Telephone 01253 343081

£
Currency

Buy Gold with Cryptocurrency

Synopsis

We're incredibly excited to announce that Chards can now take payment in Bitcoin, Ethereum and USD-C for bullion products via our custom-built gateway and UK-only network of partners.

Unlike some of our competition (who use third party providers) there is no upper or lower limit to transaction value, however the process differs based upon value tiers:

  • £100,000 and more - requires a pre-funded crypto account prior to fixing a price for either metal or crypto.*
  • £25,000 to £100,000 - no pre-funding required and orders are done over the telephone during office hours.
  • Up to £25,000 - no pre-funding and customers approved for crypto accounts can transact 24/7 using our online checkout.

Please note this service is currently in beta testing and we invite customers to use the service whilst we optimise customer experience before full launch.

Credit: QuoteInspector.com

How to Sign-up and Activate Payments

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 - registration is free of charge.
  • Step 2 - if you wish to immediately activate your account, please email photographic ID and proof of address to [email protected] Our staff will be in touch and may request alternative ID and ask a few questions as part of our standard know your customer (KYC) checks. If you wish, you can ask for a call back from the customer service team if you need any help.
  • Step 3 - once we have your identification, we will work in the background to enable your account by carrying out our security checks.
  • 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! Please note each transaction will carry a 1% transaction fee (minimum of £100) to help us manage market volatility, custodial costs and transaction fees on our side.

How Cryptocurrency Payments Work

We have built a custom gateway to allow customers to spend any value they wish as easily and securely as possible. Through a network of UK partners, we are able to keep the KYC process as simple as possible (essentially our existing policy) whilst maintaining low charges and a reliable experience. We identified issues with "off the shelf" products in that we were limited to transaction values, customers were subject to awkward/duplicate KYC processes and many times these payment processors are outside of the UK, sometimes the US but also in less known jurisdictions such as Estonia or Malta. Our system ensures your data stays within UK domiciled companies who are approved on the FCA register for cryptoasset businesses.

  1. Customers successfully complete our crypto account KYC process. 
  2. After choosing products the cryptocurrency payment option is made available at checkout. If your order value is over £25,000 transactions are handled on the telephone and for those over £100,000 they must be pre-funded in full before prices are fixed.
  3. Once funds are transmitted to our custodial wallet address customers are welcome to browse the site again. In the background we pick up the broadcast from the blockchain and move the order to payment received once confirmed on the blockchain.
  4. If there are any issues a Chards member of staff can contact you and will check relevant blockchain explorers to manually move orders to payment received. Please note we can only do this during office hours, and we reserve the right to re-fix prices should we not receive balances to the requested account.
  5. Once an order is at payment received our customer service team will call you to arrange a delivery date and the order processes as normal.

Buy Gold with Bitcoin and Other Cryptocurrencies?

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 don'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 diversify and lock in their profits. The big question for those UK-domiciled investors lucky enough to ride the wave of cryptocurrency bubbles is how can you 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 pound sterling legal tender coins, so are not liable for capital gains tax, as per section 21 of the Taxation of Chargeable Gains Act 1992. There are multiple coins in 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 and Ether

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 can be used for payment include Ethereum with USD-C. Customers who have other tokens to spend can contact the customer service team at [email protected] and we can discuss feasibility.

Buy Silver with BTC and ETH

Our crypto payment method can also be used for silver and customers can expect a broader range of digital asset options in the future.

Managing Our Risk

Due to the nature of crypto assets and the periodic volatility we have to hedge risk and orders. In the spirit of being transparent as soon as we quote customers a price in crypto, we are already incurring costs to manage our risk, and we do this on the mutual understanding that customers continue to make payment. We reserve the right to flag accounts where non-committal orders are placed, and we will inform you of such a decision. If this occurs three times, we may deactivate the crypto payment option on your account.

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 and Ethereum via the online checkout. USD-C and other erc-20 tokens can be done over the telephone.

Do you charge any administration fees for cryptocurrency payments? 

We charge a transaction fee of 1 % (minimum £100) on any transaction. There is no sign-up charge and no minimum annual spend. We offer the rate to allow customers to spend whatever value they want without implementing a minimum transaction value. We believe individuals who want to buy a single sovereign are just as important as those customers buying £1,000,000 worth of bonded gold in Zurich!

What is the minimum spend for cryptocurrency payments?

There is no minimum spend.

How much does it cost?

We charge 1% per transaction (minimum £100). This is subject to change in the future, yet we will inform customers in advance if it does.

Are there transaction limits? 

There is no lower or upper limit to crypto payments. However, we have chosen to split the payment values into three tiers.

  • £100,000 and more - requires a pre-funded crypto account prior to fixing a price for either metal or crypto.
  • £25,000 to £100,000 - no pre-funding required and orders done over the telephone during office hours.
  • Up to £25,000 - no pre-funding and customers approved for crypto accounts can transact 24/7 using our online checkout.

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 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.

Terms and Conditions

Terms and Conditions relating to the Sale of Silver, Gold, Platinum, Palladium and Jewellery Products

Terms of Purchase