![How to Buy Silver with a Checking Account [2023] | Step-by-Step](https://assets.finbold.com/uploads/2023/05/msg403809251-23751-1024x683.jpg)
Summary: You can use a checking account to buy silver by transferring funds from your bank account to a regulated online broker that provides commodity trading services like eToro.
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.
Can you buy silver with a checking account?
To buy silver with a checking account, simply transfer funds from your banking account to a multi-asset investing platform that facilitates silver trading, such as eToro.
All you need to do is register with eToro and link your checking account to it. After depositing funds to your eToro account, you’ll be ready to start investing in silver.
Remember
How to buy silver with a checking account?
The easiest and safest way to buy precious metals like silver or gold with a checking account is through a regulated multi-asset investing platform like eToro, which offers access to a variety of asset classes, including stocks and cryptocurrencies.
eToro simplifies the process of investing in silver down to a single click and supports both desktop and mobile trading, allowing you to keep up with market trends wherever you are. Additionally, eToro provides a vast collection of educational materials to assist you at every stage of your silver trading experience.
But how exactly do you buy silver with a broker such as eToro? It’s more straightforward than you might expect. Let’s look into the step-by-step process of buying silver with a checking account through eToro.
How to buy silver with a checking account: 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: Type in the amount you wish to deposit;
- Step 3: Link your checking account to fund your eToro account;
- Step 3: Navigate to the commodities markets page, choose ‘silver’ 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: 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.
Silver price today
Ways to invest in silver
Aside from buying physical silver in the form of coins or bullion, there are several other methods to gain exposure to silver. Let’s explore the three most popular ones.
- Trading contracts for differences (CFDs): Silver CFDs are financial tools that derive their value from the underlying asset (in this case, silver), enabling investors to speculate on price movements (by going long or short) without owning the underlying asset. CFDs are traded on margin, meaning brokers provide investors with additional funds to amplify their positions;
- Investing in silver exchange-traded funds (ETFs): If you wish to avoid the complexities of purchasing physical silver or the risk associated with fast-moving, margin-dependent derivatives markets, a practical choice is to invest in ETFs that track this commodity. Silver ETFs offer an opportunity to profit from the price changes of the underlying asset, so the fund’s performance should generally reflect the swings in the value of silver (excluding the fund’s annual fee);
- Purchasing Silver-Related Stocks: Another way to capitalize on a rising silver market is by buying shares in companies that mine silver.
Exercise caution with leveraged financial instruments
Pros and cons of investing in silver
Make sure to evaluate both the pros and cons of investing in silver before adding it to your portfolio.
Pros
- Diversification: Because silver has exhibited a low correlation with traditional asset classes such as stocks and bonds, adding it to your portfolio can potentially reduce volatility and risk;
- Inflation hedge: Like gold, silver has historically been considered a safe haven asset, maintaining its value during inflationary periods;
- Continued demand: Silver functions both as a precious metal and an industrial metal. In fact, it has many industrial applications, from electronics to solar panels. And as those industries grow, the need for silver will, too, potentially driving up prices;
- Tangible asset: For many, owning a tangible asset like silver (in the case of buying silver coins/jewelry/bars) provides a feeling of security compared to holding intangible assets such as company shares.
Cons
- Additional costs: Physical silver, whether in the form of coins or bullion, needs to be safely stored and insured, which can be costly;
- Market volatility: Silver prices can be highly volatile;
- No dividends: Although silver can be an effective store of value, making it an attractive option for investors hoping to preserve their wealth, the asset doesn’t produce any income or cash flow. Its value purely depends on the appreciation of its market price;
- Risk of loss: Silver and other precious metals are typically bought on margin, which greatly amplifies your potential maximum losses;
- Inferior returns: Silver has substantially underperformed the stock market over extended periods.
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 checking account
Can I buy silver with a checking account?
You can buy silver with your checking account by linking it to an online brokerage or investment platform that offers commodities trading.
How to buy silver with a checking account?
You can buy silver with a checking account by employing it as a funding method on an online investment platform or broker that offers silver trading services.
Where to buy silver with a checking account?
Investors can buy silver with a checking account by using a regulated online broker or investment platform that offers commodities trading, such as eToro.
Is buying silver with a checking account safe?
Yes, buying silver with a checking account is safe as long as you use regulated brokers or investment platforms.
How to buy silver?
Apart from buying physical silver in the form of bullion, coins, or jewelry, you can invest in silver ETFs, silver-related stocks, or trade silver CFDs. These investment vehicles give you exposure to silver’s price fluctuations without requiring physical ownership of the precious mineral, accommodating various risk appetites and growth prospects.
Is silver a good investment?
Whether silver is a good investment depends on your investment goals, risk tolerance, experience, and portfolio. While silver is often regarded as a safe-haven asset and a hedge against inflation, which can help diversify your portfolio and protect your wealth during economic turbulence, it is also relatively volatile. Therefore, carefully weigh its pros and cons and consult with a financial advisor if necessary before committing any money.
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.
