The adage “all that glitters is not gold” was probably applicable until a couple of years ago. Gold was considered to be a luxury that many people failed to invest in. At this point, the massive wave of digital transformation was still some distance away. The tables have turned today, and gold is no longer a luxury, considering that it comes with a digital twist.
This fancy metal has literally stood the test of time to emerge as one of the best forms of investment. Digital Gold is the latest buzzword that has caught the fancy of many tech-savvy individuals. It is merely a virtual alternative of the actual metal. Buying digital gold is a simple and convenient way to invest in gold online. In fact, there are different platforms from where you can buy and collect gold virtually. On that note, presented below are five of the digital gold purchasing options and a few quick tips on how to buy gold online.
The digital payment app Paytm lets users buy or sell digital gold easily at market prices and collect them in an online account.
You can buy gold starting Re. 1 and offer to sell 0.1gm and above. You can also get the gold delivered (24 hours after buying it) after investing nominal making changes in the form of coins/minted products.
Consider the Following Points before Purchasing Gold from Paytm:
- Additional charges will be imposed for custody after five years. However, Paytm doesn’t offer clarity on how much those charges are.
- At the time of sale, you’ll be asked to provide your bank account and IFSC code information. You’ll receive the money within 72hours.
- The selling price is less than the buying price because there are some expenses that include bank charges, taxes, and others.
- You can also send gold as a gift to your near and dear ones.
- Conversion of gold into coins begins from 1 gram. In this case, the making and delivery charges will be applicable.
The digital payment app PhonePe owned by Flipkart also launched its own Gold investment option. “Through this app, consumers can buy and sell 24K gold for as low as Re. 1”, suggests Annie Robinson, a ghostwriter and an investor of digital gold. They only have to create a PhonePe Gold account before investing in gold.
The gold is insured and stored safely. In fact, PhonePe has tied up with SafeGold for this service. Users can also receive the accumulated gold in the form of coins.
The Following are Some Considerations before Buying Gold from PhonePe :
- You can buy gold starting with the amount of Re 1 or 0.001 grams. However, for selling it, you must have a minimum gold worth Rs 5. Also, you cannot buy and sell on the same day.
- The gold rate shown on the app comes with customs duties and taxes.
- The live rate of selling and buying is valid for 5 minutes.
- You can purchase maximum up to Rs 49,999 of gold in a single day. 60 grams of gold is the maximum you can accumulate.
- Conversion of gold into pendants/coins starts from 1 gram. You have to pay for the delivery and making charges, as applicable.
This website by Stock Holding Corporation of India Limited offers digital gold investments. Users can buy and store gold, with a starting amount of Rs. 1,000. You can also withdraw gold as per your convenience and get it delivered to your doorstep or retrieve it from GoldRush branches.
Important Points to Consider:
- Maximum limit of the transaction from this website is Rs 49,999.
- The gold will be stored in a protected vault, and it will be credited into your metal account the next day after the payment is received.
- You will be required to create a ‘metal’ account and carry out the KYC process, to buy gold. You won’t have to shell out any registration fee.
- It’s necessary that you make at least one physical withdrawal within the span of six months. You can keep the gold for a maximum of five years.
- There’s no restriction on the quantity of gold you can store.
This digital payment platform introduced its digital gold buying option last year. Users can buy and sell gold in terms of grams or rupees. After it’s bought, the gold will be stored into your ‘MobiKwik Gold’ account. In case of selling it, you can either use the MobiKwik wallet or a bank account linked via UPI for the money transfer.
- You can use the app to monitor the gold price for the last 7 weeks.
- You can purchase gold from a minimum Re 1 to 30 grams of gold. A non-KYC compliant consumer can store up to 15 grams of gold.
- You aren’t allowed to sell the gold within 24 hours of buying it.
- Post the sale of gold, the money is credited into your bank account via UPI or e-wallet on a real-time basis.
- Selling price is less than buying price since buying price includes GST and processing fees.
Augmont is an app launched by Bullion India that specifically created online gold investment. It’s available for both iOS and Android users. Consumers can buy and sell gold for as low as Re. 1. In fact, the app also provides SIP (systematic investment plan) option to invest in. You can buy gold and save it in a free, secure, and insured vault. Many finance assignment writing services have advocated the use of this platform.
They can request the delivery of stored gold in the form of coins.
Here are Some Factors to Consider.
- Consumers can check the live rates for gold and silver at the top of the homepage, after logging into the app.
- The users are not required to pay anything to store the purchased gold on the app. They have to sign up to access the secure vault.
- The gold will be delivered to the doorstep of the users.
- The app also offers the opportunity to invest in SIP.
Some Quick Tips on how to Buy Gold Online
It isn’t for nothing that your elders firmly advocate investing in gold. This precious metal has withstood many economic upheavals. Today, with the implementation of digital technologies, its popularity is at an all-time high. On that note, here are some quick tips to ponder over before taking the plunge.
- You should know about the market price of gold. You’ll find many websites that post daily updates on gold prices.
- Carry out some research on the prices, products, and availability. Ideally, there are two types of gold, which are traded-coins and bullion.
- Proceed with caution while opting for a service to invest in. Check whether they have a secure system for storing the gold.
- Decide how much money you can afford to spend on gold.
The digital twist has made owning this precious metal more convenient and cost-effective. Moreover, now you have abundant options when it comes to buying or selling gold online. So, fire up your laptop and shop to your heart’s content. Through this latest development, all that glitters will literally be (digital) gold.
Gracie Anderson is a financial analyst for a multinational corporation in Australia. He has acquired his degree in finance from the University of West Australia. He has an affinity for technology and blogging. He is also a part of MyAssignmenthelp, working as an assignment expert for two years now.