10 Best Gold Trading Brokers and Platforms (2024) | InvestinGoal (2024)

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The best online Forex brokers for gold trading, according to our research, are:

1. XM
2. HF Markets
3. IG Markets
4. eToro
5. Plus500
6. Admirals
7. Forex.com
8. AvaTrade
9. City Index
10. CMC Markets

In order to choose whichgold trading brokersto feature in this top 10, we have took into consideration a number of factors including:

• The availability of tradable gold instruments;
• Commissions charged by the broker on gold;
• The different methods of investment offered on gold;
• The minimum contract size on gold assets;
• The regulation of the brokers.

Round-up

Find below a comparison table showing the differences and similarities of each of the 10 gold forex brokers.

What are the best gold trading brokers and platforms?

Below is our curated list and review of the best gold trading forex brokers, with details of features and characteristics.

1.XM

• XM offers gold trading as spot CFDs.
• Gold CFDs are both traded as standard contracts (where 1 contract is 100oz), and as micro contracts (where 1 contract is 1oz).
• XM spreads on gold start from 0.018 pips
• Gold trading on XM is offered on both MT4 and MT5 platforms
• The max leverage on gold offered by XM is 1:20 within the EU

Visit XM

72,82% of retail investor accounts lose money

2.HF Markets

• Both MT4 and MT5 trading platforms support trading ongold as CFDs. You can also trade one gold ETF (GLD).
• HF Markets allows gold trading also for those traders interested incopy trading on the proprietary HF Copy platform.
• The size of1 lot on gold is equal to 100 ounceswhile the minimum trade size is 0.01 lots or 1 ounce. High-volume traders can open up to 60 lots or 7 lots if operating on a micro account.
• Gold is typically traded against the USD with aspread starting at 0.023 pipsbut on HF Markets you can trade also against the EUR with spread charged from 0.12 pips.
• Maximum leverageon gold is 1:20 in Europe, UK, and Australia or 1:200 for international traders.

Visit HF Markets

70.51% of retail investor accounts lose money

3.IG Markets

• Trade gold as CFDs in different asset classesincluding: options, spread betting, shares, ETFs, and futures.
• Size of 1 lot is equal to 100 ounces while theminimum size is 0.20 lots or 20 ounces.
• Spread on CFD spot XAU/USD is 0.3 pips, whereas on barrier and vanilla options there is a commission of $ 0.10 per contract.
• Trading gold on IG Marketsyou will not be charged for positions above $100.
• Maximum leverageis 1:20 in Europe, UK, and Australia, 1:200 for international traders.

Visit IG Markets

71% of retail CFD accounts lose money

4.eToro

• eToro is popular for social trading features in which you caninteract with other traders at the same time and keep up to date with live news about gold market.
• Trading gold on eToro is facilitated by CFDs onspot markets, theSDPR gold ETF (GLD)or you can even tradeBitcoin against Gold.
• eToro’s minimum trade size on commodities is $1,000. You can lower this amount to $50 on gold, based on the leverage applied to open the position.
• Thespreadyou can find on XAU/USD is slightly higher than competitors at 0.045 pips.
• Leveraged gold positionsare capped to 1:20 for any retail client of eToro.

Visit eToro

76% of retail CFD accounts lose money

5.Plus500

• Plus500 offers gold trading through futures for US traders
• Gold trading at Plus500 is available as standard, micro and E-mini futures contracts.
• Standard gold contracts require a daily margin of $500, while it’s $250 for E-mini contracts and is reduced to $50 for Micro Gold contracts.
• The minimum amount of money to open an account at Plus500 in the USA is $100

Visit Plus500

77% of retail investor accounts lose money

6.Admirals

• Trading gold on MT4 or MT5 you’ll benefit from acashback programif you meet the broker’s requirements on monthly trading volume.
• Gold tradingis available on many CFDs assets such as ETFs and futures.
• Spread on spot XAU/USDis charged from 0.010 pips whileleverageon gold depends on your position since it may vary from 1:500 for international traders to 1:20 for traders in the EU, the UK or Australia.
• Theminimum contract sizewith Admiral is 1 oz. For traders who want to trade higher volumes, the maximum is 25oz.

Visit Admirals

76% of retail investor accounts lose money

7.Forex.com

• Forex.com allows to trading of gold CFDs on Spot and futures markets.Gold and silver trading is not available on MT4.
• Thespread on goldstarts from 0.025 pips against USD only even though Forex.com currently offer also EUR, GBP, CHF, and AUD.
• Theminimum trade size on goldwith Forex.com is kept low at 1 ounce.
• Forex.com providesTradingViewto improve charting analysis on Gold.

Visit Forex.com

77.7% of retail investor accounts lose money

8.AvaTrade

• AvaTrade offers plenty CFDs on gold assets such asspot, options, futures, shares, ETFs and Bitcoin Gold.
• For UK traders, AvaTrade allowsspread betting on gold.
• Theminimum trade size for spot goldavailable on AvaTrade is 1 ounce.
• AvaTrade offersfixed spreadto trade gold from 0.029 pips, which is reduced to 0.023 pips forprofessional traderswho can avail of a leverage up to 1:200.

Visit AvaTrade

76% of retail investor accounts lose money

9.City Index

• Gold tradingis made available as CFDs on spot and futures market. City Index enables spread betting on gold for UK traders only.
• Mini-contractgold trading is permitted.
• Spreads on goldstart from 0.003 pips but thespread on futuresis slightly higher at 0.005 pips.
• Spread bettingfollows the same fees but lacks mini-contracts on gold.

Visit City Index

69% of retail CFD accounts lose money

10.CMC Markets

• Gold trading is facilitated throughCFDs on spot, futures, shares, and ETFs. Spread betting is available for traders in the UK.
• Gold CFDs at CMC Markets are charged with aspread of 0.003 pips.
• Minimum trade size on goldis 0.4 units or 0.0004 lot on MT4 with a maximum of 7500 units or 750 lots on MT4.
• CMC Markets enables the use ofguaranteed stop losson gold orders charging $0.30 USD per unit.

Visit CMC Markets

78% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider.

How to Choose a Gold Trading Broker

When selecting a gold trading broker, it’s essential to consider several factors to ensure a smooth and profitable trading experience. Here are some key points to keep in mind:

1. Regulatory oversight is crucial for the safety and security of your funds. Look for brokers that are regulated by reputable financial authorities such as NFA (National Futures Association), ASIC (Australian Securities and Investments Commission), or FCA (Financial Conduct Authority) in the UK. These regulatory bodies enforce strict rules and guidelines to protect traders and maintain the integrity of the financial markets.
2. Trading gold often involves paying commissions, so it’s wise to find a broker with competitive commission rates. Typically, gold brokers charge commissions either in the form of pips on CFDs (Contracts for Difference) or a fixed amount per contract on gold futures. Look for brokers offering reasonable commission rates, such as 1 pip on CFDs or $1 per contract on futures, to minimize trading costs.
3. Check if the broker offers the gold derivative you want to trade as not all brokers offer the same range of gold derivatives for trading: some brokers, like Interactive Brokers (IB), provide a wide variety of gold derivatives, including options, CFDs, and futures. On the other hand, platforms like eToro may focus more on CFDs. Choose a broker that aligns with your specific trading preferences and goals.

Resources for Gold Traders

To make informed trading decisions, gold traders can benefit from various resources that provide market insights and analysis. Here are some valuable resources to consider:

• Use news and Analysis Websites to stay updated with the latest financial news and gold market analysis. Use reputable websites like Bloomberg and investing.com.
• Use economic calendars to keep track of significant events and economic indicators that could impact the gold market. Many financial news websites offer economic calendars with dates and times for these events.
• Follow training and courses to improve your gold trading skills by enrolling in online courses offered by platforms like Coursera and Udemy. There are also specialized trading education websites that focus specifically on gold trading.
• Read books for a comprehensive understanding of the gold market and its historical background. Consider reading books like “Precious Metals Investing For Dummies.”

Ways to Trade Gold

Gold can be traded in several different ways, each catering to various trading strategies and risk appetites. The common methods for trading gold are Gold Spot Market, Gold Futures Market, Gold CFD Market and Gold Option Market.

In the Gold Spot Market, gold is traded at its current market price. This market primarily involves physical gold trading. It is important to note that over 25 million contracts are traded per day in this market.

The Gold Futures Market involves buying gold in contracts that reflect future pricing. This market allows traders to speculate on the future price movements of gold. Approximately 20 million contracts are traded per day in this market.

Gold CFD (Contract for Difference) trading is ideal for price speculation. With CFDs, traders can speculate on whether the gold price will rise or fall without owning the physical asset. The CFD market is usually based on the spot gold market.

Similar to the futures market, the Gold Option Market derives its price from gold futures contracts. However, traders have the option to decide whether to buy or not to buy the gold at the due date, providing more flexibility in their trading strategies.

Gold Trading Conditions with CFD Brokers

If you choose to trade gold through CFD brokers, here are some important conditions to be aware of:

• CFD Gold brokers typically apply a spread, which is a mark-up added to the buy-sell price. Spreads are usually from 1 pip.
• Overnight fees and conversion fees may apply when trading gold as CFDs. These fees are important to consider when holding positions overnight or when trading with a currency other than USD.
• While CFDs offer leverage, it is essential to note that the leverage is often limited to 1:20 (5% margin) in certain regions like the UK, Australia, and the European Union. This restriction is in place to protect traders from excessive risks associated with high leverage.

Fees Charged by Gold Trading Brokers

When trading gold with brokers, you may encounter several types of fees. Here are the common fees associated with gold trading:

• Brokers apply a mark-up on the buy-sell price (spread), commonly known as spreads. The spread is usually from 1 pip, and it represents the broker’s profit on each trade.
• If you hold gold positions overnight as CFDs, some brokers may charge overnight fees. These fees compensate for the cost of maintaining positions overnight.
• When you buy gold using a currency different from USD, a conversion fee may be applied. For example, if your account is denominated in EUR, and you trade gold quoted in USD, the broker may charge a fee for converting EUR to USD.

Pros and cons of gold trading brokers

Pros

• flexible trading environment
• most brokers offer news and resources to trade gold

Cons

• brokers might not always offer certain gold derivatives
• leverage may be limited in some countries