How to Buy Gold with Zelle [2024] | Step-by-Step

Summary: Although you won’t be able to access commodity trading services directly through its platform, you can buy gold with Zelle by linking your bank account to a regulated multi-asset investment service like Interactive Brokers. 

Best Platform for Worldwide Stock Trading & Investing

• Highly trusted multi-asset broker with clients in over 200 countries

• Trade on 150 markets globally from a single platform (stocks, ETFs, futures, currencies, crypto & more)

• Low commissions starting at $0 with no platform fees or account minimums

• Easily fund your account and trade assets in 26 currencies

• IBKR pays up to 4.58% interest on cash balances of $10k or more

Up to 4.58% interest on balance*

Get Started

Can you buy gold with Zelle?

Zelle doesn’t provide the opportunity to invest in gold directly through its app, however, you can use Zelle as a deposit method for transferring funds to investing platforms that facilitate gold trading, such as Interactive Brokers. 

Simply register with Interactive Brokers and link your Zelle account to it. After making a deposit via Zelle, you’ll be ready to start investing in gold. 

Remember that with Interactive Brokers, you’ll be investing in gold through gold contracts for differences (CFDs). You will not be buying physical gold. More on that later (as well as other ways to invest in gold).

How to buy gold with Zelle?

The best way to buy precious metals like gold or silver with Zelle is through a regulated multi-asset investing platform like Interactive Brokers, which offers access to various financial instruments, from stocks to cryptocurrencies. 

Interactive Brokers streamlines the process of investing in gold into a single click and accommodates both desktop and mobile trading, allowing you to keep up with market trends wherever you are. Moreover, the platform offers a wealth of educational resources to assist traders at every stage of their gold trading experience.

So, how exactly do you buy gold with Zelle using an exchange such as Interactive Brokers? It’s easier than you might expect. Let’s look into the step-by-step process.

How to buy gold with Zelle: Step-by-Step

You can get started in minutes with a few simple steps:

• Step 1: Create an account and go through verification;
• Step 2: Type in the amount you wish to deposit;
• Step 3: Connect your Zelle to fund your account;
• Step 3: Navigate to the commodities markets page, choose ‘gold’ and select ‘trade;’
• Step 5: Input the desired cash amount or number of units for your trade; 
• Step 6: Review and adjust the stop loss, leverage, and take profit settings; 
• Step 7: Click ‘open trade.’

Disclaimer: CFDs are complex financial instruments and carry a significant risk of losing money rapidly because of leverage. Note that 62.5% of retail investor accounts face losses when trading CFDs with IBKR. It’s important to assess your understanding of how CFDs work and whether you can bear the substantial risk of financial loss. This product is not available for US investors.

Best Platform for Worldwide Stock Trading & Investing

• Highly trusted multi-asset broker with clients in over 200 countries

• Trade on 150 markets globally from a single platform (stocks, ETFs, futures, currencies, crypto & more)

• Low commissions starting at $0 with no platform fees or account minimums

• Easily fund your account and trade assets in 26 currencies

• IBKR pays up to 4.58% interest on cash balances of $10k or more

Up to 4.58% interest on balance*

Get Started

About Zelle

Zelle is a US-based digital payments network that allows users to send money electronically from their bank account to the bank account of another registered user using either a mobile device or the website of a participating bank.

Founded in 2017, Zelle’s reach has grown substantially, and it’s now backed by the support of more than 1,600 financial institutions. In fact, as of 2022, approximately 80% of the US population was able to connect to Zelle through their banking apps.

Gold price today

Ways to invest in gold

Beyond purchasing gold coins, bullion, or jewelry, there are several other alternatives for gaining exposure to gold. So, let’s explore the three most common ones:

1. Trading contracts for difference (CFDs): CFDs are financial vehicles that derive their value from the underlying asset (i.e., gold), allowing investors to speculate on the asset’s price movements (through long or short positions) without owning it outright. CFDs are traded on margin, which means brokers loan investors additional funds to enhance the size of their bet;
2. Investing in gold exchange-traded funds (ETF): If you prefer to avoid the hassle of buying physical gold or the risks that fast-paced and margin-dependent derivatives markets present, a practical option is to invest in ETFs that track the commodity. Gold ETFs provide an opportunity to benefit from the price fluctuations of the underlying asset, so the fund’s performance should typically mirror the variations of gold’s worth (factoring out the fund’s annual fee). Three of the largest gold ETFs are SPDR Gold Shares (NYSE: GLD), iShares Gold Trust (NYSE: IAU), and Aberdeen Physical Gold Shares ETF (NYSE: SGOL);
3. Buying gold-related stocks: You can also tap into the gold market by buying shares of companies in the gold mining, refining, and trading business. Some of the leading global gold mining players include Barrick Gold Corporation (NYSE: GOLD), Newmont Corporation (NYSE: NEM), and AngloGold Ashanti (NYSE: AU). 

Common mistakes to avoid when investing in gold

Incorporating gold into your investment portfolio can have various benefits, including serving as a safe haven during economic downturns as well as possibly acting as a buffer against inflation. Nonetheless, as with all investments, the gold market is not without its complexities and challenges.

Try to avoid these common mistakes as you venture into gold investing:

• Lack of diversification: Make sure you include gold in a diversified portfolio along with a variety of other financial instruments, such as stocks, bonds, and cash; 
• Attempting to time the market: In general, timing the market doesn’t work. Opt for a long-term investment strategy, like dollar-cost averaging, that can mitigate the impact of market volatility; 
• Not understanding the investment: Make sure you fully understand the various gold investment options available to you. For example, if you decide to invest in gold mining stocks, thoroughly examine the company’s fundamentals and be aware of any geopolitical and environmental risks tied to its operations;
• Overreliance on leverage: Margin trading significantly heightens your risk-return ratio and is usually more suitable for seasoned traders, particularly given the volatility of gold prices; 
• Falling prey to scams: Stay alert to potential scams where dealers might attempt to sell overpriced gold or counterfeit items. Check out the Commodity Futures Trading Commissions (CFTC) guidelines for spotting and avoiding fraud;
• Using unregulated platforms: If you’re trading gold through an online broker or a similar platform, ensure they are regulated and licensed by the relevant regulatory authorities.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

FAQs about how to buy gold with Zelle

Best Platform for Worldwide Stock Trading & Investing

• Highly trusted multi-asset broker with clients in over 200 countries

• Trade on 150 markets globally from a single platform (stocks, ETFs, futures, currencies, crypto & more)

• Low commissions starting at $0 with no platform fees or account minimums

• Easily fund your account and trade assets in 26 currencies

• IBKR pays up to 4.58% interest on cash balances of $10k or more

Up to 4.58% interest on balance*

Get Started