Summary: To invest in gold with a paysafecard, you will need to register with a regulated multi-asset investing platform, such as eToro, and deposit your chosen fiat currency through the Paysafe app or with a 16-digit code.
Intermediate Traders and Investors
Can you buy gold with Paysafecard?
You can buy gold with paysafecard, but you’ll need to connect to a regulated investment platform that offers commodities trading and accepts deposits through the paysafecard app or the 16-digit PIN.
How to buy gold with Paysafecard?
The best way to buy precious metals like gold or silver with paysafecard is through a regulated brokerage like eToro, which offers access to various financial instruments, from stocks to cryptocurrencies.
eToro 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, eToro offers a wealth of educational resources to assist traders at every stage of their gold trading experience.
Since the paysafecard is a prepaid card, eToro doesn’t accept it. A simple workaround is using a third-party payment method, such as PayPal, to deposit funds to your eToro account. You’ll just need an active PayPal account with a linked card or available funds. In fact, you can connect your prepaid card with Visa, MasterCard, American Express, or the Discover logo on it to PayPal.
So, how exactly do you buy gold with paysafecard using an exchange such as eToro? Let’s delve into the step-by-step process.
How to buy gold with Paysafecard: Step-by-Step
You can get started in minutes with a few simple steps:
- Step 1: Create an eToro account and go through verification (personal or company);
- Step 2: Deposit money from your paysafecard to your PayPal account;
- Step 3: Type in the amount you wish to deposit;
- Step 4: Connect your PayPal to deposit your selected fiat currency;
- Step 5: Navigate to the commodities markets page, choose ‘gold’ and select ‘trade;’
- Step 6: Input the desired cash amount or number of units for your trade;
- Step 7: Review and adjust the stop loss, leverage, and take profit settings;
- Step 8: Click ‘open trade.’
Intermediate Traders and Investors
Paysafecard is an online prepaid payment solution based on vouchers with a 16-digit PIN code independent of a bank account, credit card, or other personal information. Beyond the anonymous card, the company also provides the paysafecard account, where payments can be made using a username and password, as well as the paysafecard Mastercard.
Founded in Austria in 2000, the paysafecard has now expanded its availability to 60 countries globally.
Gold price today
Ways to invest in gold
There are various methods to getting exposure to gold, apart from buying gold in the form of coins, bullion, or jewelry. Let’s delve into the three most popular options:
- 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;
- Investing in gold exchange-traded funds (ETF): If you prefer to avoid the hassle that comes with 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);
- 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).
Tread lightly with leveraged products
Common mistakes to avoid when investing in gold
Adding gold to your investment portfolio can offer numerous advantages, such as providing a protective layer during economic downturns and potentially functioning as a safeguard against inflation. However, similar to all investments, engaging in the gold market comes with its own set of complexities and challenges.
So, try to avoid these common mistakes as you embark on your gold investing venture:
- 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 Paysafecard
Can I buy gold with Paysafecard?
Yes, you can buy gold with paysafecard by depositing funds to regulated brokers that offer gold trading services. However, some brokers, such as eToro, will require you to link your paysafecard to a payment platform like PayPal before depositing funds.
How to buy gold with Paysafecard?
You can buy gold with Paysafecard by employing it as a funding method on an online broker that offers commodities trading.
Where to buy gold with Paysafecard?
You can buy gold with paysafecard through various online brokers. However, some brokerages may not accept prepaid cards, so you’ll have to use a third-party payment platform, such as PayPal, for depositing funds.
Is buying gold with Paysafecard safe?
Yes, buying gold with Paysafecard is safe as long as you use regulated brokers or investment platforms.
How to buy gold?
In addition to purchasing real gold as bullion, coins, or jewelry, you can invest in gold ETFs and gold-related stocks, as well as trade gold CFDs to get exposure to gold. These methods allow you to profit from gold’s price fluctuations without physically owning the precious metal, catering to a range of risk tolerances and growth expectations.
Is gold a good investment?
Whether gold is a good investment depends on your investment objectives, risk appetite, experience, and overall portfolio. Gold is often considered a safe-haven asset and a hedge against inflation, potentially enhancing your portfolio’s diversification and safeguarding your wealth during times of economic turmoil. However, it is also known for its volatility. As such, it’s essential to thoroughly evaluate its pros and cons and possibly seek advice from a financial advisor before committing any money.