When you buy precious metals in Canada, options like gold, silver, and platinum are most commonly available. If you are considering investing in silver, silver bars are the best choice as they are one of the most inexpensive methods of investing in precious metals.

So no matter if you’re thinking of how to invest in gold in Canada or go for its alternative silver, this is the blog for you. Continue reading as we talk about the different aspects of buying a silver bar.

What Are The Perks Of Investing In Silver Bars?

1. They are less expensive than silver coins- People usually opt for silver coins while investing in silver, but silver bars cost less as they do not have intricate designs.
2. They are easier to store: Bars take up less space than coins because of their difference in surface area. So for an equal ounce of silver, the bars would take up less space than coins.
3. You have to pay a lower premium than coins.

Where Can You Buy Silver Bars?

Silver bars are easily available from bullion brokers and precious metal dealers. You can also buy it from the bullion dealers canada who have silver bars too.

1. But before you invest, you must ensure the dealer’s reputation and records. It is really common to get scammed by sellers while buying cheap silver.  You must avoid buying silver bars from

• Any online website
• Social media profiles or market venues.
• Clearance retailers or overseas traders.
• Dealers who don’t have any certificates.

2. Before making any investment, you must ensure that you have researched them properly. Here is how you can do so:

• Check how long the dealer has been active in this business.
• Know about their customer satisfaction policy
• Their professional affiliations
• Read the review on multiple websites

3. Another thing you should do is check the prices of silver bars from different sources to have an idea about the range. If the dealer sells them to you at a widely lower cost, then there are chances of it being a fraud.

How To Buy Silver Bars?

Before making the payment, the buying process also involves selecting the silver bar you would like to buy.

1. The range of silver bars is between 1-1000 ounces. The bigger the bar you invest in, the lower the premiums. But some problems come along with investing in a big bar like:

• You won’t be able to divide it after buying, so if you wish to sell, then you have to sell the entire unit.
• There are high chances of forgery. Counterfeiters prefer larger units because they are of higher worth.
• It requires an assay when you have to sell bigger units.

2. There is also another thing you need to consider during selecting the silver mint or brand from which you want to buy. There are several pieces of information that you must check before buying from that brand or mint:

• Purity
• Content or weight
• Refinery
• Serial Number

Some mints do not provide this information, and it is best to avoid buying from them as it is most likely that they would not sell a pure silver bar. And buying silver bars without stampings would become a disadvantage if you decide to sell them.

3. Once you have chosen the silver bar you want to buy, talk to dealers and be sure about the types of payment they accept. Some dealers still accept cash as the only form of payment. But in case of an online sale, they would provide a diverse range of payment methods, including money orders, wire payments, cheques, and even cryptocurrency.

Conclusion!

Once the purchase is made, find a safe space to store the silver bars. Also, contact insurance companies and know if they would provide insurance for silver bars. Remember, you could be following the same steps to buy gold in Toronto as well.