Our terms are simple: we only have three charges when it comes to investing in gold with us.
We have one trading commission that is applied every time you buy or sell gold: 0.75%. This means that to complete a transaction from the purchase of gold to the sale, you pay a total commission of 1.5% on the price of gold. Remember that our smart order router works seamlessly, with the aim of bringing you savings on the price of gold that exceeds this amount.
When you open an account and buy gold through Goldex, you agree to pay us a monthly fee in respect to the vaulting and insurance of your physical gold positions. Every single milligram you own is allocated 999.5 investment grade, LBMA approved, responsibly-sourced, physical gold. Your gold is held in trust and in your name, and is stored in world-class, secured vaults and fully insured.
This vaulting and insurance fee is charged at the rate of 0.02% per month on the total value of your gold holdings, with a £3.75 minimum. To calculate your average monthly gold holding we take the maximum gold position you had every day and divided by the number of calendar month days. We then calculate the value of your average gold holding multiplying it by the LBMA London Fix price (pm) of the immediately previous business day to the charging event.
Vaulting fees will be charged when you have (or have had) gold during the current month, and one of these events happen:
– you withdraw funds, in which case we subtract the monthly vaulting fee in advance from the amount of the redeemed funds sent to you.
– you have an active account at the end of the month, in which case we subtract the monthly vaulting fee on the 1st day of the next month.
If you have paid vaulting in advance when you withdraw funds during a given month, you will not be charged a further Vaulting Fee for that month (unless your holding of gold has increased during that month and the amount you have paid at withdrawal is less than newly calculated Vaulting Fee for that month, in which case you will only be charged the additional difference)
Obviously no vaulting fee will be applicable at any point if you have activated a valid free Vaulting promotion!
We send a reminder to all users on the 23rd day of each month via a push notification, to make sure they have enough money in their Cash balance to cover the cost of vaulting… and again on the 25th day of each month only to those specific users that do not have enough available funds to cover this fee. Please note that if you do not have enough funds in your account, the app will automatically sell a portion of your gold to cover the cost as applicable on the 1st day of the month.
We charge a small banking processing fee of £5 for every withdrawal, which is applied as a fixed fee and not a percentage of your total redeemed funds.