VAULTORO - WHAT TO KNOW

courtesy tab-trader.com

Vaultoro is a UK based cryptocurrency exchange that offers trading in bitcoin for real, physical gold and vice versa. The minimum amount of gold that can be traded is 0.001 Gram. It is not regulated by the FCA and does not need to be. Trading in cryptocurrencies is still a legal grey area in most countries and the regulators are satisfied with warning of the risks associated with them and the ICOs.

Clients can trade directly with other members without middlemen on the platform thereby saving expensive brokerage costs.

ACCOUNT REGISTRATION AND VERIFICATION
vaultoro requires a valid means of identification e.g international passport or driver's licence as well as a photo of a utility bill (or bank statement) no longer than 3 months old. all these documents must be uploaded and verified before one can trade on the site. In addition you might also be required to provide a selfie with your Identity document to double verify your identity. all in all account verification should take not more than 72 hours.
Note that you cannot carry out any trades without account verification however, you can initiate a deposit into your account pending verification.
Residents of Iran, Syria, North Korea and the state of New York (USA) of New York are barred from using this service.

SECURITY
The Vaultoro website states that the physical gold of clients is stored in vaults in Switzerland. The gold itself is 99.9% pure gold bars coming directly from the smelting companies and are secured under the client’s name, as their property, held off Vaultoro's balance sheet and is insured.
As for the bitcoins, Vaultoro offers cold storage in multisignature wallets, encrypted accounts and client data and withdrawals with 2-factor authentication.

METHODS OF PAYMENT
Previously Vaultoro accepted payments in bitcoin only and nothing else. However i have noticed recently that you can now make payments using a slew of cryptocurrencies (dash,bitcoincash, ethereum among many others)using shapeshift technology. I am sure this has something to do with the high transaction fees experienced on the bitcoin network which has hitherto discouraged transactions. However, bitcoin remains the only cryptocurrency used in gold transactions.

WITHDRAWALS
Vaultoro also offers withdrawals in physical gold, with the minimum physical withdrawal limit set at 100 grams. The fees vary, depending on the country and include postage, insurance and handling. Physical delivery might be not possible for some countries. The gold is delivered in the shape of 100 gram bars.

CONCLUSION
Vaultoro offers a somewhat unusual service for exchanging bitcoins and gold. It, however, sounds as a very attractive proposition for those who want something tangible like gold bars, be they stored in a vault in Switzerland, or in their own personal vaults.
However like any other investment especially one involving cryptocurrencies, you should do your own research and have a cautious approach to investing.
You can visit www.vaultoro.com for more detailed information.