FAQ2024-02-22T10:35:24+01:00

Frequently Asked Questions

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Questions about flexgold

Questions about flexgold

General questions about precious metals

General questions about precious metals

Questions about trading precious metals

Questions about trading precious metals

Financial knowledge

Financial knowledge

Questions about flexgold

General questions

What is flexgold?2023-10-19T15:51:33+02:00

flexgold is the smart way to invest in physical precious metals, and it is now flexible and transparent as never before. Real property of stable value, reliably and securely stored in Switzerland, available at any time – for every wallet.

How does flexgold work?2024-04-08T09:56:42+02:00

After you have downloaded and registered with the flexgold app, you can create a vault and fund your currency account. Then you can buy precious metals and always keep an eye on your precious metal inventory thanks to the app.

What is the meaning of the brand claim “make money sound again”?2024-07-12T15:38:17+02:00

The following explanation is for non-English speaking readers.

The English term “sound” means an audible “sound,” and it can also mean “solid.” Therefore, the brand claim “make money sound again” can be translated in two ways:

“Make money sound again” or

“Make money solid again”

For flexgold, this ambiguity focuses on the meaning of “solid,” in the sense of “sound.” The term “sound money” is recognized in economics as a fixed definition of “healthy money.” “Sound money” is scarce, inflation-resistant, easily checked for authenticity, divisible, transportable, storable, and easily usable.

Who is behind flexgold?2024-02-26T10:36:05+01:00

Behind flexgold is the SOLIT Group, which has been actively trading precious metals since 2008 and is now one of the leading precious metal traders in German-speaking countries. The headquarters of the SOLIT Group has been located in Tägerwilen in the Swiss canton of Thurgau since 2021. The SOLIT Group has received numerous prestigious awards for its services.

Can I use the app anywhere in the world?2023-10-19T16:31:24+02:00

Yes. If you have an internet connection, you can use the app anywhere in the world.

What languages are supported in the app?2023-10-19T16:30:50+02:00

At the time of launch, the app supports German and English.

How is my login secured?2023-10-19T16:28:57+02:00

The login procedures are protected by two-factor authentication (2FA). The login procedures are protected by two-factor authentication (2FA). All data transfers are encrypted according to current standards.

What can I do if I forgot my password?2023-10-19T16:18:07+02:00

If you have forgotten your password, click on the “Forgot password” button. You will receive a new password, and you can assign a new password afterwards.

I believe that a third party may have access to my user account. How can I block access to my account?2023-10-19T16:05:08+02:00

In this case, please contact our Customer Support immediately to have your user account blocked. You can use this form to contact Customer Support.

How can I unsubscribe from the newsletter?2023-10-19T15:59:57+02:00

You can find the option to unsubscribe or subscribe to the flexgold newsletter in the profile settings in the app. Each newsletter also contains an unsubscribe link at the end.

How can I download the flexgold app?2024-02-08T12:06:14+01:00

The flexgold app is available for both Apple iOS and Google Android. You can download the app for free and open your flexgold user account on your cell phone, tablet or other smart device Please use the latest software version of the app. The app is also available for your desktop browser.

Which devices, operating systems and versions does the app support?2023-10-19T15:57:41+02:00

The flexgold app is available for all cell phones and smart devices with an iOS or Android operating system. For iOS, at least version 12.4 is required, for Android version 9. You can also use flexgold on your browser.

Use

How many decimal places are taken into account and how is rounding done?2023-10-20T09:17:37+02:00

Four decimal places are taken into account for the weights of the precious metals, and two decimal places for the currencies. As a rule, all calculations are rounded up mathematically.

How much does flexgold cost?2023-10-20T09:52:14+02:00

A flexgold account is free of charge. Costs may be incurred for trading, custody, shipping and pickup of precious metals. There may also be further costs for third-party services. Details can be found in the regulations on fees.

How does the purchase and sale of precious metals work at flexgold?2023-10-20T09:51:05+02:00

At flexgold, you can easily buy and sell precious metals via the app. To do this, you must first deposit money into the currency account, where it may remain for a maximum of 42 days. The money can then be divided as desired among the four precious metals, gold, silver, platinum and palladium. You can order a purchase or sale at any time of the day at the real-time price.

Is there a maximum investment amount with flexgold?2023-10-20T09:49:57+02:00

With flexgold, you can invest an unlimited amount in precious metals.

What is the currency account and what is it used for?2023-10-20T09:48:50+02:00

The currency account is a prepaid account into which you deposit money to buy precious metals at flexgold.

Why does flexgold only work with prepayments?2023-10-20T09:48:01+02:00

The precious metal purchases at flexgold are tied to the daily rates and are thus subject to constant fluctuations. Therefore, the trading of physical precious metals is always processed via prepayment.

Can I use the app before I have deposited money?2023-10-20T09:47:14+02:00

You can use the flexgold app if you have not deposited money, and can, for example, view the current prices of precious metals and fiat currencies, or schedule recurring or future purchases. However, you cannot trade precious metals without funds. And you cannot make future or recurring purchases.

How long can I hold funds in my currency account?2023-10-20T09:46:14+02:00

As a provider classified by FINMA (the Swiss Financial Market Supervisory Authority) and as a financial intermediary supervised by PolyReg, flexgold does not have a banking license, therefore, a flexgold user’s money may only remain in the currency account for a maximum of 60 days. To guarantee compliance with this time limit, we use a time safety buffer, so that the money is transferred back after 42 days.

Which precious metals are available?2023-10-20T09:27:45+02:00

At flexgold, the four precious metals gold, silver, platinum and palladium are available for market entry.

How can I distribute my investment capital among the four precious metals gold, silver, platinum and palladium?2023-10-20T09:27:06+02:00

You can freely distribute your investment capital among the four precious metals according to your own wishes.

In which currencies can precious metals be purchased?2023-10-20T09:19:30+02:00

At flexgold, precious metals can be traded in the four currencies: Swiss franc (CHF), Euro (EUR), Pound sterling (GBP) and US Dollar (USD).

Is it possible to exchange between different currencies?2023-10-20T09:18:37+02:00

At flexgold, it is not possible to directly exchange currencies (Foreign Exchange, Forex, FX). For example, it is not possible to exchange Euros directly into US dollars. However, in the above case, precious metals can be bought in Euros and sold in US Dollars. Thus, you can exchange the four currencies indirectly.

Personal Data

What personal data do I have to provide?2023-10-20T10:14:55+02:00

You must provide information such as your first name, last name, date of birth, nationality, address, telephone number, email address and bank details.

Why do you need my cell phone number?2024-02-09T15:27:21+01:00

In rare cases, we may have to contact you directly by telephone, for example to inform you of unsuccessful attempts to communicate with you by e-mail or mail. Please note that we do not request a password by telephone or in writing at any time.

Where is my data stored?2023-10-20T10:10:07+02:00

The main storage location of personal data and backups is the server location in Switzerland.

How is my data protected?2023-10-20T10:09:35+02:00

The login procedures are protected by two-factor authentication (2FA) as a form of multi-factor authentication (MFA). Furthermore, all transactions that you make are confirmed by the above procedure. All data transfers are encrypted. We place the highest value on compliance with the European GDPR (General Data Protection Regulation) and the Swiss DSG (Data Protection Act).

Verification

How does verification work at flexgold?2023-10-20T10:08:51+02:00

After your successful registration with flexgold, the verification process can be started. For this purpose, you will be redirected to the IDnow page. The identification is done either via the IDnow AutoIdent app or via a browser.

What do I need for verification?2023-10-20T10:08:08+02:00

Verification requires a valid identification document (photo ID or passport) that we can use to identify you.

What MFA procedures are available?2023-10-20T10:07:36+02:00

MFA stands for multi-factor authentication, and 2FA (two-factor authentication) is a subset of this technical standard. Currently, our app offers the MFA method via email. With this method, each time you attempt to log in, or perform sensitive operations such as changing your email address, a one-time confirmation code is sent to the email address you provided during registration. You must enter this code to complete the login or any operation that requires MFA.

Why do I need to undergo an identification?2023-10-20T10:06:16+02:00

We must perform an identification to make sure that you are a real person.

User account

Vault

What is a flexgold vault?2023-10-20T09:05:33+02:00

The flexgold vault is a digital space. Here investors manage their physical precious metals. It symbolizes the highly secure vault in Switzerland, where the precious metals are stored and protected.

What types of vaults are there?2023-10-20T09:04:14+02:00

At flexgold, there are three types of vaults:

  • Personal vault: manage your precious metal investments.
  • Shared vault: manage your precious metal investments together with another person (e.g., your life partner).
  • Corporate vault: diversify your company’s assets with investments in precious metals.
How do I create a vault?2023-10-20T09:02:07+02:00

When you set up flexgold, you are automatically prompted to create a vault. You can create further vaults by clicking the “Create another vault” field on the home button. You can name your vaults, e.g., according to what you intend to use them for (e.g., retirement plan).

Can I create multiple vaults?2023-10-20T09:00:55+02:00

To use flexgold, a single vault is all that is necessary. However, you can also set up multiple vaults, e.g., when saving for different goals (e.g. retirement, vacation, building a house). In principle, you can create as many vaults as you want. Usually, 1-4 vaults should be enough for one user. Vaults are always assigned to the customer through a vault ID.

Can I allow a designated person access to my vault?2023-10-20T09:00:10+02:00

You cannot give another person access to a personal vault. You must set up a shared vault to allow another person to access your vault. There may be exceptions to the rule, for example, in the event of death or the appointment of a guardian. In these cases, the legislator provides for corresponding regulations.

How do I create shared vault?2023-10-20T08:59:18+02:00

To create a shared vault, click on “Master data” under the “Profile” button, then click on “Create new master data”. Here, you can create a new shared vault under “Shared account data”.

How can I change my personal vault to a shared vault?2023-10-20T08:57:48+02:00

Once it has been created, you cannot change a personal vault to a shared vault and vice versa.

How can I cancel my vault?2023-10-20T08:57:04+02:00

If you wish to cancel your vault, there cannot be any funds or precious metals inside the vault. You must therefore sell any precious metals in your vault, have them delivered to you (or collect them personally), or transfer all the funds from the vault to your reference bank account.

How can I deposit money into my flexgold vault?2023-10-20T08:54:06+02:00

You can deposit money to your flexgold vault by transfer from your bank account. The bank account owner must be the same as the vault owner. The deposit can be made in Swiss Francs, Euros, Pounds sterling or US Dollars.

Why do I need to deposit money?2023-10-20T08:53:01+02:00

The money you deposit serves as funds in fiat currency in the flexgold app. You use these funds to invest in precious metals.

Where can I find the vault ID, which must be specified in the reason for use for every deposit?2023-10-20T08:52:20+02:00

You can find the vault ID in the respective vault under the settings (gear icon). In the settings, the vault ID is displayed under the “Update Vault” heading.

How can I withdraw money from a vault?2023-10-20T08:51:42+02:00

You can manually withdraw the funds in your currency account to your reference bank account at any time. If there are no funds available for withdrawal, you must click the “Sell” button in the desired vault. Then, you must select the precious metal balance you want to sell and the order type. Following a successful sale, you can withdraw your currency balance to the reference bank account on file.

Is there a minimum withdrawal amount?2023-10-20T08:50:50+02:00

The minimum amount for payouts is 50 units of the respective currency (Swiss Francs, Euros, Pounds sterling, US Dollars).

Does the money in my vault earn interest?2023-10-20T08:50:17+02:00

The money in your vault does not earn interest.

What are the vault levels?2023-10-20T09:03:19+02:00

The vaults at flexgold are divided into four levels: “Basic” (investment volume of less than CHF 250,000), “Advanced” (investment volume of CHF 250,000 to 999,999.99) and “Superior” (volume of at least CHF 1 million). Above these levels is the “Institutional” level, which you can reach as a private investor in the same way as the other three vault levels.

Account

Trading

When can I trade precious metals at flexgold?2023-10-20T08:27:32+02:00

At flexgold, you can order the purchase and sale of precious metals around the clock.

Which precious metals can I trade?2023-10-20T08:26:48+02:00

You can trade gold, silver, platinum and palladium at flexgold.

In which currencies can precious metals be purchased?2023-10-20T08:25:46+02:00

At flexgold, precious metals can be traded in four currencies: Swiss franc (CHF), Euro (EUR), Pound sterling (GBP) and US Dollar (USD).

How often are the prices updated?2023-10-20T08:24:34+02:00

The prices are updated every minute.

Executing an order

What is an order?2023-10-20T08:18:49+02:00

An order is a request to buy or sell.

How can I place an order?2023-10-20T08:16:31+02:00

You can place an order by clicking on “Buy/Sell” in the desired vault.

When can I place an order?2023-10-20T08:15:50+02:00

You can place an order at any time.

What types of orders can I make?2023-10-20T08:15:00+02:00

The following order types are for purchases:

  • Immediate purchases: immediate purchase of precious metals.
  • Planned purchases: a price is set at which a certain quantity of a particular precious metal is to be purchased. When this price is reached, the purchase is executed automatically.
  • Savings plans: Precious metal is purchased every month for the same amount.

Similarly, the following order types are for sales:

  • Immediate sales: immediate sale of precious metals.
  • Planned sales: a price is set at which a certain quantity of a particular precious metal is to be sold. When this price is reached, the sale is executed automatically.
  • Sales plans: every month, precious metals are sold for the same amount.
What are planned orders?2023-10-20T08:13:32+02:00

Planned orders include:

  • Planned purchases
  • Savings plans
  • Planned sales
  • Sales plans
How are the prices set for planned orders?2023-10-20T08:12:19+02:00

For planned orders (planned purchases, planned sales, savings plans, sales plans), the pricing depends on the precious metal in the order. A daily fixing time is defined for each precious metal, which is based on the publication times (London time) of the LBMA for fixing prices.

  • Gold: 3:00 p.m.
  • Silver: 12:00 p.m.
  • Platinum: 2:00 p.m.
  • Palladium: 2:00 p.m.
How does the price update work for instant purchases or instant sales?2023-10-20T08:11:32+02:00

When placing an order, the price of the precious metal is locked in for five minutes. In other words, you will have five minutes to complete the order at the price listed on the screen. The counter serves to help ensure you obtain the price that is listed. Once the time is up, the price of the metal is updated. The updated price may be higher or lower than the previous price that was displayed on the screen.

Where can I view or delete my planned orders?2023-10-20T08:10:39+02:00

You can view your planned orders in your order book in the respective vault and delete them there.

Can I delete a planned order?2023-10-20T08:09:42+02:00

Yes. Planned orders (planned purchases, savings plans, planned sales, sales plans) can be deleted up to one day before they are executed.

Can I withdraw an order that has already been executed?2023-10-20T08:09:04+02:00

Orders that have already been executed cannot be reversed.

Are there any costs for placing or deleting orders?2023-10-20T08:08:27+02:00

There are no costs for placing or deleting an order.

Can I place an order by email or telephone?2023-10-20T08:06:14+02:00

You can only execute orders on the flexgold platform.

My order was not executed. What is the reason?2023-10-20T08:05:18+02:00

There can be three reasons why your order was not executed:

  • You wanted to buy precious metal for more money than you had available.
  • You wanted to sell more precious metal than was in your vault.
  • The price conditions for a planned order were not met.

Custody

How does the custody of precious metals work at flexgold?2023-10-20T08:04:14+02:00

The custody of precious metals is highly secure and independent of banks in Switzerland. The vaults can only be accessed by means of the triple approval principle, with the involvement of a trustee. With the help of assignable or allocated serial numbers, clear ownership of the precious metals in custody is always ensured. The precious metal balances are considered special assets and are therefore not included in the insolvency assets in the theoretical event of insolvency.

How is the digital custody of precious metals carried out?2023-10-20T08:03:22+02:00

The digital custody of precious metals takes place in the vault.

Where are my precious metals stored?2023-10-20T08:00:04+02:00

The precious metals are stored in highly secure vaults in Switzerland.

Why is flexgold’s gold stored in Switzerland?2023-10-20T07:58:51+02:00

Switzerland has maintained neutrality for centuries. That is why the Swiss Confederation has been and still is the safest place in the world to store gold.

How secure is the custody of my precious metals?2023-10-20T07:57:19+02:00

The custody of your precious metals is highly secure for the following reasons:

  • Your precious metals are stored in vaults with the most comprehensive security standards in Switzerland.
  • Your precious metals are stored and removed using the triple approval principle. Thus, physical access to your precious metals is highly regulated.
  • Trained employees of the independent trustee TRESTA, the independent auditor RSM Switzerland AG, independent security logisticians and SOLIT Group AG act jointly during storage and withdrawal of precious metals.
  • All balances are fully insured.
  • The precious metal balances are considered special assets and are therefore not included in the insolvency assets in the theoretical event of insolvency.
Do I own my precious metals?2023-10-20T07:54:17+02:00

Yes. You are the full owner of your precious metals. Ownership is in the form of so-called fractional ownership. This means that you have purchased a share in a large bar of precious metal. In your vault details, you will find a list of all the bar numbers in which you have.

Where can I find the current equivalent value of my precious metal balance?2023-07-31T11:35:43+02:00

The current equivalent value of your precious metal balance is displayed in the respective vault. This value is based on the current spot price.

What custody fees charge?2024-05-14T11:28:31+02:00

flexgold charges custody fees according to the customer’s vault level. This fee is taken from the vault monthly as metal.
Details can be found in the regulations on fees.

How often is an inventory of the precious metal balance conducted?2023-10-19T16:38:33+02:00

An independent auditor conducts a quarterly inventory of the precious metal balance on behalf of flexgold.

What is the task of the TRESTA Trust Company?2023-10-19T16:34:41+02:00

As an independent trust company, TRESTA Trust Company AG ensures that customer funds are only used for flexgold by the terms of the contract. It arranges for a physical inventory to be conducted by the auditing company RSM Switzerland AG and then informs the customers about the inventory and all significant developments.

Is physical delivery of the precious metals possible?2023-10-19T16:32:38+02:00

Yes. A minimum weight of 1 gram of gold, platinum and palladium can be delivered. The minimum quantity for physical delivery of silver is 20 grams. It is also possible to pick up the precious metals on-site by making an appointment.

General questions about precious metals

What are precious metal investments?2023-10-20T10:19:46+02:00

A precious metal investment is the purchase of precious metals in order to preserve or increase one’s wealth.

What are precious metal assets?2023-10-20T10:19:13+02:00

Precious metal assets is another word for “precious metal investments.”

What security do precious metals offer?2023-10-20T10:18:36+02:00

For thousands of years, precious metals such as gold have offered security during all the turbulence in the financial markets and economic crises. Gold has always offered security, especially against inflation. This is vividly illustrated by the history of the price of bread: in ancient times, one ounce of gold could buy about 350 loaves of bread – and this is still just as true today. In terms of paper money, however, the price of bread has increased significantly since then.

Questions about trading precious metals

What are the specific risks involved in trading precious metals?2023-10-20T10:05:34+02:00

The biggest risk when trading in precious metals is the price risk. For example, the prices of gold, silver, platinum and palladium fluctuate by the minute. The market is also highly dependent on political and economic developments which are difficult to predict.

What are the most important tax aspects of trading precious metals?2023-10-20T10:04:12+02:00

Gold has a special position from a tax perspective: the precious yellow metal can be purchased VAT-free in Germany and Switzerland. When buying the white metals silver, platinum and palladium, on the other hand, you must pay the regular VAT rate. Since the purchase of white metals is not subject to VAT in all countries, you have the option to purchase them tax-free in Germany and Switzerland via a duty-free warehouse.

What is the spot price for precious metals?2023-10-20T09:58:49+02:00

In precious metals trading, the “spot price” is the price at which precious metals can be traded worldwide on the spot market at that very moment. As a rule, the spot price for precious metals is quoted in dollars per ounce.

How does online trading in precious metals work?2023-10-20T09:56:38+02:00

Precious metals are traded online via digital platforms such as flexgold. There are two options for trading precious metals online: in an online precious metals trade, physical precious metals in the form of bars or coins are sold to investors and shipped to them. flexgold uses the other form of trading precious metals online. With flexgold, precious metals are bought and sold via the app, and these metals are physically deposited in a high-security warehouse. So, you do not have to worry about storing and transporting the precious metals. However, you can order a delivery of the precious metals, and you can also arrange a pick-up date.

What is digital precious metals trading? new2024-02-07T15:19:03+01:00

Digital precious metals trading is the trading of gold, silver, platinum and palladium via digital capabilities with an app such as flexgold.

Financial knowledge

What is fractional ownership?2023-10-20T09:55:54+02:00

Fractional ownership means that several persons share the ownership of an item. In the case of flexgold, several persons own one gold bar. Only upon delivery or collection is the fractional ownership, which may be distributed over different bars, transferred to one or more bars of different sizes.

What is a financial intermediary?2023-10-20T09:54:32+02:00

A financial intermediary is an entity that acts in the financial market as an intermediary between the supply and demand of financial products. According to Article 2 of the Money Laundering Act, this includes banks and asset managers, as well as dealers in precious metals such as flexgold.

What is a fiat currency?2023-10-20T09:53:00+02:00

The name “fiat currency” is derived from the Latin word “fiat,” which in English means “let there be” or “let it be done.”

A fiat currency is a national or supra-regional currency which is created out of nothing and thus has no intrinsic value, such as gold, for example. Since it can be multiplied at will and can therefore grow faster than the supply of goods, a fiat currency is always exposed to the danger of inflation and devaluation through a loss of purchasing power. All currencies used today are usually fiat currencies.

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