Best Gold Trading Platform UK 2023 – Cheapest Platforms Revealed
Gold is one of the heavily trade 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 considered to be a hedge against inflation and the stock market.
In other words, gold is used by some investors as a store of value. The asset has managed to maintain is value of the years, despite fluctuating market conditions. Investments in gold increase during times of volatility as investors seek to protect their wealth.
Investing in gold could be one way to diversify your investment portfolio. In this article, we take a look at gold trading platforms in the UK that can be used to invest in the precious metal.
-
-
-
-
Gold Trading Platforms in the UK – List
There are several platforms that you can use to conveniently trade gold. Below, we have provided you with a list of some of the platforms, after which the biggest 3 platforms have been reviewed in detail. Some of the biggest gold trading platforms include:
- eToro – A widely-used social trading platform with over 12 million users registered.
- XTB – A leading European forex, commodities and stock trading platform that supports a wide number of assets, including gold.
- AvaTrade – Another trading platform that can be used for gold trading, and it is suitable for experienced traders.
- Trade Nation – It offers up to 200x for professional leveraged gold trading accounts.
- Admiral Markets – A classic and affordable online broker that has a range of trading instruments.
- Pepperstone – Support traders in their gold trading journey.
- Plus500 –Operates under the regulation of several reputable financial authorities.
$10 por Año10 por AñoSort By7 Provider that match your filters Providers that match your filters
Payment methods
Features
Customer service
Classification
1or moreMobile App
1or moreFixed commissions per operation
£1or moreAccount Fee
£1or moreNo results found
Trying adjusting the filter to see some results.
Total Fees (for 12 months)£ 0What we like- Buy shares and ETFs with low commissions
- Social and copy trading network
- Invest and trade crypto with low fees
Fixed commissions per operationAccount FeeMobile App9/10FeaturesPayment methodsAccount Info
Account From£10Deposit fees£0ETFS300+Inactivity fees£10/month after 12 monthsLeverageMaximum 1:30, minimum 1:2Operating marginYesMinimum operation£10Stocks3 000+CFD PositionFees are charged relative to the value of the positionCFDS3 000+Trading fees£0Withdrawal fees£5Fees per operation
Bonds-Cryptocurrencies1%CFDSSpread – Currency from 1 PIP, commodities from 2 PIPS, indices from 0,75 points, stocks and ETFs from 0,15 %DAXN/ACopy Portfolio0%ETFSNo commissionCFD PositionYes, depending on the market that you tradeStocksVariable commissionsSavings PlanNARobo AdvisorNo additional charge for copy tradingFundsN/ATotal Fees (for 12 months)£ 076% of retail investor accounts lose money when trading CFDs with this provider.
Account Info
Account From£10Deposit fees£0ETFS300+Inactivity fees£10/month after 12 monthsLeverageMaximum 1:30, minimum 1:2Operating marginYesMinimum operation£10Stocks3 000+CFD PositionFees are charged relative to the value of the positionCFDS3 000+Trading fees£0Withdrawal fees£5Fees per operation
Bonds-Cryptocurrencies1%CFDSSpread – Currency from 1 PIP, commodities from 2 PIPS, indices from 0,75 points, stocks and ETFs from 0,15 %DAXN/ACopy Portfolio0%ETFSNo commissionCFD PositionYes, depending on the market that you tradeStocksVariable commissionsSavings PlanNARobo AdvisorNo additional charge for copy tradingFundsN/ATotal Fees (for 12 months)£ 0What we like- Commission-Free Trading
- Free Demo Trading
- Large number of tradeable assets
Fixed commissions per operationAccount FeeMobile App8/10FeaturesPayment methodsAccount Info
Account From£1Deposit fees£0ETFS130+Inactivity fees£0Leverage1:30Operating marginYesMinimum operation0,01 lotStocks2100+CFD PositionXTB charges a 'swap' which is dependant on lot size and market.CFDS2100+Trading fees£0Withdrawal fees£0Fees per operation
BondsN/ACryptocurrenciesNo commission, spread on CFDs from 0.22%CFDSNo commission, spread depending on market you tradeDAXSpread from 0.9 pipsCopy PortfolioN/AETFSNo commissionCFD PositionYes, depending on the market that you tradeStocksNo commission (UP TO EUR 100,000 MONTHLY TURNOVER)Savings PlanN/ARobo AdvisorN/AFundsN/ATotal Fees (for 12 months)£ 0CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading CFDs with this provider.
Account Info
Account From£1Deposit fees£0ETFS130+Inactivity fees£0Leverage1:30Operating marginYesMinimum operation0,01 lotStocks2100+CFD PositionXTB charges a 'swap' which is dependant on lot size and market.CFDS2100+Trading fees£0Withdrawal fees£0Fees per operation
BondsN/ACryptocurrenciesNo commission, spread on CFDs from 0.22%CFDSNo commission, spread depending on market you tradeDAXSpread from 0.9 pipsCopy PortfolioN/AETFSNo commissionCFD PositionYes, depending on the market that you tradeStocksNo commission (UP TO EUR 100,000 MONTHLY TURNOVER)Savings PlanN/ARobo AdvisorN/AFundsN/ATotal Fees (for 12 months)£ 0What we like- Users can access daily market analysis and real-time data
- Low commissions and tight spreads
- Available on mobile
Fixed commissions per operationAccount FeeMobile App7/10FeaturesPayment methodsAccount Info
Account From$100Deposit fees$0ETFS60+ (only CFDs)Inactivity fees$50 after 3 monthsLeverage1:30Operating marginYesMinimum operation0.001 LotStocks90+ (only CFDs)CFD PositionDaily swap rate of 0.0058%CFDS1000+Trading fees$0Withdrawal fees$0Fees per operation
Bonds0.03 - 0.06 pipsCryptocurrenciesSpreads, 0.1 – 2% markup across different cryptocurrenciesCFDSSpreads, 0.1 – 2% markup across different assetsDAXVariable spreadCopy Portfolio-ETFSSpread, 5%CFD PositionYes, depending on the market that you tradeStocksSpreads, 0.13 – 0.2% markup across different stocksSavings PlanN/ARobo AdvisorN/AFundsN/ATotal Fees (for 12 months)£ 076% of retail investor accounts lose money when trading CFDs with this provider.
Account Info
Account From$100Deposit fees$0ETFS60+ (only CFDs)Inactivity fees$50 after 3 monthsLeverage1:30Operating marginYesMinimum operation0.001 LotStocks90+ (only CFDs)CFD PositionDaily swap rate of 0.0058%CFDS1000+Trading fees$0Withdrawal fees$0Fees per operation
Bonds0.03 - 0.06 pipsCryptocurrenciesSpreads, 0.1 – 2% markup across different cryptocurrenciesCFDSSpreads, 0.1 – 2% markup across different assetsDAXVariable spreadCopy Portfolio-ETFSSpread, 5%CFD PositionYes, depending on the market that you tradeStocksSpreads, 0.13 – 0.2% markup across different stocksSavings PlanN/ARobo AdvisorN/AFundsN/ATotal Fees (for 12 months)£ 0What we like- Low trading commissions
- Zero withdrawal or inactivity fees
- Trade Nation is compatible with MT4
Fixed commissions per operationAccount FeeMobile App5/10FeaturesPayment methodsAccount Info
Account From£0Deposit fees£0ETFSVariable spreads from 0.45 pointsInactivity fees£0Leverage1:30Operating marginYesMinimum operation£0Stocks1500+CFD Position2.5%CFDS100+Trading feesSpreadsWithdrawal fees£0Fees per operation
Bonds1.8CryptocurrenciesN/ACFDSYes, spreads from 0.3DAXFrom 0.9Copy Portfolio-ETFS0.45 pointsCFD PositionYes, depending on the market that you tradeStocks0.1%Savings PlanN/ARobo AdvisorVariable spreadFundsN/ATotal Fees (for 12 months)£ 075% of retail investor accounts lose money when trading CFDs with this provider.
Account Info
Account From£0Deposit fees£0ETFSVariable spreads from 0.45 pointsInactivity fees£0Leverage1:30Operating marginYesMinimum operation£0Stocks1500+CFD Position2.5%CFDS100+Trading feesSpreadsWithdrawal fees£0Fees per operation
Bonds1.8CryptocurrenciesN/ACFDSYes, spreads from 0.3DAXFrom 0.9Copy Portfolio-ETFS0.45 pointsCFD PositionYes, depending on the market that you tradeStocks0.1%Savings PlanN/ARobo AdvisorVariable spreadFundsN/ATotal Fees (for 12 months)£ 0What we like- Trade over 8000 financial assets
- It is possible to trade CFDs and place spread bets
- Low commissions and fees
Fixed commissions per operationAccount FeeMobile App6/10FeaturesPayment methodsAccount Info
Account From£100Deposit fees£0ETFS360+Inactivity fees£10 equivalent/per month after 24 monthsLeverage1:30Operating marginYesMinimum operation€1Stocks3000+CFD PositionVariable spreadsCFDS4000+Trading feesSpreadsWithdrawal fees1 Free withdraw/ month, 1€ thereafterFees per operation
BondsSpreads, depending on the market that you tradeCryptocurrenciesSpreads, depending on the market that you tradeCFDSSpreads, depending on the market that you tradeDAX-Copy Portfolio-ETFS$0.02 per shareCFD PositionYes, depending on the market that you tradeStocks$0.02 per US share, 0.1% – 0.15% for other marketsSavings PlanN/ARobo AdvisorN/AFundsN/ATotal Fees (for 12 months)£ 067.3% of CFD clients lose money.
Account Info
Account From£100Deposit fees£0ETFS360+Inactivity fees£10 equivalent/per month after 24 monthsLeverage1:30Operating marginYesMinimum operation€1Stocks3000+CFD PositionVariable spreadsCFDS4000+Trading feesSpreadsWithdrawal fees1 Free withdraw/ month, 1€ thereafterFees per operation
BondsSpreads, depending on the market that you tradeCryptocurrenciesSpreads, depending on the market that you tradeCFDSSpreads, depending on the market that you tradeDAX-Copy Portfolio-ETFS$0.02 per shareCFD PositionYes, depending on the market that you tradeStocks$0.02 per US share, 0.1% – 0.15% for other marketsSavings PlanN/ARobo AdvisorN/AFundsN/ATotal Fees (for 12 months)£ 0What we like- Zero commissions, low fees and tight spreads
- +Insights feature tracking customers' activity
- Access to over 2800 financial instruments
Fixed commissions per operationAccount FeeMobile App6/10FeaturesPayment methodsAccount Info
Account From£100Deposit fees-ETFS90+ (Only CFDs)Inactivity fees£10 per month after 3 monthsLeverageForex 1:30, Share & ETFs 1:5Operating marginYesMinimum operationVaries on assetStocks1500+CFD Position% relative to size of position and position valueCFDS2800+Trading fees-Withdrawal fees-Fees per operation
Bonds-CryptocurrenciesSpread, depending on the market that you tradeCFDS0.7 - 2 pipsDAXcommissions and variable spreadsCopy PortfolioN?AETFSSpread, depending on the market that you tradeCFD PositionYes, depending on the market that you tradeStocks0.7 - 2 pipsSavings PlanN/ARobo AdvisorN/AFundsN/ATotal Fees (for 12 months)£ 081% of retail investor accounts lose money when trading CFDs with this provider.
Account Info
Account From£100Deposit fees-ETFS90+ (Only CFDs)Inactivity fees£10 per month after 3 monthsLeverageForex 1:30, Share & ETFs 1:5Operating marginYesMinimum operationVaries on assetStocks1500+CFD Position% relative to size of position and position valueCFDS2800+Trading fees-Withdrawal fees-Fees per operation
Bonds-CryptocurrenciesSpread, depending on the market that you tradeCFDS0.7 - 2 pipsDAXcommissions and variable spreadsCopy PortfolioN?AETFSSpread, depending on the market that you tradeCFD PositionYes, depending on the market that you tradeStocks0.7 - 2 pipsSavings PlanN/ARobo AdvisorN/AFundsN/ATotal Fees (for 12 months)£ 0What we like- Trade Volatility 75 with cTrader
- Integrates with MT4 and MT5 trading platforms
- Very low VIX trading spreads
Fixed commissions per operationAccount FeeMobile App7/10FeaturesPayment methodsAccount Info
Account From$0Deposit fees$0ETFS100+ (CFDs only)Inactivity fees$0Leverage1:30Operating marginYesMinimum operation$0Stocks600+ (only CFDs)CFD Position0.05556%CFDS1200+Trading feesSpreadsWithdrawal fees$0Fees per operation
BondsN/ACryptocurrenciesNo commission, spread on CFDsCFDSSpreads, depending on the market that you tradeDAX-Copy PortfolioN?AETFSYes, depending on the market that you tradeCFD PositionYes, depending on the market that you tradeStocksNo commission, spread on CFDsSavings PlanN/ARobo AdvisorN/AFundsN/ATotal Fees (for 12 months)£ 076.6% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Account Info
Account From$0Deposit fees$0ETFS100+ (CFDs only)Inactivity fees$0Leverage1:30Operating marginYesMinimum operation$0Stocks600+ (only CFDs)CFD Position0.05556%CFDS1200+Trading feesSpreadsWithdrawal fees$0Fees per operation
BondsN/ACryptocurrenciesNo commission, spread on CFDsCFDSSpreads, depending on the market that you tradeDAX-Copy PortfolioN?AETFSYes, depending on the market that you tradeCFD PositionYes, depending on the market that you tradeStocksNo commission, spread on CFDsSavings PlanN/ARobo AdvisorN/AFundsN/AGold Trading Platforms UK Reviewed
Below, you will find a detailed review of some gold trading platforms in the UK.
1. eToro – Trade gold on a regulated UK trading platform
eToro is a 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 a widely-used social trading platform 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.
eToro has a low minimum deposit of just 20 GBP. The platform also provides access to social trading features that allow users to trade based on the expertise of other traders. This strategy is called copy trading. eToro provides thousands of expert traders to copy and it is possible to conduct research into each trader before making a decision.
The platform offers 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 clear to navigate, and the presence of a demo trading account makes it possible for new users of the platform to get used to it before they start actually trading.
eToro fees:
Fee Amount Stock trading fee Free Forex trading fee Spread, 2.1 pips for GBP/USD Crypto trading fee Spread, 0.75% for Bitcoin Inactivity fee $10 a month after one year Withdrawal fee $5 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
2. XTB – Gold trading platform with advanced charting tools
XTB Broker is a leading European forex, commodities and stock trading platform that supports a wide number of assets, including gold. The platform currently has over 400,000 users worldwide and has been in the market for over 15 years.
In total, XTB offers 2100+ instruments to trade. This makes it an appealing option for anyone looking to diversify their portfolio and expand into various areas of the market. Furthermore, XTB boasts low fees and spreads. However, the platform does charge overnight fees for those who hold positions after the market closes.
XTB has a variety of education resources available for members to use. This includes a number of tutorials and a comprehensive trading academy. As well as this, users can access in-depth market analysis to guide their trading on XTB.
What’s more, XTB offers a demo account which provides a way to try out the platform without putting any money at risk. XTB offers two different trading platforms: XStation 5 and XStation Mobile. The second option is suitable for trading on the go.
The XStation platform has fantastic execution speeds and an award-winning user interface. There is no minimum deposit to use XTB so it is possible to start trading gold with as little as $1.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% 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.
3. AvaTrade – Trade gold with leverage in the UK
AvaTrade is another trading platform that can be used for gold trading, and it is 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.
AvaTrade is also a platform choice for automated trading strategies because it offers 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. Their minimum deposit is 100 GBP, which you can fund with a debit or a credit card. They are a regulated platform in several jurisdictions, including by the FCA in the UK.
Avatrade fees:
Fee Amount CFD trading fee Variable spread Forex trading fee Spread. 0.9 pips for EUR/USD Crypto trading fee Commission. 0.25% (over-market) for Bitcoin/USD Inactivity fee $50 per quarter after three months of inactivity Withdrawal fee Free Your capital is at risk. Other fees apply.
4. Trade Nation – Gold trading platform with fixed spreads
Trade Nation, formerly Core Spreads, has gained popularity among gold traders since its establishment in 2014. The broker’s popularity can be attributed to its competitive fees and general affordability.
Trade Nation caters to the pockets of part-time and professional traders by minimizing their trading costs and giving them access to over 600 instruments and tools to enhance their profitability. The broker’s goal is to improve the trading experience of its users through its user-friendly interface and range of tools, so the platform’s profitability comes second.
A deeper dive into Trade Nation’s fees revealed that the platform operates on fixed spreads and zero commission options. The fixed spreads policy suggests that the broker’s spreads do not change despite market fluctuations; thus, traders can enter any Gold trade knowing the total trading expenses from the outset.
At Trade Nation, gold traders can choose between MT4 and TN Trader platforms. On MT4, traders can access the XAU/USD CFD with a maximum leverage of 1:500 and choose between the commission-free spread of 1.2 pips or the commission-based alternative spread of 0.4 pips. Gold traders get maximum leverage of 1:200 on the TN Trader Platform.
Security and licensing are vital issues in the financial market, but with Trade Nation, you have nothing to worry about. Trade Nation is regulated by the Financial Conduct Authority (FCA), the Australian Securities and Investment Commission (ASIC), and the Securities Commission of the Bahamas (SCB). Hence, the broker upholds strong industry standards and protocols.
As a platform open to both novice and experienced traders, Trade Nation emphasizes educating its clients. With its carefully curated articles on financial market trends, the broker ensures that traders can access market insights and make swift gold trading decisions.
If you are particular about trading gold and are unsure where to begin, Trade Nation is one pocket-friendly platform you could consider. It will be worth your time!
Trade Nation Fees:
Fee Amount CFD trading fee £1.5 – £2.7 Forex trading fee £11.0 – £25.5 Crypto trading fee £0 Inactivity fee £0 Withdrawal fee £0 Sponsored ad. Your capital is at risk.
5. Admiral markets – A gold trading platform with multiple educational instruments
Established in 2001, Admiral Markets has earned a reputation as a classic and affordable online broker. The firm has a range of trading instruments like major, minor, and exotic forex pairs, CFDs on popular stocks, indices, precious metals like gold, energy, and agricultural commodities, and CFDs on cryptocurrencies.
As per the platform’s trading accounts, its range of instruments is accessible on Admiral Markets WebTrader, MetaTrader 4 (MT4), and MetaTrader 5 (MT5) trading platforms. The broker also has a number of trading accounts. These include the trade.MT4, the standard account that operates commission-free with variable spreads starting at 0.5 pips. The Zero.MT4 offers incredibly low spreads starting at 0 pips and charges a commission fee of £3 per lot.
The Invest.MT5 is tailored for professional traders; thus, it requires a minimum investment of £1,000. Lastly, Admiral Prime, designed for active traders, has a spread of 0 pips and a commission fee of £1.8 per lot.
Admiral Markets is concerned about the safety and security of its clients; thus, it employs SSL encryption and ensures the segregation of client funds from operational funds. The firm is also a Cyprus Investor Compensation Fund (ICF) member. But that’s not all. Admiral Markets is licensed by the Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), and the Australian Securities and Investments Commission (ASIC).
The broker’s dedication to trader education is evident through its live webinars, in-person seminars, video tutorials, and extensive free trading guides and eBooks. With resources covering various aspects of trading, Admiral Markets is a valuable partner for traders looking to enhance their skills and knowledge.
Admiral Markets Fees:
Fee Amount CFD trading fee Varies per account Forex trading fee £1.8 – £3 Crypto trading fee £0 Inactivity fee £10/month after 2 years of inactivity Withdrawal fee £0 Sponsored ad. Your capital is at risk.
6. Pepperstone – Multi-trading gold platform
Pepperstone is a forex and CFD broker established in 2010. The broker is regulated by the Australian Securities and Investments Commission (ASIC), the Financial Conduct Authority (FCA), the Dubai Financial Services Authority (DFSA), the Securities Commission of The Bahamas (SCB), the Cyprus Securities and Exchange Commission (CySEC), and the Labuan Financial Services Authority (LFSA).
Pepperstone offers its trading services to both retail and institutional clients with over 1200 assets available. The broker excels in providing a selection of CFDs across markets with over 1,000 CFDs on shares. The broker also features over 100 exchange-traded funds (ETFs) across 35 countries’ markets.
Pepperstone is committed to supporting traders in their gold trading journey and thus partners with multiple banks to create no partial execution or requote on trades with 99.99% fill rates. To trade gold on Pepperstone, traders enjoy competitive spreads of as low as 0.05 points and no commissions.
To cater to traders with different levels of experience and skills, Pepperstone offers its services through leading trading platforms like MetaTrader 4, MetaTrader 5, TradingView, and cTrader. These platforms are user-friendly and equipped with unique features to enhance trading efficiency.
Pepperstone is concerned about its clients’ security; thus, it takes proactive measures to ensure the safety of their investments. These measures include Account Verification, Two-Factor Authentication (2FA), Segregated Data Centers, Anti-Money Laundering (AML) Policy, Third-Party Audit, Secure Website, and Dispute Resolution.
Pepperstone Fees:
Fee Amount CFD trading fee £2.1 – £22.6 Forex trading fee Varies per account (£6.00 per 1.0 standard lot on Trader account and £7.00 in MT4/MT5) Crypto trading fee 2.60 – 71.90 spread Inactivity fee No inactivity fee Withdrawal fee £20 for bank transfer, £20 for PayPal, and £1 for Skrill. Sponsored ad. Your capital is at risk.
7. Plus500 – Gold trading platform listed on London stock exchange
Plus500 is a CFD broker that has remained relevant in the financial market since its debut in 2008. The broker provides various financial instruments, including Shares, Forex, Indices, ETFs, Cryptocurrencies, Commodities, and Options.
Plus500 is a publicly listed company on the London Stock Exchange, so it operates under the regulation of several reputable financial authorities.
The broker’s regulatory list includes the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC), the Financial Sector Conduct Authority (FSCA) in South Africa, the Israel Securities Authority (ISA), the Financial Conduct Authority (FCA) in the UK, the Monetary Authority of Singapore (MAS), and the Financial Markets Authority (FMA) in New Zealand.
Unlike other CFD brokers, Plus500 has its own proprietary trading platform. The platform is available as a mobile app and a web-based platform. The Plus500 WebTrader is designed for traders who prefer to avoid the complexities of third-party platforms. It has various features and tools to assist traders in making informed and profitable decisions.
On the other hand, the Plus500 Mobile App is decent for traders who prefer to trade on the go. It encompasses all the trading features of the WebTrader and is accessible on iOS and Android devices. The leverage ratio to trade gold CFDs on Plus500 is 1:20, so with £100, traders can invest as much as £2,000 in the trade. This feature makes Pulse 500 a part of our affordable gold trading risk.
Plus500 Fees:
Fee Amount CFD trading fee 3.2% – 19.7% Forex trading fee 0.7% mark-up Crypto trading fee 0.7% mark-up Inactivity fee £10/month after three months Withdrawal fee £0 Your capital is at risk. Other fees apply.
Gold Trading Platforms UK Comparison
We have summarized the fees in a table below to compare the different gold trading platforms in the UK..
Broker Commissions Withdrawal Fee Inactivity Charges eToro £0 £5 withdrawal fee £10 a month after 12 months of inactivity XTB £0 £0 £10 per month after 1 year of inactivity AvaTrade £0 £0 50 GBP per quarter after 3 months of inactivity Trade Nation Varies £0 £0 Admiral markets Varies £0 £10/month after 2 years of inactivity Pepperstone Varies £20 for bank transfer, £20 for PayPal, and £1 for Skrill. No inactivity fee Plus500 Varies £0 £10/month after three months 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. 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 jewelry. 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. According to the source, the three most important gold trading centres are the London OTC market, the US futures market and the Shanghai Gold Exchange (SGE). The given markets comprise 90% of global trading volumes and are complemented by smaller centres in secondary markets around the world.
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, one 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 hedge against inflation. For example, according to the source, inflation in the UK unexpectedly remains at 6.7% amid rising fuel prices.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. At the same time, gold is a 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.
74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
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 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 common trading strategy 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 correlated, this number can serve as a guide.
For example, if the gold/silver ratio suddenly falls, then this means that the price of gold has dropped. Because gold and silver are correlated, this would imply that the prices of silver will fall soon too, so it might be an 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 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 trading opportunity because, in the long run, the metals are always in sync. Therefore, it is an 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 profit.
Trade on Macroeconomic News
The third 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 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. One 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 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.
Ranking Criteria for Gold Trading Platforms in the UK
When deciding on which gold trading platform to use in the UK, it is helpful to understand what features to look out for. Below, we will discuss the key features and the criteria we used to select the platforms presented above.
Type of Broker
The first thing we look at when choosing a 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 the orderr. 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.
74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
Execution Speed
An important factor we have taken into consideration, especially if your trading strategies are short term, is the execution speed of the broker you use. This refers to the 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 high 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. Many 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 we consider while selecting a broker is the choice of trading tools that the platform offers. Many trading platforms offer 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 a 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 we 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 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 trade gold on eToro?
After reading this article, you should have a better understanding of which gold stocks are most suited to your investing portfolio and long-term objectives. Following that, you may be wondering how to buy gold stocks.
There are several ways to exchange gold, the most basic of which is to purchase actual gold. This can be accomplished through the use of coins, bars, or gold jewelry. There are also alternative ways to buy and sell gold, such as by acquiring futures contracts, gold funds, ETFs, or CFDs through gold trading exchanges. The trading platform you select should offer competitive rates on gold stocks that you want to include in your portfolio. eToro is one of the most suitable platforms where you can buy and trade gold. To register, follow the steps in this guide.
Step 1: Create an account
Firstly, on any platform you need to create a user account. To do this on eToro, go to the official website and fill in the registration form that will immediately appear on the screen.
Step 2: Add an ID Card
Because eToro is a secure and regulated platform, you will need to add a photo ID to verify your account. All your personal data remains confidential according to the terms and conditions of the platform.
Step 3: Acess the gold trading dashboard and buy gold
Go to the commodities markets page, select “gold” to access the gold trading dashboard, then select “trade”. To buy gold you must choose the BUY option and enter the amount in or the number of units you want to trade.
Step 4: Enter an amount you want to trade
To start trading you need to deposit the amount of money or quantity of units you want to trade.
Step 5: Set the parameters
Before you start trading, it is essential to conduct a careful review and set parameters for your stop loss, leverage level and profit target. This process is crucial to manage your risks and ensure you have a well-defined plan for your trading in the financial markets.
Step 6: Select ‘open trade’
You can now select the ‘Open Trade’ option to initiate the trade. Ensure that you have reviewed all the trade details and parameters set beforehand to ensure efficient trading.
74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
Gold Trading Platform UK – Conclusion
In conclusion, trading gold CFDs can potentially be 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. One of the biggest advantages of trading gold is that it acts as a hedge against inflation.
In the given article, we have explored some of the best and most suitable platforms available for UK traders that offer you the opportunity to start trading gold. It is important to keep in mind that when making your choice to take into account several aspects and always check if the platform meets your needs and gives you the necessary tools for trading.
FAQs
How do trade Gold in a forex broker?
Many 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 a platform to trade gold?
Which platform to trade gold will depend on your trading requirements, level of experience, and the strategies that you are planning to employ. However, in general, one platform to trade gold is eToro.
What are the trading hours for gold and are there overnight fees?
Gold can be traded 24 hours a day; however, it depends on the platform, so you should check the platform to see what times the platform allows you to trade gold and what their fees are before any decision is made.
What are the two main markets for trading gold, and how do they differ?
The spot market and futures market are the main markets, with the spot market providing the current asset price, while the futures market focuses on over-the-counter global markets and interbank spot markets.
Is it safe to trade Gold in the UK?
Trading gold in the UK can be safe if you follow some precautions and choose a reliable and FCA regulated platform that offers low fees and competitive spreads. However, you should also be aware of the risks involved in trading gold, such as volatility, leverage, scams, and regulation.
References:
“https://www.wallstreetmojo.com/portfolio-investment/”
“https://www.youtube.com/watch?v=2QxjM0EjIq0”
“https://www.investopedia.com/articles/investing/100915/learn-how-trade-gold-4-steps.asp”
“https://corporatefinanceinstitute.com/resources/wealth-management/financial-instrument/”
“https://www.gold.org/gold-market-structure/global-gold-market”Nishit Kumar Finance Writer and Analyst
View all posts by Nishit KumarNishit is a NGL Trader Analyst at Akari Trading. He has also worked as an analyst for Morgan Stanley and Onyx Commodities.
Before starting his career in finance, Nishit studied at the University of Warick where he was an active member of the Hedge Fund society. Due to his qualifications and experience, Nishit is considered an industry expert and enjoys writing content that could help traders to make informed decisions.
As well as writing, Nishit worked as Associate Editor for The Economic Transcript until 2021. He has also written for Newsweek and has good knowledge of current events that could affect the financial markets.
WARNING: The content on this site should not be considered investment advice and we are not authorised to provide investment advice. Nothing on this website is an endorsement or recommendation of a particular trading strategy or investment decision. The information on this website is general in nature, so you must consider the information in light of your objectives, financial situation and needs. Investing is speculative. When investing your capital is at risk. This site is not intended for use in jurisdictions in which the trading or investments described are prohibited and should only be used by such persons and in such ways as are legally permitted. Your investment may not qualify for investor protection in your country or state of residence, so please conduct your own due diligence or obtain advice where necessary. This website is free for you to use but we may receive a commission from the companies we feature on this site.
By continuing to use this website you agree to our terms and conditions and privacy policy.Registered Company number: 103525
© tradingplatforms.com All Rights Reserved 2023