4 Best Metals Trading Forex Brokers for 2024

List of Top Metals Trading Forex Brokers

How did FXEmpire select the Best Forex Brokers for Metals Trading?

• We only selected brokers with a high overall score from our proprietary rating system.
• We checked that metals are available for trading through CFDs, futures, or options.
• We checked that a wide variety of metals are available to trade using leverage.
• We tested the brokers’ spreads and commissions against the industry average by opening a live trading account and witnessing them firsthand.
• We tested the trading platforms to ensure real-time metals pricing is available and that the platform is user-friendly and straightforward for trading metals.
• We scrutinized the research and educational resources of each broker to determine their support and guidance for learning about and trading in metals.
• We verified the regulatory licenses for each jurisdiction where the broker operates.

Our team of experts has identified each broker’s strengths and weaknesses using FX Empire’s comprehensive methodology. Here’s how we test.

Now let’s delve into the selected brokers.

How to Choose the Best Metals Trading Broker?

Here is a quick guide on choosing the best metals trading broker.

Is the broker well-regulated?

When trading metals, it is imperative to ensure that you conduct transactions with a regulated broker authorized and licensed by a government financial authority.

When trading the metals market, it is crucial to use a regulated broker authorized and licensed by a government’s financial authority. Regulated brokers must adhere to strict rules in handling your money and executing your trades. A breach of these rules will result in fines and the loss of their license. Therefore, trading with a regulated broker is generally the safest option.

However, not all regulated brokers share the same standards. In our broker rating reviews, we classify regulators into three tiers:

Tier-1 regulators like the UK FCA, IIROC, CySEC, and ASIC must legally separate client funds from their own and offer negative balance protection to keep accounts from falling into deficit. These regulators also require brokers to join a compensation scheme, which protects client investments if the broker goes bankrupt. To confirm a broker’s regulatory adherence, review their legal terms and check with the relevant country’s regulatory register.

Tier-2 regulators like DFSA, FMA, and FSCA common in smaller or emerging markets, offer a fair level of investor protection with some enforcement of operational rules and client fund security. However, their oversight is not as strict as Tier-1 regulators. These regulators mandate brokers to meet certain financial standards and might require client fund segregation, though other protective measures such as negative balance protection may not be as stringent.

Tier-3 regulators like VFSC and Bahamas SCB found in jurisdictions with lax oversight, provide minimal investor protection with looser regulations on financial reporting and client fund handling. Their less rigorous framework can lead to weaker enforcement and a higher risk for traders. It’s essential for traders to thoroughly vet brokers regulated by these authorities.

Unregulated brokers operate without financial oversight, offering services without standard investor protections or adherence to financial regulations. Such brokers are not bound to segregate client funds or provide negative balance protection, exposing traders to the risk of losing more than their initial investments. In case of disputes or broker failure, clients have no regulatory body to turn to, facing greater risks without any compensatory mechanisms. Traders should exercise extreme caution, fully understand the risks, and weigh the benefits against the potential drawbacks of trading without regulatory safety measures.

Read more about Best regulated forex brokers.

Are the fees transparent and competitive?

When selecting a forex broker for metals trading, it’s crucial to consider the broker’s fees. Here are a few trading fees to be aware of:

• Spread: The difference between a financial instrument’s buy and sell prices.
• Commission: A fee incurred to buy or sell.
• Overnight or Swap Fee: The cost of holding a leveraged or margined position overnight.
• Payments: Fees related to depositing or withdrawing funds.
• Inactivity: A charge applicable when no trading activity occurs over a specified period.

When seeking a broker for trading, I advise prioritizing those with transparent and competitive fee structures. Brokers naturally aim to optimize their fees, but as a trader, your goal should be to find a broker offering the lowest possible fees to maximize your trading efficiency.

Be cautious if you encounter difficulties in finding fee information or if the details provided lack transparency. This can be a significant red flag. A quality broker should be upfront about their fees, often highlighting how their charges compare favorably with the industry average.

Read more about Best lowest spread forex brokers.

How to choose the best account type?

While brokers often provide a wide range of account types, they can generally be classified as commission-free or commission-based.

In a commission-free trading account, there is no charge for buying or selling. However, the broker will typically mark up the spread they receive from the interbank market to compensate themselves. For this reason, commission-free accounts will usually have wide spreads.

A commission-based trading account will charge a fee to buy or sell as the price quotes you receive are directly from the interbank market and broker’s liquidity providers. This is why a commission-based trading account will typically have lower spreads.

Determining the best account type depends on individual preferences and trading styles. A commission-free trading account might be preferable for novice or long-term traders, as most costs are integrated into the spread, simplifying risk management decisions. However, advanced short-term traders may lean towards a commission-based account with lower spreads, offering more precise trade executions at specific market levels.

Learn more about Best ECN forex brokers and Best STP forex brokers.

How much leverage is available?

When trading metals with a forex broker, it’s important to understand that you are not purchasing physical bars or coins of the metal. Instead, you are trading metal CFDs, a contract representing a derivative of the market you are trading.

With metal CFDs, you merely speculate on the market’s price direction without owning the underlying asset. This presents significant benefits as you can trade long and short and profit from rising and falling markets. Furthermore, metal CFDs let you trade with leverage, which allows you to control a larger position size using a small deposit.

For example, a broker offers 1:10 leverage. This means you can open a metals position worth $1,000 with only a $100 deposit, effectively controlling a position worth ten times more than your deposit.

Tier 1 regulators like the FCA, CySEC, ASIC, and IIROC have imposed restrictions on leverage for metals, capping it at 1:10 for retail traders due to the inherent volatility of these markets. As some offshore brokers might offer leverage as high as 1:500 for metals trading, I recommend exercising caution.

When trading on leverage, your profit and loss are calculated on the total trade value, not just the margin you put down as a deposit. If there is not enough capital in your account to control the larger position, the broker will enact a margin call. In this instance, the broker will automatically close out your trades, potentially resulting in some unexpected losses.

Explore Best forex brokers with high leverage.

How to choose a suitable trading platform?

A trading platform is your gateway to the global metals market, enabling you to observe real-time market data and execute trades. When choosing a platform, consider the following aspects:

• Ensure accessibility across desktop, web, and mobile devices.
• Check for the availability of free, real-time price data.
• Look for integrated drawing tools and technical indicators.
• Seek platforms offering tutorials for user understanding.
• Ensure easy access to customer support.
• Confirm whether the broker allows third-party integrations.

Check out our dedicated guides on Best forex trading platforms.

Below I’m providing a list of some widely used trading platforms.

MetaTrader 4: The ‘go-to’ forex trading platform which has excellent charting capabilities, technical analysis tools, and automated trading features. Read more about best MT4 brokers.

MetaTrader 5: An updated version of MT4 with more indicators, timeframes, and markets. Read more about best MT5 brokers.

cTrader: A platform specifically designed for high-frequency traders and scalpers. Read more about best cTrader brokers.

TradingView: A browser-based social trading platform with advanced research tools and access to global markets. Read more about best TradingView brokers.

In-House Proprietary Software: Some brokers may invest in having their own proprietary trading software.

How can I trade commodities?

Trading commodities can be an exciting and diverse way to engage with the financial markets. Here are some ways you can trade commodities:

• Spot Trading: This involves buying or selling a commodity for immediate delivery. It’s common for non-perishable commodities like metals, where traders can take physical delivery.
• Futures Contracts: These are standardized contracts to buy or sell a specific commodity at a predetermined price at a specified time in the future. Futures are traded on regulated exchanges and can be used for hedging or speculation.
• Options on Futures: These give you the right, but not the obligation, to buy or sell a futures contract at a specific price before a certain date.
• Commodity ETFs (Exchange-Traded Funds): ETFs that track commodity prices or commodity indices allow you to invest without directly trading the commodities themselves. They can be bought and sold like stocks.
• Commodity Stocks: Buying stock in companies involved in the production of commodities, such as mining or energy firms, provides indirect exposure to commodity prices.
• Commodity CFDs (Contracts for Difference): CFDs allow you to speculate on the price movement of commodities without owning the underlying asset. You agree to exchange the difference in price from when the contract is opened to when it is closed.
• Commodity Mutual Funds: These funds pool money from multiple investors to invest in a diversified portfolio of commodities or commodity-related companies.
• Physical Commodities: Direct investment by buying and holding a physical commodity, though this is less common for individual investors due to storage and security concerns.

Explore Best commodities trading brokers.

What to avoid when choosing a CFD broker?

When selecting a forex broker for metals trading, beware of these red flags:

• Unregulated Brokers: Trading with an unregulated broker entails significant risk. In the event of fraudulent activities, there are no safeguards to help you recover your funds if lost.
• Lack of Transparency: Difficulty in understanding and identifying a broker’s regulatory status, trading fees, and terms indicates a lack of transparency. This lack of clarity is a warning sign that the broker may be trying to hide something from you.
• No Physical Presence: Brokers without a physical office and staff in a reputable region raise many concerns. A reputable broker typically maintains offices in well-known financial regions and employs a substantial workforce to operate the business.
• Unrealistic Profit Promises: Brokers making exaggerated and unrealistic promises of substantial profits are being dishonest. All trading involves risk.

How to avoid forex and CFD scams?

Unfortunately, the forex and CFD industry is rife with scams. Here are some guidelines to avoid falling victim to fraudulent activities:

• Trade exclusively with regulated brokers and verify their licenses on the official regulator’s website.
• Confirm that the broker operates from a physical office within a jurisdiction governed by a robust and credible regulatory framework.
• Ensure access to live customer support to address any concerns or issues you may have.
• Conduct due diligence by reviewing online news articles and broker reviews.
• Only use payment methods for deposits and withdrawals that you are familiar with and trust.
• Carefully read the broker’s terms and conditions before entering into any agreements or commitments.

Our Methodology

To identify the best forex brokers for metals trading, we evaluate brokers using our proprietary rating system, which analyzes 250 data points across nine core categories:

• Trustworthiness: We verify the brokers’ authorizations and licenses by the respective country’s regulatory body.
• Fees: We evaluate trading fees by creating live trading accounts and comparing them against industry standards.
• Trading platform and tools: We test the trading platforms to gauge the range of features and user-friendliness.
• Tradable instruments: We identify the number of tradable instruments to ensure there is a diverse range available.
• Customer support: We interact with the customer support team to test the ease of access, knowledge, and helpfulness.
• Payment methods: We examine the available deposit and withdrawal methods and associated fees.
• Account types: We explore the features and benefits of each account type, including execution method, minimum deposits, and more.
• Research and education: We assess the quality of the broker’s research and educational materials.

Here you can learn more about our review process.

For this guide, we meticulously verified that each featured broker offers an extensive selection of metals for leveraged trading. Additionally, we focused on ensuring that these brokers provide user-friendly platforms, enabling seamless access to real-time metal prices. Moreover, we evaluated their trading accounts to confirm the presence of competitive fees for metal trading, ensuring a cost-effective trading environment for our readers.

Meet Our Writers

The team of forex and CFD writers and editors at FX Empire is composed of trading industry professionals and seasoned financial journalists. Our writers have been published on leading financial websites such as Investopedia and Forbes. In addition, they all have extensive trading experience.

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