BullionVault Review ☛ Brilliant, Apart from One Thing?
BullionVault is ranked no. 2 in our Top 10 2020 list of precious metals IRA and investment companies. In this BullionVault review, we've compiled all the reviews, ratings, and assessments from various authoritative sources like the Business Consumer Alliance and TrustPilot.
Bullion Vault is an online gold and silver bullion exchange that was founded in 2005 and has just recently celebrated ten years in business. BullionVault, whose headquarters are in London, was founded by Paul Tustain and has gone from strength to strength since opening.
In 2010, the company welcomed the World Gold Council as a co-owner after they invested nearly $20 million. This is quite an accolade. It is thought that 55,000 people have now used BullionVault to buy, store and trade gold and silver which accumulates to a total of $1.3 billion (£820 million) worth of gold and nearly $300 million (£170 million) worth of silver.
These totals are higher than the amount of money that is held at most of the world’s central banks.
BullionVault: Review of Key Features
It is now easier than ever to buy gold and silver bullion and BullionVault have used this fact to great effect. Clients who decide to buy using Bullion Vault hold their gold and silver in vaults owned and controlled by the company.
There are generally five locations where it is stored and the client gets to choose where they want their gold or silver held. These locations are: New York, Toronto, Singapore, London and Zurich.
Do note, however, that BullionVault cannot act an an IRA custodian (more on this below).
A Hidden Advantage?
It is worth noting at this point that precious metals stored overseas are "non-reportable" assets in the United States. In other words, you don't have to tell the government that you own the gold or are storing it.
Having legally non-reportable assets is a way of regaining some privacy from the people that are hellbent on destroying your wealth.
Speaking personally, I consider this a big advantage but note that if you are holding precious metals in an IRA, it is reportable no matter where you store it.
Innovative Peer to Peer Exchange
New clients are asked to provide a proof of identity, an address and a bank account for funds to be removed or added but the process remains simple and pain-free. BullionVault also offers an exchange facility where clients can buy and sell gold to each other.
Competitive prices are also ensured thanks to the live order board that was introduced in the early months of 2013. This now offers an option to buy and sell gold or silver at a price that is independently set at the London gold fix as well as the LBMA silver price.
BullionVault also introduced the ‘Regular Gold Investment Plan’ which allows clients to set up a monthly payment and as soon as the funds are credited, they are used to buy gold from Zurich at the daily price.
Does BullionVault do IRAs?
It is also now possible for clients to hold and operate a Bullion Vault account within an Individual Retirement Account (IRA).
IRAs are available to help provide certain tax advantages for retirement savings. Using a BullionVault account in conjunction with this can be extremely helpful in the long run as it was thought that, in 2010, 75% of all Americans had less than $30,000 for when retirement came around.
Using this service will allow you to plan for the future at any age as you will have the gold or silver stored, ready for your retirement.
One slightly disappointing point to note however is that Bullion Vault does not provide a “one-stop-shop” for IRA investments. You must select a third party custodian and then instruct them to purchase your investment via Bullion Vault.
BullionVault Reviews, Ratings And Awards
Bullion Vault is now the largest online bullion market in the world and offers: low rates, the ability to buy in any size (gold or silver), next-day withdrawals as well as high-security vaults and daily audits.
As a result of this, they have won many awards including two ‘Queens Award for Enterprise’, one for ‘International Trade’ as a result of growing overseas sales by 140% in just 4 years. The other was in the category of ‘Innovation’ for opening private access to the professional bullion markets.
BullionVault has garnered an enviable rating from the BCA and in addition has a 5 star rating on TrustPilot from an impressive 1k+ customer reviews.