Selling your gold online can be safe and convenient, if you choose a reputable buyer. Do a bit of due diligence first; below we outline simple checks and common red flags.
It all starts here. You want to ensure you only deal with reputable online gold buyers. They will typically also sell gold bullion and will be highly rated for their customer service and should be highly rated across platforms like Google and Trustpilot. Contacting someone from these online gold buying sites should be easy, and their contact details should be clearly displayed. If you do contact the company, you should expect the staff to be polite, knowledgeable, and answer all questions you may have.
There are some things that could raise some red flags for you, and you should proceed with caution if you are faced with any of these situations.
Reputable buyers explain how they arrived at an offer and will put it in writing. If an offer is lower than you expected, ask the buyer to show the tested carat and weight and the market reference they use. Compare a couple of written quotes and remember you can decline and have items returned (check the return policy before sending).
Note: buyers often reference the LBMA Gold Price, administered independently by ICE Benchmark Administration, as a neutral market level.
Be cautious if you’re asked to send items before receiving any estimate, or if return terms are unclear. Choose a buyer with a clear, written return policy (many offer free or low-cost insured returns if you decline the offer).
You should not expect any other fees other than a postage fee deduction on your gold offer, this is usually to cover the cost of the insured post to get your gold sent to the gold dealer. Read the small prints around hidden return fees, and payment processing fees. If you send your gold to the buyer and they are trying to reduce their advertised pricing with commissions, you should avoid this type of transaction. It's important to note gold buyers will often display spot prices, and their buy prices (what they pay). It's important to not confuse the two, as spot prices will be higher.
Look for a clear physical business address and registered company details. A PO Box alone can mask the destination address; established online buyers typically publish a full address and contact routes.
Here we will highlight the things you should look for that are a positive signal when choosing an online cash for gold business. The criteria that will make for a secure and high return environment when choosing to sell your gold online.
This is essentially looking at the buyer's review performance. Check trusted review platforms such as Google reviews or Trustpilot, can give you a clear insight into previous customers experiences. Don't expect a full 5 star rating in this industry, as many people overvalue their own possessions beyond their true worth, either by incorrect calculations they have done themselves or wrong information. So you may see occasional disappointed customers. You should look at the overall picture and look for at least a 4 out of 5 rating. If you see complaints about the overall service you should consider these with more weight.
Selling your gold online should be a clear and straightforward process. There should be step-by-step instructions that explain each stage to you, with an estimated time frame. This is whether it's to fill out a form, contact for a quote, set up your own delivery or use a pre-paid delivery method provided by them. You should also check specifically for payment processing times, you should expect a bank transfer payment to be processed at most within 1-2 working days of offer acceptance.
On top of understanding the flow, everything should be secure during the selling process, such as secure communications, since the potential for sharing sensitive information is expected. You should expect any pre-paid mailing bags sent to you, to be insured for the value of your gold or provide details on how to insure your gold in transit. Royal Mail Special Delivery Guaranteed offers end-to-end tracking and compensation options up to £2,500.
Gold, while valuable, is a soft metal and thus needs to be handled properly. A reputable buyer should provide suitable packaging (e.g., padded envelope and secure mailing bag) or tell you exactly how to pack items safely.
Look for detailed information on how they appraise your gold, whether any valuable gemstones are included in the pricing, and how they make deductions for non-gold components. You should also check what testing methods they use, if the business relies on acid testing to authenticate your gold then this this may leave a small mark on your item. Ideally you want the buyer to use non-destructive testing methods such as XRF analysis to authenticate your gold.
While you may be dealing with a reputable bullion business that will buy your gold, you still want to ensure they run a proper online business. That means checking out their terms and conditions, and privacy policy (how they handle your data), and the terms and conditions of pricing, what the fees are (if any) and what could affect pricing down the line.
Expect payment by bank transfer; you shouldn’t need to share card details for a sale. Cash may be used for smaller in-person transactions, subject to the buyer’s policy.
If you have a lot of gold to sell, you can try selling smaller amounts with online dealers to test the process. This is a great way to see which one gets your repeat business. Feel free to get started with Cheshire Gold Xchange a 5 star Google rated online gold buyer.
Receive your prepaid, insured envelope to send your gold to us. Find out more visit Sell Gold Online
