How to Buy Gold Online
Do your research., Exercise caution., Avoid being taken.
Step-by-Step Guide
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Step 1: Do your research.
When it comes to choosing a reputable online gold dealer, look for someone who is insured, has controls in place to detect fraud, and guarantees their product.
An online gold dealer should exhibit the following characteristics:
They have fair prices.
Know the price of gold on the market the day you are buying, and calculate the percent over spot price the dealer charges—keeping in mind that coins will have a higher markup than bullion.
They offer flexible payment methods.
Credit and debit cards should most certainly be accepted, as should checks and wire or bank transfers.
For small purchases, a check or credit card are normally sufficient.
Large purchases usually involve a bank transfer of funds.
Do not use money-transfer services such as Western Union.
If the transaction should go bad for any reason, you'll be left with no way to get your money back.
Make sure their shipping policies are sound.
If you're taking delivery on thousands of dollars worth of gold, you'll want to know that your shipment is insured and secure.
Make sure you get tracking numbers whenever a shipment is made.
Verify a dealer’s reputation.
Research testaments and recommendations from customers or other autonomous sources.
Oftentimes reliable dealers post such tributes on their websites.
You can also check with the Better Business Bureau. -
Step 2: Exercise caution.
Not every dealer is scrupulous and aboveboard in their dealings.
Beware the dealer who:
Only has a common e-mail address (i.e., Yahoo, Hotmail or Gmail) for their contact information.
Does not appear to have a secure system for accepting credit card payments.
Signs of an insecure system are no “lock” in the browser when navigating to the payment page and the “http” in the URL does not switch to “HTTPS”.
Neglects to list delivery specifications. , Before you purchase, contact the vendor’s customer service department either by phone or e-mail.
Ask about the specific items you’re interested in buying, warranties, available payment methods and return policies.
The manner in which they respond to your questions will tell you a lot about how they do business. -
Step 3: Avoid being taken.
Detailed Guide
When it comes to choosing a reputable online gold dealer, look for someone who is insured, has controls in place to detect fraud, and guarantees their product.
An online gold dealer should exhibit the following characteristics:
They have fair prices.
Know the price of gold on the market the day you are buying, and calculate the percent over spot price the dealer charges—keeping in mind that coins will have a higher markup than bullion.
They offer flexible payment methods.
Credit and debit cards should most certainly be accepted, as should checks and wire or bank transfers.
For small purchases, a check or credit card are normally sufficient.
Large purchases usually involve a bank transfer of funds.
Do not use money-transfer services such as Western Union.
If the transaction should go bad for any reason, you'll be left with no way to get your money back.
Make sure their shipping policies are sound.
If you're taking delivery on thousands of dollars worth of gold, you'll want to know that your shipment is insured and secure.
Make sure you get tracking numbers whenever a shipment is made.
Verify a dealer’s reputation.
Research testaments and recommendations from customers or other autonomous sources.
Oftentimes reliable dealers post such tributes on their websites.
You can also check with the Better Business Bureau.
Not every dealer is scrupulous and aboveboard in their dealings.
Beware the dealer who:
Only has a common e-mail address (i.e., Yahoo, Hotmail or Gmail) for their contact information.
Does not appear to have a secure system for accepting credit card payments.
Signs of an insecure system are no “lock” in the browser when navigating to the payment page and the “http” in the URL does not switch to “HTTPS”.
Neglects to list delivery specifications. , Before you purchase, contact the vendor’s customer service department either by phone or e-mail.
Ask about the specific items you’re interested in buying, warranties, available payment methods and return policies.
The manner in which they respond to your questions will tell you a lot about how they do business.
About the Author
Jerry Ford
Specializes in breaking down complex pet care topics into simple steps.
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