How to Buy Silver with Wise [2024] | Step-by-Step

Summary: Although Wise does not allow direct investment in silver via its payment services, Wise account members may invest in silver through a reputable regulated exchange such as Interactive Brokers (IBKR). To do so, users can deposit money from their Wise accounts to an Interactive Brokers account, where they can invest in silver securely.

Can you buy silver with Wise?

Even though Wise does not offer silver on its own in-house investment platform, buying silver with it is still possible through a licensed third-party exchange. If you have a Wise account, you can transfer your funds to a regulated brokerage and invest in silver and other precious metals such as gold.

How to buy silver with Wise?

The most efficient and safest way to buy silver with Wise is to do it through a regulated asset exchange such as Interactive Brokers.

Keep in mind, though, that it is not possible to invest in physical silver at Interactive Brokers. You can, instead, invest in silver CFDs.

How to buy silver with Wise: Step-by-Step

To make purchasing silver with Wise as efficient as possible, simply follow the following four steps:

• Step 1: Register and verify your account;
• Step 2: Specify the exact amount of money you’d like to transfer to your new Interactive Brokers account;
• Step 3: Connect your Wise and Interactive Brokers accounts to actually deposit the fiat currency;
• Step 4: Find the Interactive Brokers Commodities section, pick silver, and specify the exact amount you wish to buy.

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.

Silver price today

About Wise

Wise, formerly known as TransferWise, is a well-known money transfer service provider. It was established in 2011 by Kristo Käärmann and Taavet Hinrikus, whose enterprise proved successful enough to make them Estonia’s first two billionaires.

Käärmann and Hinrikus’ business idea was born from their need to facilitate safer and more efficient money transfers amongst themselves while working abroad and earning both Euros and Pounds that they had to convert at market rates before each transaction.

Presently, Wise operates in 170 countries, giving clients globally a chance to:

• Hold and convert more than 50 currencies;
• Receive payments in 10 different currencies from foreign employees;
• Transfer money themselves at favorable rates;
• Get their hands on an international debit card.

Wise silver policy

As of now, there are rather limited official Wise policies that would prevent users from using the platform to invest in commodities such as silver or other precious metals.

If you deal with USD transfers, you should have no difficulties signing up and purchasing silver. Some other currencies, however, might be subject to specific limitations. For example, those whose businesses fall under the “precious stones, diamonds, and metals category” will not be able to transfer Confirmation of Payee (COP) from their business accounts.

Due to the possibility of such minute restrictions arising, it is advisable that you go over the official Wise transfer guides for each of the currencies you plan on utilizing before continuing further with your investments.

How to buy silver safely 

There are various ways you can buy silver, each coming with its own set of risks and rewards. To make sure your investments are fruitful and legitimate, it is important to take certain precautions that will minimize the chances of any mistakes. 

• Learn about precious metals as assets: Learning the basics of the precious metal market and reading investing guides before buying silver is crucial. You will need to learn what these types of assets are, what uses they have, how their value is measured, what kind of taxes you have to pay, etc.;
• Always conduct your business with a trusted, reputable broker: Precious metals can easily attract a ton of scammers. Before transferring your funds to anyone, make sure they have a good record and all the required legal certifications that will guarantee your investment will not be in vain;
• Make sure you research and verify the product as legitimate: Even when buying from a seemingly legitimate vendor, always be sure to double-check the source of the silver you are investing in. You can check the mint and ask for evidence of purity;
• Compare prices: Precious metals can often fluctuate in price, so you can easily forget to check the prices on the market, which is crucial if you wish to avoid being overcharged;
• Consider what form of investment would be the most economical choice and take into account the potential risks of each option: You’ll have many different options when buying silver with Wise on platforms like Interactive Brokers, including silver Exchange-Traded Funds (ETFs), silver stocks, and silver contracts for differences (CFDs). All these investment options come with certain risks. Silver CFDs, for example, are known to lose value quickly due to leverage, while ETFs often depend on overall market movements and fluctuations. Stocks, naturally, come with additional risks that can vary on a case-to-case basis but usually depend on industry demands and company-specific policies and business-making decisions.  

Pros and cons of investing in silver

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 Wise:

How to buy silver?

You can buy physical silver, or you can buy silver stocks, ETFs, and CFDs (which can be purchased on commodity exchange platforms such as Interactive Brokers).

Can you buy silver with Wise?

Yes, buying silver with Wise is possible using third-party brokerages such as Interactive Brokers.

How to buy silver with Wise?

Buying silver with Wise is straightforward: simply transfer your funds over to Interactive Brokers and purchase silver from the Commodities section on the platform.

Where to buy silver with Wise?

The safest, most efficient way to buy silver with Wise is to do it via well-trusted and regulated commodity exchange and investment platforms such as Interactive Brokers.

Can you buy silver with Wise card?

You can buy silver with Wise card if your brokerage supports it as a payment method.