Best Gold Trading Brokers In 2024

During market upheavals, investors typically turn to assets with a proven record of acting as a hedge against inflation. One such asset is gold. However, investors looking to benefit from this asset class must find the best gold trading brokers.

This detailed guide will rank and select the best gold trading brokers in 2024. In our review, we’ll look at features, benefits, fees, and other vital factors traders must know. We will also make a direct comparison between top CFD gold brokers to help traders make an informed decision.

10 Best Gold Trading Brokers In 2024 

Here’s a list of the best gold trading brokers in the market. 

• eToro – Overall the best gold trading broker in the market. Offers features such as Copy Trading
• Pepperstone – Highly trusted gold trading platform offering affordable fees
• WeBull – Top US broker with no minimum deposit requirements. 
• AvaTrade – Highly reputable gold broker. Offers options and MT4 MT5 support
• Axi – Award-winning broker. Offers features such as Gold Copy Trading. 
• XTB – Trusted metal trading platform that offers low spreads. 
• Libertex – Gold CFD broker that offers low deposits. 
• Tickmill – Trusted gold platform that provides support for various assets. 
• IG – Offers traders gold trading services and a wide range of educational content. 
• XM – A highly regulated broker that offers sign-up bonuses.

Understanding The Gold Market 

Before we move on reviewing the best gold trading brokers, it is crucial to understand the gold market. The gold markets offer traders high liquidity and an excellent opportunity to profit in all market environments.

This is because gold is uniquely positioned in the world’s political and economic systems. Many traders choose to own the asset outright. However, others speculate through the equity, futures, and options markets, taking advantage of incredible leverage. 

However, traders often fail to take full advantage of price fluctuations. This is because they have yet to learn the unique characteristics of gold markets. Several hidden pitfalls and factors can hinder profits. Moreover, investment vehicles also play a crucial role. Some gold instruments are likely to produce consistent bottom-line results compared to others. 

Gold trading is not hard to learn. However, traders must possess a unique skill set for this particular commodity. Investors can benefit from incorporating four strategic steps into their trading routine when trading gold. 

• Understanding what factors move the price of gold. 
• Gaining more profound knowledge about the crowd investing in and trading gold. 
• Learning the long-term chart. 
• Consider and choose your markets carefully.

Best Gold Trading Brokers Reviewed

Now, let’s get started with our deep dive into the best gold trading brokers for 2024. In this review, we’ve taken a closer look at a number of platforms, their fees, offerings, and other features. We hope this will help you make an informed decision in choosing the broker with the best gold trading services.

1. eToro – Our Choice For The Overall Broker 

eToro is our choice for the best gold trading broker today. There are several reasons why we have made this choice. One of the main reasons is that the platform caters to all types of traders, from beginner to advanced.

If a beginner wishes to open a position without being overwhelmed, eToro makes it possible. If an advanced trader wants to open a position and use advanced tools and features, eToro makes that possible as well. 

The platform also has reasonable minimum deposit requirements. Traders based in the US and UK are required to deposit $10 to begin trading. Accounts funded in USD do not attract any fee. However, a conversion fee of 0.5% is applicable when accounts are funded in other currencies.

eToro accepts several deposit methods as well. These include debit/credit cards, Paypal, Skrill, and Neteller, to name a few. Deposits are typically free, but withdrawals attract a $5 fee.

eToro Features 

The eToro platform charges 45 pips for gold trading. If you wish to trade silver, it incurs a 5 pip trading spread. You should also be aware of an inactivity fee charged by the platform. Traders inactive for 12 consecutive months are charged $10 each month. To avoid this charge, traders must log in to their accounts regularly.

Another reason why eToro is our choice as the top gold trading broker is because of its Copy Trading feature.

This feature allows novice traders to copy the trades of professional traders on the platform. It acts as an excellent way for traders to learn from professionals and profit from their trades. Copy Trading is ideal for traders who lack technical analysis skills or don’t have time to analyze the markets.

Pros & Cons of eToro Gold Trading Platform 

What We Like About eToro 

• ✅ Supports several payment options
• ✅ Offers features such as Copy Trading. 
• ✅ Accepts USD 
• ✅ It has over 49 trading pairs

Your capital is at risk. 79% of retail investor accounts lose money when trading CFDs with this provider.

2. Pepperstone – A Highly Trusted Gold Trading Platform

The next platform on our list of best gold trading brokers is Pepperstone. Pepperstone is an ideal trading platform for those looking to trade commodities, currency, indices, shares, indices, crypto, and forex. It also has a separate platform for professional and institutional clients.

The Pro account offers several benefits to traders. These include higher leverage, credit facilities, premium rewards, and large trading sizes. Pro accounts also give holders access to a dedicated manager to tend to the account holder.

One of the most significant advantages of Pepperstone is that it offers access to multiple platforms. Pepperstone supports cTrader, MetaTrader 4, and MetaTrader 5. Razor account holders can connect directly to TradingView. Additionally, Razor account holders also get access to better spreads.

Fees On Pepperstone 

Pepperstone does not charge any commission fees when trading gold. However, traders can expect a spread of 0.14 for XAU/USD. The platform’s next best pair to trade forex is EUR/USD, which starts at 0.6 pips. The minimum balance Pepperstone recommends is on the higher side at $AUD 200. This is equivalent to $136.

The platform accepts a number of payment methods. These include debit/credit cards, BPay, bank transfers, PayPal, and Neteller. Another benefit of Pepperstone is that it hosts regular webinars hosted by professionals. These free webinars allow traders to receive news and analysis of the markets.

Pros & Cons Of Pepperstone

What We Like About Pepperstone 

• ✅ Offers low spreads 
• ✅ Traders can access free webinars
• ✅ The Razor account offers a plethora of benefits
• ✅ Pepperstone offers MetaTrader 4, MetaTrader 5, and cTrader

3. WeBull – A Top US Broker With No Minimum Deposits 

WeBull is also another top platform to consider on our list of best gold trading brokers. The popular US broker targets traders who want access to smart tools in their trading. It is also a platform that does not enforce a minimum deposit on traders. Additionally, traders can also take advantage of fractional ownership in stocks.

WeBull accepts several payment methods, such as debit/credit cards, PayPal, ACH, Neteller, and several others. One significant advantage of WeBull is that there is no minimum deposit requirement.

This means traders do not have to risk large amounts of capital. The platform charges spread on gold trading and allows traders to manage large positions. It does this by offering 4x-day trading buying power and 2x overnight buying power.

However, traders need to fund their accounts with at least $2000 to use these margins. Besides gold trading, WeBull offers users one of the best stock trading platforms.

Traders also access crypto, fractional stock ownership, over-the-counter (OTC) trading, indices, and ETFs. Moreover, it also offers a rich content and educational database to its users.

Pros & Cons Of WeBull Platform 

What We Like About WeBull 

• ✅ Offers free educational content
• ✅ Traders can avail of margin trading
• ✅ No minimum deposit requirement 
• ✅ Allows OTC

4. AvaTrade – A Highly Reputable Gold Trading Broker 

Many traders consider AvaTrade to be one of the best gold trading brokers. One of the biggest factors when it comes to trading is risk. The last thing traders need is to lose their funds, thanks to their brokers.

AvaTrade is one of the most reputable platforms operating in the market. It is regulated by nine financial authorities, ensuring it complies with the highest economic and ethical standards.

AvaTrade offers traders several CFD trading platforms, including MetaTrader 4, MetaTrader 5, AvaTradeGO, and Web Trader. Additionally, it also offers an automated trading platform. AvaTrade also provides features such as ZuluTrade and DupliTrade. These features allow traders to follow professionals on the platform and mirror their trades.

Apart from gold trading services, AvaTrade also provides trading for other metals. These include platinum, silver, copper, and palladium. Traders can also use a leverage of 200:1 and expect an average spread of 0.29 when trading gold. However, the minimum deposit on AvaTrade is on the higher side at $100.

AvaTrade also offers traders a treasure trove of learning material. Apart from market analysis, it also provides guides and videos about trading on its platform.

Pros & Cons Of AvaTrade

What We Like About AvaTrade 

• ✅ High leverage 
• ✅ Offers automated trading 
• ✅ Traders can access various trading platforms
• ✅ A selection of free educational content

5. Axi – An award winning broker

Axi is a top gold trading brokers in the market today. This popular commodity broker allows traders to access gold, silver, platinum, and copper markets. Additionally, Bullion Spot CFDs and metal futures CFDs are also available. To trade precious metals on Axi, traders typically require a minimum trade size of 0.01 of the standard lot.

Besides quick trade executions, traders can open precious metal positions without worrying about commissions. They can increase their positions, utilizing a leverage of 30:1. Moreover, the platform offers Copy Trading, significantly simplifying gold trading. This allows beginners to copy professional trades free of cost. Traders on the platform can filter their searches and analyze the trades of professionals.

The platform recommends a minimum balance of $250. However, it also accepts lower deposits. Alternatively, traders can automate trading through Expert Advisor on the MetaTrader 4 platform. More advanced traders can enhance their trading strategies using features such as PsyQuation and AutoChartist.

PsyQuation provides users with performance analytics, allowing them to reduce mistakes. Meanwhile, AutoChartist is an excellent tool for traders who need to scan markets and get alerted about specific trades.

Traders can also access an array of trading educational content for free. These include videos, guides, and webinars. To make things even better, traders can also take in-depth courses on trading through the Axi Academy.

Pros & Cons Of Axi Gold Trading Platform

What We Like About Axi Broker

• ✅ Gives traders access to gold Copy Trading
• ✅ Offers free educational content for beginners and advanced traders
• ✅ The platform does not require minimum deposit limits

6. XTB – A Trusted Metal Trading Platform

The next CFD platform on our list is XTB. Most traders consider XTB one of the best gold trading brokers in the market. The platform is ideal for beginners who want access to a simple, seamless platform. However, XTB is also loved by professional traders. Professional traders highly appreciate XTB’s broad range of assets on offer.

Traders can choose between two platforms, xStation 5 and xStation mobile. Both platforms are simple to use, offering quick execution speeds. The web platform provides traders with highly advanced tools. It is also compatible with multiple browsers, such as Safari, Chrome, Firefox, and Opera. XTB also offers a desktop version.

Traders can also access demo accounts on XTB. The demo account allows traders to test their trading strategies before implementing them in trading markets.

Fees On XTB 

XTB does not have a minimum deposit requirement to start trading gold. The platform accepts several payment methods, including debit/credit cards, PayPal, and Paysafe.

Traders on the platform can trade gold for 24 hours, 5 days a week, with spreads starting at a reasonable 0.3. The platform offers traders leverage of 500:1, allowing them to magnify their positions significantly. Additionally, there is also a transparent rollover visible on the chart.

Another benefit XTB offers traders is the market analysis it provides. Traders on the platform can also access educational content, helping traders position themselves well in the market.

Pros & Cons Of XTB Gold Platform

What We Like About XTB 

• ✅ XTB does not require a minimum deposit 
• ✅ Offers traders free educational content
• ✅ Enables over-the-counter trading
• ✅ Traders can access leverage of up to 500:1

7. Libertex – A Gold CFD Broker That Offers Low Deposits

The next platform on our list of best gold trading platforms is Libertex. Libertex is widely considered one of the best forest brokers that trade gold. The broker is available in over 125 countries and has been awarded for its services.

The best thing about Libertex is that it offers tailored trading courses for beginners. It also provides market analysis to help traders determine gold sentiment.

The platform also offers traders a plethora of platforms. To trade gold, traders can choose between MetaTrader 4, MetaTrader 5, and Libertex’s dedicated app. Each trading platform offers unique benefits, advanced strategies, and tools.

Traders can also access a demo account with $50,000 worth of credits. Traders can use the demo account to test their trading strategies before implementing them in actual trades.

Libertex is widely regarded as one of the best MT5 brokers. This is because it makes trading convenient for beginners while helping professionals enhance their trades.

Fees On Libertex 

Traders can begin trading on Libertex for as low as $10. The platform accepts a plethora of payment methods, such as credit/debit cards, bank transfers, PayPal, and other options. There are also no deposit fees to worry about or swaps for overnight positions. However, inactive accounts for six months are charged a monthly inactivity fee of $5.

Spreads for some assets start from as low as 0.00. Traders can take advantage of leverage of up to 500:1. Apart from gold, Libertex also offers crypto, stocks, indices, forex, commodities, and ETFs.

Pros & Cons Of Libertex Gold Trading Broker

What We Like About Libertex 

• ✅ Offers high maximum leverage 
• ✅ Low spreads
• ✅ Market analysis and trading content
• ✅ Offers MetaTrader 4 and MetaTrader 5

8. Tickmill – Trusted Gold Platform Offering Support For Various Assets.

The Tickmill gold trading platform is an excellent choice for gold traders looking for a low-spread broker. Fees and account benefits on Tickmill depend on the type of account traders choose.

The platform has several account options, such as classic, pro, and VIP accounts. Tickmill also offers an Islamic account and a demo account for traders to test trading strategies.

The Tickmill platform offers traders a $30 welcome bonus to start trading crypto, stocks, forex, bonds, and precious metals. However, traders must understand the basics of trading gold before funding their accounts.

Traders who trade gold on Tickmill must use one of MetaTrader 4 or MetaTrader 5. Spreads are typically at around 0.09. This means Tickmill offers one of the lowest gold spreads in the market.

Traders on Tickmill can open positions using leverage of up to 500:1, with trades taking around 0.20 seconds to execute. However, to enjoy such large positions, traders are required to deposit at least $100.

Pros And Cons Of Tickbill Gold Platform

What We Like About Tickmill 

• ✅ Traders can select from multiple types of accounts
• ✅ Offers a sign-up bonus
• ✅ Low spreads 
• ✅ High-quality educational content

9. IG – Offers Gold Trading Services And Rich Educational Content 

The next platform on our list of best gold trading platforms is IG. When it comes to trading, options are extremely important. Options are exactly what IG offers. Traders on the platform can choose from several markets. These include futures, options, indices, shares, forex, and cryptocurrencies. What’s more, IG also offers platforms such as DMA Trading, ProRealTime, MetaTrader 4, algorithmic trading, and a dedicated mobile app.

IG offers 35 commodity assets on its platform, including gold trading. Traders can expect spreads averaging around 0.3 on the platform. The platform also does not require a minimum deposit if traders fund their accounts through bank transfers. However, if you fund the account using debit or credit cards, a minimum deposit of $300 may apply.

IG allows traders to use advanced trading tools for technical analysis. They can also receive live market updates within the platform’s news feed. Beginners not experienced with technical analysis can use trade alerts from the platform to enter trades. There is also a library featuring an extensive selection of free educational content.

Pros And Cons Of IG 

What We Like About IG

• ✅ Offers traders several trading platforms 
• ✅ Free trading tutorials are available. 
• ✅ The platform offers algorithmic trading. 
• ✅ Numerous currency pairs are on offer.

10. XM – A Trusted, Highly Regulated Broker

The last platform on our list of best gold trading brokers is XM. Beginners who open their account on this platform can claim $30. Additionally, the platform also offers a 50% deposit bonus for deposits up to $500. Deposits up to $4500 can avail a deposit bonus of 20%. Traders can also join the XM Loyalty Program and receive free VPS services.

XM offers an average spread of 0.35 on gold. Experienced traders looking to open large positions can avail of leverage up to 1000:1. Moreover, a zero swap is applied to low accounts. To begin trading gold on XM, traders must deposit a minimum of $5.

XM also offers traders several options, not just in asset classes but also platforms. Traders can choose between MetaTrader 4 and MetaTrader 5 for PCs, Macs, tablets, and smartphones. The platform also offers numerous trading tools, such as forex calculators, a learning center, and live webinars and seminars.

Pros And Cons Of XM 

What We Like About XM 

• ✅ Traders are awarded a sign-up bonus
• ✅ Low minimum deposit requirements
• ✅ Offers live tutorials, webinars, and seminars
• ✅ High leverage

Comparing the Best Gold Trading Brokers

To help you choose the best Gold trading brokers in the market based on trading leverages and fees, here is a tabular comparison of the services offered by the top gold trading platforms we have discussed above. 

How To Choose The Best Gold Trading Brokers? 

There is considerable research that one must do when choosing the best gold trading brokers. We looked at several factors for our list when selecting the featured platforms. Let’s look at some of the features and benefits we looked at to determine our list.

Security 

Gold trading brokers must adhere to the highest security standards. This is vital as they can demonstrate that they are serious about upholding strict financial and ethical standards. The best way a broker can assure clients about the security of funds is to be regulated by financial regulators. These include ASIC, FCA, and CySEC.

Trading Tools 

Traders, especially beginners, need a trading platform that is simple, intuitive, and easy to use. However, it must also offer advanced trading features and tools for professional traders.

Fees 

It is crucial to select a broker that offers low fees. Additionally, the platform should not have any hidden or unnecessary fees. High fees eat into profits. However, they make losses hurt even more.

Mobile Application 

Most traders trade on the go. This is why brokers need to offer a dedicated trading app. The trading app must offer all the key features the desktop platform offers.

Why Is Gold An Excellent Commodity To Trade?

Now, let’s understand how you can trade gold. Gold is considered one of the best commodities to trade for a number of reasons. Gold is the most traded commodity when we look at trading volume. The asset also attracts far more traction than other commodities in the market. You can benefit from trading fees, competitive spreads, and several trading instruments. These comprise mutual funds, options, ETFs, futures, and gold stocks.

Another advantage of trading gold is that prices are less reliant on geopolitical events. Instead, gold has a strong correlation with the stock markets. This is why tracking the S&P and other major indices is essential when trading gold.

How To Trade Gold Today On eToro 

Trading gold can be relatively simple. This is particularly true if you select a beginner-friendly broker like eToro. This section will look at how you can start trading gold on eToro. All you need to do is follow the steps we have documented below.

Step 1: Open a Gold Trading Account 

The first step is to open a trading account on eToro. Visit the website and click on “Join Now”. Once you do this, you will be required to submit your name and contact details. You must also select a username and create a strong password.

You may also be required to submit a government ID as mandated by KYC norms. Once you have entered all the requisite information, click “Create Account.”

Step 2: Deposit Funds

Once you have created and verified your account on eToro, we can get to the next step. Now, you must fund your account so that you can begin trading. 

If you are based in the US or UK, the minimum deposit is $10. However, traders based outside these regions deposit a minimum of $50.

eToro accepts a variety of payment methods. These include debit/credit cards, PayPal, ACH, Neteller, and bank wire transfers. Deposits made using USD do not attract a deposit fee.

Step 3: Head To The Commodity Markets Page 

Once you have funded your account, head to the commodity markets page. Here, select “Gold” and access the gold trading platform. After this, select “trade.”

Step 4: Trade Gold 

Now, you have to select Buy or Sell, depending on how you wish to trade. Enter the amount or number of units you wish to trade. Once done, review the data and set your stop loss, leverage, and take profit parameters. Once done, click on “Open Trade.”

The open position will appear in the “portfolio section.” Trade management tools on eToro include a live profit/loss tracker that displays the return on your trade.

Your capital is at risk. 79% of retail investor accounts lose money when trading CFDs with this provider.

What Impacts The Price Of Gold?

There are several factors that directly and indirectly impact the price of gold. A cursory glance at the year-to-date prices of gold shows that prices have registered a sharp increase. Let’s look at what factors contributed to this increase.

Market Uncertainty 

Market uncertainty, especially factors such as the Covid-19 pandemic, left too many “unknowns” in the market. As a result, investors flocked to gold.

Weakening Dollar 

When the dollar weakens, investors typically tend to invest in gold.

Elections 

US presidential elections tend to make the markets extra jittery. As a result, the safety and security of gold tend to look more attractive to investors.

Inflation 

Rising inflation has also seen investors pivot towards gold, leading to an increase in price.

What Are The Different Ways To Trade Gold? 

There are three ways you can invest in gold as an asset. Remember, Each method of investing in gold comes with its pros and cons.

CFDs 

Contract for difference or CFDs is the most user-friendly and cheapest way to invest in gold. A gold CFD is similar to trading stocks. However, the critical difference is that the instrument tracks the underlying asset’s price (gold). However, it does not represent actual ownership of the asset in question.

Gold is the most popular asset within the class of precious metals. This class includes other metals such as Palladium, Nickel, and Silver. eToro allows traders to open a long or short position using CFDs. Once the order is completed, traders can monitor the trade status in the portfolio section.

Gold ETFs 

Another approach traders can utilize to invest in gold is through an exchange-traded fund (ETF). ETFs offer traders a convenient avenue to hold a position in gold. They do not need to pay fees on a bank vault or take custody of physical gold. ETFs also benefit from real-time pricing, allowing traders to stay on top of the value of their holdings.

Gold-Related Equities 

The third method of investing in gold is through a portfolio of equities. These equities perform in line with the price of gold. For example, traders can invest in gold mining companies. Deposits owned by mining companies may be in the ground. However, if the price of gold increases, so will the firm’s share price. However, equities are also subject to other factors that can impact price, such as stock market volatility.

Conclusion – Best Gold Trading Brokers

That’s it! That was a guide about the best gold trading brokers in 2024. Remember, gold trading need not be complicated. All you need to do is select the right broker that aligns with your goals.

Our guide found that eToro is the overall best gold trading broker, thanks to the plethora of features it offers. It also does not charge any deposit or withdrawal fees.

Additionally, eToro offers several currency pairs at low spreads. Traders can open large positions thanks to the leverage the platform provides.

Do go through our entire guide before you begin trading gold; we hope it is helpful.

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• Free Copy Trading of Professional Traders
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• Minimum Deposit only $10
• Best Beginner exchange

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Author: Kamal Masri

Kamal is an experienced financial analyst with a demonstrated history of working in the Financial Market. Skilled in Equities, Capital Markets, Portfolio Management, Risk management, and Corporate Finance. Kamal has worked at some of the leading online finance publications providing his expert knowledge on cryptocurrency. Kamal has written widely on digital assets across the stock and crypto media space and beyond, including for Coindesk, Ethereum World News and The FinTech Times.

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