Best Gold Trading Brokers for 2023

List of Top Gold Trading Brokers & Platforms

Best brokers for US traders

• Plus500 – Best Metal Futures in the US
  Member of the CME Group and the NFA. Innovative proprietary platform. Zero platform fees. Comprehensive educational materials.

Best brokers for international traders

• 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. Spot gold, gold options, gold-related shares, and ETFs. Robust charting. +Insights tool. Sentiment data. Alerts. Two-factor authentication.
• BDSwiss – Best Research Materials
  Strong in-house research materials. Helpful third-party tools. Insightful webinars.
• Vantage – Best for Beginners
  Diverse live webinars. Platform tutorials. 24/7 support. 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.

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.

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 Exness to $200 in the case of IC Markets. Typically, the minimum deposits at CFD brokers are relatively low.

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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