Who and what are BullionVault? They are are the world’s largest online investment gold service, for three reasons.
- $100 million in gold and silver is traded every month on their platform
- They manage $2 billion of client assets
- They have over 65,000 clients from around 175 different countries
The company is in part owned by two large and highly reputable organizations. The first is Gold Bullion Investment Trust [GBIT] which became the registered owner. GBIT who is connected to the World Gold Council. The second is Augmentum Capital. Augmentum Capital is a subsidiary of RIT Capital Partners plc, which is listed on the London Stock Exchange.
As is mentioned in the information box above, BullionVault are members of the London Bullion Market Association. The London Bullion Market Association (LBMA) The LBMA is an internationally recognised trade association that represents the UK market for gold and silver bullion. Their clients comprise of the gold-holding central banks, mining companies, producers of bullion, refiners, and fabricators, along with private sector investors.
Also, the company has won the Queen’s award on two separate occasions. The Queen’s Award for Enterprise is awarded by the UK Government to companies for outstanding achievement in 4 key areas. BullionVault won the award for Innovation in 2009, and in 2013 they won the award for international trade. Only companies with the very highest standards are even eligible to enter the Queens’s Awards, so for BullionVault to win it on one occasion is impressive, to win it twice emphasises they are a company of the utmost credibility.
And finally with regards to their credibility, BullionVault won the MoneyWeek award for best gold broker in 2014. MoneyWeek is the UK’s leading financial magazine, and their awards are actually voted for by their readers.
What Makes BullionVault Different?:
It used to be difficult for a person to purchase precious metals in a manner that enabled them to do, so that was easy and efficient, plus unless you were buying bullion in vast quantities, you weren’t able to obtain the best price for your purchase. BullionVault was started to change all that. What they do is they provide private investors like you and me with the opportunity to gain access to the bullion market, while at the same time benefiting from the lowest costs involved in buying and selling precious metals. As far as I know, while there are other brokers out there who offer the opportunity to purchase precious metals, such as GoldBroker, they do not do so on the scale and availability as BullionVault.
How easy is it to open an account?
It is extremely easy to open an account. All you need to open your account is an email address. Upon opening your account you will receive risk-free 1/8oz (4g) silver bullion.This is a currently running promotion at the time of writing this review, so it is quite possible that it may no longer be available when you sign up. Nevertheless, starting your account is very simple.
How do you fund the account?
If you live in the UK you can deposit funds into your account (minimum amount is £100 and the maximum is £5,000) by debit card. Due to the high fees on credit cards, and the low commissions BullionVault charge (0.5% or less) they don’t accept credit cards. If you wish to deposit more than £5,000 you need to do so via bank transfer.
If you live outside the UK you can also fund your account via bank transfer.
Can USA residents use BullionVault?
Yes is the answer to that question. According to their website, nearly a 1/4 of users reside in the US. They do have a dedicated FAQ’s page for US residents which is very helpful, addressing issues such as sales tax, FACTA, and reporting. If you so wish you can also set up a self directed IRA and fund it with your purchases. For more information on setting up a gold IRA, check out our gold IRA companies reviewed page.
What are the costs involved?
BullionVault charge a maximum of 0.5% on your trade for the first $75,000 in purchases per year. This then drops to 0.10% for the next $750,000 and then 0.05% afterwards. The same rates are used if you choose to sell.
There is an additional 0.3% fee for currency switching. More information on the website under their Quick Start section.
Storage costs – BullionVault offer some of the lowest storage costs on the market as the table below shows.
|BullionVault Fees (including Insurance)||ETF Fees|
|METAL||PER MONTH||MINIMUM||PER MONTH|
Do they provide training on using their platform?
Yes they do. The platform is quite simple to be honest but they do provide you with a set of comprehensive instructions on how to trade on their user interface. Watch the video below for a demonstration.
BullionVault are a multi-award winning company who are leading the way in precious metals trading. They offer a very flexible and easy to use platform which enables you to trade 24/7 365 days a a year. All your purchases are stored outside of the banking system, which has huge benefits, and furthermore, you can select the vaults in which you want to store your purchases, from Switzerland, UK, US, Canada or Singapore. Furthermore, with BullionVault you are able to deal directly with other users. This means both and the person you wish to trade with save dealing costs by cutting out the middleman.
Overall Score - Pros & Cons
- World’s leading and biggest online precious metals market
- Trade in any size, as little as one gram
- Multi Award Winning Company
- Deal 24/7 365 days a year
- Some of the lowest rates in the market
- Choice of storage options
- Do offer IRA for US clients, but not the best offering