We love gold. Don’t we? Buying gold lately has become more comfortable, as you can purchase these precious metals online. Buying gold online is an excellent idea; however, there are a few pitfalls and it is crucial for you to learn about these before purchasing them online.
For accurate and real-time prices of gold, you can visit Gold Rate. This platform offers quality price data of gold, 24 hours a day, wherever you are in the world. The platforms utilize directly sourced data or as they like to call it ‘pure data’.
Why do you need to buy gold online?
There are numerous benefits to buying gold online. The significant advantage is the price. There are enormous savings that you can incur while purchasing online. There can be savings of about 50-60%; you are likely to get somewhere more than this also.
If your purchases are in thousands, you can save up more and are worth well it. Another advantage of buying gold online is the convenience. The choice of buying online gives the amenity of having it delivered right to your home.
Buying gold online is as safe as buying it from a physical retailer. It is considered a safe option because you’re buying gold bars or coins from a reputable company. These online retailers are fair and honest towards their business practices which are the standards of each organization.
Also read, HOW MUCH MONEY DO YOU NEED TO BE “WEALTHY”
Before we take you through the ways of buying gold online, here are a few things that you need to consider:
- Get to know the latest prices of gold. Some sites offer you real-time prices based on your location. Also, you can take a cue from Google for most recent prices on Gold.
- Make sure the gold you are buying is pure.
- Once you’ve brought, make sure that they are stored safely.
- Verify the dealer’s reputation before buying gold. Carefully read through the reviews from the customers or other available sources.
Ways to Buy Gold Online:
Buying gold and silver is like investing. In other ways, it is like purchasing products. Here is how the process of buying gold online works. Consider these ways of buying gold online:
First, you need to choose a reputable online platform that is selling you purest of gold, someone who is insured, security measures to detect fraudulent activities and takes guarantee of their product.
Follow these points to ensure you are buying it from a genuine gold dealer:
- Check for their shipping prices: If the quantity of gold you purchase is worth more than thousands of dollars, check whether the shipment is insured or not.
- Understand whether they provide multiple payment methods. Credit and Debit cards must be accepted; these are the sufficient forms of payment.
Purity of Gold
MMTC-PAMP( a joint venture between the Indian and Switzerland government) offer 24KT gold. When we consider fineness, MMTC-PAMP provides 99.9% of purity, whereas SafeGold offers with 99.5% of purity.
Also read, The Best Ways To Buy Gold
How can the fineness be defined?
Fineness is referred to as the weight of gold in proportion to total weight. The fineness can be articulated in units of parts per 1000. As per the World Gold Council’s study, manufacturers can’t remove the small number of impurities from the ‘pure’ gold.
The gold purchased on the online platforms are stored in a vault which is secured from all of the aftereffects. Each platform has its lockers that are secure; lockers don’t carry any additional charges as opposed to the fees charged for storing gold in physical lockers.
Duration of holding gold
If you consider buying gold from MMTC-PAMP platforms, then there are no charges for storage. As of now, the maximum period of storing gold on a platform is five years. Once the duration of five years is complete, you have to either convert into gold coins or sell it.
In order to keep your account active, you need to do at least one transaction in every six months. If you are purchasing gold on platforms such as PhonePe or Mobikwik, then you have to pay some amount for storage. And for instance, there are other platforms, where if you buy gold more than two grams in the first two years, there’ll be no charges.
Platforms like Mobikwik offer you to store for a maximum of seven years.
THE BOTTOM LINE
If you are new to buying gold or silver either as an investment or hobby, it would be great if you visit a physical retailer and have a look at the products that are available.
Also, digital gold is an effective way to invest ina precious metal such as gold. Nevertheless, if you’ve decided to look for a platform, you may come across distinct of features and charges they have on the product.
We suggest you first to try hands on the product; then go online, look for the exact product and buy them. You will find prices on online platforms remarkably cheaper than the physical stores.