BullionVault is one of the largest online precious metals brokers in the world today, and as a result it offers attractive fees close to those of wholesalers. Indeed the fees for buying and selling all metals on the platform are between 0.05 and 0.5%. It is also important to note that other fees are added to these, including storage fees of 0.12% for gold and 0.48% for silver and platinum.
BullionVault review for buying gold and silver
Maybe you have heard of the BullionVault Company and wish to use it as your intermediary to sell or buy physical gold? Read our opinions and detailed review of this service provider, its advantages and disadvantages as well as its major characteristics.
BullionVault : Summary of review
- BullionVault is a company for buying and selling physical gold.
- BullionVault is a competitive and transparent precious metals trading platform.
- Fees are generally lower than other platforms, and there are no entry or exit fees.
- BullionVault offers a wide choice of precious metals and currencies, and is a secure and regulated platform.
About the BullionVault Company:
BullionVault is a British member company of the LBMA, or London Bullion Market Association, which offers individuals the opportunity to buy or sell physical gold in the form of parts of an ingot or bar on the stock markets. It is therefore this company that is responsible for storing your gold which thereby guarantees the best security with reduced transport costs.
To benefit from the services of BullionVault you will need to open an account on their website and deposit funds to then be able to buy gold, or silver, or go on place a limit order. Another particularity of BullionVault is that you can choose the storage place for your gold from several different safes or banks.
The bars or ingots of gold purchased using BullionVault are of course your personal property but if you do not have sufficient funds available to buy a whole ingot then you can own this gold as part of a co-operative.
The sale of gold thereby purchased using BullionVault can be achieved in different ways, either by recovering the physical gold or by receiving the amount obtained following the sale on your account within a period of 24 hours.
BullionVault fees and charges:
Let's look first at BullionVault's fees for buying and selling physical gold.
| Fee Type | Description | Rate |
|---|---|---|
| Buying and selling fees | Fees charged on each transaction in precious metals. |
0.50% for transactions of less than €10,000 0.40% for transactions between €10,000 and €50,000 |
| Storage fee | Annual fee for the storage of precious metals in BullionVault | 0.04% per annum of the value of the metal stored |
| Insurance fee | Annual fee for insurance against loss or theft of stored precious metals. | 0.09% per annum of the value of the metal stored |
| Currency conversion charges | Charges levied when converting from one currency to another. | Variable, depending on currency and amount |
| Delivery charge | Optional charge for delivery of precious metals to your home. | Variable, depending on weight and destination |
Our review of BullionVault:
Apart from several constraints that are normal for resellers and stockists of gold, such as the need to buy gold as part of a multi-ownership, the withdrawal costs of physical gold that are relatively high and the lack of transparency relating to European regulations, BullionVault does offer numerous advantages.
We particularly note the welcome offer of 4g of silver metal of one dollar, one pound or one euro offered to each new client, the costs being relatively little compared to the competition with the gold of a quality that is sold uniquely on the professional market.
History and growth of BullionVault from its creation to now:
It was in 2003 that the BullionVault Company and its now famous website came into being. This was accomplished by the Galmarley Company, managed by Paul Tustain, who managed to raise the capital necessary for the development of an online platform enabling the purchase and sale of gold in a co-operative manner. It required two years of search, research and design before this website was finally launched online in 2005. Two years later, in 2007, the website became available in France.
Profitability and success came quickly to BullionVault and this company showed profits right from its first year of activity. The company in fact benefited from a mutualised gold market, particularly attractive at this time for investors and this was displayed by an explosion in the demand throughout the world.
Just a few years later, in 2015, the BullionVault group was responsible for over 35 employees that worked in its London offices.
But apart from the significant demand it is the incomparable security level offered by this platform that attracts its clients. A number of reputable and well known investors such as the Augmentum Capital Company have joined other companies and entities such as the World Gold Council with investments in this company, each investing sometimes even dozens of million pounds sterling in capital. The website and its platform count no less than 55,000 users that own gold or silver in the safety deposit boxes of BullionVault. This is equivalent to over 34 tons of gold and 500 tons of silver, over 2 billion dollars worth of precious metals in total that are managed by this brokerage company.
BullionVault has become an integral part of the world of gold and silver investment and benefits from a strong brand name as well known with individuals as with businesses.
Why choose BullionVault for investing in gold or silver?
As we have just observed, BullionVault appears to be a true success story since its creation and has charted an unbelievable accomplishment which reassures many individuals. Its site has won a number of awards and has even been cited several times by critics and the press for the quality and true usefulness of the services it offers.
Choosing to call upon the services of BullionVault offers numerous advantages if you plan on investing in gold or silver as you don’t need to actually purchase gold coins or ingots that you place in a safety deposit box in your bank. This website is in fact based on a co-operative purchase system for gold or silver that enables you to purchase part of an ingot or coin depending on your available capital. The other buyers that also invest on this platform will provide the required remaining amount.
The use of the BullionVault website with its great simplicity is also a great advantage of this investment system. You simply need to create a secure account and credit the amount you wish to invest to start purchasing precious metals. Of course, certain documents proving your identity and address will also be required. Once your account has been opened you can, by simply clicking on the purchase button as with any other e-commerce website online, order a safety deposit box for your gold as well as the amount of gold or silver that you wish to acquire.
Once your order has been confirmed you will receive an email confirming your purchase with a contract in your name. Of course, if you wish to go further then BullionVault also offers other tools for your use that enable you to automate your gold purchases according to certain criteria such as the price of this precious metal. This website is therefore intended for beginner investors as well as those more experienced.
To remain profitable the BullionVault website has implemented a system that enables it to obtain revenue in different ways. For example it subtracts commission fees on each sale or purchase of a 0.5% maximum per transaction with a minimum of 0.05%. This commission rate varies according to the amount of gold or silver sold or purchased. The company also invoices certain other costs and fees such as storage fees and insurance which are 1.12% for gold and 0.48% for silver each year. Other fees are also payable such as if you withdraw your funds by international bank transfer. Other supplementary services are also payable such as the anti-theft alarm which consists of sending you an SMS alert in the case of a withdrawal or modification to your account at a cost of 0.20 dollars per SMS.
Frequently Asked Questions
Is it possible to trade gold and other precious metals on BullionVault ?
No. Trading in gold, silver or platinum is not a BullionVault service. Unlike other brokers BullionVault only trades in physical assets. These exchanges are subject to English property law, not financial regulators.
What are the advantages and disadvantages of BullionVault ?
BullionVault's gold and precious metals buying and selling platform has advantages and disadvantages. Advantages include low buying, selling and storage fees, regulation by UK law, and ease of use. On the downside, it is regrettable that only three metals are available for trading.
