You’re interested in owning gold, but you’re not quite sure where to start. While you could visit a retail shop to make your purchase, buying gold online offers a far more convenient and accessible option.
Maybe you’ve considered buying gold coins or bars online but are concerned about the risks. Is it safe to buy gold online? Going this route can be perfectly safe as long as you do it right. Follow our expert tips to protect yourself when buying gold with your digital wallet.
The Perks and Potential Drawbacks of Buying Gold Online
Why consider buying gold online instead of in person? It certainly has plenty of appealing perks. For one, it’s incredibly convenient. You don’t have to find a retail dealer, drive there, and go through the hassle of haggling with a seller. You can order gold online from anywhere, at any time, without leaving your couch.
The selection online is far more impressive than it is in most retail shops, too. You can pick up everything from IRA-eligible gold coins to rare collectibles.
Of course, buying online isn’t all sunshine and roses. Fraudulent dealers trying to pass fakes off as the real deal is a problem in every industry. And because you can’t handle the gold yourself before buying, it can be difficult to tell whether a dealer’s offerings are authentic.
You also can’t determine the gold’s purity, which is a big problem if you’re buying gold for an IRA. That’s because the IRS only allows gold coins and bars of a certain purity to be held in IRAs.
Mistakes To Watch Out For When Buying Gold Online
If you’re new to gold, it’s easy to make mistakes, but even experienced investors suffer from the occasional blunder. Avoid mistakes like these when shopping for gold online:
- Paying too much: You spot a must-have gold product and pull the trigger on it before bothering to do your research. Later, you find that you overpaid for your investment. This is why it’s smart to compare prices before pulling out your credit card. Always know the spot price of gold, too. Knowing this tells you whether that gold piece is a rare bargain or a real ripoff.
- Falling prey to high-pressure sales tactics: If a dealer says something like, “This product is selling fast” or “Buy now, or you’ll regret it,” walk away. Reputable dealers don’t have to resort to scammy tactics like these. They know that good products and a stellar reputation speak for themselves.
- Neglecting storage: Many first-time buyers make the mistake of keeping their gold at home. If you want to put your gold in an IRA, you’ll need to store it in an approved depository under the care of a custodian.
- Buying from unverified marketplaces: If you plan to buy from a marketplace like Craigslist or eBay, tread carefully. Such marketplaces are rife with scams. Craigslist is especially dangerous because it offers no way to vet sellers, unlike eBay, which has seller feedback.
How To Determine Which Online Gold Dealers Are Worth Your Time
Is it safe to buy gold online? Despite the scams floating around, buying gold online is completely safe if you do your research. To start, check out online customer reviews for every dealer you’re considering. This is a great way to determine whether the dealer is legit. If they’re passing off fakes as real gold, customers will let you know.
Additionally, look to see that the dealer has ties with professional precious metals organizations. Reputable ones include the U.S. Mint, the World Gold Council, and the National Coin & Bullion Association.
Pricing is important, too. When eyeing a gold product, check its price across multiple dealers to ensure it’s reasonable. You’ll also want to watch out for premiums and fees. Some dealers, for example, charge convenience fees that can add up to $20 or more per purchase.
Read the dealer’s return policy carefully before buying. Determine whether the dealer accepts returns and, if so, how long you have to send the gold back. Look out for “gotchas,” such as requiring returned items to be in sealed original packaging.
Good customer support is also essential, especially if you’re making a major purchase. Before you buy, try asking the dealer questions to see how quickly and thoroughly they respond.
Lastly, ensure that the dealer’s website uses encryption for secure transactions. To determine whether the site is encrypted, look for “https” before the URL. If you only see “http,” the site isn’t encrypted and thus is not safe.
Why Buying From Preserve Gold Is a Smart Move
When you choose Preserve Gold, you can rest easy knowing that you’ve chosen one of the best and safest gold dealers online. We strongly believe in good old-fashioned pricing transparency, honesty, and integrity, and it shows in our many five-star reviews.
We guarantee only authentic, highly pure gold when you purchase from us. Additionally, our selection is second to none. We offer a robust catalog of IRA-approved gold, including American Eagle and Gold Maple Leaf coins, as well as products for home delivery.
Is it safe to buy gold online? When you choose us, yes! Perks of choosing us include:
- Whether you’re an experienced investor or completely new to buying gold, our team is here for you. We’ll walk you through every step of buying gold online, from choosing the right products to delivery to a depository.
- We promise to meet or beat any competitor’s price.
- We offer a purchase guarantee. If you’re not happy with your purchase, you can cancel with no fees within 24 hours.
- When you’re ready to sell your gold, we offer a generous buyback program.
- We offer insured shipping at no extra cost.
Always Compare Dealers Before You Buy
You’ve found a dealer that looks promising, but before you pull the trigger on a purchase, be sure to compare your other options. One thing to look for when comparing dealers is the premium you’ll pay over gold’s spot price.
The spot price is the current market price of gold, while the premium is an extra fee on top of that price. Some dealers charge high premiums; avoid these.
Additionally, determine what the dealer’s shipping process looks like. Do they offer tracking and insurance? Will they ship the gold directly to a depository for you, or is that your responsibility? Reputable dealers, like Preserve Gold, offer insurance and will handle every aspect of delivery.
Ask about the dealer’s buyback program as well. Some dealers will buy back your gold for a fraction of what you paid for it. Good ones will offer you a fair price.
Other Options for Buying Gold
If you’re still not sold on buying gold online, there are alternatives. You might prefer to visit a brick-and-mortar gold dealer, for example. Although this isn’t as convenient as buying online, you’ll have the benefit of being able to verify the gold’s authenticity. Plus, you can take possession of the gold immediately instead of waiting for it to ship.
Auctions and estate sales are another option. These events present a chance for you to find some unique treasures. However, prices can fluctuate widely, especially at an auction where it’s easy for bidding excitement to get out of hand.
Special Considerations for Online Gold Buying
When buying gold online, always confirm that the dealer’s site is safe (remember to look for “https” in the URL). Only use known, trusted payment platforms, too. If the dealer asks you to mail cash or a money order, they’re probably running a scam. And be sure to check the dealer’s certification and purity standards.
You should also be aware of government regulations and know who you can turn to if you encounter a scam online. The Federal Trade Commission has a website dedicated to consumer scam reporting.
You may want to determine the dealer’s corporate responsibility practices before buying, too. For example, ask the dealer where they source their gold. Trustworthy dealers purchase from reputable and verifiable sources, while shady ones sell gold that may be stolen or mined using unethical practices.
Best Practices for a Smooth Gold Buying Experience
Is it safe to buy gold online? When you follow our expert advice, yes. Before buying, research dealers thoroughly and consult with your financial advisor. Only purchase from dealers with good reviews, fair gold prices, and responsive customer support.
Preserve Gold offers all of these things and more. Browse our catalog of gold products now or call us at (877) 444-0923 with any questions.
