Simplified Gold Investments: Wizely Ensures Safety and Convenience in Digital Gold Purchases
Investing in digital gold offers a modern, secure, and flexible way to grow your wealth while providing a stable safety net during market downturns. With the rise of digital gold platforms like Wizely, investing in this form of gold has become more accessible and convenient than ever before.
Advantages of Digital Gold Compared to Physical Gold
One of the primary advantages of digital gold is its convenience and liquidity. Unlike physical gold, digital gold can be bought and sold instantly online, eliminating the need for physical storage or movement [1][3]. Furthermore, digital gold is stored in insured vaults, ensuring security and eliminating the risk of theft or loss associated with physical gold [3].
Another significant advantage is cost efficiency. Digital gold often involves minimal platform fees and eliminates the costs associated with storing and insuring physical gold [1][3]. Additionally, investors can purchase digital gold in small amounts, making it accessible to a wider range of investors [3].
Disadvantages of Digital Gold Compared to Physical Gold
One potential disadvantage of digital gold is platform dependency. As digital gold requires a digital platform, investors must rely on the platform's security and operational integrity [2]. Another disadvantage is that while digital gold can sometimes be converted into physical gold, it does not provide direct possession or control over the asset [4]. Finally, digital gold investments create a digital record, which may not appeal to those who value privacy [2].
Advantages of Physical Gold Compared to Digital Gold
On the other hand, physical gold has its own set of advantages. Investors have direct possession and control over physical gold, which can be a comforting aspect for some [2]. Additionally, physical gold does not require intermediaries, offering a sense of sovereignty and privacy [2]. Lastly, physical gold is widely recognized and accepted globally, making it an attractive option for those who value this universality [2].
Disadvantages of Physical Gold Compared to Digital Gold
However, physical gold also has its drawbacks. Storage and security concerns are a significant disadvantage, as physical gold requires secure storage to prevent theft or loss, which can be costly and time-consuming [1][3]. Selling physical gold can also be cumbersome due to the need for authentication and transportation [1]. Finally, physical gold investments often involve additional costs for making (e.g., coins), storage, and insurance [1].
Investing in Digital Gold with Wizely
Investing in digital gold through Wizely is straightforward and accessible. To get started, simply download the app from the Google Play Store or Apple App Store. After downloading, you'll need to verify your mobile number and email address, set a secure 4-digit PIN, provide your full name as per PAN card records, select the 'Buy Gold' option, choose an investment amount starting from Rs. 100, complete KYC by entering your PAN number, and make the payment [5].
The Wizely app provides real-time pricing and secure, insured storage for digital gold. It also allows investors to check live market trends and ensure liquidity, making it an ideal platform for both new and experienced investors [6].
Taxation on Digital Gold
Taxation on digital gold is similar to that of physical gold, applying in the manner of capital gains tax. If digital gold is held for 24 months or more, it is treated as a long-term capital asset, with a tax rate of 12.5% applicable with a cess [7]. If digital gold is sold before 36 months, the gains are considered short-term, and tax is applicable as per the investor's income tax slab [8].
Conclusion
Ultimately, the choice between digital and physical gold depends on individual preferences regarding convenience, security, costs, and the desire for tangible ownership. Digital gold offers assured purity, uniform nationwide pricing, lower additional charges, and elimination of storage concerns, making it an attractive option for many investors. With platforms like Wizely, the digital gold investing experience is seamless, combining ease of use with high levels of security and transparency. Whether you're saving for long-term goals or building a savings habit, investing in digital gold through Wizely is a modern, secure, and flexible way to grow your wealth.
[1] https://www.wizely.co.in/blog/what-is-digital-gold [2] https://www.investopedia.com/terms/d/digital-gold.asp [3] https://www.businessinsider.in/tech/startup/why-you-should-invest-in-digital-gold-with-wizely/articleshow/81996315.cms [4] https://www.livemint.com/Investing/gRhQP8jGvgTG0q68o2fqnN/Digital-gold-is-a-safe-investment-option-for-long-term-investors-Wizely-CEO-Says/articleshow/90555006.cms [5] https://www.wizely.co.in/how-it-works [6] https://www.wizely.co.in/blog/why-should-you-invest-in-digital-gold-with-wizely [7] https://www.wizely.co.in/blog/taxation-on-digital-gold-in-india [8] https://www.wizely.co.in/blog/short-term-capital-gains-tax-on-digital-gold
- The cost efficiency of digital gold investments is a significant advantage, as they often involve minimal platform fees and eliminate the costs associated with storing and insuring physical gold.
- Personal finance implications of digital gold investments should also be considered, as taxation on digital gold is similar to that of physical gold, with capital gains tax applicable.
- Despite the advantages of digital gold, some investors prefer physical gold due to its direct possession and control, which can offer a comforting aspect for some, and its widespread recognition and acceptance globally.
