Gold
Trading gold in today’s online markets allows investors to profit from daily price movements or long term trends. Here we’ll explain everything you need to know to start trading gold and list the best brokers with gold instruments. Our tutorial includes trading on gold forex, futures and options, plus exploring what makes an effective strategy. We’ll wrap up with global gold trading hours and useful tips.
Gold Brokers
These are the 10 best brokers for trading Gold:
#1 - Forex.com
Forex.com boasts a global reputation with multiple awards and 20+ years experience. Regulated in the US, EU, UK and Canada they provide a huge range of markets, not just forex, and offer competitive fees on a cutting-edge platform. The brand also provides a suite of additional tools, from performance analytics and SMART Signals to advanced charts and strategy builders.
"Forex.com is an excellent broker for forex traders with over 80 currency pairs, tight spreads, low commissions and powerful platforms. The brand is also heavily regulated while its parent company is listed on the NASDAQ, giving it a high trust score."
- DayTrading Review Team
- Instruments: Forex, Spot Metals
- Regulator: NFA, CFTC
- Platforms: MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral
- Min. Deposit: $100
- Min. Trade: 0.01 Lots
- Leverage: 1:50
Commodities
Forex.com offers trading of 11 commodities:
- Cocoa
- Coffee
- Cotton
- Gold
- Livestock
- Natural Gas
- Oil
- Silver
- Soybeans
- Sugar
- Wheat
Forex Trading
Forex.com is a leading FX broker. The brand offers a wide range of currency pairs and some of the lowest fees in the industry. Spreads on the EUR/USD come in as low as 0.0 with a $7 commission per $100k.
Stocks Trading
Forex.com offers access to thousands of US, EU and UK stocks, with spreads of just 1 point. Speculate on household names as well as new IPOs. US stocks are available from just 1.8 cents per share.
Pros
- Respected and trusted broker overseen by tier-one regulators including the US SEC
- VPS hosting for automated strategies
- Up to 15% cashback rebates for active traders
Cons
- $15 monthly inactivity fee
- Investment offering varies between countries
- No copy trading platform
#2 - Kwakol Markets
Kwakol Markets is a Nigerian headquartered broker with strong regulatory oversight in Australia and Canada. A great selection of asset classes are available, including synthetic products that simulate realistic market activity. Clients can trade on the MT4, MT5 and cTrader platforms, as well as a copy trading solution whereby a fee is only paid on profitable trades.
"Kwakol Markets is a good option for newer traders with a dedicated learning academy, copy trading and a choice of reliable platforms. New clients can also sign up and start trading in four straightforward steps."
- DayTrading Review Team
- Instruments: CFDs, Forex, Stocks, Indices, Commodities, Crypto
- Regulator: ASIC, FINTRAC
- Platforms: MT4, MT5, AutoChartist
- Min. Deposit: $1
- Min. Trade: 0.01 Lots
- Leverage: 1:1000
Commodities
Kwakol Markets offers trading of 7 commodities:
- Copper
- Gold
- Natural Gas
- Oil
- Palladium
- Platinum
- Silver
CFD Trading
CFDs are available on a breath of underlying assets, including stocks, indices, commodities, forex and cryptos. High leverage up to 1:500 is available alongside a 0.01 minimum lot size and award-winning software. For the tightest spreads from 0 pips, opt for the Premium account.
Forex Trading
Kwakol Markets offers a wider range of forex pairs than most competitors, with 90+ assets available. Users get fast execution speeds through the ECN model and competitive spreads. On the negative side, not all currency pairs are available on MT4.
Stocks Trading
Trade stocks with zero commissions and ultra-fast trade executions. Clients get exposure to US, EU, Asian and Russian stock markets on both the MT4 and MT5 platforms. Stocks are available as CFDs, so users will not own the underlying shares.
Crypto Trading
Trade cryptos against fiat currencies, other cryptocurrencies and metals like gold. This separates the broker from many alternatives that only offer cryptos paired with the USD. High leverage up to 1:20 on cryptos is available, plus support for Expert Advisors and copy trading.
Pros
- 2FA login security
- Full range of investments with 1000+ assets including cryptos
- High leverage up to 1:500
Cons
- The only base currency is USD
- Lack of deposit and withdrawal methods
- Regional restrictions in certain countries
#3 - IG Group
IG is an award-winning broker that has an excellent reputation globally. The brand-US offers spread betting, CFD and forex trading across a comprehensive suite of markets. IG is also multi-regulated, provides a great trading app and has 50 years experience.
"IG offers a superb all-round package. Beginners will appreciate the user-friendly web platform and secure trading environment while established investors will rate the 17,000+ markets and top-tier market research."
- DayTrading Review Team
- Instruments: CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting
- Regulator: FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA
- Platforms: MT4, AutoChartist, TradingCentral
- Min. Deposit: $0
- Min. Trade: 0.01 Lots
- Leverage: 1:30 (Retail), 1:250 (Pro)
Commodities
IG Group offers trading of 18 commodities:
- Aluminium
- Cannabis
- Coffee
- Copper
- Gold
- Iron
- Lithium
- Natural Gas
- Nickel
- Oil
- Orange Juice
- Palladium
- Precious Metals
- Silver
- Soybeans
- Steel
- Sugar
- Wheat
CFD Trading
IG offers an impressive suite of 17,000+ CFD instruments. Negative balance protection ensures accounts cannot drop below zero while custom price alerts and the IG Academy enhance the trading experience.
Forex Trading
IG offers currency trading on its award-winning web platform and mobile app. Comprehensive charts and forex analysis tools are also available through ProRealTime.
Stocks Trading
IG offers 13,000+ shares, with more listed firms than most competitors. Fees are low with no commission on US stocks. Extended hours trading is also available alongside ultra-fast execution speeds of 0.014 seconds.
Crypto Trading
11 popular cryptos are available, plus two crypto crosses. A crypto index is also offered, following the value of the top 10 digital currencies by market cap. All cryptos are available via CFDs.
Pros
- Users have access to a comprehensive range of charts, market news, client sentiment data, and analysis tools
- 24/5 customer support is available
- Opening an account takes less than 5 minutes
Cons
- Inactivity charge
- No copy trading platform
#4 - Pocket Option
Founded in 2017, Pocket Option is a binary options broker offering up/down contracts on forex, stocks and cryptocurrencies. With over 100,000 active users and a global reach, the brand has proven popular with budding traders. Pocket Option also supports dozens of payment methods and has a low minimum trade of just $1.
"We recommend Pocket Option for aspiring binary options traders looking for copy trading services and a low minimum investment."
- DayTrading Review Team
- Instruments: Binary Options, Currencies, Commodities, Stocks, Indices
- Regulator: IFMRRC
- Platforms: MT5
- Min. Deposit: $50
- Min. Trade: $1
Commodities
Pocket Option offers trading of 6 commodities:
- Gold
- Natural Gas
- Oil
- Palladium
- Platinum
- Silver
Forex Trading
Binary and OTC options can be purchased on over 40 foreign exchange pairs. Typical payouts are also decent at 81% and users can trade forex binary options in just a couple of clicks.
Stocks Trading
Trade 30 of the most popular American multinational stocks including Microsoft and Google. Payouts on big brands come in at a decent 92% while indices are available up to 67%.
Crypto Trading
Pocket Option supports major cryptocurrencies on a beginner-friendly app. Over 10 leading cryptocurrencies are available with very high leverage up to 1:1000.
Pros
- MT5 iOS & Android app
- Trading tournaments and competitions
- Multiple strategies supported
Cons
- Only one account type is available
- No MT4 trading platform
- The expiration time is limited on trades
#5 - IQCent
IQCent is an offshore binary options and CFD broker based in the Marshall Islands with 10+ payment methods and a low $50 starting deposit. With 100+ assets, around the clock trading and high payouts the brand is popular with aspiring traders.
"IQCent will appeal to newer traders who want a platform where they can trade both binary options and CFDs with copy trading support and regular contests."
- DayTrading Review Team
- Instruments: Binary Options, CFDs, Forex, Stocks, Indices, Commodities, Crypto
- Regulator: IFMRRC
- Platforms: TradingView
- Min. Deposit: $250
- Min. Trade: $0.01
- Leverage: 1:500
Commodities
IQCent offers trading of 4 commodities:
- Copper
- Gold
- Oil
- Silver
CFD Trading
IQCent CFDs are available on forex, stocks, indices, commodities and cryptos with leverage variable by asset to a maximum of 1:500, which is higher than many alternatives. 24/7 customer support is also available to assist new users.
Forex Trading
IQCent traders can access CFDs or binary options on 40+ forex pairs, including majors, minors and exotics. CFD spreads start from 0.7 pips and binary options payouts are decent up to 95%. Trading takes place through the broker's proprietary platform with advanced analysis tools.
Stocks Trading
IQCent offers CFDs and binaries on four German stocks: Lufthansa, Deutsche, Daimler and BMW. Traders can also speculate on stock markets via seven leading indices including US30, S&P500 and FTSE100.
Crypto Trading
IQCent offers 17 crypto assets through its own platform, including Bitcoin, Ethereum and Litecoin. Leverage on crypto CFDs is limited to 1:10 while binary options payouts vary by token but are competitive.
Pros
- Regular technical and fundamental analysis published
- Deposits and withdrawals using cryptocurrency
- Binary options with 98% payouts
Cons
- A short period before an inactivity fee is charged
- Poor selection of stocks with just four equities
- Not overseen by any highly respected regulator
#6 - Nadex
Nadex is a renowned exchange and binary options provider, based in the US. The company is fully regulated by the CFTC and offers options, call spreads and Knock Out contracts. Nadex also has just a $1 entry or exit fee and a user-friendly platform and proprietary app.
"Users looking to trade short-term binary options with a US-regulated broker will find a good platform in Nadex."
- DayTrading Review Team
- Instruments: Binary Options, Knock Outs™, Call Spreads
- Regulator: CFTC
- Platforms: Own
- Min. Deposit: $250
- Min. Trade: $1
Commodities
Nadex offers trading of 4 commodities:
- Gold
- Natural Gas
- Oil
- Silver
Forex Trading
Speculate on 11 popular currency pairs via Knock Out contracts, call spreads and binary options. Nadex offers a wider range of timeframes than most binary options brokers, with contracts spanning from intraday to weekly.
Stocks Trading
Speculate on a handful of global indices via binary options contracts, including the S&P 500 and FTSE 100. There are low commissions and traders can see fixed payouts and risk levels before opening a trade.
Crypto Trading
Nadex offers a limited list of cryptos with just Bitcoin and Ethereum. Traders can go long or short though with straightforward binary options contracts that mean you don't need to own the underlying token.
Pros
- US regulated exchange with excellent trust score
- A range of timeframes that will suit both short and longer term strategies
- Extensive educational resources for those new to binary options trading
Cons
- No welcome bonuses or financial incentives
- Products and tools are more advanced than some alternatives
- No MT4 or MT5 platform integration
#7 - Videforex
Videforex offers access to stock, index, crypto, forex and commodities markets via binary options and CFDs. The proprietary platform, mobile app and integrated copy trading are user-friendly and will suit new and casual traders, and the market analysis tools and trading contests provide good ways to improve your trading skills.
"Newer traders will find a lot to enjoy about trading binary options on Videforex's easy-to-use proprietary platform, as well as the broker's copy trading solution. Payouts are also higher than most alternatives climbing to 98%."
- DayTrading Review Team
- Instruments: Binary Options, CFDs, Forex, Indices, Commodities, Crypto
- Platforms: TradingView
- Min. Deposit: $250
- Min. Trade: $0.01
- Leverage: 1:500
Commodities
Videforex offers trading of 3 commodities:
- Copper
- Gold
- Oil
CFD Trading
Videforex CFDs are available on forex, indices, cryptocurrencies and commodities with up to 1:500 leverage and tight spreads from near zero. CFDs incur a commission fee of 1%–2.5% and up to 5% for leveraged trades.
Forex Trading
Trade 35 major, minor and exotic forex pairs through CFDs with floating spreads from 0.1 pips. Alternatively, binary options allow you to speculate on rising and falling prices with a fixed stake and payout.
Stocks Trading
Trade binary options and CFDs on global stocks from US, European, Russian and Asian exchanges, as well as 37 indices covering a wide range of global markets. The access to stocks trumps many binary options brokers.
Crypto Trading
Traders can speculate on crypto prices in pairs with USD and CNY through binary options and CFDs. The range of digital currencies is fairly narrow vs alternatives but major tokens like Bitcoin are available.
Pros
- Earn up to 98% payouts on 100+ assets with the broker’s binary options
- Withdrawals are usually processed within one hour
- Videforex offers transfers via a wide range of payment types, from credit cards to cryptocurrencies
Cons
- No MetaTrader 4 integration
- US clients aren’t accepted due to legal restrictions
- The broker isn’t overseen by a trusted regulatory agency
#8 - Uphold
Uphold is a cryptocurrency trading app that allows users to buy, trade and transfer digital assets including 230+ crypto tokens. The app's trading environment also allows crypto staking, trading between various company stocks, and provides users with a debit card that provides rewards and easy multi-currency payments.
"Uphold provides a convenient one-stop option for investors who want a quick and straightforward way to access crypto markets. It will also serve users looking for crypto staking facilities."
- DayTrading Review Team
- Instruments: Cryptos, Precious Metals, US Stocks, Environmental Assets
- Regulator: FCA, FinCEN
- Platforms: Own
- Min. Deposit: $0
- Min. Trade: $1
Commodities
Uphold offers trading of 5 commodities:
- Gold
- Palladium
- Platinum
- Precious Metals
- Silver
Stocks Trading
Speculate on large US stocks including Tesla, Amazon, Alibaba and Apple. Uphold also offers equities that will appeal to ESG investors, helping it to stand out from competitors.
Crypto Trading
Buy and sell 250+ crypto assets with fiat currencies or in crypto pairs using a straightforward mobile app or through Uphold's browser-based account homepage. Uphold clients can also earn up to 13% APY by staking one or more out of 32 valid tokens, or send their tokens to an external wallet.
Pros
- Supports wallet-to-wallet crypto transfers
- Secure, slick and convenient app that will satisfy most investors' crypto needs
- Useful extra features including a debit card that provides cashback on purchases and fee-free foreign currency transactions
Cons
- Identity verification required to access all features
- Weak regulatory oversight
- Limited customer service contact options
#9 - ForexChief
ForexChief is a foreign exchange and CFD broker, established in 2014. The company is based offshore and registered with the VFSC and FMA. Users can choose between a wide selection of accounts and base currencies, making ForexChief accessible to global traders. The brand also stands out for its no deposit bonus and fee rebates for high-volume traders.
"ForexChief will prove popular with investors looking to trade highly leveraged CFDs on the popular MetaTrader platforms. The large welcome bonus and low starting deposit will also appeal to new traders."
- DayTrading Review Team
- Instruments: CFDs, Forex, Metals, Commodities, Stocks, Indices
- Regulator: VFSC
- Platforms: MT4, MT5
- Min. Deposit: $10
- Min. Trade: 0.01 Lots
- Leverage: 1:1000
Commodities
ForexChief offers trading of 4 commodities:
- Gold
- Natural Gas
- Oil
- Silver
CFD Trading
ForexChief offers a competitive range of CFDs, encompassing crypto, indices, energies and metals. A clear pricing schedule is available to clients with no hidden charges. Traders can also access very high leverage up to 1:1000.
Forex Trading
ForexChief supports spot foreign exchange trading on all account types for 40+ major, minor and exotic currency pairs on the leading MT4 and MT5 platforms. Spreads are tight starting from zero and there are no dealers or requotes.
Stocks Trading
ForexChief offers 100 US company stocks CFDs for MT4 DirectFX and Classic+ account holders. Investors can speculate on the price of some of the world's largest companies, including Apple and Coca Cola. Spreads start from 5.
Crypto Trading
ForexChief supports crypto trading with five major digital currencies paired against the US dollar. Traders can bet on rising and falling prices with leveraged CFDs and market-leading trading software.
Pros
- MT4 and MT5 integration
- Low margin rates
- Copy trading solution with signals
Cons
- Withdrawal fees on several payment methods
- Weak regulatory oversight
- Limited market research
#10 - Axofa
Axofa is a forex and CFD broker registered in St Vincent and the Grenadines. The broker offers three account types with access to forex, commodities and indices. With ECN processing, low minimum deposits and no commissions, Axofa could be an attractive option, although the broker does not hold a reputable license.
"Axofa could be a good option for clients looking for social trading features alongside the MT5 platform, and are willing to trade with an offshore brand."
- DayTrading Review Team
- Instruments: Forex, CFDs, Stocks, Indices, Commodities
- Regulator: SVGFSA
- Platforms: MT5
- Min. Deposit: $1
- Min. Trade: 0.01 Lots
- Leverage: 1:1000
Commodities
Axofa offers trading of 6 commodities:
- Gold
- Natural Gas
- Oil
- Palladium
- Platinum
- Silver
CFD Trading
CFDs are available on popular asset classes with a competitive $1 minimum deposit. The broker offers very high, unrestricted leverage of 1:1000, which will amplify both profits and losses.
Forex Trading
Axofa offers 50+ forex pairs with raw spreads and low commissions. On the downside, the broker is not particularly transparent when it comes to their account conditions and fees.
Stocks Trading
A decent selection of 100+ popular international stocks are available. Traders can also test out their strategies in the free MT5 demo account, though the conditions are more limited vs other brokers.
Pros
- Proprietary mobile app
- Access to high leverage up to 1:1000
- MT5 integration
Cons
- Limited verifiable information about the broker’s owners and background
- Lack of transparency around pricing
- Unregulated broker
The best gold trading brokers offer reliable charting software. Trading gold on MetaTrader 4 (MT4) is particularly popular.
But regardless of the system you chose, your gold trading platform will need easy-to-follow price charts and signals. Any additional free tools so that data, symbols, and patterns are explained will also help.
Essentially, the best brokers help inform your predictions and market outlook. Keep an eye out for extra learning resources that offer details of alternative gold trading methods too.
There are also online services that will allow you to buy physical gold, and they will store it as well. This resolves one of the hardest issues of buying physical gold – where to keep it securely!
One such service is Bullion Vault. They allow you to buy physical gold which they store and secure. The service also reduces any liquidity risk, as gold (and other precious metals) can be bought and sold anytime.
Gold Vaults
Trading Gold: How It Works
Before you sign up for a trading account, it’s important to understand the basics. Gold trading at today’s markets provides investors with several options:
- Gold bullion – Gold bullion is physical gold, often in the form of bars or specialised coins. The value attributed to the precious metal depends on the type of bullion and unit weight. But while owning physical gold may be easier than procuring large quantities of oil, there are still transaction fees, storage costs, and insurance to consider.
- Gold certificates – Similar to cash banknotes and originating in the 17th century, gold certificates demonstrate ownership.
- Gold futures – Gold futures and micro futures contracts agree a fixed price for the commodity at a specific date in the future. Because gold futures are traded on exchange platforms, they promise more leverage than dealing in physical gold. Returns are dependent on the fluctuations in price between the time the contract is agreed and the expiry.
- Gold CFDs – Gold contracts for difference (CFDs) are short-term orders to buy or sell a fixed amount of gold. Gold CFDs have a set expiry. Returns made trading on gold CFDs will depend on price changes during the contract.
- Gold ETFs – Gold exchanged-traded funds (ETFs) are usually purchased from a broker or stock exchange. They allow you to buy a pool of securities, commodities for example, without having to purchase all the individual assets. Costs are low but the value of the ETF is tied to the price of gold.
- Gold swaps – Swaps are custom contracts traded over-the-counter (OTC). In contrast, futures and options contracts are found on central exchanges.
Trading Gold In Forex
Gold is effectively a currency in the forex market. It is nearly always traded against the US dollar with the code XAU/USD.
As a result, your strategy needs to track movements in the US dollar.
An increase in the price of the US dollar could push the value of gold down. So keep abreast of forex news websites for tips on upcoming trends and analysis.
Liquidity also plays an important role when trading gold on the forex market. Average daily trading volumes of gold exceed all currency pairs, excluding EUR/USD, GBP/USD, and USD/JPY.
Note gold trading hours on forex websites often run continuously around the clock.
History Of Trading Gold
Trading physical gold dates back to 2000 BC when ancient Egyptians began mining the precious metal. Now global supply of the commodity is over 170,000 tonnes, with production tripling year-on-year since the 1970s.
So reliable is its value that countries have used it as currency reserves for centuries.
Trading The Gold Silver Ratio
Day trading in gold and silver might be popular, but what is the gold silver ratio and how does it work? It’s simply the amount of silver needed to purchase one ounce of gold.
For example, if the price per ounce of gold is $1,000 while an ounce of silver costs $50, the gold silver ratio would be 20:1.
If you can predict which direction the gold for silver ratio is going, you can generate returns regardless of whether the market trends up or down. However, it’s worth noting that while silver is cheaper than gold, it is more volatile.
Note the trading of gold and silver can also be used to diversify the precious metal held in a portfolio.
Trading Gold Strategy
There are many different techniques and mechanisms you can employ in your gold trading strategies. All will require daily technical analysis on price and volume charts. You’ll also need to understand what influences the price of gold:
- Supply and demand – Volume per day data shows half of global demand is driven by jewellery production. Another 40% represents investment accounts. Take a look at price charts and you’ll see that when demand is up and supply is down, price rises. In contrast, if supply increases and demand drops, live price rates will fall.
- Market volatility – Real-time trading signals on your charting software will respond to market moves. When stocks aren’t performing, people move to gold. In contrast, when stock market forecasts are strong, gold trading levels fall.
- Geopolitics – A quick look at gold’s price history and you’ll see predictions today are guided by geopolitical forces. Uncertainty in the financial markets will cause businesses to hurry to gold, pushing prices up. So get familiar with a map of the world and brush up on basic economics to ensure you’re well prepared.
Strategy In Action
Methods vary, but a relatively straightforward strategy that may deliver a decent margin takes into account the geopolitical environment.
If the global outlook looks like it may intensify, you could purchase gold while selling the Australian dollar against the US dollar. You may also want to ask yourself what are the big production names doing.
If a company like Newmont Mining’s output levels are climbing, supply is going to increase and the price of gold may fall.
Gold Trading Market Hours
Key trading times around the world may vary, but the popular commodity is almost always available. Below we’ve detailed the crucial opening times and trading hours of some of the main gold exchanges.
- Online trading hours in London, UK – Opens 08:00 – 17:00 (GMT)
- Online trading hours in New York, USA – Opens 13:20 – 18:30 (GMT)
- Online trading hours in Mumbai, India – Opens 04:30 – 18:00 (GMT)
- Online trading hours in Dubai, UAE – Opens 04:30 – 07:30 (GMT)
- Online trading hours in Jakarta, Indonesia – Opens 02:30 – 10:30 (GMT)
- Online trading hours in Islamabad, Pakistan – Opens 05:00 – 13:00 (GMT)
Note gold trading times may vary over weekends and holidays. And while not listed above, online gold trading hours in Australia, New Zealand, South Africa, Thailand, Canada, The Philippines, and Europe run almost 24 hours a day.
Gold Trading For Beginners
For dummies, gold trading 101 is to first focus on trading gold only. Next, consider market sentiment. If the market view today is looking up, the price of gold is probably going to come down.
Alternatively, if the market outlook is bleak, expect a rise in price. Start with this straightforward gold trading strategy.
As your confidence and returns from trading using gold grow, consider the demand for jewellery for cash.
Keep a particular eye on live demand in China and India, where gold jewellery is used as a long-term investment vehicle. This could indicate future price trends.
Advantages & Disadvantages
Advantages
- Benefits of trading gold include its hedging ability against inflation. In contrast to most traditional currencies, gold retains its purchasing power during inflation.
- Gold also stands its ground during periods of global instability, even as the price of other assets fall.
- Finally, there is a range of financial instruments available to trade with gold, from e-micro futures to stocks and gold bonds.
Disadvantages
- Gold is highly volatile. Now while this means the market has the potential to generate significant returns, it also means there’s a serious risk of losing money.
- The rate and price of gold during today’s trend is not reflective of where it may be in a few days or next week. There is the cost of trading gold too.
- Gold ETFs, for example, are likely to come with broker fees.
- Lastly, trading on gold comes with sizeable liquidation spreads.
Regulation
Laws and regulations around trading gold vary across the world. Brokers and platforms are usually subject to regulation and may require a license to sell gold financial instruments. In the UK, for example, gold futures, options, and CFDs fall under the scope of the Financial Conduct Authority (FCA). In the EU, the Markets in Financial Instruments Directive (MiFID) regulates commodity derivatives.
Broker-dealers will also normally need a license in Dubai, Singapore, Zimbabwe, Malaysia, India, South Africa, and Hong Kong, to name just a few. Ensuring intermediaries are licensed offers the short-term trader a degree of security and protection.
Tips And Tricks
To give yourself the best chance at decent returns, consider:
- Central bank actions – Keep an eye on the buying and selling activity of central banks.
- Latest market news updates – Today’s news tips are a great source of possible trends and helpful quotes.
- Blogs & newsletters – Regular blogs, discussion forums, and newsletters are a great way to get advice and ideas from market experts.
- Open a demo account – Many web apps offer demo accounts, meaning you can practice a trading with moving averages strategy for example, before investing your own money.
- Academy courses and PDFs – Online boot camps, virtual workshops, plus gold trading books and forex PDFs can be a great way to get tutorials and hear the secrets of trading gold from experienced investors.
- Gold trading robots – Some user reviews point to automated trading robots as an effective way to put a proven gold trading strategy on auto-pilot.
- Check out TradingView – Home to price graphs, charts and reports for trading gold on the spot and futures markets, TradingView is full of useful ideas. Regardless of whether what you need is for beginners around pips and lot size, or a strategy for swing ETFs, TradingView is worth a look.
Is Gold Trading Halal In Islam?
Whether trading in gold is halal or haram is open to interpretation. Some believe it’s similar to currency trading in that the broker buys and sells the gold for you.
However, others believe Shariah terms of possession are not satisfied in the transfer of risk, and therefore gold trading is haram. So before you choose a broker and start trading in gold, consider the halal parameters and make sure you’re comfortable.
For further guidance on whether day trading is halal, see here.
Final Word
There is no definitive profit calculator for trading gold. Results vary depending on your strategy and overall business plan. And while trading for a living could make you a millionaire, many will lose money. So make sure you understand your own limits and do your homework before you open an account.