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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Pathetic customer support
I am extremely disappointed with the customer support provided by your app. For a company dealing with investments and people’s hard-earned money, this level of support is unacceptable.
There is no proper call support, and customers are forced to rely only on chat support where responses are very delayed and feel robotic rather than genuinely helpful. Instead of resolving issues professionally, the support team often argues instead of providing solutions.
Trust is the most important thing in any investment platform, but this experience has completely broken my confidence in your company. Because of this poor service and lack of accountability, I have decided to stop using the app and will not make any future transactions on this platform.
There is no proper call support, and customers are forced to rely only on chat support where responses are very delayed and feel robotic rather than genuinely helpful. Instead of resolving issues professionally, the support team often argues instead of providing solutions.
Trust is the most important thing in any investment platform, but this experience has completely broken my confidence in your company. Because of this poor service and lack of accountability, I have decided to stop using the app and will not make any future transactions on this platform.
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It’s a great app
I am a very satisfied customer and a user of this application. It solves an important problem of daily savings which is not available in the conventional gold schemes.
My strong suggestion/feedback. Gullak can be more customisable. As of today even if I wanted to invest 1gm of silver daily no matter the gram rate there is no option. I think that is a great opportunity. Increasing the autopay limit for these and let the user buy any amount of grams he or she wants to buy as an SIP.
We have this option limited only to one time purchase. I think in SIP this makes a big difference.
Hope to see this update popping up soon. Always a pleasure to use this application 💰❤️
My strong suggestion/feedback. Gullak can be more customisable. As of today even if I wanted to invest 1gm of silver daily no matter the gram rate there is no option. I think that is a great opportunity. Increasing the autopay limit for these and let the user buy any amount of grams he or she wants to buy as an SIP.
We have this option limited only to one time purchase. I think in SIP this makes a big difference.
Hope to see this update popping up soon. Always a pleasure to use this application 💰❤️
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