Which are the Best Apps to Buy Digital Gold?
Several things are common in India, from Kashmir to Kanyakumari and Gujarat to Arunachal Pradesh. One of the things common In India is the love for gold. The love that Indians have for the yellow metal is world known. After all, India is the largest importer of gold globally. This trend started way back and continues to date. Today, let’s have a look at the best apps to buy digital gold.
Overview of Digital Gold
Over so many years, the only thing that has changed is how gold is bought and sold. Earlier, gold was purchased in the physical form of coins, biscuits, bars, bullions, or jewelry. This transaction mainly happened at a jeweler’s shop. But in recent times, people have started buying gold in non-physical form – the most common being digital gold. And the point of the transaction has shifted from jeweler’s shop to online platform or mobile apps.
In a layman’s language, digital gold is the new-age version of buying gold through online channels like a website or mobile apps. The mobile apps that buy or sell digital gold are called digital gold apps.
Buy Digital Gold Online In India
So, you are interested in buying digital gold? There are several platforms available in India where you can buy digital gold. Some of the players in buying and selling digital gold are listed below.
1. MMTC PAMP India Private Limited
This is a joint venture between government-backed agency Metals & Minerals Trading Corporation (MMTC) Limited and a Swiss firm MKS camp. One can buy a minimum of 1 gram of digital gold on MMTC PAMP. The company offers free storage of digital gold for 5 years, after which the investor has to either sell it, take delivery of physical gold, or pay for storage.
2. Digital Gold India Private Limited (Safegold)
An institutionally-backed company with Invent Advisors Private Limited as the primary investor. The company offers its digital gold services under the retail brand name, ‘SafeGold‘. One can begin investing in digital gold with an investment of Rs. 10. The company offers free storage for up to 5 years, after which they charge a yearly storage fee.
OroPocket allows its users to start investing in digital gold with as low as Rs 1. The company offers customer-friendly services without much investment and transaction fees. It provides a transparent, safe, secure service with no storage or insurance fee. The company uses Blockchain technology that enables users to verify the integrity of their investments. In addition to this, the company has a team of independent auditors who audit the digital lockers daily to assure asset-backing on a 1:1 basis. OroPocket is the first company in India to launch a gold-backed token on Tezos.
4. Augmont Gold
India’s leading gold and silver refinery, Augmont Goldtech Private Limited, aims to integrate the entire lifecycle of gold and offer a one-stop solution to retail consumers. Along with gold SIP and gold loan, it facilitates the purchase of 24 carats digital gold online.
5. E-wallets Selling Digital Gold
These days, several e-wallets and UPI companies also buy and sell digital gold. Several e-wallets, like Google Pay, PayTM, or PhonePe, allow users to invest in digital gold through their platform. To felicitate this, one needs to link the e-wallet with their bank account. We can add money to these e-wallets and use them to buy digital gold, as and when required.
Benefits of Investing in Digital Gold
Due to various challenges in buying and selling physical gold, people are moving to buy digital gold. As we speak, digital gold has become the first choice of smart investors. The benefits of investing in digital gold are listed below:
1. Transparent Pricing
The prices of physical gold vary city to city and from state to state, but the prices of digital gold remain the same across the country. There are no charges related to making or storing digital gold. All this makes it a pocket-friendly option for buyers.
2. Small Investments
Buying even a small amount of physical gold requires a sizeable amount. Digital gold breaks this minimum investment barrier. Digital companies allow investors to make small investments well. Companies like OroPocket allow investors to start with an investment as low as Rs. 1.
3. Purity of Gold
While buying physical gold from jewelers, there is always a doubt regarding the purity of gold. Physical gold bought may contain several impurities. However, digital gold comes with an assurance of 24 karats, 99.9% purity.
4. Safe and Secure
When a person buys physical gold, there is a need to store it in a safe or bank locker. This involves both risk and cost. Digital gold takes away both these challenges. Companies keep the digital gold safely in digital vaults by the sellers themselves.
To buy physical gold, one needs to visit several jewelers to compare the price and purity. This is a time-consuming process and, in the given times, quite risky too. In the case of digital gold, since there is complete assurance on price and purity, investing in digital gold saves time and allows you to keep yourself safe.
6. Better Liquidity
If you want to sell physical gold, you need to again speak to a few jewelers to compare their offers. However, in the case of digital gold, the trading company repurchases it, and the prevalent gold prices and the money is deposited into your bank account. So, you get better liquidity.
Buy Digital Gold On OroPocket (Step-by-step Guide)
Buying digital gold on OroPocket is very simple. One needs to follow a few simple steps:
- Download the OroPocket app on your mobile.
- Complete your KYC and add your bank details.
- Decide the amount of digital gold to be bought. At the prevailing market price, one can buy digital gold of a fixed amount or fixed weight.
- Select your preferred online payment option like UPI, debit card, credit card, net banking, among others.
- Make the payment.
- The digital gold bought is now safe and stored safely in OroPocket digital vaults.
Best Platform to Buy Digital Gold in India
To buy digital gold in India, there are several platforms and apps. If one compares the ease of buying, minimum investment required, safety and transparency of dealing, and the charges, one would conclude that OroPocket is the best option to buy digital gold in India.
When we talk about buying and selling gold or investing in it, there is no change in people’s passion for the yellow metal. However, owing to technology and lifestyle changes, what has changed is the form and manner, gold is bought and sold.
Digital gold offers investors complete assurance over price and purity. There is no risk associated with storing it. One can sell digital gold quickly and get physical gold or money against it. These reasons have prompted smart and new-age investors to prefer investing in digital gold compared to physical gold.
Frequently Asked Questions
Q1: What is digital gold?
Ans: Digital gold is the new-age version of buying gold through online channels like websites or mobile apps.
Q2: Is digital gold better than physical gold?
Ans: Digital gold comes with an assurance of 24 karats, 99.9% purity. Also, there is no difference in prices across the country. It offers better liquidity as well. So, it is better than physical gold.
Q3: Is it safe to invest in digital gold?
Ans: Investing in digital gold is entirely safe and a cost-effective investment option.
Q4: Which app is best to buy digital gold?
Ans: Several apps deal in digital gold, but OroPocket stands out as you can instantly buy digital Gold for as low as Rs 1 on the platform through a simple one-click process.
Q5: What is the safest app for Digital Gold?
Ans: OroPocket is the safest app for Digital Gold.
Q6: Can we buy and sell gold through OroPocket?
Ans: Yes, one can easily buy and sell digital gold through OroPocket.
Q7: Can I buy virtual gold?
Ans: Digital gold is like virtual gold only. So, if you are looking to buy virtual gold, you may buy digital gold.