BullionVault Review (2024) – Is BullionVault Legit Or A Scam?

1. BullionVault Review – What Is BullionVault?

To begin, founded in 2005 by Paul Tustain, BullionVault is now partly owned by Galmarley Ltd and Augmentum Fintech plc.

It holds gold in vaults in London, Zurich, New York, Toronto, and Singapore for its customers. And as early as June 2012, BullionVault held around 30 tons of gold. The company is registered in England and is regulated under UK Company Law.

Because it trades in bullion, which is outside the scope of the Financial Services Authority (FSA), it is not regulated by it. It is, therefore, not reviewed by the BBB (Better Business Bureau) either.

Let alone, BullionVault provides individuals and professional investors around the world access to professional bullion markets. With BullionVault, you can benefit from the lowest costs of buying, selling, and storing gold and silver bars.

It is known as the world’s largest online investment gold service, and services 3 billion dollars for at least 90,000 customers. You can say that BullionVault is a peer-to-peer silver and gold exchange.

More specifically, it functions like a stock brokerage in the sense that members can buy and sell, as well as easily store and keep track of their investments.

Additionally, BullionVault was twice the winner of the Queen’s Award for Enterprise in the United Kingdom.

In 2009, they won the Innovation Award for enabling private investors to access the professional gold bullion market. And in 2013, they won the Queen’s Award in the category of international trade.

One thing that makes Bullionvault stand out is the fact that it is partially owned by the World Gold Council. This allows customers to have direct access to the professional bullion market.

Furthermore, since 2008 BullionVault has also been a member of the London Bullion Market Association.

1.1 BullionVault’s Bullion

A purchase of gold through BullionVault is an investment into bullion bars or coins. And the bullion is stored in professional-market vaults in Zurich, London, Toronto, Singapore, or New York.

Besides, BullionVault can also deliver gold coins, but only to UK residential addresses. The gold bars are of investment-grade gold and are available in a range of sizes from 1 gram or 1 ounce.

Best of all, investors have access to their accounts and can buy and sell gold through BullionVault, 24 hours a day, every day of the year. This makes it a great offering for active gold investors, as well as those with a buy-and-hold profile.

For this reason, BullionVault’s accounts are audited daily, with lists of client holdings matched against its actual holdings. This is done by a nickname system, and only account holders know their nicknames. An investor can ‘see’ his gold by viewing the independently posted audit.

Next, let us move on to who BullionVault is best for.

2. Why Invest In Precious Metals?

Think back to the 2008 Great Recession. It was a devastating time for millions of investors and many people lost it all.

Now, with the aftermaths of the pandemic, we are in the middle of another financial crisis with persistent high inflation and a possible recession lurking around the corner. Needless to say, the effects on the economy are expected to be long-lasting.

Gold serves as financial insurance and protects your savings account from the effects of stock market volatility and inflation. In fact, investors who own physical gold and silver have financial insurance that will appreciate in value when the fiat system depreciates.

To summarize, precious metals will help you:

• Hedge against a weaker dollar and inflation
• Protect from stock market volatility
• Limit exposure to economic uncertainty
• Mitigate the effects of geopolitical instability
• Diminish negative fallout from the coronavirus economic crisis
• Diversify your portfolio
• Take private ownership of your financial future

Just a small allocation of precious metals–5% to 10%–could add a significant amount of protection to your portfolio if things get ugly in the financial markets.

Now, let us take a look at one of the most important aspects of this in-depth BullionVault review (2024), their products.

3. BullionVault Offers The Following Products

4. IRS Requirements For Gold Or Silver IRAs

There are requirements and guidelines you must follow according to the IRS when investing in a precious metals IRA.

Here are the IRS requirements:

• Purity Requirement – The purity has to be .995 for gold, .999 for silver, and .9995 for platinum.
• IRA Bullion Must Be Stored With A Custodian – The bars must be secured in a depository for safekeeping and at arm’s length of the IRA holder.

With this in mind, at BullionVault, all gold, silver, and platinum are equal to the purity standards set by the IRS. Moreover, all bullion is stored in your choice of professionally operated vaults.

5. Gold Or Silver IRA Opening Process

There are best practices when it comes to opening a gold or silver IRA at BullionVault. Here you can read about the 4 steps:

	1. Select Your IRA custodian The first step is to find an IRA custodian or administrator who is able to hold gold, silver, and platinum in an IRA. BullionVault uses New Direction Trust Company and MidAtlantic IRA, LLC as their custodians. If you do not want to use any of BullionVault’s options, it is recommended that you make sure whoever you choose as your administrator meets all your needs and follows all the requirements set by the IRS.
	2. Open An IRA Account The next step is to open an IRA account with the administrator you have selected and fund it through a transfer, rollover, or an IRA contribution.
	3. Select Your Precious Metals Be sure to tell your administrator that you want to buy IRA bullion from BullionVault by completing the form for Buy direction or a Purchase Authorization Letter. For more details, you can contact an IRA expert at BullionVault.
	4. Purchase Precious Metals After the account has been funded, your purchase of gold, silver, and platinum will be sent to the account. As simple as that!

6. BullionVault Gold Chart

With BullionVault, you can buy gold and silver at the cheapest prices in the market. For starters, you can buy gold in 1-gram or 1-ounce increments within LBMA-approved wholesale bars. And you also have the option to invest in gold or silver coins.

The Company guarantees gold and silver prices closer to the wholesale market price. They are able to have such competitive prices since they purchase their metals in bulk and can pass much of these savings to their customers.

The BullionVault gold chart displays the daily gold spot price. You can always trust BullionVaults’s gold chart to show you the most recent daily gold spot price.

The gold chart also shows you the price of both buying and selling gold per troy ounce:

Next, let us move on to the rates and costs of trading gold and silver.

7. Fees

The BullionVault fees and commissions are as follows.

Premium/mark-up for buying and selling gold:

• The premium/mark-up for buying and selling gold is typically about 0.07% in each case

Commission for buying and selling gold (commission applies both for the purchase and sale of gold):

• The first US$ 75,000 of gold purchased in the year so far: 0.50%
• The next US$ 750,000 of gold purchased in the year so far: 0.10%
• All additional gold purchased in the year so far: 0.05%

All commission tiers are calculated annually. And the commission rates will reset to 0.5% on the anniversary of the client’s account registration each year.

Costs for storage and insurance:

• 0.12% per year on gold, billed monthly and subject to a monthly minimum of US$4

Withdrawal fee for delivery of gold:

• The withdrawal fee for whole good delivery gold bars (400 troy ounces) is 2.5% of the value. For 100g gold bars, a surcharge of ca. 3-6% applies, in the case of non-standard sizes 7.5% is charged

Withdrawal fees for funds:

• The potential cost of wiring funds directly to the client’s bank is deducted from the amount withdrawn. The charge will typically not exceed $30
• Wire transfers in the European Union are free of transaction costs

Automatic Gold Investment Plan fees:

• For BullionVault’s Automatic Gold Investment Plan special fees apply. BullionVault charges a transaction fee of 0.8% on buying and selling gold at the daily London price
• BullionVault’s ongoing charges for storage, including insurance, are as normal
• Commission at 0.10% and storage and insurance charges of just 0.12% – with a minimum of $4 per month – are probably the cheapest in the industry
• For the investor with larger sums to invest, the commission rate graduates down to 0.05% on sums over $750,000

What is more, an investment can be made in either Euro, Sterling, or US dollars. This means that the potentially costly exercise of exchanging currencies can be avoided.

The next topic we want to clear out in this Bullionvault review is that of investment minimums.

8. Investment Minimums

There is no minimum trade size (except that the increment is in whole grams or ounces). When buying or selling at the daily gold spot price, you pay a flat commission of 0.5%.

However, there is an additional 0.3% currency-switching fee for daily gold spot price orders set in British Pounds, in Euros, or in Japanese Yen.

As a result, rates are the same when you sell, and you can trade in US Dollars, British Pounds, Euros, or Japanese Yen. And the average spread (the difference between the buying and selling price) is zero.

Now to something important if you are wondering whether to invest in BullionVault bullion or not, what do customers say about BullionVault?

9. BullionVault Reviews/Customer Ratings

Needless to say, due diligence is important before investing money into anything, whether it is stocks, bonds, gold, or silver. Investors may wonder how to figure out if they are working with a legitimate gold or precious metals dealer.

Fortunately, the World Wide Web makes it difficult for companies to hide. Customers can go online and vent any frustrations they may have with their gold dealer.

As you can see below, BullionVault remains a greatly respected company in its industry, at the same level as its highly regarded rivals and foremost among the sector’s leading competitors.

To start with, here is a sample of customer reviews on TrustPilot, where they hold a 4.6 star rating based on 2,326 customer reviews.

What brings the overall review rating down a bit is either frustration over the fact that the bank deposit is taking longer than expected, or that the account validation process is a bit complicated for some people.

However, we found it to be pretty straightforward, but not all people are used to uploading documents online.

Now that we have looked into the customer ratings, we will move on to one of BullionVault’s strongest features, the cost calculator.

10. Cost Calculator

One of BullionVault’s strongest features is the cost calculator. It allows you to calculate the costs of commission and storage fees easily and efficiently so that you know what your gold or silver investment will cost you.

It is a transparent functionality that removes any question marks you may have.

Note: You should take into consideration that the trading commissions decrease the more you trade.

You can find a direct link to the cost calculator at the bottom of the website.

Now, let us move on to new customer specials.

11. Customer Specials

BullionVault offers 4 free grams of silver when starting an account.

The offer is risk-free and is meant to give you a taste of BullionVault’s unique order board.

12. What About Storage?

Whether you choose to store in one vault or spread your holdings across more, you will get the cheapest storage rates in the world: only 0.01% per month for gold ($4 min.) or 0.04% per month for silver or platinum ($8 min.), including insurance.

As a result, you can rest assured that your metals are stored in extremely safe professional-market vaults in Zurich, London, Toronto, Singapore, or New York.

Whatever you prefer.

We hope this answers your questions about storage.

Next, let us present our list of the pros and cons of BullionVault.

13. Pros And Cons Of BullionVault

To give you a quick recap, here are some pros and cons of BullionVault:

By now you are probably wondering how to open a BullionVault account, and that is exactly what we will show you next.

14. How To Open A BullionVault Account

To open an account at BullionVault is an easy online process, which takes around 2 minutes.

There are details to supply in the registration stage, and then the account needs to be funded (either by bank transfer or card payment).

All customers will have to validate their accounts within 2 weeks of registration. This is a legal requirement, though again can be done online and only takes a few minutes.

In addition, an investor may need to provide extra details or documentation for money laundering purposes.

Once the funds have been transferred into the investor’s BullionVault account, deals to buy and sell gold can be executed via its online trading screen.

With a single click, you can buy gold and silver bars.

Customers can also post bids and offer on the trading system, allowing them to trade ‘the right side of the spread’, almost unique in the market.

Here is a breakdown of the 4 simple steps to open a BullionVault account:

1. Register
2. Transfer funds from your bank
3. Buy your bullion
4. Validate your account

This is what the registration form looks like:

14.1 Customer Service

BullionVault has associates ready to answer any questions you may have or help you with account-related issues. The Company’s normal business hours are:

If you need any assistance, you can call BullionVault at +44 (0)20 8600 0130 or 1-888-908-2858 (U.S. and Canada toll-free) or send an email to [email protected].

15. Verdict: BullionVault Review (2024)

Is BullionVault The Best Online Gold Dealer?

Our verdict of this Bullionvalut review is that the company is legit, and in fact, the best and largest online bullion dealer in the world.

First of all, the company is taking care of $3 billion for more than 90,000 users, which adds credibility and trust to the equation. Also, you can always buy and trade (or hold) BullionVault’s gold, silver, and platinum for the cheapest prices in the market.

And you can trust that your investment is safely stored in secure vaults in Zurich, London, Toronto, Singapore, or New York.

More importantly, the fact that BullionVault is an online worldwide precious metals dealer makes it accessible to everyone. Individuals can easily invest in gold, silver, and platinum through BullionVault.

Best of all, they can buy metals using several international currencies in order to get the most affordable gold and silver prices.

Even though BullionVault is an online gold and silver trading company, they always have experts ready to help you out if you have questions about your investment or how to open an account.

To recap our BullionVault review, we want to highlight the fact that the Company has excellent customer reviews and is seen as a trusted and respected online gold dealer that has served its customers since 2005.

Besides, BullionVault is partially owned by the World Gold Council. And as a result, customers have direct access to the professional bullion market.

We would say that BullionVault is the ideal precious metals dealer for individuals, as well as professional gold and silver traders. The company offers the absolute lowest costs for buying, selling, and storing gold and silver.

Haven’t opened an account yet?

What are you waiting for?

Click here to start a BullionVault account!

Follow the money! Billionaires have a lot of it and you shouldn’t lose out!