When it comes to gold savings, one of the more prominent features looked at is the price of gold. At HelloGold, we offer the most compatible price possible for the type of savings and services we offer. However, when compared to some other platforms, you may find that there are still a handful of cheaper options.
The next thing to consider are the other factors that contribute to the quality of your savings and the price. Here are some pointers to help you make informed decisions on selecting the best gold savings platform for yourself.
1. Physical, fully allocated gold vs paper gold
Most banks sell paper gold; meaning that they owe you the gold and that you do not own it. Our gold is fully allocated; meaning that you have exclusive ownership of the gold.
2. Shariah compliancy
Paper gold is not shariah compliant as the platform must meet two very important conditions:
i. Backed by physical gold that is fully allocated, and
ii. Process of physical gold transactions is completed in the time allowed by the standard.
3. Insured vs not insured
PIDM does not protect any gold related investments in Malaysia- this includes banks. However, all our customer’s gold is insured by Chubb International, against all risks at full replacement value for the gold stored.
4. Minimum purchase of 1g vs RM1
Our mission has always been to enable anyone to save in gold, no matter how much they have in their wallets. We understand that a 1g minimum can be a lot for many people, so we ensured our platform enables saving from as low as RM1.
5. Minimum balance required at 5g vs no minimum required
With most platforms, you would require a minimum balance of about 5g to 10g in your account; without it, you would be charged an annual fee to keep your account active. With HelloGold, there are no minimum requirements in grams or Ringgit. Save how much you want, when you want.
6. Our administration fees
We understand how some of our customers feel about our administration fees. However, the 2% annual fee (0.166% per month) helps ensure that all your gold can be stored safely, insured in full and audited regularly.
As a customer, it’s important to be sufficiently informed about the product and platform you choose. We hope this thread has helped you better understand HelloGold in comparison to other gold saving platforms. However you choose to save, the decision is yours; as long as you’re saving and smashing your financial goals!