With many years of meticulous FOREX broker testing, Arincen stands out as a voice of authority. Our analyses, shaped by exhaustive data collection, are trusted by many. Each year, we gather 120 data points from more than 100 brokers. Our team of more than 20 people collaborate extensively to produce high-quality broker reviews like this one. For a detailed explanation of how we test brokers, navigate to the bottom of this article.
Gold has been a symbol of wealth and a store of value for thousands of years. It’s often referred to as the “yellow metal” and as such, the best gold brokers have offered a hedge against inflation, political unrest, and economic instability. This is true even today. For this reason, gold trading for beginners is a sought-after topic.
Gold can be traded in many different ways, as we will show you later in this article. As with all investments, if you trade gold online, you are exposing yourself to certain risks, but it also offers a good opportunity to capitalize on price fluctuations in one of the world's most respected commodities. Selecting the best gold trading platform with which to work is crucial. As you read this article, you will come to know that XAUUSD represents the price of one troy ounce of gold in terms of the US dollar. We will show you how to trade gold online and tell you about the best XAUUSD brokers around.
Company Name | Regulations | Minimum Deposit | Main Branch | Open Account |
---|---|---|---|---|
ICM Capital | $500 | United Arab Emirates | ||
Tradeview | $250 | USA | ||
XTB | $500 | UK | ||
IG | $500 | UK |
With so many choices out there, it can be a hard job to choose the right broker. In this case, we've done the work for you. Here is a summary of each broker according to specific criteria, along with their pros and cons
ICM - Capital 91.10: Best Deposit and Withdrawal Broker
Tradeview - 90.00: Trusted broker that offers very low trading costs as well as comprehensive financial literacy materials for its clients.
XTB - 85.55: Best Customer Service Broker
IG - 85.45: Best Regulations Broker plus Convenient Platform
Saxo Bank - 80.09: Excellent Private Trading Platform
CMC Markets - 80.07: More than 9,000 Assets
ThinkMarkets - 80.05: Aimed at the Audience of Traders
ICM Capital is considered the industry leader in deposits and withdrawals, whereby each withdrawal does not take more than five business days. Moreover, the company offers its customers a handy credit card to withdraw their profits, in addition to enabling customers to use various deposit methods. The company, which is licensed by the UK's FCA, has several branches around the world. Among other things, it has a rich portfolio of assets, especially stocks, offers a low spread, as well as the ability to use MT4.
Broker Evaluation | 8.11 |
Regulations | |
Minimum Deposit | $500 |
Islamic Account | Yes |
Payment Methods | Bank transfer, credit card, electronic payment providers, crypto |
Main Branch | United Kingdom |
Customer Service | 24/5 |
Demo Account | Yes |
Trading Platforms | MT4, MT5, cTrader, Web Platform |
Tradeview Forex, interchangeably known as Tradeview Markets, was established in 2004 and is headquartered in the Cayman Islands, setting itself up as a significant player in the online FOREX and CFD trading world. Regulated by the Cayman Island Monetary Authority (CIMA) and the Malta Financial Services Authority (MFSA), Tradeview Forex is a reliable platform in a competitive market. The broker’s commitment to offering a broad and accessible trading environment shines through with its low deposit requirement and how it provides various advanced trading platforms to clientele.
Broker Evaluation | 7 |
Regulations | |
Minimum Deposit | $450 |
Islamic Account | Yes |
Payment Methods | Bank transfer, credit card, electronic payment providers, crypto |
Main Branch | Cayman Islands |
Customer Service | 24/5 |
Demo Account | Yes |
Trading Platforms | Proprietary Platform, MT4, MT5, Web Platform |
What distinguishes XTB from other brokers is the fact that it offers the best customer experience among all the companies we have surveyed. Indeed, it boasts the fastest response rate from all the companies under investigation. This is especially relevant since the market is always on-the-go, and so you need to act fast. XTB offers lots of asset classes, as well as the ability to use the MT4 trading platform. Finally, it maintains a relatively low spread, which is suitable for quick deals.
Broker Evaluation | 8.55 |
Regulations | |
Minimum Deposit | $500 |
Islamic Account | Yes |
Payment Methods | Bank transfer, credit card, electronic payment providers |
Main Branch | United Kingdom |
Customer Service | 24/5 |
Demo Account | Yes |
Trading Platforms | MT4, MT5, Web Platform |
Broker Evaluation | 7.54 |
Regulations | |
Minimum Deposit | $250 |
Islamic Account | Yes |
Payment Methods | Bank transfer, credit card, electronic payment providers |
Main Branch | United Kingdom |
Customer Service | 24/5 |
Demo Account | Yes |
Trading Platforms | Proprietary Platform, MT4, Web Platform |
Saxo Bank is considered one of the best investment banks in financial markets and currencies, as it offers the very best trading platform and tools from all the companies we have reviewed. Meanwhile, its spreads are very low and, as such, suitable for short-term deals; and it offers a large number of asset classes, including currencies, commodities, indices etc. Finally, its customer service is excellent and very responsive to traders' needs.
Broker Evaluation | 6.09 |
Regulations | |
Minimum Deposit | $5000 |
Islamic Account | No |
Payment Methods | Bank transfer, credit card |
Main Branch | Copenhagen, Denmark |
Customer Service | 24/5 |
Demo Account | Yes |
Trading Platforms | SaxoTrader |
CMC Markets is a well-regarded broker offering some 9,000 asset classes that encompass currencies, commodities, indices, cryptocurrencies, bonds, and stocks. The company offers relatively low spreads, access to MT4, and fast customer service. It is most suited for traders looking for diversity in asset classes.
Broker Evaluation | 7.07 |
Regulations | |
Minimum Deposit | $0 |
Islamic Account | No |
Payment Methods | Bank transfer, credit card, electronic payment providers |
Main Branch | United Kingdom |
Customer Service | 24/5 |
Demo Account | Yes |
Trading Platforms | Proprietary Platform, MT4, Web Platform |
Originally founded in New Zealand in 2010, and moving to Australia within the space of their first two years, ThinkMarkets is a global online brokerage focusing on FOREX and CFD trading. In addition to a range of major and minor currency pairs. ThinkMarkets has an array of CFDs on offer. This includes indices, as well as hard and soft commodities.
Broker Evaluation | 8.05 |
Regulations | |
Minimum Deposit | $0 |
Islamic Account | Yes |
Payment Methods | Bank transfer, credit card, electronic payment providers, crypto |
Main Branch | Australia |
Customer Service | 24/7 |
Demo Account | Yes |
Trading Platforms | Proprietary Platform, Web Platform, MT4, MT5 |
There is a high degree of risk involved in trading securities like FOREX, or CFDs, which are highly complex instruments. As a trader, you could be exposed to excessive leverage, questionable broker tactics, market volatility, and limited regulatory protection. Despite your best trading techniques and risk management strategies, your efforts may not be profitable, and you could suffer losses.
Gold is a versatile asset. Depending on your needs and your strategy, you can invest in gold in a few different ways:
Gold bullion is the name for physical gold in the form of bars or coins. This traditional way of investing in gold has been around for many centuries and exists even today. When you buy gold bullion, you own a tangible asset that has intrinsic value. This tangible investment cannot default like some electronic investments, and once you hold the physical gold bars or coins, you have its wealth for as long as gold retains its value.
The spot gold market deals with the immediate buying or selling of gold at current prices. The "spot" refers to the current market price. Trades are normally settled "on the spot," as opposed to a date in the future. If you were to invest in the spot gold market, you wouldn’t take physical delivery of the metal. Rather, you merely own a claim to the gold.
Gold futures are standardized contracts where the buyer agrees to purchase, and the seller agrees to deliver, a specified amount of gold at an agreed-upon price on a set date in the future. You can enter into one of these contracts on a futures exchange. You can trade gold futures on leverage, meaning you could make a lot of money or lose a lot of money.
Gold ETFs are investment funds traded on stock exchanges that aim to track the price of gold. Instead of owning physical gold, you merely own a share of the ETF. These shares represent a portion of the fund's gold holdings. Gold ETFs are known as a more liquid and accessible means of investing in gold. Trading this way is similar to selling shares because you can sell your gold shares just like you would a company’s share.
Gold CFDs allow you to speculate on the price movements of gold without actually owning the physical metal. A CFD is a contract between you (the buyer) and a seller where the seller pays you the difference between the current value of gold and its value at contract time. If the difference is negative, then you own the seller. If it’s positive, you get paid.
Gold options provide investors the right, but not the obligation, to buy or sell gold at a predetermined price on or before a specified date. They offer flexibility and can be used for both speculation and hedging purposes. You should know that options trading can be complex. The value of gold options is affected by factors such as the price of gold, time remaining until expiration, and volatility.
Each method of investing or trading in gold has its own pros and cons. Before investing in gold, you should always carefully evaluate your financial goals and risk tolerance.
** Difference between CFDs and Futures:
A futures contract remains valid up until its expiration date. In contrast, Contracts for Difference (CFDs) do not have a set expiration date, allowing traders to maintain an open position for an indefinite period. Additionally, CFDs do not have predetermined prices; instead, they are traded based on fluctuating buy and sell prices.
A trading website like en.arincen.com is a great place to start. We have a large list of curated articles that can give you all the information you need on common gold trading terms, like pips, spreads, leverage, and support and resistance. Additionally, once on our website, you will find helpful video courses that cover the basics of gold trading. With this range of knowledge, you will be well on your way to trading success.
Remember also that your broker will normally have developed a detailed education and research repository themselves. That is also a good place to bolster your gold knowledge, with the extra benefit that your broker’s information will be slanted toward their own platform and resources, which makes it doubly useful.
Tip: Invest in Your knowledge
For every aspiring retail trader, knowledge is key to a successful trading journey. We invite you to delve into Arincen's goldmine of insights, strategies, and expert analyses. Whether you're just embarking on your trading venture or trying to level up your trading game, our resources are designed to give you all the information you need. Visit our educational resources here.
Tip for those who have no experience
We believe that a solid foundation in education and research is essential for every successful trader. That’s why we’ve created a set of resources specifically for you. Our comprehensive articles provide an understanding of the basics, while our videos offer insights from industry insiders. Stay updated with the latest developments in the market through our newsfeed, signals, and detailed analytics.
Tip: Invest in Your knowledge
For every aspiring retail trader, knowledge is key to a successful trading journey. We invite you to delve into Arincen's goldmine of insights, strategies, and expert analyses. Whether you're just embarking on your trading venture or trying to level up your trading game, our resources are designed to give you all the information you need. Visit our educational resources here.
When considering a broker for trading or investing in gold, it's important to evaluate their features closely. This will give you the best chance of an uninterrupted trading career because once you start trading, you ideally want to stick with your broker and not go back. Here's a checklist of what to pay attention to:
Regulation and Licensing:
Ensure the broker is regulated by a reputable authority. Gold brokers must be regulated by the same regulators that regulate other financial assets, such as FOREX, crypto, and commodities. If you want to read more about one such top-tier broker, the UK’s Financial Conduct Authority (FCA), check our article here. Other excellent brokers are the Commodity Futures Trading Commission (CFTC) in the US, the Australian Securities and Investments Commission (ASIC) in Australia. Different jurisdictions have varying levels of oversight and protection.
Be sure to check if your gold broker offers investor protection. Some regulatory bodies offer compensation schemes that protect investors' funds in the event of broker insolvency. For instance, the FCA provides the Financial Services Compensation Scheme (FSCS) in the UK. Also be sure to ask the broker whether client funds are kept separate from the broker's operational funds. This offers additional protection for traders like you.
Choose a broker under the watch of a trusted regulatory authority who is renowned for their rigorous oversight. There's no obligation to opt for an overseas regulator; reputable brokers also operate within your own jurisdiction. To confirm if your broker is registered with a regulator, navigate to the regulator’s official website.
Trading fees can be tricky to keep track of, so it's important to compare them with industry standards. Here are some fees of which to be aware:
Spreads:
There are two main kinds of spread, one is fixed and the other is variable. A first step in gold trading is identifying the spread differential, defined as the difference between the bid (sell) price and the ask (buy) price of gold. Here’s a detailed explainer on spreads.
Commission:
This is the service charge that brokers require for carrying out transactions on behalf of their clients.
Rollover fees: When you leave a trade open overnight, the broker normally charges a rollover fee for the facility of holding your trade open for that period. This is because they assume the risk of the market changing adversely.
Some platforms might charge fees for depositing or withdrawing funds. Pay attention to this. It's important to know these and any associated limits or conditions.
Subscription or inactivity fees:
Certain platforms have monthly charges or fees for inactive accounts. Ensure you're aware of these potential costs.
Spread | Commission | Swap | Islamic Account | |
Currencies | Starting from 1.3 Pips | 0$ | No | Available |
Stocks | Starting from 18 Pips | 0$ | Yes | Unavailable |
Commodities | Starting from 2.3 Pips | 0$ | No | Available |
Indices | Starting from 4 Pips | 0$ | Yes | Unavailable |
Evaluate the user-friendliness and reliability of your broker’s trading platform. Be on the lookout for advanced charting tools, technical indicators, and real-time price feeds for gold.
Gold Products Offered:
Look into the variety of gold-related products they offer, such as spot gold, gold futures, gold CFDs, gold ETFs, or gold options.
Order Types:
Ensure the broker offers a variety of order types, such as market, limit, stop, and trailing stop orders, which can help your risk-management efforts.
Liquidity:
Brokers connected to liquid markets will provide more efficient trade execution, reducing the risk of slippage, which is when a deal goes through at a different price than when you placed the trade. This happens in low-liquidity environments.
Education and Research:
A quality broker often provides educational resources, such as webinars, articles and tutorials, to help traders make informed decisions.
Reputation:
Look for online reviews and feedback from other traders or independent websites. This is where you will often get the scoop on whether the broker engages in such fair trade practices as efficient trade execution and no manipulation of market prices.
Demo Account:
A broker offering a demo or practice account allows you to test its platform and your strategies with virtual money before committing real funds.
Tip for those who have no experience
We believe that a solid foundation in education and research is essential for every successful trader. That’s why we’ve created a set of resources specifically for you. Our comprehensive articles provide an understanding of the basics, while our videos offer insights from industry insiders. Stay updated with the latest developments in the market through our newsfeed, signals, and detailed analytics.
Different regulators have different guiding policies in leverage. Key regulators have implemented specific rules to limit the leverage offered to retail traders as a means of consumer protection.
Here are the leverage rules for gold CFDs according to some key regulators:
European Securities and Markets Authority (ESMA)
ESMA caps the leverage for gold CFDs at 20:1. This means that traders need to have a minimum of 5% margin of the total trade value.
CFTC
In the United States, CFD trading isn't permitted for retail traders. However, for related products like gold futures, there are specific margin requirements set by exchanges and overseen by the CFTC.
ASIC
ASIC has recently implemented rules capping the leverage for gold CFDs for retail traders at 20:1, aligning with ESMA's restrictions.
FCA
The FCA has adopted rules similar to ESMA, capping leverage for gold CFDs at 20:1 for retail traders.
As we can see, responsible regulators closely monitor leverage levels. Leverage is a double-edged sword because you can make a lot of money, but you can just as easily become financially ruined!
Similarly with stopouts, many major regulators offer negative balance protection. This is important as your open positions are automatically closed by the broker due to insufficient margin in the account. This mechanism protects you from accruing negative balances and owing money to the broker.
In the world of trading, "stop out" is a term with which you should be familiar. It's the point where your broker automatically closes some or all of your active positions to prevent your account from diving into negative territory. The stop-out level is usually defined as a percentage, representing the margin level at which your broker starts shutting down your open trades.
Let's break down the percentages:
Stop out of 0%:
Your broker won't close any of your positions, even if your margin level reaches rock bottom. This is because some brokers allow you to end up in the red, which means you might owe them money if your trades keep losing.
Stop out of 50%:
Once your equity dwindles to half of your used margin, the stop-out alarm goes off. Your broker steps in and starts closing your trades, beginning with those least profitable. This continues until your margin level bounces back above the stop-out level.
Stop out of 100%:
When your margin level hits 100%, your broker takes the drastic step of automatically closing all your open positions. In some setups where the broker separates margin-call and stop-out levels, the margin call happens at 100% and the stop-out at 50%. If your margin level plunges to 50%, your trading platform springs into action with a stop-out, closing your trade at the market price.
Keep in mind that the specific percentage and the order in which positions get closed can vary from broker to broker. So, it's crucial for traders to know their broker's stop-out policy. It's worth noting that while stop-out measures are designed to shield traders from going into the red, they can also result in substantial losses, especially in volatile markets where positions are swiftly closed automatically, especially if the market suddenly reverses post-stop out. That's why you should always employ protective strategies like setting stop-loss orders and avoiding excessive leverage.
Retail trading offers a diverse range of financial instruments, each with its own set of opportunities and challenges. We understand you are interested in gold trading, but here are some other common tradable assets and instruments:
FOREX
With the largest trading volume globally, the FOREX market allows traders to speculate on the future movements of currency prices, trading pairs like EUR/USD, GBP/JPY, and many more.
Commodities
Whether it's precious metals like gold and silver, or energy commodities like oil and natural gas, commodities trading offers a chance to profit from the tangible assets that drive global economies.
Equities or Stocks
These represent ownership in a company and constitute one of the most popular avenues for retail traders, given their potential for substantial returns and the thrill of being a part of the corporate world.
Indices
These are baskets of stocks representing a particular market or sector, like the S&P 500 or the Nasdaq, giving traders exposure to broader market movements.
Cryptocurrencies
Digital coins like Bitcoin, Ethereum, and countless altcoins offer both high rewards and volatility.
Brokers | Currency pairs | Stocks | Indices | Commodities | Crypto | ETFs |
ICM Capital | 67 Pairs | 89 Shares | 17 Indices | 12 Commodity | 6 Coins | Unavailable |
Tradview | 80 Pairs | 5000 Shares | 10 Indices | 10 Commodity | 30 Coins | Unavailable |
XTB | 57 Pairs | 1848 Shares | 36 Indices | 22 Commodity | 22 Coins | 135 ETFs |
IG | 81 Pairs | 21714 Shares | 49 Indices | 39 Commodity | 11 Coins | 12858 ETFs |
Saxo Bank | 320 Pairs | 22000 Shares | 49 Indices | 39 Commodity | 9 Coins | 6700 ETFs |
CMC Markets | 330 Pairs | 8000 Shares | 80 Indices | 100 Commodity | 18 Coins | 200 ETFs |
Think Markets | 46 Pairs | 3750 Shares | 15 Indices | 11 Commodity | 21 Coins | 350 ETFs |
Live Chat | Phone | |||
Available | Available | Available | Available | Available |
Quick response | Very Fast | Very Fast | Very Fast | Very Fast |
Method | Credit Card | Wire Transfer | Skrill | Neteller | Cryptocurrency | PayPal |
Deposit fee | 0$ | $0 + Bank commission | 1.9% | 2.5% | Unavailable | 3.75% |
Withdrawal fee | 0$ | $15 | 1% | $0 | Unavailable | 2% |
The price of gold is influenced by many factors. Here are some of the primary elements that can affect the price of gold:
Like any other commodity, the fundamental economic principle of supply and demand affects the price of gold. Parties that could drive demand include
Central banks
The jewelry trade
Industrial demand (gold is used in many electronics)
Production costs - if mining is expensive, the price goes up
Inflation and deflation - when inflation is high, the value of currency diminishes, but gold tends to retain its value
Wars, political unrest, and other geopolitical events can lead to increased gold demand as a "safe haven" asset. When the world feels uncertain, gold is often a refuge for investors.
Gold is often priced in U.S. dollars. A strong dollar can make gold more expensive for foreign buyers, potentially decreasing demand and thus reducing its price. The strong US dollar at the beginning of 2023 pushed gold prices upward.
Global Crisis: During financial crises, many investors flock to gold as a safe asset, driving its price upward.
Natural Disasters or Pandemics: Events that disrupt global economies, like natural disasters or pandemics, can indirectly affect gold prices through shifts in risk sentiment or disruptions in mining activities.
Gold Production: Discoveries of new gold deposits or advancements in extraction technology can influence supply and, consequently, gold prices.
Choosing a gold trading broker is a crucial decision for traders and investors. Making an informed choice is essential to ensure a safe and efficient trading experience. Here are some things to avoid when selecting a gold trading broker:
Lack of regulation
Hidden fees
Poor customer support
Limited trading platforms
Unfavorable reviews and feedback
High spreads
Slow execution speeds
Limited research and educational tools
Lack of cybersecurity measures
Restrictions on trading strategies
Unfavorable withdrawal conditions
Lack of transparency
A word on proprietary platforms. While some proprietary trading platforms are excellent, being restricted to only one (especially if it's not well-reviewed) can be limiting. Many traders prefer brokers that offer popular platforms, like MetaTrader 4 or 5.
The key is to do thorough research. Check reviews, compare fee structures, and even test the broker's platform with a demo account before committing real funds.
Tips to Get Started Trading With a Gold Broker
Trading gold can be both exciting and rewarding, but you must approach it with knowledge and caution. Here are some tips to help you get started with a gold broker:
Educate yourself on gold and its intricacies
Choose a reputable broker that is regulated by a top regulator
Check reviews and feedback from other traders to understand the broker’s reputation
Understand all the costs
Have a defined trading plan
Start small as you gain experience
Use risk management tools, like setting stop-loss and take-profit
Avoid using excessive leverage
Diversify and don't put all your capital into gold trading
Avoid emotional trading and don't let fear or greed drive your trading decisions
Be wary of any "hot tips" or "insider information," anything sounding too good to be true probably is
Remember, while trading gold can offer lucrative opportunities, it also comes with significant risks. Approach it with diligence, preparedness and a commitment to continuous learning.
Tip: Invest in Your knowledge
For every aspiring retail trader, knowledge is key to a successful trading journey. We invite you to delve into Arincen's goldmine of insights, strategies, and expert analyses. Whether you're just embarking on your trading venture or trying to level up your trading game, our resources are designed to give you all the information you need. Visit our educational resources here.
Many gold traders around the world have become used to MetaTrader’s strong and dependable MT4 platform, which is well-liked with good cause. To learn more about this important platform, visit our explainer article. However, if you are interested in trying something new that pushes the boundaries of what we accept as possible with a trading platform, you may consider a proprietary platform. In this case, we would encourage you to try Saxo Bank for its advanced trading features and high-performance tools with extensive market analysis.
Our research shows that ICM’s ECN account offers the lowest fees for entry-level and elite traders alike.
Trading with an unregulated broker can have dire consequences. Regulated brokers must comply with strict rules to protect your interests. Unregulated brokers may engage in fraudulent activities, such as misappropriating client funds, and may not have adequate measures in place to protect your data. For a list of the best regulators, read our article here.
Arincen has gone to extensive lengths to create an enabling environment of networks, where traders of all backgrounds can take part in a vibrant trading space. After all, Arincen’s goal is to simplify the world of trading. Our website provides an unrivalled slate of tools, like our market-leading signals, rolling news, and a thriving community where traders of all levels of experience can learn and profit from each other.
The team at Arincen collected more than 120 pieces of data covering in excess of 100 licensed gold brokers. Data collection was done in three ways:
Companies’ websites.
Other websites that have ranked gold companies.
A survey questionnaire (referred to here as Survey “1”) was sent to the companies invited to participate in the exercise. We have identified 13 criteria for our assessment, each containing several aspects and carrying its own relative weight. These include licensing, deposits and withdrawals, number of assets, etc.
Afterward, we validated the data by:
Registering with gold companies as a secret shopper and/or as Arincen.
Survey number “2,” in which we asked these companies’ customers for important feedback and past experience.
The next step saw us evaluate and rank each company, relying on the hard work of 15 Arincen employees. We were cautious in ensuring the most accurate assessment possible, including taking into account different languages, as well as the various mobile-app operating systems, e.g., Apple, Samsung, etc.
To add credibility to our research project, we sent a third and final survey (referred to here as Survey “3”) to enable participating gold companies to evaluate our own research and whether it accurately reflects the realities on the ground. We were fortunate enough to receive a mark of 9.9 out of 10! We have kept to a minimum the margin of error, which stood at a measly 1%. To learn more about how we came up with the evaluation, please click here.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.