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Best Forex Brokers Trading Silver

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October 10, 2023

How is Silver Traded

Next to gold, silver is one of the most commonly traded metals. Silver is traded in many forms, which for the sake of classification can be broadly grouped into actual physical silver and representatives (derivatives like CFDs). It is one of the most popular traded metals on the Comex future exchange.

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.

In non-physical forms, silver can be traded as:

  • an exchange-traded commodity futures contract
  • an over-the-counter (off-exchange) spot contract (e.g., a CFD)
  • an exchange-traded product such as a listed certificate or ETF.

Best Forex Brokers for Trading Silver

Here are the best forex brokers for trading silver.

  • IG
    - 9.9/10 Overall
  • Saxo Bank - 9.7/10 Overall
  • Interactive Brokers - 9.9/10 Overall
  • CMC Markets - 9.6/10 Overall
    - 9.4/10 Overall
  • City Index - 9.3/10 Overall
  • XTB - 9.1/10 Overall
  • eToro - 8.8/10 Overall
  • Swissquote - 8.8/10 Overall
9.9/10 Overall
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
Minimum Deposit0
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
9.9/10 Overall
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
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
9.4/10 Overall
Minimum Deposit$100
Tier-1 Licenses7
Tradeable Symbols (Total)5500 is a highly trusted brand with a long history of offering forex in the U.S. and across the globe. offers its own flagship trading platforms for web and desktop, as well as the full MetaTrader suite. Though its pricing is higher than average, 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
9.3/10 Overall
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
9.1/10 Overall
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
8.8/10 Overall
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
8.8/10 Overall
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

Derivatives and CFDs

Trading Silver as a CFD is offered by many CFD brokers like London Capital Group. Trading Silver Futures and Spot Silver as a CFD has opened up the door for more traders because it requires less capital than trading a traditional Future. For example, a simple example of trading a Silver Future vs a Silver CFD:

Minimum Trade Silver Future:

  • Last Spot price of Silver for 1st February 2017 was $17.585
  • Contract size for Mini-Silver Future = 1,000 troy ounces
  • Therefore a minimum trade for a single futures contract for Silver would be 1000*$17.585 = $17,585.

*The maintenance margin required by ICE for a Mini Silver contract is $1,250.

Minimum Trade Silver Future as a CFD: Using the trading conditions offered by London Capital Group, a minimum margin for Silver of 1% and a minimum trade size of 0.1 lot (contract size). The cost of a trade of Silver Future using London Capital Group in this example would be $17.86 (100*17.585/100=$17.585).

Trading conditions for silver futures with London Capital Group

To see more trading details about the 5,000+ instruments on offer, see: London Capital Group

*All information collected from, see website for full terms and conditions. Your capital is at risk. Last updated on February 6, 2017.


These are widely considered the most efficient method of trading silver due to the fact that they are valued exclusively for the silver content rather than any ornamentation or value as currency.

Exchange-Traded Products

These help investors trade silver without the need of holding silver in physical form.

Examples include iShares Silver Trust, which has over 340 million troy ounces of silver in storage, ETFS Physical Silver, ETFS Silver Trust and Sprott Physical Silver Trust.


This serves a similar function to ETFs in the sense that they allow silver to be held and traded without use of the physical forms instead transactions are made using silver certificates of ownership.

Silver in physical form can be traded in:

Silver bars can come in various shapes and sizes and bars from more reputable brands may command a slightly higher price than lesser-known ones while damaged silver bars will also go for less than bars in mint condition.

The bullion bar is the most common form of silver bar.

It is a rectangular or triangular bar of .995+ purity silver, and it comes in sizes of 1 oz, 5 oz, 10 oz, 1 kilo and 100 oz.


Silver coins have the advantage of bars in that they are more difficult to forge, mostly because of their use as currency, and their ease of liquidation.

Some examples of silver coins include the one ounce 99.93 percent pure American Silver Eagle, and the one-ounce 99.99 percent pure Canadian Silver Maple Leaf.

Silver Futures vs Spot Silver

What Influences The Silver Market

The largest factor influencing silver demand is industrial use. According to the Silver Institute, industrial fabrication accounts for 60% of total physical demand.

As industrial silver applications increase, demand for silver naturally also tends to go up.

For example, use of silver in photovoltaics for sola energy is set to surpass its previous peak of 75.8 million ounces due to the growth of global solar panel installations.

Use of silver by Ethylene Oxide producers, used in the production of plastics and detergents was also projected to increase to 10 million ounces in 2016, which was an over 25 percent increase from 2015.

Supply of silver globally was projected to fall by up to 5 percent as a result of the relatively lower price environment providing primary producers with little incentive to expand production capacity in existing mines and the drop off in production from more mature existing mines.

What is silver?

Ag or Silver as it is more commonly known is a lustrous, white transition metal. Silver is a metal that is valued by industries for its properties, among which include the highest electrical and thermal conductivity of any known metal, and as a precious metal due to its lustre, relative scarcity and use as a store of value.

Historical timeline of Silver

  1. Silver was noted to have first been mined around 3000 B.C. in Anatolia (now Turkey).
  2. Greece’s Laurium mines became the centre of silver production around 1200 B.C.
  3. In 150 A.D., Spain became the leading producer of silver and the invasion by the Moors served to spread silver mining among a wider range of countries.
  4. The single most important time in the history of silver mining occurred during the discovery of the New World by the Spanish in 1492 leading to a dramatic increase in silver mining.
  5. Bolivia, Mexico and Peru accounted for close to 85 percent of total silver production between 1500 and 1800.
  6. Silver production grew worldwide, from 40 to 80 million troy ounces every year by the 1870s.
  7. From 1876 to 1920, advancements in technology and exploitation of new regions led production to quadruple to a total of about 120 million troy ounces annually.

Modern day statistics for Silver

Currently, the largest produces of silver include:

  1. KGHM Polska Miedź S.A. based in Poland with 41 million ounces produced annually.
  2. BHP Billiton Plc in Australia with 39.0 million ounces produced annually.
  3. Fresnillo Plc in Mexico, responsible for 36.9 million ounces annually.
  4. Goldcorp Inc. in Canada with 30.5 million ounces produced annually
  5. Polymetal International Plc based in Russia which is responsible for 26.5 million ounces produced annually.
  6. Pan American Silver Corporation in Canada which produces 25.1 million ounces annually.
  7. Volcan Compania Minera S.A.A. in Peru which produces 22.0 million ounces annually.
  8. Compania de Minas Buenaventura S.A.A. in Peru which produces about 18.3 million ounces annually.
  9. Coeur d’Alene Mines Corporation based in the United States and Mexico producing 18.0 million ounces annually.
  10. Southern Copper Corporation based in the United States of America, Mexico and Peru which produces close to 13.6 million ounces annually.

As a result, the silver market deficit is expected to widen in 2016, driven primarily by a contraction in supply.

Commodities related to silver include:

  • Platinum
  • Gold
  • Aluminium
  • Tin
  • Copper

Popular Silver Exchanges

  • Eurex Exchange – One of the world’s leading derivatives exchanges. It offers a wide range of international benchmark products. It has trading volume exceeding 1.5 billion contracts a year and includes participants from 700 locations worldwide.
  • Commodity Exchange Inc (COMEX) – It is a division of the New York Merchantile Index, where metals like gold, silver and copper and the FTSE 100 index options are traded.
  • Tokyo Commodity Exchange (TOCOM) – One of Asia’s largest commodities futures exchanges. It was established in 1984, became a for-profit shareholder-owned company in 2008 and launched the current trading platform in 2009.


Silver is one of the most popular traded precious metals. Trading Silver as a CFD will allow a retail trader to trade silver with a smaller account requirement than a regular future contract. 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 0.98 info 99 19537 IG Review Visit Site
Saxo Bank logoSaxo Bank 9.7 0 0.9 info 99 70000 Saxo Bank Review
Interactive Brokers logoInteractive Brokers 9.9 $0 0.63 info 99 8500 Interactive Brokers Review
CMC Markets logoCMC Markets 9.6 $0 0.51 info 99 12074 CMC Markets Review
TD Ameritrade logoTD Ameritrade 9.3 $0 1.25 info 99 0 TD Ameritrade Review 9.4 $100 1.4 info 99 5500 Review Visit Site
City Index logoCity Index 9.3 £100.00 1.4 info 99 13500 City Index Review
XTB logoXTB 9.1 $0 1.07 info 96 6010 XTB Group Review
eToro logoeToro 8.8 $10-$10,000 1 info 90 3479 eToro Review
Swissquote logoSwissquote 8.8 $1000 N/A info 99 472 Swissquote Review
AvaTrade logoAvaTrade 8.7 $100 0.92 info 94 1260 AvaTrade Review
FXCM logoFXCM 8.5 Starts from $50 1.38 info 95 440 FXCM Review
Plus500 logoPlus500 8.6 €100 0.8 (August 2021) info 99 5500 info Plus500 Review 8.7 $20 info 0.67 info 87 3119 Review
XM Group logoXM Group 8.4 $5 1.6 info 88 1429 XM Group Review
Pepperstone logoPepperstone 8.4 $200 0.77 info 95 2342 Pepperstone Review
OANDA logoOANDA 8.5 $0 1.57 info 93 1744 info OANDA Review
Admiral Markets logoAdmiral Markets 8.5 $100 0.8 info 93 6942 Admiral Markets Review
FP Markets logoFP Markets 8.3 $100 AUD 1.1 info 87 10000 FP Markets Review
IC Markets logoIC Markets 8.1 $200 0.62 info 84 3583 IC Markets Review 8.1 $100 1.9 info 96 2179 Review
FxPro logoFxPro 8.1 $100 1.51 info 90 2249 FxPro Review
Tickmill logoTickmill 8.1 $100 0.51 info 83 725 Tickmill Review
Fineco Bank logoFineco Bank 8.0 $0 N/A info 95 126 Fineco Bank Review
BlackBull Markets logoBlackBull Markets 8.0 $0 0.827 info 77 26000 BlackBull Markets Review
DooPrime logoDooPrime 7.8 $100 N/A info 83 10000 DooPrime Review
Vantage logoVantage 8.0 $50 1.30 info 90 1000 Vantage Review
BDSwiss logoBDSwiss 7.7 $100-$5000 info 1.6 info 81 1081 BDSwiss Review
HFM logoHFM 7.9 $0 1.2 info 86 3500 HFM Review
FlowBank logoFlowBank 7.7 $0 N/A info 80 408600 FlowBank Review
HYCM (Henyep Capital Markets) logoHYCM (Henyep Capital Markets) 7.9 $20 0.6 info 88 1199 HYCM Review
Trading 212 logoTrading 212 7.7 €10 N/A info 77 9732 Trading 212 Review
ThinkMarkets logoThinkMarkets 7.8 $0 info 1.1 info 92 4000 ThinkMarkets Review
Eightcap logoEightcap 7.5 $100 1.0 info 85 736 Eightcap Review
Trade Nation logoTrade Nation 7.6 $0 0.6 83 601 Trade Nation Review
Moneta Markets logoMoneta Markets 7.5 $50 1.27 info 72 1016 Moneta Markets Review
VT Markets logoVT Markets 7.3 $100 1.2 info 70 1000 VT Markets Review
TMGM logoTMGM 7.6 $100 0.96 info 83 12000 TMGM Review
ACY Securities logoACY Securities 7.4 $50 1.2 info 75 2200 ACY Securities Review
easyMarkets logoeasyMarkets 7.3 $50 0.9 info 80 199 easyMarkets Review
RoboForex (RoboMarkets) logoRoboForex (RoboMarkets) 7.3 $100 1.4 info 71 12000 Roboforex (RoboMarkets) Review
IronFX logoIronFX 7.2 $50 1.2 84 340 IronFX Review
Exness logoExness 7.0 $1 0.9 info 68 112 Exness Review
Spreadex logoSpreadex 7.2 $0 0.78 info 71 2000 Spreadex Review
IFC Markets logoIFC Markets 7.2 $1 1.44 info 67 630 ATFX Review
Trade360 logoTrade360 7.2 $250 N/A info 76 1062 Trade360 Review
Axi logoAxi 7.1 $0 N/A info 81 175 Axitrader Review
GKFX logoGKFX 7.0 $0 N/A info 65 354 GKFX Review
Vestle logoVestle 7.0 -1 N/A 78 750 Vestle Review
Octa logoOcta 7.2 $25 0.9 info 70 229 OctaFX Review
FXOpen logoFXOpen 7 $100 N/A info 80 87 FXOpen Review
TeleTrade logoTeleTrade 7.1 $100 N/A 71 500 Teletrade Review
FXPrimus logoFXPrimus 7.0 $100 N/A info 71 140 FXPrimus Review Visit Site
Forex4you logoForex4you 6.9 $0 N/A info 61 150 Forex4you Review
GBE brokers logoGBE brokers 6.8 $500 N/A info 71 500 GBE Brokers Review
Alpari logoAlpari 6.8 $20 N/A info 68 105 Alpari Review
TopFX logoTopFX 6.7 Depends on payment method N/A info 67 655 TopFX Review
Libertex (Forex Club) logoLibertex (Forex Club) 6.7 $10 N/A info 73 300 Libertex Review
LegacyFX logoLegacyFX 6.7 $500 N/A 67 425 LegacyFX Review 6.6 $5 N/A 69 117 FXGT Review
ATFX logoATFX 6.5 $500 N/A info 73 150 ATFX Review
Xtrade logoXtrade 6.5 $250 N/A info 80 142 Xtrade Review
UFX logoUFX 6.6 $100 3 info 67 619 UFX Review

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