With the recent inflation surge, crypto currency fluctuation, and war in Ukraine, many investors turn to gold/silver as haven. Gold, silver, and platinum can be purchased/sold/stored on BullionVault, a leading platform for the trading of precious metals. Investors own their precious metal holdings and have the option to seize them. Reports on the gold, silver and platinum holdings are published regularly, and these are checked and audited.
Overview
Founded in 2003, BullionVault deals with gold, silver, and platinum. Private investors can purchase vaulted gold from BullionVault online since 2005. A vaulted gold investment is physical gold that an investor owns and has kept in a professional vault for security reasons. BullionVault offers an Internet platform for purchasing and selling gold.
BullionVault’s gold investment solution is a physical gold purchase, deposited in an assigned account, but held in a safe place. This method has the advantage of not having to pay the costs of receiving gold, as well as paying the wholesale rate instead of the most expensive retail rate. Certified investment grade gold is held in a named and numbered account for the benefit of the client.
Customers can also contact BullionVault by phone. As of March 2017, BullionVault also offers vaulted platinum as well as sawdust. Investors can choose from five different gold vaults in Zurich (Switzerland), London, New York, Singapore, and Toronto (Canada) to acquire their gold as their direct owners. Investing in BullionVault is similar to trading gold on a gold exchange: clients can buy and sell gold to other investors. Moreover, BullionVault serves as a market maker, i.e., it brings gold to its customers and sells it to them.
The Automatic Gold Investment Plan was introduced by BullionVault in March 2013 and offers investors regular gold purchases per day at the London price. Upon setting up the investment, the investor can simply deposit money into his BullionVault account, and the money is automatically used to purchase gold.
BullionVault does not require investors to place orders or trade directly on the platform. BullionVault Gold Purchases account holders may make regular deposits (e.g., every month) from their bank account by setting up an automatic monthly withdrawal. Investors can decide when and to what extent to make deposits into their accounts under the Automatic Golden Investment Plan. Payments can be adjusted at any time within certain limits and the deposit can be ceased at any time without affecting their credit rating. BullionVault’s website offers more information about its Automatic Gold Investment Plan.
How does BullionVault work?
Ease of Use
Using the website is easy and clear. The website has a wealth of information, including a handy investment guide, precious metals price charts, news, buying information, and reviews. Even though the site contains lots of information, it is extremely easy to navigate and is extremely user-friendly. Opening an account with BullionVault usually takes just a few minutes. The registration process requires details to be provided, followed by the account being funded (either by bank transfer or credit card). An investor may have to provide additional documents or details for money laundering purposes. The investor’s online trading screen can be used to buy and sell gold after the funds have been moved to BullionVault.
Account Verification
All accounts must be validated within two weeks of registration. It’s easy to complete online and it takes just a few minutes. Provide the following documents, which are necessary: Identification documents, such as a passport, national identification card, driver’s license, or any other government-issued document that features your photo, your date of birth, and your signature. The bank statement of the account that was used to fund your BullionVault account is proof of your bank account. A utility bill may suffice in place of a bank statement has no address is shown on it. The proof of legal entity is also required for businesses and trusts. A confirmation e-mail will be sent to you once your account has been validated. You can check your account status under Account > Validation.
After your usual personal information has been added and your account has been verified, you will be able to fund your account through a bank transfer or credit card payment. Typically, online trading is the primary method for purchasing and selling gold and silver vaults. Buying sawdust gold and silver is easy and convenient for the customer. In theory, you could have any amount of physical bullion in about two hours after registering and verifying your account.
Location and Audit
One of the major investors’ choices is London, Zurich, or New York to store these bars. The customer holding lists match the real holdings, and the company audits its accounts daily. Nicknames are used in this system and they are known only to the account holders. A professional audit allows an investor to ‘see’ the correct balances of the gold.
Customer Support
The service provided by BullionVault is excellent. Customer service quality and ease of use have been emphasized in several positive online reviews. (During business hours) It’s good to know you can call and speak to someone. Another great feature is that Live Support, which is available 24/7, allowing customers to ask questions easily and quickly when needed (again, during regular business hours). There is a very thorough section on BullionVault’s website for frequently asked questions. Most customers have their questions answered by this. The standard e-mail address, the complaints procedure, and the standard mailing address are also available.
Trading Platform
Gold, silver, and platinum bars can be purchased and traded at BullionVault using a trade platform. In addition to bullion bars, the vaults also house professional vaults. A drop-down menu is available on your account for placing buy and sells orders. As a trader, you have the option of buying precious metals from various markets. The Live Order Board displays the current tender price. BullionVault is an online precious metal trading platform where you can directly deal with other members. Buying and selling directly keeps brokerage fees low, since you deal with other buyers and sellers directly.
APP
You can download BullionVault’s user-friendly app from an app store or Google Play. You can access your account on your phone or tablet 24 hours a day with this feature. Shop and sell on the go, and keep track of your order balance and orders. You can set price alerts to receive notification when prices fluctuate. Traders will appreciate that feature if they trade regularly.
Fees Explained
Commission & Currency
A commission of 0.05% to 0.5% is charged for buy or sell gold, silver, platinum, or palladium on BullionVault. The commission rate is based on the amount of any metal traded in a year. There is no minimum trade size (except that the increment is in whole grams) and there is no minimum commission charge.
You can trade the metal in US Dollars, British Pounds, Euros or Japanese Yen. There is an additional 0.3% currency-switching fee for Daily Price orders set in British Pounds, in Euros or in Japanese Yen.
Storage
Why is the gold stored in secure vaults? Allocated vaulted storage is arguably the most secure way of storing gold bars and coins. With BullionVault, you can store your precious metals in a private, secure vault with the help of a trusted provider. A 24-hour online account allows you to access your gold anytime you want, and you can buy or sell more gold bullion whenever you like. It would be harder to do so if having physical metal lying around the house. Gold can be purchased, sold, and stored at the same time.
BullionVault offers very reasonable storage prices of gold, silver, or platinum at high-tier vaults that are safe and secure. BullionVault charges 0.01% per month for gold ($4 min.) or 0.04% per month for silver, platinum, or palladium ($8 min.) including insurance.
Withdrawals
Since BullionVault banks are located in the United Kingdom, working hours are determined by GMT. US bank account holders will be charged a fee of $10 by ACH. A payment fee of $30 will be charged if the ACH option is not possible. For British clients with UK bank accounts withdrawals to UK bank accounts, A CHAPS fee of £20 would be deducted by the bank for withdrawals of £20,000 or more. Withdrawal of less than £20,000 is free of charge through BACS. The fee for EU and Swiss clients is €10 paid via SEPA, with the local bank possible to charge an additional fee. The fee for all other clients other than those in the above categories is $30 via SWIFT.
Final Thoughts:
Gold bullion distributor BullionVault is among the world’s largest. More than 100,000 customers use the company and 46 tones are held. Due to its low-cost structure and flexibility, it is the ideal solution for retail investors who want to buy gold easily.
Investors are protected by the daily independent audit. When it comes to gold investors, BullionVault is difficult to beat with its easy-to-use system, small retailing & storage costs, and 24-hour access with the highest level of customer security.
Sign up to BullionVault here.
