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5 Best Silver Trading Brokers for 2024

Looking for the top silver trading broker? Based on our hands-on analysis, we’ve identified 5 best options tailored to various trading needs. Practical tips from our experts are included.

By:
Jitan Solanki
Reviewed By:
FX Empire Editorial Board
Updated: May 20, 2024

List of Top Silver Trading Brokers & Platforms

Best brokers for US traders

Trade futures on metals, energy, equity index, forex, agriculture, bonds and more. Simple to use futures trading app. Zero platform and routing fees. Detailed Plus500 Futures Trading Academy.

Best brokers for international traders

Competitive spreads and zero-commission trading. Multiple account types. MT4, MT5 with Trading Central plugin. 1,250+ tradable instruments.

Raw spread ECN trading accounts. MT4, MT5, cTrader platforms. Research tools from Trading Central and Autochartist. 850+ tradable instruments.

Detailed trading tutorial articles. Forex Basics course and platform tutorials via video. Regular live trading webinars in English. Beginner trading accounts available.

2,000+ tradable instruments. eToro trading charts powered by TradingView. Easy-to-use copy trading service.

How did FXEmpire select the Best Forex Brokers for Silver Trading?

FXEmpire's Methodology

  • We only selected brokers with a high overall score from our proprietary rating system.
  • We checked that silver is available for trading through CFDs or futures against a variety of different fiat currencies and with leverage.
  • We opened a live trading account to test the broker’s live spreads and trading commissions to ensure they are competitive and transparent.
  • We tested the trading platforms to ensure a live chart of silver is available and that it is user-friendly and simple to trade from.
  • We examined each broker’s research offering to check if there is support for trading silver.
  • We verified the regulatory licenses for each of the jurisdictions the broker operates.

Using FX Empire’s comprehensive methodology, our team of experts has identified the best forex brokers for auto trading this year. Here’s how we test.

Now let’s explore the selected brokers.

Best Overall

Trading CFDs and FX Options entail risk and could result in the loss of your capital.
  • Min Deposit
    $100
  • Tradable Instruments
    853
  • Fees
    Medium

Founded in 2005, FP Markets stands as our top overall broker for silver trading. The broker offers six silver and gold pairs that can be traded against the USD, EUR, and GBP. With its low spreads, zero commission, ECN pricing accounts, and an excellent range of research tools and platforms, FP Markets is a top broker to consider.

Key Silver Trading Features:

  • Regulators: CySEC, ASIC, FSCA, Unregulated SVG entity
  • Max Leverage: 1:500
  • Silver Instruments: XAG/AUD, XAG/USD, XAG/EUR
  • Silver Fees: Average Spread 2 pips. Zero commission
  • Total Metal Instruments: 6 Silver & Gold
  • Platforms: MT4, MT5, cTrader
  • Research Tools: Trading Central, Autochartist

During our live test, I found that the spread for silver trading against the US dollar (XAG/USD) averaged 2.0 pips during the New York session on FP Markets’ Standard commission-free account. This rate is highly competitive compared to the industry average. In total, I identified six silver and gold pairs available for trading, which are paired against the USD, EUR, and GBP.

FP Markets provides access to three of the world’s best forex trading platform: MT4, MT5, and cTrader. I particularly enjoyed the MT4/MT5 plugins from Trading Central, which offer real-time market news and research from Dow Jones. The Autochartist plugin is also a valuable tool, delivering real-time technical analysis and trading ideas directly within the MetaTrader platforms.

Pros
  • Raw ECN pricing accounts.
  • Commission-free trading available.
  • 850+ tradable instruments.
  • 24/7 customer support.
Cons
  • cTrader platform is not available in all regions.

Best Low Spreads

Contracts for Difference (CFDs) are leveraged over-the-counter derivative products and carry a high level of risk to your capital. You should only risk capital that you can afford to lose. In certain circumstances, due to fluctuations in market value you may not get back your initial investment amount. You may not only lose your initial investment but you may incur a liability to pay a further amount to cover losses. This means you can lose more money than you have invested.
  • Min Deposit
    $100
  • Tradable Instruments
    8977
  • Fees
    Low

Founded in 2006, AvaTrade provides access to low spreads and commission-free trading across more than 1,250 tradable instruments covering metals, forex, commodities, stocks, and indices from the MT4 and MT5 trading platforms and its own proprietary web platform.

Key Silver Trading Features:

  • Regulators: CBI, ASIC, CySEC, FSCA, FSC BVI, FSRA, ISA, FSA Japan
  • Max Leverage: 1:10
  • Silver Instruments: XAG/USD
  • Silver Fees: Average Spread 2.9 pips. Zero commission
  • Total Metal Instruments: 5 Silver, Gold, Platinum, Palladium, Copper
  • Platforms: MT4, MT5, Ava Web Trader
  • Research Tools: Trading Central

During our live test, I noted that the spread for silver trading averaged 2.9 pips during the New York session. This rate is roughly in line with the industry average for a commission-free trading account. For the EUR/USD pair, the spread averaged 0.9 pips during the same session, which outperforms the industry average.

AvaTrade offers an extensive portfolio of over 1,250 tradable instruments, covering commodities, forex, stocks, and indices. This includes a variety of metals such as silver, gold, platinum, palladium, and copper—providing a solid range of options for trading. These assets are accessible through the MT4 and MT5 trading platforms, which can be enhanced with the Trading Central plugin for real-time market news and trading insights.

Pros
  • Low spreads and commission-free trading.
  • 1,250+ tradable instruments.
  • MT4, MT5, Trading Central tools.
  • AvaOptions app for forex and gold.
Cons
  • $50 fee if no activity for 3 months.

Best for Beginners

4.3
Forex margin trading involves substantial risks.
  • Min Deposit
    $25
  • Tradable Instruments
    230
  • Fees
    Low

Founded in 2011, OCTA is an unregulated broker based in St. Lucia, while the OctaEU entity is regulated by CySEC. The broker offers an extensive range of educational materials, featuring trading tutorial articles, a Forex Basics video course, and regular live trading webinars.

Key Silver Trading Features:

  • Regulators: CySEC, Unregulated St. Lucia entity
  • Max Leverage: 1:200
  • Silver Instruments: XAG/USD
  • Silver Fees: Average Spread 2 pips. Zero commission
  • Total Metal Instruments: 2 Silver & Gold
  • Platforms: MT4, MT5, OctaTrader

During our live test, I discovered that OCTA offers an extensive array of educational materials geared toward beginners. The Forex Basics video course consists of 11 videos, each averaging around five minutes, covering topics such as how forex works, the concept of leverage, candlestick trading, as well as technical and fundamental analysis.

The broker also features a wide selection of trading tutorial articles that address risk management, gold and silver trading, forex trading basics, various trading strategies, and more. These articles are thorough and supported by both text and images for clarity. For those who prefer interactive learning, OCTA regularly hosts live trading webinars in English, which can also be accessed via the OctaTrader app.

Pros
  • Extensive educational materials.
  • Forex Basics video course.
  • Commission-free and demo trading account.
  • Platform video tutorials.
Cons
  • Only 2 silver and gold pairs against the USD.

Best for Copy and Social Trading

51% of retail CFD accounts lose money.
  • Min Deposit
    $50
  • Tradable Instruments
    3705
  • Fees
    High

Founded in 2007, eToro operates the largest social and copy trading platform with more than 20 million monthly users. With more than 2,000 tradable instruments available to trade on, including nine different metals, inbuilt charts powered by TradingView, and easy copy trading tools, eToro is a broker worth considering.

Key Silver Trading Features:

  • Regulators: FCA, CySEC, ASIC, FINRA, FSA Seychelles
  • Max Leverage: 1:10
  • Silver Instruments: XAG/USD
  • Silver Fees: Average Spread 5 pips. Zero commission
  • Total Metal Instruments: 9 Silver, Gold, Platinum, Copper, Palladium, Nickel, Aluminium, Zinc, Lead
    Platforms: eToro Web Platform

During our live test, I discovered that you can trade on nine different metals, including silver, gold, platinum, copper, palladium, and nickel. This selection is exceptional and well above the industry average. In total, eToro offers more than 2,000 tradable instruments across forex, stocks, indices, and commodities, all of which are easily accessible via the eToro web platform.

I found the eToro platform easy to use and navigate. Its charts are now powered by TradingView, providing access to over 100 indicators, 90 drawing tools, and a broad array of chart types. The platform also enables you to view and copy the performance of other traders onto your own account. Alternatively, you can become a copy provider, allowing others to follow your trades, which could generate an additional revenue stream.

Pros
  • 9 metals to trade on.
  • Copy other traders easily.
  • TradingView charts with 100+ indicators.
  • 2,000+ tradable instruments.
Cons
  • Limited market research.

Best for Silver Futures in the US

Trading with leverage comes with a high risk and may not be suitable for everyone.
  • Min Deposit
    $100
  • Tradable Instruments
    52
  • Fees
    Low

Founded in 2008, Plus500 is a publicly traded company listed on the London Stock Exchange. In 2022, the broker launched its Futures Trading App for U.S. residents, providing access to a wide variety of futures markets without platform fees and with competitive contract commissions.

Key Silver Trading Features:

  • Regulators: CFTC, NFA
  • Silver Instruments: Silver Futures (SI)
  • Silver Fees: Average Spread 1 pip. $0.89 Standard Contract
  • Total Metal Instruments: 5 Silver, Gold, Palladium, Copper, Platinum Futures
  • Platforms: Plus500 Web Platform & App

During our live test, I discovered that Plus500’s Futures Trading services offer the ability to trade futures contracts across a variety of asset classes, including metals, crypto, forex, interest rates, energy, agriculture, and equity indices. I also noticed there are zero platform fees and zero routing fees, along with free market data accessible through both the app and web platform.

Furthermore, Plus500 US features an excellent selection of educational resources through its Futures Trading Academy. The videos in the academy cover fundamental aspects of futures trading, key terminology, and contract understanding, as well as practical trading tips on futures trading strategies. I found the articles to be both in-depth and insightful, covering a wide range of topics related to futures trading.

The above information is NOT relevant to EU residents. EU residents are to be serviced by European-regulated subsidiaries of the Plus500 Group, such as Plus500CY Ltd, which is authorized and regulated by CySEC, license No 250/14. Different regulatory requirements apply in Europe, such as leverage limitations and bonus restrictions.

Pros
  • Wide range of futures markets available.
  • Easy-to-use futures trading app.
  • Zero platform and routing fees.
  • Free real-time market data.
Cons
  • Only standard silver contracts available.

How to Choose the Best Silver CFD Trading Broker?

Here is a quick guide on how to choose the best broker for silver CFD trading.

Is the broker well-regulated?

When trading the silver market, verify you are trading with a regulated broker that is authorized and licensed by a government’s financial authority to handle your money and execute your trades.

Unfortunately, there are many brokers that are based offshore and are unregulated. I would advise you to stay well clear of unregulated brokers, as there are no legal avenues to claim your funds back if that broker decides to steal them.

Regulated brokers must adhere to strict rules in how they handle your funds and execute your trades. If they break these rules, they are fined by the regulator and may lose their license. Thus, regulated brokers are generally the safest option for trading.

Read more about Best regulated forex brokers.

However, not all regulated brokers are equal. In our broker rating reviews, we categorize regulators into three tiers:

  • Tier-1 regulators are well-known financial authorities such as the UK Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC), and many others.
  • Tier-2 regulators are lesser-known authorities but are still considered to be of a high standard. Examples include the Dubai Financial Services Authority (DFSA), the Financial Markets Authority of New Zealand (FMA) and many others.
  • Tier-3 regulators are generally from more offshore-based countries. Examples include the Vanuatu Financial Services Commission (VFSC), the Securities Commission of the Bahamas (SCB) and many others.

Tier-1 regulators provide the highest level of investor protection. For example, brokers regulated by the UK FCA, IIROC, CySEC, and ASIC are required by law to segregate your funds from their own (to ensure they are not used to run their daily operations) and to provide negative balance protection so your account does not go below zero.

The FCA, IIROC, and CySEC take their rules further and make it a legal requirement for brokers regulated by them to be part of a compensation scheme to protect client funds in the event the broker goes bankrupt.

You can verify the regulatory status and authorizations of your broker by reading the broker’s legal terms and conditions and by searching for them on the regulator’s register in the country they operate in.

Explore Best CySEC-regulated forex brokers and Best FCA-regulated forex brokers.

Are the fees transparent and competitive?

There are a variety of fees to take into consideration when choosing a forex broker to trade silver:

  • Spread. The difference between the buy price and the sell price of an instrument. See our guides on the best zero spread and best lowest spread forex brokers.
  • Commission. A fee to buy or sell.
  • Overnight or swap fee. The cost of holding a leveraged or margined position overnight. Find the list of the lowest swap brokers in our detailed guide.
  • Payments. Fees to deposit or withdraw your funds.
  • Inactivity. A charge when no activity has taken place for a certain number of months.

While brokers aim to charge the highest fees they can, you’ll naturally want a broker with the lowest possible fees. You can verify your broker’s fees by visiting the account or fee page on their website or by speaking to customer support.
If it is not easy to identify what the broker’s fees are, or they are not transparent, consider it a red flag and think twice about trading with them.

Which account type is best?

While some brokers may offer a large range of account types, they can generally be categorized into either a commission-free or commission-based account.

  • A commission-free trading account will have zero commission to buy or sell but may charge a higher spread.
  • A commission-based trading account means there is a fee to buy or sell, but will likely have lower spreads.

A beginner or longer-term trader may prefer a commission-free trading account, as most of the costs are included in the spread, reducing the number of risk management decisions. On the other hand, an advanced short-term trader might opt for a commission-based account with a lower spread to execute trades at more precise market levels.

Read more about Best STP forex brokers and Best ECN forex brokers.

How much leverage is available?

When trading silver CFDs you are not buying or selling physical silver bars or coins. Instead, you are trading a derivative of silver’s price, which you merely speculate on. As you do not own the underlying asset, you can trade silver both long and short using leverage.

If a broker offers 1:10 leverage, this means you can open a position worth 10 times the deposit you put down. In effect, you can open a position on silver worth $1,000, but you only need $100 to do so.

Tier-1 regulators have restricted the leverage on metals to 1:10 for retail traders due to the nature of its volatility. There are some offshore brokers that will offer much higher leverage, but you should be careful trading with them because they will offer fewer investor protections. For those comfortable with these dynamics, FX Empire offers a list of the best forex brokers with high leverage, carefully selected to suit specialized trading needs.

What trading platforms are available?

Some of the most common trading platforms provided by brokers to trade metals include:

  • MetaTrader 4: An excellent, reliable platform offering real-time charts, advanced order tickets, different timeframes, and built-in technical analysis indicators and drawing tools.
  • MetaTrader 5: An updated version of MT4 offering more execution styles, order types, timeframes, and indicators.

Check out our dedicated guides on best MT4 brokers and best MT5 brokers.

  • cTrader: A platform that has been specifically designed for high-frequency, algorithmic traders and scalpers. Read more about best cTrader brokers.
  • TradingView: A social trading web-based platform that has advanced research and charting capabilities across all of the world’s asset classes. See our detailed list of the best TradingView brokers.
  • In-House Proprietary Software: Some brokers will invest heavily into building their proprietary platform, which may come with more features than the third-party platforms listed above.

Personally, I like to trade with a broker that offers multiple platforms on different devices. If one platform/device goes down, I can easily trade from another one, ensuring I can always manage my account properly.

You may be able to test each trading platform using a demo account, which is useful in identifying the best trading platform for you and building confidence in using it. You can also check out our dedicated guide on best forex trading platforms.

What to avoid when choosing a CFD broker?

Here are some red flags to avoid when choosing a CFD broker:

  • Unregulated brokers. If you trade with an unregulated broker, there is no legal recourse if they decide to steal your money.
  • No live customer support. If you cannot contact your broker or a live customer support agent, it is a major red flag, as well-established brokers will have teams of people working for them.
  • Promises of high and unrealistic returns. There are no get-rich-quick schemes. If your broker is advertising as such, it is best to steer clear of them.

How to avoid forex and CFD scams?

While there are many scam brokers out there nowadays, you can protect yourself by remembering the following:

  • Trade with a regulated broker.
  • Check the broker is based in a well-established financial jurisdiction.
  • Ensure the broker has physical offices and teams of employees working for them.
  • Speak to customer support live to check if there is a human presence.
  • Read the legal terms and conditions you are signing up to.
  • Only stick to payment methods you recognize.

By abiding by these rules, you are more likely to avoid a forex and CFD scam. And if you are still uncertain, you can always check out our database of reviews to find the most reliable brokers.

Our Methodology

To identify the best forex brokers for silver trading, we evaluate brokers using our proprietary rating system that involves analyzing 250 data points across nine core categories, which include:

  • Trustworthiness: We verify the broker’s license to operate by confirming their authorization and regulatory status with the regulator in the jurisdiction they operate.
  • Fees: We test how competitive a broker’s trading fees are relative to the industry average by opening a live trading account to witness them first-hand.
  • Trading platform and tools: We explore each of the broker’s trading platforms and assess them for their usability, features, and tools.
  • Tradable instruments: We examine the number of tradable instruments offered by each broker to ensure a broad range of metals and other instruments are available to trade on.
  • Customer support: We connect with the customer support team through different channels to test the ease of access, knowledge, and helpfulness.
  • Payment methods: We explore all of the different payment methods to check their fees and processing times.
  • Account types: We investigate the different elements of each account type and check their execution methods, minimum deposits, and any additional features.
  • Research and education: We explore the quality and depth of each broker’s research and educational materials.

We abide by our strict guidelines for editorial integrity based on the objective standards we have set for our reviews. You can read more about our review process here.

For this page, we also confirmed that each broker offers the ability to trade on silver, either through CFDs or futures. We also ensured each broker provides a diverse range of metals and other markets through user-friendly, feature-rich trading platforms.

Meet Our Writers

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

Get to Know Our Authors

Dan BlystoneBroker Analyst

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.

Jitan SolankiBroker Analyst

Jitan Solanki is a professional trader, market analyst, and educator. He day trades major currency and index markets and focuses on swing trading US equities and commodities. A qualified Market Technician, Jitan also works with trader education and brokerage companies on various projects. These include market analysis, live trading events, and broker reviews. As an experienced trader and educator, Jitan brings all his qualities in action when reviewing and recommending brokers.

Plamen StoyanovBroker Analyst

Having been a retail trader since 2013, Plamen has gained an in-depth understanding of the challenges that novice traders face today. His expertise is swing trading and day trading with a heavy emphasis on psychological and fundamental analysis. Plamen’s favourite trading instruments include FX majors and gold. He earned a Bachelor's degree in Economics and International Relations. Plamen's broad experience has equipped him with the expertise to recommend the best forex brokers.

Vladimir ZernovBroker Analyst

In more than 15 years of trading in the financial markets, Vladimir dealt with a wide range of brokers and financial instruments. His career as a day-trader at a proprietary trading firm goes back to 2007. Later, Vladimir turned to longer time frames and became an independent trader and analyst managing his own portfolio. Using his experience, he helps traders find the best broker in his reviews.

A silver CFD is a contract that represents a derivative of the underlying price of the silver market. Traders can trade these contracts and speculate on the price of silver without owning physical silver bars.
One of the main differences between a silver CFD and actual silver trading is ownership. With a silver CFD, you are trading contracts that represent the underlying price of the silver market. With actual silver trading, you need to purchase physical bars and store them.
The advantages of trading silver CFDs are that you can profit from rising and falling prices and you can trade on margin. The disadvantage is that by trading on margin, you can lose more than the margin you put up for a trade.
Tier-1 regulators such as the UK FCA, IIROC, CySEC, and ASIC impose a maximum 1:10 leverage for trading silver CFDs for retail clients. Some offshore brokers may offer more leverage, but they have fewer investor protections.
Silver CFD trading will incur taxes as it is a business activity that involves profit and loss.
A silver CFD broker should be well-regulated, offer a range of silver trading pairs, and a good trading platform to buy and sell with low fees.
Some of the costs involved in trading silver CFDs include the spread, a commission to buy or sell, and the financing fee to hold a leveraged position overnight.
Some of the best trading platforms to trade silver CFDs include MetaTrader 4, MetaTrader 5, cTrader, ProRealTime, and TradingView.
FP Markets offers a low spread on silver CFDs of 2.0 pips with zero commission.
OCTA provides an interesting offering for beginner traders as there is an extensive range of educational articles, videos, and live trading webinars available.
FXTM provides an interesting offering for professional traders as you can access a Forex VPS service and a package of additional indicators for MT4.
Silver CFD trading is regulated but only if you trade with a regulated broker.
Research and analysis tools can help you when trading silver CFDs. Some brokers offer access to third-party research tools such as Trading Central and Autochartist, which provide real-time, technical analysis ideas across different markets, including silver.
Negative balance protection means that you cannot lose more money than you have deposited in your trading account. If the balance goes negative due to extreme market volatility, the broker will reset it to zero.
The brokers' website or legal terms and conditions document will contain this information. If it is not stated, then it is unlikely your broker will offer this protection. It is a legal requirement for brokers regulated by the UK FCA, CySEC, ASIC, and IIROC to offer this.
A compensation scheme compensates a broker's clients up to a certain amount if they go bankrupt or cease to operate.
Brokers usually state this information on their website and in its legal terms and conditions. If it's not explicitly stated, it's unlikely that the broker offers this feature. It is a legal requirement for brokers regulated by the UK FCA, CySEC, and IIROC to offer it.
A segregated fund holds client funds separate from the broker’s funds.
This information should be available on the broker's website and legal terms and conditions, or you can contact customer support. If it is not stated, then it is unlikely your broker will offer this protection. It is a legal requirement for brokers regulated by the UK FCA, CySEC, ASIC, and IIROC to offer it.

About the Author

Jitan SolankiBroker Analyst

Jitan Solanki is a professional trader, market analyst, and educator. He day trades major currency and index markets and focuses on swing trading US equities and commodities. A qualified Market Technician, Jitan also works with trader education and brokerage companies on various projects. These include market analysis, live trading events, and broker reviews. As an experienced trader and educator, Jitan brings all his qualities in action when reviewing and recommending brokers.

Why you can trust FX Empire

At FXEmpire, we strive to provide unbiased, thorough and accurate broker reviews by industry experts to help our users make smarter financial decisions.

Why you can trust FX Empire

FXEmpire was founded in 2011, making us one of the first forex broker review sites. You can trust FXEmpire because of our thorough and unbiased review process. With over a decade of experience, we have a team of industry experts who conduct rigorous tests to ensure our reviews are accurate and unbiased. Our reviews are designed to bring clarity and confidence to the process of choosing a broker, and are based on objective criteria and measurable data. Our editorial team is composed of trading industry professionals and seasoned financial journalists, who ensure that our reviews are accurate and unbiased. Additionally, our review system is based on 9 core categories and over 250 distinct variables, which ensures that all aspects of a broker are considered before giving a final rating. So, you can trust FXEmpire to provide you with honest and informative reviews that will help you make an informed decision on which broker will best enable you to reach your financial goals.