Goldex becomes first retail platform to adopt new gold trading standards

By Aisling Finn on Wednesday 14 October 2020

Savings and Investment

The new standards were introduced to encourage retail investors to place more trust in the commodity.

Goldex becomes first retail platform to adopt new gold trading standards
Image source: Sylvia Carrasco/Goldex

 

London-based gold trading app Goldex has become the first retail platform to adopt a new initiative from the World Gold Council. 

The Retail Gold Investment Principles (RGIP) were introduced to raise the bar for gold providers across the world and encourage retail investors to place more trust in gold. 

Sylvia Carrasco, CEO of Goldex, said: “We are absolutely delighted to demonstrate our support for this very important new initiative from the World Gold Council which is the culmination of extensive consultation with the global gold industry.” 

“Not only do these principles help customers identify the best providers and increase their confidence when investing in gold, they represent the very essence of our business here at Goldex, namely the provision of a transparent, secure, ethical and safe marketplace for investors at all levels,” she added. 

Goldex, which won the AltFi London Summit 2019 Fintech Pitch Off, uses smart technology to allow customers to easily invest in gold through its mobile app, allowing customers to get the best prices on the market. 

David Tait, CEO of the World Gold Council, said: “Through this industry engagement it was clear to us that the market would benefit from a globally aligned set of best practices in order to ensure an effective, efficient and trusted market overall.” 

Goldex surged under lockdown, processing 1,000 transactions every second and saw trading volumes leap by 2,800 per cent in March 2020 compared to March 2019. 

Even before lockdown began, Goldex saw a massive 500 per cent increase of its cash deposits between January and March, with the first quarter of 2020 seeing more trading than the whole of 2019. 

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