What is the best place to buy silver coins online? This is one question that many people who are trying to get started with investing in silver ask by default. In today’s post I will take you through some of the top places that I think are worth checking out, but as always, do not forget to do some background research before settling on any dealer. Read on to find out more:
Precious metals are a popular investment choice for individuals who are looking for ways to allocate some money into assets that retain their value over a long-term horizon. Silver is one of the precious metals that generally maintain their value even in times when the stock market is facing major fluctuations.
Silver also performs well when inflation is hitting hard and when there are political uncertainties. When paper assets are underperforming due to external forces of the market, precious metals seem to be becoming more valuable.
For investors who prefer a hands-off approach to investing, there is an approach in which you can purchase the physical silver, and store it in a safe depository. You can do this through a SILVER IRA, or you can contact your financial advisor for legal advice on other ways in which you can possibly hold your physical silver.
Investing in silver and other precious metals is not for everyone. It is generally for those who are seeking long-term investments, and for those who are worried about the rates of inflation, as well as the future of paper currency. Where then, can you purchase silver coins if you are this kind of investor?
Best place to buy silver coins online
This company was founded in 2006 as a precious metal IRA service provider. Precious metal IRAs usually operate in the same manner as traditional IRAs, with the only difference being that they allow investors to hold precious metals instead of paper assets (e.g. stocks, ETFs, and mutual funds).
The IRS regulations require those who purchase silver coins and invest in them through such a company to hold them within the secure and insured depository until they are 59 ½ years. Upon reaching this age, one can begin taking penalty-free withdrawals. Note that the price of silver will still fluctuate even when your assets are held within your precious metal IRA (silver IRA).
If you think that this option can work for you, then you can start by opening a silver IRA, then you can contact GoldCo to purchase the coins. You can also contact their representatives, and inquire about how you can get started with investing in silver coins, more so if you are new to the industry.
Note that the minimum purchase order you can make with this company is $25,000. There will also be some storage fees and account maintenance fees if your silver is held within a silver IRA.
American Precious Metal Exchange (APMEX)
This is one of the most popular precious metal online dealers in the entire world. APMEX can pass on savings to its customers owing to the sheer volume of business that it does daily. This company is a good option for those who not only want to purchase silver, but also those who want to sell their silver to them. They have a huge selection of coins (including those of other precious metals such as gold). You can also purchase old banknotes. foreign coins, as well as “elite coins” from them. They also have a section for rare coins and collectibles sourced from all over the world.
This company takes pride in its capability to effectively provide a suite of services for its customers. In addition to allowing them to purchase and sell through their company’s website, Silver Gold Bull also offers storage services. Customers who turn to this company also benefit from its automated spot alert feature, through which they can keep track of the price of their silver assets so that they can know when a target price has been hit for them to either buy or sell.
This company previously went by the name Scottsdale Silver. Currently, it focuses on the sales of gold, silver, and collectibles to its customers, and also allows those who have precious metals that they’d love to sell, to get a chance to sell their items.
Scottsdale Mint sells its precious metals in the form of coins, bullion, bars, as well as rounds, and adds a certain premium to its products due to their artistic minting. You can get your silver assets shipped to you for free, but you are required to make a minimum purchase of $500. Other companies in this industry offer free shipping when one purchases products worth $99, so you may need to look for other options if you do not intend to spend $500 on silver coins. The main thing that sets apart Scottsdale Mint is that it has a very creative minting process that gives rise to some alluring coins.
JM Bullion is yet another company that offers you the opportunity to purchase silver coins through its online platform. They also stock a wide variety of gold and palladium products in bullion form, that you can order and have delivered to your doorstep. This company offers free shipping on all purchases over $199. All the products are inspected to ensure that they are of the right quality before they are shipped. Customers can pay for their silver coins through any of the payment channels which include: Bitcoin, MasterCard, PayPal, bank wires, paper checks, and PayPal Credit.
JM Bullion takes pride in the fact that it is accredited at state and federal levels. Some common comments from its customers are that it has reliable customer support (via phone and a 24-hour live chat).
Here are some more informative posts:
Frequently Asked Questions on the best place to buy silver coins online
1. Which is the best place to buy silver coins online?
Depends on why you need the silver. If you want to purchase silver coins through a silver IRA structure, then you can check out what GoldCo has to offer. If you simply want to purchase silver coins to hold in the safe in your home, then any of the other options listed above may be good for you. You must, however, do some research about these companies to establish whether they have what it takes to deliver the products you need, in the best quality or form.
2. Which types of silver coins are the best to purchase?
Again, this depends on your investment objectives. For those who want to invest for retirement through a silver IRA, then the coins that they pick must meet the IRS fineness standards. Some common examples of IRS-approved silver coins include:
- American Silver Eagle
- Austrian Silver Philharmonic,
- Australian Silver Kangaroo
- Canadian Silver Maple Leaf
Other investors can invest in any type of silver coin, provided that they have established that those coins will be worth more in the future.
3. Where do I store my silver after purchasing it?
If you buy silver through a silver IRA, you are required by the IRS to store it in IRS-approved depository storage that offers insured storage. If you do not own a silver IRA, then you can store the silver coins in any type of secure storage, including a safe at your home. Ensure that the coins are stored in airtight and dry containers so that they do not end up tarnishing.
4. How do I choose the right place to buy silver from?
I would recommend that you use a trusted and well-established company when purchasing your silver. Consumer trust sites such as Trustpilot and Better Business Bureau are good places to also check and verify the legitimacy of various companies. You should also check the pricing, shipping fees, and other expected fees, to have an idea of the amount of money you will part with before you finally own the silver.
Interesting Reads For You:
Thanks for making it to the end of this article on the best places to buy silver coins online. I hope that you found it helpful and informative and that you now know what to do as you get started on your journey of sourcing silver coins on online platforms. Let me know if you have any questions pertaining to today’s post 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!