Who are the best online silver coin dealers? Which factors should you consider when choosing the best dealers? Join me in yet another informative post, in which I will help you settle on the best company to turn to if you are out to purchase silver through an ecommerce platform. If that sounds interesting, then read on till the end to find out more.
In the recent past, there has been an increase in the number of precious metal dealers advertising their services online. Finding a reliable dealer can, as such, be confusing for beginners and experts alike. With everything that’s going on in the global economic and political scene, now may be a good time to buy silver and other IRA-approved precious metals, but whom do you buy them from? How will you recognize the company that is best suited to serve you? We take a look at that in the next section.
A quick guide to selecting the best online silver dealers
A reliable silver coin dealer should have enough proof of their results. You should, as such, be in a position to view a whole lot of positive customer reviews praising their excellent services. Before you buy silver coins online, therefore, take the time to check out the reviews on consumer trust sites such as Better Business Bureau, Trustpilot, Yelp, Business Consumer Alliance, etc. If you read through most of the reviews, they will give you an idea of how you can expect to be treated upon beginning the purchase process.
2. Physical office/headquarters/store
A reputable online silver coin dealer will have more than an online presence: they will have a physical office that you can walk into and talk to representatives or other staff members if need be. They should also have a valid phone number that goes through, at least during business hours. If you cannot get through to the support staff during business hours, and the company in question does not have a traceable address, then it would be a good idea for you to cross it off the list.
3. Shipping and insurance
Another thing you need to check is whether the online silver coin dealer has an effective shipping process. You do not want to go to the lengths of ordering silver bullion that will never make its way to your preferred address, or to the depository storage facility selected under your Silver IRA structure. Confirm, from the customer reviews, that there is no pattern of goods being lost in transit, arriving damaged, or experiencing significant delays.
The best online silver coin dealers
Goldco is a reliable precious metal dealer that was founded in 2006, to serve customers who were out to purchase genuine precious metals for various purposes. With time, this company has grown to become one of the most reliable precious metal IRA service providers on a global scope. A precious metal IRA operates in a manner similar to regular IRAs, with the only difference being that you invest in precious metals instead of paper assets such as ETFs, stocks, and mutual funds.
The minimum purchase order required for those who want to open an IRA with Goldco is $25,000, which is more than $20,000 lower than most of its competitors. Note that a silver IRA will also come with storage fees, and account maintenance fees.
APMEX ( American Precious Metal Exchange)
This is one of the largest online precious metal dealers. APMEX handles a very large volume of customers daily, owing to the fact that it is able to pass on huge savings to customers. Those visiting this company’s website can also purchase other precious metals such as gold, platinum., and palladium, and can also sell their products to them.
Another benefit of APMEX is that it has a huge selection of assets, which include:
- Precious metals
- Elite coins
- Old banknotes
- Foreign coins
- Rare coins from all over the world
Scottsdale Mint, which was formerly referred to as Scottsdale Silver, is a company that focuses on the buying and selling of gold and silver, as well as other collectible coins. As their customer, you can access silver products in the form of coins, bars, and rounds. If you’re mainly looking for products that have artistic minting and aesthetics, then you might want to visit this company’s website to check whether they have something for you.
To qualify for free shipping with insurance, Scottsdale Mint requires that you make a minimum purchase of $500. This may seem steep when compared to other firms in this industry which offer free shipping for products worth $99. Some customers are, however, willing to turn to Scottsdale Mint, owing to the allure that comes from this firm’s minting process.
Silver Gold Bull
This is a precious metal dealer that has its headquarters in Las Vegas. Its website has a large selection of precious metal products in bar and coin form, that you can purchase as an investor who is out to get started with investing in silver. It also offers a collection of collectibles and jewelry.
This company’s main selling point is the competitive pricing of its products. Aside from purchasing the products displayed on their website, you can also sell the silver items you want to cash out at competitive rates. Customers who make orders of more than $199 get free shipping, and the fully-insured products are delivered straight to their door. If you do not want to store the silver products at your house, you can utilize Silver Gold’s Depository storage services.
JM Bullion exists as an exclusively online retailer of precious metal products that was established back in 2011, in Dallas. In addition to the silver bars, you can also purchase an impressive collection of coin mintages and collections. On JM Bullion’s website, you can also view the best weekly deals. If you are shopping around for affordable silver to use for the purposes of investing, then you can compare what this company’s weekly offers with what its competitors have to offer, so you can get the best deal at the end of the day.
Frequently asked questions on “Best online silver coin dealers”
1. What type of silver should I buy for the purposes of investing?
The type of silver you purchase depends on your investment vehicle and strategy. If you’re using a silver IRA, however, you cannot invest in any type of silver. The IRS required that all IRA silver meet set fineness standards (0.999 silver). The common types of silver coins that meet this standard include:
- American Silver Leaf
- Canadian Silver Maple Leaf
- Mexican Silver Libertad
- Austrian Silver Philharmonic
- British Silver Britannia
- Austrian Silver Philharmonic
- Australian Silver Kangaroo.
2. What is silver bullion?
Silver bullion is a silver product whether in the form of a coin or bar, that is valued by its silver content and weight. Most silver bullion is expected to have the highest silver content possible per unit weight of the silver product. This is the reason silver bullion is the only acceptable form of asset when it comes to silver IRAs.
3. How much silver should I purchase for investment?
Depends. If you are using a silver IRA, then there is a cap on the maximum amount of silver you can purchase, based on the annual contribution limits. If you are investing in silver without necessarily relying on any tax-advantaged investment vehicle, then you can purchase as much silver as you want. You may, however, want to consider the wise saying that says, “do not put all your eggs in one basket.” As a silver IRA owner, it is recommended to have only about 5% to 15% of your portfolio in silver.
4. Where can I store the silver I buy from online dealers?
Investors who are buying silver coins for the purposes of investment through a silver IRA are required by the IRS to store their silver in an approved precious metal depository. If you are not using a silver IRA, however, you can store the silver anywhere you find appropriate, including a hole in your backyard. I would, however, recommend that you take up safer storage options, and possibly consider using a silver IRA account since you will get the tax advantages that other investors do not get.
That’s it for this post on the best online silver dealers. I hope you enjoyed it, and that you found it helpful as well. Let me know if you have any questions with regards to this post, or anything to do with investing in silver- drop them in the comments section and I will get back to you ASAP.
I wish you well,
Eric, Investor and Team Member at Gold Retired!