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Gold is among the most traded commodities in the world alongside oil and natural gas. Aside from the normal uses of gold in a variety of industries such as jewelry, dentistry, and mobile phones, there is another reason why gold is such a popular commodity to trade. This is because gold is treated as a hedge against inflation and the stock market.

On the other hand, these days it is very easy to trade on gold through a variety of platforms. In this guide, everything you need to know about gold trading has been explained in detail.

Best Gold Trading Platforms UK List

There are several platforms that you can use to easily and conveniently trade gold. Below, we have provided you with a list of some of the top platforms, after which the biggest 3 platforms have been reviewed in detail. Some of the biggest gold trading platforms include:

  • eToro – The Overall Best Gold Trading Platform for the UK
  • Capital.com – The Best Gold Trading Platform for Beginners
  • AvaTrade – The Best Gold Trading Platform for Professional Traders
  • Plus500 – The Best CFD Platform for Active Gold Traders
  • FinmaxFX – The Best Platform to Trade Gold with High Leverage
My Trade Size

€ 100 (0.001 lots)

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Best Gold Trading Platforms UK Reviewed

Below, you will find a detailed review of some of the best gold trading platforms in the UK.

1. eToro – The Overall Best Gold Trading Platform for the UK

best gold trading platform eToro is a safe and regulated platform that allows you to trade thousands of assets across a variety of product classes. The platform has over 2400 products ranging from stocks, commodities, cryptocurrencies, and indices. It is one of the most popular social trading platforms in the world with over 12 million users registered.

On eToro, you can perform gold CFD trading, which means that while you will not own the underlying asset, you will be able to profit from the fluctuations in gold prices. eToro also provides leverage of up to 20x for leveraged gold trading. In addition to this, you can also trade gold via the different gold ETF options that eToro offers, such as the SPDR Gold (GLD), the iShares Gold Trust (IAU), and the Gold Miners ETF VanEck Vectors. For all these ETFs, eToro provides a leverage of up to 5x.

online gold trading platform

Another advantage of using eToro is that they have a low minimum deposit of just 200 GBP. they also provide access to their social trading platforms. Because of this, you can capitalize on the expertise of other traders and copy trading them. This will mean that your portfolio will make the same trades as them, mirroring the gains and losses in their portfolio. eToro allows you to choose from thousands of traders to copy, so it is important for you to have done your research before selecting someone.

The platform offers very competitive spreads on gold trading and charges no commissions, in addition to having a social feed where you can get popular macroeconomic updates and news. They have designed the user interface in a way that makes the platform very easy to navigate, and the presence of a demo trading account makes it easier for new users of the platform to get used to it before they start actually trading.

Pros

  • User-friendly broker
  • 10x leverage for commodities such as gold
  • Several other financial instruments available to trade, such as stocks, currencies, ETFs, and cryptocurrencies like Bitcoin
  • Low margin requirements
  • No commissions on gold trading
  • Easy and seamless deposit process
  • Ability to copy trade other more experienced traders
  • Provides gold CFD trading and leveraged gold trading
  • Gold trading app available

Cons

  • Limited advanced technical analysis and charting tools – unsuitable for highly technical traders

67% of retail investor accounts lose money when trading CFDs with this provider.

2. Capital.com – The Best Gold Trading Platform for Beginners

Capital.com Trading Platform

Capital.com is one of the most reliable platforms when it comes to trading energy CFDs, and it is a highly useful platform for beginners. For starters, it only offers CFDs, which means you do not actually own the energy assets, but instead take bets on which direction the prices will move in. You can place a bet in either direction and you will be rewarded if your bet is right, making it a much more suitable trading method for beginner traders, and it is why most beginner traders prefer trading CFDs over real assets.

The platform offers gold with leverage as high as 20x for you to trade. It also offers a 20x leverage on trading silver. They do not charge any commissions, their spreads are very competitive by industry standards, and the platform is also quite easy to use. The minimum deposit requirements of the platform are also quite low at 20 GBP, and the platform is quite famous for deploying some of the best proprietary AI technology that assists traders in recognising trading opportunities.

Pros

  • Tight spreads
  • Low fees and commissions
  • User-friendly platform
  • Ability to connect to MT4 and perform advanced analysis
  • Low minimum deposits
  • A lot of useful educational content

Cons

  • Only offers CFDs

3. AvaTrade – The Best Gold Trading Platform for Professional Traders

gold trading uk AvaTrade is another gold trading forex platform that is highly trusted for gold trading, and it is most suitable for experienced traders. One of the biggest standout factors for AvaTrade is the diversity it offers in terms of the different trading platforms, which include the MT4 trading platform, MT5, AvaOptions, and AvaTradeGo. It offers a leverage of up to 5x for retail traders, and of up to 200x for professional leveraged gold trading accounts. This is among the highest leverages offered by any broker in the industry, making it the platform of choice for professionals.

gold trading hours

AvaTrade is also one of the top platform choices for automated trading strategies because it offers very fast execution times, very low spreads (0.28), and the ability to trade gold in increments of 0.01. They also do not charge any commissions, making it one of the cheapest platforms to gold trade. Their minimum deposit is 100 GBP, which you can fund instantly with a debit or a credit card. They are a highly regulated platform in several jurisdictions, including the FCA in the UK.

Pros

  • No commissions on trades
  • Very tight spreads
  • Automated trading strategies are supported on AvaTrade
  • Regulated in several jurisdictions
  • No deposit or withdrawal fees
  • Low deposit requirements
  • Gold trading app available

Cons

  • Charges an inactivity fee

71% of retail investor accounts lose money when trading CFDs with this provider.

Best Gold Trading Platforms UK Comparison

In order to easily compare the different popular gold trading platforms in the UK, a tabular comparison of the major brokers has been given below.

Broker Commissions Deposit/Withdrawal Fee Inactivity Charges
eToro Zero $5 withdrawal fee $10 a month after 12 months of inactivity
Plus500 Zero Zero 10 GBP per month after 3 months of inactivity
AvaTrade Zero Zero 50 GBP per quarter after 3 months of inactivity

Gold History

Gold is an extremely important economic asset and a crucial part of the monetary system. It is a rare metal, which contributes to the scarcity and subsequently the high price of the metal. Most investors retreat to gold in times of high inflation, economic or political crises, or any period of time where the stock market is too volatile. There are a variety of ways in which you can trade gold, the simplest of them being purchasing physical gold. This can be done in the form of coins, bars, or gold jewellery. There are also a variety of other methods that you can use to buy and sell gold, such as purchasing futures contracts, gold funds, ETFs, or CFDs via gold trading exchanges.

If you’re not looking to buy physical gold and instead trade on it in the financial markets, then you need to understand the different types of markets that are available. The two main markets are the spot market and the futures market, both of which function through a variety of gold trading exchanges. The primary difference between the two is that the spot market shows you the current price of the asset, as in the price at which you can immediately buy and sell the asset. This price is derived from the interbank spot market and the different over-the-counter global markets. This spot price is the benchmark for gold trading and plays an integral role in the gold industry.

On the other hand, gold futures have expiry dates, which could be anywhere from a few months to a couple of years. The normal expiry period for a gold futures contract is 12 months. Owning a futures contract entitles you to buy or sell a particular asset at a fixed price in the future. The price of futures contracts is higher than the spot prices because there are a lot of costs involved in carrying a futures contract, such as storage, insurance, and interest rate financing. For example, if you buy a futures contract for gold at $1800 an ounce with an expiry of 12 months, this means that after a year you will be able to buy an ounce of gold at $1840 irrespective of the spot price at the time. This will be beneficial if the spot price at the time is greater than $1840. At the same time, you could also sell the futures contract in the secondary market at any point before the expiry at a profit.

Gold CFDs

However, the easiest way to trade gold electronically on gold trading exchanges is to do so via CFDs which track the gold spot price. They work the same as trading on other commodities. When you buy a unit of a gold CFD, you do not actually own the underlying asset. However, the price of the CFD will move exactly in sync with the spot price of gold, meaning that you can sell the CFD at any time at the spot price of gold.

There are several advantages to trading gold. For starters, it acts as a safe haven, protecting you from the risks of the financial markets. The rates of gold have little to no correlation with the financial markets, making them an ideal hedge to protect against the downsides in the market. It can also be used as a hedge against inflation. At the same time, gold is a highly liquid asset as compared to some of the other rare metals. This means that you can always find a buyer or seller for gold in the markets. This liquidity makes it the ideal rare metal to trade. Lastly, trading gold also has a variety of tax benefits for UK residents. If you trade gold on a spread betting account, then your profits are exempt from capital gains tax.

Top Gold Trading Strategies

There are several strategies that are used by traders in order to trade gold in the markets. While the strategy you choose will depend on your risk appetite, how much returns you wish to get, and your general preferences as a trader, there are a few tried and tested strategies that you should be aware of. Three of the most popular gold trading strategies that you might find useful as a starting point for formulating your own strategies have been discussed below.

Use the Gold/Silver Ratio

One of the most common trading strategies for gold traders is to use the gold/silver ratio to determine when you should buy or sell both gold and silver. The gold/silver ratio, as the name suggests, indicates how many ounces of silver you need to buy one ounce of gold. Since the prices of both these securities are highly correlated, this number can serve as a very good guide.

67% of retail investor accounts lose money when trading CFDs with this provider.

For example, if the gold/silver ratio suddenly falls, then this means that the price of gold has dropped. Because gold and silver are highly correlated, this would imply that the prices of silver will fall soon too, so it might be a good idea to short silver CFDs. At the same time, you could also decide to buy gold CFDs since the price of gold has fallen and will likely increase again in the near future. Regardless of whether or not you use the gold/silver ratio as an indicator of trading opportunities, it is an extremely important ratio that you should know of.

Look at other precious metals

Usually, precious metals are bought as a hedge against inflation and the financial markets. Therefore, it stands to reason that all precious metals will move in the same direction at any given time. Some of the most commonly traded precious metals include gold, silver, platinum, and palladium. Occasionally, one of the precious metals is not in sync with the others, and this represents a good trading opportunity because, in the long run, the metals are always in sync. Therefore, it is a good idea to add all 4 of these precious metals to your watchlist and keep looking for instances where they are not in sync as this will allow you to quickly profit.

Trade on Macroeconomic News

The third most commonly used strategy is to trade on macroeconomic news. Gold prices are more reactive to major market news and economic happenings than other assets are, because of the nature of gold as a safe haven. For example, due to uncertainties caused by the pandemic, the prices of gold shot up by as much as 25%. As a general rule, if there is something wrong in the financial markets or the larger economy, gold prices tend to go up.

Therefore, a highly successful trading strategy is to be on the lookout for such major macroeconomic news and trade on this. For example, this would include interest rate announcements and releases of important economic data by central banks. The best strategy is to subscribe to an economic calendar that provides you with all this information so that you are well-equipped to take advantage of the volatility in the markets. Some of the most important data that you should be following as a part of this strategy include GDP numbers for the major countries such as the US, Europe, UK, China, Japan, and Australia; Consumer Price Index releases for these countries, as it is a major indicator of inflation in the country; Non-farm payroll numbers since they indicate the level of non-seasonal employment in the economy; Employment data; and other major economic policy announcements.

How to Choose the Right Gold Trading Platform UK For You

Choosing the right broker for your trading requirements is one of the most important and overlooked parts of the process. It is not an exaggeration to say that your success and profitability are directly affected by whether or not you choose the right broker. There are several things that you should consider before choosing a broker, and these have been discussed below in detail.

Type of Broker

The first thing that you need to know about your broker is what kind of broker it is. There are two main types of brokers: market makers and ECN brokers. The main difference between the two is how they execute your order. When you place an order, a market maker takes on the other side of your position themselves and then minimizes their risk by closing off this position in the market. On the other hand, ECN brokers only connect you to other market participants and liquidity providers, and then you can grade directly with them.

Both of these kinds of brokers have their own set of advantages and disadvantages. While market makers do not usually charge commissions, they do charge looser spreads since that is their primary source of revenue. ECN brokers usually have zero spreads but charge a fixed commission on each trade, which can be quite pricey for some traders. In general, market makers are more suitable for beginner and intermediate traders, while experienced traders prefer ECN brokers because they provide access to Level 2 Order Books, enabling traders to gauge the momentum of the market more accurately.

67% of retail investor accounts lose money when trading CFDs with this provider.

Execution Speed

Another major factor that you should consider, especially if your trading strategies are for the short-term, is the execution speeds of the broker that you use. This refers to the amount of time it takes for the broker to execute your order after you have placed it. If your trading strategy is, for example, you will rarely be holding positions for over a few minutes, so it is important for you to have the highest execution speeds so that you are able to take advantage of small price movements.

Leverage Ratio

The leverage ratio that is provided by the platform is also an important factor to consider while choosing a broker. Often, when trading commodities, you will not use all of your own capital. Most platforms provide high leverage on trading gold, therefore it is important for you to know what leverage your broker will be providing you. In addition to this, you should also look for other details related to the leverage being provided by your platforms, such as the overnight fees and other charges that they levy in exchange for providing the leverage.

Trading gold on high leverage can be a very advantageous strategy since you have to risk very little. The gold trading price does not fluctuate a lot on any given day, therefore the only feasible way to profit is through a high trading volume. This involves either investing a high amount of capital, or trading on high leverage. However, this also increases your risk and means that you have a smaller margin of risk while trading. Therefore, this is a trade-off that you have to keep in mind while trading on high leverage.

Trading Tools and Features

The next factor that you should consider while selecting a broker is the choice of trading tools that the platform offers. Most good trading platforms offer you the basic tools of charting and technical analysis, which can sometimes be very useful when trading with specific strategies. In addition to this, platforms like eToro also provide you with a social platform where you can see the views and opinions of other traders. This is a very useful tool since it enables you to understand the market sentiment and use that as a valuable source of information.

It is also important for your platform to offer you macroeconomic news from time to time and keep you updated on news events. This will enable you to use this information and adjust your positions accordingly in preparation for them.

Gold Trading Hours

The last thing that you should look at when selecting a trading platform is their trading hours for gold. Unlike stocks, gold is a commodity, which means that it can be traded 24X7. However, there are a few platforms that only allow you to trade gold between certain hours of the day. This will limit your ability to trade and profit from fluctuations in the gold price. In addition to this, some platforms also have an overnight fee for positions you hold past midnight. Therefore, it is important to check what times the platform allows you to trade gold between, and what their fees are.

How to Get Started With a Gold Trading Platform

Now that the benefits and the various factors to consider before trading gold have been firmly established, it is time to understand how you can get started with a gold trading platform. For this purpose, the overall best gold trading platform UK has been considered – eToro. The process of opening an account and trading on eToro is quite straightforward and involves 5 main steps.

Step 1: Open an Account

The first thing that you need to do is to navigate to the eToro homepage and click on “Join Today”. Then, you will be asked to fill a short form that asks for your contact details and makes you set up your login credentials. Alternatively, you can also sign up via your Facebook or Google account for easier sign-ins and to avoid having to remember your username and password.

forex trading gold

67% of retail investor accounts lose money when trading CFDs with this provider.

Step 2: Verify Your Identity

gold trading online

The next step is for you to verify your identity. Since eToro is a regulated platform, they have to complete the KYC (Know Your Customer) process before they allow you to trade. This verification process has two parts to it. The first part involves verifying your identity. For this, you can upload a copy of any government-issued ID, such as a passport, driving license, or visa. The next part is an address proof, for which you can either upload a bank statement or utility bill.

Once you have uploaded the documents, eToro has a quick response time, and will usually verify your account in a few hours.

Step 3: Deposit Funds

gold trading price

The third step is to then deposit funds into your account. The minimum deposit on eToro is 200 GBP. This can be done in a variety of ways. For starters, you can add money to your eToro account via bank transfer or via credit/debit cards. They also accept a variety of e-wallets such as PayPal and Skrill. You can add funds in different currencies too, such as USD, GBP, and EUR. There are no fees or charges associated with depositing funds into your account, and they show up almost immediately.

Step 4: Demo Account

Before you get started with risking real capital and trading, it is better to first use a demo account for a while. This has multiple advantages. Firstly, it enables you to get familiar with the platform and its navigation, so that you do not struggle later when you’re actually trading. Secondly, it is a good way for you to test out any strategies you have in a real market environment and see how it performs. Lastly, successfully tested strategies can be fine-tuned and made more profitable through demo trading without having to risk a lot of money, boosting your confidence and making you a better trader.

Step 5: Start Trading Gold

The last step is to begin trading gold on eToro. Simply head to the search bar, type Gold, enter the amount, decide on how much leverage you wish to use, and click on buy or sell.

best gold trading platform

67% of retail investor accounts lose money when trading CFDs with this provider.

Best Gold Trading Platform UK – Conclusion

In conclusion, trading gold CFDs are extremely profitable and can serve as a hedge against the wider economy too. As such, gold traders tend to focus on macroeconomic events like economic data, turmoil scenarios in the market, political instability, and inflationary pressure. There are several platforms and ways in which you could trade gold, but the best gold trading platform in the UK is eToro.

eToro – Best Gold Trading Platform UK

67% of retail investor accounts lose money when trading CFDs with this provider.

FAQs

How do trade Gold in a forex broker?

Most forex brokers also let you trade major commodities such as gold, so it is simply a matter of searching for gold and trading it.

What are CFDs on Gold?

Gold CFDs are quite similar to stock CFDs. they follow the spot price of gold, but when you buy one unit of a gold CFD you do not own the underlying asset.

Can I trade Gold CFDs in the UK?

Yes. there are several platforms, such as eToro and Plus500, that allow you to trade gold CFDs in the UK with ease.

Which is the best platform to trade gold?

The best platform o trade gold will depend on your trading requirements, level of experience, and the strategies that you are planning to employ. However, in general, the best platform to trade gold is eToro.

About Nishit Kumar
About Nishit Kumar

I'm a second year Accounting and Finance student at the University of Warwick, in addition to being an incoming Trading Analyst at Morgan Stanley. I'm passionate about the financial markets and all things finance.

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