Frequently Asked Questions

    Opening An Account

    How do I open an account?

    Opening an account is straightforward, and takes moments.

    1. Click on a link to the Rumple platform from our website rumple.io, such as the Join Now button on the home page. This opens the Rumple platform at the Register / Log In screen.
    2. Click on Register.
    3. Enter your email address, and create a strong, unique password. We recommend using a tool such as Last Pass to manage your passwords.
    4. Check your email for a confirmation email, which will contain a confirmation code. Enter this code into the Rumple website. If you have accidentally navigated away from the confirmation code screen, just use the Log In option, and it will redirect you to the confirmation screen again.
    5. After you have confirmed your account, you will be prompted to complete your profile, enter an address, link your bank account, and add funds.



    I live outside of the US, can I open an account?

    It depends.

    If you are a US citizen with a US bank account in your name, then the answer is yes. We cannot ship metal outside of the United States however.

    If you're not a US citizen, and you currently reside outside of the United States, then we cannot offer you an account at this time, even if you have a US bank account. This will hopefully change in the future.

    All account approvals are subject to customers being checked against the US Department of Treasury's Office of Financial Control (OFAC) sanctions lists.




    Do I need to provide identification?

    You can trade and store with Rumple without providing us with any identification, however you will have low deposit limits, and will not be able to access serialized products.

    You don't need to provide identification right away - you can trial Rumple using Pool or Allocated storage without identification, within the deposit limits, and upload identification later on if you decide you would like to deposit more funds or access serialized products.

    A human staff member personally reviews each uploaded identity document.

    All uploaded identification documents are stored in a dedicated storage repository at our cloud host. This repository has been "white hat" audited for access security and penetration vulnerabilities. Even our staff do not have direct access to the repository - each individual access request has to be authenticated. We store our own identity documents there - we're confident it's secure!




    I live in the US, but I'm not a US citizen, can I open an account?

    If you're a legal resident of the United States (such as a work visa or green card holder) and you have a US bank account in your name, then the answer is yes.




    Funds

    How do I pay for purchases?

    Rumple currently uses a "funds on deposit" prepaid model for paying for purchases, which requires you to transfer the desired funds to be invested before making a purchase - just like buying stocks or cryptocurrency. We'll be adding additional payment methods in the future.

    We have selected Plaid, the industry leader for bank account integration, as the solution for the Rumple platform.

    You link your own checking or savings account using your online banking credentials, which authorizes us to draw a remotely created check from your account payable to Rumple. Each individual funding transfer needs to be initiated and approved by you (except for ongoing charges such as storage fees).

    Once the electronic check has cleared into Rumple's account, your portfolio is credited with the currency amount, and you can start making purchases. We debit your currency balance for each purchase (and credit it each time you sell back).




    Why don't you take credit cards?

    Credit card fraud is the single biggest loss generator in retail precious metals.

    We have made a strategic decision to move to a prepaid model using electronic checks, which eliminates credit cards from our ecosystem. This allows us to keep our margins tighter, which is passed on to you in the form of better pricing.

    We may introduce credit card processing in the future for fee payments such as storage or shipping, but we will not be taking credit card payments for precious metal purchases.




    How do you get money out of my bank account?

    After you have linked a bank account to your Rumple account, we are able to use a security token that Plaid generates to query your routing and account numbers. We provide this information to our payment processor who create an electronic check drawn from your bank account, payable to us. We NEVER have access to your online banking username or password, and we can only ever see details about the single account you link to our platform.

    Plaid also lets us query bank account balances in near real time - so when you request to transfer funds into your portfolio, we confirm with Plaid whether the requested amount is covered by your available funds. This is an almost instantaneous check. We NEVER record your account balance anywhere, even in system log files - we do a simple momentary "less than" comparison to make sure that it's safe to generate an electronic check that won't overdraw your account, or be dishonored. You are ultimately responsible however for ensuring that there are sufficient funds to cover your transfers. There is a dishonor processing fee payable to Rumple if a transfer you have initiated fails due to insufficient funds, even if Plaid indicated that you had sufficient funds at the time of the request.

    All customer funds we withdraw are segregated from our corporate funds in separate bank accounts. We follow the same philosophy as our precious metal holdings - all customer funds are fully backed with cash in the bank.




    How do I withdraw my money?

    If you're ready to transfer currency funds back from your portfolio to your bank account, you can initiate that from within your portfolio at any time.

    1. Navigate to the Portfolio tab.
    2. In the top left menu, select Withdraw Funds. The screen will update showing you your current bank name, last four digits of your bank account, a list of previous withdrawals, and a field.
    3. In the field, enter any amount of $1 or more. The largest amount you can withdraw per day is currently $100,000.
    4. Click the button next to the field labelled with the amount you entered - a confirmation dialog will appear.
    5. Read the details to confirm they are correct, and click either CANCEL or CONFIRM to continue.

    We generally process withdrawals within 2 business days. All withdrawals are paid electronically to your linked bank account, we do not issue checks or send bank wires.

    If you have unpaid storage bills that are greater than the value of the remaining metal you have in storage, that amount will not be withdrawable, and will be held in reserve for storage bill payment.

    There is a small processing fee for all withdrawals under $1000. Only one withdrawal can be initiated per day.




    How do I make a deposit?

    If you're ready to transfer currency funds into your portfolio from your bank account, you can initiate that from within your portfolio at any time. No need to log into online banking, visit a branch, or use a credit card.

    1. Navigate to the Portfolio tab.
    2. In the top left menu, select Add Funds. The screen will update showing you your current bank name, last four digits of your bank account, a list of previous deposits, a number of buttons for predefined amounts, and a field.
    3. Either select one of the predefined amounts (from $500 to $25,000), or enter a custom amount up to $100,000. Please note that if you have not yet uploaded identification that has been verified, you will only be able to deposit a lifetime maximum of $3000.
    4. Click the desired predefined amount, or the button next to the field labelled with the custom amount you entered - a confirmation dialog will appear.
    5. Read the details to confirm they are correct, and click either CANCEL or CONFIRM to continue.



    Trading

    How do I buy and sell coins and bars?

    The simplest way to buy and sell is from the Prices tab - however you can also access trading links from within your Portfolio.

    1. Navigate to the Prices tab.
    2. Click on the BUY or SELL price for the desired item. The Trade screen will display, showing your current holdings of this item, and the current price. The screen will refresh every 10 seconds with the latest price. If you don't have any holdings of this item, the SELL price will be disabled.
    3. Enter the quantity of coins or bars you wish to trade. You will not be able to enter a quantity greater than what you can purchase with your available funds, or what you can sell from your current holdings.
    4. When you have entered a valid amount, the Place Trade button will become active - when this is clicked a confirmation dialog will appear.
    5. Read the details to confirm they are correct, and click either CANCEL or CONFIRM to continue. If you leave this screen open too long, the price may expire and your trade will be declined until you refresh the price.
    6. When you click Confirm, a processing message will appear, followed by either a sucess message (or an error message if your trade was declined for any reason).



    How do I buy and sell pool metal?

    The simplest way to buy and sell is from the Prices tab - however you can also access trading links from within your Portfolio.

    1. Navigate to the Prices tab.
    2. Click on the BUY or SELL price for the desired pool metal. The Trade screen will display, showing your current holdings of this item, and the current price. The screen will refresh every 10 seconds with the latest price. If you don't have any holdings of this item, the SELL option will be disabled.
    3. By default, trading is by weight, however you can change this to trading by value.
    4. Enter the amount of pool metal you wish to buy or sell. You will not be able to enter a quantity greater than what you can purchase with your available funds, or what you can sell from your current holdings. If you are trading by weight, you will be entering whole ounces or grams. If you are trading by value, you enter a dollar amount, and a corresponding decimal weight rounded down to the next thousandth of an ounce will be shown as the offer.
    5. When you have entered a valid amount, the Place Trade button will become active - when this is clicked a confirmation dialog will appear.
    6. Read the details to confirm they are correct, and click either CANCEL or CONFIRM to continue. If you leave this screen open too long, the price may expire and your trade will be declined until you refresh the price.
    7. When you click Confirm, a processing message will appear, followed by either a sucess message (or an error message if your trade was declined for any reason).



    How do I redeem pool metal for coins or bars?

    This feature is currently under development.

    Shortly you will be able to convert pool metal holdings to coins or bars of the same metal. The only fees associated with this will be the current difference in value between the pool metal prices and the current prices for the coin or bar that you would pay if buying outright, so you're not penalized or charged for this convenience. You will be able to place your redeemed coins or bars into Allocated storage, or request that they be shipped to you.




    Will I be charged sales tax?

    Some states charge sales tax on precious metal transactions.

    Rumple does not collect sales tax on purchases made through the Rumple platform, as all purchases are stored at the depository rather than delivered to customers. Sales tax is only payable on goods you personally take delivery of. As your metal is being held at a third party depository, you have not taken delivery, and the transaction is not eligible for sales tax assessment.

    Should you wish to have your coins or bars shipped to you however, sales tax may become payable, depending on the item and the destination state. This will be assessed through the Rumple platform before shipping.




    Storage

    Where is my metal stored?

    We store with a major privately owned depository in the north east United States.




    Shipping

    Shipping

    This feature is currently under development.

    We aim to provide an insured shipping option that will be competitive with online retailers. We're currently finalizing details of this program with our supplier who will be fulfilling this function for us.







Copyright © Rumple 2020.