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Best Forex Brokers Trading Gold

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Written by BrokerNotes.co

April 24, 2023

What is Gold?

Gold is a dense, reddish-yellow transition metal that belongs to the Group 11 elements. The Group 11 metals are also known as coinage metals because of their historical use as coins and include silver, copper (Cu) and Gold (Au). Nowadays, Gold is mainly used in Jewellery, electronics, medicine and as a financial instrument.

Gold is one of the most popular traded precious metals and over 125 times the annual output of actual gold from the world’s mines has been traded in a single year on the London gold exchange alone, the LBMA.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 65% and 82% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Best Forex Brokers for Trading Gold

Here are the best forex brokers for trading metals such as gold.

  • IG
    - 9.9/10 Overall
  • Saxo Bank - 9.7/10 Overall
  • Interactive Brokers - 9.7/10 Overall
  • CMC Markets - 9.6/10 Overall
  • TD Ameritrade - 9.5/10 Overall
  • FOREX.com
    - 9.3/10 Overall
  • City Index - 9.2/10 Overall
  • XTB - 9/10 Overall
  • eToro - 8.8/10 Overall

Overall Rating

9.9 / 10

Minimum Deposit

£250.00

Trust Score info

Highly Trusted
99
Cost & Funding
Average Spread EUR/USD - Standard0.86
All-in Cost EUR/USD - Active0.5957
PayPal (Deposit/Withdraw)Yes
Skrill (Deposit/Withdraw)No
Visa/Mastercard (Credit/Debit)Yes
Regulation
Year Founded1974
Publicly Traded (Listed)Yes
BankYes
Tier-1 Licenses7
Tier-2 Licenses2
Investment Options
Forex Trading (Spot or CFDs)Yes
Mobile Trading - Forex or CFDsYes
Tradeable Symbols (Total)19537
Forex Pairs (Total)100
BitcoinYes
Trading Platforms
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)No
Proprietary PlatformYes
Social Trading / Copy TradingYes
Charting - Indicators / Studies (Total)33
Apps & Tools
Android App
Apple iOS AppYes
Education (Forex or CFDs)Yes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)Yes
Economic CalendarYes

Overall Rating

9.7 / 10

Minimum Deposit

€2,000

Trust Score info

Highly Trusted
99
Cost & Funding
Average Spread EUR/USD - Standard0.9
All-in Cost EUR/USD - Active0.7
PayPal (Deposit/Withdraw)No
Skrill (Deposit/Withdraw)No
Visa/Mastercard (Credit/Debit)Yes
Regulation
Year Founded1992
Publicly Traded (Listed)No
BankYes
Tier-1 Licenses6
Tier-2 Licenses1
Investment Options
Forex Trading (Spot or CFDs)Yes
Mobile Trading - Forex or CFDsYes
Tradeable Symbols (Total)60000
Forex Pairs (Total)190
BitcoinYes
Trading Platforms
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)No
MetaTrader 5 (MT5)No
Proprietary PlatformYes
Social Trading / Copy TradingYes
Charting - Indicators / Studies (Total)62
Apps & Tools
Android App
Apple iOS AppYes
Education (Forex or CFDs)Yes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)Yes
Economic CalendarYes

Overall Rating

9.7 / 10

Minimum Deposit

$0

Trust Score info

Highly Trusted
99
Cost & Funding
Average Spread EUR/USD - Standard0.6
All-in Cost EUR/USD - Active0.6
PayPal (Deposit/Withdraw)No
Skrill (Deposit/Withdraw)No
Visa/Mastercard (Credit/Debit)No
Regulation
Year Founded1977
Publicly Traded (Listed)Yes
BankNo
Tier-1 Licenses8
Tier-2 Licenses1
Investment Options
Forex Trading (Spot or CFDs)Yes
Mobile Trading - Forex or CFDsYes
Tradeable Symbols (Total)8500
Forex Pairs (Total)90
BitcoinYes
Trading Platforms
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)No
MetaTrader 5 (MT5)No
Proprietary PlatformYes
Social Trading / Copy TradingNo
Charting - Indicators / Studies (Total)128
Apps & Tools
Android App
Apple iOS AppYes
Education (Forex or CFDs)Yes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)Yes
Economic CalendarYes

Overall Rating

9.6 / 10

Minimum Deposit

$0

Trust Score info

Highly Trusted
99
Cost & Funding
Average Spread EUR/USD - Standard0.51
All-in Cost EUR/USD - Active0.51
PayPal (Deposit/Withdraw)Yes
Skrill (Deposit/Withdraw)No
Visa/Mastercard (Credit/Debit)Yes
Regulation
Year Founded1989
Publicly Traded (Listed)Yes
BankNo
Tier-1 Licenses5
Tier-2 Licenses1
Investment Options
Forex Trading (Spot or CFDs)Yes
Mobile Trading - Forex or CFDsYes
Tradeable Symbols (Total)12377
Forex Pairs (Total)158
BitcoinYes
Trading Platforms
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)No
Proprietary PlatformYes
Social Trading / Copy TradingYes
Charting - Indicators / Studies (Total)84
Apps & Tools
Android App
Apple iOS AppYes
Education (Forex or CFDs)Yes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)Yes
Economic CalendarYes

Overall Rating

9.5 / 10

Minimum Deposit

$0

Trust Score info

Highly Trusted
99
Cost & Funding
Average Spread EUR/USD - Standard1.25
All-in Cost EUR/USD - Active1.25
PayPal (Deposit/Withdraw)No
Skrill (Deposit/Withdraw)No
Visa/Mastercard (Credit/Debit)No
Regulation
Year Founded1955
Publicly Traded (Listed)Yes
BankYes
Tier-1 Licenses4
Tier-2 Licenses0
Investment Options
Forex Trading (Spot or CFDs)Yes
Mobile Trading - Forex or CFDsYes
Tradeable Symbols (Total)0
Forex Pairs (Total)73
BitcoinYes
Trading Platforms
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)No
MetaTrader 5 (MT5)No
Proprietary PlatformYes
Social Trading / Copy TradingNo
Charting - Indicators / Studies (Total)360
Apps & Tools
Android App
Apple iOS AppYes
Education (Forex or CFDs)Yes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)Yes
Economic CalendarYes

Overall Rating

9.3 / 10

Minimum Deposit

$100

Trust Score info

Highly Trusted
99
Cost & Funding
Average Spread EUR/USD - Standard1.0
All-in Cost EUR/USD - Active1.0
PayPal (Deposit/Withdraw)Yes
Skrill (Deposit/Withdraw)No
Visa/Mastercard (Credit/Debit)Yes
Regulation
Year Founded1999
Publicly Traded (Listed)Yes
BankNo
Tier-1 Licenses4
Tier-2 Licenses2
Investment Options
Forex Trading (Spot or CFDs)Yes
Mobile Trading - Forex or CFDsYes
Tradeable Symbols (Total)5500
Forex Pairs (Total)91
BitcoinYes
Trading Platforms
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
Proprietary PlatformYes
Social Trading / Copy TradingNo
Charting - Indicators / Studies (Total)203
Apps & Tools
Android App
Apple iOS AppYes
Education (Forex or CFDs)Yes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)Yes
Economic CalendarYes

Overall Rating

9.2 / 10

Minimum Deposit

£100.00

Trust Score info

Highly Trusted
99
Cost & Funding
Average Spread EUR/USD - Standard1.0
All-in Cost EUR/USD - Active1.0
PayPal (Deposit/Withdraw)Yes
Skrill (Deposit/Withdraw)No
Visa/Mastercard (Credit/Debit)Yes
Regulation
Year Founded1983
Publicly Traded (Listed)Yes
BankNo
Tier-1 Licenses3
Tier-2 Licenses2
Investment Options
Forex Trading (Spot or CFDs)Yes
Mobile Trading - Forex or CFDsYes
Tradeable Symbols (Total)13500
Forex Pairs (Total)84
BitcoinYes
Trading Platforms
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)No
Proprietary PlatformYes
Social Trading / Copy TradingYes
Charting - Indicators / Studies (Total)88
Apps & Tools
Android App
Apple iOS AppYes
Education (Forex or CFDs)Yes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)Yes
Economic CalendarYes

Overall Rating

9 / 10

Minimum Deposit

$0

Trust Score info

Highly Trusted
95
Cost & Funding
Average Spread EUR/USD - Standard1.07
All-in Cost EUR/USD - Active1.04
PayPal (Deposit/Withdraw)Yes
Skrill (Deposit/Withdraw)Yes
Visa/Mastercard (Credit/Debit)Yes
Regulation
Year Founded2002
Publicly Traded (Listed)Yes
BankNo
Tier-1 Licenses1
Tier-2 Licenses3
Investment Options
Forex Trading (Spot or CFDs)Yes
Mobile Trading - Forex or CFDsYes
Tradeable Symbols (Total)12000
Forex Pairs (Total)57
BitcoinYes
Trading Platforms
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)No
Proprietary PlatformYes
Social Trading / Copy TradingYes
Charting - Indicators / Studies (Total)39
Apps & Tools
Android App
Apple iOS AppYes
Education (Forex or CFDs)Yes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)Yes
Economic CalendarYes

Overall Rating

8.8 / 10

Minimum Deposit

$10-$10,000

Trust Score info

Highly Trusted
93
Cost & Funding
Average Spread EUR/USD - Standard1
All-in Cost EUR/USD - ActiveN/A
PayPal (Deposit/Withdraw)Yes
Skrill (Deposit/Withdraw)Yes
Visa/Mastercard (Credit/Debit)Yes
Regulation
Year Founded2007
Publicly Traded (Listed)No
BankNo
Tier-1 Licenses2
Tier-2 Licenses1
Investment Options
Forex Trading (Spot or CFDs)Yes
Mobile Trading - Forex or CFDsYes
Tradeable Symbols (Total)3458
Forex Pairs (Total)49
BitcoinYes
Trading Platforms
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)No
MetaTrader 5 (MT5)No
Proprietary PlatformYes
Social Trading / Copy TradingYes
Charting - Indicators / Studies (Total)66
Apps & Tools
Android App
Apple iOS AppYes
Education (Forex or CFDs)Yes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)No
Economic CalendarYes

History of Gold

  • Gold is thought to have been brought to earth by metal-bearing meteor about 4 billion years ago, with most of the gold sinking into the earth’s crust.
  • Gold was believed to have been first used by humans during the Chalcolithic Period (Bronze Age) and artefacts have been found that are older than the current Christian era by up to four millennia.
  • Gold in the form of electrum coins – a combination of gold and silver – was first used as currrency in Lydia around 700 B.C. by merchants.
  • The use of gold as a universal currency, known as the gold specie standard, was first instituted by the British West Indies. This continued until a proclamation by Queen Anne in 1704 made a de facto gold standard with the Spanish gold coin.

Modern-day statistics for Gold

The top 10 producers of gold:

Top 10 countries with the largest gold reserves:

How is Gold Traded

Due to its popularity as an investment vehicle, gold is traded in a variety of ways. Broadly speaking they can be broken down into two major groups, physical forms and non-physical forms.

The non-physical forms in which gold is traded include:

Derivatives and CFDs

Trading Gold as a CFD is offered by most CFDs like London Capital Group. Trading Gold Futures and Spot Gold as a CFD has opened up the door for more traders because it requires less capital than trading a traditional Future. For example:

Minimum Trade Gold Future: Latest price of a Gold future on the CME exchange was $1,224 Contract size for a single Gold Future contract = 100 troy ounces Therefore a minimum trade for a single futures contract for Gold would be 100*$1224 = $122,400. *The maintenance margin required by CME for a Gold futures contract is $5,400.

Minimum Trade of a Gold Future CFD with LCG: Using the trading conditions offered by London Capital Group, a maximum margin for Gold of 0.5% and a minimum trade size of 0.1 lot (contract size). The minimum cost of a trade of Gold Future using London Capital Group in this example would be $61.20 (10*$1,224/200=$61.20).

Comparison of CFD Gold and Futures gold contracts

Trading conditions for Gold futures with London Capital Group

*All information collected from https://www.lcg.com/uk/, see website for full terms and conditions. Your capital is at risk. Last updated on February 14, 2017.

100 oz Gold Future Contract example with Financial Conduct Authority (FCA)ICE

Trading Hours

*Next Day

Market opens at 6:00pm on Sunday, for Monday’s trade date. Pre-open at 5:30pm Sunday, 7:30pm Monday through Thursday

Exchange-Traded Products

These are traded on a stock exchange and include Exchange Traded Funds and Exchange Traded Notes.

Certificates

The first paper currency were gold certificates and they represent a promise by the issuer to provide a stated quantity of gold.

Certificates allow their holders to avoid the stress and risk involved in storing or carrying around a large amount of precious metal.

Gold in physical form can be traded in:

Bars

This is the most popular form in which gold is stored and traded, both in reality and pop culture.

These bars are available in various sizes including 12 kilogramme bars (400 troy ounces), 1 kilogramme bars, and less commonly, 1 gramme (31 troy ounces) 1 Tael and 1 Tola bars.

The use of large gold bars, however, carries a significant risk of counterfeiting as larger bars could be made hollow and filled with a variety of less valuable substances.

Also, gold bars can not be weighed and compared to a previously set value to confirm their authenticity, unlike gold coins.

Coins

Bullion gold coins differ from numismatic coins which are collected for their rarity rather than any intrinsic value of the gold contained.

The use of gold coins for trading is also very popular with over 50 million ounces of Kruggerands, – a type of gold coin – in circulation around the world.

Sizes of gold bullion coins vary from one-tenth of an ounce to two-ounce and examples of popular gold bullion coins include the South African Krugerrand, Australian Gold Nugget, Canadian Gold Maple Leaf and the American Gold Eagle.

What Influences The Gold Market

The monetary policy set out by the Federal Reserve is one of the biggest influencers of Gold. Higher interest rates can lower the demand for gold as holding cash can becomes more attractive and in times of low-interest rates, demand for gold can increase as holding gold over cash becomes more attractive.

Commodities related to gold include:

  • Platinum
  • Silver
  • Aluminium
  • Tin
  • Copper

Popular gold exchanges

  • Financial Conduct Authority (FCA)London Metal Exchange (LME): offers exposure to futures and options of a large variety of metals and commodities
  • The New York Mercantile Exchange (NYMEX): the world’s largest commodity futures exchange platform, offering a wide variety of products
  • The Intercontinental Exchange Inc. (ICE): operates futures and over the counter contracts through internet marketplaces

Summary: trading gold

Trading Gold futures and Spot gold as a CFD is a popular choice for traders who are looking for a low-cost approach to trading. With a combination of leverage and smaller contract sizes, the required capital to trading gold is minimised as a CFD.

BrokerNotes.co 2023 Overall Rankings

To recap, here are our top forex brokers for 2023, sorted by Overall ranking.

Company Overall Rating Minimum Deposit Average Spread EUR/USD - Standard Trust Score Tradeable Symbols (Total) Read Review Visit Site
IG logoIG 9.9 £250.00 0.86 99 19537 IG Review Visit Site
Saxo Bank logoSaxo Bank 9.7 €2,000 0.9 99 60000 Saxo Bank Review
Interactive Brokers logoInteractive Brokers 9.7 $0 0.6 99 8500 Interactive Brokers Review
CMC Markets logoCMC Markets 9.6 $0 0.51 99 12377 CMC Markets Review
TD Ameritrade logoTD Ameritrade 9.5 $0 1.25 99 0 TD Ameritrade Review
FOREX.com logoFOREX.com 9.3 $100 1.0 99 5500 FOREX.com Review Visit Site
City Index logoCity Index 9.2 £100.00 1.0 99 13500 City Index Review
XTB logoXTB 9 $0 1.07 95 12000 XTB Group Review
eToro logoeToro 8.8 $10-$10,000 1 93 3458 eToro Review
Swissquote logoSwissquote 8.7 $1000 N/A 99 466 Swissquote Review
AvaTrade logoAvaTrade 8.6 $100 0.92 93 1260 AvaTrade Review
FXCM logoFXCM 8.5 Starts from $50 1.38 96 440 FXCM Review Visit Site
Plus500 logoPlus500 8.5 €100 0.8 98 2800 Plus500 Review
Capital.com logoCapital.com 8.4 $20 0.65 85 3152 Capital.com Review
XM Group logoXM Group 8.4 $5 1.6 90 1429 XM Group Review
Pepperstone logoPepperstone 8.4 $200 0.77 93 2342 Pepperstone Review
OANDA logoOANDA 8.4 $0 1.26 92 124 OANDA Review
Admiral Markets logoAdmiral Markets 8.3 $100 0.8 88 6942 Admiral Markets Review
FP Markets logoFP Markets 8.3 $100 AUD 1.2 86 10000 FP Markets Review
IC Markets logoIC Markets 8.2 $200 0.62 86 3583 IC Markets Review
Markets.com logoMarkets.com 8.2 $100 1.9 98 2179 Markets.com Review
FxPro logoFxPro 8.1 $100 1.51 90 2249 FxPro Review
Tickmill logoTickmill 8.0 $100 0.51 82 725 Tickmill Review
Fineco Bank logoFineco Bank 8.0 $0 N/A 92 126 Fineco Bank Review
BlackBull Markets logoBlackBull Markets 7.9 $0 0.827 74 26000 BlackBull Markets Review
DooPrime logoDooPrime 7.8 $100 N/A 84 10000 DooPrime Review
Vantage logoVantage 7.8 $50 1.30 89 1000 Vantage Review
BDSwiss logoBDSwiss 7.8 $100-$5000 1.6 83 1081 BDSwiss Review
TMGM logoTMGM 7.8 $100 0.96 79 12000 TMGM Review
HFM logoHFM 7.8 $0 1.2 85 3500 HFM Review
FlowBank logoFlowBank 7.7 $0.00 N/A 77 408600 FlowBank Review
HYCM (Henyep) logoHYCM (Henyep) 7.7 $100 0.6 86 362 HYCM Review
Trading 212 logoTrading 212 7.6 EUR 10 N/A 77 1785 Trading 212 Review
Eightcap logoEightcap 7.6 $100 1.0 87 736 Eightcap Review
Trade Nation logoTrade Nation 7.5 $0 0.6 83 601 Trade Nation Review
Moneta Markets logoMoneta Markets 7.5 $50 1.27 71 965 Moneta Markets Review
ThinkMarkets logoThinkMarkets 7.4 $250.00 N/A 86 1674 ThinkMarkets Review
VT Markets logoVT Markets 7.4 $200 1.2 71 168 VT Markets Review
ACY Securities logoACY Securities 7.4 $50 1.2 75 1600 ACY Securities Review
easyMarkets logoeasyMarkets 7.3 $100 0.9 84 199 a href="/reviews/easymarkets">easyMarkets Review
RoboForex (RoboMarkets) logoRoboForex (RoboMarkets) 7.3 $100 1.4 69 12000 Roboforex (RoboMarkets) Review
IronFX logoIronFX 7.2 $50 1.2 84 340 IronFX Review
Exness logoExness 7.2 $1 0.9 74 112 Exness Review
Spreadex logoSpreadex 7.2 $0 N/A 70 2000 Spreadex Review
Trade360 logoTrade360 7.1 $250 N/A 75 1062 Trade360 Review
Axi logoAxi 7.1 0 N/A 83 175 Axitrader Review
GKFX logoGKFX 7.1 $0 N/A 66 354 GKFX Review
Vestle logoVestle 7.1 -1 N/A 79 750 Vestle Review
OctaFX logoOctaFX 7 $25 0.9 69 229 OctaFX Review
FXOpen logoFXOpen 7 $100 N/A 80 87 FXOpen Review
TeleTrade logoTeleTrade 7 $100 N/A 67 500 Teletrade Review
FXPrimus logoFXPrimus 6.9 $100 N/A 69 140 FXPrimus Review Visit Site
Forex4you logoForex4you 6.9 $0 N/A 62 150 Forex4you Review
LegacyFX logoLegacyFX 6.9 $500 N/A 66 425 LegacyFX Review
GBE brokers logoGBE brokers 6.8 $500 N/A 69 500 GBE Brokers Review
Alpari logoAlpari 6.8 $20 N/A 67 105 Alpari Review
TopFX logoTopFX 6.7 Depends on payment method N/A 67 655 TopFX Review
Libertex (Forex Club) logoLibertex (Forex Club) 6.7 $10 N/A 72 300 Libertex Review
ATFX logoATFX 6.6 $500 N/A 70 150 ATFX Review
UFX logoUFX 6.6 $100 3 67 619 UFX Review
Xtrade logoXtrade 6.5 $250 N/A 80 142 Xtrade Review
Tradeo logoTradeo 6.4 $200 N/A 67 256 Tradeo Review
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There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more about foreign exchange risk.

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