Best Platinum Commodity Forex Brokers review conducted in South Africa. Platinum is considered to be one of the rarest metals on earth and is mined and produced in a quantity of approximately 5 million troy ounces. To put this in perspective, the gold trading industry mines 85 million troy ounces per year, and silver – 547 million.
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Advantages of Trading Platinum
- Platinum is an essential component in catalyst converters as mentioned above, with a massive reliance on oil and environmentally safe energy
- High demand for platinum usage in jewellery due to its durability and non-reaction when exposed to chemicals. Platinum does not tarnish over time.
- Endless number of uses.
Factors which Affect the Platinum Price
The unique properties of platinum put this metal into high demand in a diverse selection of industries. The platinum price has seen large changes over the years, and there are a factors which can cause changes in its value. These factors include:
In Comparison with Gold
It is not uncommon for investors to compare the price of platinum to the price of gold trading. When the financial markets are stable, platinum is estimated to be worth approximately twice the price of gold. On the other hand, when the price of gold trends upwards the price of platinum usually goes down. Every so often these 2 assets have an inverse relationship to each.
Platinum’s rarity as a Natural Resource
As previously mentioned, platinum is a very rare natural resource and its price is affected by supply and demand. This means the amount of platinum mined in comparison to its global need.
Industrial Demand
Due to its uniqueness, most platinum is used in specific industries and a change in one of them can create a major shift in platinum’s value.
Platinum is not traded for the real physical instrument, as a contract for difference (CFD) instead. This means that traders do not purchase or sell the instrument, but is able to benefit from the fluctuations in the instrument’s price.
Here is an overview of the 18 Best Platinum Forex Brokers and Trading Platforms
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. AvaTrade is regulated in Europe, the British Virgin Islands, Australia, Japan, and South Africa by ASIC, CySEC and FCA.
Pros and Cons
| Pros | Cons |
| Used by 200,000+ traders | Doesn’t offer VPS |
| Established in 2006 | Not FCA Regulated |
| Regulated by Central Bank of Ireland, ASIC, IIROC, FSA, FSB, UAE and BVI | |
| Min. deposit from $100 |
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.
Trading Benefits
| Trading Features: | Accounts offered: | Funding methods: |
| Allows scalping | Demo account | Credit cards |
| Allows hedging | Micro account | Bank Transfer |
| Low min deposit | Mini account | PayPal |
| Standard account | Skrill | |
| Islamic account | Payoneer | |
| Neteller |
Customer support is available by email, phone, or live chat.
IG
IG Group was founded in 1974 and is regulated by the Financial Conduct Authority (FCA) in the U.K. and the Australian Securities and Investment Commission (ASIC) in Australia.
Pros and Cons
| Pros | Cons |
| Used by 178,000+ traders | Inactivity Fee |
| Established in 1974 | Limited range of instruments |
| Regulated by Financial Conduct Authority and ASIC | |
| Min. deposit from $250 |
The country of a traders residency will determine which account type they can open. In most countries, they will only be able to trade forex, CFDs and options. Traders can choose between two trading platforms, IG’s proprietary trading platform or MetaTrader 4.
Trading Benefits
| Trading Features: | Accounts offered: | Funding methods: |
| Allows scalping | Demo account | Credit cards |
| Allows hedging | Mini account | Bank Transfer |
| Offers STP | Standard account | PayPal |
| Low min deposit | Payoneer | |
| Guaranteed stop loss |
Customer Service is available 24/7 via Phone, Live Chat and Email.
IC Markets
IC Markets is a regulated Forex ECN and CFD broker which offers more than 236+ financial instruments across Forex, Commodities, Indices, Bonds, Cryptocurrency, Stocks and Futures on the MetaTrader 4, MetaTrader 5 and cTrader platforms for desktop, web and mobile. IC Markets is regulated by the Australian Securities and Investments Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC), as well as the Seychelles Financial Services Authority (FSA).
Pros and Cons
| Pros | Cons |
| Segregates client funds | Limited range of instruments |
| Established in 2007 | Not FCA Regulated |
| Regulated by ASIC | |
| Min. deposit from $200 |
IC Markets offers traders three main types of live trading accounts to choose from, including Raw Islamic swap-free accounts and the use of a free demo trading account.
Trading Benefits
| Trading Features: | Accounts offered: | Funding methods: |
| Allows scalping | Demo account | Credit cards |
| Allows hedging | Mini account | Bank Transfer |
| Offers STP | Standard account | PayPal |
| Low min deposit | Zero spread account | Skrill |
| ECN account | Neteller | |
| Islamic account |
Customer support is available 24/7 via Live Chat, Phone and Email.
XM Group
XM Group (XM) is a group of regulated online brokers regulated by the Cyprus Securities and Exchange Commission.
Pros and Cons
| Pros | Cons |
| • Low stock CFD and withdrawal fees | • Limited product portfolio |
| • Easy and fast account opening | • Average forex and stock index CFD fees |
| • Great educational tools | • No investor protection for non-EU clients |
XM offers traders more than 1000 financial instruments to trade on both the MT4 and MT5 platforms, including Forex Trading, Stocks CFDs, Commodities CFDs, Equity Indices CFDs, Precious Metals CFDs and Energies CFDs. Forex trading is available on over 55 pairs, including the major USD, GBP, EUR and JPY pairs. Traders must take note that XM does not offer binary options or futures.
Trading Benefits
| Trading Features | Accounts Offered | Funding Methods |
| Negative Balance Protection | Micro | Wire Transfer |
| Low Spreads | Standard | Credit/Debit |
| Low Commission | XM Zero | Neteller |
| Hedging Allowed | UnionPay | |
| Scalping Allowed | WebMoney | |
| Qiwi |
Customer Service is available via live chat, Phone and email support.
FP Markets
FP Markets is a global, online broker regulated by the Australian ASIC and the Cypriot CySEC 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.
Pros and Cons
| Pros | Cons |
| Low Forex Fees | High Stock CFD fees |
| Easy Account Opening | Limited Product Portfolio |
| Quick Deposit and Withdrawal | Outdated Platform |
Trading Benefits
| Trading Benefits | Accounts Offered | Funding Methods |
| Allows scalping | Mini | Bank Transfer |
| Allows hedging | Standard | Credit/Debit |
| Offers STP | ECN | Electronic Wallets |
| Low min deposit | STP | |
| Offers Negative Balance Protection | Managed |
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.
Customer Service is available via email, phone and live chat.
Forex Time (FXTM)
FXTM or ForexTime was founded in 2011 and is a registered brand name of Exinity Limited, regulated by the Financial Services Commission of Mauritius with license number C113012295. FXTM offers users seven different accounts types where the execution method, range of markets, available platform, and commissions and fees may vary. Three accounts are offered under the Standard category. Forex Time (FXTM) is a MetaTrader broker which offers forex and CFD traders multiple account options for both MT4 and MT5 platforms.
Pros and Cons
| Pros | Cons |
| Segregates client funds | Limited range of instruments |
| Established in 2011 | Not ASIC Regulated |
| Regulated by CySEC | |
| Min. deposit from $10 |
FXTM provides research in the form of daily technical and fundamental news analysis provided by an in-house team of analysts.
Trading Benefits
| Trading Features: | Accounts offered: | Funding methods: |
| Allows scalping | Demo account | Credit cards |
| Allows hedging | Micro account | Bank Transfer |
| Offers STP | Mini account | Payoneer |
| Low min deposit | Standard account | Neteller |
| Offers Negative Balance Protection | Zero spread account | |
| ECN account | ||
| Islamic account |
Customer Service is available phone, email, online chat options – WhatsApp, live chat, Viber, Telegram or Messenger.
Alpari
Alpari with its long-standing brand history, numerous offices, range of account types and diverse managed account offerings is the perfect choice for Forex and CFD traders who are looking to leverage the power of MetaTrader platforms. Alpari is regulated by the FSC.
Pros and Cons
| Pros | Cons |
| Transparent | Limited Research Tools |
| Suitable to all trader types | |
| No Deposit Fees |
Alpari integrates research content from several third-party providers under its Forex Analytics section and is a MetaTrader-only broker. The native versions of the mobile app for MetaTrader 4 and MetaTrader 5 are available for Android and iOS devices straight from the developer.
Trading Benefits
| Trading Features | Accounts Offered | Funding Methods |
| 250 tradable assets | Micro | Wire Transfer |
| PAMM Accounts | Standard | Credit/Debit |
| ECN | E-Wallets | |
| Pro MT4 | Cryptocurrency |
Customer Service is available via live chat, email and phone service.
Saxo Bank
Saxo is a globally regulated, multi-asset class broker which offers traders the option to trade on more than 40,000 instruments covering Forex, CFDs, Stocks, Options, ETFs, Commodities, Futures, Bonds and Mutual Funds from a single account across multiple platforms including their own – SaxoTraderGO and professional-grade SaxoTraderPRO.
Pros and Cons
| Pros | Cons |
| Segregates client funds | Doesn’t allow hedging |
| Established in 2012 | Limited range of instruments |
| Regulated by Financial Conduct Authority | Not ASIC Regulated |
| Min. deposit from $6,500 |
The Saxo Group is regulated in 15 jurisdictions including authorisation from the UK Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC), the Financial Services Agency of Japan (FSA) and many more.
Trading Benefits
| Trading Features: | Accounts offered: | Funding methods: |
| Allows scalping | Demo account | Credit cards |
| Offers STP | Mini account | Bank Transfer |
| Low min deposit | Standard account | Payoneer |
| ECN account |
Customer support is available in nearly 30 different languages via phone, email and an FAQ section.
CMC Markets
CMC Markets is a multi-asset class spread betting and CFD broker which is regulated by the UK’s Financial Conduct Authority (FCA). Clients have the ability to trade on more than 9,000+ trading instruments covering Indices, Forex, Cryptocurrencies, Commodities, Shares and Treasuries, all on the MetaTrader 4 platform or the broker’s own proprietary, web-based Next Generation platform.
Pros and Cons
| Pros | Cons |
| Extensive range of offerings | Does not accept U.S. clients |
| Regulated by FCA (U.K.) | Differences between Next Generation and MT4 |
| Emphasis on education & customer service | High CFD spreads for certain indices |
| Research amenities are industry leading | No back-testing or automated trading capabilities |
CMC Markets offers a wide range of instruments to trade on covering all major asset classes such as 300+ Forex instruments, 60+ Indices, 15 Cryptocurrencies, 90+ Commodities, 30+ Treasuries and 9,000+ Shares and ETFs.
Trading Benefits
| Trading Features | Accounts Offered | Funding Methods |
| No Deposit Bonus | CMC Markets CFD Account | Wire Transfer |
| Stop Loss | CMC Corporate Account | Credit Card |
| CMC Stockbroking Account | e-Wallets | |
| CMC Spread Betting Account | ||
| CMC Markets Professional Account |
Customer support is available 24/5 via Live Chat, Telephone, and Email.
OANDA
OANDA is a globally regulated Forex and CFD broker which also provides corporate Forex solutions and currency conversion. Users have the choice to trade on Forex, Indices, Metals, Commodities and Bond CFDs on the broker’s own proprietary trading platform for desktop, web and mobile, as well as on MetaTrader 4.
Pros and Cons
| Pros | Cons |
| Accepts U.S. clients | No account protection for U.S. clients |
| Regulated by FCA and NFA | No guaranteed stop losses for U.S. or U.K. clients |
| Well-designed platforms | Traders cannot access cryptocurrencies or single-stock CFDs |
| Superior research offerings | A lot of ancillary fees |
OANDA is the most Regulated Forex Broker and operate across six of the most credible authorities.
Trading Benefits
| Trading Features | Account Offered | Funding Methods |
| Mobile Trading | Standard | Wire Transfer |
| Excellent Charting Tools | Premium | Credit/Debit |
| Educational Materials | PayPal |
Customer support is available via a FAQ section, a OANDA Virtual Assistant and phone.
FXCM
Forex Capital Markets Limited or FXCM is a Spread Betting, CFD and Forex trading broker, authorised and regulated by the UK Financial Conduct Authority under the Forex Capital Markets Limited and is part of the Leucadia Company, which offers users the ability to trade on Forex, Forex Baskets, Indices, Commodities and Crypto on its own proprietary Trading Station platform for Desktop, Web and Mobile, as well as on MetaTrader 4, NinaTrader and ZuluTrade.
Pros and Cons
| Pros | Cons |
| Segregates client funds | Limited range of instruments |
| Established in 1999 | |
| Regulated by Financial Conduct Authority | |
| Min. deposit from $1 |
FXCM offers traders 4 main types of trading accounts to choose from, including Spread Betting, CFD Trading, Active Trader and Professional Clients. A Free Demo account is also made available.
Trading Benefits
| Trading Features: | Accounts offered: | Funding methods: |
| Allows scalping | Demo account | Credit cards |
| Allows hedging | Mini account | Bank Transfer |
| Offers STP | Standard account | Payoneer |
| Low min deposit | Islamic account |
Customer Support is available via Live Chat, Phone, Email and SMS.
Swissquote
Swissquote Bank offers traders the ability to trade in Forex, CFDs and Options on a variety of asset classes which includes Currency pairs, FX Options, Metals, Indices, Commodities and Bonds. Traders can choose to trade on a variety of trading platforms including the bank’s own Advanced Trader platform and MetaTrader 4 and 5. Swissquote Bank Ltd holds a banking licence issued by the Swiss Federal Financial Market Supervisory Authority (FINMA) and is a member of the Swiss Bankers Association.
Pros and Cons
| Pros | Cons |
| Multiple Trading Platforms | Spreads are slightly higher on average in Swiss accounts than in EU accounts
|
| Swiss accounts receive the benefit of funds held in Swiss Tier 1 bank accounts with an IBAN for seamless international trading | Confusing array of services |
| Zero-commission and from 0.0 spreads accounts | High minimum deposit amounts |
| Various plugins | |
| Great educational resources |
Trading Benefits
| Assets Offered: | Accounts Offered: | Funding Types: |
| Currencies | Demo | Credit |
| CFDs | Standard | Debit |
| Shares | Premium | Bank Wire Transfer |
| Stocks | Prime | Union Pay |
| Commodities | Professional | |
| Precious Metals | ||
| Bonds |
Customer support is offered in ten different languages via Live Chat, Telephone, Email and an Online Contact Form.
XTB
XTB is a European broker which was founded in 2002, and has offices in 13 countries across the globe. XTB is regulated by the UK Financial Conduct Authority (FRN 522157) and has been listed on the Warsaw Stock Exchange since 2016.
XTB is a fintech company which combines financial services with innovative technology and it offers clients two platforms to choose from:
- xStation5
- MT4
Pros and Cons
| Pros | Cons |
| Lowest FX spreads | Does not accept U.S. clients |
| Regulated by FCA (U.K.) | Non-FX spread costs are high |
| Offers protection for client accounts | No guaranteed stop loss |
| Emphasis on customer service | No back-testing or automated trading capabilities |
Traders can choose from 25 crypto CFDs (9 individual coins or 16 crypto pairs) which are available 7 days a week (from 3am Saturday to 9pm Friday). Traders can buy or sell digital coins with 2:1 leverage and 365-day expiry.
Trading Benefits
| Trading Features: | Accounts offered: | Funding methods: |
| Allows scalping | Demo account | Credit cards |
| Allows hedging | Micro account | Bank Transfer |
| Offers STP | Mini account | PayPal |
| Low min deposit | Standard account | Skrill |
| Guaranteed stop loss | Islamic account | Payoneer |
| Offers Negative Balance Protection | Neteller |
XTB support a wide range of languages including English, Spanish, Czech, Chinese, German, French, Italian, Polish, Portuguese, Romanian, Slovenian, Turkish, Arabic, and Russian.
EasyMarkets
EasyMarkets is one of the most popular choices for Beginners and is regulated by CSEC (Cyprus) and ASIC (Australia) and offers beginner forex traders:
- Enhanced risk management tools as standard
- Fixed spreads on all forex pairings
- An easy-to-use forex trading platform
Pros and Cons
| Pros | Cons |
| Segregates client funds | Doesn’t offer VPS |
| Established in 2003 | Limited range of instruments
|
| Regulated by CySEC and ASIC | Not FCA Regulated |
| Min. deposit from $1 |
The available trading platforms offered are MT4 and the EasyMarkets web platform.
Trading Benefits
| Trading Features: | Accounts offered: | Funding methods: |
| Allows scalping | Demo account | Credit cards |
| Allows hedging | Micro account | Bank Transfer |
| Low min deposit | Mini account | Payoneer |
| Guaranteed stop loss | Standard account | Neteller |
| Offers Negative Balance Protection | Islamic account |
Customer Support is available 24/5 via various chat channels, email, phone and web forms.
Pepperstone
Pepperstone was founded in 2010 and is regulated by the Australian Securities and Investments Commission (ASIC), as well as the UK’s Financial Conduct Authority (FCA).
Pros and Cons
| Pros | Cons |
| Segregates client funds | Limited range of instruments |
| Established in 2010 | |
| Min. deposit from $200 |
Trading platforms on offer include MetaTrader 4, MetaTrader 5 and cTrader. All three FX trading platforms come with a free demo account which will allow traders to test out the forex broker and platform for 30 days.
Trading Benefits
| Trading Features: | Accounts offered: | Funding methods: |
| Allows scalping | Demo account | Credit cards |
| Allows hedging | Mini account | Bank Transfer |
| Offers STP | Standard account | PayPal |
| Low min deposit | MAM/PAMM account | Skrill |
| Offers Negative Balance Protection | Islamic account | Payoneer |
| Neteller |
Pepperstone offers 24/5 multiple language support via email, phone and live chat.
Forex.com
Forex.com is a platform which can be used for trading foreign currencies and precious metals. Traders can trade over 80 currency pairs as well as silver and gold.
Pros and Cons
| Pros | Cons |
| Segregates client funds | Doesn’t offer VPS |
| Established in 1999 | Not ASIC Regulated |
| Regulated by Financial Conduct Authority | |
| Min. deposit from $50 |
To open a live trading account, traders will need a minimum deposit of at least $50.
Trading Benefits
| Trading Features: | Accounts offered: | Funding methods: |
| Allows scalping | Demo account | Credit cards |
| Allows hedging | Mini account | Bank Transfer |
| Offers STP | Standard account | |
| Low min deposit | ECN account | |
| Islamic account |
Customer support is available by phone, live chat, or email 24 hours a day during market hours.
City Index
City Index is a Spread Betting, CFD and Forex trading broker which is regulated by the UK Financial Conduct Authority (FCA). City Index offers traders the ability to trade on 12,000+ instruments covering Indices, Shares, Forex, Cryptos and Commodities, all on the MetaTrader 4 platform, the broker’s own proprietary, web-based HTML 5 trading platform or the AT Pro desktop download.
Pros and Cons
| Pros | Cons |
| Used by 140,000+ traders | Doesn’t allow scalping |
| Established in 1983 | Inactivity Fee |
| Regulated by Financial Conduct Authority, ASIC and MAS | Limited range of instruments |
| Min. deposit from $25 | |
| Used by 140,000+ traders |
Trading Benefits
| Trading Features: | Accounts offered: | Funding methods: |
| Allows hedging | Demo account | Credit cards |
| Offers STP | Micro account | Bank Transfer |
| Low min deposit | Mini account | Payoneer |
| Guaranteed stop loss | Standard account | |
| Managed account |
Customer support is available 24/5 via Live Chat, Telephone, Email and an Online Contact Form.
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In Conclusion
Platinum may rarer than gold, with even more uses, but it is most often overlooked as a precious metal to trade or investment in. A trading strategy which focuses on platinum can help diversify a traders portfolio and give them more opportunities within the precious metals markets.
Top 4 Brokers
