Good Concept, But Serious Issues With KYC, Referrals & Customer Support
I recently started using Gullak for digital gold investment, and my experience has been quite frustrating.
The referral policy is confusing and not transparent enough. If you are referring someone or being referred, make sure you understand the eligibility and conditions clearly, as the app does not make them easy to understand.
The KYC process is buggy. I had to initiate KYC multiple times and eventually wait around 7 days for the issue to be resolved. For a financial/investment app, this is unacceptable.
The customer support experience also needs significant improvement. Uploading screenshots/images while raising an issue is unnecessarily difficult, and support responses are often limited and lack proper context. I repeatedly had to explain the same issue instead of getting a clear, fact-based response. The product advisors also seem to have limited context about the actual issue.
Overall, while the concept is good, Gullak needs to seriously improve transparency around referrals, KYC reliability, and customer support. I would strongly recommend checking the referral terms carefully and being prepared for delays if you encounter KYC or account-related issues.
The referral policy is confusing and not transparent enough. If you are referring someone or being referred, make sure you understand the eligibility and conditions clearly, as the app does not make them easy to understand.
The KYC process is buggy. I had to initiate KYC multiple times and eventually wait around 7 days for the issue to be resolved. For a financial/investment app, this is unacceptable.
The customer support experience also needs significant improvement. Uploading screenshots/images while raising an issue is unnecessarily difficult, and support responses are often limited and lack proper context. I repeatedly had to explain the same issue instead of getting a clear, fact-based response. The product advisors also seem to have limited context about the actual issue.
Overall, while the concept is good, Gullak needs to seriously improve transparency around referrals, KYC reliability, and customer support. I would strongly recommend checking the referral terms carefully and being prepared for delays if you encounter KYC or account-related issues.
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No update on order even after due date & No customer support
Ordered coins on 7 th and expected delivery date was by 15 th, that too by worst delhivery service , the parcel has been nearest to our home for past one week and no update on delivery or no one is calling us for delivery. Gulak team is also not responding to messages
No support and not responding irresponsible team
No support and not responding irresponsible team
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Digital gold is scam
I work in finance field but, I got in a trap, there is buying rate and selling rate logic hence you will always buy at a higher price and sell lower. This app shows you value of your investments at buyer rate which is higher hence you see good returns but when you try to sell it is 5-10% hence its a scam. Go for etf straight away. I used this app for 6 months and writing this afterwards.
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I personally don’t recommend
Let me explain with a simple ₹90,000 example:
Assume the gold price is ₹15,000 per gram.
When buying 6 grams:
Gold value = 6 × ₹15,000 = ₹90,000
3% GST = ₹2,700
So, the actual amount you pay is:
₹90,000 + ₹2,700 = ₹92,700
Now, when you sell:
Assume the gold market price is still ₹15,000 per gram.
Gullak charges a selling difference of ₹500+ per gram.
So, approximately:
₹15,000 − ₹500 = ₹14,500 per gram
For 6 grams:
6 × ₹14,500 = ₹87,000
Your actual loss:
Amount invested: ₹92,700
Amount received: ₹87,000
Total loss: ₹5,700
So, even though the gold price has not changed at all, you lose approximately ₹5,700 on a ₹92,700 investment.
That means you’re losing around 6.15% of the amount you actually paid.
This is the part I feel everyone should understand before investing in digital gold. The 3% GST when buying + ₹500+ per gram difference when selling can create a significant loss, especially when investing larger amounts.
Please check the actual buy price and sell price carefully before investing through Gullak.
Assume the gold price is ₹15,000 per gram.
When buying 6 grams:
Gold value = 6 × ₹15,000 = ₹90,000
3% GST = ₹2,700
So, the actual amount you pay is:
₹90,000 + ₹2,700 = ₹92,700
Now, when you sell:
Assume the gold market price is still ₹15,000 per gram.
Gullak charges a selling difference of ₹500+ per gram.
So, approximately:
₹15,000 − ₹500 = ₹14,500 per gram
For 6 grams:
6 × ₹14,500 = ₹87,000
Your actual loss:
Amount invested: ₹92,700
Amount received: ₹87,000
Total loss: ₹5,700
So, even though the gold price has not changed at all, you lose approximately ₹5,700 on a ₹92,700 investment.
That means you’re losing around 6.15% of the amount you actually paid.
This is the part I feel everyone should understand before investing in digital gold. The 3% GST when buying + ₹500+ per gram difference when selling can create a significant loss, especially when investing larger amounts.
Please check the actual buy price and sell price carefully before investing through Gullak.
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Gullak is completely FRAUD
I would like to share you how Gullak works actually,
I have bought Silver at 256/- per 1 gram and when I decided to sell the current ongoing rate was around 261/- per 1 gram but Idk from where is Gullak deciding the price, they decide their own price while we sell and additionally 3% GST will be also deducted so basically I would sell it 247/- around 14/- difference from the current ongoing price. I’m totally disappointed seriously
I have bought Silver at 256/- per 1 gram and when I decided to sell the current ongoing rate was around 261/- per 1 gram but Idk from where is Gullak deciding the price, they decide their own price while we sell and additionally 3% GST will be also deducted so basically I would sell it 247/- around 14/- difference from the current ongoing price. I’m totally disappointed seriously
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