Is Selling Gold Online Safe?
The advent of the internet and the ubiquity of mobile phones has made buying and selling goods online very common. In most respects this is a very good thing, overheads are lower and competition is greater and this means the customer gets a better deal. However it’s also easy to set up a flashy looking website and make yourself look legitimate and credible, whilst operating with shady practices meant to maximise profits and con customers. All postal gold companies as well as high street gold buyers exist to make a profit, however we believe that customer trust and transparency are what ensure the long term survival of a business. So, is selling gold online safe?
If you have some gold or silver you’d like to sell you might well ask yourself “Is selling gold online safe?”. As an online gold buying company we are obviously going to say “yes!”, but there are caveats to this! It pays to do your research, and to aid this we will highlight some shady practices we have come across over the years.
Causes for Concern When Selling Gold Online
1. Not giving you the opportunity for a quote until the company has your gold or silver. GoldMonkeys will give you a guaranteed quote up front if you know the weight and carat of your gold.
2. Making it difficult or costly to have your gold or silver returned should you not accept their quote. GoldMonkeys will return your items to you immediately, and free of charge should you not accept our quote.
3. Offering very low prices in comparison to the market value (spot price) of your gold or silver. Some companies offer as low as 20% to 30% of the spot price, many offer around 50%. GoldMonkey’s prices start at 80% and go up to 95% of the spot price, depending on the weight and type of item you are selling.
4. Creating “Gold Selling Company Comparison” websites. Be wary of these sites, unless they are run by independent companies like Money Saving Expert or similar. We have come across a number of sites run by gold buying companies, which look like they are independently run and where the top recommended company is in fact the owner of the “comparison” site.
What should I look out for when selling gold online?
Trust is the most important thing when looking to sell your gold online. If you don’t trust the company you’re dealing with, why would you send them your gold? We think that there are a number of ways in which trust can be developed and proven over time, so if you want to sell your gold online safely, we think the following are key:
1. Independently verified customer reviews. The ability to read other people’s experiences is vital, good or bad, and it’s especially important to know that the reviews are not manufactured by the company itself. You can see our independently verified customer reviews at TrustPilot here. We have no influence over these reviews and cannot delete or change them. At the time of writing (December 2022) we have 222 reviews, 98% of which are 5* and the rest 4*. We also have reviews on our Google Business listing, and are currently graded 4.7/5. Google Business reviews are not verified.
2. A substantial web presence. The bigger your presence on the internet the fewer places you have to hide and the easier it is to be traced and contacted if a customer has a grievance! We have social media pages at Twitter, Facebook and YouTube, we are listed on the National Association of Jewellers website, at TrustPilot, on FreeIndex and we have a Google Business Listing. We can be contacted via email, phone, Whatsapp and the live messaging service on our website.
3. Using trusted couriers. GoldMonkeys use Royal Mail Special Delivery, which is a tracked and insured service promising delivery within 24 hours of postage. Each pack is automatically insured up to £750, this can be increased up to £2500 at the Post Office counter, the cost for this is automatically passed on to us. Once your pack is dropped off at the Post Office you will receive a receipt with a tracking number on it which can be used here. You can then track your package through the Royal Mail system until we sign for it.
4. Guaranteed quotes. If you know the weight and carat of the gold you wish to sell, we will give you a guaranteed quote up front, before you have to send anything in!
5. Ease of use. There’s no point in trusting a company with your gold, if the process of getting your gold safely to them and getting paid is convoluted and lengthy! Our gold selling packs are free, and once we receive your items we aim to weigh and test them within 24 hours of receiving them. Once the offer is accepted we normally pay the money straight into your account within 2 hours.
Is it Safe to Sell Gold Online?
To summarise the answer to the question “is it safe to sell your gold online?” We believe so, which is why we are here. However, one of the reasons we entered the market in 2018 as a small family business, is because we felt there were too many companies who offered too little for gold, or who made the process difficult. We feel that there are ways to prove you are trustworthy and that with the right company the process is safe, and hopefully you do too!