High street gold brokers have not entirely vanished, but there are still reputable brick and mortar gold dealers that operate in most cities. A lot of gold buyers aren’t so high brow, they tend to operate from temporary kiosks or from premises that look a little dubious. Gold buying like most things, has moved online. Gold buyers and gold sellers go to online dealers because it is more convenient. Online dealers are able to offer better prices because they don’t have the kind of overheads that brick and mortar establishments have to factor in. Besides, small gold trading shops or makeshift kiosk dealers are mere middle men who have to consider their profit in the price they give to gold buyers.

A lot of gold investors tend to mistrust online dealers. The still have the idea that the best way to buy gold is a way that allows you to see and touch the gold you are buying. They believe it’s safer to deal with an actual person they can talk to face to face. These sentiments are some of the reasons why people will seek out a physical store even if they know that they may end up being short-changed somehow.

The pros of buying gold online.

The advantage of buying gold online is that customers have access to a wider type of gold products be it gold coins and bars.

It is a safer way of selling gold. Going online ensures that you don’t become an easy target for thieves. Your transactions are anonymous so that does not give away how much gold you have.

Your transactions take place over a digital medium, you will have an online record of your transactions. You may pay by direct bank transfer or via credit card, either way a record transaction will be created and recorded digitally. It is recorded in your bank as the dealer’s bank so there is always a trail or a way to prove payment was made in the event something goes wrong. Some credit card merchants offer buyer protection so, it is a safer way to transact than cash.

Most gold dealers depend on word of mouth and that of course is linked to foot traffic. This is not always a good thing, especially for new investors who aren’t familiar with the do’s and dont’s of taking part in the gold market. New investors are likely to make mistakes if they don’t have the information they need. Going online affords investors a chance to do serious research. It is easy to get information online from different online portals than driving from one physical store to the next. You can get different insights available to you without needing to go out of your house. You can always ask for more information, make comparisons of the different online gold dealers and what they offer and have information about the daily spot prices with a few key strokes. This way, you save time and money by doing this all in the comfort of your own home.

Online dealers usually have a wide array of gold products they can source directly from mints. Because they are able to buy coins and bars in large volumes, they get preferential rates. They are able to pass these savings on to their customers. Online dealers also don’t have expensive showrooms with complicated and expensive security, they don’t have large overheads like physical stores do. These are savings they can also pass on to their customers.

Source:

1. https://www.topratedforexbrokers.com/gold-trading/