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How to Select a Precious Metal Exchange to Avoid Online Fraud

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Online fraud has become a growing occurrence in recent times, requiring buyers to be extra careful, especially when buying high-end items like precious metals. So if you sell or buy products to and from a precious metal exchange online and are wondering how to select a precious metal exchange to avoid online fraud, here is how you can do it.

How to Select a Precious Metal Exchange to Avoid Online Fraud?

Here are a few steps you must take when looking for a precious metal exchange online to ensure you are avoiding fraud.

Step 1: Conduct Research on Online Precious Metal Exchange Companies

The first step to begin your search for trustworthy gold and silver investment companies is to research and pick at least five precious metal exchange companies. You may do this by searching online for “precious metal exchange.”

Verify that the metal exchanges you choose are operational in your area. Once you know the names of the five precious metal exchanges you can work with, you can proceed to the next few steps.

Step 2: Begin Researching Each Metal Exchange Individually

Once you have your top five picks, you can research each metal exchange individually. Here are a few things you want to focus on:

  • Online reviews: Online reviews can tell you a lot about the credibility of a precious metals exchange and help you determine if it is a fraud. Look for reviews on trusted online platforms such as Trustpilot to ensure the reviews are genuine and not staged. If the reviews are positive and most customers seem to have a good experience, likely, you will also have a positive with the precious metal exchange
  • Ask for reviews from your circle: Some individuals may require more than online reviews to ensure a website’s legitimacy. Asking around your network for reviews on the precious metal exchanges you have picked will help you pick a genuine metal exchange since nothing beats getting reviews from people you know because you know those reviews will be 100% honest
  • Website: Studying the website of an online metals exchange can also offer insight into its credibility. You want to look for details like contact information, address, awards, and certifications. Most fraudulent websites will not have the contact details or address of the company. Moreover, the website will also lack in terms of design, and you might also face navigation issues. This is because the owners of a platform that is a fraud may not put too much effort or spend too much money enhancing the quality of their website compared to the owners of a credible online precious metals exchange
  • Social media platforms: You also want to pay close attention to the social media platforms of the online precious metal exchange (if there are any) and assess the number of likes, customer reviews, and comments on social media platforms to determine the reliability of the website
  • Determine how long they have been in business: Determining how long an online precious metals exchange has been in business can also tell you whether they are a scam. If the company has been in business for more than a few years, chances are that they are good at what they do and have managed to keep customers and male a steady profit to operate all these years. We recommend going for precious metal exchanges that have been in the industry the longest to ensure you get the highest quality products

Step 3: Interview Your Top Picks

Once you have a few top picks after carrying out the in-depth evaluation in step 2, it’s time to interview them for further assurance and to get answers to any questions you might have.

You can look for their contact number on their website and chat with the representatives to get any answers to your queries.

Step 4: Compare Prices

Now it’s time to compare the prices by looking at the precious metal products on their websites to see which is the cheapest. Remember also to weigh the quality of each precious metal exchanges products when comparing the prices. If you want to sell precious metals, you can also ask for a quote from all your top picks to assess which one gives you the best value.

After following all four steps discussed above, you will have an idea of which gold and silver investment company you want to pick, and the chances of you getting scammed will be slim to none.

Remember to inquire about any deals and discounts since some online metal exchanges may offer free products or significant discounts on purchases which can help you save large sums of money on your purchase.

Questions To Ask When Interviewing an Online Precious Metal Exchange

Suppose this is your first time purchasing of selling precious metals to an online exchange. In that case, chances are that you don’t know what questions to ask when interviewing the employees to determine its credibility. Here are a few essential questions you can ask yourself when interviewing a gold and silver investment company to determine credibility.

  • Do you have a physical retail location or an office that I can visit?
  • Have you ever won any awards and certifications? (ask for proof)
  • Where can I get in touch with you?
  • Where do you source your precious metals from?
  • What is your buy-back policy?
  • Is your home delivery insured?

Bottom Line

Following the above mentioned steps, you can easily find a reliable and trustworthy online precious metals exchange. However, this can be lengthy and time-consuming, so what if we told you that we had done all the research for you? Orion Metal Exchange is a reliable company with over 40 years of experience and 146 positive customer reviews on Trustpilot.

We offer all types of precious metal products, from gold and silver to platinum and palladium. You can also become a part of our Precious Metals IRA Investment program, which can help you safeguard your future and get a hedge against inflation. Contact us at 1-800-559-0088 now to open your gold and silver IRA accounts

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