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Huzefa Hamid
Gold is the world's oldest currency and used as a proxy for money. Several gold trading brokers specialize in this precious metal, but every online broker has added gold CFDs to their asset list. See below our top-rated Gold brokers.
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.
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.
Best ECN execution on the MT4 platform
Excellent implementation of cTrader and Smart Trader Tools
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.
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.
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.
High level regulation in multiple jurisdictions
Impressive range of tradeable assets including vanilla options and gold options
Best all-around: high floating leverage + fast execution
Gold traders at FXTM have three assets, as this multi-asset broker provides clients with the XAU/USD, the XAU/EUR, and the XAU/GBP. It is an excellent selection for Forex traders who use gold as part of their diversification strategy. It is also outstanding for pure gold traders who seek cross-currency trading opportunities. While the minimum spread in the commission-based ECN account commences from 5.0 pips, FXTM lists the average at 33.0 pips. The FXTM ECN MT5 account shows them at 9.0 pips and 15.0 pips, respectively. Traders at FXTM may choose between the MT4 and MT5, upgraded with six add-ons.
Pros
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
Proprietary copy trading platform, low minimum deposit, and high leverage
Cons
Limited choice of cryptocurrencies and commodities
Pepperstone is also among the best gold brokers, offering three gold assets from a trustworthy trading environment. Traders can diversify their gold portfolio with the XAU/USD with an average spread of just 15.05 pips and a minimum of 5.0 pips, the XAU/EUR, and the XAU/AUD. The minimum mark-ups are identical to the XAU/USD, with an average of 29.0 and 43.0 pips, respectively. Pepperstone also provides 27 custom indicators and add-ons for the MT4/MT5 trading platforms, making it one of the best offers available among all brokers. Alternatively, traders may also use the cTrader trading platform.
Pros
Excellent choice of trading platforms consisting of MT4/MT5, and cTrader
Market-leading MT4/MT5 upgrade package, Autochartist, and API trading
Social trading support via Myfxbook, MetaTrader Signals, and DupliTrade
Leverage of up to 1:400 and superb trade execution
Cons
Minimum deposit slightly higher than industry average
The commission-free account structure at FP Markets offers gold traders a minimum spread of 16.0 pips and an average one of 29.0 pips on the XAU/USD. Traders may also transact in the XAU/AUD, where the mark-ups are 56.0 pips and 88.0 pips, respectively. Traders in the commission-based alternative have a better offer with raw spreads of 0.0 pips and an average of 13.0 pips. They increase to 46.0 pips and 78.0 pips for the XAU/AUD. The commission is a very competitive $6.00 per round lot with a no dealing desk (NDD) execution model. FP Markets has no restrictions on trading strategies. With an execution speed below 40 milliseconds, gold traders who wish to scalp will enjoy an edge.
Pros
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
Best broker for social traders and crypto traders : 68% of retail CFD accounts lose money
Besides the XAU/USD, with a spread of 45.0 pips, eToro lists the XAU/NZD, the XAU/AUD, the XAU/CHF, the XAU/GBP, the XAU/JPY, and the XAU/EUR inside its proprietary trading platform. While this remains a comprehensive list, the XAU/USD is the only one active. eToro does not offer the MT4 trading platform or any alternative support for automated trading solutions. It does deploy its CopyTrader and CopyPortfolios and solely focuses on copy trading. eToro has more than 13,000,000 traders, making it the largest social trading community, but 75.0% of eToro traders lose money.eToro is suitable for gold traders who wish to copy others in the community, where eToro delivers an easy-to-use trading platform.
Pros
Active investment community ideal for social trading
Dedicated tools for social trading
Broad cryptocurrency selection
Expanding educational offering for beginner traders
Cons
Internal withdrawal fees
Low retail leverage and higher minimum deposits, but within a reasonable range
Highly regulated, choice of fixed or floating spreads
AvaTrade is one of the gold brokers with the best educational offering. SharpTrader, which enjoyed success and demand to the point that AvaTrade spun it out, grants new traders more than 40 lessons and 200 videos. It remains one of the most in-depth and quality educational tools. The 24/7 support in 14 languages adds to the appeal of AvaTrade for new traders. It only grants the XAU/USD with a spread of 34.0 pips. Over 300,000 clients trust AvaTrade, which maintains one of the most regulated trading environments with oversight from seven regulators. The Bank of Ireland is its primary regulator, making AvaTrade a rare broker with direct supervision from a central bank.
Pros
High-quality educational offering via SharpTrader
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
Gold, like all other assets, is primarily priced in US dollars. It often enjoys an inverse relationship with it. Since the global economy became more diversified, calls to quote commodities in other currencies or a basket of currencies continue to gain traction. When volatility in financial markets spikes, many traders rush into gold, a safe-haven asset.
Irrelevant to the trading strategy or assets, gold is part of many portfolios. It offers an excellent diversification trade, and many Forex traders engage in gold trading. It is a highly liquid asset, offers tremendous trading opportunities, and represents an excellent long-term investment. With global debt exploding, gold soared to new all-time highs, which is a trend likely to remain in place this decade and beyond. Numerous ways to trade gold adds to the versatility of it. Institutional traders, central banks, professional traders, and retail traders are all active in the gold trade. While the first three engage in physical gold transactions and futures trading, retail traders gain exposure primarily through derivatives trading via options and CFDs, which excludes the logistics associated with trading gold. It does require a trustworthy broker, which is why we have researched the best gold brokers for you.
Choosing the right gold broker will ensure that traders earn more money per trade, have a competitive product and services portfolio, and manage their accounts with a secure, reliable, and trustworthy broker. We have laid the groundwork and created our list of the best gold brokers. Traders who wish to conduct their research should pay attention to the below criteria to ensure that their choice will provide them with a beneficial trading environment.
Gold Trading Regulation
I recommend this as the first step in narrowing the long list of gold broker choices. Regulators demand that brokers segregate client deposits from corporate funds. Therefore, the broker cannot use them for any internal activities. It ensures the security of your hard earn capital and the swift withdrawal of your profits. The regulatory landscape is changing, and traders can find a business-friendly and trustworthy broker in many jurisdictions.In the current environment, EU brokers became the least competitive ones, while Australia, South Africa, and a host of offshore regulators provide the best trading environments. The UK could rejoin the group if it implements changes following Brexit.
Gold Trading Platform
Most retail traders will trade gold from the MT4 trading platform, available at most online brokers, and the most versatile option. MT4 fully supports automated trading and has a built-in copy trading feature. Regrettably, the out-of-the-box version as offered by most brokers is below average and requires upgrades. I recommend focusing on gold brokers that provide them, which transforms MT4 into a competitive trading terminal. It also shows the commitment of the broker to clients, which many advertise but few deliver.
Technology & Trading Tools
Superior technology ensures improved pricing and order execution. It will limit slippage and requotes, and the best gold brokers can deliver improved pricing to clients compared to the levels indicated in the order ticket. Gold traders who wish to deploy automated trading solutions must ensure the gold broker offers VPS hosting, free of charge once traders satisfy acceptable conditions. Manual traders should seek competitive trading tools, third-party analytics, plugins for the trading platform, in-house developed add-ons, and quality research and market commentary. Any gold broker that invests in its technology and trading tools commits to the success of its clients. I recommend avoiding brokers that deliver the bare minimum to remain operational. In today's financial markets, a technological edge will result in increased profit potential for traders.
Commissions & Fees
Commissions and fees are direct trading costs and will impact the profitability of any trading strategy. I recommend trading with a gold broker that offers tight spreads in gold and other assets, which results in higher profits per trade. Traders must understand the complete cost structure at a broker to avoid confusion and surprises. Reading the terms and conditions at a transparent broker will discuss them with examples for new traders to understand. Some brokers charge higher fees to compensate for services, and traders should ensure they offer a competitive edge before paying for something not beneficial to their trading strategy.
Funding & Withdrawal Methods
All brokers offer bank wires and credit/debit cards, but I recommend that traders consider alternative methods. Online payment processors and cryptocurrencies provide the lowest costs and fastest transaction speeds. It is also beneficial to keep regular day-to-day banking activities and investment or trading ones separate. Clients will have more oversight of financial transactions, which is also convenient for filing taxes each year.
Customer Support
The best gold brokers explain their product and services portfolio on their website and manage a seamless operation. Most traders never require customer support, but brokers must ensure swift assistance for emergencies or unexpected difficulties. All brokers provide it during regular business hours, many offer 24/5 support, and a few have it 24/7.
Offered Services
Traders may choose between a full-service broker, an online broker, or a discount broker. Most will have the best cost-services benefit at online brokers. I also recommend ensuring a low minimum deposit, which will assist traders in their portfolio building strategy, and high maximum leverage for gold trading. It remains one of the most beneficial trading tools if used with risk management. Traders should approach bonuses with caution, ensure they understand the terms and conditions, and evaluate if a bonus will benefit their strategy. They can offer a significant boost for long-term traders at well-established brokers. Active traders should consider a gold broker with a volume-based rebate program.
Trading gold from the right trading account type is as important as the trading strategies and the choice of broker. Many new traders with smaller deposits rush into trading in standard accounts, sometimes labeled as gold accounts, where many brokers provide better trading conditions. If operated with insufficient capital, the trading outcome in most cases results in losses. It is one reason why between 70% and 85% of retail traders fail to generate profits. I urge new traders with less than $1,000 to consider a mini account and earn their way into higher tiers.
Micro Account
A micro account is ideal for new traders with less than $1,000 in deposits. It is also excellent for learning how to trade Forex. Traders with automated trading solutions often test them in a micro account following intensive testing for bugs in a demo account. The lost size is equal to only 1,000 units, offering traders exposure to live market conditions suitable to their portfolio size. The minimum transaction size is usually 0.01 lots or just ten units of the asset.
Gold Account
A gold account is usually the standard one at most brokers. I recommend a minimum deposit of $10,000 for it. A suitable alternative for all traders with a portfolio above $1,000 but below $10,000 is the mini account. One lot in the gold account equals 100,000 units unless specified otherwise, versus 10,000 in the mini version. Some brokers decrease the maximum leverage and offer more trading features in a gold account.
VIP/Platinum Account
A VIP or platinum account is available at some brokers. It often requires a minimum deposit of $25,000 or higher and provides the lowest leverage available at the broker. It comes with non-trading perks like invites to events, tickets to in-demand venues, and other benefits for high-value clients. A growing number of brokers move away from multi-account tiers and offer identical trading conditions to all clients.
Gold Investment Options
Gold offers several investment options, including direct and indirect exposure and passive investments. The right choice depends on the individual objective, and not all gold brokers provide each asset. The below selections are for gold investors, while gold traders rely more on options and CFD trading.
Physical Bars & Coins
Buying physical bars and coins is the best approach for long-term investors. It grants ownership of gold, stored in secure vaults. Investors will have to pay storage and security fees, which are usually acceptable. I highly discourage gold storage at home.
ETFs
ETFs are ideal for investors who desire a passive investment approach. ETFs must store physical gold in verified vaults, but ETF investors seek exposure to the price movement of gold or its hedging capacities. Investors have no ownership of the gold, and ETF trading occurs during regular equity exchange operating hours.
Gold Mining Shares
Investing in gold mining shares is an indirect investment in gold and the riskiest one. While the profit potential may increase, there is no guarantee that miners discover new gold deposits or increase their operating profitability at existing mines. Investing in gold mining companies is more complicated than looking at the price of gold. It is not suitable for most retail traders.
How to Trade Gold in Forex
All Forex brokers offer gold, usually quotes as XAU/USD on their trading platforms. The trading mechanics are identical to trading currency pairs. The spread on the XAU/USD is higher than for most Forex pairs, and brokers lower the overall leverage. Another fact traders must consider the high volatility of trading gold. While most currency pairs move in ranges not exceeding 100 to 200 pips per day, gold can gyrate above 10,000 pips in extreme cases and easily surpass 2,500 per day. Gold is the primary hedge for advanced Forex traders and professionals. Traders must consider the inverse relationship to the US dollar to avoid overexposure to a single currency.
Gold Trading Brokers in the USA
The overall choice of brokers remains limited across the US, with just a handful of online brokers. All offer gold trading via futures and options contracts. Since US-based traders have fewer choices, the importance of trading costs and services fulfills the most significant role. The MT4 trading platform is not as available as at international counterparts, depriving US gold traders of thousands of automated trading solutions. Gold trading brokers in the USA rely more on manual trade execution, but some platforms support automated trading. The leverage is often well below that of international gold brokers, placing US traders at another competitive disadvantage. US traders are not allowed to trade with non-US brokers.
Gold Trading Brokers in Dubai
One of the primary locations for gold traders is in Dubai. The financial center of the Middle East is where gold trading forms part of the region's history.Today, Dubai accounts for 25% of global gold trade from within a free trade zone. A growing number of domestic and international brokers take advantage of the business-friendly environment and acquire operating licenses in Dubai. Most are compliant with Sharia Law for Muslim traders. There are several gold trading brokers in Dubai specializing in physical gold trading and storage. Online brokers provide gold traders a competitive trading environment, with full support for automated and copy trading. The Dubai Gold and Commodities Exchange (DGCX) presents unrivaled access to the gold trading scene, including the only international standard for 1kg gold bars and gold hedge funds.
FAQs
What are the best gold brokers?
The best gold brokers provide tight spreads, high leverage, and competitive trading tools.
What is the best gold trading platform?
For most retail traders, the best gold trading platform is MT4.
Is trading gold profitable?
Trading gold is as profitable as any other asset in the hands of skilled traders and requires the same attributes.
How much money do you need to trade gold in Forex?
It depends on the account type, but I recommend no less than a $1,000 portfolio to counter the high volatility of gold trading.
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.
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