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SendGold app review: Buy, sell and gift gold online in seconds

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We look at the fees and features of the SendGold investment platform.

SendGold is an easy-to-use investment app that allows you to buy, sell and gift high-quality gold in a matter of seconds. When you buy through the app, you buy physical gold that is securely stored in a vault in Australia. You can open an account as an individual, an SME or a trust/SMSF.

Pros + cons

Good for
  • Buying and selling gold with the click of a button
  • Gifting or paying with gold around the world
  • Dealing .9999 fine gold sourced from LBMA refineries only
Not so great for
  • No other precious metals are available
  • You can’t purchase coins or jewellery
  • You never handle the gold, it stays in the vault

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Details

Available metalsGold
Product typesUnallocated bullion, Allocated bullion
LocationsOnline
Standard delivery feeN/A
Standard storage fees$0
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More Info

SendGold is a gold money app founded in 2016 with offices headquartered in Australia. The digital platform allows users to quickly buy and sell high-grade physical gold bullion using their desktop or mobile.

When you buy gold through the app, you automatically become the owner of physical gold held in a vault in Sydney. You can then track the performance of your gold over time and either keep it as a long-term investment or sell it or pass it on to someone else as a gift or payment.

What can I buy on SendGold?

SendGold sells investment-grade 0.9999 gold bullion that has been sourced from LBMA accredited refiners. This means that all the gold is at least 99.5% pure and comes from trusted sources. When you buy through the app, you have full legal ownership of the gold, protected by Australian consumer and property laws.

SendGold does not offer other precious metals, coins or jewellery.

How do I buy and sell gold with SendGold?

It only takes a couple of minutes to sign up to SendGold and just a few seconds to buy or sell gold on the app. You can get the app on Android and iOS mobile phones or on your desktop and can open an account as an individual, an SME or a trust/SMSF.

To sign up, you’ll need to provide your name, address and bank account details. Then simply connect your payment method of choice through the app and your funds will be transferred for any purchases you make.

When you enter a “buy” order, you have the option of entering your value by gold weight or dollar value. Once submitted, it takes just 10 seconds to process buy, sell or send orders and around three business days for any funds to reach your account.

To pay or gift gold to another person, simply enter their mobile number or email address and then the amount you wish to send. You can then write a personalised message and you have the option of choosing from a number of decorated gift cards. To accept ownership of the gold, the other person will need to sign up to SendGold. This means it's possible to send gold to a person overseas, so long as the app is available in their country. If they don’t accept it within 15 days, the gold comes back to you.

Payment options

  • PayPal (2.6% + $0.5 transaction fee)
  • BPAY ($1.05 transaction fee)
  • POLi (0.1%, capped at $3 transaction fee)

What are the fees

There's a 1% trading fee (capped at $10) charged by SendGold for any buy or sell orders. Depending on the payment option you select, there's also a processing fee that ranges from 0.1-2.6% (see above). There is no fee for sending or gifting gold.

All insurance and storage costs are included and there are no account opening fees or minimum transaction spends.

Is SendGold safe?

SendGold is regulated under the Australian Securities and Investments Commission (ASIC) and administered by the Australian Competition and Consumer Commission (ACCC).

SendGold has also formally signed the London Bullion Market Association’s (LBMA) new Global Precious Metals Code of Conduct. This means that all gold traded through the app is sourced exclusively from LBMA-certified refiners, which are the global industry standard for precious metals wholesale trading.

LBMA members must abide by strict codes of conduct, from the mining of gold to the refining and selling. This also assures buyers that their gold is the weight and purity that is stated.

All gold is stored in a high-security vault located in Sydney and managed by Brink’s Australia and is insured against damage and theft by Lloyds of London. If SendGold were to cease trading, you would still maintain ownership of the gold.

Accreditation:

  • London Bullion Market Association’s new Global Precious Metals Code of Conduct
  • Gold sourced exclusively from refiners certified by LBMA
  • Australian Financial Services License CAR (No. 296877)
  • AUSTRAC Designated Service (No. 100529055)

Customer reviews and complaints

SendGold has few user reviews on Google and the App Store because it is still relatively new. However, it has a high average rating and few complaints to date.

How do I contact SendGold?

You can get in touch via email at customerteam@sendgold.com.au or phone SendGold on 1800 183 424.

Bottom line

SendGold is a simple app that focuses on one key service – dealing high-quality gold bullion quickly and efficiently. While you can’t buy other precious metals or physically hold your gold, you get instant transactional capability, keeping your gold liquid at any time.

The app is easy to use and its fees are transparent. For anyone looking to try their hand at investing in gold bullion from a trusted dealer without all the background noise, SendGold may be a good choice.

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