Goldex: Best App to Invest in Gold !!!!

• 25 July 2020 | 1697 Views | By Mint2Save

What is Goldex?

Goldex is a UK-based fintech company that has pioneered in creating a physical gold marketplace backed by smart trading technology. Traditionally, gold investors do not benefit from the fairness and transparency that regulators impose in other asset classes. Goldex is revolutionizing and reinventing the way gold is purchased and sold by acting an un-conflicted “agent” aligned with its users’ interests – bringing the trading best-practices to the Gold market. 

Who are Goldex’s customers?

Tech-savvy investors can download and use the one-stop Goldex mobile app to receive real-time updates about gold prices, market news, trade recommendations, and charts. For its institutional customers, Goldex provides a trading API with live prices while taking care of their back-end technology, execution of orders, and custody of gold. 

Is Goldex Safe? Is your money safe with Goldex?

In terms of safety, Goldex has implemented the latest cybersecurity measures, a unique operational design, and a legally protected gold ownership trust so that customers can invest in gold confidently and in a secure environment. Furthermore, the company operates with two separate UK banks – one for customers’ funds and the other for the company’s financial accounts. Operationally, client funds are deposited in accounts specifically created for each respective customer.

These “customer accounts” are highly secure and confidential in the sense that nobody else can either deposit or withdraw funds from these accounts apart from the account holder. Thus, customer accounts and funds are extremely safe, transparent, and confidential. When it comes to personal client data, Goldex promises the highest level of secured messaging encryption, strictest anti-fraud features, and monitoring systems to keep user data safe.

How to buy and sell Gold online?

Using Goldex to buy or sell gold is as simple as using any other fintech app. Once you have successfully opened a Goldex account and deposited funds, all you need to do is buy gold – either manually or using the app’s Smart Buy technology. When using Smart Buy, the investment automatically gets matched with the best price location (vault) to buy and store gold. On average, it saves clients between around 8-12% on traditional purchase fees.

Apart from Goldex, you can buy gold online through mobile wallets and investment apps such as Paytm, PhonePe, Groww, GPay, etc. under the Gold Rush Plan of Stock Holding Corporation of India. Even Motilal Oswal Investment Services is selling digital gold via its product ‘Me-Gold’. All these options to buy gold are offered either in association with MMTC-PAMP and/or SafeGold.

If gold is purchased from the MMTC-PAMP platform, then there are no associated storage charges. You can keep the gold for maximum for five years, post which you are required to either convert it into gold coins or sell it. To avoid making your account inactive, you are required to transact at least once in every six months.

Similarly, if you are buying gold from SafeGold using PhonePe, then it is likely that you might have to pay storage charges (after the first two years) based on the amount of gold stored in your account. In this case, however, gold can be held for a maximum of 7 years. Different platforms have different conditions and procedures for sale, withdrawal, and delivery of gold. Goldex allows customers to readily move funds into physical gold to guarantee wealth protection. Goldex customers can redeem their account holdings at any time without penalty or fees.

What is the quality of Gold sold on Goldex?

All of the gold deposited in Goldex accounts is the London Bullion Market Association (LBMA) 99.5% fine gold bars or better.

What happens if Goldex becomes Insolvent?

Since it is a gold investment we are talking about, the company’s financial stability is an important consideration. As for Goldex, your physical gold is held in a trust in your name and is stored in a secure and fully insured vault. Your cash deposits are also held securely well-segregated bank accounts. Such a model ensures that all your funds and gold deposits are ring-fenced against any and all creditors if the company files for bankruptcy. 

Are there any fees associated with Goldex accounts and transactions?

1.Vaulting Fees

The app’s smart trading algorithm aggregates prices from gold markets in five international vaults (viz. London, Zurich, New York, Toronto, and Singapore) and delivers the best available deals to its customers. When a customer opens an account on the Goldex app, he/she agrees to pay monthly fees towards vaulting and insurance of physical gold positions. This fee is charged at 0.02% (or minimum of 3.75 pounds) per month on the total value of the gold held in a customer’s trust.

To make the process more user-friendly, Goldex sends push-notifications to all users on the 23rd of every month to ensure they have enough money in their Cash balance to cover the cost of vaulting. The users who do not have enough balance receive another notification on the 25th day of the month to add funds for covering the monthly fees. In case a user does have enough funds to cover the fees, the app automatically sells a portion of that user’s gold to cover the applicable fees on the 1st day of the successive month.

2. Commission Fees

Goldex charges 0.75% on every buying and selling transaction made on the app. Effectively, a total commission of 1.5% on the price of gold is paid for every end-to-end transaction. Whilst the Goldex app is intuitive and easy to use, their business model and revolutionary technology ensures that their customers always get the best trading deals with savings that exceed the commission amount.

3. Withdrawal Fees

A fixed processing fee of 5 pounds is charged for every withdrawal made on the app.

Do Goldex customers pay interest on Gold bought through Goldex?

Goldex does not require customers to pay interest on the gold bought through Goldex. In fact, Goldex retains the power to increase its value, unlike traditional currencies which are subject to inflation, losing their value.

Who supplies Gold at Goldex? Can my Gold be delivered to me?

Goldex does not own the gold deposited in the Goldex customer accounts. It only provides a smart technology to match customers’ bids to the best-aggregated price from various international gold dealers. The gold bought by customers is stored in highly secure and confidential international vaults. Customers cannot add external gold into Goldex accounts as there is no way to test its quality against the accredited standards maintained by the company. Goldex does not even support the delivery of physical gold to its customers but the service is under consideration