BullionVault Review
Investors venturing into the realm of gold investment may need clarification about the gold companies to trust or the best companies for gold investments in the precious metals market. Hence, this Bullionvault review will cover various crucial aspects of the company, such as its owner/founder, advantages and disadvantages, what it sells, and its rating on different consumer rating websites.
By the end of this review, you’ll have answers to these five critical questions commonly posed by investors:
Is BullionVault a gold IRA?
Is BullionVault a scam or a legitimate company?
Why should I do business with BullionVault?
How does BullionVault operate?
Is BullionVault the best gold company?
Where does BullionVault store its gold?
Is BullionVault a Gold IRA?
BullionVault is not a gold Individual Retirement Account (IRA) custodian. It’s a precious metal company in the UK that generally allows customers to buy and sell precious metals.
BullionVault only helps clients with the paperwork they need when setting up their gold IRA accounts.
Bullionvault’s website explains how to buy precious metals from the platform using funds from your regular IRA.
Is BullionVault a Legit Company?
After intensive research on BullionVault and its primary stakeholders, the following are conclusions about the company:
● BullionVault is not a scam company.
● BullionVault can be trusted with your gold, silver, and platinum.
● BullionVault is a reputable business, and in every nation where it operates, it's legal to purchase and own gold and silver.
Read until the end of this review, and you’ll find the rationale behind these conclusions.
Introduction to BullionVault
BullionVault is the largest online gold dealer in the world. Before purchasing gold from BullionVault, read this review to learn everything you should know. This review will also help you determine whether this platform is reliable and safe.
BullionVault's online reviews are good, so it’s essential to discover what people have said about it and why.
What Is BullionVault?
Since 2015, BullionVault has emerged as one of the biggest and favorite gold and precious metals providers. BullionVault stores physical gold and silver valued at roughly €2 billion, serving over 85,000 customers worldwide. As a business, it’s recognized for facilitating the purchase, sale, storage, and exchange of gold, silver, and platinum for its private clients..
When purchasing gold through BullionVault, you can buy grams of standard bullion bars that are around 400 ounces in weight. This weight is as defined by the LBMA. BullionVault has been a part of the London Bullion Market Association since 2008. The London Bullion Market Association is the accepted association for the gold market in London, UK, and also determines the standard for bullion bars.
Standard bullion bars are purchased and traded at low premiums above their gold content market value. This common premium trade allows investors to buy, sell, exchange, and store gold bullion without paying much.
BullionVault functions similarly to an individual investor's gold exchange. Business customers can purchase, sell, or trade gold with one another. Furthermore, the company operates equally to a marketplace. It can both buy and sell gold to clients.
BullionVault has twice won the Queen's Award for Enterprise in the United Kingdom. In 2009, it received the Innovation Award for enabling individual investors to purchase gold on the professional market. Subsequently, in 2013, BullionVault earned the International Trade Queen's Award.
The World Gold Council is the gold industry's market development organization. Its members are well-known gold mining firms with a combined market value of more than $200 billion.
The World Gold Council acquired Bullionvault's equity investment in 2010 in collaboration with RIT Capital Partners, a technology fund that Rothschild Investment Trust heavily invests in.
What Issue Does It Address?
Investing in and holding physical gold and other precious metals has always been highly risky or costly. It can also be expensive and unsuitable for everyone to rent a safe deposit box. Keeping gold and silver in storage can be more costly than advantageous, mainly when dealing with smaller quantities of metal.
The primary benefit of using BullionVault is the affordable and safe storage of gold, silver, and platinum. The monthly starting price is as low as $4 (gold).
What Does BullionVault Do?
Anyone can purchase, store, and trade physical platinum, silver, and gold using BullionVault. In addition to bars, gold and silver coins are offered.
Where is BullionVault Located?
BullionVault's address and head office are in Hammersmith, London, UK, at the Galmarley Ltd building, 3 Shortlands (7th Floor), Hammersmith, London, W6 8DA. While this is the company's headquarters, safe vaults are also located across five countries.
Where Does BullionVault Store Gold?
BullionVault has several physical locations with vaults in 5 countries. Below is the list of the physical sites for your gold you can choose from:
• London (UK)
• New York (USA)
•Toronto (Canada)
• Singapore
• Zurich (Switzerland)
BullionVault insures all coins and bars. Additionally, you can designate where you want to store your precious metal. Clients are not required to keep precious metals through BullionVault.
Let's say you are an investor who resides in London. Singapore and New York are two possible locations to store your precious metals. Still, you might choose Zurich or London if you like having your gold close to home.
If you feel more comfortable or decide to change your mind, you can quickly move your precious metal to another vault in a different nation.
Owners and Funders
The primary owner and funder is Paul Tustain.
What Can I Buy from BullionVault?
BullionVault offers gold, silver, and platinum in different ways. Coins are usually more expensive than bars.
• Gold Bars
• Gold Coins
• Silver Bars
• Silver Coins
• Platinum Bars
• Platinum Coins
The minimum purchase is 11 grams of various metals.
The minimum purity of the bars for the Bullion Vault is:
● 99.9% for silver
● 99.95% for platinum
● 99.5% for gold bars
Every ingot has a unique "passport" that details its journey throughout life, including its history, the name of the person who refined it, and all its movements. On BullionVault, white gold is currently unavailable.
Advantages and Disadvantages of Using BullionVault
Advantages of Bullionvault
● Renowned and well established websites in the industry.
● One of the most affordable options for purchasing and storing physical gold.
● Provides delivery of gold upon request.
● Recognized as one of the best bullion dealers.
● Offers 4 grams of silver to new subscribers.
● Stores physical precious metals safely.
● Offers comprehensive Insurance coverage.
● There is no VAT on gold purchases.
Disadvantages of Bullionvault
● Doesn’t sell palladium.
● Lacks ratings on BBB (Better Business Bureau)
● Account creation and verification process could be more relaxed.
● Fees are relatively high and tedious.
How Active Is BullionVault’s Website Today?
BullionVault's website has had 99.9% uptime over the previous three years.
A computer hacker cannot steal gold on BullionVault as the transfer of gold is exclusively directed to your bank account. It cannot be transferred elsewhere. Therefore, even if someone gains unauthorized access to your passwords and your private account, their only recourse would be to sell the metal, but they will not make any money. Withdrawals are strictly limited to cash transfers into your bank account.
A further degree of protection arises from governments' difficulty seizing gold held overseas.
BullionVault Automatic Gold Investment Plan
BullionVault introduced its Automatic Gold Investment Plan in March 2013. Under the concept, gold can be purchased by interested parties at the London price every day.
When you create your account as an investor, you can deposit money into your BullionVault accounts as you would into a standard bank account. The corporation will then automatically purchase gold on your behalf using the funds in your account.
You won't have to use the company's trading platform to place orders or transact directly to buy gold in this way.
Instead, you can set up a standing order or automatic monthly payment from your bank account to make consistent deposits. For example, BullionVault can take a set amount out of your regular bank account each month and use it to purchase gold on your behalf.
Bullionvault’s Automatic Gold Investment Plan distinguishes itself from regular savings by offering investors full control over when and how much they want to deposit into their accounts. As an investor, yous can change the amount and frequency of your deposits and stop making deposits without incurring penalties.
In conclusion, the BullionVault Automatic Gold Investment Plan allows you to buy gold automatically at the daily London price.
Simply move funds from your standard bank account to your BullionVault account, and BullionVault will take over and automatically use your funds to purchase gold on your behalf.
It is, therefore, a hands-free gold investment plan because you don't have to trade or place orders actively.
BullionVault Fees and Costs
What's Free on BullionVault?
● Free account funding
● Free account closure
● Free live price charts
● Free registration
Opening an Account
New clients who open an account with BullionVault get 4 grams of silver for free.
Markup for Selling and Purchasing Gold
BullionVault markup for buying and purchasing gold is usually around 0.07%, whether you’re buying or selling gold.
Commission for Trading
BullionVault takes a commission for trading gold on its platform. The charges are as follows:
● 0.5% for the $75,000 worth of gold you buy annually.
● 0.1% for the next $750,000 worth of gold you buy annually.
● 0.05% for all other additional purchases you make in the year.
The commission fees for buying gold also apply when you want to sell.
BullionVault manually determines each commission tier. The commission rates revert to 0.5% annually on the anniversary of the customer account registration.
Cost of Storage and Insurance
BullionVault customers pay 0.12% of their yearly gold value for storage and insurance. Monthly billing is required from BullionVault, with a minimum cost of $4.
Delivery Fee for Gold Withdrawal
For ordinary gold bullion bars (400 troy ounces), the withdrawal fee is 2.5% of the total value of the gold. BullionVault imposes a 3 to 6% premium for 100g gold bars. BullionVault charges 7.5% for gold bars that are not standard sizes.
Fees for Withdrawing Funds
BullionVault subtracts the cost of wire transfers to clients' bank accounts from the amount that customers withdraw.
Still, the costs are typically a little more than $30. BullionVault doesn’t impose transaction fees for wire transactions within the European Union.
Automatic Gold Investment Plan
The Automatic Gold Investment Plan has additional costs that customers must pay. When users purchase and sell gold at the daily London price, BullionVault charges a 0.8% transaction fee; ongoing fees for storage and insurance are charged as usual.
Additional Charges
The company's website clarifies how much BullionVault charges for SMS and other account transaction notifications.
How Do I Use BullionVault?
To purchase gold and silver from BullionVault, just follow these easy instructions.
● Fund and open your account.
● Visit the business' website to register for a BullionVault online account.
● Enter the necessary personal information when registering online for BullionVault.
● Deposit money into your account. You can deposit cash in USD, GBP, EUR, JYP, etc.
● You can use Lloyds TSB to wire money straight to your BullionVault account in the UK. Similarly, Bank of America clients in the US, France, Italy, and Germany can make direct deposits.
Purchase your precious metals (platinum, silver, or gold)
Use the BullionVault website to place your order once the business receives your deposit.
Confirm Your Identity
Within 14 days of financing your account, BullionVault will require you to authenticate and confirm your identity. A copy of your bank account statement and passport, ID card, or driver's license must be sent to verify online. The bank account statement must originate from the same account connected to your BullionVault account.
If you need a different technique to verify your account, you can mail BullionVault a standard bank form that your bank has stamped. Before BullionVault confirms your identity, you can deposit into your account and trade. It just takes a few days to validate and verify an account.
BullionVault Ratings
Trustpilot
● 4.7 out of 5 stars
● The rating was from 2,143 reviews.
● 4.4 out of 5 stars
● The rating was from 1,210 reviews.
App Review for BullionVault
Additionally, BullionVault offers a smartphone app. It's made for the busiest silver and gold traders. The typical long-term investor won't gain anything from it.
BullionVault Promotions
New users who register accounts with Bullion Vault receive 4 grams of silver.
Services for BullionVault Buyback
You can choose to sell your precious metals to BullionVault directly. This implies that you can sell your precious metals to Bullion Vault or other platform users directly for the London price set each day.
BullionVault YouTube video
Bullion Vault's YouTube channel may have many instructional videos on trading precious metals. The company's YouTube video, "How to buy gold the safer, easier and cheaper way," is one of the most watched.
BullionVault Currencies
● Australian Dollars (AUD)
● Euros (EUR)
● Canadian Dollar (CAD)
● United States Dollars (USD)
● Japanese Yen (JPY)
● Great Britain Pound Sterling (GBP)
Brexit and the BullionVault
Being a global company, the effect of Brexit on their operations is minimal. The presence of a reputable UK-based company that holds gold and is a member of the London Bullion Market Association will further entice European investors.
BullionVault Vs. ETF
Investing in gold and precious metals is done quickly, efficiently, and profitably with ETFs and ETCs. The issue is that, for the most part, buying these tools doesn't grant any ownership stake in the gold underneath.
Safe Deposit Box Vs. Caveau
Customers can store gold and silver in three different ways:
1. In a secure box at home.
2. In a safe deposit box.
3. In a designated remote storage facility for gold (insured).
The term "allocated" is essential because it indicates ownership of an allocated share of precious metal or an entire bar instead of "paper gold" through the BullionVault platform.
Conclusion
BullionVault is one of the world's largest online gold bullion dealers, with over 40,000 clients and holding substantial reserves of gold (usually gold of up to 30 tonnes) in allocated accounts.
Client feedback varies regarding the platform’s pricing: some believe its costs and fees are fair, while others find it tedious. However, virtually every client said they loved the company's Automatic Gold Investment Plan because it allowed them to invest in and own gold without actively trading.
Also, some clients said that Bullionvault's cost flexibility and structure are the best solution for retail investors who want to purchase gold and store it easily.
Additionally, clients can request physical delivery of gold from their allocated account at any time, albeit with associated costs. When customers withdraw physical gold, they pay a fee of 2.5% of the portfolio'’s value, along with a 5% surcharge for gold quantities below 400 ounces - (the London Good Delivery Bar standard size.)
BullionVault works 24 hours daily, and its storage of gold in allocated vaults is one of the reasons many clients stick to the company. In addition, it partners with highly secure storage vaults worldwide and gives its customers regular audits of its gold holdings. It has a quick deposit and withdrawal system; every deposit from sale and withdrawal takes at most 24 hours to complete.
In summary, gold investing makes sense if your objective is to hedge against volatility and frequent extreme events. BullionVault is among the top picks if you are searching for an affordable yet reliable solution to safeguard your gold.