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Best Metals Forex Brokers

BrokerNotes.co

Written by BrokerNotes.co

August 29, 2023

Popular Broker For Trading Metals

London Capital Group is a UK Broker that offers over 5,000 asset classes for traders. Spread betting services which allow individuals to trade a wide selection of precious and non precious metals. Some of the metal products available to trade with London Capital Group include:

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74% and 89% 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 Metals

Here are the forex brokers for trading metals.

  • IG
    - 9.9/10 Overall
  • Saxo Bank - 9.7/10 Overall
  • Interactive Brokers - 9.7/10 Overall
  • CMC Markets - 9.6/10 Overall
  • FOREX.com
    - 9.3/10 Overall
  • City Index - 9.2/10 Overall
  • XTB - 9/10 Overall
  • eToro - 8.8/10 Overall
  • Swissquote - 8.7/10 Overall
IG
9.9/10 Overall
Summary Review Trading Platforms
Minimum Deposit£250.00
Tier-1 Licenses8
Tradeable Symbols (Total)19537

Year after year, IG has shown itself to be the best broker in the forex industry and a fantastic choice for forex traders. Highly trusted and regulated across the globe, IG delivers a wide variety of rich features, market research, and powerful trading tools. Fans of copy trading will appreciate IG’s seamless integration of trading signals into its web platform.

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)No
Visit Site

Join 239,000+ traders worldwide.

(Trading forex carries a high level of risk.)

Saxo Bank
9.7/10 Overall
Summary Review Trading Platforms
Minimum Deposit€2,000
Tier-1 Licenses7
Tradeable Symbols (Total)70000

Saxo Bank is a highly trusted broker that operates multiple banks and is regulated across the globe. Saxo Bank delivers an incredible cross-platform experience alongside powerful research and a vast selection of more than 60,000 symbols across multiple asset classes. It’s worth noting that minimum deposits at Saxo are steep.

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)No
MetaTrader 5 (MT5)No
Interactive Brokers
9.7/10 Overall
Summary Review Trading Platforms
Minimum Deposit$0
Tier-1 Licenses9
Tradeable Symbols (Total)8500

Interactive Brokers is a highly trusted broker regulated across the globe that delivers access to over 100 markets, including forex and CFDs. Its Trader Workstation (TWS) platform offers a variety of advanced trading tools for experienced traders, and IBKR's web-based platform is great for beginner forex traders.

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)No
MetaTrader 5 (MT5)No
CMC Markets
9.6/10 Overall
Summary Review Trading Platforms
Minimum Deposit$0
Tier-1 Licenses5
Tradeable Symbols (Total)12074

CMC Markets is a highly trusted multi-asset broker regulated in multiple Tier-1 jurisdictions. CMC's powerful Next Generation trading platform for web and mobile delivers a huge selection of markets and a fantastic user experience. CMC Markets also ranks highly for its high-quality research and educational content.

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)No
FOREX.com
9.3/10 Overall
Summary Review Trading Platforms
Minimum Deposit$100
Tier-1 Licenses7
Tradeable Symbols (Total)5500

FOREX.com is a highly trusted brand with a long history of offering forex in the U.S. and across the globe. FOREX.com offers its own flagship trading platforms for web and desktop, as well as the full MetaTrader suite. Though its pricing is higher than average, FOREX.com is a balanced choice for traders of all experience levels.

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
Visit Site

A Global Market Leader!

(Trading forex carries a high level of risk.)

City Index
9.2/10 Overall
Summary Review Trading Platforms
Minimum Deposit£100.00
Tier-1 Licenses7
Tradeable Symbols (Total)13500

City Index, part of StoneX Group, is an award-winning, highly trusted broker with a long history of offering forex and CFDs across its global offices. City Index delivers a well-designed mobile trading app and a powerful web platform, as well as a large range of tradeable markets (though pricing is just average).

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)No
XTB
9/10 Overall
Summary Review Trading Platforms
Minimum Deposit$0
Tier-1 Licenses2
Tradeable Symbols (Total)6010

XTB is a highly trusted brand with a proprietary platform (xStation 5) that delivers a rich selection of trading tools. XTB also offers CFDs for a wide range of asset classes, including multiple cryptocurrencies. Beginners will appreciate XTB's excellent educational content and the hundreds of lessons that are available via its Trading Academy.

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)No
eToro
8.8/10 Overall
Summary Review Trading Platforms
Minimum Deposit$10-$10,000
Tier-1 Licenses3
Tradeable Symbols (Total)3479

Best known for its copy trading platform suite, eToro is a highly trusted broker offering a large selection of cryptocurrency products, CFDs, shares, forex pairs, and a wide range of powerful trading tools. It’s worth noting that eToro is not a discount broker (though it offers zero-dollar commissions for U.S. stocks).

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)No
Web PlatformYes
MetaTrader 4 (MT4)No
MetaTrader 5 (MT5)No
Swissquote
8.7/10 Overall
Summary Review Trading Platforms
Minimum Deposit$1000
Tier-1 Licenses5
Tradeable Symbols (Total)472

Swissquote delivers a balanced offering of easy-to-use proprietary trading platforms and popular third-party platforms like MetaTrader and TradingView. Swissquote also offers a staggering 3 million financial products. It’s worth noting that Swissquote's pricing is more expensive than what you'd find with low-cost forex brokers.

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes

*All information collected from LCG, see website for full terms and conditions. Your capital is at risk. Last updated on January 26, 2017.

Commodities Trading of Precious and Non-Precious Metals

Gold is one of most the popular and most regularly traded metal commodity today. Over $27.5 billion of gold was cleared at the London Bullion Market in November 2016 alone.

Metals are popular commodities for traders because of the liquidity provided by the amount of activity from the constant demand for metals around the world. Several different metals may be traded on the commodity markets and the more popular ones include gold, silver, platinum, and industrial metals such as zinc, copper, lead, tin, aluminium, steel, nickel, molybdenum and others.

There are two main categories of metals which are:

  • Precious metals such as gold and silver are used in the production of jewellery and in the manufacturing of electronics.
  • Non-precious metals are used for industrial building processes.

History of Precious and Non-Precious Metal Trading

Metals were first used by prehistoric settlers to make weapons and tools. Prior to making tools and weapons with metals, stone was the common raw material and this continued between 10,000 and 4500 BC. By 6000 BC gold was discovered and it because popular because of its scarcity as well as its great value. It was used to make items of jewellery. Copper was discovered by 4200 BC and was also used to make weapons. Silver came on the scene in 4000 BC and was used as currency in the Roman and Chinese Empires. Other metals such as lead, bronze, tin, iron, mercury, nickel, uranium, titanium, chromium, aluminium and several others were discovered later on.

Metal trading first became popular in places like London with the opening of the Royal Exchange in London in 1571. Futures contracts trading of metals began after the industrial revolution in the UK in the 19th century. Merchants could now protect themselves against changing metal prices and trading picked up. LMEX index contracts were established in the year 2000 and several different metals began to be traded on the London Metals Exchange (LME) and on several other exchanges across the world. LME is now the worlds largest metals futures exchange.

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 70000 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 12074 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 96 6010 XTB Group Review
eToro logoeToro 8.8 $10-$10,000 1 90 3479 eToro Review
Swissquote logoSwissquote 8.7 $1000 N/A 99 472 Swissquote Review
AvaTrade logoAvaTrade 8.6 $100 0.92 94 1260 AvaTrade Review
FXCM logoFXCM 8.5 Starts from $50 1.38 95 440 FXCM Review Visit Site
Plus500 logoPlus500 8.5 €100 0.8 (August 2021) 99 2800 Plus500 Review
Capital.com logoCapital.com 8.4 $20 0.65 87 3119 Capital.com Review
XM Group logoXM Group 8.4 $5 1.6 88 1429 XM Group Review
Pepperstone logoPepperstone 8.4 $200 0.77 95 2342 Pepperstone Review
OANDA logoOANDA 8.4 $0 1.26 93 124 OANDA Review
Admiral Markets logoAdmiral Markets 8.3 $100 0.8 93 6942 Admiral Markets Review
FP Markets logoFP Markets 8.3 $100 AUD 1.2 87 10000 FP Markets Review
IC Markets logoIC Markets 8.2 $200 0.62 84 3583 IC Markets Review
Markets.com logoMarkets.com 8.2 $100 1.9 96 2179 Markets.com Review
FxPro logoFxPro 8.1 $100 1.51 90 2249 FxPro Review
Tickmill logoTickmill 8.0 $100 0.51 83 725 Tickmill Review
Fineco Bank logoFineco Bank 8.0 $0 N/A 95 126 Fineco Bank Review
BlackBull Markets logoBlackBull Markets 7.9 $0 0.827 77 26000 BlackBull Markets Review
DooPrime logoDooPrime 7.8 $100 N/A 83 10000 DooPrime Review
Vantage logoVantage 7.8 $50 1.30 90 1000 Vantage Review
BDSwiss logoBDSwiss 7.8 $100-$5000 1.6 81 1081 BDSwiss Review
HFM logoHFM 7.8 $0 1.2 86 3500 HFM Review
FlowBank logoFlowBank 7.7 $0 N/A 80 408600 FlowBank Review
HYCM (Henyep Capital Markets) logoHYCM (Henyep Capital Markets) 7.7 $20 0.6 88 1199 HYCM Review
Trading 212 logoTrading 212 7.6 €10 N/A 77 1785 Trading 212 Review
ThinkMarkets logoThinkMarkets 7.6 $0 N/A 88 4000 ThinkMarkets Review
Eightcap logoEightcap 7.6 $100 1.0 85 736 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 72 1016 Moneta Markets Review
VT Markets logoVT Markets 7.4 $200 1.2 71 168 VT Markets Review
TMGM logoTMGM 7.8 $100 0.96 83 12000 TMGM Review
ACY Securities logoACY Securities 7.4 $50 1.2 75 1600 ACY Securities Review
easyMarkets logoeasyMarkets 7.3 $50 0.9 80 199 easyMarkets Review
RoboForex (RoboMarkets) logoRoboForex (RoboMarkets) 7.3 $100 1.4 71 12000 Roboforex (RoboMarkets) Review
IronFX logoIronFX 7.2 $50 1.2 84 340 IronFX Review
Exness logoExness 7.2 $1 0.9 68 112 Exness Review
Spreadex logoSpreadex 7.2 $0 N/A 71 2000 Spreadex Review
IFC Markets logoIFC Markets 7.2 $1 1.44 67 630 ATFX Review
Trade360 logoTrade360 7.1 $250 N/A 76 1062 Trade360 Review
Axi logoAxi 7.1 $0 N/A 81 175 Axitrader Review
GKFX logoGKFX 7.1 $0 N/A 65 354 GKFX Review
Vestle logoVestle 7.1 -1 N/A 78 750 Vestle Review
OctaFX logoOctaFX 7 $25 0.9 70 229 OctaFX Review
FXOpen logoFXOpen 7 $100 N/A 80 87 FXOpen Review
TeleTrade logoTeleTrade 7 $100 N/A 71 500 Teletrade Review
FXPrimus logoFXPrimus 6.9 $100 N/A 71 140 FXPrimus Review Visit Site
Forex4you logoForex4you 6.9 $0 N/A 61 150 Forex4you Review
LegacyFX logoLegacyFX 6.9 $500 N/A 67 425 LegacyFX Review
GBE brokers logoGBE brokers 6.8 $500 N/A 71 500 GBE Brokers Review
Alpari logoAlpari 6.8 $20 N/A 68 105 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 73 300 Libertex Review
ATFX logoATFX 6.6 $500 N/A 67 150 ATFX Review
UFX logoUFX 6.6 $100 3 67 619 UFX Review
Xtrade logoXtrade 6.5 $250 N/A 80 142 Xtrade Review
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Methodology

At BrokerNotes.co, our data-driven reviews of online brokers are based on our own extensive testing of each broker's products and services as well as the qualified observations of our expert editorial team. In conjunction with our sister site, ForexBrokers.com, we’ve published well over 100,000 words of research and collected thousands of data points across hundreds of variables. Our in-depth trading guides are created with the same rigorous, data-driven approach.

Our proprietary Trust Score rating system tracks data from over 100 regulatory jurisdictions to help forex traders understand the regulatory status of their forex broker and choose a broker that they can trust.

Our editorial team is led by Steven Hatzakis, an industry veteran with decades of experience and a deep understanding of the forex market. Our team conducts thorough testing on a wide range of brokers, platforms, products, technologies, third-party trading tools, and mobile apps. We also test for the availability of high-quality educational content, actionable market research resources, and the accessibility and capabilities of mobile platforms. All of our ratings and rankings are based on the collection and validation of thousands of data points and our in-depth product testing.

Part of our testing process involves in-depth research into commissions and fees. We dive into each broker’s trading costs, such as VIP rebates, inactivity fees, custody fees, bid/ask spreads (we always strive to determine the average spreads for each broker to better serve our readers), and a variety of other fee-based data points.

When testing mobile apps or mobile products, we test on both Apple and Android devices. For Apple, we test with the iPhone XS running iOS 16, and for Android we use the Samsung Galaxy S9+ and Samsung Galaxy S20 Ultra devices running Android OS 13.

All of the content on BrokerNotes.co is researched, fact-checked, and edited by members of our editorial team. Our ratings and rankings are driven by our independent data collection. We may use generative AI tools to assist in some of the rote aspects of our content production processes, but the substance of our content, as well as our opinions and evaluations are based on our extensive research and product testing. Read our Generative AI policy to learn more.

Our rigorous data validation process provides our readers with quality data they can trust. Click here to learn more about how we test.

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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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BrokerNotes.co
BrokerNotes.co

BrokerNotes is powered by a dynamic team of writers, researchers, content strategists, data analysts, editors, traders, and investors. We are obsessed with creating the best finance content on the internet, and we are dedicated to helping our readers make great choices for their money.

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