Best Gold Trading Forex Brokers
At InvestinGoal, we adhere to strict standards to ensure an unbiased review process. We conduct our reviews by examining each broker’s offering and performance across 4 key categories. A final rating is produced for each forex broker based on a total of 187 data points. Learn more about our review process and methodology.
Today, the search for a haven against inflation and protection against imminent losses in other investments like commodities, bonds, and stocks, has made the prices of Gold to skyrocket.
If you’re ready to start trading Gold, you have made the right decision and since Gold is a very common asset to trade, we suggest taking a look directly at what we consider to be the top 10 of the best forex brokers in the world.
Otherwise, keep reading as we review the top 10 best gold trading forex brokers on the market.
Table of contents
Top 10 Best Forex Brokers for trading Gold
HotForex
Hot Forex is a leading gold forex broker on the market. This broker made it to the top of our list for a few reasons. Firstly, Hot Forex has one of the lowest spreads on the market for gold traders. The spread on Gold is currently 0.19. Secondly, Hot Forex supports Exchange Traded Funds (ETFs). Whether you want to trade for the long or short-term, Hot Forex has all the trading tools to help you take profit without losing your trading capital to market forces.
What’s more? Hot Forex supports both MT4 and MT5 trading platforms. The MT4 trading terminal doesn’t need any formal introduction. Undoubtedly, it is the most popular trading platform across the world. It is equipped with all the required features for even a newbie to start trading Gold without any hassle. It is user-friendly and comes with lots of trading indicators.
With Hot Forex, you can trade derivatives on Gold (CFDs). This broker also has a demo account where beginners can create an account for free to begin their journey into the world of unlimited possibilities. There is no timeline for the demo account to be operational.
The minimum deposit requirement by Hot Forex platform is pegged at $5. This is decent enough for everyone to start making money off the gold market.
IG Markets
IG Markets is another giant you should consider creating an account to start trading Gold. With IG Markets, you can spread bet or even trade CFDs on Gold. Trading on spot gold is also possible with this broker. IG Markets also has one of the lowest spreads on Gold in the history of the gold market. As presently constituted, the spread on Gold is 0.6.
Aside from gold trading, IG Markets is also into ETF, shares tradings, and Future Gold. This broker supports the popular MT4 trading terminal and other reliable trading platforms, including IG Markets ProRealTime Platform and IG Markets L2 Dealer.
If you are not very familiar with IG Markets’ trading environment, they operate a demo account where you can create a free account to perfect your trading skills. The duration of the demo account is unlimited. Plus, the minimum deposit required to open a trading account and start trading to make real money is $300.
eToro
eToro is like a household name in the gold trading community. It offers CFD trading on Gold and also Exchange Traded Funds. Whether you want to trade for the short or long-term, eToro is equipped with a wide range of tools to help you take profit without losing your trading capital to market forces. eToro is also highly regulated by the relevant regulatory agencies in the jurisdictions they operate.
If you want to add cryptocurrencies and forex into your investment portfolio, eToro is the best place to do that, as they also trade BTC/XAU. Their proprietary trading platform is equipped with so many attractive features, some of which are trading charts, trading indicators, and robust customer service team. Their customer service team is on the ground to resolve all traders’ complaints within the shortest possible time.
Additionally, eToro runs a demo account which you can use to perfect your trading skills. The essence of the trading account is to help you better understand the dynamics of the market so that you don’t make a costly mistake that may swallow your trading capital. What’s more? eToro’s minimum deposit is pegged at $200. Once you fund your account up to this amount, you can start trading Gold to make real money.
Admiral Markets
Admiral Markets is another gold trading forex broker you should take seriously. They support gold trading on CFD. Plus, they offer one of the lowest spreads on Gold, which is currently 0.25. Admiral Markets is highly regulated, and they provide tremendous leverage to aid you to reach your profit potentials on time.
This online broker supports Exchange Traded Funds and gold futures. Whether you plan to be a day trader or you want to trade Gold as a long-term trader, there is a place for you on the Admiral Markets platform. They support the popular MT4 trading terminal and MT5. Plus, they operate a 30-day limit demo account for newbies to learn the nitty-gritty of the market and become profitable traders.
Once you have opened a trading account on the Admiral Markets platform, you need to fund your trading account with a minimum of $100 before you can start trading.
Forex.com
Another gold trading broker you should consider is Forex.com. This broker is highly promising and operates with a spread on Gold of 0.35. To ensure that gold traders maximize their stay on the market, they offer Spot gold and CFDs. Plus, they support Exchange Traded Funds.
Forex.com has a proprietary trading platform to trade Gold. However, its MT4 trading terminal doesn’t support gold trading. You can diversify your investment portfolio by also investing in cryptos, commodities, shares, forex, and bonds. In terms of platform security, Forex.com stands tall in this regard. It uses cutting-edge security measures to protect traders’ funds.
That’s not all; it operates a demo account that is entirely free to open. Before you fund your trading account to start earning real money, ensure you have perfected your trading skills and strategies with the demo account. Otherwise, you stand a chance of losing your money to the market. Thankfully, the demo account comes with a duration of 30 days, which is decent enough for you to learn about the gold market and how to make profit trading gold. The minimum deposit required by Forex.com is $50.
AvaTrade
Next is AvaTrade. This broker is a leading gold forex broker on the market. You can trade gold CFD with AvaTrade. AvaTrade has a spread on Gold of 0.34, which is one of the lowest on the market. They also support Exchange Traded Funds (ETFs) and gold futures. Whether you’re a long or short-term investor, AvaTrade has all it takes to become a profitable gold trader.
Furthermore, AvaTrade supports both MT4 and MT5 trading platforms. They also have their proprietary trading platform, including AvaTradeGO and AvaOptions. These trading platforms are equipped with all the required features for even a newbie to start trading Gold without any hassle. They are user-friendly and come with lots of trading indicators.
With AvaTrade, you can trade derivatives on Gold (CFDs). This broker also has a demo account where beginners can create an account for free to begin their journey into the world of unlimited possibilities. However, the demo account has a 21-day limit. The minimum deposit required by AvaTrade is $100.
City Index
City Index is one of the best gold trading forex brokers you should consider partnering. With City Index, you can spread bet or even trade CFDs on Gold and metals. Trading on spot gold is also possible with this broker. This broker has a spread of 0.5 on Gold, which is very decent compared to other brokers.
City Index doesn’t support gold ETFs and shares. They, however, support gold futures. They also support the popular MT4 trading terminal and WeTrader, so that those using the desktop Computer can have access to trade gold wherever they live.
If you are not very familiar with the City Index’ trading environment, they operate a demo account where you can create a free account to perfect your trading skills. The duration of the demo account is 12 weeks. Plus, the minimum deposit required to open a trading account and start trading to make real money is $100.
CMC Markets
CMC Markets is a popular broker in the gold trading community. It offers spread betting and CFD trading on Gold. The spread on Gold is 0.3. Whether you are a long or short-term gold trader, CMC Markets is equipped with a wide range of tools to help you take profit without losing your trading capital to market forces. CMC Markets boasts of a team who understands the dynamics of the gold market.
This broker has a proprietary trading platform, as well as the MT4 trading terminal. Their proprietary trading platform is equipped with so many lovely features, some of which are trading charts, trading indicators, and trading signals. Their customer service team is very professional; they resolve all traders’ complaints within the shortest possible time.
Additionally, CMC Markets runs a demo account which you can use to perfect your trading skills. However, if you operate a dormant account for one year, you will be charged a monthly fee of $15. The essence of the trading account is to help you better understand the dynamics of the market so that you don’t make a costly mistake that may swallow your trading capital. What’s more? There is no minimum deposit requirement.
FBS
Another great gold trading forex broker is FBS. They offer trading on spot gold at a spread of 0.30. FBS is highly regulated, and they offer significant leverage to aid you to reach your profit potentials on time. Unlike other brokers, they do not offer shares and ETF trading.
Whether you plan to be a day trader or you want to trade Gold as a long-term trader, there is a place for you on the FBS platform. They support the popular MT4 trading terminal and MT5. They also have their proprietary trading platform known as FBS Trader. Plus, they operate a 90-day limit demo account for newbies to learn the nitty-gritty of the market and become profitable traders.
Once you have opened a trading account on the Admiral Markets platform, you need to fund your trading account with a minimum of $1 before you can start trading.
Plus500
The last but not the least provider is Plus500. This CFD provider is recommended if you want to be on top of your game. The CFD platform is highly promising and offers CFD trading on Gold. To ensure that gold traders maximize their stay on the market, they also provide ETFs and gold futures.
Plus500 has a proprietary trading platform to trade Gold. You can diversify your investment portfolio by also investing in cryptos (availability subject to regulation), commodities, shares and forex. Plus500 uses cutting-edge security measures to protect traders’ funds.
That’s not all; it operates an unlimited demo account that is entirely free to open. Before you fund your trading account to start earning real money, ensure you have perfected your trading skills and strategies with the demo account. Otherwise, you stand a chance of losing your money to the market. The minimum deposit required Plus500 is $50.
Round-up of the best gold forex brokers
Find below a comparison table showing the differences and similarities of each of the 10 gold forex brokers.
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
| Brokers | Gold CFD | Gold Spot | Gold Future Contract | Gold ETFs | Gold Shares |
|---|---|---|---|---|---|
| HotForex | Yes | No | No | Yes | No |
| IG Markets | Yes | Yes | Yes | Yes | Yes |
| eToro | Yes | No | No | Yes | No |
| Admiral Markets | Yes | No | Yes | Yes | No |
| Forex.com | Yes | Yes | No | Yes | No |
| AvaTrade | Yes | No | Yes | Yes | No |
| City Index | Yes | No | Yes | No | No |
| CMC Markets | Yes | No | No | Yes | No |
| FBS | No | Yes | No | No | No |
| Plus500 | Yes | No | Yes | Yes | No |
Ways To Trade Gold: Types Of Gold Assets
There are 7 types of gold assets. Find below the types of gold assets and a brief explanation for each.
Real Gold
Real Gold is a form of currency. The acceptable trading symbol internationally is XAU. Real Gold can serve as a hedge against inflation. It is a safe-haven for most other financial instruments. Investment in real Gold can potentially increase not just your worth alone, but protect you in times of economic uncertainties.
Gold Spot
This describes the current price of Gold. Transactions involving gold spot are usually instant and don’t wait until a future date. In other words, unlike other markets, a gold spot market is traded instantly for you to either make a profit or a loss.
Gold as CFD
Gold CFDs are a useful tool in the hands of a trader to speculate the price changes of Gold. Depending on the direction of gold prices, you can buy or sell some units of Gold instead of purchasing the Gold itself.
Gold as Future Contract
These are contracts terms on which you can trade Gold. Under gold futures, the contract terms are stipulated in the present but are valid until a predetermined date in the future.
Gold Options
Gold options are ways in you can also invest in Gold. Under gold options, you have the right to either buy or sell gold security at a predetermined price on a specific date. Plus, as a trader, you are not under any obligation to buy or sell.
Gold ETFs
ETFs stand for Exchange-Traded Funds. Therefore, gold ETFs are financial instruments that provide investors with a diversified portfolio and low-cost way of investing in Gold instead of buying the physical Gold itself. Gold ETFs compose of the following tradeable subsets:
- Exchange-Traded Notes (ETNs)
- Closed-End Funds (CEFs)
- Exchange-Traded Funds (ETFs)
Gold Industry Shares
Gold industry shares allow investors to invest directly in a company that is into gold mining or any other gold-related activities. The value of your investment in Gold rises or falls when the actual prices of Gold also rise or fall.
In other words, the value of these shares largely depends on the present price gold at any point in time.
How to Choose a Broker for Trading Gold
Before you choose a broker, there are some factors you should consider. When you get it right in your choice of a broker, you are already on your way to financial freedom. If you make a wrong decision – you end up losing your hard-earned money.
So, how do you know a genuine broker that has the interest of her traders at heart? While it might be pretty difficult to pick a broker from the surface, you should consider the factors below strongly:
- Reputation and experience: You don’t want to trade with a broker that is not reputable or that just launched its trading platform yesterday. The first thing to check in any broker you are interested in is their reputation and experience. Ensure their team members have a proven track record of achieving success in the gold market. Go through their website to read customers’ testimonies and also read review sites about them. If all the Indicators are positive, then you won’t make a mistake.
- Multiple trading assets: Believe it or not, diversifying your investment portfolio is the best way to be financially free. Choose a broker that would enable you to trade different gold bullion or financial assets. For instance, you should be able to trade Gold and at the same time dip your feet in cryptocurrencies or stocks.
- Price and Fees: Another significant consideration is the fees charged by the broker. If the fee is on the high side, it will take a toll on your profit, and you would not have much to take home.
If you can check the boxes in all the areas of above, you are well on your way to the top.
Why is gold a wise investment choice?
Are you wondering why you should invest in Gold? Then you are not alone. There are thousands, if not millions, of gold enthusiasts that are seeking answers to this question too.
These are a few of the reasons why Gold is considered a wise investment choice, among other reasons:
- The value of Gold is usually determined every day of the week, but the market. This makes Investment in Gold very lucrative.
- There is also the issue of market instability due to factors like political unrest and interest rates. Investing in Gold is immune to all of these.
- Another reason why Gold is considered a wise investment decision is the fact that Gold serves as a hedge against inflation. Inflation can affect the money you keep in the bank, but when you use that same money to buy Gold, the value remains untouched whether there is inflation in the land or not.
- Gold trades are bass on current market sentiments, which means buying Gold has the potential to increase your trading capital.
Along with gold there is silver which is a good investment choice and if you’re interested you may also read our top ten selection of silver trading brokers.
Pros And Cons For Trading Gold Online
This section will explain the benefits and drawbacks of investing in Gold. Let’s start with the benefits of investing in Gold first:
Pros
- Predicting the price fluctuations of Gold is very easy
- Low risk investment
- Not affected by Inflation
Cons
- Low returns
- Price corrections are common
Final Thoughts
Okay. That’s it. You can see that gold trading is not rocket science. With the tools handy, you could walk your way to become a profitable gold trader. Thankfully, there are supportive gold trading forex brokers on the market that can get you started.
Ensure you consider all the factors we have discussed in the article before choosing a broker. If you make the right decision, you would be one step closer to becoming a force to reckon with on the gold market. But then, remember to start with a demo account. This will help you to learn the nitty-gritty of the market and also help you avoid potential pitfalls on the market.
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