Table of Contents
Affiliate Disclosure
Affiliate Disclosure DailyForex.com adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence. Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money. This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering. Safety is evaluated by quality and length of the broker's track record, plus the scope of regulatory standing. Major factors in determining the quality of a broker’s offer include the cost of trading, the range of instruments available to trade, and general ease of use regarding execution and market information.

Top Silver Trading Brokers

Silver is an important precious metal to both industry and speculators. It is more volatile than even exotic Forex currency crosses. Almost all Forex / CFD brokers offer CFD trading in Silver. I have created a shortlist for you of the best Forex / CFD brokers offering trading in Silver. Read on to view my shortlist and to learn how to choose the best Silver broker.

1
4.9/5
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
Silver spreads from 0.0 pips & competitive swap rates on leveraged overnight positions.
Upgraded MT4 platform, MT5 & proprietary mobile app, FXTM Trader.
2
4.8/5
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
Three silver crosses with minimum spreads of 0.0 pips on the XAG/USD
MT4, MT5, and cTrader with support for algorithmic silver trading and copy trading
3
4.7/5
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
Commission-free silver trading with minimum spreads of 0.013 & 1:100
MT4 + Capitalise AI for code-free algo trading plus MT5 & TradingView
4
4.7/5
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
Silver CFDs, futures, and ETFs with competitive spreads and swap rates
MT4, MT5, TradingView, a choice of copy trading services plus API trading
5
4.6/5
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
Commission-free silver trading with minimum markups of 0.029 & silver ETF trading
Excellent choice of trading platforms, mobile apps & copy trading services

  • FXTM, Best all-around broker with high floating leverage and fast execution.
  • FP Markets, ECN trading with leverage up to 1:500.
  • Eightcap, Competitive pricing + excellent daily videos.
  • BlackBull Markets, Best ECN trading environment, with scalping and hedging.
  • AvaTrade, Highly regulated, choice of fixed or floating spreads.

FXTM

In Summary Best all-around broker with high floating leverage and fast execution

Silver traders get a choice of two assets at FXTM, the XAG/USD and the XAG/EUR. The former is the most traded contract, while demand for the latter continues to rise. Having both allows traders to benefit from pricing discrepancies between Silver quoted in the US Dollar and the Euro. The minimum spread for the XAG/USD in the FXTM MT4 Advantage Account is $0.09, with an average of $0.22. While the XAG/EUR shows a lower minimum mark-up at $0.07, the average spread is notably higher at $0.79. The contract size is 5,000 units per lot.

The MT4 Advantage Account requires a minimum deposit of $500 or currency equivalent but offers traders the lowest spreads. Commissions range between $0.80 and $4.00 per round lot, dependent on the monthly trading volume, and Silver traders benefit from maximum leverage of 1:500 and an upgraded MT4 trading platform.

Read more on FXTM »
4.9/5 in this category

Pros & Cons

  • Excellent commission-based Forex pricing environment and transparency
  • Upgraded MT4/MT5 trading platforms plus proprietary mobile trading app
  • Quality market research and educational content for beginner traders
  • A highly regulated broker with a tier-1 license
  • No cryptocurrencies and limited choice of commodities

FP Markets

In Summary ECN trading with leverage up to 1:500

FP Markets is another competitive broker for Silver traders. Besides high-speed trade execution, traders get a low-cost trading environment and a choice of three Silver crosses. The XAG/USD and the XAG/AUD show a minimum spread of $0.01 and an average of $0.02, with XAG/EUR slightly higher at $0.015 for the minimum, but an equal average cost of $0.020. The commission at FP Markets is $6.00 per round lot, the maximum leverage 1:500, and the minimum deposit is $100.

The commission-free account shows an average spread of $0.03 for the XAG/USD and the XAG/AUD and $0.22 for the XAG/EUR. Depending on the strategy, some traders may achieve lower trading costs in the commission-free account, which can be a unique opportunity. Diversified portfolios should opt for the ECN alternative, as overall costs remain lower. The twelve MT4/MT5 add-ons offer another advantage, together with quality trading services like VPS, MAM/PAMM accounts, and Autochartist.

Read more on FP Markets »
4.8/5 in this category

Pros & Cons

  • Choice of trading platforms and auxiliary trading tools
  • Very competitive cost structure and excellent asset selection
  • Low minimum deposit requirement and leverage of up to 1:500
  • Well-regulated and trustworthy
  • Availability of Iress geographically restricted

Eightcap

In Summary Competitive pricing + excellent daily videos

Silver traders get the XAG/USD at Eightcap, which shows a minimum spread of $0.01 for a commission of $7.00 per round lot. A commission-free alternative is available with an average mark-up of $0.05. Eightcap also provides beginner traders with an introduction to Silver with tips to get started. Another benefit is the transparency and honesty at Eightcap, and the minimum deposit of $100 ensures most traders can afford an account.

Eightcap offers traders the MT4/MT5 trading platforms, upgraded via the FX Blue Labs package consisting of eleven add-ons, transforming the sub-standard core versions into competitive solutions. The excellent execution statistics make Eightcap an ideal broker for algorithmic Silver trading and scalping. Traders can also benefit from Capitalise AI, supporting automated trading without learning how to code. Eightcap additionally maintains quality partnership programs, where its MAM/PAMM service stands out for retail account management.

Read more on Eightcap »
4.7/5 in this category

Pros & Cons

  • Low minimum deposit and high leverage of up to 1:500
  • Competitive cost structure
  • Excellent technology infrastructure and seasoned management team
  • Daily research and quality educational content
  • Limited leverage in some areas

BlackBull Markets

In Summary Best ECN trading environment, with scalping and hedging

BlackBull Markets was founded in 2014 in New Zealand. Like many antipodean Forex brokers, BlackBull Markets is an ECN broker, offering raw spreads and commissions. They are regulated in New Zealand by the Financial Services Providers Register (FSPR) and offer a maximum leverage on some Forex currency pairs as high as 500 to 1. In addition to their global headquarters in New Zealand, BlackBull Markets also has presences in the form of branch offices in New York and Malaysia. BlackBull Markets offers a relatively tight range of tradable assets: 27 Forex currency pairs and crosses, gold, silver, crude oil, natural gas, and 6 major equity indices. That should be sufficient for those traders with more focused strategies not requiring wide diversification.

Read more on BlackBull Markets »
4.7/5 in this category

Pros & Cons

  • ECN/NDD execution model with deep liquidity
  • Institution-grade pricing for retail traders via proprietary price aggregation
  • ZuluTrade and Myfxbook for social trading
  • Leverage of up to 1:500
  • Limited deposit options

AvaTrade

In Summary Highly regulated, choice of fixed or floating spreads

AvaTrade offers beginner traders a brief but quality introduction to Silver, making it an ideal broker for them. While it only offers the XAG/USD pair, with a maximum leverage of 1:50, the commission-free spread is a competitive $0.029. Traders should also consider the choice of trading platforms for Silver trading. Besides the out-of-the-box MT4/MT5, AvaTrade deploys its proprietary web-based alternative for manual traders. Its mobile app, AvaTradeGO, caters to millennial and GenZ traders who prefer mobile trading.

The minimum deposit at AvaTrade is $100, and three copy trading services cater to passive Silver traders. A hidden gem is its spun-out SharpTrader business unit, one of the best educational resources available, featuring 40+ lessons and 200+ videos. New traders qualify for a bonus, dependent on their jurisdiction, and AvaTrade maintains a lucrative partnership program.

Read more on AvaTrade »
4.6/5 in this category

Pros & Cons

  • High quality educational offering via AvaAcademy
  • Excellent choice of trading platforms catering to various trading needs
  • Broad asset selection and cross-asset diversification opportunities
  • Well-regulated and trusted broker with oversight from a central bank
  • Trading costs competitive but nothing special

Best Silver Brokers Comparison

Regulators
CMA, CySEC, FCA, FSC Mauritius, FSCAASIC, CySEC, FSCAASIC, CySEC, FCA, SCBFMA, FSAASIC, BVI, Central Bank of Ireland, FFAJ, FSCA, KNF, MiFID
Year Established
20112005200920142006
Execution Type(s)
ECN/STP, Market MakerECN/STPECN/STP, Market MakerECN/STP, No Dealing DeskMarket Maker
Minimum Deposit
$200
$100
$100
$0
$100
Average Trading Cost EUR/USD
0.1 pips1.1 pips1.0 pips1.3 pips0.9 pips
Average Trading Cost GBP/USD
0.2 pips1.4 pips1.2 pips2.0 pips1.5 pips
Average Trading Cost Gold
$0.18 $0.21 $0.12 $0.90 $0.29
Trading Platform(s)
MetaTrader 4, MetaTrader 5, Proprietary platformMetaTrader 4, MetaTrader 5, cTrader, Proprietary platform, Web-basedMetaTrader 4, MetaTrader 5, Trading ViewMetaTrader 4, MetaTrader 5, Trading ViewOther, MetaTrader 4, MetaTrader 5, Web-based+
Islamic Account
Negative Balance Protection

How Do I Start Trading Silver?

Education is the first step which creates the foundation for successful silver trading. It will reveal the core aspects of developing profitable silver trading strategies, including its close relationship to gold. While both are safe-haven assets, inflation hedges, and portfolio hedges, learning how to use the gold-silver ratio to identify buying and selling opportunities remains useful.

Traders must also decide how they wish to trade silver, as several options exist to add this precious metal to their portfolio. Silver trading is possible via silver bullion or the physical purchase of silver bars or coins, spot silver, silver futures, silver options, silver equities, and silver ETFs. The asset choice depends on the preference of traders and the strategies they want to use.

Before trading silver, traders must know what moves price action. Besides being an inflation or portfolio hedge, silver has many industrial usages. They include industrial demand for batteries, LED chips, dentistry, water purification, medicine, and extracting other minerals. Traders must follow supply and demand from silver production and industrial demand together with price action, technical conditions, monetary policy, economic data, and geopolitical events. The often-inverse relationship between silver and the US Dollar is also important. Finally, traders must open and fund a trading account to start trading silver.

Which Instruments Should I Use to Trade Silver?

The five major Silver trading instruments are:

  • Silver CFDs are a derivative contract ideal for non-US traders, granting exposure to price action without ownership of the underlying asset. It represents the most efficient form for day trading Silver and is available as a leveraged product.
  • Silver futures are a legally binding contract for physical delivery of the specified amount of Silver at the contract date. Companies and traders use Silver futures to hedge their risk, locking in prices if they believe the cost of Silver will increase or decrease in the future.
  • Spot Silver refers to the current price of Silver, with on-the-spot settlement and delivery, hence the name. It satisfies the immediate needs of market participants who seek ownership of the asset.
  • Physical Silver suits investors with a long-term investment horizon. Silver bars are available as triangular or rectangular shapes of 995+ purity. They come in 1-ounce, 5-ounce, 10-ounce, 100-ounce, and 1-kilogram sizes. Those from reputable brands may cost more versus lesser-known competitors, while damaged Silver bars are available at a discount. Silver coins present an alternative, and holders may use them as a currency, making liquidation easier. The two dominant Silver coins are the 1-ounce 99.93% pure American Silver Eagle and the 1-ounce 99.99% pure Canadian Silver Maple Leaf.
  • Silver ETFs can offer diversified exposure to Silver with a lower risk profile.

Which are the best Silver trading exchanges?

  • The CME Group (US) is the largest futures exchange globally, consisting of six exchanges with offices in eleven countries.
  • The National Stock Exchange of India commenced operations as an equity exchange but grew into a dominant futures exchange.
  • Eurex (Europe) is the largest futures exchange in Europe and the third largest globally, owned by Deutsche Boerse.
  • The Intercontinental Exchange (US) focuses on energy products, but a series of acquisitions offer expansion into other assets, including Silver.
  • NASDAQ (the US and Europe) owns the NASDAQ Futures Exchanges (NFX), where Silver trading is available.
  • CBOE Holdings (US) consists of four subsidiaries and established itself as an influential futures exchange.
  • The Moscow Exchange (Russia) is the dominant Russian exchange, a hub for many Silver traders from the CIS, including Silver mines and supporting industry.
  • The Tokyo Commodity Exchange (Japan) is one of the largest futures exchanges in Asia and sometimes is a leading global Silver exchange by volume.
  • The Shanghai Futures Exchange (China) is the dominant exchange in China, where Silver is usually in demand as a precious metal.
  • The Korea Exchange (South Korea) is a hub for Korean Silver traders and features notable trading volumes during the Asian trading session.

What Moves the Silver Market?

The major factors which tend to move the Silver market are:

  • Silver is mined, so discovery of new deposits or their scarcity can affect the price of Silver.
  • Silver is often seen as a semi-currency which holds a good store of value, so the value of Silver can rise during periods of high inflation or negative interest rates.
  • Industrial demand for Silver – unlike most other precious metals, Silver has several industrial uses, and is not only in demand as a precious metal but also as an industrial metal. Silver is used in the manufacture of solar panels, electrical and thermal conductors, and other reflective products. If such materials are in demand, the price of Silver will tend to appreciate.
  • Silver is used in water filtration, and as a chemical catalyst in manufacturing. As demand rises in these industries, so the price of Silver is likely to rise.
  • Silver is also seen as a precious metal, offering a safe haven / store of value.
  • Silver is a key ingredient in jewelry and high-end tableware, although demand for these products is quite constant so is unlikely to move the Silver market.

Unique Features of the Silver Market

How can Silver lower portfolio risk?

Silvers can act as an inflation hedge, outperforming stocks during volatile and/or bear markets, offer low-risk exposure to emerging and frontier markets with Silver production, and assist in portfolio diversification.

How does Silver perform versus other financial assets?

Silver tends to outperform the stock market during periods of crisis, inflation, or volatility, but underperform in more “normal” market conditions.

Can traders use Silver to gain exposure to developing countries?

As several developing countries are leading Silver producers, Silver can be a lower-risk entry to potential growth opportunities. Silver can provide upside exposure while limiting risk. Mexico, Peru, China, and Chile are the top four Silver producers. Other significant Silver producers are Bolivia, Argentina, Kazakhstan, Morocco, Indonesia, Uzbekistan, Papua New Guinea, and the Dominican Republic.

What is the Difference Between Gold and Silver Trading?

While there are some similarities between gold and silver and how to trade both precious metals, for example, their hedging potential, safe-haven status, and store of value appeal, traders should understand the differences before choosing silver trading brokers.

Here are the core differences between gold and silver trading:

  • Silver has several industrial uses, and as an industrial metal, its price fluctuates with supply and demand in core industries, including alternative energy, electronics, chemicals, manufacturing, and healthcare.
  • Silver fluctuates with the global economy as over 50% of silver demand comes from heavy industry, meaning that gold may rally during economic uncertainty, while silver could remain stagnant, and vice versa, as silver can outperform gold during economic booms.
  • Silver is more volatile and trades on thinner volume, with daily volatility up to three times higher during any given trading session, which can create more trading opportunities but also increase risk.
  • Silver is a less crowded trade than gold, as fewer investors and traders transact in silver.
  • Silver has limited central bank buying and selling.
  • Silver has a higher correlation to stocks, bonds, and commodities.
  • Silver is more accessible due to its lower price.

How to Choose a Silver Broker

Traders should check a Silver broker’s core trading environment for the following:

  • Regulation and Security: Traders should check if their broker has a regulatory license. While a license does not eliminate risk, it will notably decrease the risk of malpractice and fraud.
  • Traders should consider the operating record of Silver brokers, not just the existence of regulatory oversight.
  • Trading Costs: Trading fees are extremely important. Many beginner traders wrongly dismiss minor differences in spreads.
  • Another overlooked trading cost is swap rates on leveraged overnight positions. Silver trading as a leveraged derivative incurs financing costs known as swap rates. Competitively priced Silver brokers may sometimes offer a positive swap rate on a Silver position, meaning traders can get paid to hold a leveraged Silver trade overnight.
  • Trading Platforms: The best Silver brokers will offer a trading platform that fully supports automated trading and features API trading for advanced solutions.
  • Deposits & Withdrawals: Many traders ignore the importance of financial transactions, especially withdrawals. While deposits generally remain free of charge, traders must ensure the same applies to withdrawals. Third-party payment processor costs usually apply and are outside the control of brokers.

Final Thoughts

Silver is one of the most traded metals, while CFDs and ETFs present the best overall financial instruments, in terms of cost and reliability, for exposure to Silver’s price movements. CFDs are generally the superior instrument for day traders and other shorter-term traders, while ETFs are usually a more suitable vehicle for longer-term investors, as most CFD providers include a negative overnight swap fee on Silver positions. However, US persons are usually unable to access Silver CFDs so will be better advised to consider Silver futures (although they can be somewhat large for many retail traders as even the Silver micro future contract has a position size of about $20,000), or spot Silver which can be hard to find.

Traders seeking the best Silver brokers should consider the Silver trading options available and the associated costs of trading those instruments, as well as evaluating the brokers’ regulatory statuses and any other protections offered such as negative balance protection.

Silver traders or investors should remain aware that Silver tends to exhibit very high price volatility, higher even than gold, and this high volatility should always be considered when sizing positions.

You might also be interested in reviewing the below top brokers:

FAQs

What silver trading strategies can I use?

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The silver trading strategies depend on the preference of traders, as there are no limits. Silver remains suitable for short-term trading, including scalping, as it is highly liquid, high-frequency trading due to its volatility, long-term investments, inflation hedges, portfolio hedges, and other strategic reasons.

Is it profitable to trade silver?

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Profitability depends entirely on traders and investors. Silver as an asset provides countless profitable opportunities, but only to market participants who understand what moves price action and how to trade silver.

Can you day trade silver?

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Silver is very liquid and an ideal candidate for day trading and other short-term strategies using derivative contracts.

Is buying Silver illegal?

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Laws differ country by country, but buying Silver is legal in most countries.

What is the best place to buy Silver from?

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The most convenient method of buying physical Silver is online via a professional bullion dealer.

What is the cheapest way to invest in Silver?

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The cheapest way to invest in Silver is via ETFs. Junk Silver is another cost-effective method for advanced investors.

Can you buy Silver from a bank?

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Most banks no longer sell Silver coins, but some banks sell antique coins which contain Silver as valuable collector’s items.

Huzefa Hamid
About Huzefa Hamid

I’m a trader and manage my own capital. I trade the major Forex pairs, some Futures contracts, and I rely entirely on Technical Analysis to place my trades. Today, I am also a Senior Analyst for DailyForex.com. I began trading the markets in the early 1990s, at the age of sixteen. I had a few hundred British pounds saved up (I grew up in England), with which I was able to open a small account with some help from my Dad. I started my trading journey by buying UK equities that I had read about in the business sections of newspapers. The 1990s were a bull market, so naturally, I made money. I was fortunate enough in my early twenties to have a friend that recommended a Technical Analysis course run by a British trader who emphasized raw chart analysis without indicators. Having this first-principles approach to charts influences how I trade to this day.