Summary: The simplest way to invest in gold with your checking account is to use an online investment platform that offers commodity trading and accepts checking accounts as a valid payment method, such as eToro. Once you’ve created an account at the broker’s website, you can transfer funds to it from your checking account and buy gold.
Best Precious Metals Broker for Intermediate Traders and Investors
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Invest in Gold, Silver and 3,000+ other assets including stocks and cryptocurrencies.
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0% commission on buying stocks - buy in bulk or just a fraction from as little as $10. Other fees apply. For more information, visit etoro.com/trading/fees.
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Copy top-performing traders in real time, automatically.
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eToro USA is registered with FINRA for securities trading.
Can you buy gold with a checking account?
Yes, you can buy gold with a checking account at brokers such as eToro. Using your checking account to invest in gold and other precious metals, such as silver, is highly convenient, as the funds will be immediately available to you upon transfer, because most major asset exchange platforms accept checking accounts as a valid payment method.
How to buy gold with a checking account?
The most efficient way to purchase gold with a checking account is via a licensed asset exchange such as eToro, a major platform with more than 30 commodities and tens of millions of users investing in them daily.
Note:
How to buy gold with a checking account: Step-by-Step
Buying gold with a checking account is simple and takes only a few steps:
- Step 1: Sign up for and verify your eToro account (personal or business);
- Step 2: Connect your checking account to your new eToro account;
- Step 3: Verify your account and transfer your funds to eToro;
- Step 4: Go to the commodities section on the eToro, select gold, and specify the amount you’d like to purchase;
- Step 5: Review — adjust the stop loss, leverage, and take profit settings;
- Step 6: Click ‘open trade’ to finalize the order.
Disclaimer: 51% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. This content is not intended for US users. eToro USA LLC does not offer CFDs, only real Crypto assets, Stocks and ETFs are available.
Best Precious Metals Broker for Intermediate Traders and Investors
-
Invest in Gold, Silver and 3,000+ other assets including stocks and cryptocurrencies.
-
0% commission on buying stocks - buy in bulk or just a fraction from as little as $10. Other fees apply. For more information, visit etoro.com/trading/fees.
-
Copy top-performing traders in real time, automatically.
-
eToro USA is registered with FINRA for securities trading.
Gold price today
Checking accounts gold policy
There are no policies in regard to precious metals that apply to checking accounts universally. However, you will still be subject to restrictions that apply to all purchases made with checking accounts, and your investments might incur additional costs, such as excess transaction and overdraft fees, foreign transaction fees, etc., all of which might make some other payment methods a more economical option.
Note also that not all checking accounts are the same. There are free checking accounts, student accounts, interest-bearing checking accounts, etc. Depending on your bank, these different types of checking accounts might come with their restrictions and added expenses, both when it comes to purchases in general and precious metals specifically.
Ways to invest in gold
- Gold Contracts for Difference (CFDs);
- Gold Exchange-Traded Funds (ETFs);
- Gold mutual funds.
Gold CFDs
CFDs are a type of derivative that let the investor profit from asset price movements without owning the asset itself. If you buy gold CFDs, you will have to speculate on the value of the metal and essentially make bets on how the price will change throughout the trading cycle. If you make correct predictions, you will make a profit based on the disparity between the initial asset price and its price at the end of the trade cycle.
Gold ETFs
Gold ETFs are easily tradable and can be bought and sold on pretty much most major exchange platforms, like stocks. That gives investors the much-needed flexibility to adjust their investment strategies short-term and leave their positions if the need for it arises.
Gold mutual funds
Gold mutual funds have a lot in common with ETFs in that their main objective is diversification. Mutual funds, however, are lacking when it comes to tradability — they can only be exchanged at the end of each trading day, not throughout the day, and their ultimate value depends on the net value.
Gold mutual funds can also yield greater profits, but they come with inherent risks, as they depend on unpredictable factors, such as the success of the company in whose funds you are investing in.
Pros and cons of investing in gold with a checking account
Pros
- Convenient;
- You can open an account for free or with small deposits;
- Acceptable payment method at most online brokers;
- An efficient way to get a hedge against inflation.
Cons
- You might be required to pay additional fees if you don’t keep a minimum balance;
- There might be excess-transaction fees;
- Foreign transfers might incur additional expenses.
Conclusion
In summary, buying gold with a checking account is a straightforward and secure way to create a reliable hedge against inflation and economic volatility. However, before investing, ensure you choose a reputable dealer and understand the purchasing process to make informed investment decisions.
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 a checking account:
Can you buy gold with a checking account?
Yes, you can buy gold with a checking account by connecting it to an online broker or commodities exchange such as eToro.
How to buy gold with a checking account?
To buy gold with a checking account, connect it to a regulated commodities broker such as eToro and transfer your funds there.
Where to buy gold with a checking account?
You can buy gold with a checking account online at commodity exchange platforms, such as eToro.
Should you buy gold with a checking account?
Whether buying gold with a checking account is a good idea or not depends on whether the potential fees make it a viable investment choice. If you are ready to invest in gold with a checking account, transfer your funds to a regulated commodities exchange, such as eToro.
Can you buy gold through a bank?
Yes, some banks sell gold coins and bullion.
Is it safe to buy gold using my checking account?
Yes, buying gold with a checking account is safe as long you conduct your business with a regulated broker and respect your banks guidelines and policies.
Best Precious Metals Broker for Intermediate Traders and Investors
-
Invest in Gold, Silver and 3,000+ other assets including stocks and cryptocurrencies.
-
0% commission on buying stocks - buy in bulk or just a fraction from as little as $10. Other fees apply. For more information, visit etoro.com/trading/fees.
-
Copy top-performing traders in real time, automatically.
-
eToro USA is registered with FINRA for securities trading.
