5 Best Gold Trading Brokers in 2021

Advertiser 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.

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.

1
FXTM
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 all around broker
High floating leverage + fast execution
2
Pepperstone
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
3
FP Markets
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.
ECN-style trading
Daily market research and Autochartist access
4
eToro
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 social trading platform on the market
Excellent choice of options for crypto traders
5
AvaTrade
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

Top Gold Trading Brokers

FXTM Best all-around: high floating leverage + fast execution.
Pepperstone Great ECN execution on MT4 platform.
FP Markets ECN trading with leverage up to 1:500.
eToro Best broker for social traders and crypto traders : 75% of retail CFD accounts lose money.
AvaTrade Highly regulated, choice of fixed or floating spreads.

FXTM
5.0/5 in this category
In Summary
Best all-around: high floating leverage + fast execution

We have made FXTM our top-rated broker because in addition to its lengthy track record, it enjoys a very high level of regulation and reputation, and it offers a highly competitive fee structure which tends to keep down the cost of trading.

Unique Features

Regulation

CySEC, FCA, FSC, CMA

Minimum Deposit

$50

Type of Platform

MetaTrader 4, MetaTrader 5

FXTM, or “ForexTime”, has been around for a long time: they were founded in 2011. Recent years have seen them continue to steadily expand their business, and they are well- regulated by the U.K., Cyprus, Mauritius, and South Africa. The brand is owned by private companies incorporated in the U.K., Cyprus, and Mauritius. Customers of FXTM have access to more than 57 Forex currency pairs and crosses, precious metals, the major energies, equity indices, big cryptocurrencies, and a few individual American stocks. Talking of stocks, FXTM are quite unique in the area of trading stocks, as they enable direct trading through real legal ownership, not just wrapped as CFDs like almost every other similar brokerage offers.

FXTM offers traders a choice between two of the most popular execution models: customers may open either an ECN-type account, or one that trades by “straight-through processing”. Clients have a straight choice between two trading platforms, with both MetaTrader 4 and MetaTrader 5 on offer.

Through their Mauritius regulator, FXTM offer leverage as high as 1000 to 1. In the U.K. and Cyprus, they are limited by law from offering more than 30 to 1.

If you are looking for a broker with a good copy trading program, it is worth taking a serious look at FXTM’s “FXTM Invest” copy trading program.

FXTM Pros & Cons

Advantages

  • Excellent client deposit protection

  • Low minimum deposit

  • Free MT4 add-ons and VPS hosting

  • Good educational tools

Disadvantages

  • No cryptocurrencies or exotic currencies

  • Low leverage for retail traders

  • Internal withdrawal fees and an inactivity fee

Pepperstone
5.0/5 in this category
In Summary
Great ECN execution on MT4 platform


Pepperstone, founded in 2010 and headquartered and regulated in Australia, the U.K., and Dubai, is possibly the most well-known ECN Forex broker in the world. ASIC’s deft regulatory touch combined with local expertise made Australia a haven for broker startups heavy on technology and offering extra-speedy frictionless execution and extremely high maximum leverage. Pepperstone offer geographically eligible clients a maximum leverage as high as 500 to 1, which is enough for anybody’s trading needs.

Unique Features

Regulation

CySEC, FCA, BaFin, ASIC, CMA, DFSA

Minimum Deposit

$200

Type of Platform

MetaTrader 4, MetaTrader 5, cTrader

As an ECN broker, Pepperstone offer raw spreads and low commissions. Taken together, Pepperstone’s “Razor” account gives one of the lowest and most competitive cost of trading in Forex that you will find anywhere.

In addition to their global headquarters in Australia, Pepperstone also have presences in London, England, where they enjoy full regulation by the Financial Conduct Authority (FCA), and in Dubai, where they are regulated by the Dubai Financial Services Authority (DFSA).

Pepperstone is renowned for its advanced technology tools such as Smart Trader Tools and cTrader Automate. cTrader is one of the more popular trading platforms out there but is not offered by a majority of brokers, so Pepperstone can be a good choice if you want to trade with an ECN brokerage through the cTrader trading platform.

Pepperstone Pros & Cons

Advantages

  • Low minimum deposit and high leverage

  • Choice of trading platforms and social trading alternatives

  • Comprehensive MT4/MT5 upgrade package and VPS hosting

  • Active trader program and competitive cost structure

Disadvantages

  • Limited asset selection

FP Markets
5.0/5 in this category
In Summary
ECN trading with leverage up to 1:500

fpmarkets is an Australian brokerage which launched in 2005. Headquartered in Sydney, Australia’s financial capitol, they have carved out a solid niche for themselves as the best Forex / CFD broker enjoying ASIC regulation. Australian regulators are much more relaxed about leverage than their counterparts in the U.S.A., U.K., and the E.U. and so fpmarkets can offer a maximum leverage as high as 500 to 1.

For most traders, the standout unique selling point of this broker lies in the incredibly wide range of tradable assets offered, providing an opportunity to trade over ten thousand individual stocks and shares. These go beyond the typical U.S.A. and U.K. companies and include a good selection of publicly traded shares on the Hong Kong and Sydney exchanges, as you might expect from an Australasian-facing broker like fpmarkets. Also, over 60 Forex pairs and crosses, 11 equity indices, the major commodities, and 5 cryptocurrencies including Bitcoin are also on the menu here.

Unique Features

Regulation

CySEC, ASIC

Minimum Deposit

$100

Type of Platform

MetaTrader 4, MetaTrader 5, Web-based, IRESS

They offer an unusual hybrid ECN/STP execution model which means that their clients can choose between ECN style of execution giving a very high level of speed, and a “straight through processing” execution style which allows for more “natural” spreads.

Traders can scalp and hedge at this broker, whose fast ECN execution speed makes it a natural home for scalpers. Clients may choose between the MetaTrader 4 and MetaTrader 5 platforms, and shares can be traded through the IRESS trading platform which includes access to level 2 exchange data.

FP Markets Pros & Cons

Advantages

  • 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

Disadvantages

  • Availability of Iress geographically restricted

FP Markets is an Australian multi-asset broker with more than $1 billion in daily trading volume, serving clients from 80+ countries. Founded in 2005 in Australia, FP Markets grew into a trusted brand over the past 15+ years with more than 100 employees. The upgraded MT4/MT5 trading platforms, via the Trader Tools consisting of twelve plug-ins, present clients with a competitive edge. We have conducted an in-depth review of this CFD broker to provide traders with a complete overview of the trading environment at FP Markets.

eToro
5.0/5 in this category
In Summary
Best broker for social traders and crypto traders : 75% of retail CFD accounts lose money

eToro was founded in the early days of the online retail Forex era, in 2007 – this broker occupies a unique space as the king of social and copy trading. eToro has a long track record and unique reputation to protect, although this image is more focused on its copy trading model than on any other individual feature, except maybe its special relationship with cryptocurrencies. 

Unique Features

Regulation

CySEC, FCA, ASIC

Minimum Deposit

$200

Type of Platform

Proprietary platform

eToro is regulated in Cyprus, the U.K., Australia, and the United States although its U.S. offering is firmly differentiated from its offering to the rest of the world.  

eToro guarantees several benefits to anyone opening an Islamic account: no rollover interest or commissions on any trade contracts lasting for longer than 24 hours will be charged, and no commissions or fees are charged to Islamic accounts for account management. Notably, interest-free leverage is also offered to Islamic account holders. 

eToro is a leading cryptocurrencies CFD broker. Following its 2019 acquisition of Danish blockchain company Firmo and Belgian crypto portfolio tracker application Delta, it released its cryptocurrency wallet for mobile devices. The proprietary sentiment indicator for digital assets based on Twitter activity presents a social trading tool millennials favor.

eToro Pros & Cons

Advantages

  • Excellent equity asset selection and broad cryptocurrency choices

  • Cryptocurrency wallet for Android and iOS

  • Twitter-based digital asset sentiment indicator

  • Simple social trading procedure

Disadvantages

  • Below average educational resources

  • Internal withdrawal fees plus higher core trading costs

  • MT4 trading platform not supported

  • Low leverage and higher minimum deposit

AvaTrade
4.5/5 in this category
In Summary
Highly regulated, choice of fixed or floating spreads

AvaTrade was founded in 2006 in Dublin, Ireland. They are one of the largest and most famous Forex / CFD brokers in the world and became well-known for offering their clients a choice of fixed or floating spread cost of trading models. They enjoy an extremely high and strong level of regulation, making them a favorite for traders who are extremely nervous about the security of their deposit, which in Ireland can be protected by a strong investor deposit protection provision. AvaTrade is directly regulated in Ireland (and by extension, the European Union), Australia, Japan, South Africa, and the British Virgin Islands. Outside the European Union, Ava’s maximum leverage offered runs as high as 400 to 1.

Unique Features

Minimum Deposit

$100

Type of Platform

MetaTrader 4, MetaTrader 5, Proprietary platform, Web-based

In addition to their longevity and safe reputation, clients know that through AvaTrade they have access to a broad range of asset classes through which diversification can be achieved successfully: AvaTrade offers trading in over 55 different Forex currency pairs, 17 commodities, 20 equity indices, 14 cryptocurrencies, plus 66 individual stocks and shares. Even better, and unusually, 2 bonds and 6 ETFs are also on the menu. The diversity offered here stands out.

Whether you are located within the European Union or not, all branches of AvaTrade will offer you negative balance protection, above and beyond what is mandated by the law. This means that under no circumstances will any client of AvaTrade ever be held liable by the firm for an amount larger than their deposit.

 

AvaTrade Pros & Cons

Advantages

  • Well-regulated globally, with the Bank of Ireland, the primary regulator

  • Low minimum deposit and in-depth educational tools

  • Wide asset choice across seven sectors

  • Superior mobile trading platform

Disadvantages

  • Low leverage for retail traders

  • High quarterly inactivity fee

  • Unacceptable cost for AvaProtect

How to Choose a Gold Broker

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.

Gold Trading Accounts

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.

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.

Sample Dynamic Content Placeholder dfp-placeholder