We're incredibly excited to announce that Chards can now take payment in cryptocurrency for bullion products such as gold, silver and platinum. We accept payment in Bitcoin, Ethereum and Bitcoin Cash.
We can accept payments up to £100,000 direct through our online payment gateway for orders placed over the telephone. For customers who wish to spend more we can arrange pre-funding of your account and ask you get in touch.
To sign up, register your interest or to ask any questions, please contact us at [email protected].
Here are the steps required in order to activate crypto payments on your Chards customer account:
- Step 1 - if you have not done so already please open an account by visiting our registration page.
- Step 2 - if you wish to immediately activate your account please email a public wallet address, photographic ID and proof of address to [email protected]. Alternatively, you can ask for a return call from one of the team to explain how the process will work just make sure your customer account has a valid telephone number.
- Step 3 - once we have your identification we will work in the background to enable your account by carrying out our security checks. Please note there is an admin fee of £50 which we will debit from your customer account to be applied to your next purchase.
- Step 4 - we will notify you via email once the payment option is live on your account.
- Step 5 - with your activated account you are now ready to make your first metals purchase with crypto! We currently have an online limit of £100,000 and if you wish to spend more please email [email protected] and a dedicated member of the team will be in touch.
Why Buy Precious Metals with Cryptocurrency?
The rise of cryptocurrencies such as Bitcoin and Ethereum is well documented, with some investors making incredible gains over a number of years, and equally with other investors suffering eye-watering losses. We are encouraging those who are new to investing to learn more about precious metals and other forms of investments to diversify portfolios if they are heavily weighted towards cryptocurrency, meme shares or over inflated stocks. Too many risky asset classes with promises of staggering returns often doesn't end well, usually with painful consequences for retail investors who are unable to keep pace with algorithms or the flow of capital on Wall Street!
We have ongoing internal discussions regarding crypto that range from them being an asset that is yet to mature, to a pyramid scheme to an outright scam. Some 'alt-coins' appear to be little more than unregulated gambling with dire consequences for those caught on the wrong side of the price action. We have little doubt that blockchain technology will change the world but right now the digital asset market is a high-risk speculative environment where those involved should educate themselves on the risks and be comfortable to lose capital allocated therein.
Chards are responding to customer demand by offering this crypto payment service and we hope it helps investors diverisfy and lock in their profits. The big question for those UK-domiciled investors lucky enough to ride the wave of cryptocurrency bubbles is how to protect your gains from the wrath of the taxman? One way is to buy capital gains tax exempt bullion coins with your cryptocurrency!
Coins such as sovereigns and Britannias are legal tender pound sterling coins, so cannot be liable for capital gains tax, as per section 21 of the Taxation of Chargeable Gains Act 1992. Currently we offer gold, silver and platinum bullion products which are CGT exempt.
Notwithstanding the CGT advantages, buying bullion with cryptocurrency also has the advantage of diversifying your investment portfolio with a stable asset with a proven track record of protecting wealth over time, as well as providing a tangible asset which you can physically hold in your hand.
Please note that any disposals of crypto into precious metals are CGT liable (for UK investors) and we recommend you take financial advice if you are unsure on the tax position.
Buy Gold with Bitcoin
You can now use your Bitcoin balance to pay for gold coins and bars with Chards 1964 Ltd. We allow customers to buy any product or service using their digital assets which can include our most popular coins, gifts or even storage payments Alternative digital assets that an be used for payment include Ethereum and Bitcoin Cash.
Buy Silver with Bitcoin
Our crypto payment method can also be used for silver and customers can expect a broader range of digital asset options in the future.
How Cryptocurrency Payments Work
We use a payment gateway provided by Stark Limited which is similar in functionality to SagePay that we use for traditional card payments, Customer are offered a crypto to fiat conversion rate which is fixed for 2 minutes at the final part of checkout.
First the crypto assets are transmitted to our wallet addresses, then our exchange partners handle the conversion into GBP and then proceed to remit the funds to us. Payment is confirmed and accepted by Chards after multiple confirmations on the blockchain.
Please note Chards are never in possession of your crypto asset and it is your responsibility to transmit funds to the correct wallet address and use appropriate fees for timely confirmation.
Frequently Asked Questions
Here are some common questions; we will expand on this section in the near future. If you have a question, feel free to get in contact with us!
Do you accept other Cryptocurrencies?
For the meantime, we just accept Bitcoin, Ethereum and Bitcoin Cash. However, we are looking into accepting Dash and Litecoin in the near future.
Do you charge any administration fees for cryptocurrency payments?
We charge a one-off administration fee £50 in order to cover the costs and time aspects of 'know your customer' and enhanced due diligence checks which are a legal requirement, and as such, are an extra cost to us.
What is the minimum spend for cryptocurrency payments?
£1,000 for Bitcoin, £500 ETH and £500 Bitcoin Cash.
How much does it cost?
The fee structure is linked to the basket value and will vary slightly day to day. You will be offerred a live exchange rate which will includes fees of approx 1 - 2 %.
Are there transaction limits?
All online orders are limited to £100,000 equivalent per transaction. If you wish to invest more than £100,000, please contact our showroom to place your order on 01253 343081 or email us at [email protected].
Do you offer refunds in cryptocurrency?
No. Any refunds will be given in GBP, EUR or USD. We also remind customers that investment products are exempt from the Consumer Contracts Regulation 2013 and are not eligible for a refund. If you are unsure please get in touch before making a purchase.
How can I pay without a Bitcoin address?
There are a number of ways you can pay with cryptocurrency, even if you don't have a Bitcoin address
- Scan the QR code - Use your mobile to scan the onscreen QR code and this will connect with your crypto wallet and this will confirm the correct address and amount.
- Use your wallet - If your wallet is on the same device that you are viewing the invoice with, you can use the "open in wallet" button to open the payment and confirm the details
- Manual Payments - You can copy and paste the payment URL from your invoice into your wallet before checking to confirm.
How will I know the transaction was successful?
Confirmation will be sent as soon as the blockchain transaction is confirmed. This will depend on mining fees which will determine the transactions priority level.