Best Gold Trading Brokers 2019

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Gold is highly tradable. Commonly seen as a great store of wealth, this precious metal is also known as a reliable safe-haven asset. Uncertainty in the market, especially from geopolitical and economic drivers, pushes people into investing in metals like gold. 

Since the recession of 2008, many people have flocked to gold, to protect themselves against market volatility. But, the problem with gold is that actually owning it takes a lot of space. Gold is bulky. So now, more and more people are trading it as a CFD. That means speculating on its price movement, rather than owning the underlying asset. Many brokers offer it on their platforms and it is almost always found on the MetaTrader 4 platform.

The brokers below represent the best brokers for gold trading overall.

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BrokerRatingOfficial SiteRegulationsMin DepositMax LeverageTrading PlatformsFoundation YearPublicly TradedTrading Desk TypeCurrenciesCommoditiesIndicesStocksCryptoCommission on tradesFixed spreadsoffers promotionsOfficial Site
Alpari
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Your capital is at risk

FSC

$null

1:1000

MT4, MT5

1998

ECN, STP

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Your capital is at risk

Plus500
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76.4% of retail CFD accounts lose money

ASIC, CySEC, FCA, FSB, ISA, MAS

$100

1:30

Plus500

2008

No dealing desk

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76.4% of retail CFD accounts lose money

FXTM
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90% of retail CFD accounts lose money

CySEC, FCA, FSC

$10

1:30

MT4, MT5

2011

ECN, STP

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90% of retail CFD accounts lose money

eToro
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75% of retail CFD investors lose money

ASIC, CySEC, FCA, MiFID

$200

1:30

cTrader, Currenex, eToro Platform, Keystone, Marketspulse, Mirror Trader, MT4, MT5, Tradologic, Zulutrade

2007

Market Maker, No dealing desk, STP

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75% of retail CFD investors lose money

OctaFX
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Your capital is at risk

CySEC

$5

1:500

cTrader, MT4, MT5

2011

ECN, STP

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Your capital is at risk

Pro Tip: Most of these brokers offer free demo accounts so you can test the brokers and their platforms with virtual money. Give it a try with some play money before using your own cash.

Here’s a list of Best Gold Trading Brokers 

Note: Not all Forex brokers accept US clients. For your convenience we specified those that accept US Forex traders as clients

Alpari

Regulated By:FSC

Foundation Year:1998

Headquarters:Mauritius

Min Deposit:N/A

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Your capital is at risk

Your capital is at risk

Alpari is an industry veteran founded in 1998. It is headquartered in Port Louis, Mauritius and has an operations headquarters in London. The company offers services to international traders from 150+ countries, though the United States is a noteworthy gap – its membership to the US National Futures Association was revoked in 2015, forcing it out of the United States market.

This brokerage is originally from Russia. It is licensed in Belize as well as Saint Vincent and the Grenadines. It supports the MetaTrader 4 and MetaTrader 5 platforms. Forex traders can access 44 currency pairs and leverage is available up to 1,000:1. It is an exciting and innovative brokerage. Read our full Alpari review here.

Pros: Cons:
  • Innovative brokerage
  • 20+ years of history in business
  • Varying cost options to match your trading style
  • History of reguatory challenges
  • Past insolvency in the UK in 2015
  • Limited multilingual support

Plus500

Regulated By:ASIC, CySEC, FCA, FSB, ISA, MAS

Foundation Year:2008

Headquarters:Building 25, MATAM, Haifa, Israel

Min Deposit:$100

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76.4% of retail CFD accounts lose money

76.4% of retail CFD accounts lose money

Plus500 is a leading CFD trading platform with support for stocks, indices, cryptocurrencies, and Forex. This commission-free brokerage charges very low spread-rates and offers fast trades on a great platform. Plus500 supports complex trades, includes negative balance protection, and makes trading an educational and hopefully profitable venture.

You can start with a free demo account to test the platform and any trading strategy. Real money accounts offer leverage of up to 300:1. This broker is based in Israel and regulated by the Financial Conduct Authority (FCA) in the UK. Check out our full Plus500 review here.

Pros: Cons:
  • Support for 2000+ products to trade across global markets,including Forex, commodities, shares, indices
    and cryptocurrency CFDs
  • No commission and low spread costs
  • Advanced trades and fast execution
  • Licensed in several regulatory hubs, and publicly listed
  • Only CFDs, no direct Forex trades
  • High rates on margin/leverage accounts
  • Less research data than some competitors
  • No phone support offered

FXTM

Regulated By:CySEC, FCA, FSC

Foundation Year:2011

Headquarters:FXTM Tower, 35 Lamprou Konstantara, Kato Polemidia, 4156, Limassol, Cyprus

Min Deposit:$10

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90% of retail CFD accounts lose money

90% of retail CFD accounts lose money

FXTM, short for ForexTime, is a platform with a primary focus on foreign exchange. That specialization allows it to rise above many others when it comes to Forex focused trading platforms and tools. CFDs are available on 50+ currency pairs including major, minor, and exotic pairs. Leverage is available up to 1000:1.

Spreads are competitive across all platforms with 24-hour trading open 5 days per week. FXTM is based in Cyprus and licensed by the International Financial Services Commission (IFSC), Cyprus Securities and Exchange Commission, and other regulators in and out of the EU. A free demo account is available. Read our detailed FXTM review here.

 Pros:  Cons:
  • Support for 250+ products to trade across global markets, including Forex, commodities, shares, indices and cryptocurrency CFDs
  • Competitive spreads
  • MetaTrader 4 and MetaTrader 5 platform support
  • Low maximum order size
  • No native Mac desktop app

eToro

Regulated By:ASIC, CySEC, FCA, MiFID

Foundation Year:2007

Headquarters:Kanika International Business Center 7th Floor, 4 Profiti Ilia Street Germasogeia, Limassol, Cyprus

Min Deposit:$200

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75% of retail CFD investors lose money

75% of retail CFD investors lose money

Known as one of the pioneers for social trading, eToro was established in 2007 to make financial markets more accessible to the average retail trader. The broker helped lead the way in social trading, when it introduced the revolutionary “OpenBook” trading platform to the online trading industry. The broker has also been a forerunner in the introduction of innovative financial instruments such as ‘Copy Funds”. Likewise, eToro has not been slow in offering its clients a range of cryptocurrency assets to trade with. Regulated by the Cyprus Securities & Exchange Commission (CySEC), eToro’s traders can rest assured that their funds deposited with this broker will remain safe.

Pros

  • Highly regulated broker (FCA, CySEC and ASIC)
  • Innovative trading platform
  • Wide range of assets to trade with
  • Ability to earn 2% management fee as an Investor trader
Cons

  • Spreads are higher than average
  • Does not have the MetaTrader platform

OctaFX

Regulated By:CySEC

Foundation Year:2011

Headquarters:Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, St. Vincent and the Grenadines

Min Deposit:$5

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Your capital is at risk

Your capital is at risk

OctaFX was founded in 2011 and offers Forex ECN trading, as well as CFD trading on Indices, Metals and Cryptocurrencies, across the MetaTrader and cTrader suite of trading platforms for Windows Desktop, Web (Windows and Mac) and Mobile (Android and iOS), as well as their own OctaFX Trading App.

The tradable products available from OctaFX vary depending on the type of account opened (MT4 Micro, MT4 Pro, cTrader ECN) but covers Forex, Indices, Metals and Cryptocurrencies.

Pros

  • Wide range of trading accounts (Micro, ECN, Pro, Sharia) for beginners and advanced traders
  • Can access Forex ECN with 1:500 leverage
  • Trade on MT4, MT5 and cTrader across Desktop, Web and Mobile
  • Access copy trading, bonus promotions and a wide range of research tools
Cons

  • Decision between CySEC regulated OctaFX.eu, or St.Vincent and the Grenadines registered OctaFX.com
  • Limited commodity markets, no individual Stock CFDs
  • Limited deposit and withdrawal options – only through Neteller, Skrill or Bitcoin

Gold is a spot metal that is traded on commodity exchanges as well as on forex platforms as a CFD asset. Gold is classified as a hard commodity, which is extracted from the ground. Gold is a tradable asset which is traded on contracts. Available contracts for gold trading include:

  • Spot contracts
  • Forwards
  • Futures
  • Options
  • NDFs

The primary market for gold trading is the futures market, located in the US and London. The gold futures market is traded round the clock, except for a one-hour break within each trading day when the open outcry markets shut down and the CBOT markets kick in.Most of gold trading done in today’s market features the spot contracts (immediate settlement) and the futures contracts (settled in the future after 1 – 3 months).Generally speaking, gold is traded mostly as spot contracts or futures contracts. It is possible to conduct spot and futures contract trading on gold on the primary futures market: CME, COMEX, CBOT and NYMEX. The margin requirements for these trades on the exchanges are very high and are mostly out of the reach of retail traders. Retail traders are able to access gold trading via the forex platforms, which list the gold asset as a pairing against the USD or Euro. In this form, gold is traded as a contract-for-difference instrument, which does not involve physical exchange of the asset.Gold prices are mainly impacted by the state of the financial markets. Gold is used as a safe haven for capital preservation when there is uncertainty in other markets.How to Choose a Gold BrokerThe predominant factors which you must consider in choosing a gold broker are:

  • Regulation
  • Trading platform type
  • Software

RegulationCertain regulations guide the trading of gold. For instance, the trading of gold is regulated by the Commodities and Futures Trading Commission (CFTC). The CFTC sets regulations on how retail participation in gold trading can be carried out, and sets out mandates for brokers on enforcement of same. For instance, brokers are mandated to offer gold futures and options contracts at a leverage not exceeding 1:20. This rule effectively locked out many traders from the platforms of US brokers.We see more of retail gold CFD trading on the platforms of ASIC-regulated, CySEC-regulated, and FCA-regulated brokers. The contract specifications will differ from one region to another. Ensure you are able to select a broker that makes it affordable for you to trade gold.Gold Trading PlatformsThe platforms that are offered for gold trading are also important. Many market makers offer the MT4 platform and list gold as a pairing against the USD (XAU/USD) on these platforms. You will also see gold listed on brokerages that offer the ActTrader and JForex platforms, as well as the cTrader and the various mobile apps.Prior to 2015, users of Currenex were unable to trade gold as a listed asset as this professional trading platform was solely dedicated to the trading of currency assets. However, gold trading was introduced into Currenex on January 19, 2015 as a pairing of both gold/USD and gold/EUR.Gold Automated Trading SoftwareGold can be traded with EAs. The platforms on which gold CFDs can be traded have been identified. EAs can be programmed for them using the various programming languages. Professional traders who trade with advanced platforms such as Currenex, LMAX and cTrader, have to opt for algorithmic trading software which is offered as part of the general package provided to traders.Gold Trading Account TypesGold can be traded in both directions: upwards or downwards. Some brokers know the inherent risks involved in trading of gold, and that is why they have come up with various strata of accounts to cater for different categories of traders. Although each broker will present their own variety of trading accounts, there is a broad classification of gold trading account types into three:

  • Micro account: This is the beginner level account which caters to those that are very new in the market. Contract sizes are usually restricted to not more than 10 troy ounces. This account is reserved for traders who can only come up with less than $1000 in account capital.
  • Gold accounts: These are the intermediate level accounts, and are usually reserved for traders who can afford between $1,000 and $9,999.
  • VIP/Platinum accounts: these are the accounts meant for those retail traders with lots of cash to spare. The contract specifications are arranged in such a manner that these traders can trade larger contract sizes (usually measured in troy ounces). Account capital requirements that start with as high as $25,000 are the norm here.

Commissions and SpreadsGold trading on forex platforms is usually commission-free. However, gold is marked out from other assets as having the largest spreads of any asset on the forex platforms. Some platforms offer gold with spreads of up to 80 pips. This, combined with the margin requirements, make gold more expensive to trade than the regular currency pairs.Traders who want to trade gold have to be prepared financially for it. The range of price movements can be very high. Price movement between the high and low prices on November 9, 2016 was as high as $68.50, equating to 6,850 pips. This sort of volatility is not what a trader should toy with.ConclusionWe have a list of gold trading brokers for you. How did we come up with this list of brokers?

  • We selected brokers that are regulated.
  • We also selected brokers that offer several account types, knowing that no two traders are the same and therefore a “one account fits all” model will not work for all traders.
  • We chose brokers that had an allowance for traders with less than $500 to come on board, to get a feel of the live market with reduced trade sizes.
  • We looked at platform accessibility and trading conditions.

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