Best Forex Brokers for Trading Platinum

Written by BrokerNotes.co

April 24, 2023

Popular Precious Metals for Traders: Platinum

What is Platinum?

Platinum is a dense, malleable, lustrous, silver-white metal that is a member of the Platinum Group of Metals (PGM), coming under group 10 of the periodic table of elements. As it is an extremely rare metal, it is considered to be very valuable, but price movements in the platinum market tend to be more volatile than gold. During economic stability and growth, the price can be much higher than the price of gold. However, during times of economic uncertainty, platinum prices tend to decrease in value along with the associated reduced industrial demand.

Best Forex Brokers for Trading Platinum

Here are the best forex brokers for trading platinum.

• 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

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IG

Overall Rating

9.9 / 10

Minimum Deposit

£250.00

Trust Score Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust. close

Highly Trusted

• Cost & Funding
• Regulation
• Investment Options
• Trading Platforms
• Apps & Tools

Cost & Fundingexpand_moreexpand_less

Average Spread EUR/USD - Standard	0.86
All-in Cost EUR/USD - Active	0.5957
PayPal (Deposit/Withdraw)	Yes
Skrill (Deposit/Withdraw)	No
Visa/Mastercard (Credit/Debit)	Yes

Regulationexpand_moreexpand_less

Year Founded	1974
Publicly Traded (Listed)	Yes
Bank	Yes
Tier-1 Licenses	7
Tier-2 Licenses	2

Investment Optionsexpand_moreexpand_less

Forex Trading (Spot or CFDs)	Yes
Mobile Trading - Forex or CFDs	Yes
Tradeable Symbols (Total)	19537
Forex Pairs (Total)	100
Bitcoin	Yes

Trading Platformsexpand_moreexpand_less

Virtual Trading (Demo)	Yes
MetaTrader 4 (MT4)	Yes
MetaTrader 5 (MT5)	No
Proprietary Platform	Yes
Social Trading / Copy Trading	Yes
Charting - Indicators / Studies (Total)	33

Apps & Toolsexpand_moreexpand_less

Android App
Apple iOS App	Yes
Education (Forex or CFDs)	Yes
Daily Market Commentary	Yes
Forex News (Top-Tier Sources)	Yes
Economic Calendar	Yes

Saxo Bank

Overall Rating

9.7 / 10

Minimum Deposit

€2,000

Trust Score Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust. close

Highly Trusted

• Cost & Funding
• Regulation
• Investment Options
• Trading Platforms
• Apps & Tools

Cost & Fundingexpand_moreexpand_less

Average Spread EUR/USD - Standard	0.9
All-in Cost EUR/USD - Active	0.7
PayPal (Deposit/Withdraw)	No
Skrill (Deposit/Withdraw)	No
Visa/Mastercard (Credit/Debit)	Yes

Regulationexpand_moreexpand_less

Year Founded	1992
Publicly Traded (Listed)	No
Bank	Yes
Tier-1 Licenses	6
Tier-2 Licenses	1

Investment Optionsexpand_moreexpand_less

Forex Trading (Spot or CFDs)	Yes
Mobile Trading - Forex or CFDs	Yes
Tradeable Symbols (Total)	60000
Forex Pairs (Total)	190
Bitcoin	Yes

Trading Platformsexpand_moreexpand_less

Virtual Trading (Demo)	Yes
MetaTrader 4 (MT4)	No
MetaTrader 5 (MT5)	No
Proprietary Platform	Yes
Social Trading / Copy Trading	Yes
Charting - Indicators / Studies (Total)	62

Apps & Toolsexpand_moreexpand_less

Android App
Apple iOS App	Yes
Education (Forex or CFDs)	Yes
Daily Market Commentary	Yes
Forex News (Top-Tier Sources)	Yes
Economic Calendar	Yes

Interactive Brokers

Overall Rating

9.7 / 10

Minimum Deposit

$0

Trust Score Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust. close

Highly Trusted

• Cost & Funding
• Regulation
• Investment Options
• Trading Platforms
• Apps & Tools

Cost & Fundingexpand_moreexpand_less

Average Spread EUR/USD - Standard	0.6
All-in Cost EUR/USD - Active	0.6
PayPal (Deposit/Withdraw)	No
Skrill (Deposit/Withdraw)	No
Visa/Mastercard (Credit/Debit)	No

Regulationexpand_moreexpand_less

Year Founded	1977
Publicly Traded (Listed)	Yes
Bank	No
Tier-1 Licenses	8
Tier-2 Licenses	1

Investment Optionsexpand_moreexpand_less

Forex Trading (Spot or CFDs)	Yes
Mobile Trading - Forex or CFDs	Yes
Tradeable Symbols (Total)	8500
Forex Pairs (Total)	90
Bitcoin	Yes

Trading Platformsexpand_moreexpand_less

Virtual Trading (Demo)	Yes
MetaTrader 4 (MT4)	No
MetaTrader 5 (MT5)	No
Proprietary Platform	Yes
Social Trading / Copy Trading	No
Charting - Indicators / Studies (Total)	128

Apps & Toolsexpand_moreexpand_less

Android App
Apple iOS App	Yes
Education (Forex or CFDs)	Yes
Daily Market Commentary	Yes
Forex News (Top-Tier Sources)	Yes
Economic Calendar	Yes

CMC Markets

Overall Rating

9.6 / 10

Minimum Deposit

$0

Trust Score Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust. close

Highly Trusted

• Cost & Funding
• Regulation
• Investment Options
• Trading Platforms
• Apps & Tools

Cost & Fundingexpand_moreexpand_less

Average Spread EUR/USD - Standard	0.51
All-in Cost EUR/USD - Active	0.51
PayPal (Deposit/Withdraw)	Yes
Skrill (Deposit/Withdraw)	No
Visa/Mastercard (Credit/Debit)	Yes

Regulationexpand_moreexpand_less

Year Founded	1989
Publicly Traded (Listed)	Yes
Bank	No
Tier-1 Licenses	5
Tier-2 Licenses	1

Investment Optionsexpand_moreexpand_less

Forex Trading (Spot or CFDs)	Yes
Mobile Trading - Forex or CFDs	Yes
Tradeable Symbols (Total)	12377
Forex Pairs (Total)	158
Bitcoin	Yes

Trading Platformsexpand_moreexpand_less

Virtual Trading (Demo)	Yes
MetaTrader 4 (MT4)	Yes
MetaTrader 5 (MT5)	No
Proprietary Platform	Yes
Social Trading / Copy Trading	Yes
Charting - Indicators / Studies (Total)	84

Apps & Toolsexpand_moreexpand_less

Android App
Apple iOS App	Yes
Education (Forex or CFDs)	Yes
Daily Market Commentary	Yes
Forex News (Top-Tier Sources)	Yes
Economic Calendar	Yes

TD Ameritrade

Overall Rating

9.5 / 10

Minimum Deposit

$0

Trust Score Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust. close

Highly Trusted

• Cost & Funding
• Regulation
• Investment Options
• Trading Platforms
• Apps & Tools

Cost & Fundingexpand_moreexpand_less

Average Spread EUR/USD - Standard	1.25
All-in Cost EUR/USD - Active	1.25
PayPal (Deposit/Withdraw)	No
Skrill (Deposit/Withdraw)	No
Visa/Mastercard (Credit/Debit)	No

Regulationexpand_moreexpand_less

Year Founded	1955
Publicly Traded (Listed)	Yes
Bank	Yes
Tier-1 Licenses	4
Tier-2 Licenses	0

Investment Optionsexpand_moreexpand_less

Forex Trading (Spot or CFDs)	Yes
Mobile Trading - Forex or CFDs	Yes
Tradeable Symbols (Total)	0
Forex Pairs (Total)	73
Bitcoin	Yes

Trading Platformsexpand_moreexpand_less

Virtual Trading (Demo)	Yes
MetaTrader 4 (MT4)	No
MetaTrader 5 (MT5)	No
Proprietary Platform	Yes
Social Trading / Copy Trading	No
Charting - Indicators / Studies (Total)	360

Apps & Toolsexpand_moreexpand_less

Android App
Apple iOS App	Yes
Education (Forex or CFDs)	Yes
Daily Market Commentary	Yes
Forex News (Top-Tier Sources)	Yes
Economic Calendar	Yes

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FOREX.com

Overall Rating

9.3 / 10

Minimum Deposit

$100

Trust Score Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust. close

Highly Trusted

• Cost & Funding
• Regulation
• Investment Options
• Trading Platforms
• Apps & Tools

Cost & Fundingexpand_moreexpand_less

Average Spread EUR/USD - Standard	1.0
All-in Cost EUR/USD - Active	1.0
PayPal (Deposit/Withdraw)	Yes
Skrill (Deposit/Withdraw)	No
Visa/Mastercard (Credit/Debit)	Yes

Regulationexpand_moreexpand_less

Year Founded	1999
Publicly Traded (Listed)	Yes
Bank	No
Tier-1 Licenses	4
Tier-2 Licenses	2

Investment Optionsexpand_moreexpand_less

Forex Trading (Spot or CFDs)	Yes
Mobile Trading - Forex or CFDs	Yes
Tradeable Symbols (Total)	5500
Forex Pairs (Total)	91
Bitcoin	Yes

Trading Platformsexpand_moreexpand_less

Virtual Trading (Demo)	Yes
MetaTrader 4 (MT4)	Yes
MetaTrader 5 (MT5)	Yes
Proprietary Platform	Yes
Social Trading / Copy Trading	No
Charting - Indicators / Studies (Total)	203

Apps & Toolsexpand_moreexpand_less

Android App
Apple iOS App	Yes
Education (Forex or CFDs)	Yes
Daily Market Commentary	Yes
Forex News (Top-Tier Sources)	Yes
Economic Calendar	Yes

City Index

Overall Rating

9.2 / 10

Minimum Deposit

£100.00

Trust Score Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust. close

Highly Trusted

• Cost & Funding
• Regulation
• Investment Options
• Trading Platforms
• Apps & Tools

Cost & Fundingexpand_moreexpand_less

Average Spread EUR/USD - Standard	1.0
All-in Cost EUR/USD - Active	1.0
PayPal (Deposit/Withdraw)	Yes
Skrill (Deposit/Withdraw)	No
Visa/Mastercard (Credit/Debit)	Yes

Regulationexpand_moreexpand_less

Year Founded	1983
Publicly Traded (Listed)	Yes
Bank	No
Tier-1 Licenses	3
Tier-2 Licenses	2

Investment Optionsexpand_moreexpand_less

Forex Trading (Spot or CFDs)	Yes
Mobile Trading - Forex or CFDs	Yes
Tradeable Symbols (Total)	13500
Forex Pairs (Total)	84
Bitcoin	Yes

Trading Platformsexpand_moreexpand_less

Virtual Trading (Demo)	Yes
MetaTrader 4 (MT4)	Yes
MetaTrader 5 (MT5)	No
Proprietary Platform	Yes
Social Trading / Copy Trading	Yes
Charting - Indicators / Studies (Total)	88

Apps & Toolsexpand_moreexpand_less

Android App
Apple iOS App	Yes
Education (Forex or CFDs)	Yes
Daily Market Commentary	Yes
Forex News (Top-Tier Sources)	Yes
Economic Calendar	Yes

XTB

Overall Rating

9 / 10

Minimum Deposit

$0

Trust Score Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust. close

Highly Trusted

• Cost & Funding
• Regulation
• Investment Options
• Trading Platforms
• Apps & Tools

Cost & Fundingexpand_moreexpand_less

Average Spread EUR/USD - Standard	1.07
All-in Cost EUR/USD - Active	1.04
PayPal (Deposit/Withdraw)	Yes
Skrill (Deposit/Withdraw)	Yes
Visa/Mastercard (Credit/Debit)	Yes

Regulationexpand_moreexpand_less

Year Founded	2002
Publicly Traded (Listed)	Yes
Bank	No
Tier-1 Licenses	1
Tier-2 Licenses	3

Investment Optionsexpand_moreexpand_less

Forex Trading (Spot or CFDs)	Yes
Mobile Trading - Forex or CFDs	Yes
Tradeable Symbols (Total)	12000
Forex Pairs (Total)	57
Bitcoin	Yes

Trading Platformsexpand_moreexpand_less

Virtual Trading (Demo)	Yes
MetaTrader 4 (MT4)	Yes
MetaTrader 5 (MT5)	No
Proprietary Platform	Yes
Social Trading / Copy Trading	Yes
Charting - Indicators / Studies (Total)	39

Apps & Toolsexpand_moreexpand_less

Android App
Apple iOS App	Yes
Education (Forex or CFDs)	Yes
Daily Market Commentary	Yes
Forex News (Top-Tier Sources)	Yes
Economic Calendar	Yes

eToro

Overall Rating

8.8 / 10

Minimum Deposit

$10-$10,000

Trust Score Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust. close

Highly Trusted

• Cost & Funding
• Regulation
• Investment Options
• Trading Platforms
• Apps & Tools

Cost & Fundingexpand_moreexpand_less

Average Spread EUR/USD - Standard	1
All-in Cost EUR/USD - Active	N/A
PayPal (Deposit/Withdraw)	Yes
Skrill (Deposit/Withdraw)	Yes
Visa/Mastercard (Credit/Debit)	Yes

Regulationexpand_moreexpand_less

Year Founded	2007
Publicly Traded (Listed)	No
Bank	No
Tier-1 Licenses	2
Tier-2 Licenses	1

Investment Optionsexpand_moreexpand_less

Forex Trading (Spot or CFDs)	Yes
Mobile Trading - Forex or CFDs	Yes
Tradeable Symbols (Total)	3458
Forex Pairs (Total)	49
Bitcoin	Yes

Trading Platformsexpand_moreexpand_less

Virtual Trading (Demo)	Yes
MetaTrader 4 (MT4)	No
MetaTrader 5 (MT5)	No
Proprietary Platform	Yes
Social Trading / Copy Trading	Yes
Charting - Indicators / Studies (Total)	66

Apps & Toolsexpand_moreexpand_less

Android App
Apple iOS App	Yes
Education (Forex or CFDs)	Yes
Daily Market Commentary	Yes
Forex News (Top-Tier Sources)	No
Economic Calendar	Yes

Platinum History and Key Facts

• Archaeologists discovered traces of platinum in gold used in Egyptian tombs as early as 1200BC.
• It was used by Pre-Colombian Americans combined with other metals such as palladium, rhodium and iridium.
• One of the earliest references to platinum in Europe was from 1557 in the writings of humanist Julius Caesar Scaliger, where is was described as an unknown metal found between Darien and Mexico.
• It was initially seen by some as an impurity in gold, and even in some instances thrown away.
• Today, platinum is a popular metal used in the composition of jewellery, and is also used in catalytic converters in vehicles, and in electronics.
• Platinum is one of the rarest metals, with its annual production totalling just 5% that of gold, and even less compared with silver.
• The total worldwide reserves of platinum are thought to be 66,000 tons. Almost most of this (95%) is located in the Earth’s crust of South Africa. Way behind it are other major countries such as Russia, USA and Canada.

Modern Day Statistics for Platinum Production

The Top Platinum Producing Countries in the World 2016 (statista)

Country – Mine Production (in metric tons)

• South Africa – 120
• Russia – 23
• Zimbabwe – 13
• Canada – 9
• United States – 3.9
• Total of Other countries – 3.4

What Influences the Platinum Market

The price of platinum changes along with its supply and demand during sustained periods of growth and decline. There are numerous factors that may affect the price of platinum, many of which are related to its uses in industry and therefore the demand for the metal:

More than half of all platinum produced is used in jewellery manufacturing. This can leave it highly exposed to changes in buying habits, tastes and consumer demands.

Platinum is an essential component in catalytic converters. Whilst this has ensured an abundant demand for platinum since they became compulsory in vehicles in 1993, new cars are turning to different energy sources and are therefore no longer being fitted with the devices. This will have the effect of reducing the demand for platinum in the coming years.

Platinum is gaining use in photography, thermometers and crucible electrodes for high temperature melting. Again, this increased demand would lead to a change in the price of the metal.

The political stability of the top producing countries can be an important factor affecting price, particularly with such high concentrations in specific countries such as South Africa, which accounts for more than 70% of global production.

How is Platinum Traded?

Futures and options are common instruments used to trade platinum, and are provided by the CME Group, amongst others. The CME Globex product symbol for electronic trading is PL. Each NYMEX futures contract is for 50 troy ounces of the metal, with a requirement for the platinum to be delivered under the contract to be 99.95% pure. The price is quoted in dollars and cents per ounce, with a $5 minimum tick price.

Trades can also be placed on platinum futures on the Tokyo Commodity Exchange (TOCOM).

Prices for the London Bullion Market Platinum (LMBE) are taken from the London Platinum and Palladium Market and administered and distributed by the London Metal Exchange (LME).

Platinum can also be traded as an ETF (exchange-traded fund) on the London Stock Exchange under the ticker symbol PHPT and on the New York Exchange as PPLT.

It can also be traded in the forms of coins and bars with different foundries offering various sizes such as 1oz, 10z and 1kg.

Most Swiss bank accounts offer a service of where platinum can be instantly bought or sold like any other currency. Unlike physical platinum, the customer never owns any actual metal but rather a claim against the bank for a certain amount.

Traders can also invest in spread betting or contracts for difference (CFDs) on the price of the platinum, or can own shares in the mining companies, although it must be noted that these companies may not be exclusively mining for platinum.

Why Trade Platinum with CFDs?

CFDs are convenient for traders wishing to have access to platinum price movements.

Plus500 are just one of the online regulated CFD brokers that offer platinum CFDs. Their contracts are based on the price of the CME futures contract (PL). The minimum unit amount is 40 ounces, and they offer 10:1 leverage (10% margin). The minimum margin required on a buy order at the price of 992.63 is $262.05 (or £203.10). Figures taken from Plus500 on 30/08/2017.

Platinum - IG CFD

Alternatively, regulated broker, IG, also offer a CFD based on the CYMEX traded futures contract. A buy order with a price of 991.1, a minimum contract size of 1 contract, the value of 1 pip at USD 50 and a margin requirement of 2% would require the trader to put down a margin of $991.1 (991.1*1*50*2% =$991.1). Note – live price taken from IG 30th August 2017.

Conclusion

Although platinum prices are volatile, it can be a useful component in a trading portfolio, particularly in times of economic stability. Some of the most convenient ways of trading platinum include futures, ETFs and CFDs.

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	9.9	£250.00	0.86	99	19537	IG Review	Visit Site
Saxo Bank	9.7	€2,000	0.9	99	60000	Saxo Bank Review
Interactive Brokers	9.7	$0	0.6	99	8500	Interactive Brokers Review
CMC Markets	9.6	$0	0.51	99	12377	CMC Markets Review
TD Ameritrade	9.5	$0	1.25	99	0	TD Ameritrade Review
FOREX.com	9.3	$100	1.0	99	5500	FOREX.com Review	Visit Site
City Index	9.2	£100.00	1.0	99	13500	City Index Review
XTB	9	$0	1.07	95	12000	XTB Group Review
eToro	8.8	$10-$10,000	1	93	3458	eToro Review
Swissquote	8.7	$1000	N/A	99	466	Swissquote Review
AvaTrade	8.6	$100	0.92	93	1260	AvaTrade Review
FXCM	8.5	Starts from $50	1.38	96	440	FXCM Review	Visit Site
Plus500	8.5	€100	0.8	98	2800	Plus500 Review
Capital.com	8.4	$20	0.65	85	3152	Capital.com Review
XM Group	8.4	$5	1.6	90	1429	XM Group Review
Pepperstone	8.4	$200	0.77	93	2342	Pepperstone Review
OANDA	8.4	$0	1.26	92	124	OANDA Review
Admiral Markets	8.3	$100	0.8	88	6942	Admiral Markets Review
FP Markets	8.3	$100 AUD	1.2	86	10000	FP Markets Review
IC Markets	8.2	$200	0.62	86	3583	IC Markets Review
Markets.com	8.2	$100	1.9	98	2179	Markets.com Review
FxPro	8.1	$100	1.51	90	2249	FxPro Review
Tickmill	8.0	$100	0.51	82	725	Tickmill Review
Fineco Bank	8.0	$0	N/A	92	126	Fineco Bank Review
BlackBull Markets	7.9	$0	0.827	74	26000	BlackBull Markets Review
DooPrime	7.8	$100	N/A	84	10000	DooPrime Review
Vantage	7.8	$50	1.30	89	1000	Vantage Review
BDSwiss	7.8	$100-$5000	1.6	83	1081	BDSwiss Review
TMGM	7.8	$100	0.96	79	12000	TMGM Review
HFM	7.8	$0	1.2	85	3500	HFM Review
FlowBank	7.7	$0.00	N/A	77	408600	FlowBank Review
HYCM (Henyep)	7.7	$100	0.6	86	362	HYCM Review
Trading 212	7.6	EUR 10	N/A	77	1785	Trading 212 Review
Eightcap	7.6	$100	1.0	87	736	Eightcap Review
Trade Nation	7.5	$0	0.6	83	601	Trade Nation Review
Moneta Markets	7.5	$50	1.27	71	965	Moneta Markets Review
ThinkMarkets	7.4	$250.00	N/A	86	1674	ThinkMarkets Review
VT Markets	7.4	$200	1.2	71	168	VT Markets Review
ACY Securities	7.4	$50	1.2	75	1600	ACY Securities Review
easyMarkets	7.3	$100	0.9	84	199	a href="/reviews/easymarkets">easyMarkets Review
RoboForex (RoboMarkets)	7.3	$100	1.4	69	12000	Roboforex (RoboMarkets) Review
IronFX	7.2	$50	1.2	84	340	IronFX Review
Exness	7.2	$1	0.9	74	112	Exness Review
Spreadex	7.2	$0	N/A	70	2000	Spreadex Review
Trade360	7.1	$250	N/A	75	1062	Trade360 Review
AxiTrader	7.1	0	N/A	83	175	Axitrader Review
GKFX	7.1	$0	N/A	66	354	GKFX Review
Vestle	7.1	-1	N/A	79	750	Vestle Review
OctaFX	7	$25	0.9	69	229	OctaFX Review
FXOpen	7	$100	N/A	80	87	FXOpen Review
TeleTrade	7	$100	N/A	67	500	Teletrade Review
FXPrimus	6.9	$100	N/A	69	140	FXPrimus Review	Visit Site
Forex4you	6.9	$0	N/A	62	150	Forex4you Review
LegacyFX	6.9	$500	N/A	66	425	LegacyFX Review
GBE brokers	6.8	$500	N/A	69	500	GBE Brokers Review
Alpari	6.8	$20	N/A	67	105	Alpari Review
TopFX	6.7	Depends on payment method	N/A	67	655	TopFX Review
Libertex (Forex Club)	6.7	$10	N/A	72	300	Libertex Review
ATFX	6.6	$500	N/A	70	150	ATFX Review
UFX	6.6	$100	3	67	619	UFX Review
Xtrade	6.5	$250	N/A	80	142	Xtrade Review
Tradeo	6.4	$200	N/A	67	256	Tradeo Review

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