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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. -
Rated: HighTrading in futures and options carries substantial risk of loss, clients may lose more than their original investments and is not suitable for every investor.
The best silver trading broker (that is the best online brokers to trade silver as CFDs) according to our research, are:
- HFM
- IG Markets
- eToro
- Admirals
- Forex.com
- AvaTrade
- City Index
- CMC Markets
- FBS
- Plus500
In order to rank the best brokers to trade silver, we have taken into consideration the following factors:
- The availability of tradable silver instruments;
- Commissions charged by the broker on silver;
- The different ways of speculation or investment offered for silver;
- The minimum contract size on silver assets;
- The regulation of the brokers.
Round-up
| SILVER brokers | TRADED AS | MINIMUM CONTRACT SIZE | XAG/USD SPREAD | MINI-SILVER CONTRACTS |
|---|---|---|---|---|
| HFM | Spot | 10 oz | 0.030 pips | No |
| IG Markets | Spot, Futures, Options | 500 oz | 0.020 pips | No |
| eToro | Spot | 1000 USD | 0.050 pips | No |
| Admirals | Spot | 50 oz | 0.010 pips | No |
| Forex.com | Spot | 25 oz | 0.026 pips | No |
| AvaTrade | Spot | 100 oz | 0.029 pips | No |
| City Index“ | Spot, Futures | N/A | 0.020 pips | Yes |
| CMC Markets | Spot, Futures | 30 oz | 0.030 pips | No |
| FBS | Spot | 50 oz | 0.011 pips | No |
| Plus500 | Futures | 5000 oz | N/A | 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 silver trading brokers?
Below our curated list and review of the best brokers and platforms for trading silver, with details of features and characteristics.
HFM
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Regulations:
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Avg. EUR/USD Spread:
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Platforms:
About HFM
HFM, formerly known as HotForex, is a global multi-asset broker founded in 2010. HFM offers trading on forex, stocks, commodities, indices, and cryptocurrencies through MetaTrader and proprietary platforms. HFM is regulated by multiple authorities including FCA, CySEC, and FSCA. HFM is known for competitive spreads, fast execution, and extensive educational resources. HFM serves over 3.5 million clients worldwide. The HF Markets Group CEO is George Koumantaris.
HFM Features
The features of HFM are listed below.
- With HFM you can trade Silver derivatives with MT4 or MT5.
- Spreads on silver are slightly lower when trading it against the USD (0.030 pips), rather than the EUR (0.038 pips).
- The size of 1 lot is 1000 ounces, while the minimum contract size is 0.01 lots or 10 ounces.
- For high volume traders, the maximum contract size is 60 lots, while for beginners there’s the Micro account where the maximum allowed is 7 lots.
HFM Pros and Cons
Advantages of HFM
The advantages of HFM are listed below.
- High Leverage Options
- Low Minimum Deposit
- Wide Range of Trading Instruments
Disadvantages of HFM
The disadvantages of HFM are listed below.
- Higher Trading Costs
- Limited Educational Resources
IG Markets
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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.
- IG markets allows traders to speculate on silver (spot) in different ways, such as Turbo24 Contracts, Spread Betting, Options trading, and CFD trading.
- One Silver contract with IG is 5000 ounces, and the minimum contract size is 500 ounces.
- Silver is traded on MT4, and charges different commissions depending on the way it is traded.
- On Silver CFDs spreads start from 0.020 pips. On options trading, barrier or vanilla, the commission is 0.10 USD per contract.
- When trading silver Turbo24 contracts, you will be charged no commissions when the transaction volume is above 100 USD.
- The maximum leverage available is 1:50 for international traders, while in Europe, UK and Australia it will be 1:10.
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
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Regulations:
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Avg. EUR/USD Spread:
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Platforms:
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.
- With eToro everyone, from experts to new traders, can interact and share with each other information about the silver market.
- Additionally, the broker offers a live news feed for silver market as well.
- eToro allows traders to speculate with CFDs on Silver against the USD.
- XAG/USD spreads eToro are slightly higher than its competitors at 0.050 pips.
- You can open positions on silver from 1000 USD. This amount can be lowered down to 100 USD depending on the leverage chosen to open the position.
- The maximum leverage available with eToro to trade silver is 1:10.
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
Admirals
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Regulations:
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Avg. EUR/USD Spread:
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Platforms:
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.
- Admirals has a cashback program for high-volume traders, which can also be activated when trading Silver on their MT4 and MT5 platforms.
- One contract is worth 5000 ounces with Admirals, however low-volume traders can still open positions from 50 ounces (or 0.01 lots). Those who want to open large positions, should keep in mind that the maximum tradable amount is 25 contracts.
- Commissions on silver are quite low starting from 0.010 pips. Depending on the account chosen, a commission of up to 3 USD round-turn may be applied.
- While the maximum leverage available for many regions is 1:10, international traders can trade with leverages up to 1:100.
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
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Regulations:
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Avg. EUR/USD Spread:
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Platforms:
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 charges spreads on spot XAG/USD from 0.026 pips.
- The broker manages to keep their service for both new and experienced silver traders and investors, since the minimum trading size is only 25 ounces.
- Silver is offered on their own trading platform, which is available on both webtrader and mobile devices.
- It’s also possible to connect your trading account with Tradingview, for an improved charting analysis service.
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
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Regulations:
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Avg. EUR/USD Spread:
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Platforms:
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.
- One of the main advantages of AvaTrade is their large pool of trading platforms available to trade Silver. These are MT4, MT5, an award-winning mobile platform, and a dedicated platform for vanilla options (AvaOptions).
- On silver they charge fixed spreads from 0.029 pips, but for professional traders this fee is lowered to 0.023 and they can additionally use leverages up to 1:50.
- The minimum trade size on silver is not one of the lowest, but being at 100 ounces is quite competitive.
- For UK traders, Spread betting is also available.
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
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Regulations:
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Avg. EUR/USD Spread:
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Platforms:
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.
- City Index is a very flexible broker to trade Silver. You can trade it as CFDs, Futures and Spread betting if you reside in the UK.
- The broker makes mini-contracts available on silver as well for all those traders who want to open low-volume positions.
- Spreads are quite competitive as well, starting from 0.020 pips on spot CFD (both standard and mini-silver contracts), and slightly higher at 0.025 for silver futures.
- Spread betting fees follow those of CFDs and Futures, but no mini-contracts are available in this case.
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
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Regulations:
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Avg. EUR/USD Spread:
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Platforms:
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.
- CMC Markets charges spreads from 0.025 pips on CFD spot XAG/USD.
- If you use their CMC NextGeneration Platform, you will be able to trade silver futures.
- Silver futures spreads start from 0.030 pips.
- The minimum trade size with CMC is quite low at 30 ounces. High-volume traders can buy silver up to 120000 units per order.
- The broker offers Guaranteed Stop Loss on silver for a fee of only 0.02 USD per unit traded.
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
FBS
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Regulations:
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Avg. EUR/USD Spread:
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Platforms:
About FBS
FBS is a global forex and CFD broker founded in 2009, offering trading on currencies, commodities, indices, stocks, and cryptocurrencies. FBS provides MetaTrader 4, MetaTrader 5, and proprietary platforms. FBS is regulated by multiple authorities including CySEC, ASIC, and IFSC. FBS serves over 27 million clients in 150+ countries. FBS is known for low minimum deposits, extensive educational resources, and copy trading services.
FBS Features
The features of FBS are listed below.
- FBS not only allows CFD spot trading on silver. In fact, for those who are interested in cryptos, FBS allows traders to trade silver against Bitcoin, Ethereum, Litecoin, Bitcoin Cash and Ripple.
- The spreads charged on silver are quite tight starting from 0.011 pips depending on the trading account chosen.
- One lot size on silver with FBS is 5000 ounces.
- Silver is tradable not only with MT4 and MT5, but also through their proprietary mobile platform FBS trader.
- While European traders can open positions with maximum 1:10 leverage, International traders can increase this value up to 1:333.
FBS Pros and Cons
Advantages of FBS
The advantages of FBS are listed below.
- Low minimum deposit
- User-Friendly Platforms
- 90 international awards
Disadvantages of FBS
The disadvantages of FBS are listed below.
- Limited Financial Instruments
Plus500
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Regulations:
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Avg. EUR/USD Spread:
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Platforms:
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 futures on silver to American traders only through the Futures account (US exclusive).
- Futures trading on silver is available as a standard contract.
- Standard silver contracts require a daily margin of $2.200.
- Plus500 commissions on futures start from $0.89 on standard contracts.
- Plus500 requires a minimum deposit of $100 for a live Futures account.
Plus500 Pros and Cons
Advantages of Plus500
The advantages of Plus500 are listed below.
- Well-regulated Futures provider
- Wide range of Futures instruments
- Unlimited demo account offered
Disadvantages of Plus500
The disadvantages of Plus500 are listed below.
- Advanced technical analysis tools not available
- Doesn’t support automated trading options
- No Negative Balance Protection
What are the differences between silver and gold trading?
Trading silver and gold, two of the most renowned precious metals, have their own unique features. Here’s a comprehensive comparison:
- Volatility and Market Size: Silver tends to be more volatile than gold because of its smaller market, reduced liquidity, and its heightened sensitivity to both economic and industrial changes. In contrast, the gold market dwarfs that of silver, boasting a larger audience due to its widespread popularity and myriad of industrial applications.
- Cost of Trading: Since silver is generally cheaper than gold, it provides an accessible entry point for small retail traders.
- Historical Significance: Historically, gold has been a symbol of wealth and power, serving as a crucial form of currency in various civilizations. Silver, while also valued, was typically used for its reflective properties, making it a prime material for jewelry, coins, and even certain medicines.
- Economic Significance: On the economic front, gold’s status as a “safe-haven” asset means investors often turn to it during times of economic unrest. Silver, meanwhile, sees its price fluctuating based on demands from fields like electronics, photography, medicine, and the emerging renewable energy sector.
How to choose a silver trading broker
When considering a silver trading broker, keep these crucial factors in mind:
- Regulation: Different countries have their own regulatory bodies governing silver trading brokers. For instance, the USA has the CFTC, the UK boasts the FCA, while Australia relies on ASIC. Always ensure your chosen broker is regulated by a reputable entity.
- Spread: Opt for a broker that offers a low spread, making trading more cost-effective. For instance, a 0.025 pips average price for silver trading is quite competitive.
- Instruments Availability: It’s essential that the broker provides the silver derivatives or instruments you’re interested in. Check if they cater to your specific requirements when it comes to silver trading.
Which are the instruments to trade silver?
Various instruments exist for those keen on silver trading:
- Silver Spot Market: This is ideal for those looking to trade physical silver at the current price.
- Silver Futures Market: Here, traders deal with contracts that represent future silver prices.
- Silver CFD Market: For speculating on whether silver prices will rise or fall. This is typically based on the silver spot market.
- Silver Options Market: This provides traders with the option to buy or don’t buy silver at a specified date. It’s usually anchored on the silver futures market.
What are the best resources for silver traders?
For those interested in silver trading, having the right resources at your fingertips can make all the difference in staying informed and making strategic decisions. Below are some of the most recommended resources:
- News and Analysis Websites: News and analysis from renowned platforms like Bloomberg and investing.com are invaluable for real-time data and comprehensive insights into the silver market.
- Economic Calendars: These tools offer insights on upcoming economic events that might influence silver prices.
- Training & Courses: Platforms such as Coursera, Udemy, or niche trading education websites provide valuable knowledge in trading silver.
- Books: Literature like “Precious Metals Investing For Dummies” can provide a foundational understanding of the silver market.
Is silver trading profitable?
Silver trading can be profitable, but the results depend on the trader’s skills and knowledge of the silver market.
Success in silver trading hinges on:
- Strategy & Risk Management: It’s pivotal to have a thoroughly researched trading strategy complemented by robust risk management techniques.
- Historical Performance: Assessing the historical performance of silver as an investment can provide valuable insights.
- Market Factors: Factors such as market timing, geopolitical events, and shifts in industrial demand can substantially influence profitability.
Is silver trading safe?
Trading silver can be risky since in investing and trading there is never an absence of risk. However, traders can diversify to spread risk and hedge to protect against potential losses.
Stick to reputable brokers to ensure adherence to best trading practices, adding a layer of safety.
What influences the silver market?
Several factors influence the silver market:
- Dual Role: Silver’s unique position as both an investment and industrial metal shapes its demand.
- Global Economic Conditions: Industries that heavily rely on silver can impact its price based on their performance.
Other Influences: Mining costs, geopolitical events, decisions by central banks, and the general sentiment among investors can all sway the silver market in various directions.