Trading gold has gotten extremely popular in the last few years. Gold was always a prized commodity and nowadays its seen as a safer place to keep your cash in when the market becomes more volatile.
This is why we have created a list of US Forex broker that trade gold and from other countries around the world.
Many investors opt to trade gold via forex broker and trade gold CFD (contract for difference, which means speculation on the price movement instead of buy the physical gold. That is why many online gold trading sites exist today, but not all can be trusted. We have a list of the best online gold trading sites in the United states, Canada, UK, Australia and more.
2022 Gold Trading Forex Broker List:
US Forex Brokers That Trade Gold
| Broker Type | Market Maker |
| Regulations | NFA, CFTC, RFED, FCM |
| Min Deposit | $50.00 |
| Account Base Currency | USD CAD GBP |
| Max Leverage | 50:1 |
| Trading Platforms | FOREXTrader, Metatrader 4 |
Canadian Forex Brokers That Trade Gold
| Broker Type | ECN |
| Regulations | IFSC |
| Min Deposit | $100.00 |
| Account Base Curreny | USD, EUR, GBP, AUD, CAD, Bitcoin, Gold, Bitcoin Cash, Litecoin, Ethereum and XRP |
| Max Leverage | 200:1 |
| Trading Platforms | Metatrader 4/5 |
UK Forex Brokers That Trade Gold
| Broker Type | Market Maker |
| Regulations | FCA, CySec, CIMA, DIFC |
| Min Deposit | $100.00 |
| Account Base Currency | USD, EUR, GBP, RUB, AED |
| Max Leverage | 1:500, EU Clients 1:30 |
| Trading Platforms | Metatrader 4/5 |
Australian Forex Brokers That Trade Gold
| Broker Type | ECN |
| Regulations | ASIC |
| Min Deposit | $200.00 |
| Account Base Currency | USD, AUD, EUR, GBP, CAD, JPY, NZD,CHF, SGD, HKD |
| Max Leverage | 500:1 |
| Trading Platforms | Metatrader 4/5, cTrader, Webtrader, API Trading, MAM / PAMM |
How to trade gold with a Forex broker
Most reputable forex brokers today allow Gold CFD trading. Trading gold with these brokers is like trading currencies. When using the Metatrader platform trading gold or a currency pair is almost identical.
Trading gold vs currencies, what is similar:
- Both trading instruments trade in lots, 1 lot 0.10 lots etc.
- Both have settable stop loss, limit order and take profit targets.
- Same trading indicators are available when trading gold
- All feature of metatrade are available when trading gold CFD’s
Trading gold vs currencies, what is different:
- Golds leverage will most likely be considerably lower then major currency pairs.
- Gold CFD’s trading hours will differ slightly than currency pairs.
- Spreads on gold CFD’s will be much wider than major currency pairs.
Trading gold CFDs with high leverage is risky. Let me explain why.
The price of gold can be extremely volatile. This means if you over extend yourself, your account balance can go to zero quickly if the markets goes against your trade. Let see this example.
Account balance – S10,000 USD
1 Lot of XAUUSD costs roughly 1900$ at an entry price of 1929.57.
If gold drops to just 1900 I would be at a loss of about $2800 USD, now my $10,000 staring balance is $7200.
You can see how this is a huge risk if gold decides to be volatile and trade +/- 100s of dollars in one day.
If gold dropped to 1828usd my losses would exceed $10,000usd draining my account to zero.
How to trade gold safely
Account balance – S10,000 USD
0.10 Lot of XAUUSD costs roughly 190$ at an entry price of 1929.57.
If gold drops to just 1900 I would be at a loss of about $280 USD, now my $10,000 staring balance is $9720.
You can see how this is a huge risk if gold decides to be volatile and trade +/- 100s of dollars in one day, but with a much SMALLER trading size of 0.10 lot instead of 1 whole lot, you decrease your risk substantially.
If gold dropped to 1828usd my losses would be around $1000 instead of draining my account.
How to Trade Gold on MT4
One of the easiest ways to start trading gold CFD’s is on the MT4 platform (metatrader 4 ). We will break it down for you step by step (and with pictures) so you can trade gold with a forex trading broker and on the metatrader platform.
How to get XAUUSD on MT4
Step 1 – Make sure to add the symbol XAUUSD which is the symbol for gold. do this by right-clicking on the market watch box and clicking “symbols”.
Step 2 – The Gold symbol in MT4 is XAUUSD, Add the XAUUSD symbol.
Step 3 – Double click XAUUSD in the “market watch” box. This will open the order box where you can buy or sell gold.
Step 4 – Enter the amount of lots you would like to sell or buy, then click “sell by market” or “buy by market”.
This is an MT4 gold Chart. As you can see in the picture, it is the same as any other currency pair and or tradable instrument on metatrader 4.
Trading Gold CFD’s
Trading gold CFD’s does have some benefits over other investments. Benefits include:
- No expiration, so you can hang on to it for as long as the trader wants
- Gold is somewhat stable when it comes to price valuation, over the long term.
- Trading gold CFD with leverage can be a double edged sword, where there may be massive gains but also losses.
- Gold is old and has been seen as valuable since the dawn of time, which makes it attractive to investor as a secure asset.
Conclusion
Trading metals like gold and silver is not for every trader. It is best to stick to a trading instrument that you are comfortable with and have traded before.
Gold trading CAN be lucrative or even a safe haven when markets become volatile, but like any thing, huge gains come with huge risks and LOSSES.
Our list of Forex broker that accept gold to trade are reputable, that doesn’t mean start trading metals just for the heck of it or because everyone is doing it, …Instead, learn the asset, practice trading the asset and then maybe if you feel comfortable go ahead and invest.
About This Article
Author: Mark Prosz
