When buying physical silver, you have two options: buying silver online, or visiting a local seller. There are both pros and cons of each purchasing method. If you have decided to buy your silver online, there are dozens of online dealers offering a wide selection of coins and bullion.
Online vs. Offline
One major benefit of buying silver online is the selection. With one click, you can purchase nearly any form of silver coin or bar ever produced. Whether you are in the market for rare silver coins or newly-minted bullion bars, online dealers offer the widest array of options. You have a much better chance of finding exactly what you’re after when shopping online than trying to find it through a local dealer.
Most online dealers change their prices frequently – sometimes even minute by minute – in response to changes in the spot price of silver. The prices found online are usually lower than those offered by offline sellers, since online sellers have lower overhead and higher competition.
Finding a Dealer
Before buying silver online, make sure you find a trusted dealer. There are dozens of reputable dealers offering high-quality coins at reasonable prices. There are also some unreliable online sellers, who may be offering replicas or damaged coins. Before making your purchase, make sure you are buying authentic silver from a reputable seller.
Before settling on a precious metal dealer, read their policies. Search out a dealer with a strong return policy. Scrutinize the photos and written description of any silver coin or bar you are considering purchasing. Make sure you know whether you will receive the coin pictured, or whether the image is meant to be representative of the type of coin or bar being sold, rather than the actual item you will receive.
How it Works
Once you have found a reputable silver dealer, the next step is choosing the coins or bars you wish to purchase. Browse the site to find the right silver for your investment strategy. Most online dealers have a ‘shopping cart’ function; you can add multiple coins to the cart, paying for them all at once when you’re done shopping. Others require payment for each item as it is purchased. The prices you see on the site are locked in once you reach the checkout stage of the process.
Once you have selected the coins and reached the checkout stage, it is time to pay the seller for the coins. You have several payment options, depending on the dealer. Common options include credit or debit card, bank wire, and sending a check in the mail. Each has pros and cons. For example, sending a check means there are no processing fees, but it can add several weeks to the transaction time as the seller must wait for the check to clear before your silver is mailed. Credit card payments can be processed quickly, but most dealers charge an additional processing fee for this payment method. Once you have submitted payment, the dealer will send your shipment of silver.