4 Best Gold Brokers of 2024

Founded in the United States in 2001, Forex.com is a global currency and precious metals trading broker owned by GAIN Capital Group (acquired by StoneX Group Inc. in February 2020). The broker holds licenses and regulatory approvals from several prominent regulatory authorities, including ASIC in Australia, FCA in the United Kingdom, FSA in Japan, NFA in the United States, IIROC in Canada, CIMA in the Cayman Islands, and MAS in Singapore. These regulatory bodies ensure that Forex.com operates in a transparent and secure manner. Here are key details about this broker:

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Regulation	FCA, IIROC, NFA, ASIC, CySEC, MAS, CIMA
Market Instruments	Currency pairs, Precious metals,   Energies, Indices, Bonds, Cryptocurrencies, Equities
Spread In Gold	From 15 pips
Available Gold Trading Assets	Spot gold (XAU/USD, XAU/AUD, XAU/CHF, XAU/EUR,   XAU/GBP, XAU/JPY)
Max. Leverage for Spot Gold	1 : 20
Trading Platforms	MetaTrader 4, MetaTrader 5, Proprietary   platform, Trading View
Min. Deposit	$100
Deposits & Withdrawals Options	Credit card (Visa, Mastercard, Maestro),   Bank wire transfer, Skrill and Neteller
Customer Support	24/5 Live Chat, Email, Phone
Demo Account	Available for 30 days
Inactivity Fee	Yes

Reasons for Recognition: Forex.com was the first broker in the United States to introduce execution scorecards, and it continues to regularly disclose detailed information about the execution quality on its proprietary trading platform. As a wholly-owned subsidiary of the Nasdaq-listed StoneX Group, Forex.com has a strong foundation and financial strength for innovation and driving industry development. Regular public disclosure of operational data further signifies Forex.com's commitment to complete transparency, providing investors with confidence.

Advantages:

Transparent operations with a focus on security.

Excellent trade execution with an average execution speed of 0.02 seconds and an average price improvement of 0.01% for each non-forex limit order.

Supported by Chasing Returns, providing exclusive performance analysis using cutting-edge behavioral science to explore and enhance trading skills.

Offers rebates for high-volume traders.

Disadvantages:

Desktop platform not user-friendly.

High costs for stock CFDs.

Chart features on the mobile application need improvement, with limited commonly used indicators, lack of drawing capabilities, and fewer advanced technical tools.

Founded in 2005, MultiBank Group is headquartered in Dubai, United Arab Emirates. With 501-1,000 employees and 25 offices worldwide, the broker is regulated by multiple financial institutions. Currently, the broker boasts a daily trading volume exceeding $12 billion, making it one of the most popular brokers. Here is key information about this broker:

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Regulation	ASIC, AUSTRAC, BAFIN, CIMA, ESCA, FSC,   FMA, MAS, TFG and VFSC
Market Instruments	Forex, Precious Metals,   Cryptocurrencies, Stocks, Commodities
Spread In Gold	From 2 cents
Available Gold Trading Assets	Spot gold (XAU/USD, XAU/EUR) and Gold   futures (GCJ3)
Max. Leverage for Spot Gold	1:20 leverage at the European entity,   1:30 at the Australian entity, 1:500 at the offshore entity
Trading Platforms	MetaTrader 4, MetaTrader 5, cTrader
Min. Deposit	Standard: $50	Pro: $1000	ECN: $5000
Deposits & Withdrawals Options	Bank Wire, Credit/Debit Card, Skrill,   Neteller
Customer Support	24/7 Live Chat, Email, Phone
Demo Account	Available for 30 days
Inactivity Fee	Yes

Reasons for Recognition: Whether a gold or forex trader, as trade volumes increase, high-quality algorithmic trading execution becomes essential. MultiBank is a non-dealing desk broker that utilizes Straight Through Processing (STP) for optimal execution. Lower trading-related costs minimize expenses for active traders. The broker also offers tools for professional traders and fund managers, such as MAM/PAM, VPS hosting, and Fix API. Algorithmic trading constitutes 80% of all the broker's trades.

Advantages:

Exceptional support for algorithmic trading, providing free VPS hosting; Fix API integrates with MT4 for high-speed connections, ultra-low latency execution, and direct access to a deep liquidity pool.

Professional traders and fund managers can efficiently trade multiple accounts using a single centralized interface with MAM (Multi-Account Manager) accounts.

Diverse selection of stock CFDs, offering over 20,000 stock CFDs.

Disadvantages:

A monthly inactivity fee of $60 is charged after an account has been idle for 90 days, significantly higher than the industry average.

Limited educational materials, comprising only videos and e-books.

Founded in 2008, Exness is headquartered in Limassol, Cyprus, with offices in Asia and Europe. The broker currently employs over 2,000 individuals and serves a client base of over 400,000 active traders, achieving a monthly trading volume of $4.5 trillion. Here are key details about this broker:

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Regulation	FCA, CYSEC, FSCA, FSA
Market Instruments	Currencies, Stocks, Crypto, Indices,   Commodities
Spread In Gold	From 20 pips
Available Gold Trading Assets	Spot gold (XAU/USD, XAU/EUR, XAU/AUD,   XAU/GBP, XAU/USD, and BTC/XAU)
Max. Leverage for Spot Gold	1:2000 and unlimited leverage is   available if certain conditions are met
Trading Platforms	MetaTrader 4, MetaTrader 5, Proprietary platform
Min. Deposit	Standard, Standard Cent: $10	Raw  Spread, Zero, Pro: $200
Deposits & Withdrawals Options	Wire Transfer, Cryptocurrencies,   Neteller, Webmoney, Skrill, QIWI, Credit Card, PerfectMoney
Customer Support	24/5 Live Chat, Email, Phone
Demo Account	Available for 30 days
Inactivity Fee	No

Reasons for Recognition: Exness provides a default leverage of 1:2000, an exceptionally high level of available leverage. Traders, upon meeting certain conditions (the net value of the trading account must be below $1,000, and traders must close at least 10 positions and 5 lots across all real accounts), can even access unlimited leverage. While this presents a double-edged sword, it is undoubtedly attractive to certain traders. For standard and standard cent accounts, Exness operates as a market maker broker, meaning they internally set buying and selling prices and automatically act as the counterparty to customer trades, potentially resulting in some conflicts of interest.

Advantages:

Offers generous leverage, allowing traders to customize leverage according to their specific needs.

Free VPS hosting is available after meeting specific conditions, catering to advanced traders and those utilizing automated trading strategies.

Provides five different account types, offering a rich selection for traders. Additionally, accounts can be denominated in 45 different base currencies, facilitating usage for traders worldwide without the need for currency conversion.

No swap fees for gold.

Disadvantages:

Limited educational content for beginners.

Relatively fewer products in the stock category.

Founded in 2014, Tickmill is based in the United Kingdom and has emerged as a newcomer in the forex trading arena. With over a decade of development, the Tickmill Group now boasts more than 250 employees and serves over 327,000 clients. Here are key details about this broker:

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Regulation	FCA, CySEC, FSCA, LFSA
Market Instruments	Options, Currencies, Stocks, Crypto,   Bonds, Indices, Commodities, Futures
Spread In Gold	From 21 pips
Available Gold Trading Assets	The spot gold CFD (XAU/USD), Real   (non-CFD) gold future, Options (Standard, Mini, and Micro)
Max. Leverage for Spot Gold	1:20 at the UK and European entities,   1:500 at the offshore entity.
Trading Platforms	MetaTrader 4, MetaTrader 5
Min. Deposit	Pro, Classic: $100	VIP: $50000
Deposits & Withdrawals Options	Bank wire transfer, Crypto payments, Credit/debit   cards (Visa, Mastercard), Skrill, Neteller
Customer Support	24/5 Live Chat, Email, Phone
Demo Account	Available for 30 days
Inactivity Fee	No

Reasons for Recognition: Tickmill employs a hybrid execution model involving market making and Straight Through Processing (STP), with a focus on no-dealing desk intervention and STP as the operational foundation. Order requests are transmitted to the interbank level, filled by Tickmill's liquidity providers. The swift execution of orders reduces the risk of negative slippage, which is crucial for gold traders. With an average execution speed of around 20 milliseconds, Tickmill stands out as one of the brokers with the best trade execution capabilities among those I have evaluated.

Advantages:

Extremely fast execution speed, with an average order speed of approximately 20 milliseconds, suitable for high-frequency and precision trading.

Competitive trading fees, especially for its Pro and VIP accounts, offering spreads below average and the industry's lowest fixed commissions.

Provides third-party platforms such as CQG and AgenaTrader, allowing traders to engage in futures and options trading.

Disadvantages:

Lacks a proprietary trading platform developed in-house.

High entry requirements for VIP accounts, with a minimum balance requirement of $50,000.

Gold plays a unique and significant role in the forex market, with a history that stretches back through virtually the entirety of human civilization. Beyond being a precious metal, gold is widely regarded as a tool for storing value and a safe-haven asset. In forex trading, gold serves multiple functions, influencing the stability of the global economy and currency markets.

Historical Significance: Gold has been a cornerstone of international trade and monetary systems throughout history. During the era of the gold standard, the value of international currencies was directly linked to gold. While the gold standard has been abandoned, the historical significance of gold in the global economy continues to have profound effects on the forex market.

Safe-Haven Asset: Gold is often seen as a safe-haven asset. When the global economy is unstable or financial markets are tumultuous, investors tend to move funds into assets like gold, which are considered relatively secure. This unique characteristic of gold contributes to its price behaving differently from other assets in the forex market.

Inflation Hedge: Due to its relatively limited supply, gold's value is largely resistant to the effects of inflation. Consequently, investors often view gold as a hedge against inflation, particularly during periods of rising inflation.

Foreign Exchange Reserves: Many countries include gold as part of their foreign exchange reserves to ensure the stability of their national financial systems. Countries purchase and hold gold not only to maintain the value of their currency but also as a symbol of international credibility.

Market Liquidity: The relative liquidity of the gold market makes it a sought-after trading asset in the forex market. Investors can engage in various trading strategies through gold derivatives and the gold trading market, aiming to achieve investment returns.

In summary, the position of gold in the forex market is rooted in its long-standing historical role and reflects its multifaceted functions in the modern economic system. Its characteristics as a safe-haven asset and an inflation hedge contribute to the unique and important role that gold occupies in the forex market.

Physical gold trading involves buying and selling actual physical gold, such as purchasing a gold ring from a jewelry store. This constitutes an investment in physical gold. On the other hand, CFD (Contract for Difference) gold trading involves buying and selling contracts that represent the price movements of gold without the need to own the physical asset. While both are forms of gold investment, what are the differences between physical gold trading and CFD gold trading? Here are some explanations:

Ownership: As the name suggests, when you engage in physical gold trading, you own the physical asset. You can either store it yourself or keep it in a secure vault. In contrast, with CFD gold trading, you only own a contract and do not possess the physical asset. Trading is done based on the price movements of gold.

Liquidity: Physical gold, due to the absence of a standardized trading unit, may be more challenging to buy and sell quickly. This is especially true if you own large or unconventional sizes or types of gold, where physical delivery can be cumbersome. Conversely, CFD gold trading, with its fixed minimum trading units, makes opening and closing positions as convenient as buying stocks or forex. The CFD gold market typically has more buyers and sellers than the physical gold market.

Leverage: Physical gold trading does not provide leverage. CFD gold trading allows traders to use leverage to increase their market exposure. This means you can trade larger positions with less capital.

Costs: The primary costs of physical gold trading lie in non-trading expenses such as storage fees, transportation costs, and insurance fees. In CFD gold trading, costs are mainly associated with other aspects, typically involving spreads, commissions, and overnight financing charges.

Market Access: Physical gold trading may be limited to local markets and may not provide real-time price information. CFD gold trading allows traders to access a broader gold market, including international markets, and trade in real-time based on gold price trends.

Foreign exchange gold, often referred to as “forex gold,” is a combination of foreign exchange (forex) and gold. In the financial investment market, forex and gold are frequently mentioned together due to their strong correlation. It specifically refers to transactions related to gold conducted in the foreign exchange market. This type of trading includes transactions involving the exchange of gold for various currencies and the trading of gold derivatives. The forex gold market is a global financial market with participants including investors, traders, central banks, and others. In this market, investors can engage in trading gold against different currencies, as well as participate in the volatility of gold prices through gold derivatives like Contracts for Difference (CFDs). This market is often influenced by global economic and geopolitical factors, providing diversified and flexible investment opportunities amid the constantly changing market conditions.

The foreign exchange market involves the exchange of different national currencies, and gold is often associated with various currencies. As a result, there is a complex and intricate connection between the price of gold and the foreign exchange market. Here are some key factors explaining how the foreign exchange market influences the price of gold:

Exchange Rate Fluctuations: The fluctuation of exchange rates directly affects the price of gold. Since gold is usually priced in U.S. dollars, fluctuations in the exchange rate of the U.S. dollar against other currencies can lead to changes in the price of gold. When the U.S. dollar strengthens, the price of gold may decrease, and vice versa.

Global Economic Conditions: The foreign exchange market reflects the overall health of the global economy. If global economic growth is strong, investors may be more inclined to hold riskier assets, leading to a decrease in the price of gold. Conversely, during economic instability or recession, investors may seek safe-haven assets, causing an increase in the price of gold.

Inflation Expectations: Participants in the foreign exchange market often monitor inflation rates in different countries. When inflation expectations rise, investors may prefer to buy gold as it is seen as an asset that can hedge against inflation.

Interest Rate Levels: Interest rates play a crucial role in connecting the foreign exchange market and the gold market. Higher interest rates may make holding currency more attractive, leading to capital outflows from the gold market and a decrease in gold prices. Conversely, lower interest rates may make gold more attractive, driving up its price.

Geopolitical Risks: The foreign exchange market's sensitivity to geopolitical events can impact the price of gold. Geopolitical tensions, threats of war, or international conflicts can trigger increased demand for safe-haven assets, pushing up the price of gold.

Market Sentiment: The overall sentiment in the foreign exchange market and investor confidence also influences the price of gold. During periods of market instability or when investors are concerned about the future, they may be inclined to move funds into the gold market, raising its price.

Investors worldwide are highly attracted to gold as a financial asset due to its characteristics such as diversification in portfolios, hedging properties, inflation hedging, and market liquidity. The specific reasons include:

Safe-Haven Asset: Gold is widely regarded as a safe-haven asset, especially during periods of global economic instability or financial market turbulence. Investors tend to turn to gold when facing risks and uncertainties because it typically exhibits relative stability in unstable markets.

Inflation Hedge: Due to the relatively limited supply of gold, its value is not easily eroded by inflation. Investors consider gold as a tool for hedging against currency depreciation and the risks associated with inflation.

Portfolio Diversification: Investors prefer to achieve diversification by including gold in their investment portfolios. As the price performance of gold is typically not highly correlated with other assets, it can serve as a risk diversification tool within a portfolio.

Global Economic and Geopolitical Risks: Gold prices are influenced by global economic and geopolitical turmoil. Investors often seek gold as a safe-haven asset when facing global risks, such as threats of war, trade tensions, or political instability.

Central Bank Holdings: Central banks of some countries include gold as part of their foreign exchange reserves. When central banks purchase or hold substantial amounts of gold, it may send a strong signal to the market, influencing investor confidence in gold.

Market Liquidity: The gold market typically exhibits high liquidity, allowing investors to buy and sell gold relatively easily. This liquidity makes it easier for investors to enter and exit the market, execute trading strategies, and manage their positions.

Historical Performance: Gold has been a relatively stable and attractive investment over a significant period. Its historical performance instills confidence in investors, leading them to believe that gold may perform well in specific market environments.