID, and a statement copy from your bank account that is linked to the platform. You could also have your bank stamp the standard bank form then send it to BullionVault via post to validate your identity. The process takes a couple of days, but you can trade and fund your account before being validated. Ideally, use the mobile app to validate your account.
Note that you can print the data if you would like. Once you are done with this process, you can quickly deposit money whenever you want to buy gold. Remember that the minimum purchase is a gram. Listed below are more things you can do once you deposit money into your account.
Deposits and Withdrawals
Once you have created your BullionVault account, you can deposit money into your account and also withdraw. You can fund your account through wire transfers. Suppose you do not bank with the four forms of currency accepted by BullionVault. There are services you can use to convert your money into one of the acceptable currencies.
Deposits made with a credit card or a debit card can immediately show up, while transfers like SWIFT could take up to 36 hours. On the other hand, international transfers can take three to five business days to show up. It would help to consider bank holidays when estimating fund arrivals since BullionVault is based in London.
Suppose you would like to make a withdrawal. Consider that transaction processing time and working hours correspond with GMT. The transaction charges may vary based on your bank and location.
Pros & Cons of BullionVault
Is BullionVault a Scam?
No, BullionVault is not a scam. It is a very legitimate company that is also just as popular and has been operating for several years. The company has a physical location where they gladly welcome all their customers, but it would be best to call beforehand to set an appointment before you show up.
The choice on whether you should invest in BullionVault is entirely yours. Based on the review, you can decide whether or not it suits your needs. One of the perks of BullionVault is that they have multiple resources that are informational and can help you gain more insight on precious metals, how to buy and invest in them.
Although we do think that BullionVault is a solid company, we believe that there are better companies out there to make your investment with.
You can get a free gold investment kit from our #1 recommended precious metals investment company above, or you can checkout our top 5 recommended companies below...
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