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Rated: High70% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. -
Rated: High73%-77% of retail investor accounts lose money when trading CFDs with this provider -
Rated: High78% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider.
The best online Forex brokers for gold trading, according to our research, are:
- XM
- HF Markets
- IG Markets
- eToro
- Plus500
- Admirals
- Forex.com
- AvaTrade
- City Index
- CMC Markets
In order to choose which gold trading brokers to 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.
| BROKERS | TRADED AS | MINIMUM CONTRACT SIZE | XAG/USD SPREAD | MINI-GOLD CONTRACTS |
|---|---|---|---|---|
| XM | Spot | 1 oz | 0.018 pips | No |
| HF Markets | Spot | 1 oz | 0.023 pips | No |
| IG Markets | Spot, Futures, Stocks | 2 oz | 0.030 pips | No |
| eToro | Spot, Futures, Stocks | 1000 USD | 0.045 pips | No |
| Plus500 | Futures | 10 oz | N/A | No |
| Admiral Markets | Spot, Futures, Stocks | 1 oz | 0.010 pips | No |
| Forex.com | Spot, Futures | 1 oz | 0.025 pips | No |
| AvaTrade | Spot, Futures, Options Stocks | 1 oz | 0.029 pips | No |
| City Index“ | Spot, Futures | N/A | 0.003 pips | Yes |
| CMC Markets | Spot, Futures, Stocks | 0.4 oz | 0.003 pips | No |
Warning
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you can afford to take the high risk of losing your money.
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.
XM
XM offers gold trading as spot CFDs with standard and micro contract options, starts spreads at 0.018 pips, and provides maximum leverage of 1:20 in the EU, using MT4 and MT5 platforms.
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Regulations:
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Avg. EUR/USD Spread:
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About XM
XM is a global forex and CFD broker founded in 2009, offering trading on currencies, commodities, indices, stocks, and cryptocurrencies. XM provides MetaTrader 4, MetaTrader 5, and proprietary platforms. XM is regulated by multiple authorities including CySEC, ASIC, and IFSC. XM is known for competitive spreads, extensive educational resources, and multilingual customer support. XM serves over 5 million clients from 196 countries. XM offers various account types and a no-requote policy.
XM Features
The features of XM are listed below.
- 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
XM Pros and Cons
Advantages of XM
The advantages of XM are listed below.
- There’s a wide range of account types
- The demo account at XM is unlimited
- Wide range of educational resources
Disadvantages of XM
The disadvantages of XM are listed below.
- No social trading features available
- The account availability changes depending on the location of the trader
- High minimum deposit to invest in securities ($10000 for the XM Shares account)
HF Markets
HF Markets supports gold trading on MT4 and MT5, allows copy trading, offers spreads from 0.023 pips, and provides leverage up to 1:200 internationally, with a minimum trade size of 1 ounce.
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About HF Markets
HF Markets, formerly known as HotForex, is a global multi-asset broker founded in 2010. HF Markets offers trading on forex, stocks, commodities, indices, and cryptocurrencies through MetaTrader platforms. HF Markets is regulated by multiple authorities including CySEC, FCA, DFSA, and FSCA. HF Markets serves clients worldwide and is known for competitive trading conditions and extensive educational resources. HF Markets recently rebranded to emphasize its expanded product range. The HF Markets Group CEO is George Koumantaris.
HF Markets Features
The features of HF Markets are listed below.
- Both MT4 and MT5 trading platforms support trading on gold as CFDs. You can also trade one gold ETF (GLD).
- HF Markets allows gold trading also for those traders interested in copy trading on the proprietary HF Copy platform.
- The size of 1 lot on gold is equal to 100 ounces while 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 a spread starting at 0.023 pips but on HF Markets you can trade also against the EUR with spread charged from 0.12 pips.
- Maximum leverage on gold is 1:20 in Europe, UK, and Australia or 1:200 for international traders.
HF Markets Pros and Cons
Advantages of HF Markets
The advantages of HF Markets are listed below.
- High Leverage Options
- Low Minimum Deposit
- Wide Range of Trading Instruments
Disadvantages of HF Markets
The disadvantages of HF Markets are listed below.
- Higher Trading Costs
- Limited Educational Resources
IG Markets
IG Markets provides gold CFDs across various asset classes including options and futures, with spreads starting at 0.3 pips, and offers maximum leverage of 1:200 for international traders.
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Regulations:
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Avg. EUR/USD Spread:
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Platforms:
About IG Markets
IG Markets is a global online trading provider founded in 1974, offering access to over 17,000 financial markets including forex, stocks, indices, commodities, and cryptocurrencies. IG Markets provides proprietary trading platforms alongside MetaTrader 4 and ProRealTime. IG Markets is regulated by multiple top-tier authorities worldwide, including the FCA and ASIC. IG Markets is known for competitive spreads, extensive educational resources, and innovative features like weekend trading. The IG Markets’ parent company “IG Group” CEO is Breon Corcoran.
IG Markets Features
The features of IG Markets are listed below.
- Trade gold as CFDs in different asset classes including: options, spread betting, shares, ETFs, and futures.
- Size of 1 lot is equal to 100 ounces while the minimum 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 Markets you will not be charged for positions above $100.
- Maximum leverage is 1:20 in Europe, UK, and Australia, 1:200 for international traders.
IG Markets Pros and Cons
Advantages of IG Markets
The advantages of IG Markets are listed below.
- Low spreads from 0.6 pips on Forex
- Wide range of financial instruments
- 40 years of experience in the Forex industry
Disadvantages of IG Markets
The disadvantages of IG Markets are listed below.
- No copy trading features
- No social trading features
eToro
eToro facilitates gold trading through CFDs and gold ETFs, offering a spread of 0.045 pips, with social trading features and leverage limited to 1:20 for retail clients.
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Regulations:
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About eToro
eToro is a global multi-asset investment platform founded in 2007, offering trading on stocks, ETFs, Crypto CFDs, commodities, and forex. eToro provides a proprietary web and mobile platform with social trading features. eToro is regulated by multiple authorities including FCA, ASIC, and CySEC. eToro is known for its user-friendly interface, copy trading functionality, and commission-free stock trading. eToro serves over 30 million users worldwide. The eToro CEO and co-founder is Yoni Assia.
eToro Features
The features of eToro are listed below.
- eToro is popular for social trading features in which you can interact 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 on spot markets, the SDPR gold ETF (GLD) or you can even trade Bitcoin 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.
- The spread you can find on XAU/USD is slightly higher than competitors at 0.045 pips.
- Leveraged gold positions are capped to 1:20 for any retail client of eToro.
eToro Pros and Cons
Advantages of eToro
The advantages of eToro are listed below.
- Great copy trading and social trading features
- Wide range of asset classes
- It allows to buy fractional stocks from $10
Disadvantages of eToro
The disadvantages of eToro are listed below.
- The eToro spreads can be high
- Offers only USD accounts
- Transferring cryptocurrencies to other platforms can be hard
Plus500
Plus500 offers gold trading through futures contracts with a minimum account requirement of $100, focusing on standard, micro, and E-mini futures contracts with specified daily margins.
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About Plus500
Plus500 is a global fintech company founded in 2008, offering online Futures trading services in different markets such as Agriculture, Cryptocurrencies, Metals, Commodities, Forex, Interest Rates, Energy and Equity Indices. Plus500 provides proprietary web and mobile trading platforms. Plus500 is regulated by multiple top-tier authorities including FCA, ASIC, and CySEC. Plus500 is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index. The Plus500 CEO is David Zruia since April 2020.
Plus500 Features
The features of Plus500 are listed below.
- 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
Plus500 Pros and Cons
Advantages of Plus500
The advantages of Plus500 are listed below.
- Well-regulated CFD provider
- Over 2000 tradable CFDs
- Unlimited demo account offered
Disadvantages of Plus500
The disadvantages of Plus500 are listed below.
- Limited Regulatory Protections for Professionals
- Inactivity fees
- Limited deposit methods
Admirals
Admirals offers gold trading on MT4 and MT5 with a cashback program, spreads starting at 0.010 pips, and leverage varying from 1:20 to 1:500, depending on regulatory regions.
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About Admirals
Admirals, formerly Admiral Markets, is a global forex and CFD broker founded in 2001. Admirals offers trading on currencies, commodities, indices, stocks, and cryptocurrencies through MetaTrader platforms. Admirals is regulated by multiple authorities including CySEC and FCA. Admirals is known for competitive spreads and extensive educational resources. Admirals recently halted onboarding of new EU clients to comply with regulatory standards. The co-founder of Admirals and CEO of Admirals Group is Alexander Tsikhilov.
Admirals Features
The features of Admirals are listed below.
- Trading gold on MT4 or MT5 you’ll benefit from a cashback program if you meet the broker’s requirements on monthly trading volume.
- Gold trading is available on many CFDs assets such as ETFs and futures.
- Spread on spot XAU/USD is charged from 0.010 pips while leverage on 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.
- The minimum contract size with Admiral is 1 oz. For traders who want to trade higher volumes, the maximum is 25oz.
Admirals Pros and Cons
Advantages of Admirals
The advantages of Admirals are listed below.
- Extensive Forex Options
- Strong Regulatory Framework
- Advanced Educational Resources
Disadvantages of Admirals
The disadvantages of Admirals are listed below.
- Charges Inactivity Fee
- Mobile App Limitations
- Higher Average Spreads for Some Assets
Forex.com
Forex.com allows gold CFD trading on Spot and futures markets, with spreads starting from 0.025 pips, and supports a minimum trade size of 1 ounce for enhanced trading flexibility.
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About Forex.com
FOREX.com is a global forex and CFD broker founded in 2001, offering trading on currencies, commodities, indices, stocks, and cryptocurrencies. FOREX.com provides proprietary platforms alongside MetaTrader 4 and 5. FOREX.com is regulated by multiple top-tier authorities including FCA, ASIC, and CFTC. FOREX.com is known for competitive spreads, fast execution, and extensive educational resources. FOREX.com serves over 450,000 clients worldwide. The FOREX.com’s parent company “StoneX Group Inc.” CEO is Sean O’Connor.
Forex.com Features
The features of Forex.com are listed below.
- Forex.com allows to trading of gold CFDs on Spot and futures markets. Gold and silver trading is not available on MT4.
- The spread on gold starts from 0.025 pips against USD only even though Forex.com currently offer also EUR, GBP, CHF, and AUD.
- The minimum trade size on gold with Forex.com is kept low at 1 ounce.
- Forex.com provides TradingView to improve charting analysis on Gold.
Forex.com Pros and Cons
Advantages of Forex.com
The advantages of Forex.com are listed below.
- Regulatory Assurance
- Low Forex Fees
- Comprehensive Educational Resources
Disadvantages of Forex.com
The disadvantages of Forex.com are listed below.
- Limited Product Portfolio
- Higher Spreads on Standard Accounts
- No Guaranteed Stop-Loss Orders for U.S. Clients
AvaTrade
AvaTrade provides gold trading through diverse CFD options including spot and futures, with a minimum trade size of 1 ounce, offering fixed spreads and leverage up to 1:200 for professionals.
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About AvaTrade
AvaTrade is a global forex and CFD broker founded in 2006 and headquartered in Dublin, Ireland. AvaTrade offers trading on currencies, commodities, indices, stocks, bonds, ETFs, and cryptocurrencies. AvaTrade provides proprietary platforms alongside MetaTrader 4 and 5. AvaTrade is regulated by multiple authorities including CySEC, ASIC, and FSA. AvaTrade serves over 300,000 clients worldwide. AvaTrade is known for competitive spreads and extensive educational resources. The AvaTrade CEO is David Dryzin since 2016.
AvaTrade Features
The features of AvaTrade are listed below.
- AvaTrade offers plenty CFDs on gold assets such as spot, options, futures, shares, ETFs and Bitcoin Gold.
- For UK traders, AvaTrade allows spread betting on gold.
- The minimum trade size for spot gold available on AvaTrade is 1 ounce.
- AvaTrade offers fixed spread to trade gold from 0.029 pips, which is reduced to 0.023 pips for professional traders who can avail of a leverage up to 1:200.
AvaTrade Pros and Cons
Advantages of AvaTrade
The advantages of AvaTrade are listed below.
- Tight fixed spreads from 0.6 pips (0.9 pips for retail traders)
- The mobile apps are well designed
- Can be connected to ZuluTrade and Duplitrade
Disadvantages of AvaTrade
The disadvantages of AvaTrade are listed below.
- High inactivity fees
- The demo account is limited to 30 days
City Index
City Index enables gold trading via CFDs on spot and futures markets, offers spreads from 0.003 pips, and permits mini-contract gold trading mainly for UK-based spread betting.
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Regulations:
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About City Index
City Index is a global forex and CFD broker founded in 1983, offering trading on currencies, indices, commodities, cryptocurrencies, and stocks. City Index provides proprietary platforms alongside MetaTrader 4. City Index is regulated by multiple top-tier authorities including FCA, ASIC, and MAS. City Index is known for competitive spreads, extensive research tools, and educational resources. City Index is part of the NASDAQ-listed StoneX Group. The City Index’s parent company “StoneX Group Inc.” CEO is Sean O’Connor.
City Index Features
The features of City Index are listed below.
- Gold trading is made available as CFDs on spot and futures market. City Index enables spread betting on gold for UK traders only.
- Mini-contract gold trading is permitted.
- Spreads on gold start from 0.003 pips but the spread on futures is slightly higher at 0.005 pips.
- Spread betting follows the same fees but lacks mini-contracts on gold.
City Index Pros and Cons
Advantages of City Index
The advantages of City Index are listed below.
- Regulatory Trust
- Advanced Trading Tools
- Diverse Market Access
Disadvantages of City Index
The disadvantages of City Index are listed below.
- Limited MetaTrader Options
- Educational Content Gaps
- Customer Support Issues
CMC Markets
CMC Markets offers gold trading through CFDs on spot, futures, and ETFs with spreads of 0.003 pips, allowing trade sizes from 0.4 units to a maximum of 7500 units.
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Regulations:
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About CMC Markets
CMC Markets is a global online financial trading company founded in 1989 and headquartered in London. CMC Markets offers trading on forex, indices, commodities, cryptocurrencies, and shares through CFDs and spread betting. CMC Markets provides proprietary and MetaTrader platforms for desktop, web, and mobile. CMC Markets is regulated by multiple authorities including FCA, ASIC, and BaFin. CMC Markets is listed on the London Stock Exchange. The CMC Markets CEO is Lord Peter Cruddas.
CMC Markets Features
The features of CMC Markets are listed below.
- Gold trading is facilitated through CFDs on spot, futures, shares, and ETFs. Spread betting is available for traders in the UK.
- Gold CFDs at CMC Markets are charged with a spread of 0.003 pips.
- Minimum trade size on gold is 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 of guaranteed stop loss on gold orders charging $0.30 USD per unit.
CMC Markets Pros and Cons
Advantages of CMC Markets
The advantages of CMC Markets are listed below.
- Regulatory Trust
- Low Trading Costs
- Extensive Trading Platform
Disadvantages of CMC Markets
The disadvantages of CMC Markets are listed below.
- Complex Fee Structure
- Limited Funding Options
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:
- 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.
- 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.
- 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