How to Buy Silver with a Credit Card [2024] | Step-by-Step

Summary: The best way to buy silver with a credit card is through a regulated intermediary investment platform that offers silver and supports credit cards, 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 silver with a credit card?

Yes, you can buy silver with a credit card. Most asset exchanges accept credit cards as they represent a convenient way to invest in precious metals. Also, using credit cards provides additional layers of security.

To buy silver with a credit card, we recommend going through a verified multi-asset exchange platform such as Interactive Brokers. As your credit card is linked to your bank account, you can directly tap into these funds through your Interactive Brokers account with credit card access.

Rather than buying actual silver, with Interactive Brokers, you are trading silver contracts for differences (CFDs). In essence, CFDs are financial instruments, the value of which is tied directly to silver. This provides investors with the opportunity to speculate on its price fluctuations without physically owning the silver. 

Besides the regular long and short positions, CFDs are traded on margin, which allows for leveraging additional funds through brokers’ loans.

How to buy silver with a credit card?

The best way to buy silver with a credit card is via a licensed multi-asset exchange platform such as Interactive Brokers, which provides a wide array of financial instruments from cryptocurrency to stocks to a community of millions of active traders.

Keeping pace with the market is easy with Interactive Brokers since it enables investors to execute deals in a single click through desktop and mobile trading. In addition, Interactive Brokers provides a plethora of features and tools to support buying silver for all investor profiles. 

So, how do you buy silver with a credit card using an exchange platform such as Interactive Brokers? Let’s dive into the process. 

How to buy silver with a credit card: Step-by-step

You can invest in silver in minutes with a few simple steps:

• Step 1: Create an account and verify your account;
• Step 2: Type in the amount of money to deposit in your Interactive Brokers account;
• Step 3: Connect your credit card to your account;
• Step 4: Select silver from the commodity list and enter the desired number of units or amount of cash.
• Step 5: Review the stop loss, leverage, and take profit settings, if you set any;
• Step 6: Conclude the 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

Silver price today

Best ways to invest in silver

While you can always buy silver coins or bullion, there are less laborious alternatives for gaining access to silver:

• Contracts for difference (CFDs): As we said before, these financial instruments do not represent ownership over silver, but instead allow you to open positions and speculate on its price changes;
• Exchange-traded funds (ETF): Holding silver yourself has logistical, practical, and security issues, while active trading in the margin-dependent derivatives market takes time and effort. The option that avoids both sets of these is to invest in an ETF that tracks the commodity. Investing in ETFs allows traders to benefit from the price fluctuations of silver. The performance of your investment should reflect the silver price trends, minus the fund’s annual fees;
• Silver-related stocks: You can also invest in equities by acquiring shares in companies that mine silver, which generally grow in price whenever the commodity experiences a surge.

Common mistakes to avoid when investing in silver

Holding a portion of your assets in silver serves as a suitable way to diversify your portfolio. It is also an excellent way to solidify your investments in times of economic turbulence, as well as a potent hedge against inflation.

That said, the silver market is not without its danger zones. Avoid repeating some of these mistakes as you invest in silver:

• Failing to diversify: Make sure to create a diverse portfolio of assets around your silver, like bonds, stocks, real estate, or cryptocurrency;
• Trying to time the market: Instead of trying to time the market, consider a long-term investment approach, like dollar-cost averaging, that will dampen some of the market volatility;
• Failing to research the asset: Going blind and unprepared into uncharted territory ought to get you hurt, and investing isn’t different. For example, if you decide to invest in silver mining stocks, it’s vital to research the company’s fundamentals and track the environmental and geopolitical factors that affect its operations;
• Overusing leverage: Margin trading exponentially increases your risk-to-return ratio, and it has been the downfall of many inexperienced traders. The price of silver tends to swing wildly, so use leverage only if you know what you are doing; 
• Falling for scams: Avoid falling for frauds where sellers offer silver at inflated prices or peddle counterfeit commodities. It might be prudent to go through some resources like the Commodity Futures Trading Commission (CFTC)’s guidelines for evading fraud;
• Using shady platforms: Make sure to use a licensed, regulated, and legitimate commodity exchange platform when trading in silver or silver-related assets. Check with the relevant authorities whether your platform of choice is safe to use.

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 silver with a credit card:

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