When getting into coin collecting you have to be prepared to search for rare profitable coins. There are a number of ways to search for coins such as auctions, jewerly shops and online supplies. A lot of people like the convience of shopping online because you can search from the comfort of your home and it’s faster than the traditional way.
When using live auctions to look for coins it can be faster to get the coin, usually the same day. On the other hand when using online auctions it can take a longer time to complete your transaction because online bids take a longer time to come to an end. And when bidding online you can find yourself bidding against experienced online bidders thus reducing the chances of you winning the bid.
There are other ways of buying coins online without bidding. There are some sites that have one fixed price for the coins sold and this is where you find a lot of coin buyers. Some of the sites allow the buyer to make payments online and have the coin delivered to them. As a buyer you should take extra precaution when buying from any site to make sure it’s a legimate seller.
If you want to make certain that the site you are buying your coins is legimate is to look for feedback from other sites that talk about their experience with this site in particular. Also look at the feeback rating of previous buyers because if a lot them had a bad experience with the transaction they will make it public. Other instances are if the coin they bought was not what was described or is damaged.
Below are some guidelines to consider when buying online to avoid fraud:
– Before you buy the coin make sure you save the image and compare it with the real coin when it arrives to you. Some sellers are known to change the picture when the coin is sold.
– If you the buyer are not clear about anything at the auction it is wise to ask the seller to make it clear to you before you buy the coin. This will help in avoiding misunderstandings.
– Another way to avoid being scammed is that before you buy the coin you should ask the seller if there will be escrow assistance. The bidder also has the right to turn down a transaction if he believes the coin price is too high.
There’s lots of fraud one can come to face with when shopping online. The above is the most common fraud faced by people who buy coins online. To help you avoid being scammed make sure you pay attention to the above when shopping online.