How to Buy Digital Silver Online?
Silver has a great ornamental value, apart from being the most malleable, ductile, and the best conductor of electricity. No wonder, after gold, silver is the metal that Indians love to wear, gift, and even invest in. Traditionally, Indians have been investing in physical silver. However, in recent times, some new ways to buy silver online have emerged. One such popular method is digital silver.
What is Digital Silver?
Also called e-Silver, digital silver is a virtual method of buying and investing in silver without holding the precious metal physically.
Benefits of Digital Silver
Compared to physical silver, digital silver offers several benefits. Some of the reasons why people prefer to buy silver online are listed below:
Price and Purity Guaranteed
The price of physical silver varies a lot. But, online silver is traded at a uniform price across the country. Additionally, there is always a doubt about the purity of physical silver. E-silver comes with an assured 99.9% purity.
No Costs Related to Safe Storage
One needs a secured space or a bank locker to store physical silver safely. Keeping silver inside your home involves risk, and bank lockers involve cost. However, you get free storage and complete peace of mind when you buy silver online.
Flexibility to Invest Small
With E-silver, you can start with small investments, as low as one rupee. Small investors can buy silver online and fulfill their financial goals.
Better Value for Your Investment
When you want to sell physical silver, you end up making losses in the form of certain damages. But when you want to sell the digital silver, the financial entity readily buys it from you at the live market price. Thus you get a better price for your investment, and the money is transferred to your account immediately after deducting a nominal transaction fee.
Digital silver is traded on the commodities exchange. So, when you buy silver online, you can track its performance online. Then, when the prices go up, you can sell your holdings and make a good profit.
Digital Silver Investment Option
Silver investment means putting in your money in the production, trading, or ownership of silver. In India, silver is bought and sold physically and electronically. One can invest in physical silver in the form of silver bullions, coins, and bars. On the other hand, one can choose from digital silver, Milestone Bullion Series 1, and commodity futures for investing in electronic form.
Like most precious metals, the price of silver is driven by market forces. Silver’s MCX price and value are mainly determined by its demand as a form of investment.
How to Buy Digital Silver Online in India?
An innovation of the National Stocks Exchange (NSE), digital silver is a relatively new method of silver investment.
- Potential investors first need to have a Demat account to invest in digital silver.
- Investors need to have depositary accounts with NSE to invest in digital silver.
- To buy silver online, one needs to get in touch with an authorised person or franchisee of NSEL.
- Alternately, one can invest in digital silver through financial platforms like OroPocket.
When you buy silver online, the entire process is very transparent. There are no hidden charges for storage or insurance. The only charge levied is the transaction fee which is nominal and very transparent.
Best Place to Buy Gold and Silver Online
Various websites, apps, and platforms deal in buying/selling gold and silver online. But, if you are looking for a transparent deal with a reliable platform, then it is crucial to do a proper background check before investing your hard-earned money.
If you are looking to buy silver online, it makes much financial sense to go with reputed and trustworthy platforms like OroPocket. You get a great customer experience and complete peace of mind while working with people who are specialists in their field.
Silver has been used as currency and metal for thousands of years with great decorative value. After gold, silver is the metal in which people invest their money to get good returns. Apart from decorative value, silver has much industrial value as well. Hence, it makes silver a preferred commodity for investors to diversify their portfolios. Traditionally people have been investing in silver in the form of jewelry, bars, or billions.
But the advent of technology has made it possible to buy silver online. Digital silver is one such option. Buying digital silver with platforms like OroPocket is convenient, safe, and offers excellent returns.