Precious Metals
Trading precious metals allows investors to take advantage of volatility, hedge against market downturns and diversify their portfolios. UK brokers offer precious metals trading through multiple vehicles, including CFDs, futures, and options. This investing tutorial explains how to trade physical metals online, from understanding prices, opening hours, and taxes to the top brokers, platforms and apps.
Best Precious Metals Trading Brokers UK
-
Established in Australia in 2010, Pepperstone is a top-rated forex and CFD broker with over 830,000 clients worldwide. It offers access to 1,400+ instruments on leading platforms MT4, MT5, cTrader and TradingView, maintaining low, transparent fees. Pepperstone is also regulated by trusted authorities like the FCA, ASIC, and CySEC, ensuring a secure environment for traders at all levels.
Instruments Regulator Platforms CFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto (only Pro clients), Spread Betting FCA, ASIC, CySEC, BaFin, DFSA, SCA, CMA, SCB Pepperstone Trading Platform, MT4, MT5, cTrader, TradingView, AutoChartist Min. Deposit Min. Trade Leverage $0 0.01 Lots 1:30 (Retail), 1:500 (Pro) -
Established in Poland in 2002, XTB caters to over a million clients worldwide. This forex and CFD broker offers a robust regulatory framework, a diverse range of assets, and prioritises trader satisfaction. It provides an intuitive proprietary platform equipped with excellent tools to support aspiring traders.
Instruments Regulator Platforms CFDs on shares, Indices, ETFs, Raw Materials, Forex currencies, cryptocurrencies, Real shares, Real ETFs FCA, CySEC, KNF, DFSA, FSC xStation Min. Deposit Min. Trade Leverage $0 0.01 Lots 1:30 -
Founded in 1974, IG is a part of IG Group Holdings Plc, a publicly listed brokerage (LSE: IGG). The company provides spread betting, CFD, and forex trading, offering access to over 17,000 markets. Its platforms and investing apps are notably user-friendly. Over the past 50 years, IG has consistently been an industry leader, excelling in all essential areas for traders.
Instruments Regulator Platforms CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB, AFM, JFSA Web, L2 Dealer, MT4, TradingView, AutoChartist, TradingCentral, ProRealTime Min. Deposit Min. Trade Leverage $0 0.01 Lots 1:30 (Retail), 1:222 (Pro) -
Interactive Brokers (IBKR), a leading brokerage, offers access to 150 markets across 33 countries and provides extensive investment services. With more than 40 years of experience, this Nasdaq-listed company complies with strict regulations from the SEC, FCA, CIRO, and SFC. It is among the most reliable brokers worldwide for traders.
Instruments Regulator Platforms Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, Cryptocurrencies, CFDs FCA, SEC, FINRA, CFTC, CBI, CIRO, SFC, MAS, MNB, FINMA, AFM Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, TradingView, eSignal, TradingCentral, ProRealTime, Quantower Min. Deposit Min. Trade Leverage $0 $100 1:50 -
eToro is a leading multi-asset platform providing trading services across numerous CFDs, stocks, and cryptocurrencies. Since its 2007 inception, it has attracted millions of traders worldwide. It operates with authorisation from top regulators such as the FCA and CySEC. Its social trading feature is especially well-regarded. Crypto investments are high-risk and possibly unsuitable for retail investors. There's a potential to lose all invested capital. Familiarise yourself with the risks. 61% of retail CFD accounts incur losses.
Instruments Regulator Platforms CFDs, Forex, Stocks, Indices, ETFs, Smart Portfolios, Commodities, Futures, Crypto, NFTs FCA, ASIC, CySEC, FSA, FSRA, MFSA, CNMV, AMF eToro Web, CopyTrader, TradingCentral Min. Deposit Min. Trade Leverage $50 $10 1:30 -
Founded in 2007, Axi is a forex and CFD broker operating under multiple regulations. Over the years, it has enhanced the trading experience by broadening its stock offerings, upgrading the Axi Academy, and launching a proprietary copy trading app.
Instruments Regulator Platforms CFDs, Forex, Stocks, Indices, Commodities, Crypto FCA, ASIC, FMA, DFSA, SVGFSA Axi Copy Trading, MT4, AutoChartist Min. Deposit Min. Trade Leverage $0 0.01 Lots 1:30 -
Founded in 1989, CMC Markets is a reputable broker publicly listed on the London Stock Exchange. It holds authorisation from top-tier regulators such as the FCA, ASIC, and CIRO. The brokerage, which has received multiple awards, boasts a global membership exceeding one million traders.
Instruments Regulator Platforms CFDs, Forex, Stocks, Indices, Commodities, ETFs, Treasuries, Custom Indices, Spread Betting FCA, ASIC, MAS, CIRO, BaFin, FMA, DFSA Web, MT4, TradingView Min. Deposit Min. Trade Leverage $0 0.01 Lots 1:30 (Retail), 1:500 (Pro)
Pepperstone
XTB
IG
Interactive Brokers
eToro
Axi
CMC MarketsSafety Comparison
Compare how safe the Precious Metals are and what features they offer to protect traders.
| Broker | Trust Rating | FCA Regulated | Negative Balance Protection | Guaranteed Stop Loss | Segregated Accounts |
|---|---|---|---|---|---|
| Pepperstone | ✔ | ✔ | ✘ | ✔ | |
| XTB | ✔ | ✔ | ✔ | ✔ | |
| IG | ✔ | ✔ | ✔ | ✔ | |
| Interactive Brokers | ✔ | ✔ | ✘ | ✔ | |
| eToro | ✔ | ✔ | ✘ | ✔ | |
| Axi | ✔ | ✔ | ✘ | ✔ | |
| CMC Markets | ✔ | ✔ | ✔ | ✔ |
Payments Comparison
Compare which popular payment methods the Precious Metals support and whether they have trading accounts denominated in British Pounds (GBP).
| Broker | GBP Account | Debit Card | Credit Card | Neteller | Skrill | Apple Pay |
|---|---|---|---|---|---|---|
| Pepperstone | ✔ | ✔ | ✔ | ✔ | ✔ | ✔ |
| XTB | ✔ | ✔ | ✔ | ✔ | ✔ | ✘ |
| IG | ✔ | ✔ | ✔ | ✘ | ✘ | ✘ |
| Interactive Brokers | ✔ | ✔ | ✘ | ✘ | ✘ | ✘ |
| eToro | ✔ | ✔ | ✘ | ✔ | ✔ | ✘ |
| Axi | ✔ | ✔ | ✔ | ✔ | ✔ | ✘ |
| CMC Markets | ✔ | ✔ | ✔ | ✘ | ✘ | ✘ |
Mobile Trading Comparison
How good are the Precious Metals at mobile trading using apps or other mobile interfaces.
| Broker | Mobile Apps | iOS Rating | Android Rating | Smart Watch App |
|---|---|---|---|---|
| Pepperstone | iOS & Android | ✘ | ||
| XTB | iOS & Android | ✔ | ||
| IG | iOS & Android | ✔ | ||
| Interactive Brokers | iOS & Android | ✔ | ||
| eToro | iOS & Android | ✘ | ||
| Axi | iOS & Android | ✘ | ||
| CMC Markets | iOS & Android | ✘ |
Beginners Comparison
Are the Precious Metals good for beginner traders, that might want an affordable setup to get started, along with good support and educational resources?
| Broker | Demo Account | Minimum Deposit | Minimum Trade | Support Rating | Education Rating |
|---|---|---|---|---|---|
| Pepperstone | ✔ | $0 | 0.01 Lots | ||
| XTB | ✔ | $0 | 0.01 Lots | ||
| IG | ✔ | $0 | 0.01 Lots | ||
| Interactive Brokers | ✔ | $0 | $100 | ||
| eToro | ✔ | $50 | $10 | ||
| Axi | ✔ | $0 | 0.01 Lots | ||
| CMC Markets | ✔ | $0 | 0.01 Lots |
Advanced Trading Comparison
Do the Precious Metals offer features that allow for more advanced trading strategies?
| Broker | Automated Trading | Pro Account | Leverage | VPS | AI | Low Latency | Extended Hours |
|---|---|---|---|---|---|---|---|
| Pepperstone | Expert Advisors (EAs) on MetaTrader | ✔ | 1:30 (Retail), 1:500 (Pro) | ✔ | ✘ | ✔ | ✘ |
| XTB | - | ✔ | 1:30 | ✘ | ✘ | ✔ | ✘ |
| IG | Expert Advisors (EAs) on MetaTrader, build your own on ProRealTime | ✔ | 1:30 (Retail), 1:222 (Pro) | ✔ | ✔ | ✔ | ✔ |
| Interactive Brokers | Capitalise.ai, TWS API | ✘ | 1:50 | ✘ | ✔ | ✔ | ✔ |
| eToro | Automate your trades via CopyTrader - follow profitable traders. Open and close trades automatically when they do. | ✘ | 1:30 | ✘ | ✔ | ✘ | ✔ |
| Axi | Expert Advisors (EAs) on MetaTrader, Myfxbook | ✔ | 1:30 | ✔ | ✔ | ✔ | ✘ |
| CMC Markets | Expert Advisors (EAs) on MetaTrader | ✔ | 1:30 (Retail), 1:500 (Pro) | ✔ | ✘ | ✔ | ✔ |
Detailed Rating Comparison
Use this heatmap to compare our detailed ratings for all of the Precious Metals.
| Broker | Trust | Platforms | Mobile | Assets | Fees | Accounts | Support | Research | Education |
|---|---|---|---|---|---|---|---|---|---|
| Pepperstone | |||||||||
| XTB | |||||||||
| IG | |||||||||
| Interactive Brokers | |||||||||
| eToro | |||||||||
| Axi | |||||||||
| CMC Markets |
Our Take On Pepperstone
"Pepperstone stands out as a top choice for trading, offering razor-sharp spreads, ultra-fast execution, and advanced charting platforms for experienced traders. New traders are also welcomed with no minimum deposit, extensive educational resources, and exceptional 24/5 support (18h a day on weekends)."Tobias Robinson
Reviewer
Pros
- After adding spread betting through TradingView, Pepperstone provides a seamless, tax-efficient trading experience with advanced analysis tools for financial spread bettors in supported countries.
- Support for top-tier charting platforms such as MT4, MT5, TradingView, and cTrader. These tools accommodate different short-term trading methods, including algorithmic trading.
- Offers a dedicated CopyTrading app for traders who want a less active approach to trading.
Cons
- Despite improvements to its range of markets, crypto offerings are still fairly limited compared to other brokers who focus on this area, such as Eightcap, and there's no option to invest in real coins.
- Overnight holding fees are higher than that found with some Market Maker brokers (usually Benchmark + 2.5%). This makes pepperstone an ideal broker for traders and forex scalpers but less suitable for swing traders who often keep position open overnight.
- Offers limited internal market research. They partner with third-party providers like Autochartist to fill this gap. This is a minor issue as there are plenty of other sources that can provide in-depth market analysis.
Our Take On XTB
"XTB excels for novice traders with its superb xStation platform, minimal trading costs, no required deposit, and outstanding educational resources, many of which are fully integrated into the platform."William Berg
Reviewer
Pros
- XTB offers a diverse array of instruments, including CFDs on shares, indices, ETFs, commodities, forex, crypto, real shares, real ETFs, and share dealing, along with newly introduced Investment Plans. This allows XTB to serve both short-term traders and long-term investors efficiently.
- XTB processes withdrawals swiftly, paying within 3 business days, subject to the method and amount.
- XTB has raised interest rates on uninvested funds and introduced zero-fee ISAs (for ETFs and real shares, or 0.2% on trades over €100k) for UK clients, offering access to a wide array of markets.
Cons
- Trading fees are competitive, with average EUR/USD spreads of about 1 pip. However, they are not as low as the most affordable brokers, such as IC Markets. Additionally, an inactivity fee applies after a year.
- XTB has stopped supporting MT4, restricting traders to its own platform, xStation. This decision may discourage experienced traders accustomed to using the MetaTrader suite.
- It is frustrating that XTB products do not allow traders to modify the default leverage level. Manually adjusting leverage can greatly reduce risk in forex and CFD trading.
Our Take On IG
"IG offers a complete package: an easy-to-use web platform, top-tier beginner education, enhanced charting via TradingView, up-to-date data, and strong trade execution for seasoned traders."Tobias Robinson
Reviewer
Pros
- IG provides a wide range of professional and engaging educational materials, such as webinars, articles, and analyses, tailored for traders.
- IG secured a crypto asset license from the FCA, enabling its return to the UK market. It now offers buying, selling, and storage services for over 55 digital tokens with fees starting at 1.49%, all under FCA regulation.
- The ProRealTime advanced charting platform remains free, provided traders meet modest monthly activity requirements.
Cons
- Beginners may find IG's fees complicated, as they vary depending on the trades or services. This could cause confusion and unexpected costs.
- IG has ended its swap-free account, diminishing its attractiveness to Islamic traders.
- In the UK and EU, negative balance protection is available. However, US clients lack account protection and guaranteed stop losses.
Our Take On Interactive Brokers
"Interactive Brokers ranks highly for seasoned traders due to its robust charting platforms, live data, and bespoke layouts via the new IBKR Desktop app. Its competitive pricing and sophisticated order choices appeal to traders, and its wide equity options are industry-leading."Tobias Robinson
Reviewer
Pros
- IBKR consistently offers unparalleled access to global equities, with thousands of shares available across over 100 market centres in 24 countries, including the recently added Saudi Stock Exchange.
- IBKR is a highly respected brokerage, regulated by top-tier authorities, ensuring the integrity and security of your trading account.
- The TWS platform is tailored for intermediate and advanced traders, featuring over 100 order types and a dependable real-time market data feed with exceptional uptime.
Cons
- The learning curve for TWS is quite steep, making it tough for novice traders to navigate and grasp all its features. In contrast, Plus500's web platform is far more accessible for those new to trading.
- Support can be sluggish and frustrating. Tests reveal that you may face challenges reaching customer service quickly, which could result in delays in issue resolution.
- IBKR offers a variety of research tools, but their inconsistent placement across trading platforms and the 'Account Management' webpage creates a confusing experience for users.
Our Take On eToro
"eToro's social trading platform excels with its outstanding user experience and lively community chat, aiding beginners in spotting opportunities. It offers competitive fees on numerous CFDs and real stocks, alongside exceptional rewards for seasoned strategists."Tobias Robinson
Reviewer
Pros
- There is an extensive online training academy offering a range of accessible resources, from concise articles to detailed courses.
- eToro now offers accounts in EUR and GBP, with recent additions of BTC and ETH payment options. This reduces conversion costs and delivers a tailored trading experience.
- Leading traders participating in the broker's Popular Investor Programme can earn yearly compensation of up to 1.5% of the copied assets.
Cons
- The absence of extra charting platforms such as MT4 may deter experienced traders who rely on external software.
- The minimum withdrawal is set at $30, accompanied by a $5 fee. This may impact traders with limited funds, particularly those just starting out.
- The only significant contact option, besides the in-platform live chat, is limited.
Our Take On Axi
"Axi excels for forex trading on MetaTrader 4 with over 70 currency pairs, MT4 NextGen features, and tight spreads starting at 0.2 pips on the Pro account."Tobias Robinson
Reviewer
Pros
- Based on our tests, Axi's new trading app is highly intuitive. It offers practical filtering options to align strategies with individual risk preferences.
- Axi provides an excellent MT4 experience, enhanced by the NextGen plug-in for sophisticated order management and analytics, with low execution latency around 30ms.
- Axi Academy offers a wealth of educational resources, from free eBooks and video tutorials to interactive quizzes. These are particularly beneficial for novice traders.
Cons
- Although Axi delivers excellent performance, its support is not available 24/7. This unavailability can be inconvenient for traders operating in different time zones or requiring help beyond regular trading hours.
- Axi retains our confidence. However, recent issues with ASIC and FMA require it to maintain a secure environment and comply with licensing standards.
- Axi lags by solely providing MT4, while competitors have upgraded to MT5, cTrader, TradingView, and bespoke platforms, delivering a smoother user experience with enhanced tools.
Our Take On CMC Markets
"Equipped with advanced charts and a broad array of tradable CFDs, including an unmatched selection of currencies and bespoke indices, CMC Markets offers an excellent online platform for traders at any level."Tobias Robinson
Reviewer
Pros
- CMC provides competitive pricing with narrow spreads and low trading fees, except for stock CFDs. The Alpha and Price+ programmes offer additional benefits for active traders, including discounts on spreads of up to 40%.
- CMC Markets has introduced an AI News feature. This leverages AI to highlight and summarise market stories instead of executing trades, suggesting the future direction of broker research tools.
- The CMC web platform offers an exceptional user experience with sophisticated charting tools for trading and customisable options, suitable for both novice and seasoned traders. It supports MT4 but not MT5, and TradingView will be available from 2025.
Cons
- A monthly inactivity charge of $10 is imposed after a year's inactivity, potentially discouraging occasional traders.
- CMC provides a robust range of assets; however, it does not support trading actual stocks, and UK clients are unable to trade cryptocurrencies.
- Although there have been improvements, the online platform still needs further refinement to match the user-friendly trading experience offered by competitors such as IG.
What Are Precious Metals?
Four hard commodities are classed as precious metals: gold, silver, platinum, and palladium.
These metals are considered precious due to their high economic value, which is partly a result of their scarcity. Gold and silver have been used as stores of value or to make luxury goods since ancient times; today, all four metals are also used to manufacture a large range of products, from computer hard disks to dental filings.
Precious metals are often known by investors as ‘safe havens’ since they tend to retain their value, or even appreciate in value, during market downturns.
The value of precious metals markets has increased significantly during the 21st century, reaching around $275 billion in 2021 and forecast to hit $400 billion by 2028.
This has been driven in part by the economic growth in developing countries increasing demand for jewellery and other products that use precious metals. However, each precious metal has its own attributes and price determinants.
Precious metals are usually measured in troy ounces (t oz), which weigh in at around 31.10 grams, compared to standard 28.35-gram ounces.
Gold
Investors often shift towards trading gold during periods of instability as a hedge against economic uncertainty, though the metal is also known for its volatility.
Gold has been as a symbol of wealth throughout history, but it gained special geopolitical significance in the late 1800s when several powerful countries adopted the gold standard, fixing the value of their currency to the price of gold. This made the gold standard the predominant currency standard internationally before the free-floating fiat money system began in 1971.
Today, it is used mainly as a store of value or to produce jewellery, electronic devices and industrial components.
Gold reached its all-time high above $2,000 per troy ounce in August 2020.
The symbol for gold is XAU.
Silver
Silver is also counted as a ‘safe haven’; it is also the best thermal conductor of any of the precious metals, making it ideal for electrical appliances as well as jewellery, silverware, and mirror manufacturing.
Silver dollar coins were minted in the US in 1794, before being replaced by gold around 80 years later.
Silver reached its highest price in 2011 when the value reached $49.51 per troy ounce.
The symbol for silver is XAG.
Platinum
Platinum was discovered in 1557, but its uses went unnoticed until the 1700s. Today, the precious metal is mainly used within the automotive industry as a major component of catalytic converters in fuel engines.
It is typically more volatile to trade than gold due to its scarcity and smaller production volumes.
Platinum hit an all-time high in 2008, with prices reaching up to $2,253 per troy ounce.
The symbol for platinum is XPT.
Palladium
Palladium was discovered in South America in 1803 after initially being mistaken for platinum, but interest in this metal did not really take off until the 1980s.
Today, palladium is used in many manufacturing processes, including electronics, chemical applications, and groundwater treatment. It is also commonly used in the jewellery, medicine, and dentistry industries. As with platinum, the largest industrial use for palladium is in the creation of catalytic converters due to its durability.
Palladium is considered to be scarcer than platinum and reached the highest price of the four precious metals with February 2022’s record high of $2,981, though it fell from this peak to a level below gold shortly afterwards.
The symbol for palladium is XPD.
Today’s Gold Chart
Factors That Impact Prices
Supply And Demand
Like any other asset, precious metal prices are deeply influenced by supply and demand. Factors which increase demand or lower supply will lead to price increases, and vice versa.
In recent years, rising demand for jewellery in developing countries like China has driven demand for gold, silver and platinum.
The supply shocks caused by mine closures during the Covid-19 pandemic also led to large price increases, with palladium going from $1,519 in 2019 to $2,179 in 2020.
Conversely, an economic downturn would dampen demand for jewellery, and new precious metal ore discoveries could increase supply, lowering prices.
Technological Advances
Precious metals are highly prized for their use in the manufacture of components such as catalytic converters, and this drives much of the demand for these commodities.
The development of new products that contain precious metals will increase demand, though advances that make existing products redundant could have the opposite effect.
Inflation
Precious metals are often referred to as a ‘safe haven’ during times of economic instability such as rising inflation. As their supply is limited, precious metals usually hold their value well during periods of high inflation. This can in turn increase the demand and drive price rises.
For example, demand for gold increased by 12% during the period of high inflation in the first half of 2022, compared to consumer price increases of 9.1% in the same period.
Geopolitics
The common feature of precious metals is scarcity.
The majority of production takes place in only a few countries, and often the same countries are the top producers of more than one precious metal – South Africa, Russia and China are among the world’s top producers of gold, palladium and platinum.
This means geopolitical events affecting supply from one source, such as wars or international sanctions, will have a large influence on overall prices.
Extreme Weather Events
Mining and moving ore is an intensive physical process that can be disrupted by severe weather events such as storms, flooding, wildfires and so on.
As well as physical damage to mines, these can lead to labour shortages, disrupt the supply chain, deplete water sources necessary for mining, or otherwise make it dangerous or costly to reach the ore.
Since this type of weather event is on the rise with climate change, investors should monitor the situation in the main countries producing the precious metals they trade.
How To Trade Precious Metals Online
Retail traders can use several vehicles to speculate on precious metals:
CFDs
Contracts for difference (CFDs) are derivatives in which one side pays the other the difference between an asset’s price when the contract begins and when it expires.
Traders can adopt long or short positions with CFDs and make leveraged trades, allowing them to boost the trading power of a relatively small stake.
Pepperstone, for example, offers CFDs on the four precious metals with leverage up to 1:20, tight spreads and no commission fees. Traders can also use the broker’s automated software to execute trades based on technical rules.
Stocks
Another way to gain exposure to precious metals is via indirect investments in the stocks of associated companies. This includes those involved in the production, exploration, or distribution of precious metals, though the share price of these firms may not directly correlate to the trading price of precious metals.
There are many precious metal stocks listed on the London Stock Exchange (LSE). This includes Fresnillo, a leading producer of silver and gold based in Mexico, and Hochschild Mining, with mines based in Argentina and Peru.
Outside of listings in the UK, you can access global shares on financial exchanges including Australia, the US, and Canada.
ETFs
Exchange-traded funds (ETFs) are baskets of securities that usually track a specific index, sector, commodity, or group of assets.
Precious metal ETFs usually comprise shares of mining firms and other companies that produce, process and trade the metals, and they tend to be less volatile than trading companies individually as extreme movements from individual securities are balanced out.
Major precious metal ETFs include Invesco Physical Gold ETC, iShares Silver Trust ETF and the WisdomTree Physical Precious Metals UCITS ETF.
Futures
Futures are derivative contracts that require parties to purchase or sell an asset at a pre-determined future price on a specific date.
Commodities futures may require physical delivery when the contract expires, so most retail traders opt for cash-settled futures, which do not. Many brokers offer margin trading on futures contracts, allowing traders to magnify relatively small movements.
IG Index provides gold and silver futures trading opportunities.
Options
Options contracts work in a similar way to futures contracts, with a key difference: the contract buyer has the right but no obligation to exercise the contract when it expires, meaning losses will be limited to the premium paid for the contract.
There are two styles of options: European, which can only be exercised when the contract expires, and American, which can be exercised at any point before expiry, allowing the trader to realise profits from favourable price movements.
Spot
Spot trading simply refers to buying or selling the underlying precious metal at the current market price, usually denoted in USD.
This may involve physically buying and selling the precious metals in bullion form, though many brokers also offer unallocated trading with no physical delivery or derivatives such as CFDs at spot prices.
FXTM, for example, provides gold and silver spot metal trading opportunities with competitive spreads as low as 0.4 pips on the XAG/USD pair.
How To Compare Precious Metals Brokers
- Regulation – It is best practice to trade with a broker that is overseen by a respected financial regulator such as the Financial Conduct Authority (FCA). Licensing from this reputable body provides a greater degree of protection to retail traders, including negative balance protection and segregated client funds.
- Trading Platform – Precious metal brokers offer different trading platforms, including bespoke software such as the eToro web solution or third-party terminals like MetaTrader 4 (MT4) or MetaTrader 5 (MT5). Look for features such as customisable charts, watchlists, signals, and automated trading. The best precious metal brokers will also offer mobile app compatibility so you can invest in metals on the go. Note that metal symbols may vary between platforms.
- Vehicles – Brokers may offer precious metals trading via several investment vehicles. This may include CFDs, ETFs, futures, options, and shares. Check the brokerage offers the trading product that aligns with your trading timelines and strategy.
- Fees – Costs vary between precious metal brokers, though several excellent firms offer commission-free investing and/or tight spreads. Pepperstone, for example, offers spot gold trading with a 0.13 minimum spread.
- Deposit Methods – Sign up with a precious metals broker that accepts fast and affordable deposit methods that works for you. You should also pay attention to the minimum deposit requirements – keep the size of your trades limited when you are starting out.
- Demo Accounts – Demo accounts are invaluable when trading volatile assets like precious metals, as they allow you to test and refine your strategy without risking real cash. Leading firms also provide courses and books on trading precious metals with information on volumes and the latest news.
- Customer Support – The best precious metals brokers offer reliable and accessible customer support through live chat, email or telephone. Some of the top brokers offer 24/7 or 24/5 support from human customer service assistants.
Trading Hours
Precious metal trading hours depend on the exchange, asset and broker. Exchanges usually offer trading on precious metals 24/5, and most brokers follow suit, though the exact start and finish times vary.
Bottom Line On Trading Precious Metals
Precious metals are a class of hard commodities that offers opportunities with both high volatility and counter-market price movements, making them both a safe haven asset and potentially a high-risk, high-reward trading instrument.
As some of the most popular commodities, precious metals are widely available at online brokers. Precious metals brokers will offer different trading vehicles, fees and features, so choose the one that best suits your trading style. See our ranking of top-rated brokers with precious metals trading to get started.
FAQ
What Is Precious Metals Trading?
Precious metals trading involves speculating on the market price of gold, silver, platinum, and palladium. The commodities are scarce, and prices are influenced by various factors such as inflation, supply and demand, and the value of the USD, amongst others. Retail investors can trade precious metals through CFDs, ETFs, stocks, futures, and options.
How Do I Choose The Best Broker That Offers Precious Metals Trading?
The best brokers offering precious metals trading will have competitive fees, responsive customer service, FCA regulation, and access to suitable tools such as a stable platform, technical analysis features, and copy trading. Head to our list of leading precious metals brokers to find a suitable provider.
Is Trading Precious Metals Worth It?
Trading precious metals can be an attractive prospect, with a volatile market providing opportunities to create profit. All four precious metals are useful resources across various industries, meaning their demand is not likely to diminish any time soon. They also attract investors during periods of market instability due to their status as ‘safe havens’.
Is It Risky To Trade Precious Metals?
All investments have an element of risk, and precious metal trading is no different. The price of precious metals can fluctuate significantly due to supply and demand changes, economic uncertainty, technological advances, the value of the US dollar, and more. Top-rated precious metals brokers will offer risk management tools, such as stop loss and take profit orders.
How Can I Invest In Precious Metals?
There are various instruments available to trade precious metals online. These include futures and options contracts, exchange-traded funds (ETFs), contracts for difference (CFDs), and spot trading. CFDs are popular with short-term traders while ETFs may suit traders with a longer investment horizon.
Article Sources
Precious metals market size and trends