Rush gold trading review

What is Rush and how does it work?

Rush is a digital platform and mobile app, founded in 2016, that lets you buy and sell physical gold and silver bullion. When you buy through Rush, you gain direct legal ownership of real, investment-grade metal that is stored securely in a high-security vault in Australia.

Here's the process:

1. Sign up. You can create an account in a few minutes using the mobile app (for iOS and Android) or on your desktop. You'll need to provide your name, address and bank account details for verification.
2. Add funds. Connect your preferred payment method to transfer money into your Rush account.
3. Buy metal. You can place a "buy" order by either weight (e.g. 1 gram of gold) or dollar value (e.g. $100 of gold). The transaction is processed in about 10 seconds.
4. Hold or sell. Once purchased, the metal is allocated to you in the vault. You can track its value in the app and choose to hold it as an investment or sell it at any time. When you sell, the funds typically reach your linked bank account in around 3 business days.
5. Send or spend. You can also send gold or silver to another person as a gift or payment using their mobile number or email. If they don't sign up to Rush to accept it within 25 days, the bullion is returned to your account.

What can you buy on Rush?

Rush focuses exclusively on high-quality gold and silver. You can't buy other precious metals like platinum or palladium, nor can you purchase coins or jewellery.

• Gold: Investment-grade 99.99% pure gold bullion.
• Silver: Investment-grade 99.95% pure silver bullion.

All metals are sourced from refiners accredited by the London Bullion Market Association (LBMA), which is the global standard for quality and ethical sourcing in the precious metals industry. This ensures the weight and purity of your holdings are accurate. For those interested in ethical investing, the LBMA's Responsible Sourcing Programme is a key assurance.

What are the fees for using Rush?

Rush has a transparent fee structure, but it's important to understand all the potential costs.

• Transaction fee: 1% on the value of all buy and sell orders. This is capped at $90 per transaction.
• Storage fee (Gold): 0.6% per year, calculated daily and charged monthly.
• Storage fee (Silver): 0.9% per year, calculated daily and charged monthly.
• Minimum storage fee: A minimum charge of $0.05 per month applies if your calculated storage fee is less than this amount.
• Mastercard issue fee: A one-off $10 fee to issue the Rush Mastercard.
• Mastercard transaction fee: 1% on all purchases made with the card, as you are effectively selling a small amount of your gold with each transaction.

There are no account opening fees and no fees for sending gold or silver to another Rush user.

The Rush Mastercard

Rush offers a digital Mastercard that links directly to your gold balance, allowing you to spend your investment at any retailer that accepts Mastercard. It's a unique feature that makes your gold holdings highly liquid.

The card is compatible with both Apple Pay and Google Pay for contactless payments.

Key things to know:

• Eligibility: You must hold at least $100 worth of gold in your account to activate the card.
• Fees: There is a $10 card issue fee and a 1% transaction fee on all purchases.
• Daily limits: You can spend up to $5,000 per day, with a maximum of 25 transactions per day.

Who can open a Rush account?

Rush isn't just for individuals. You can open an account for different entity types, making it a flexible option for various investment strategies. This is a key point of difference compared to some other retail investment apps, which may only offer individual accounts.

• Individuals: For personal investing.
• Businesses: For companies looking to hold precious metals as a company asset.
• SMSF and Trusts: For Self-Managed Super Funds or trusts that want to include physical bullion in their portfolio. This can be a simpler alternative to buying and storing bars yourself, and may be part of a strategy for finding the best way to invest money for retirement.

Is Rush safe and legit?

Yes, Rush is a legitimate platform regulated in Australia. It has multiple layers of security, insurance and auditing in place to protect your assets.

• Regulation: Rush is a designated service with AUSTRAC (No. 100529055) and is an Authorised Representative (No. 1278396) of a holder of an Australian Financial Services Licence.
• Storage: All physical bullion is stored in high-security vaults managed by Brink's, a global leader in secure logistics.
• Insurance: Your metal is insured against theft and damage by Lloyd's of London.
• Auditing: The holdings in the vault are regularly and independently audited for weight and purity by Bureau Veritas, a world leader in testing and inspection.
• Ownership: You have full legal title to the gold and silver you buy. If Rush were to cease operating, your ownership of the metal in the vault remains.

How does Rush compare to other ways of buying gold?

Rush is one of several ways to get exposure to gold. Here’s how it stacks up against two common alternatives.

• Rush vs Gold ETFs: A gold Exchange Traded Fund (ETF) also gives you exposure to the gold price without you needing to store the metal. ETFs can sometimes have lower annual management fees than Rush's storage fees. However, with Rush you have direct legal ownership of a specific amount of physical bullion, whereas with an ETF you own units in a fund that owns the gold. For some investors, particularly in an SMSF, direct ownership is preferable. You can find a list of the best ETF trading platforms if you decide that is a better route for you.
• Rush vs Physical Bullion Dealers: Buying bars or coins from a dealer means you can physically hold your investment. This appeals to investors who want zero counterparty risk. The downsides are storage and security become your responsibility, and selling physical gold is less convenient and slower than selling on the Rush app. Physical dealers also charge a premium over the spot price which can be higher than Rush's 1% fee.

Customer support and app reviews

The Rush app is generally well-regarded by users, particularly for its ease of use. It is available for Android devices and is rated 4.4 stars from over 272 reviews on Google Play Store.

For customer support, you can contact the Rush team via email at customerteam@rush.gold. Rush also has a contact form on their website.