Forex trading is increasingly popular in India. It is a vast financial market with low-margin requirements and high liquidity. Forex means ‘Foreign Exchange Market’ or currency market. Trading gold and other metals have a lot in common with forex trading. It is about buying or selling several units of a specific commodity against the United States (US) Dollar.
The value of gold markets is exceptionally volatile. Traders should have proper knowledge of the gold market factors to gain some profits in gold trading. Traders should trade on safe and trustable gold trading broker’s websites. So, the next question is how to find the best gold trading brokers in the world. So in this article, I am here to share the list of the top 5 gold trading brokers.
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Top 5 Gold Trading Brokers
Gold is a precious metal, and it is highly tradable. It is traded on commodity exchanges and forex platforms as a CFD asset. It is classified as a hard commodity. A gold broker is also called a commodities broker. It is a tradable asset that is traded on contracts. Gold trading has different contracts like spot contracts or shares, forwards, futures, options, and NDFs.
The primary market of gold trading is the futures market contract. The Gold Futures market is located in the US and London. In today’s market, gold is traded mostly as spot and futures contracts. A spot contract is an immediate settlement, and the futures contract is settled in the future (after 1 to 3 months). CME, CBOT, COMEX, and NYMEX are some of the futures markets.
Retail traders can access gold trading via the forex trade platforms. In forex gold trading, gold assets are paired against the USD (dollar) or Euro. Gold traders should invest their gold in a safe, trusted gold broker platform. So, the next question is how to choose the best gold brokers. Based on the three predominant factors – regulation, trading platform types, and software, gold traders can choose their best gold trading brokers.
The profit or loss is determined by the change in the value of gold during any contract duration. Forex gold trade is globally 24 hours a day, 5 days a week. Weekend trades are not available in forex gold trading. Below is the list of the top 5 gold trading brokers in 2022.
- FP Markets
- Capital.com
- XTB (X-Trade Brokers)
- Exness
- BDSwiss
#1 – FP Markets Gold Trading Brokers
FP Markets was founded in 2005, and its headquarters is in Australia. It is an Australian forex CFD broker and accepts clients from more than 93 countries worldwide. It is authorized and regulated by the Cyprus Securities & Exchange Commission (CySEC) – Cyprus and the Australian Securities and Investments Commission (ASIC) – Australia.
It is registered under the Financial Services Authority of Saint Vincent and the Grenadines Limited Company. It offers clients to trade on more than 10,000+ financial CFD instruments, including 63 currency pairs, 14 indices, 8 commodities, 55 shares, 11 cryptocurrencies, and futures/forwards in gold trading. It has over 12K clients worldwide.
It offers MetaTrader 4 and MetaTrader 5 web, desktop, and mobile platforms. Clients can also trade from the IRESS trading platform to access Direct Market Access (DMA) share CFDs. It has two main account types, i.e., the standard account, which is commission free, and the raw account, which is commission-based for MetaTrader users with a lower spread.
Both accounts offer ECN pricing and maximum leverage of 1:500. The standard account type offers gold traders a minimum spread of 16.0 pips and an average of 29.0 pips on the USD/XAU. The raw account type offers a minimum spread of 0.0 pips and an average of 13.0 pips. It offers a good range of fee-free deposit and withdrawal methods such as credit, debit cards, PayPal, Soforrt, Giropay, and bank transfers. But, the payment methods of e-wallets like Neteller and Skrill need withdrawal fees of 1%. The minimum deposit is $100. The processing time of both deposit and withdrawal varies for different payment methods.
It also offers a range of trading guides and educational materials, which includes articles, videos, and live webinars suitable for beginner traders. It also has a copy trading feature. Top-tier entities regulate it. So, it is considered safe and the most trusted forex trading platform. Overall, it is also one of the interactive brokers gold trading. The rating of FP Markets is 4.3 out of 5.
Features
- Excellent range of assets.
- Regulated by two top-tier firms.
- Raw account spreads from 0.0 pips.
- No deposit or withdrawal fees for some payment methods.
- It is both commission-free and commission-based.
- Excellent educational and research training app for beginners.
- Available in multiple languages.
- Quick and good customer support service.
Pros
- Over 10000+ tradable CFDs assets.
- Highly authorized and regulated by CySEC & ASIC.
- Minimum deposit – $100.
- Tight spreads.
- ECN pricing & DMA trading are available.
- It offers educational material, trading guides, and live webinars.
- Customer support service – 24/7 – multiple languages.
- Live chat is available – quick response (10 seconds).
Cons
- High stock CFD asset fees.
- Expensive withdrawals on some payment methods.
- Low investor protection.
- It is registered under St. Vincent & Grenadines entity, not regulated.
- Europe clients have customer support service 24/5 only.
#2 – Capital.com Gold Trading Brokers
Captial.com was founded in 2016, and its headquarters is located in Cyprus. It was owned and operated by Capital Com SV Investments Limited. It is a forex and global CFD broker and accepts clients from more than 183 countries worldwide. It maintains offices worldwide in the UK, Cyprus, Australia, Gibraltar, Seychelles, and more places.
It is a multi-award-winning global investment trading platform authorized and regulated by four entities. It is regulated by the Finance Conduct Authority (FCA) in the UK, the Cyprus Securities & Exchange Commission (CySEC) – Cyprus, the Australian Securities and Investments Commission (ASIC) in Australia, and the Financial Services Authority (FSA) – Seychelles.
It offers clients to trade on more than 6000+ financial CFD instruments, including 138 currency pairs, 23 indices, 39 commodities, 5452 shares, and 477 cryptocurrencies. It has over 5+ million registered clients across the world. It is commission-free, deposit/withdrawals also free, and the spreads are competitive. The minimum deposit is $20. All types of payment methods are accepted.
They provide services to forex brokers that trade gold through platforms like web & desktop trading, mobile apps, and MT4 platforms. They also offer a range of trading guides and educational materials for beginners. The gold traders can expect a spread of around 0.18. The maximum leverage is 1:500. It is considered safe and the most trusted forex trading platform. Overall, it is also one of the best gold trading brokers. The rating of Capital.com is 4.3 out of 5.
Features
- Excellent range of assets.
- Regulated by four firms.
- No deposit or withdrawal fees.
- Commission free.
- Available in multiple languages.
- Amazing educational training app for beginners.
- Fast and good customer support service.
Pros
- Over 6000+ tradable CFDs assets.
- No hidden fees and commission-free.
- Highly authorized and regulated by FCA, FSA, CySEC, & ASIC.
- Minimum deposit – $20.
- It offers free educational material & trading guides.
- Customer support service – 24/7.
- Live chat is available.
Cons
- It does not accept US clients.
- It has overnight fees.
#3 – XTB (X-Trade Brokers) Gold Trading Brokers
XTB forex broker is one of the world’s largest stock exchange-listed forex and CFDs brokers. XTB is also known as X-Trade Brokers. It was founded in 2002, and its headquarters is in Warsaw, Poland. It is a Polish CFD broker and operates in over 13 countries, including Belize, Europe, and the UK. It is available in multiple languages (16 languages).
It is authorized and regulated by the 5 entities. The top tier-1 regulators are the UK’s Financial Conduct Authority (FCA) and the Cyprus Securities & Exchange Commission (CySEC) in Europe. The tier-2 regulator is Komisja Nadzoru Finansowego (KNF) – Financial Supervision Authority in Poland.
The tier-3 regulators are the International Financial Service Commission (IFSC) in Belize and the Commission Nacional del Mercado de Valores (CNMV) in Spain. The XTB Company is listed on the Warsaw Stock Exchange. It offers clients to trade on more than 4000+ financial CFD instruments, including 57 currency pairs, 37 indices, 23 commodities, 1849 global stock CFDs, and 138 Exchange Traded Funds (ETFs).
It has over 4 lakhs clients worldwide. It offers MetaTrader 4 and xStation 5 web, desktop, and mobile platforms. xStation 5 platform is a robust, clean, and user-friendly interface. XTB forex broker is fully digitalized. It can be done within 10 minutes. For individual accounts, there is no minimum deposit fee. For leverage accounts, the maximum leverage is up to 200:1.
Stock and CFDs assets have a fixed commission of 0.08% per lot. Clients no need to deposit any fee to a forex broker with gold trading. Credit, debit cards, PayPal, Paysafe, and bank transfers are some payment methods. But, the payment methods e-wallets like PayPal and Paysafe/Skrill need deposit commission fees of 2%.
Deposit and withdrawal processing time for all payment methods is immediate. But, withdrawal can be made via bank wire transfer only. If the withdrawal amount is more than $100, it is free. If it is less than $100, the client must pay the fee of $20. This forex broker offers that trade gold 24/5 only. Gold trading spreads start at 0.3, and the maximum leverage is 1:500.
Another great benefit of using this forex broker with trading on gold is its previous market analysis of gold trading. It also has a ton of free educational content to help forex traders position themselves well in the market. With almost 20 years of experience, XTB provides great benefits to its clients. They provide free insurance for every client from Lloyd’s of London.
Lloyd’s Insurance is one of the world’s leading specialist insurance providers, giving coverage of up to 1 million Euro, AUD, or GBP (depending on the region). There is no need to register separately for Insurance, and they will automatically apply to all their clients. It is a precious gold trading platform offering low spreads. So, it is the best broker for gold trading.
Several entities regulate it. So, it is considered safe and the most trusted forex trading platform. It is considered low-risk, with an overall trust score of 95 out of 99. It is also one of the best gold trading brokers. The rating of XTB is 4.7 out of 5.
Features
- Trading platforms – MT4 & xStation 5.
- Regulated by several entities.
- No deposit or withdrawal fees.
- It offers many educational materials, videos, and webinars for beginners & experienced traders.
- Fast execution speed.
- Website available in multiple languages.
- Quick and good customer support service in 20 languages.
Pros
- Over 4000+ tradable CFDs assets.
- Regulated by many top-tier authorities.
- Low minimum deposit.
- Competitive spreads.
- It offers free educational materials, videos, and webinars.
- Live chat is available.
Cons
- High deposit fees when using payment methods like PayPal & Skrill.
- Withdrawals can be made via bank wire transfer only.
- Commission fee for trading assets of stock & ETF CFDs.
- A demo account is available for four weeks only.
- No 24/7 customer support service.
#4 – Exness Gold Trading Brokers
Exness is an online forex trading service connecting people and companies across multiple countries. It was founded in 2008, and its headquarters is in Limassol, Cyprus. Mr David Morris is the CEO of the Exness group of companies. It is a Russian CFD broker with over 2 lakhs clients worldwide. It supports multiple languages (23 languages).
Exness Limited is an investment firm authorized and regulated by Financial Conduct Authority (FCA) – United Kingdom (UK), Cyprus Securities & Exchange Commission (CySEC) – Cyprus, Financial Services Authority (FSA) (SC) – Seychelles, & Financial Sector Conduct Authority (FSCA) – South Africa. It holds brokerage licenses in the UK, Cyprus, Seychelles, BVI, South Africa, Curacao, and Sint Maarten.
It offers access to trading in currency pairs, cryptocurrencies, stocks, indices, metals, and commodities. It offers clients to trade on more than 1000+ financial CFD instruments, including 107 currency pairs, 6 indices, 6 commodities, 90+ global stock CFDs, and 35 cryptocurrencies. Commodities of popular metals like platinum, palladium, silver, and gold are in the form of forex pairs.
It offers its proprietary trading terminal platform and MetaTrader 4 and MetaTrader 5 platforms for web, mac, tablet, & mobile apps. It is available in 23 languages, which makes it easy for people from different countries to share mutual benefits over a common platform. It has additional features of Virtual Private Sector (VPS) and ECN forex broker trading platform.
It has won numerous awards as a retail FX group of brokers. It offers stable and reliable brokerage services with a comfortable forex gold trading platform. It also provides some online videos about forex trading to beginners. It offers nine types of accounts. Among 9 accounts, some of the accounts are suitable for beginners, while others may appeal to experienced forex traders.
The trading costs will vary for different types of accounts. The Standard account type shows a minimum markup of 1.0 pips or $10 per 1.0 lot, which is expensive. Some accounts are commission-free, and others are commission-based. It has a minimum deposit of $10. In some methods, there is no deposit and withdrawal fee.
It offers payment methods such as Credit Cards, Bank transfers, Neteller, WebMoney, PerfectMoney, CashU, Payoneer, and QIWI. Some payment methods of processing time are instant for both deposit and Withdrawal. The maximum leverage is 1:2000 on gold trading but falls to 1:100 on palladium and platinum futures.
Based on client usage, the margin requirements are tied to the rate of leverages. If the client leverages change, it will cause margin requirements on XAU (gold) and XAG (Silver) pairs to change. It has the lowest spreads on zero accounts of the gold trading platform and remains fixed at 0.0 pips for 95%.
Several entities regulate it. It is considered safe and the most trusted forex trading platform. And also, it is the best broker for gold trading. The rating of Exness Group of Limited is 4.4 out of 5. Overall, it is also one of the best gold trading brokers.
Features
- Multiple trading platforms – MetaTrader 4 (MT4), MetaTrader 5 (MT5), Multi-Terminal, & Mobile Platform.
- It holds brokerage licenses in the UK, Cyprus, Seychelles, BVI, South Africa, & Sint Maarten.
- It supports multiple languages (23+ languages).
- It provides a training resource section for beginners.
- Free Virtual Private Sector (VPS).
- Instant Withdrawal of money.
- Customer support service is available 24/7.
Pros
- Multiple account types.
- Wide range of assets and well regulated.
- It offers VPS & Social Trading.
- Minimum deposit – $10.
- No inactivity fees.
- No swap fees for most financial instruments.
- No withdrawal fees & instant withdrawal.
Cons
- Unavailable in Europe and UK for retail clients.
- Offshore entities have limited regulatory oversight for clients.
- The Exness Training resource section is available in English language only.
#5 – BDSwiss Gold Trading Brokers
BDSwiss was founded in 2012, and its headquarters is located in Mauritius. It is an international brokerage firm that offers only forex and CFD trading. It has more than 1.5 million clients from over 186 countries. The average trading volume is more than $200 billion. It quickly approached forex markets and became one of the largest forex trading groups.
It is authorized and regulated by the Financial Service Commission (FSC) in Mauritius and the Financial Services Authority (FSA) in Seychelles. Both FSC and FSA are under tier-3 regulations. It is a well-regulated forex broker with a large international customer base. The website also supports multiple languages.
It offers clients to trade on more than 1000+ financial CFD instruments, including 250+ currency pairs, 10 indices, 6 commodities, 132 global stock CFDs, and 19 cryptocurrencies. Exchange Traded Funds (ETFs) are available only through the MT5 platform. It offers a proprietary web and mobile platform, MetaTrader 4, MetaTrader 5, WebTrader, and a native mobile app.
It has unique tools such as the Trend Analyzer powered by Autocharist, professional fund management solutions, real-time alerts, and VPS connectivity. It offers educational resources, up-to-date market research, and good customer support services.
Over the past year, it has received world finance awards such as Best Forex & CFD Broker (International Investor Awards) and the Best Market Analytics Service Provider (FxScouts Awards). It has multiple account types to provide to different trader profiles. The gold trading costs are higher than other interactive brokers’ gold costs.
The trading costs will vary for different types of accounts. The cent account type requires a minimum deposit of $10, and spreads start at 1.50 pips. There is no commission fee for forex trading. The raw account trading fees are significantly lower and spread down to 0.3 pips, with a commission fee of $6. The raw account minimum deposit is $5000.
Deposit payment method options are credit cards, bank transfers, Neteller, iDeal, Sofort, Giropay, and Skrill. Withdrawal payment method options are bank transfers, credit card, Skrill, and Neteller. The maximum leverage is 1:500 on gold trading. It has the lowest spreads of gold trading platforms, starting at 0.0 pips. It is a commission-free trading broker.
It is considered an average risk with an overall trust score of 83 out of 99 because it is regulated by the tier-3 regulator (low trust). It is one of the best gold social trading brokers in 2022. The rating of BDSwiss is 4.1 out of 5. Overall, it is also one of the best gold trading brokers.
Features
- Multiple trading platforms – MetaTrader 4 (MT4), MetaTrader 5 (MT5), Web Trader, & Native Mobile Platform.
- It supports multiple languages.
- It provides the best educational training resource section for beginners.
- Institutional grade liquidity.
- It provides live market coverage.
Pros
- User-friendly platforms.
- Multiple account types.
- Wide range of assets and well regulated.
- Well-designed and multiple proprietary platforms.
- Minimum deposit – $10.
- Good research and educational materials.
- Fast and good customer support service.
- Customer support service is available in numerous languages.
- Live chat support is available.
Cons
- Inactivity fees are high.
- Doesn’t accept clients from the UK, USA, and EU.
- It is not regulated by heavily broker service (Tier-3 regulator).
- No 24/7 customer support service.
S.NO | Parameters | FP Markets | Capital.com | XTB | Exness | BDSwiss |
---|---|---|---|---|---|---|
1. | Founded the year | 2005 | 2016 | 2002 | 2008 | 2012 |
2. | Headquarters | Australia | Cyprus | Warsaw - Poland | Limassol - Cyprus | Mauritius |
3. | Regulations | CySEC - Cyprus ASIC - Australia | FCA – UK CySEC– Cyprus ASIC – Australia FSA – Seychelles | FCA – UK CySEC– Europe KNF– Poland IFSC – Belize CNMF - Spain | FCA – UK CySEC– Cyprus FSA – Seychelles FSCA – South Africa | FSC- Mauritius FSA- Seychelles |
4. | Total number financial CFD assets | 10000+ assets | 6000+ assets | 4000+ assets | 1000+ | 1000+ |
5. | Trading platforms | MT 4 MT 5 IRESS Web Mobile platforms | MT 4 Web & Desktop Mobile platforms | MT 4 xStation 5 xStation 5 Mobile Web & Desktop Mobile platforms | MT 4 Web & Desktop Mac Mobile platforms | MT 4 MT5 Web Trader Native Mobile app |
6. | Minimum Deposit | $100 | $20 | $0 | $10 | $10 |
7. | Maximum Leverage | 1:500 | 1:500 | 1:500 | 1:2000 | 1:500 |
8. | Deposit and Withdrawal Fees | No deposit fee and high withdrawal fee when using e-Wallet payment methods (1% commission fee) | No | High deposit fees when using PayPal & Skrill (2%) and no withdrawal fee | No | No |
9. | Commission Fees | No | No | No | No | No |
10. | Rating | 4.3 | 4.3 | 4.7 | 4.4 | 4.1 |
11. | Customer Support Service | 24/7 | 24/7 | 24/5 | 24/7 | 24/5 |
Best Gold Trading Brokers For Forex
FP Markets is the best gold trading broker for forex. It was founded in 2005. It is an Australian Forex CFD broker. It is authorized and regulated by the Cyprus Securities & Exchange Commission (CySEC) – Cyprus and the Australian Securities and Investments Commission (ASIC) – Australia.
It is registered under the Financial Services Authority of Saint Vincent and the Grenadines Limited Company. Both ASIC and CySEC are under tier-1 regulators. It offers clients to trade on more than 10000+ CFD assets. It has multiple platforms. It has low spreads in gold trading. The minimum spread is 16.0 in the standard account type and 0.0 pips in the raw account type.
Among other gold trading brokers, FP Markets has low and tight spreads. The minimum deposit is $100. 2 top-tier entities regulate it, which is considered a safe and trusted platform. The website rating of FP Markets is 4.3 out of 5. It is considered average risk, with an overall trust score of 82 out of 99. So, it is the best gold trading broker in the forex market.
Is Gold Trading Brokers Business Legit?
Yes, gold trading brokers are a legit business and investment model. When traders are looking for gold trading or other CFD assets, it’s important to identify gold trading brokers who are not scammers. Clients must check forex brokers’ sites are not on the blacklist or forex scam broker’s list. Globally, there are plenty of forex brokers available.
To identify a legit forex broker, it should be regulated and licensed by some of the firms in the world. However, some forex brokers, called forex scam brokers, are not licensed and regulated. And also, if clients are looking for the best gold trading brokers, they must check three predominant factors, i.e., regulation, trading platform types, and software.
In India, identifying the legal gold trading brokers – Should be authorized by the Securities and Exchange Board of India (SEBI) – the financial regulatory body in India. All forex gold brokers in India must be registered in SEBI & RBI and have a valid license.
If clients believe they are a victim of forex scam brokers, then the first step is to contact their local regulator and make a complaint. In India, the Securities and Exchange Board of India (SEBI) has set up a system called the SEBI Complaints Redress System (SCORES). Indian forex traders can contact the SCORES and complain about the scammers.
Gold Trading Brokers Companies in India
Below is the list of India’s top 5 gold trading broker companies.
S.NO | Commodity Broker | Founded | Headquarters | Member & Registered |
---|---|---|---|---|
1. | Zerodha | 2010 | Bangalore | NSE, BSE & SEBI |
2. | Upstox | 2009 | Mumbai | NSE, BSE & SEBI |
3. | Angel Broking Private Limited | 1996 | Mumbai | NSE, BSE, MCX, CDSL, NCDEX, & SEBI |
4. | Groww | 2016 | Bangalore | NSE, BSE & SEBI |
5. | Sharekhan by BNP PARIBAS | 2000 | Mumbai | NSE, BSE, MSEI, MCX, & SEBI |
Gold Trading Brokers – Frequently Asked Questions
#1. Are gold trading brokers legit?
Yes, gold trading brokers are a legit business and investment model.
#2. How do I start trading with gold?
Traders can find a regulated broker that offers gold trading assets.
#3. How do I check if a forex broker is regulated?
The easiest way to check if a forex broker is regulated is to look for it at the bottom of the website.
#4. How to choose the best gold trading brokers?
Clients can choose their best gold trading brokers based on the three predominant factors such as regulation, trading platform types, and software.
#5. Which trading platform is better for gold trading?
MetaTrader 4 trading platform is better for gold trading.
Conclusion – Gold Trading Brokers
Hopefully, you got a clear overview of the gold trading brokers from the above article. And also discussed the list of the top 5 gold trading brokers, the best gold trading brokers, whether gold trading brokers are legit or not, and the list of 5 gold trading brokers companies in India.
Finding the best gold trading brokers depends on the features and benefits traders seek. Gold trading has different contracts like spot contracts or shares, forwards, futures, options, and NDFs. The primary market of gold trading is the futures market contract. The profit or loss is determined by the change in the value of gold. So, look at the above article to find the top 5 gold trading brokers worldwide.