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Wondering why you should open an e-gold account? The e-gold payment system allows secure online payments for goods and services. It is 100% backed by gold bullions. Hence, the value stored in your account is related to value of gold or other precious metal.

In this page, we highlight some advantages of e-gold electronic payment system to account holders:

Opening an account is easy

Opening an e-gold account is very easy. It is certainly easier than credit/debit cards. You do not need to open a bank account or fill a very lengthy form. You do not need to provide an international passport. You do not need sureties either.

To open an e-gold account simply visit the e-gold website, there click on the “Create an account” link and fill and submit form that follows. That’s it.

Anyone in any country can have an e-gold account. E-gold system is not discriminatory like in some payment systems where Nigeria and some countries are excluded for whatever reason. Because e-gold is more secure, most countries are supported.

With e-gold you do not need to falsely claim that you are in the US, UK or Canada just because you want to shop online. You can now express your true identity while shopping on the internet.

Buying and Selling e-gold is easy

Before you can shop with e-gold, you must first fund your account. Doing this is very easy. There are many independent exchange services worldwide that can sell e-gold to you. In fact, one reason why e-gold is global is the great number of e-gold independent exchangers. In fact, any e-gold account holder is an exchanger.

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In Nigeria there are a number of independent exchange services that exchange e-gold for cash (Naira) one such exchange is at www.epaymentservice.net. There are similar services in other countries. You can also sell e-gold to Independent exchange services.

Channels that are available for exchanging e-gold include bank wires, money orders, cash, credit/debit card, PayPal, Western Union and lots more making it convenient to convert from local currency to e-gold or from e-gold to local currency.

Low transaction costs

Transaction cost for spending e-gold is low. It is lower than credit card rates. e-gold system also reduces impact of currency exchange risk, as value in your account is 100% backed by gold bullions.

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One Account is all you need

Although you can open as many e-gold accounts as you want, one account is all you need. You do not need to open a separate merchant account for your business. One e-gold account can serve as both your shopping and merchant accounts.

Open as many accounts as you want

There are no limits to the number of e-gold accounts you can open. As long as you abide by the terms and conditions of e-gold system for each account, you can open multiple e-gold accounts.

Secure payment solution

e-gold electronic payment system employs superior technology to secure your transactions online. Transactions require initiators to enter a number of information like passphrase, Turing number, and account number this ensures that spends are initiated only by genuine e-gold account holders.

IP address confirmation is also required to validate a transaction. All this makes e-gold a secure electronic payment system.

reduce impact of currency fluctuation

e-gold is 100% backed by gold bullions. This means that buying or receiving e-gold for payment is just like storing up gold. This means you can use it as a hedge on currency fluctuation. This also implies that e-gold is an investment.

If you are looking for a payment system that reduces risk of currency exchange then try e-gold.

make money by making others use e-gold

Once you open an e-gold account you can make money by sharing the good news with others. e-gold system provides you with a link to refer visitors to e-gold’s website.
If a visitor follows your referral link and opens an account as a result he/she becomes your progeny. Each time your progeny spends or receives e-gold you earn 10% of the transaction fees. For more information visit e-gold website.

Becoming a merchant is easy

You can start receiving payments online as soon as you open an e-gold account. e-gold system provides account holders with a simple web link to paste on their websites. This link when clicked by a visitor to your site will provide a page for them to make a secured payment to your e-gold account.

The web link provides you with an easy solution to receiving payments on the internet, however when you need a more powerful ecommerce application or you have a wide range of products and services and have a shopping cart integrated, a simple link will not be enough.

In such situation you need to build a shopping cart interface (SCI). The shopping cart interface is based on html forms and enables a merchant to integrate their shopping cart system to e-gold payment system.

Offer Exchange Service

As an e-gold account holder, you can become an independent e-gold exchanger. You can buy e-gold from account holders with local currency. You can also sell e-gold to account holders in local currency. You are free to set the price you sell or buy e-gold from your customers.

You can use any payment channel to buy or sell e-gold. Some channels used by existing independent exchange services include bank wires, money orders, cash, credit/debit card, PayPal, Western Union and lots more.

You can make money by exchanging e-gold for currency and vice versa.


Now that you know the benefits of egold payment system you can now visit the website and open an e-gold account. Spend a few minutes on the site and read about the system.

Do not forget to read the FAQ page and consumer alert page. Other pages that may interest you are:

  • Terms of Use
  • What is e-gold?
  • View current e-metals exchange rates
  • Statistics, etc

Related Topics

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Paschal Okafor
Paschal Okafor
Paschal Okafor is the founder of NaijaTechGuide. A Graduate of Electrical and Electronics Engineering, Paschal is passionate about Technology and since 2006 has written over 4000 articles covering Mobile Devices, Consumer Electronics, Digital Marketing, Mobile Apps, and Online Services. Over the past 16 years, he has managed to turn a blog that started life on a Google Blogger subdomain into the Largest Technology Blog in Nigeria and quite possibly the largest in Africa. Paschal has been Building, Analyzing, and Maintaining Websites for over 17 years and also shares his wealth of knowledge and experience about building and managing websites on NaijaTechGuide.

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