Groww is an investment app that allows you to buy stocks, invest in Mutual funds, and track your portfolio easily.
Groww recently launched a new service where you can buy digital gold.
That means now one app lets you buy and manage stocks, mutual funds, and digital gold.
It also allows you to track external funds, so you can move to Groww even if you have been investing for a long time on some other platforms.
In this tutorial, you’ll learn how to buy Digital Gold through the Groww app. Step by Step.
Step 1: Install Groww App or Go to Their Website
*Skip this step if you’re already using Groww.
Go to google play store or Apple app store and install the Groww app. Create a new account, and you’re good to go.
You can also signup on their website and use their desktop version.
Step 2: Go to Gold Section
Click on the “Gold” link in the explore section on your Groww dashboard.
In the Gold section, you’ll find the Autgmont Digital Gold column. In this column, you can check the buy and sell price.
By clicking on the Augmont Digital Gold column, you can check:
- Historical performance of gold in the market.
- Purity and Karat of gold you’re buying.
- Charges, Taxes, and minimum holding details.
- Liquidation details.
Step 3: Choose the Quantity/Amount of Gold You Want to Buy
On the next screen, as shown below, you can put in the amount or quantity of the gold you wish to buy.
The amount can be anything greater than 10.
Once you’ve chosen how much gold you’re going to buy, click on the proceed button.
The price of gold is live and changes as per the market changes. Once you click on proceed, you have about 5 minutes to complete the purchase at the same price.
Upon successful purchase, the gold will be credited to your account instantly. However, you can only sell the amount of gold purchased after 2 days of the transaction.
Complete the payment, and voila!. You’ve successfully invested in digital gold using Groww.
Is it Safe To Purchase and Hold Gold With Groww?
Groww doesn’t handle any gold inventory. It merely serves the purpose of a payment processor and tracking dashboard. Groww doesn’t hold your Gold is stored in the inventory of Augmont.
Augmont is a private limited company that deals in gold & silver in India. It was established in 2012, on October 31.
It is not a very old company, but they have a huge userbase and are present across the nation. They actually hold the amount of gold you buy in physical form.
Augmont and Groww have partnered together.
Groww allows its users to invest in Augmont gold through Groww’s own platform.
It also keeps track of how much you’ve bought, and you can directly buy as well as sell any amount of digital gold through the Groww dashboard. It’s convenient and fast.
So, you can buy and sell gold from Augmont using Groww. And your gold is kept safe by Augmont in physical form.
In the future, Groww is also preparing to allow investors to convert their digital gold into physical bars and coins. When the update comes into effect, you’ll be able to receive doorstep delivery of your digital gold converted into a physical form.
The liquidation is easy. Once you sell the digital gold, the total sell amount is transferred to your bank account within 2-3 days.
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