Forex Brokers with Spot Metal Trading allows traders to trade spot metal CFDs through their platform, including gold and silver. Spot Metals Trading brokers are some of the most popular globally and precious metals like gold and silver are considered to be a safe haven when things are going bad in the financial markets.
OctaFX
OctaFX offers traders Forex ECN trading, as well as CFD trading on Indices, Metals and Cryptocurrencies, across the MetaTrader and cTrader trading platforms for Windows Desktop, Web and Mobile, as well as their own OctaFX Trading App.
The products available for trade from OctaFX will vary depending on the type of account opened, MT4 Micro, MT4 Pro, cTrader ECN – but covers Forex, Indices, Metals and Cryptocurrencies.
Pros and Cons
| Pros | Cons |
| Wide range of trading accounts for beginners and advanced traders | Decision between CySEC regulated Octa.eu, or St. Vincent and the Grenadines registered Octa.com |
| Can access Forex ECN with 1:500 leverage | Limited commodity markets, no individual Stock CFDs |
| Trade on MT4, MT5 and cTrader across Desktop, Web and Mobile | Limited deposit and withdrawal options – only through Neteller, Skrill or Bitcoin |
| Access copy trading, bonus promotions and a wide range of research tools |
ForexTime (FXTM)
ForexTime (FXTM) Offers Local NGN Funding, an offer not made by most online brokers which increases exchange costs of currency trading. ForexTime offers NGN account funding through bank wire transfer or Neteller with a minimum deposit of $100 for a standard forex account for ForexTime. This allows traders to start trading a range of currency markets while lowering the exchange costs when moving NGN currency to a standard base currency.
Pros and Cons
| Pros | Cons |
| Provides multiple execution methods by account type | Leverage caps and margin restrictions on ECN accounts |
| Regulated in several jurisdictions, including outside the EU | Certain range of markets segmented across account types |
| Offers Cryptocurrency CFDs | On ECN accounts, stop and limit levels can be added only post execution |
| FXTM Invest for auto trading | Low max order size of 30 standard lots per trade |
Key Features of FXTM (ForexTime)
ForexTime offers social trading (copy trading) which means a trader:
- Selects a Strategy Manager
- Makes a deposit (minimum deposit of $100)
- Mirror the Strategy Manager’s trade
- Watch as you share a percentage of wins/losses
- Cash-out or add deposits when required
ForexTime is ideal for Nigerian traders new to CFDs with a higher risk profile.
eToro
eToro is an online broker which was founded in 2006 and offers CFDs and Social Trading, with a head office based in Cyprus, UK. eToro offers traders two ways to trade: CFDs, Social Trading and eToro traders will need to make a minimum deposit of $200 and the platform can accommodate various levels of traders from beginner to expert.
eToro is supervised by the Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC) regulatory bodies and has been in operation for over 14 years.
Traders can trade in a wide variety of over 100 instruments and over 50 currency pairs on eToro’s user-friendly custom trading platform which is available as a browser-based web application. eToro also offers traders mobile apps for Android and iOS, making it easier to keep an eye on and execute trades.
eToro trading accounts on offer include: Demo, Standard and Islamic. eToro supports a wide range of languages including English, German, Spanish, French, and Italian.
FXCM
FXCM caters to multiple trader types including High-volume traders, algorithmic traders, and traders who appreciate robust trading tools and quality market research.
Is FXCM Safe?
FXCM is considered low-risk. FXCM’s parent company is publicly-traded, does not operate a bank, and is authorised by three tier-1 regulators (high trust), two tier-2 regulators (average trust), and zero tier-3 regulators (low trust).
Commissions & Fees
FXCM stands out the most in regards to its Active Trader account offering, where low commission rates and average spreads provide competitive pricing for high volume traders. Active Trader accounts are available for clients who deposit at least $25,000, which comes with a lower commission rate of $25 per million and access to premium research. Standard account holders are only charged the prevailing spreads, Active Trader accounts are charged a commission per trade, in addition to reduced prevailing spreads.
Platforms & Tools
FXCM offers a growing range of trading platforms and tools including:
- Trading Station desktop:FXCM’s flagship trading platform, caters well to forex traders of all skill levels.
- Trading Station web:The web version of Trading Station features includes news, videos, research, market data signals, and links to external resources.
- Ninja Trader: Features numerous trading tools, including automated trading capabilities.
- Algorithmic Trading:The FXCM App store provides various add-ons, technical indicators, and automated trading robots.
Customer Service
- Average Connection Time:<1 minute
- Average Net Promoter Score:3 / 10
- Average Professionalism Score:2 / 10
- Overall Score:77 / 10
- Ranking:3rd in 22 brokers
FXCM provides a wide variety of market research and related resources. A combination of Trading Station and MetaTrader4 (MT4), FXCM delivers a reliable, feature-rich mobile offering for forex traders.
FP Markets
FP Markets is a global, online broker which was founded in 2005 and offer Forex trading and has a head office situated in Australia.
When starting off with FP Markets traders will need to make a minimum deposit of $100 and a demo account is on offer with a wide variety of instruments and currency pairs on offer.
Over 100 instruments and over 60 currency pairs in total is on offer, on the popular MT4 forex trading platform. FP Markets also offers traders mobile apps for Android and iOS.
FP Markets Trading benefits include:
- Allows scalping
- Allows hedging
- Offers STP
- Low min deposit
- Offers Negative Balance Protection
FP Markets Trading Accounts Offered include: Demo, Mini, Standard, ECN, STP, Managed and Islamic and all accounts support a wide range of languages including English, Spanish, Portuguese, Romanian, Bulgarian, Arabic, Russian, French, Italian, Greek, Philippines, Latvian, Polish, Indonesian, Thai, Malay, German, Vietnamese.
AvaTrade
AvaTrade is an online broker which was founded in 2006 and offers Forex, CFDs, Spread Betting and Social Trading and is a global broker with their head office situated in The British Virgin Islands.
For those who are looking to start out with AvaTrade will need a minimum deposit of $250 and a demo account is available for those who want to get acquaint with the popular MT4 forex trading platform. AvaTrade also offer mobile apps for Android and iOS.
AvaTrade is perfect for various levels of traders including beginners and all traders can trade a wide variety of instruments and currency pairs.
- Over 250 instruments
- Over 80 currency pairs
AvaTrade Trading benefits include:
- Allows scalping
- Allows hedging
- Low min deposit
AvaTrade Trading Accounts on offer include: Demo, Micro, Mini, Standard and Islamic and AvaTrade allows traders to execute a minimum trade of 0.01 Lot and support a wide range of languages including English, Italian, German, French and Greek.
Forex.com
Forex.com is an online broker which was founded in 1999 and offers Forex, Indices, Commodities, Equities and Cryptocurrencies trading with a minimum deposit of $500 needed to make a start.
Traders can trade in:
- Over 4500 instruments
- Over 80 currency pairs
Forex.com Trading benefits include:
- Allows scalping
- Allows hedging
- Offers STP
- Guaranteed stop loss
- Offers Negative Balance Protection
Forex.com Trading Accounts on offer include:
- Demo account
- Mini account
- Standard account
- ECN account
- STP account
- Islamic account
With Forex.com, the minimum and maximum trade requirements vary depending on the trader and the instrument and all accounts support a wide range of languages including English, Chinese, Arabic to name but a few.
IC Markets
IC Markets is an online broker which was founded in 2007 and offers Forex, CFDs, Spread Betting, Share dealing, and Cryptocurrencies trading on offer both of the MetaTrader platforms; MT4 and MT5 plus the cTrader platform developed for traders.
IC Markets is a global broker and has a head office situated in Australia and new traders will need a minimum deposit of $200 to get started and a demo account is on offer for those who want to get acquainted with the IC Markets platform. IC Markets are able to accommodate various levels of traders whether they are experienced or just beginning in the trading game.
Traders can trade in a wide variety of instruments and currency pairs
- Over 232 instruments
- Over 65 currency pairs
IC Markets also offer traders mobile apps for Android and iOS and two accounts types, Standard account and Raw Spread account. IC Markets supports a wide range of languages including English, Japanese, Chinese, Polish, Afrikaans, Danish, Dutch, German and more.
XTB
XTB is an award-winning CFD platform which was founded in 2002 and supports Forex, indices, commodities, stock CFDs, ETF CFDs, and cryptocurrencies and supports 48 currency pairs with low-cost spreads. Traders can choose between trading on either the xStation 5 or MT4 platforms and for leverage accounts, this brokerage offers leverage of up to 200:1.
Stock and ETF CFDs all attract a fixed commission of 0.08% per lot across the two types of accounts. XTB offers traders a free demo account and a Trading Academy set of courses for both beginner and intermediate traders alike.
XTB is regulated in markets across Europe by the IFSC, FCA, KNF, and CySec.
Pros and Cons
| Pros | Cons |
| Traders can make a Choice between two outstanding trading platforms (xStation 5 or MT4 platforms) | Fewer Forex pairs than some top competitors |
| A collection of 3000+ trading instruments across six asset classes | No 24/7 support |
| Low spreads |
Pepperstone
Pepperstone was founded in 2010 in Melbourne, Australia and is regulated by the Australian Securities and Investments Commission (ASIC), as well as the UK’s Financial Conduct Authority (FCA). Pepperstone processes on average of $12.55 billion trades each day with over 73,000 traders globally.
Pepperstone also offers traders just starting off educational content via their dedicated YouTube channel.
Pros and Cons
| Pros | Cons |
| Competitive spreads and commissions. | Educational resources section could be developed further for beginner traders. |
| Wide range of trading platforms across all operating systems. | |
| AutoChartist and Smart Trader Tools packages free for users. | |
| High regulation and multiple language customer support. |
FXPro
FXPro is an online broker founded which was founded in 2006 and offers Forex, Share Dealing, Spot Indices, Futures, Spot Metals and Spot Energies trading. FXPro is a global broker and has a head office located in the UK.
FXPro provide traders with access to top-tier liquidity and advanced trade execution with no dealing desk intervention and a starting account will need a minimum deposit of $100.
What can be traded with FXPro?
- Over 250 instruments
- Over 70 currency pairs
FXPro is one of the few brokers in the market who offers both of the MetaTrader platforms; MT4 and MT5 plus the cTrader platform and mobile apps for Android and iOS.
FXPro Trading benefits include:
- Allows scalping
- Allows hedging
- Low min deposit
- Offers Negative Balance Protection
With FXPro, the minimum and maximum trade requirements vary depending on the trader and the instrument and the broker offers support in a very wide range of languages including Arabic, Chinese, English, French, German, Hungarian, Indonesian, Italian, Japanese, Korean, Polish, Portuguese, Russian, Spanish, and Vietnamese.
Admiral Markets
Admiral Markets is an online broker which was founded in 2001 and offers Forex and CFDs trading, is globally recognized and has a head office based in the UK. Traders will need a minimum deposit of $200 to start and can sign up for a demo account to in over 148 instruments and over 40 currency pairs.
Admiral Markets offers both of the MetaTrader platforms; MT4 and MT5 and mobile apps for Android and iOS.
Admiral Markets Trading benefits include:
- Allows scalping
- Allows hedging
- Offers STP
- Low min deposit
- Offers Negative Balance Protection
Admiral Markets Trading Accounts Offered:
- Demo account
- Micro account
- Mini account
- Standard account
- ECN account
- STP account
Admiral Markets offers support in a wide range of languages including English, Spanish, Hungarian and much, much more!
Interactive Brokers
Interactive Brokers was founded in 1978 and is regulated by several financial authorities globally, including top-tier ones like the UK’s Financial Conduct Authority (FCA) and the US Securities and Exchange Commission (SEC).
Pros and Cons
| Pros | Cons |
| Wide range of products | Extremely complex desktop trading platform |
| Many great research tools | Complicated account opening process |
| Regulated by several authorities | High inactivity fee |
Oanda
Oanda is an American forex broker founded in 1996 and is considered safe thanks to a long track record and being regulated by top-tier authorities, such as the US Retail Foreign Exchange Dealer (RFED) and the UK’s Financial Conduct Authority (FCA).
Pros and Cons
| Pros | Cons |
| Generally low fees | Only FX and some CFDs |
| Easy-to-use web trading platform | Poor customer service |
| Easy and digital account opening | High bank withdrawal fee |
Axitrader
Axitrader is an online broker which was founded in 2007 and offers Forex, CFDs and Social Trading, is a global broker and has a head office situated in Australia with no minimum deposit needed to get started plus a demo account is on offer.
Axitrader is able to accommodate various levels of traders and offers the MT4 forex trading platform plus mobile apps for Android and iOS, respectively.
Axitrader Trading benefits include:
- Allows scalping
- Allows hedging
- Offers STP
- Low min deposit
Axitrader Trading Accounts on Offer include Demo, Micro, Mini, Standard, ECN, STP and Islamic and support is offered in a wide range of languages including English, Chinese, Spanish, German, Japanese, Russian, Romanian, and Arabic.
Alpari
Alpari is a great choice for Forex and CFD traders who are looking to leverage the power of MetaTrader platforms due to its established brand history, multiple offices, and range of account types and diverse managed account offering for investors. The Alpari brand offers traders access to nearly 50 forex pairs and 30 CFDs on indices, commodities, precious metals, and on Bitcoin.
Features
| Feature | Alpari |
| Forex: Spot Trading | Yes |
| Currency Pairs (Total Forex pairs) | 48 |
| CFDs – Total Offered | 16 |
| Social Trading / Copy-Trading | Yes |
| Cryptocurrency traded as actual | No |
| Cryptocurrency traded as CFD | Yes |
The commissions and fees at Alpari vary depending on the account type and platform used native versions of the mobile app for MetaTrader 4 and MetaTrader 5 are available for Android and iOS devices straight from the developer.
XM Group
The XM Group provides the entire suite of MetaTrader platforms plus over 1300 tradeable instruments.
- The XM Group is regulated in two tier-1 jurisdictions and one tier-2 jurisdiction, making it a safe broker (average-risk) for forex and CFDs trading.
- Pricing at XM Group varies by account type.
XM Group is considered as an average-risk, and is not publicly-traded and does not operate a bank.
Offering of Investments
The XM Group offers traders CFDs on 1200 stocks, 30 indices, eight commodities, four metals, five energies, and 57 forex pairs.
Commissions & Fees
The commissions and fees at XM Group is depended on the type of account used.
Spreads: In the XM Zero account, average spreads on the EUR/USD stand at 0.1 pips (according to XM Group website data, and not including commission), compared to the commission-free Standard and Micro account, which had average spreads of 1.7 pips for the same pairs.
Commissions: Even after including the USD $3.5 per side commission ($7 per Round Turn), and average spreads of 0.1 pips on the EUR/USD, the all-in cost to trade is 0.8 pips (0.1 spread + 0.7 RT commission), making the XM Zero account the firm’s most competitively priced offering.
Platforms & Tools
XM Group is a MetaTrader-only broker offering the standard experience which includes both MT4 and MT5.
XM Group’s research offering consists of:
- Content generated by an in-house team of analysts including:
- Daily market recaps and
- Technical and fundamental analysis articles and videos.
- An economic calendar powered by Investing.com
Trading signals: The XM Group offers its trading signals hub to live account holders but, trading signals that can be automated are currently limited to the Signals Market available within the MetaTrader platform.
Technical analysis: The XM Group offers Tradepedia, which provides educational Forex and CFD content.
Video news analysis: The XM Group creates daily forex news videos with market analysis explained in a TV interview-style format.
Customer Service
- Average Connection Time:<1 minute
- Average Net Promoter Score:66 / 10
- Average Professionalism Score:2 / 10
- Overall Score:7 / 10
- Ranking:24th out of 43 brokers
IQ Option
IQ Option was founded in 2013 and offers two accounts that are designed to be accessible to every trader regardless of their experience level, and trading balance. The standard trading account can be opened by depositing a minimum of $10 and offers all the trading tools a trader would need, and is a perfect choice for beginners.
The VIP account is similar in many ways to the standard account but requires a minimum deposit of $1900, or a total trading volume of $1500.
Markets.com
Markets.com is an online broker which founded in 2008 and offers Forex, CFDs and Spread Bets. Spread Bets are only available to UK customers trading and Markets.com is a global broker with a head office situated in Cyprus.
New traders will need to make a minimum deposit of $100 and a demo account is available for those who wants to try before they ‘buy’ in.
Traders can trade in a wide variety of instruments and currency pairs
- Over 100 instruments
- Over 80 currency pairs
Markets.com offers both of the MetaTrader platforms; MT4 and MT5. plus, mobile apps for Android and iOS.
Markets.com Trading benefits:
- Allows scalping
- Allows hedging
- Low min deposit
- Guaranteed stop loss
- Offers Negative Balance Protection
Markets.com Trading Accounts on Offer include:
- Demo account
- Mini account
- Standard account
- Islamic account
Markets.com support a wide range of languages including Arabic, Chinese, Dutch, English, French, German, Italian, Japanese, Norwegian, Polish, Romanian, Russian, Spanish, and Turkish.
Trading 212
Trading 212 is an online broker which founded in 2006 and offers Stocks trading, Forex trading, Commodities trading, and Indices trading. Trading 212 is a global broker with a head office situated in the UK.
With Trading 212 traders will need to make a minimum deposit of $1 but a demo account is also on offer. Trading 212 is suitable to various levels of traders whether it be experienced or beginner.
Trading 212 Trading benefits:
- Allows hedging
- Offers STP
- Low min deposit
- Guaranteed stop loss
- Offers Negative Balance Protection
Trading 212 Trading Accounts Offered:
- Invest account
- ISA account
- CFD account
- Demo account
Trading 212 support a wide range of languages including English, Deutsch, Nederlands, Espanol, Francais, Italiano, Polski, Srpski, Norsk, Svenska, Cesky, and more.
Olymp Trade
Founded in: 2014
Headquarters: St. Vincent and the Grenadines
Regulation: IFC
Platforms: Olymp Trade WebTrader
Leverage: 1:500 on FX Trading
Minimum Deposit: USD$10
Olymp Trade is a well-known online trading platform, which offers trader multiple different assets, including binary options. Safety measures and precautions are put first by this platform and it is considered a financial organization which keeps the interests of their clients in mind at all times.
Olymp Trade is part of an international organization, the Financial Commission, and the minimum amount required to start investments and open a live account plus Technical support is available 24/7 in a multitude of languages by a team of specialists, through email, phone and chat – both quickly and efficiently.
Traders are also offered access to educational resources and training materials.
Pros and Cons
| Pros | Cons |
| No deposit or withdrawal fee | Only one trading platform available |
| Free Demo Account available | Not available for trading in all countries (EU, UK, and USA included) |
| Member of the Financial Commission | Long withdrawal process |
| Customer service available 24\7 |
HotForex
HotForex offers traders a variety of account types to choose from including fixed and floating spreads, commission-free trading (in Micro, Premium and Fixed accounts) or tighter spreads, involving commission fees. Beginner traders can sign up for Micro accounts with a minimum deposit of as little as $5, and micro lots are available for trade on all accounts.
An Auto Account, which enables traders to subscribe to free and paid Trading Signals from the MQL5 Community and a HF Social account, which provides trading powered by FxStat is also on offer.
HotForex is a retail forex broker, offering attractive conditions for trading in a wide range of instruments, including Forex, Spot Metals and CFDs on commodities, indices and popular shares such as Google, Apple and Facebook.
Vantage FX
Vantage FX was founded in 2009 and offers retail forex and CFD traders the Metatrader platform suite, ChartIQ, as well as auto trading on ZuluTrade and Myfxbook and is considered average-risk. Vantage FX is mainly a MetaTrader broker and offers traders the popular platform suite developed by MetaQuotes Software Corporation, which includes MetaTrader4 (MT4) and MetaTrader 5 (MT5).
Features
| Feature | Vantage FX |
| Forex: Spot Trading | Yes |
| Currency Pairs (Total Forex pairs) | 38 |
| CFDs – Total Offered | 24 |
| Social Trading / Copy-Trading | Yes |
| Cryptocurrency traded as actual | No |
| Cryptocurrency traded as CFD | Yes |
Regardless of the platform a trader chooses to use, the trading cost at Vantage FX depends on the account opened and seeing that Vantage FX is a MetaTrader broker, iOS and Android versions of the MT4 app come standard and are both available for download from the Apple iTunes store and Google Playstore, respectively.
In conclusion
The advantages and drawbacks of investing in spot metal trading should be seriously considered and it will all comes down to the trader and whether spot metal trading brokers are suited to them.
Frequently Asked Questions
What is spot metal trading?
It is the cash price of a precious metal like gold or silver in the market at the current point in time.
Which forex brokers offer spot metal trading?
Here is a list of the 24 Best Forex Brokers for Spot metal trading
What are the currencies quoted for gold and silver?
Nowadays it is quoted in USD and Euro.
How safe is spot metal trading?
When things go downhill in the financial markets, gold and silver are considered a safe haven.
Is Plus500 a spot metal trading broker?
No.
