Cheapest way to fund an egold account? | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Cheapest Pair To Trade 29 replies

Best way to find cheapest broker 27 replies

cheapest way to wire money to dukascopy 3 replies

NorthFinance egold withdraw warning 57 replies

Who's the cheapest forex broker 0 replies

Cheapest way to fund an egold account?

  • #1
  • First Post: Jul 5, 2006 8:21am Jul 5, 2006 8:21am
Hi,

Egold is new to me having never used it before.

I've opened up an egold account. That bit was simple enough. Although I see I have a 1% charge per annum on the balance of the account and the receiving person needs to pay a bit. Formula looks complicated!

Anyway, looking at http://www.goldage.net, it seems they require a wire transfer which will cost me £30.00!

I'm in the UK, does anyone know the best/cheapest way to fund an egold account from the UK? I've looked on egold's webpage and http://www.londongoldexchange.com is listed on there. But it looks like they charge 4% to convert normal cash into e-gold. So I lose 4% of my money before I get to spend it, right?

Another thought ... do I actually need an account at egold, e.g. if I open up an account at londonexchange.com, couldn't I just buy egold there and use that to pay vegas or do I need an egold account to move money across there to pay vegas.

This is all new to me

Thanks
Alan
  • #2
  • Jul 5, 2006 8:37am Jul 5, 2006 8:37am
CHeck out www.icegold.com.
  • #3
  • Jul 5, 2006 10:49am Jul 5, 2006 10:49am
Hi,
Quoting Yardie
CHeck out www.icegold.com.
Still looks like it requires a wire transfer which will cost me an extra £30.00 ($55.50 @1.85) although to buy egold is 2%, so 2% of 275 is $5.50.

Londonexchange is 4% which will cost me $11.00 but no wire transfer fee as far as I can tell.

Now if egold say recipient pays an amount, does that mean if I transfer egold from one account (say londonexchange) to egold, do I need to pay that amount

Thanks
Alan
  • #4
  • Jul 5, 2006 10:51am Jul 5, 2006 10:51am
E-gold fees are usually small -- usually around $0.50 or so max.



Quoting firehorse
Hi,

Still looks like it requires a wire transfer which will cost me an extra £30.00 ($55.50 @1.85) although to buy egold is 2%, so 2% of 275 is $5.50.

Londonexchange is 4% which will cost me $11.00 but no wire transfer fee as far as I can tell.

Now if egold say recipient pays an amount, does that mean if I transfer egold from one account (say londonexchange) to egold, do I need to pay that amount

Thanks
Alan
  • #5
  • Jul 5, 2006 11:33am Jul 5, 2006 11:33am
Anyone into HYIPs?
From what I recall they love to use egold.
  • #6
  • Jul 5, 2006 12:11pm Jul 5, 2006 12:11pm
Hi,
Quoting Yardie
E-gold fees are usually small -- usually around $0.50 or so max.
I'm talking 'mainly' about 'buying' fees, buying egold with cash.

There's 'storage' fees, seems to ba about 1% per year
There's 'recipent' fees (complicated formula on egold)
There's 'selling' fees, converting egold back to cash.

Are you saying you know of somewhere I can buy $275 egold from the UK for a fee of $0.50 total?

Best regards
Alan
  • #7
  • Jul 5, 2006 12:21pm Jul 5, 2006 12:21pm
Quoting firehorse
Hi,

I'm talking 'mainly' about 'buying' fees, buying egold with cash.

There's 'storage' fees, seems to ba about 1% per year
There's 'recipent' fees (complicated formula on egold)
There's 'selling' fees, converting egold back to cash.

Are you saying you know of somewhere I can buy $275 egold from the UK for a fee of $0.50 total?

Best regards
Alan
for me buying consists of two parts:
1. wire transfer fee - $0.50 local banks to 25$ international
2. 2-4% e-gold exchange fee. icecold.com has 2%, londongoldexchange.com has 4%, the rest is in between.

so for me the cheapest way is $0.50 for a local bank transfer fee and 2% icecold.com gold exchange. from $300, I get $293.50 actually deposited.

if I would transfer internationally, then substract $25 instead of $0.50
  • #8
  • Jul 5, 2006 12:57pm Jul 5, 2006 12:57pm
Hi Firehorse

I'm in the UK too. I've used London Gold Exchange to fund my e-gold account. After verifying my account with a digital copy of my passport and a utility bill to get my membership to a 'silver' status (very quick reply from them) I have used the bank transfer method to buy £155 worth of 'gold' which cost me £165. £155 should be worth approx. $284 which gives me enough to cover 1 year's subscription and a little leway for any other unexpected fees or change in the price of gold. Am just waiting for them to confirm that the money has arrived in their account - which should be tomorrow (1-3 days from giving your bank the instruction) and then hopefully I can continue the process by transferring the 'gold' into Vegas' account.

Hope this helps.

Forexhen
Forget What You BelieveBelieve What You See
  • #9
  • Jul 6, 2006 4:31am Jul 6, 2006 4:31am
For the US, the best I've found is http://usece.com/

Rates start at 2.99% and the exchange happens as soon as they receive the funds.
  • #10
  • Jul 6, 2006 9:34am Jul 6, 2006 9:34am
I also decided to use London Gold Exchange for the same reasons as ForexHen plus that NatWest international wire charges are £20-30 so being able to just fund domestically via CHAPS seems a good idea and I will also just fund to cover.

In fact I might just see if I can do it from my Neteller account into LGEx.

HTH Bramhall17
  • #11
  • Jul 6, 2006 2:30pm Jul 6, 2006 2:30pm
Just a quick update - all has gone smoothly with London Gold Exchange confirming that my funds had been received and that they had deposited the 'gold' into my e-gold account late this afternoon. At the time of checking my e-gold account my 'gold' was worth $283. Now I just have to complete the last step of transferring the 'gold' to Vegas' account.

Forexhen
Forget What You BelieveBelieve What You See
  • #12
  • Jul 6, 2006 3:36pm Jul 6, 2006 3:36pm
You can pay "cash" into LGE via any UK Post Office, details on LGE site.

If you are new to E-Gold be aware that they are, or rather your account will be, prime targets for hackers. Make sure that your computer is fully protected and your anti-virus, firewall, anti-spyware etc programmes are kept up to date, set your E-Gold preferences to maximum security and never type any passwords/usernames/login details, use Windows built-in virtual keyboard or better still an automatic form filler such as RoboForm. Also never "store" funds in E-Gold, as soon as you know it's there, move it out, far better to be safe than sorry.

Just trying to be helpful.
TTFN Merlyn
  • #13
  • Jul 6, 2006 3:49pm Jul 6, 2006 3:49pm
Hi Forexhen,
Quoting Forexhen
Just a quick update - all has gone smoothly with London Gold Exchange confirming that my funds had been received and that they had deposited the 'gold' into my e-gold account late this afternoon. At the time of checking my e-gold account my 'gold' was worth $283. Now I just have to complete the last step of transferring the 'gold' to Vegas' account.

Forexhen
Thanks for keeping me updated, just going through the verification process myself.

Thanks
Alan
  • #14
  • Jul 10, 2006 10:15am Jul 10, 2006 10:15am
Quoting avlasov
Anyone into HYIPs?
From what I recall they love to use egold.
HYIP = Help Your Investment Puke

I played with HYIPs for around three years and ended up losing thousands. The only people who repeatedly make moeny at it are the people running the programs and not all of them profit. It is a tough way to make a buck. You have to be one of the first to enter a HYIP and hope it is not a scam.

If you are playing with money you can afford to lose then it is a wild and crazy game :-)
  • #15
  • Jul 10, 2006 10:57pm Jul 10, 2006 10:57pm
Quoting Forexhen
Just a quick update - all has gone smoothly with London Gold Exchange confirming that my funds had been received and that they had deposited the 'gold' into my e-gold account late this afternoon. At the time of checking my e-gold account my 'gold' was worth $283. Now I just have to complete the last step of transferring the 'gold' to Vegas' account.

Forexhen
how long did it take for LGE to verify the account
  • #16
  • Jul 11, 2006 3:02am Jul 11, 2006 3:02am
Good question...I filled out their online form last wednesday and am yet to recieve an email from them as to what to do next.... I also sent them an email querying why it's taking so long...but no reply yet..

Getting p**ssed off about the whole thing
  • #17
  • Jul 11, 2006 5:02am Jul 11, 2006 5:02am
Got a reply back from LGE. Apparently because my trading buddy filled out the form as well on my pc, they have a concern that I am sharing an IP with another LGE MEMBER, hence the reason not to reply to my application.

Strange.....
  • #18
  • Jul 11, 2006 6:07am Jul 11, 2006 6:07am
Quoting anbasekar
how long did it take for LGE to verify the account
Hi Anbasekar

They replied the next day after I sent digital copies of my passport and a utility bill.

Forexhen
Forget What You BelieveBelieve What You See
  • #19
  • Jul 11, 2006 7:06am Jul 11, 2006 7:06am
LGE never replied, so I applied at OmniPay... waited the past week to get verfied only to find out they have a $1000 min deposit requirement, I have no need to put in $1000,.. arg~!... back to square one...

the most pathetic commerce system I've ever seen, not to mention you get to wire or bank transfer your $ to to some rogue destination and only hope it ends up in your egold account, from what I've read about 95% of the exchangers are scams.

Ok thats my rant, now on to the next exchanger...
  • #20
  • Jul 11, 2006 5:17pm Jul 11, 2006 5:17pm
I use hxxps://www.betterxchangers.com/ for e-metal transfers.


Quoting DudeWorks
LGE never replied, so I applied at OmniPay... waited the past week to get verfied only to find out they have a $1000 min deposit requirement, I have no need to put in $1000,.. arg~!... back to square one...

the most pathetic commerce system I've ever seen, not to mention you get to wire or bank transfer your $ to to some rogue destination and only hope it ends up in your egold account, from what I've read about 95% of the exchangers are scams.

Ok thats my rant, now on to the next exchanger...
0 traders viewing now