Gold Age | Business24-7

Gold Age

Written by Braden Chase Edited by Giles Thomas Fact Checked by Tomislav Turcin

21 February 2023

24 January 2023

Page Summary

Gold Age was the first independent e-gold exchange popular with Wall Street investors. It was founded in 1999, but regulators forced it to close down in 2006. Serious issues were discovered, which led to the company’s closure.

Review Summary

Gold Age was a legal corporate entity from Panama with competitive prices for any precious metal available at that time.
It was one of the first digital currency exchanges for trading gold coins and silver dollars.
It was oriented towards buying/selling digital gold currencies: e-gold, e-Bullion, and 1mdc.
It was the inspiration for the appearance of many American gold exchange platforms.

Gold Age Overview

Gold Age was a reliable e-gold exchange with access to many gold coins. It had competitive gold prices for that time. An exchange from fiat currency to digital gold had a fee ranging from 4% to 1.75%. This exchange received accreditation from the Global Digital Currency Association (GDCA).

In 2001, Gold Age’s owner was detained under the suspicion of credit card fraud. This led to a thorough investigation and tough times for the company. It revealed that the practices revolving around Gold Age weren’t legal. In 2006, the company got shut down.

Summary

Gold Age started as a legitimate business. It was one of the first in the industry to offer digital exchange services. This independent e-gold exchange was closed under the suspicion of money laundering. Users chose American gold exchange platforms to buy gold and receive good value.

FAQ

Is Gold Age Still Available?

No. Regulators closed Gold Age in 2006 for suspected money laundering of gold coins and gold bars.

What Is A Centralized Crypto Exchange?

A centralized crypto exchange is a private company with access to platforms to invest in digital assets. These exchanges request registration, known as the Know Your Client rule.

What Is A Decentralized Crypto Exchange?

A decentralized crypto exchange doesn’t have a central point of control. It functions as a server, but it has each computer within the server spread out in different countries. If one device malfunctions, it doesn’t interfere with the network’s activity. Decentralized exchanges don’t have licenses. These don’t follow the rules of any regulatory body. If you choose a decentralized exchange, you should think about the risks. Gold Age was a decentralized exchange. Check our in-depth reviews to discover more about crypto exchanges and safety.

Disclaimer

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Braden Chase

Braden Chase is an investor, trading specialist, and former research specialist for Forex.com who helps aspiring investors develop the confidence and habits they need to make an income from the market. Braden has served as a registered commodity futures representative for domestic and internationally-regulated brokerages and has also spoken & moderated numerous forex and finance industry panels across the globe.