Best Gold Trading Brokers of 2023

Updated: Mar 28, 2023
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To some, gold is the ultimate store of value. It can serve as a hedge against inflation, a safe haven in unstable times, and diversify your investment portfolio. Gold is also an exciting instrument to trade due to its volatility and tendency to move in long-term trends. Interest rates and currency movements (in particular the US dollar) impact the price of gold, which remains one of the world’s most important commodities.

While it’s possible to invest in gold by simply owning the metal outright, trading CFDs on gold via a broker offers high leverage and convenient risk management tools. Moreover, CFD trading is a convenient alternative to physical gold trading which involves storage and insurance costs.

Finding the best gold CFD broker can be a quite complicated task due to a large number of brokers, varying fees and services, regulatory requirements, and the risk of fraud. FX Empire is an industry leader with over ten years of experience reviewing CFD brokers. Considering the different needs of gold traders, we broke down this list into ten major categories.

List of Top Gold Trading Brokers & Platforms

  • MultiBank – Best Overall
    Tight gold spreads. Broad range of commodity CFDs available. Copy trading functionality. High leverage available. Accounts with the offshore entity insured up to $1M.
  • Exness – Best Gold Trading Platform
    Intuitive platform. Unique sentiment data. TradingView charts. Suitable for day traders. Great customer support.
  • Plus500 – Best Gold Trading App
    Cutting-edge design and functionality. Alerts. Powerful +Insights tool. Two-factor authentication.
  • BDSwiss – Best Research Materials
    Strong in-house research materials. Helpful third-party tools. Insightful webinars.
  • FBS – Best for Beginners
    Competitive gold spreads. Strong educational materials. Copy trading and automated trading. User-friendly mobile app.
  • FP Markets – Best for Professional Traders
    ECN account with raw spreads and low commissions. Direct Market Access (DMA) CFD trading. Full suite of MetaTrader platforms. MAM/PAMM Managed Accounts. Virtual Private Server (VPS).
  • FXTM – Best MT4 broker
    MT4 available across web, desktop, and mobile. Custom MT4 Indicators. Copy trading and automated trading.
  • IronFX – Best Range of Accounts
    Four account types along with Islamic account and demo account options. STP/ECN accounts. Strong variety of commodity CFDs. Dedicated account manager available.
  • Tickmill – Best Low Spreads
    Tight spreads in gold. No inactivity fee. No fees for deposits and withdrawals. Range of available account types.
  • IC Markets – Best Trading Tools
    Full suite of MetaTrader platforms and exclusive custom add-ons. cTrader platform. Low latency trading. Virtual Private Server (VPS).

How did FX Empire choose the best brokers and platforms for trading gold?

We carefully considered the needs of gold traders and focused on the points which benefit this group the most.

  • We ensured each broker has an entity regulated by at least one top-tier regulator and measured their overall trustworthiness including the company’s background and transparency.
  • We looked for brokers with competitive gold spreads and swap fees. We also checked that each broker has a high level of transparency regarding their fees.
  • We preferred brokers that offer trading gold in different asset classes such as options, spread betting, shares, ETFs, and futures.
  • We conducted a test drive for each platform, digging into available order types, charting, watchlists, and UX.
  • We ensured that each broker has a strong range of tradable instruments, including gold and other commodities.
  • We tested customer service across phone, chat, and email with many questions, paying attention to responsiveness and the overall quality of the support.
  • We made a balanced assessment using various other areas (account-opening process, deposits and withdrawals, research, and educational resources).
  • Using our extensive database of broker reviews, we made side-by-side comparisons to choose the winning broker for each category.

Our team of experts has identified each broker’s strengths and weaknesses using FX Empire’s comprehensive methodology. Here’s how we test.

Now let’s go through the selected brokers.

Best Overall

Start Trading
By using this website and or its services, you agree that neither MultiBank Group nor any of its affiliates and service providers will be held responsible for the accuracy of any information available on this site. Although information on this site is provided in good faith and is believed by MultiBank Group or its affiliates to be accurate, there are no explicit or implicit warranties of accuracy or timeliness made by MultiBank Group or its affiliates and service providers regarding this information. Furthermore, in visiting this site and in opening an MultiBank Group or its affiliates Forex trading account you agree not to hold MultiBank Group or any of its affiliates and service providers liable for any decisions you may make based on the information you obtain on this website or websites we link to. It is recommended that you make your decisions only after you have reviewed information and collected opinions from several credible sources and have verified ALL facts you need to know about Forex trading from other independent sources. MultiBank Group and its web hosting providers and its affiliates shall in no event be liable for any damages and or loss resulting from interruption of website service or the inability to use our website. Unless stated otherwise, material on this site is copyright of MultiBank Group. MultibankFX is the trading name of Multibank FX International Corporation (BVI) Company No. 1377324.
  • Min Deposit
    $50
  • Tradable Instruments
    774
  • Fees
    Medium

Why We Picked It

Founded in 2005, MultiBank has a long track record as a CFD broker and has grown to have a major global presence. The Dubai-based broker is regulated across 5 continents and maintains over 20 offices globally to cater to an international client base.

  • Our tests showed low spreads in gold, an average of 25 pips, better than the average for the industry.
  • Available gold trading assets include spot gold (XAU/USD) and gold futures (GCJ3).
  • 1:20 leverage is available for trading spot gold at the European entity, 1:30 at the Australian entity, and 1:500 at the offshore entity.
  • Alternative gold pairs include XAU/EUR (live account only).

Gold traders need quality order execution and MultiBank is a non-dealing desk broker using Straight Through Processing (STP) for optimal fills. Low trading-related fees keep costs to a minimum for active traders. Deposits and withdrawals are free and fast, also there is a wide range of available methods. Customer support at MultiBank Group is first class and we experienced almost zero wait times in our tests.

Insurance from Lloyd’s of London can provide peace of mind that funds are safe. MultiBank Group's offshore subsidiary MEX Atlantic offers a $1M excess loss insurance policy underwritten by Lloyd's of London.

Pros and Cons

Pros
  • Competitive spreads.
  • No deposit or withdrawal fees.
  • Great customer service.
Cons
  • Limited educational materials.

Best Gold Trading Platform

Start Trading
General Risk Warning: CFDs are leveraged products. Trading in CFDs carries a high level of risk thus may not be appropriate for all investors. The investment value can both increase and decrease and the investors may lose all their invested capital. Under no circumstances shall the Company have any liability to any person or entity for any loss or damage in whole or part caused by, resulting from, or relating to any transactions related to CFDs.
  • Min Deposit
    -
  • Tradable Instruments
    233
  • Fees
    Medium

Why We Picked It

Exness is a large and well-established forex and CFD broker with a unique offering. The Limassol, Cyprus-based broker was founded in 2008 and offers access to trading in CFDs on currencies, crypto, stocks, indices, and commodities.

  • We experienced low spreads in gold, an average of 20 pips, much better than the average for the industry.
  • Available gold CFD assets include spot gold (XAU/USD).
  • Available leverage for the spot gold CFD is 1:2000 at the, and unlimited leverage is available if certain conditions are met.
  • Alternative gold pairs include XAU/EUR, XAU/AUD, XAU/GBP, XAU/USD, and BTC/XAU.

Gold traders must be nimble and Exness delivers a platform that can cater to day traders in fast-moving markets. The Exness Trading Terminal has an intuitive interface and popular features such as watchlists, 1-click trading, and trading from the chart.

Charting provided by TradingView is robust, with 50 drawing tools, 100 indicators, 9 time frames, and 7 chart types. Standard order types are available and the platform also has a sentiment indicator that tells you the percentage of buy and sell orders that were recently opened by traders. In addition to the Trading Terminal platform, Exness provides clients with the full suite of MetaTrader platforms. In our tests we found Exness to have competitive gold spreads.

Pros and Cons

Pros
  • User-friendly, robust platform.
  • Competitive spreads.
  • No swap fees for gold.
  • Social trading.
Cons
  • Not available in Europe or the UK for retail clients.

Best Gold Trading App

Start Trading
86% 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.
  • Min Deposit
    $100
  • Tradable Instruments
    1488
  • Fees
    Medium

Why We Picked It

Plus500 was founded in 2008 and has grown to become a true CFD industry leader. The London-based brokerage giant is available in over 50 countries and has 400,000 active clients.

Overseen by multiple top regulators across the globe and as a large publicly traded company, Plus500 earned a high trust ranking in our tests. It has invested heavily in software, and this has paid off. The cutting-edge WebTrader platform distinguishes Plus500 from the competition and is a pleasure to use.

  • We experienced low spreads in gold, an average of 36 pips, better than the average for the industry.
  • Available gold CFD assets include spot gold (XAU/USD), gold options, and the SPDR Gold Trust ETF (GLD).
  • Available leverage for the spot gold CFD is 1:20 at the UK and EU entities and 1:150 at the offshore entity.

The Plus500 mobile app is available for iOS, Android, and Windows. The mobile app is very similar to the web platform. It has an intuitive interface and offers a range of great features, including watchlists, alerts, traders' sentiment data, two-factor authentication, and a demo mode.

Gold traders can stay abreast of market-moving releases with the robust economic calendar built into the app. The +Insights tool takes advantage of the massive client base of the broker, revealing useful data like the most traded instruments and profit-making positions.

Pros and Cons

Pros
  • User-friendly and intuitive trading web platform and app.
  • Over 2,500 available CFDs.
  • Regulated in multiple jurisdictions around the world.
  • Unique +Insights research tool.
Cons
  • No phone support.

Best Research Materials

Start Trading
This website is for general information purposes only and is operated by BDSwiss AG. BDSwiss AG is the BDSwiss Group’s Holding Company domiciled in Grienbachstrasse 11, 6300, Zug, Switzerland. BDSwiss AG does NOT offer any financial products or services.
  • Min Deposit
    $10
  • Tradable Instruments
    1073
  • Fees
    Low

Why We Picked It

With an operating history of over ten years, BDSwiss has grown to provide brokerage services for over a million clients worldwide. The Cyprus-based firm offers trading in a wide range of CFD assets via its beginner-friendly web and mobile platforms and the popular MetaTrader platform.

  • We experienced gold spreads averaging 47 pips.
  • Available gold CFD assets include spot gold (XAU/USD).
  • Available leverage for the spot gold CFD is 1:500 at the offshore entity.
  • Alternative gold pairs include XAU/EUR.

BDSwiss shines in the research category with high-quality market analysis, webinars, a weekly outlook, and special reports. An in-house team of analysts provides daily market coverage in both written and video formats. Traders can benefit from in-depth reports offering insights into the currents moving the markets. In addition, research from award-winning Trading Central is available to clients.

Pros and Cons

Pros
  • BDSwiss WebTrader platform is easy to navigate.
  • Popular third-party tools available.
  • Diverse account types for beginners and experienced traders.
Cons
  • High inactivity fees.

Best for Beginners

FBS

4.4
Start Trading
Your capital is at risk
  • Min Deposit
    $1
  • Tradable Instruments
    164
  • Fees
    Medium

Why We Picked It

Founded in 2009, FBS is a user-friendly broker offering a broad range of CFD markets and competitive fees. Several top-tier regulators, including CySEC and ASIC, govern entities of FBS.

The Cyprus-based broker provides various account types using MetaTrader 4, MetaTrader 5, and the FBS Trader app. Our tests showed better-than-average spreads in popular trading instruments, such as gold and EUR/USD.

  • We experienced low spreads in gold, an average of 32 pips, better than the average for the industry.
  • Available gold CFD assets include spot gold (XAU/USD).
  • Available leverage for the spot gold CFD is 1:20 at the UK entity and European entities and 1:333 at the offshore entity.
  • Alternative gold pairs include XAU/EUR, and XAU/GBP (offshore entity only).

FBS has gone above and beyond with its educational materials. New traders can sink their teeth into helpful articles, platform tutorials, trading ideas, and videos. Courses covering technical analysis and money management themes help new traders orient themselves in the markets. Short-term gold traders often rely on technical analysis, and these materials help to provide a solid foundation. With content ranging from the CFD market basics to complex trading strategies, there is something for beginners to advanced traders alike.

In trading the gold market with FBS, beginners can also rely on the full range of customer support channels: phone, live chat, and email. A demo account is also available to test the waters risk-free.

Pros and Cons

Pros
  • Strong research and education resources.
  • Reliable customer service.
  • Competitive spreads in major forex pairs.
Cons
  • Wide spreads in some instruments.

Best for Professional Traders

Start Trading
This material on this website is intended for illustrative purposes and general information only. It does not constitute financial advice nor does it take into account your investment objectives, financial situation or particular needs. Commission, interest, platform fees, dividends, variation margin and other fees and charges may apply to financial products or services available from FP Markets. The information in this website has been prepared without taking into account your personal objectives, financial situation or needs. You should consider the information in light of your objectives, financial situation and needs before making any decision about whether to acquire or dispose of any financial product. Contracts for Difference (CFDs) are derivatives and can be risky; When trading CFDs you do not own or have any rights to the CFDs underlying assets. FP Markets recommends that you seek independent advice from an appropriately qualified person before deciding to invest in or dispose of a derivative. A Product Disclosure Statement for each of the financial products available from FP Markets can be obtained either from this website or on request from our offices and should be considered before entering into transactions with us. First Prudential Markets Pty Ltd (ABN 16 112 600 281, AFS Licence No. 286354). FP Markets is a group of companies which include, First Prudential Markets Ltd (registration number HE 372179), a company authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC License number 371/18, Registered Address: Griva Digeni, 109, Aigeo Court, 2nd floor, 3101, Limassol, Cyprus. FP Markets does not accept applications from U.S, Japan or New Zealand residents or residents from any other country or jurisdiction where such distribution or use would be contrary to those local laws or regulations.
  • Min Deposit
    $50
  • Tradable Instruments
    844
  • Fees
    Medium

Why We Picked It

Australian CFD brokers have a reputation for high standards, and FP Markets is no exception. The Sydney-based broker has won over 40 industry awards and has a long operating history of 18 years. FP Markets earned a high trust score in our review, with entities regulated by top-tier ASIC and CySEC.

  • We experienced low spreads in gold, an average of 20 pips, better than the average for the industry.
  • Available gold CFD assets include spot gold (XAU/USD).
  • Available leverage for the spot gold CFD is 1:20 at the European entity, 1:30 at the Australian entity, and 1:500 at the offshore entity.
  • Alternative gold pairs include XAU/EUR and XAU/AUD.

Clients can access thousands of instruments across stocks, indices, forex, commodities, and cryptocurrencies. The Standard Account is great for beginner traders as it offers commission-free trading. The Raw Account is suited to professional traders as it is commission based but with lower spreads. FP Markets also provides an IRESS Account, enabling clients to trade with Direct Market Access (DMA).

Available trading platforms include MetaTrader 4, MetaTrader 5, WebTrader, IRESS, and a user-friendly proprietary mobile trading app.

FP Markets offers a great range of tools for professional traders. MAM/PAMM accounts allow clients to manage money on behalf of others. Algorithmic traders can use a Virtual Private Server (VPS) to run automated trading strategies 24 hours a day, seven days a week, with low latency and reduced risk of downtime. Industry-leading third-party tools Autochartist and Trading Central are also available and provide good coverage of the gold market.

Pros and Cons

Pros
  • Competitive spreads and commissions.
  • Strong range of trading platforms.
  • Tools geared towards professionals.
Cons
  • Share CFD fees are marginally higher than most.

Best MT4

FXTM

4.3
Start Trading
82% of retail CFD accounts lose money
  • Min Deposit
    $50
  • Tradable Instruments
    266
  • Fees
    Medium

Why We Picked It

Established in 2011, FXTM is a global forex and CFD broker headquartered in Limassol, Cyprus. Entities of FXTM subsidiaries are regulated by top-tier authorities including the UK FCA and CySEC.

  • We experienced gold spreads averaging 39 pips.
  • Available gold CFD assets include spot gold (XAU/USD).
  • Available leverage for the spot gold CFD is 1:20 at the UK and EU entities and 1:2000 at the offshore entity.
  • Alternative gold pairs include XAU/EUR and XAU/GBP.

FXTM offers the full suite of MetaTrader platforms: MetaTrader 4 and MetaTrader 5 for desktop, web, and mobile. Custom MT4 Indicators are provided to clients. For example, the Pivot SR Levels indicator allows you to view daily, weekly, and monthly pivot points and the corresponding support and resistance levels on one chart. VPS hosting is available for traders using automated strategies.

We experienced tight spreads in gold in our hands-on tests. Progressively tighter spreads are also available depending on the account type you choose. In our tests, we found that educational materials and the quality of customer service are better than average at FXTM.

Pros and Cons

Pros
  • Full suite of MetaTrader platforms plus custom indicators.
  • Strong educational materials.
  • Dedicated account representative.
  • VPS hosting.
Cons
  • Limited tradable instruments.

Best Range of Accounts

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Your capital is at risk
  • Min Deposit
    $100
  • Tradable Instruments
    297
  • Fees
    Low

Why We Picked It

Founded in 2010, IronFX offers trading in a broad range of CFDs, including forex, commodities, indices, stocks, and cryptocurrencies. CFDs on futures are also available, including futures on metals. The Cyprus-based broker has entities regulated by top-tier CySEC and FCA and an unregulated offshore entity. In our live tests, we found that spreads in gold are competitive.

  • We experienced low spreads in gold, an average of 43 pips, slightly better than the average for the industry.
  • Available gold CFD assets include spot gold (XAU/USD).
  • Available leverage for the spot gold CFD is 1:20 at the UK and European entities and 1:1000 at the offshore entity.
  • Alternative gold pairs include XAU/EUR.

IronFX offers the popular MetaTrader 4 platform and its proprietary Web Trader app. Traders have seven types of accounts to choose from four accounts with live floating/fixed spreads and three STP/ECN accounts. Islamic account options are available for the four floating/live fixed spreads accounts.

Deposits and withdrawals are made easy at IronFX. Clients have a broad choice of payment methods, including bank wire, credit cards, digital wallets, and cryptocurrencies. There are no fees for deposits or withdrawals except for bank wires under $300.

Pros and Cons

Pros
  • Seven account types for different trader profiles.
  • Multiple deposit and withdrawal options.
  • Competitive gold spreads.
Cons
  • Limited research materials.

Best Low Spreads

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd. You should consider whether you understand how CFDs, or any other of our products work, and whether you can afford to take the risk of losing your money.
  • Min Deposit
    $100
  • Tradable Instruments
    259
  • Fees
    High

Why We Picked It

Founded in 2014, Tickmill earned a high mark in our trust category, with five entities primarily licensed by first and second-tier regulators. The London-based broker offers a wide range of CFD instruments. Futures and options on gold are also available for UK clients, giving traders a broader choice of contracts.

  • We experienced low spreads in gold, an average of 21 pips, better than the average for the industry.
  • Available gold assets include the spot gold CFD (XAU/USD) and real (non-CFD) gold futures and options (Standard, Mini, and Micro).
  • Available leverage for the spot gold CFD is 1:20 at the UK and European entities and 1:500 at the offshore entity.

Tickmill is a user-centric broker that bucks the CFD industry trend by not charging inactivity fees or fees for deposits and withdrawals. Clients can choose between a standard account providing commission-free trading and floating spreads or Pro and VIP accounts with raw spreads and fixed commissions.

Our live tests showed that Tickmill has competitive spreads for gold and most other instruments. Swaps and commissions are also relatively low. You get the sense that Tickmill genuinely wants to see its clients succeed in the market and does its best to support this by cutting costs.

Pros and Cons

Pros
  • Competitive fees.
  • Licensed by top-tier regulators.
  • Wide selection of tradable instruments and supporting tools.
Cons
  • Customer support only available during office hours.

Best Trading Tools

Start Trading
Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
  • Min Deposit
    $200
  • Tradable Instruments
    240
  • Fees
    High

Why We Picked It

IC Markets launched in 2007 and has grown to become a market leader, providing access to trading in currencies, stocks, commodities, futures, bonds, and digital assets. The Sydney, Australia-based broker caters to the needs of advanced traders with cutting-edge trading platforms, low-latency connectivity, and better-than-average liquidity. In our live tests, we found spreads to be highly competitive.

  • We experienced low spreads in gold, an average of 18 pips, much better than the average for the industry.
  • Available gold CFD assets include spot gold (XAU/USD).
  • Available leverage for the spot gold CFD is 1:20 at the European entity, 1:30 at the Australian entity, and 1:500 at the offshore entity.
  • Alternative gold pairs include XAU/EUR.

Traders can take advantage of the full range of MetaTrader platforms and the cTrader platform, which offer automated trading and copy trading capabilities. A Virtual Private Server (VPS) allows traders to run automated trading strategies nonstop with the fastest possible connectivity to the IC Markets trading servers.

IC Markets introduced 20 exclusive trading tools previously unavailable on MetaTrader 4. These include apps such as ‘Correlation Trader’, which enables users to compare the correlation between two symbols and trade emerging differences. Correlation strategies are beneficial for gold traders, as the yellow metal has a positive correlation with instruments such as AUD/USD.

Pros and Cons

Pros
  • Robust tools and platforms.
  • Competitive fees.
  • Strong research and educational resources.
Cons
  • Trading platforms have a learning curve.

Our Methodology

In selecting the best forex brokers for beginners we used the results of our advanced proprietary methodology. All of the brokers listed were among the leaders in our tests.

FXEmpire has been reviewing brokers since 2010 and has pioneered the in-depth evaluation of CFD brokers. Our process has taken years to refine and involved hundreds of reviews. We’ve gone to a granular level – with over 250 data points in our analysis of each broker – so you can feel confident in selecting the right platform.

To provide the most comprehensive view, we break down the brokers according to nine different categories:

  • Trust
  • Fees
  • Platforms and tools
  • Tradable instruments
  • Customer service
  • Deposit and withdrawal
  • Account types
  • Research
  • Education

In our individual broker reviews, we explain complex areas like regulatory status, so you can easily understand the safety of your funds and the benefits you are guaranteed.

Data is gathered through live testing, research, detailed questionnaires, and in-person broker demonstrations. An account is opened with each broker, focusing primarily on the services of one entity and testing using the most standard account type and platform. We conduct live tests of spreads and measure overnight swap fees and account-related costs.

Our side-by-side analysis reveals whether a broker is competitive in relation to the industry as a whole. Trading platforms take time to master, but we have already done the legwork for you and our evaluations highlight their important features and usability.

FX Empire abides by strict guidelines for editorial integrity. Scoring is based on objective criteria and mostly measurable data, so our reviews cannot be swayed by individual preferences or biases. The review process is independent and follows a strict protocol. In addition, all facts are carefully checked and rechecked, as reviews are continually updated. Read more about our review process here.

For this best brokers page we selected the best forex brokers for the UK, but, as traders have different needs, we separated the brokers into the categories where they stood out as winners.

Meet our Writers

The team of forex and CFD analysts and editors at FXEmpire is composed of trading industry professionals and seasoned financial journalists. Our experts have been published on leading financial websites such as Investopedia and Forbes. In addition, they all have extensive trading experience.

What are the differences between physical gold trading and CFD gold trading?

Physical gold trading involves buying and selling actual physical gold, such as gold bars or coins, while CFD (Contract for Difference) gold trading involves buying and selling a contract that represents the price movement of gold without actually owning the physical asset.

Here are some key differences between physical gold trading and CFD gold trading:

  • Ownership: When you buy physical gold, you own the physical asset, and you can store it yourself or have it stored in a secure vault. With CFD gold trading, you do not own the physical asset instead, you are trading on the price movements of gold.
  • Liquidity: Physical gold can be more difficult to buy and sell quickly, especially if you own large quantities or unusual sizes or types of gold. CFD gold trading, on the other hand, allows traders to easily enter and exit positions quickly, as there are typically more buyers and sellers in the market.
  • Leverage: CFD gold trading allows traders to use leverage to increase their exposure to the market. This means that you can trade a larger position with a smaller amount of capital. Physical gold trading does not offer leverage.
  • Costs: Physical gold trading may involve costs such as storage fees, transportation fees, and insurance costs. CFD gold trading, on the other hand, typically involves only trading fees such as spreads, commissions, and overnight financing fees.
  • Market access: CFD gold trading allows traders to access a wider range of gold markets, including international markets, and to trade on the price movement of gold in real time. Physical gold trading, on the other hand, may be limited to local markets and may not offer real-time price information.

How to choose a broker for trading gold?

When looking for a gold trading broker, you should pay special attention to the following points.

Can I trust the broker?

Take into account the regulatory status of the broker. CFD brokers regulated by top-tier financial authorities must undergo audits, meet capital requirements, and provide segregated accounts and negative balance protection. A compensation fund is sometimes available in the event of broker insolvency.

Tip: you can search the regulator’s website to confirm the broker’s status and check for any disciplinary action. The broker’s size and operating history are also worth considering. You can usually find these on the company’s LinkedIn page.

Read more about Best regulated forex brokers.

What to look for in the brokers’ gold offering?

Forex and CFD brokers typically offer spot gold (XAU/USD), which reflects the live price – the cash market. Some brokers also provide gold against other currencies, such as XAU/GBP, XAU/EUR, and XAU/AUD. In some instances, you can trade gold against crypto, for example, Bitcoin against gold (BTC/XAU).

A variety of other gold-related CFDs are sometimes available – these include CFDs on gold futures, gold options, and ETFs related to gold such as the SPDR Gold Trust (GLD). A handful of CFD brokers also offer ‘real’ (non-CFD) gold futures and options trading.

Is the platform user-friendly?

An intuitive, easy-to-navigate platform will allow you to launch into the trading world with minimal hitches. The most user-friendly platforms are typically browser-based platforms created by the broker. Look for easy-to-implement features such as watchlists, trading from the chart, search, news, and a customizable interface.

The MetaTrader 4 and 5 platforms have advanced features like backtesting, automated trading, and a wide range of order types – but are less user-friendly. Also, check on the availability of a good, broker-designed (proprietary) mobile app. This is especially important as MetaTrader is no longer available on iOS.

Read more about Best MetaTrader 4 brokers and Best MetaTrader 5 brokers.

Are the fees competitive for gold?

Working with a broker that keeps the spreads to a minimum can make the difference between profit and loss at the end of the day. This is a crucial point for day traders. We rate gold spreads of above 55 pips as high, 36-54 pips as medium, and less than 35 pips as low.

What is the minimum deposit?

Find out the minimum initial deposit so you won’t be taken by surprise when it’s time to trade live. This can vary from $0 in the case of

What is the available leverage?

The available leverage at CFD brokers is a significant benefit when trading a commodity like gold. If you want to invest in gold bullion, leverage is not available. When trading gold ETFs, 1:2 leverage is typical. CFDs on gold offer a much higher degree of leverage, typically between 1:20 and 1:500, depending on which financial authority regulates your broker.

Beware of using excessive leverage, even if it is tempting. It’s an enthralling feeling to control a large position in the market. But when markets are moving fast, and you are holding a highly leveraged position, there is a high risk of losing money. Accounts can get wiped out in seconds.

Is customer support reliable?

As a beginner, having solid support on hand is essential. Check the hours of availability, for example, whether help is on hand 24/7 or only during business hours. Chat support is the most convenient, so look for an easy-to-access chat window built into the broker platform. In the case of a platform outage, it is also important to be able to contact support via phone.

What to avoid when choosing a gold trading broker?

When choosing a broker for trading gold, you should look for competitive spreads and swap fees. If you want to day trade gold, you should look for a broker that offers 1-click trading. Without 1-click trading, the order entry process is too slow for such a fast-moving market. If you plan to hold positions over days or longer, check the swap fees, which can be very expensive over time.

How to avoid forex and CFD scams?

A common scam in the forex and CFD industry involves vendors offering a trading strategy that guarantees an outlandishly high return in little time. These may involve automated trading using bots or a signal service where trades are shared via chat or social media. Nobody can guarantee returns with certainty, and it is more likely that such strategies will lose money. When assessing strategy or signal providers, you should look for a live track record audited by a third party, but remember that past performance does not guarantee future results.

Traders should also be highly cautious about opening an account with an unregulated offshore broker. Such brokers may offer a straightforward account opening process, bonuses, and high levels of leverage but client funds are not protected. Meanwhile, brokers regulated by top-tier authorities must undergo regular audits and are held accountable for misconduct. Traders can also benefit from having their funds held in segregated accounts, negative balance protection, and a compensation fund in the event of broker insolvency.

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FAQ

How much money do I need to trade gold?

The amount of money you need to trade gold depends on several factors, including the price of gold, the size of your trades, and the leverage offered by your broker. Basically, you can start trading CFDs on gold with as little as $100.

Can I trade gold as a beginner?

Gold is a highly volatile instrument, so beginners should be cautious, educate themselves on the basics of trading, and have a well-defined risk management strategy. To get started, you can open a demo trading account with a reputable broker and practice trading gold with virtual funds.

Which broker has the lowest spread for gold?

We rated Tickmill as best for fees, with gold spreads as low as 18 pips. Also, Multibank is a good choice for gold traders with spreads of 25 pips which is better than the average for the industry.

What is the best gold trading platform?

We rated Exness and Multibank have the best gold trading platforms. The Exness Trading Terminal has an intuitive interface and popular features such as watchlists, 1-click trading, and trading from the chart. While MultiBank offers the popular MetaTrader 4 and MetaTrader 5 platforms across desktop, web, and mobile, as well as cTrader for trading on the go.

Can I trade gold on MetaTrader?

Yes, as long as a broker you connected to offers the MetaTrader platform. Gold is usually traded against major currencies such as the US dollar, the euro, or the Japanese yen. You can access live gold prices and charts on the MetaTrader platform to make informed trading decisions.

What is the difference between buying gold and trading gold CFDs?

Buying physical gold involves purchasing the actual metal in the form of coins, bars, or bullion. While trading gold CFDs involves speculating on the price movements of gold without owning the physical metal. When trading gold CFDs, the investor is not taking ownership of the underlying asset but instead enters into a contract with a broker to profit from the difference between the buying and selling price of the contract.

Are gold and XAUUSD the same thing?

XAUUSD reflects the spot price (current price) for gold measured in US dollars. This price may differ from other gold contracts, such as CME gold futures.

What is the best gold trading broker for beginners?

We rated FBS as the best gold trading broker for beginners due to its strong research and education materials and reliable customer support.

What is the best gold trading broker for professionals?

We rated FP Markets as the best gold broker for advanced traders and professionals thanks to plenty of trading platforms, a great range of trading tools, VPS hosting, and specialized accounts.

Can I trade gold without a broker?

No. To trade gold via CFDs, futures, or ETFs, it is necessary to have a broker who provides traders with access to trading platforms and tools that allow them to buy and sell gold.

About the Author

Dan Blystone began his career in the trading industry in 1998 on the floor of the Chicago Mercantile Exchange. Later Dan gained insight into the forex industry during his time as a Series 3 licenced futures and forex broker. He also traded at a couple of different prop trading firms in Chicago. Dan is well-equipped to recommend the best forex brokers due to his extensive experience and understanding of the brokerage industry.

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