Buying on The Silver Forum - My first experience!

[365DaysofSilver]

Hello all,

So I finally took the leap.. I sent a complete stranger that I met on a forum, cash via bank transfer 😮

When you say it like that it does sound crazy & I must admit before discovering this forum, I would never of built up the confidence to do it!

I wanted to make this Topic to document my experience of buying gold on here & to help other newbies like myself understand the process better.

So here we go..

3 days ago (Thursday 7th October 2022) I decided I wanted to add a gold maple coin to my stack - My usual searches would start on eBay & google, however this time I decided to search it on here. 

All I did was type in ‘gold maple for sale’ in the search box 🔍 

Straight away I found someone selling one (happy to edit this & insert the persons name if they are happy for me to do so). It was slightly over the price that I wanted to pay but they were happy to drop. 

The seller then private messaged me their bank details. Before sending the funds over I clicked on their profile & found a section called - Trading Feedback. Here I could read feedback from other members & get a feel if they were trustworthy or not.

I then sent over the funds via bank transfer & replied with my address.

The seller then confirmed receipt of funds within 5 minutes & then an hour or so later sent me a photo of the coin packed up & ready to be sent.

I’ve never had this much transparency when buying online before & so far my first experience has been really satisfying!

The coin was posted the very next morning and I was provided a tracking number. Today is now Saturday 9th October & the coin is due to arrive today before 1pm.

I will update this thread when it arrives and take some photos of it 😍

Be interested to hear other peoples stories of their first experience buying from this forum?

So far mine has been a very positive one!

[365DaysofSilver]

It’s here! 📦 

I will unpack and take some photos later today!

[Gordy]

yeah, i found it strange at first too but hey ho, there is a lot of money changes hands on here and members protect their membership so the trust bit is very important for all, i've never had an issue when buying or selling on here... i'd recommend the forum first when looking to buy before i look on other sites, glad youre enjoying the journey so far.. as the song goes.... "enjoy this trip, and it is a trip"....

[KevinFlynn]

22 minutes ago, Mothballjim said:

It’s here! 📦 

I will unpack and take some photos later today!

Unboxing! Unboxing!

[modofantasma]

Hope you don't end up with chocolate coins 😂

[dicker]

I have only had positive experiences buying on the forum.

One of my recent purchases got to me within 18 hours of me agreeing to buy the coin, and I suspect the seller posted it SD before I had paid (we have done business before...)

Buyers and sellers are super careful about trading honestly and fairly from what I can see.  Reputation is everything TSF and I personally go a LONG way to ensure that I have a 100% positive trading record.

Best

Dicker

 

[dicker]

One tip from me is that if you are doing a large bank transfer (and by this I mean an amount that it would hurt to lose) then:

- Do a test transfer of £1 first with a reference

- Get the receiver to confirm the reference and that they have the funds

- This then means the 'SSI's  (Payment Details) are correct

Best

Dicker

[KevinFlynn]

My trade potential on here is limited, as most of what's going on is in the UK section. So when I saw a good deal available to me I took a plunge and traded. Actually it was a trade between two people who had no trade references so far, but it went well. I knew there was a degree of risk involved, as as a buyer I am fronting the trade, but I knew forum reputation would balance that risk. Even though we're anonymous here, we are actually not, because if we want to stay part of the community we have to retain the reputation of our alias.

[Bigmarc]

4 minutes ago, dicker said:

One tip from me is that if you are doing a large bank transfer (and by this I mean an amount that it would hurt to lose) then:

- Do a test transfer of £1 first with a reference

- Get the receiver to confirm the reference and that they have the funds

- This then means the 'SSI's  (Payment Details) are correct

Best

Dicker

Great advice.

I have yet to buy anything but have sold a few things, 99% have been perfect. The 1%, my bank asked for a "random" security check, turns out the buyer was using someone else's bank account. They had good trading feedback but was inactive on the forum. They gave me the correct details in the end and was all sorted but They haven't returned back to the forum since making the purchase. Since then I have turned some buyers down and the great thing about this forum, in a few minutes on their profile you can actually see if they have a interest in what they are buying. Here is probably one of the only ways it is cost effective to buy and sell.

[Pete]

The reputation on this forum of many sellers ( and buyers ) is everything and my experience has also been excellent.
I would however be somewhat reluctant, paying up front, to someone who had just joined the S.F. to sell a coin and hadn't been actively engaged in any posts.

I only had one instance of a seller who accepted an offer for some bullion, received payment in his bank, then changed his mind because he reckoned some of the coins were worth more than he offered, even though they hadn't been sold for several days after listing.
He did refund me but I didn't leave negative feedback so he got away with being a scumbag.

[MancunianStacker]

1 hour ago, dicker said:

One tip from me is that if you are doing a large bank transfer (and by this I mean an amount that it would hurt to lose) then:

- Do a test transfer of £1 first with a reference

- Get the receiver to confirm the reference and that they have the funds

- This then means the 'SSI's  (Payment Details) are correct

Best

Dicker

I ask my buyers to do this. Just adds that extra bit of trust I think. 👍🏻 

[365DaysofSilver]

Lots of nice messages & experiences shared already. Also thanks for the tips! 

I didn’t record myself unboxing it but I’ve taken some photos, although the lighting isn’t very good.

The coin is in great condition & I’m very pleased with it!

I can now also reveal the seller was @modofantasma 

So thank you very much for making my first buying experience on here such a smooth one!

[Mrpound]

I remember when I first joined I was shocked how easy everything was along with great prices and just trust worthy people ✊

[modofantasma]

Welcome to the forum, happy to provide your first positive feedback. I'd be happy to work with you again in the future. 👍🏽

[sovereignsteve]

50 minutes ago, Mothballjim said:

Lots of nice messages & experiences shared already. Also thanks for the tips! 

I didn’t record myself unboxing it but I’ve taken some photos, although the lighting isn’t very good.

The coin is in great condition & I’m very pleased with it!

I can now also reveal the seller was @modofantasma 

So thank you very much for making my first buying experience on here such a smooth one!

Looks like a fake to me.

 

No, just joking😉

 

Glad you're first expereince of TSF trading has been a good one.

[Coolsmp]

The trade section certainly relies on trust in the two parties engaged in the transaction. Trust to send a stranger money and trust that that stranger will send the coin. Then further trust that it will be recieved without issue and acceptance that the transaction is then complete.

[ZigZag]

2 hours ago, Coolsmp said:

The trade section certainly relies on trust in the two parties engaged in the transaction. Trust to send a stranger money and trust that that stranger will send the coin. Then further trust that it will be recieved without issue and acceptance that the transaction is then complete.

On the basis that you were the very first person I traded with, I’d have to say

👍😂

[Tn21]

You have popped your 🍒, nice work. 

Great coin the mapple, one of the first if not the first .999 au coins to hit the market. 

Buying on the forum has been worth the weight in gold for me. I am glad you shared your experience as other newcomers may gain confidence and a better understanding of TSF.

[Abyss]

Anyone new on the forum not built up seller feedback wanting to sell high ticket item do not let this put you off. Depending on the buyers history and feedback either send item(s) first or use intermediary service

Best value for both sellers and buyers carry out transactions between themselves without having bullion dealer involved taking a cut at either end and the forum is a brilliant place for trade between private individuals.

Over the years I have bought and sold substantial amounts never had single issue. What I have been amazed by is how vigilant  moderators and the owner Chris have been at weeding out scammers that occasionally do join the forum.

Always do your own due diligence but don’t be afraid to deal with people you have never traded with before as everyone works hard on maintaining good reputation on the forum. As you start buying on the forum you will soon realise how much time, energy, effort and care sellers put in when departing with their precious metals.

[Pete]

One thing to remember though buying and selling on any open platform is what happens in the very unlikely event - but nevertheless possible - that a coin is lost in transit.
Unfortunately because this is a rare event and possibly never experienced by most, it will bring out all the hidden terms like making a claim on insurance only to find out in the small print you are likely to fail in your claim. Noting the quality & sensibility of people on the Silver Forum however this is very unlikely to cause concern to most.

Nearly all of us will rely on Royal Mail so it is worth familiarising yourself with their compensation rates for any loss or damage.
Anything of value, say £150 and higher, will be fully protected when using Special Delivery.
There are add-on insurance options to a maximum cover of £2,500.
However for lower value coins and bars, that's why I intuitively chose £150, SD can work out relatively expensive so many will choose a cheaper service like Signed For.

The maximum compensation for loss with Signed For is £50 but in the small print you may hit a problem claiming for precious metals, valuables, coins etc.
This is a grey area because a designer handbag or jeans could be worth £100 and half your loss would likely be compensated but maybe not a £30 silver Britannia.
Arguing that the handbag was more valuable than the coin at one third its value is logical but you will not be dealing with logical people, only people seeing an opportunity to not pay out.

Then the question - in the event of a lost package - who is going to do the work to make a claim and who will ultimately take the hit - the buyer or the seller ?
Be prepared for a long wait for any conclusion as sometimes after raising a claim with the Royal Mail, maybe even 4 weeks or more, surprisingly the package is found and delivered.
Sorting out a claim may run into months.

When a method of postage is agreed then risk of loss should pass on to the buyer provided the seller has proof of postage.
This should show the Royal Mail receipt and the service used.
Do not however depend on package weight because this is not reliable as it is only used in banding to calculate cost and doesn't always backup the weight of the contents.
Post offices regularly accept pre-paid labels and familiarity with packages often means the package isn't weighed at all and the person accepting the package enters an arbitrary weight e.g. 30 g rather than 95g because it doesn't matter up to 100g. Sending 2 ounces of gold SD and getting a receipt with a printed weight of 30g isn't comforting so with high value items I always insist the SD bag is properly weighed at handover. What would you do as a seller if you sent 2 coins and the recipient claims they received only 1 coin and the package weight was 40 g and not 80g. In such a situation it could be argued that you only sent a single coin. Doesn't bear thinking about !!   Trust .. trust.. and more trust.. with private transactions.

Buying goods from businesses however will differ because generally the contract is to guarantee receipt of goods so any loss is down to the seller as they will have separate insurance.
Private sales could become contentious so be prepared and accept any risks.

If I am incorrect in any of the above feel free to comment as hopefully no-one will need to worry, but for peace of mind it is always good to know where you stand.

 

[365DaysofSilver]

Just made my second purchase on here, this time from @GreatBritishBullion 

Gone for some silver this time 🪙  

I will do an unboxing video when it arrives, as had a few newbies PM me asking how my first order arrived 📦 

I thought the bargains were on eBay but I was wrong, TSF is my new favourite place to buy gold & silver! 🙌🏻

[365DaysofSilver]

3rd purchase made 🤩

Starting to build my confidence up now! 😂

This time it’s from @SilverLoaf 🙌🏻

Will do unboxing videos when they arrive - got myself some more silver 🪙 

Edited October 15, 2021 by Mothballjim

[begineersluck]

first and only time i have bought was from BYB 100gr silver bar ,excellent service through out i suppose its like any of the forums facebook ebay european bullion sites its all done on faith 

[365DaysofSilver]

They all arrived today - filmed a little unboxing 📦 

Very pleased with everything 🤩

 

[365DaysofSilver]

1 hour ago, Mothballjim said:

They all arrived today - filmed a little unboxing 📦 

Very pleased with everything 🤩

 

Thank you very much @GreatBritishBullion & @SilverLoaf very pleased with both purchases 🤝 

Edited October 15, 2021 by Mothballjim