Continue reading for more information on the recommended gold broker to consider using in 2023.
If you are ready to begin purchasing gold immediately, you have the option to utilize any of the platforms listed below.
Top 6 gold brokers
1. Skilling. Best app for mobile trading
Pros & Cons
- Commission-free trades with competitive spreads from 0.7 pips
- Can trade over 800 securities across 17 global markets
- Regulated by the Cyprus Securities and Exchange Commission (CySEC) and the Seychelles Financial Service Authority (FSA)
- No 24/7 supportLimited educational resources
Skilling is a platform that is suitable for beginners and allows everyone to engage in commodity trading. On Skilling, there are 14 commodities available for trading, and the system can be accessed conveniently through both the app and desktop.
Skilling is highly compatible with TradingView, enabling users to chart trading ideas and easily transfer them to their trading account. Additionally, Skilling offers numerous user-friendly software options for trading on your phone or browser, such as its exclusive Skilling Trader and the professional-grade cTrader platform.
Standard account types do not incur any fees. Skilling generates its revenue through the Bid/Ask spread, with commodity spreads beginning at 0.7 points. Premium accounts are subject to a commission, starting at $35 per million traded. Swap fees will be applied to positions held overnight, and the amount varies depending on the trade size.
2. AvaTrade. Best regulated broker for secure trading
Pros & Cons
- Trade 1000+ CFDs with competitive spreads
- Regulated by Tier 1 financial bodies across the world
- Consistently highly rated trading platform on web and mobile
- Offers social trading through its proprietary AvaSocial platform
- Spreads are competitive without being industry-leading
- Some assets are only available to trade through the MetaTrader software
AvaTrade, a CFD broker, provides robust trading software for individuals seeking professional trading. They offer an opportunity to trade in 18 commodities, which include prominent markets such as gold, silver, and oil.
AvaTrade has been in operation since 2006 and is regulated in numerous regions such as Europe, Australia, Japan, British Virgin Islands, UAE, and South Africa. It integrates with popular trading software like MetaTrader 4 and 5, as well as offering its own acclaimed mobile app software called AvaTradeGo.
The fees associated with commodity trading do not include any commission. Instead, AvaTrade earns money through the Bid/Ask spread. The spreads have a minimum starting point of $0.0015, and if positions are held overnight, a swap fee will be charged based on the size. Additionally, if you do not log in to your account for three consecutive months, an inactivity fee of £50 per month will be applied.
3. BullionVault: Best for buying precious metals with low fees and storage charges
BullionVault is the largest online platform for gold investment globally, allowing regular individuals to conveniently own precious metals. It provides everyday users with access to the professional bullion market at more affordable prices and with fees that are more easily handled compared to other options available.
To provide you with additional assurance, BullionVault stores all metals under your name, giving you the freedom to choose where they are stored. Moreover, the metals are fully insured and legally belong to you. Additionally, the bullion market on the platform is highly liquid, with numerous users, ensuring that there is always a high likelihood of finding a counterparty for your trade.
The fees are as follows: For all transactions, there is a commission of 0.50% up to $75,000. For the next $750,000, the commission is 0.10%. After that, it is 0.05%. In terms of storage fees, gold is charged at an annual rate of 0.12%, while silver, platinum, and palladium are charged at a rate of 0.48%.
4. Exness. Best for tight spreads and a pro-style trading experience.
Pros & Cons
- Trade all major asset classes with zero commission
- Competitive spreads starting from 0.3 pips on standard accounts
- Highly flexible trading terminal available on mobile app, desktop, and web browser
- Top-tier regulation and negative balance protection
- Restricted access in the US and UK
Exness provides a bespoke trading experience and tight spread trading. It provides a range of over 15 commodities, including precious metals like gold, silver, and platinum, as well as popular energies like oil and natural gas.
Exness provides a diverse selection of professional trading tools and various account options suitable for all levels of experience. For novices, there is the option to benefit from a complimentary demo account or engage in low minimum trades through micro-lots. On the other hand, seasoned traders can utilize the Exness terminal or integrate it with the MetaTrader software to conduct their trades efficiently.
Standard accounts do not have a commission fee but are instead charged based on the spread. The spread for commodities begins at 6 pips but can vary greatly. Certain assets may also have overnight fees, except for swap-free accounts.
5. GoldBroker: Best for buying physical gold
GoldBroker is the ideal choice for purchasing and securing precious metals independently from conventional banks. With GoldBroker, one can make substantial transactions involving gold, silver, palladium, and platinum, all while having prices accessible in over 110 fiat currencies.
GoldBroker is considered one of the top choices for purchasing physical metals due to its commitment to ensuring high-level security. Your precious metals are stored in a secure vault located in Switzerland, Toronto, New York, or Singapore, and are always registered in your name.
The fees for investing are as follows: For your initial order, you must invest at least £10,000, and for subsequent orders, the minimum investment is £5,000. Storage fees begin at 1.50%, and if the value of your investment falls below £20,000, a maintenance fee of £100 applies. The more assets you possess, the lower the storage fees.
6. FP Markets. Best for low spread & 0-pip trading
Pros & Cons
Using advanced technology, this broker ensures that all trades are executed quickly. It has received awards and offers 17 CFDs on commodities such as gold, crude oil, and silver.
FP Markets offers a copy trading service for beginners, which allows them to directly replicate profitable users’ trades in their own accounts. This service is free and is compatible with the MetaTrader 4 platform. Additionally, FP Markets has no trading style restrictions and supports scalping and running expert advisors. The platform also includes its own charting package powered by advanced technology.
The fees charged by FP Markets depend on the type of account you have. For the standard account, there is no commission for all commodities, but you will be charged the Bid/Ask spread, starting at 1.3 pips. On the other hand, raw accounts incur a commission of $3 per side for metals.
Gold Broker Checklist: Five Most Vital Features of an Online Gold Broker
The broker you select for trading gold online, along with other factors like the trading platform, can determine your success or failure in a trade. In some cases, it can also impact the amount of money you earn.
We have outlined the five features of the best online broker for gold in the USA, which will assist you in commencing your online trade and making informed decisions.
Before trading in gold, it is crucial to consider the level of security offered by the broker you choose, as it can be distressing to lose your investment due to weak security measures. Therefore, it is vital to ensure that the chosen online broker is monitored by certified regulatory authorities.
There are several financial bodies in the U.S. responsible for ensuring the security and safety of all trades carried out in an online broker. Examples of these bodies include FINRA, NFA, CFTC, CySEC, etc.
If a broker does not provide information about the financial authorities that regulate their company, it is not advisable to engage in trading with them.
Every transaction in gold trading incurs a cost. The key factor for achieving profitability in gold trading is the cost. Overpaying for spreads and commissions makes it difficult to generate profits.
In order to generate a lucrative income, it is necessary to acquire gold at a reduced price, sell it at a higher price, and comprehend the probable reasons for fluctuations. Hence, it is essential to locate a top-notch broker who enables you to capitalize on your gold transactions.
Excellent Deposits And Withdrawals
When it comes to the gold trade, deposits and withdrawals are crucial. It is important to be able to deposit your money smoothly and without any interruptions, as well as withdraw it effortlessly.
The primary concern of the best online gold broker in the United States is to ensure that their traders can deposit and withdraw funds seamlessly. By using our gold broker comparison, you will be able to identify the top broker that offers this advantage, allowing you to concentrate on your gold trading activities.
Good Trading Platforms
The trading platform of an online broker determines their quality. It is the primary interaction point upon registering with a broker. Therefore, the broker should possess a user-friendly platform that facilitates trading without unnecessary complications.
When searching, it is important for you to find a platform that suits your needs. If you do not feel at ease with the platform, despite the broker possessing all other necessary attributes, you ought to seek out an easier-to-use alternative.
Excellent Customer Service
If you encounter any problems during your gold trade, it is likely that you will require immediate assistance. Insufficient customer support from the online broker could have a negative impact on your trading activities.
In order to ensure that the broker’s customer service meets your expectations, it is important to select the top online broker for gold in the USA who will be readily available to assist you when you require urgent support. Although certain brokers do not provide 24/7 customer service, they are generally prompt in resolving any technical problems during their operating hours.
Although some brokers may have inadequate customer service, they still provide excellent offers that might be suitable for your requirements. In order to determine the most suitable option for you, you can utilize our gold broker comparison tool.
Many traders enter the world of gold trading with lofty notions and great hopes for making profits. However, this approach is only inviting a disastrous downfall.
If online investors had followed the steps below, they could have avoided significant losses. Thankfully, you can learn from their mistakes and be prepared.
In this section, we will provide you with our suggestions on the top online broker for gold in the USA. These steps are designed to assist you in avoiding the common errors made by other traders. Carefully go through these six steps and assess if you encounter any pitfalls. This will enhance your confidence as you embark on your gold trading journey.
In order to be considered the best online broker, it is essential that they have the ability to offer you:
- A good plan for trading in gold.
- Extensive research on the gold market.
- Excellent trading platforms.
- Good educational resources.
- The right training platforms for beginners.
- Free demo accounts.
By conducting a little research, you can find reputable brokers in the USA who will provide you with an exceptional trading experience, specifically when it comes to gold trading.
If you have knowledge and expertise, the gold market can be a lucrative endeavor to engage in. However, in order to excel, it is crucial to locate the top broker for gold within the United States.
To prevent experiencing financial loss, traders can avoid making mistakes that have been made in the past by following these seven straightforward steps when trading in gold.
1. Identify the main steps of the text. 2. Begin with the first step. 3. Rephrase the sentence in your own words. 4. Continue with the next step. 5. Rephrase the sentence using different vocabulary and sentence structure. 6. Repeat steps 4 and 5 for each subsequent step. 7. Review and ensure that the rephrased sentences maintain the original meaning and do not introduce new information or remove any existing information.
- You should have a plan for your gold trade.
- Conduct useful gold market research.
- Avoid adding to losing gold trade.
- Always use a Stop Loss.
- Don’t risk more than you can handle. We recommend risking only one percent or less of your capital.
- Have your rules and strictly follow them.
- Master your emotions to handle losses.
By following these sequential steps, you can develop into a dependable gold trader and thrive in your trading endeavors. The majority of online brokers offer methods to create an illusion of not requiring any research.
In the present day, it has become convenient to invest in a gold trade. You have the ability to trade without possessing any knowledge about the gold trade, although it is advisable to conduct thorough research to ensure a clear understanding of what to anticipate during your trading journey.