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Coro review

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Send and receive gold electronically — but only with other Coro users.

Coro’s mobile app lets you exchange, store, send and receive gold and US dollars (USD). But the app is only available in a handful of states and you can’t physically access your gold.

  • Consider Coro if you want to own, send and receive gold digitally.
  • Look elsewhere if you prefer to physically hold and store your gold.

Pros and cons

Pros

  • Own physical gold. You can exchange USD for gold at any time, and the gold you hold in your Coro account is stored and audited by its fully insured independent custodian, Dillon Gage.
  • Speedy processing. Coro’s distributed ledger technology (DLT) allows it to process up to 500,000 transactions per second.

Cons

  • Limited transfers. You can only send and receive funds from Coro app users.
  • Limited availability. Coro is only available to residents of Alabama, Alaska, Arkansas, Arizona, Delaware, Idaho, Florida, Georgia, Massachusetts, Mississippi, Montana, New Hampshire, Oklahoma, Oregon, Rhode Island, South Carolina, South Dakota, Washington, Washington D.C. and Wisconsin
  • No direct shipping options. Any gold you purchase must be stored with Coro — you can’t have your gold shipped to your home.
  • Limited feedback. There are very few Coro reviews to draw on, which makes it challenging to accurately assess the experience of being a Coro customer.
  • Limited accessibility. Coro is exclusively available as a mobile app — you can’t access it by tablet, desktop or web browser.

What makes Coro unique?

Coro is a mobile app that allows you to send, receive and store gold and USD. It markets its service as a way to use gold as money in your daily life. After funding your account, you can exchange USD for gold (XAU) at any time — and vice versa. You can also send and receive gold and USD electronically with transactions completed in minutes.

But there are several drawbacks of the service to be wary of. Each time you exchange USD and XAU, a 0.5% fee applies. There are also fees for gold storage, which amounts to 0.5% of the value of your gold holding value each year. It doesn’t seem like much, but it’s also unavoidable since Coro doesn’t actually let you physically access or hold your gold yourself. Your gold is stored with its independent custodian, Dillon Gage.

The app also limits who can send and receive funds to Coro app customers — a significant drawback considering the app is only available in 20 states.

How easy is it to use?

After downloading the Coro mobile app, you’ll be asked to verify your identity, connect your bank account and fund your account. The account verification process can typically be completed within 24 hours, although some users report delays during the signup process as a result of missed verification emails from Coro. Reviews of Coro’s mobile app indicate that the platform is user friendly and easy to navigate.

Pricing and fees

It’s free to send and receive gold and USD through Coro — for now. The platform assures potential customers that receiving will always be free, but its 0% transaction fee for sending gold and USD has an expiration date. It doesn’t mention what its plans are for transaction fees in 2021, and the rep we spoke to didn’t have any insight to offer.

You’ll pay an additional 0.5% on top of any exchange you want to conduct, whether it be from gold to USD or vice versa. Coro also charges a 0.5% gold storage fee, which puts it on par with competitors like APMEX and Money Metals Exchange. But the true drawback to the fee is that it’s unavoidable. Coro doesn’t allow you to keep or store your gold yourself, so you’ll pay this fee whether you like it or not. Other bullion dealers typically give you the option of shipping the gold to your doorstep and storing it yourself.

Transaction fee to send gold 0% until Dec 31, 2020
Transaction fee to receive gold 0%
Transaction fee to send USD 0% until Dec 31, 2020
Transaction fee to receive USD 0%
Exchange fee XAU/USD 0.5%
Exchange fee USD/XAU 0.5%
Gold storage fee 0.5% annually

How do I sign up?

Start the Coro signup process by downloading its mobile app from the Apple App Store or Google Play:

  1. Verify your state, email address and phone number.
  2. Upload a photo of your driver’s license.
  3. Connect your bank account by entering your account and routing number.
  4. Transfer funds to your Coro account from your linked bank account.

Is Coro legit?

Coro Global is a publicly traded fintech platform founded in 2005 and headquartered in Miami, Florida. It doesn’t have a Better Business Bureau (BBB) page or a Trustpilot page. It also has no complaints to its name at the Consumer Financial Protection Bureau.

Coro Global’s lack of BBB and Trustpilot feedback is unusual given its time in business. That said, the Coro app is a recent addition to the company’s roster: it publicly launched in the summer of 2020.

Coro is registered with the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) and is searchable under the name Coro Corp. It’s also SOC 2-compliant, which means it meets the standardized security and information privacy criteria set by the American Institute of Certified Public Accountants. Coro Global is publicly traded and audited annually.

Coro reviews and complaints

Coro feedback is scarce. In the absence of a BBB page and Trustpilot presence, there’s little to draw on. We only unearthed one Reddit thread that mentions Coro, but it’s little more than a link to Yahoo Finance’s announcement of the platform’s distributed ledger technology, Hashgraph.

The only feedback we found is from investors who reviewed Coro’s mobile app through Google Play and the Apple App Store. Unfortunately, this feedback is limited. Coro scores 4.1 out of 5 after 15 Google Play reviews and 5 out of 5 after 36 Apple App Store reviews. Customers praise the app’s simple, easy-to-navigate design but complain of delays during the signup process, including missing account verification emails.

Coro’s limited feedback is further complicated by the fact that the number of reviews left for its mobile app dropped in the span of the few days we spent researching this article. Coro’s Google Play reviews dropped from 21 to 15 and its Apple App Store reviews dropped from 38 to 36. Why the number of reviews went down is unclear, although it seems some of Coro’s feedback may have come from company insiders and their friends. We connected some names listed in reviews to the company via LinkedIn.

How do I contact Coro support?

Coro support can be reached by:

  • Phone. Call 866-806-2676 weekdays from 9 a.m. to 5 p.m. ET.
  • Email. Send an email to info@coro.global for a response from a team member within one to two business days.
  • Live chat. Connect with a Coro rep through the live chat feature on its website weekdays from 9 a.m. to 5 p.m. ET.

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Bottom line

Coro’s mobile app turns purchasing and holding gold into a speedy process. But ongoing fees could eat into the value of your holdings, and you can’t access or store your gold on your own.

If you’re interested in sending funds through a third-party platform, explore your money transfer options with multiple providers to find the service that fits your budget. And if owning gold is your intention, bullion providers sell numerous precious metals and can ship your purchases directly to your home.

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