Gold trading platforms let you speculate on the price of gold going up or down in the short term via leveraged derivatives like futures, CFDs, and financial spread betting. You can also invest in gold in the long term via gold ETFs and gold miners. You can use our comparison table of what we think are the best gold trading platforms in the UK to compare commission, minimum deposits and the type of gold trading each platform offers. All gold brokers featured are regulated by the FCA.

Gold Trading Costs	Minimum Deposit	Overnight Funding	Customer Reviews	More Info
0.8	£100	2.5% +/- SOFR	3.8 (Based on 124 reviews)	See Platform 71% of retail investor accounts lose money
0.8	£100	2.5% +/- SOFR	4.1 (Based on 16 reviews)	See Platform 76% of retail investor accounts lose money
0.5	£1	2.9% +/- SOFR	4.6 (Based on 86 reviews)	See Platform 75.3% of retail investor accounts lose money
0.3	£100	+8.8% / 0.6%	3.7 (Based on 144 reviews)	See Platform* 80% of retail investor accounts lose money
0.0007%	$2,000	1.5% +/- SOFR	4.4 (Based on 934 reviews)	See Platform 60% of retail investor accounts lose money
0.3	£1	3% +/- SOFR	4.3 (Based on 257 reviews)	See Platform 64% of retail investor accounts lose money
0.3	£250	2.5% +/- SOFR	3.9 (Based on 678 reviews)	See Platform 71% of retail investor accounts lose money
0.5	£1	2.5% +/- SAXO RATE	3.6 (Based on 73 reviews)	See Platform 65% of retail investor accounts lose money
0.9	$50	6.4% +/- SOFR	3.7 (Based on 148 reviews)	See Platform 75% of retail investor accounts lose money
0.3	£1	+8.5% / 0.5%	4.6 (Based on 136 reviews)	See Platform 70% of retail investor accounts lose money
0.35	£1	2.9% +/- SOFR	3.4 (Based on 277 reviews)	See Platform 61% of retail investor accounts lose money

Our picks of the best brokers for trading Gold

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❓Methodology: We have chosen what we think are the best gold trading platforms based on:

over 30,000 votes in our annual awards
our own experiences testing the gold trading accounts with real money
an in-depth comparison of the features that make them stand out compared to alternatives.
interviews with the gold broker’s CEOs and senior management

City Index: Best broker for Gold CFD trading

Costs & spreads: 0.8
Minimum deposit: £100
Account types: CFDs & spread betting

70% of retail investor accounts lose money when trading CFDs with this provider

City Index Gives Traders A Huge Range Of Added Value & Markets

Provider: City Index

Verdict: City Index offers some of the best trading tools and analysis to help traders perform better. Their unique post-trade analytics and voice brokerage service make it an excellent choice for large and frequent traders. City Index is also one of the oldest spread betting and CFD brokers based in the UK founded in 1983 and offer trading in over 13,500 financial markets, to around 126,000 active clients. City Index is currently owned by StoneX, a US brokerage listed on the NASDAQ valued at over $4bn.
71% of retail investor accounts lose money when trading CFDs with this provider

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Is City Index a good broker?

I really like City Index and have used them for years. They offer some of the best trading tools and analysis to help traders perform better. Their unique post-trade analytics and voice brokerage service make it an excellent choice for large and frequent traders.

A big plus for me is that they are one of the oldest and most established trading platforms offering CFDs and financial spread betting, with a huge range of markets to trade, post execution analytical tools and trading signals.

Some of the best trader tools around

I opened my first City Index account way back in 2008, when they were one of only a handful of spread betting firms catering to high net worth traders in the City of London. Back then when I was a derivatives broker at MF Global, City Index used to hedge their CFD business through us so I could see they always had a fairly sophisticated client base. But over the years, as traders and investors have become more educated and akin to taking more risk, City Index now takes on more and more private clients.

If you’re thinking about trading with City Index, but haven’t quite made up your mind yet, I’ve tested all their trading platform’s features, visited their offices and interviewed their senior management for my review to hopefully provide enough information for you to decide if they are the right broker for you.I’ve always liked City Index, it’s been a stalwart of the London CFD broker scene since it was founded by Chris Hales and Jonathan Sparke in 1983 as a way for institutions to hedge their exposure through spread betting and CFDs. But soon became popular with more retail traders. Always advertising on billboards in the City, always having a colourful client base, always being bought and sold at the whim of billionaires and bigger boys. But in recent years, it had gone off a bit from its glory days. Back in the good ol’ days, you could open an account and put on a million-dollar trade over the phone with no ID, no deposit, and no idea. Well, you could if you happened to be on a yacht with Michael Spencer (the then City Index owner and City grandee), who was convinced he knew which way the Euro was headed and goaded one of his guests into putting the trade on, as the story goes away.

But those days are long gone and incumbent brokers have to fight hard to differentiate themselves against the fintechs nipping at their heels, as well as provide more trader tools to lure new customers back to traditional markets away from the wild west of Crypto.

City Index seems to have matured nicely though, it’s grown out of its lumbering adolescence under the ownership of Gain Capital and is now owned by US Behemoth StoneX (previously INTL FCStone). Since then, the platform has had a few upgrades and long-term investment products will hopefully be added shortly.

City Index Awards

In our latest awards City Index won “best trading app” in 2024 and “best trader tools” 2023. City Index has in previous years won “best trading platform”, “best trading app” & “best forex broker” in 2022.

Giles Watts, Senior VP of UK & EU at City Index said after winning best trader tools in 2023: “We are delighted to have been recognized for the added value we provide our clients. Delivering actionable post trade insights direct to the platform, is just one of the reasons our clients stay with us over the long term.”

Trading Platform

The City Index platform used to have a slightly off-the-rack feel about it, instead, the business relied on word of mouth and friendly referrals from HNW clients who would use experienced dealers to work large orders over the phone. Whilst voice brokerage still forms part of City Index’s offering, they are, as with everyone else, doing the majority of their business online and working hard to make their platform stand out.

Pricing & Spreads

City Index has always been competitive with it’s pricing. As City Index is an OTC broker they charge customers by widening the spread rather than adding commission after you trade. They are one of the cheapest around for trading UK stocks with the bid/offer being widened by only 0.08% (20% less than the industry standard of 0.1%) and for US stocks they only charge 1.8 cents per share (industry standard is 2 cents per share). Overnight financing rates are also inline with what you would expect 2.5% over/under SONIA rates.

Stocks, Forex, Indices and Commodities

You can buy over 13,500 stocks on City Index as a CFD or financial spread bet, however, you can’t trade equity options or invest in physical shares.

Obviously, they have access to more than the usual forex, index and commodity markets and add value with some nice thematic-themed indices (like ESG), and a good pool of sectors to speculate on. You can also trade options (CFD or spread bets thereof) on a good range of indices and commodities like Natural Gas or EU stocks. Plus, you can trade on synthetic markets. Everyone loves a bit of volatility speculation in choppy markets.

Spread Betting

Spread betting is City Index’s forte, and it’s the product that a lot of their high-net-worth customers use for trading stocks. As one of the original spread betting brokers City Index offers access to one of the widest selections of UK, US and European shares (as well as the major indices). The key advantage of spread betting of course is that profits are free of capital gains tax.

CFD Trading

Unlike spread betting CFD profits are subject to capital gains tax, so are less popular among UK traders. Historically, City Index would offer CFDs to more professional traders and spread betting to smaller clients. CFDs and spread betting are similarly priced with City Index, with the commission being included in the spread, which is slightly wider than the underlying market bid/offer. The main reason why both products are on offer is that spread betting is only available to UK residents, whereas City Index can offer CFD trading to its global client base.

Trading App

I actually prefer the City Index app to the desktop version of the trading platform. Sometimes I can find the desktop version to be a bit clunky, but the app is really slick, and clearly in our mobile-first world, where all the recent development has been focused. And why not, the desktop trading platform is brilliant for research, trading signals and post-trade analytics, but at the point of execution the app is a quick and simple stripped-down version with all the salient features front and centre.

MT4 (MetaQuotes)

You can trade on MT4 and MT5 with City Index, but functionality and market access is not as good as their main proprietary trading platform or some of their MT4 competitors. You can only trade around 84 markets on MT4 through City Index, but if you just want to trade the major markets, City Index is a good broker for MT4 based on their regulation, service and pricing.

Performance Analytics

Another acquisition from parent StoneX is Chasing Returns, now integrated into the platform as Performance Analytics. Which really drills down into where you are trading well and where you are losing money. Performance Analytics can break down your wins and losses and tell you what markets you trade best, what time of day you are most profitable, if you make money trading in quick succession or, if you do better if you take a break between trades. It’ll even tell you if your first trade of the day is often a winner or loser, or if you are a better bull or bear and also if you are as good at trading volatility as you pretend to enjoy doing, but letting you know if you trade better in calm or erratic markets.

Economic Calendar

One thing, though that does let them down is City Index’s economic calendar, it’s terrible. In fact, most brokers, even IG just have a bog standard list of upcoming earnings and economic announcements. But I think you need more from a trading platform these days, especially as when logged into the desktop platform the format is all off. One broker that has absolutely nailed their economic calendar is ThinkMarkets. With TM when you’re logged in you get a really good visualisation of previous data, volatility and most importantly what impact it had on relevant institutions like EURUSD. It’s a great way to see how markets have moved against previous numbers. Honestly, City Index should embed this too as it’s available from Trading Central who they have a deal with anyway.

Extended Hours Trading

You can trade CFDs premarket and after the market closes on a range of US equities in the pre and post-market sessions which bookend regular share trading in New York that takes place between 9.30 a.m. and 4.00 p.m. Eastern time.

The list of 73 stocks available to trade in the pre and post-markets includes leading US shares such as Apple, Microsoft and Nvidia. Widely traded names such as the Ark Innovation ETF, Coinbase, Robinhood and Gamestop.

As well as established blue chips like Bank of America, Boeing, Procter and Gamble, and Walmart, alongside a selection of index-tracking and thematic ETFs.

Verdict, overall, a great all-round platform that is backed by one of the largest financial institutions in the world.

Pricing: Always competitive, especially for major markets.

Market Access: Excellent coverage, especially for small-cap stock and exotic currency pairs.

Platform & Apps: Some excellent added value trading signals and portfolio analytics (even though the desktop version can be a bit fiddly).

Customer Service: Lots of experienced dealers to help with any issues, who you can get through to on the phone.

Research & Analysis: City Index excels here, lots of educational guides, trading ideas and analysis, to keep traders aware of major market moves.

Pros

Excellent trading tools
Post-trade analytics
Publicly listed (part of StoneX)

Cons

Trading only, no investment account
Limited options markets
No direct market access

Pricing

(5)
Market Access

(5)
Online Platform

(4.5)
Customer Service

(5)
Research & Analysis

(4.5)

Overall

4.8

Visit City Index

Forex.com: Gold & Currency Trading

Costs & spreads: 0.8
Minimum deposit: £100
Overnight financing: 2.5% +/- SOFR
Account types: CFDs

76% of retail investor accounts lose money when trading CFDs with this provider.

Full Review

FOREX.com Won Best Forex Broker in our 2025 Awards

Provider: FOREX.com

Verdict: FOREX.com is one of the largest forex brokers operating globally and owned by Nasdaq-listed institutional broker StoneX. Forex.com offers traders access to 5,500+ assets including 80+ currency pairs, thousands of stocks, popular commodities, indices and cryptocurrencies (pro accounts only in the UK). Pricing is competitive, especially for those on the RAW spread account or active trader programmme.
76% of retail investor accounts lose money when trading CFDs with this provider.

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Is FOREX.com a Good Trading Platform?

FOREX.com won Best Forex Broker in the 2025 Good Money Guide Awards.

24-Hour FOREX.com Test

I took FOREX.com out for a 24-hour test drive, to trade with real money and try out some of the key features on the streets of the City of London. Here’s what happened…

“For FX sake”, I thought to myself when faced with writing a review about a forex broker. Firstly because all these brokers do is offer access to the forex market (or so I believed). Secondly, because I’ve never had much success with forex trading. I find the nuances of intra-day technical analysis too complicated.

I’m an old-fashioned trader – I like to look at the market and think it’s either overvalued or undervalued and, in my mind anyway, that’s easier when looking at a company’s share price, an index or even a commodity. But for some reason, with forex trading, I’ve never really got the hang of it.

Having said that, I have dealt currency for about 20 years now, but more as a broker rather than as a trader. For instance, I used to do some prime brokerage for institutions that would hedge their currency exposure when buying aeroplanes.

But I was so frustrated with how opaque pricing was in currency trading, that I decided to start up my own currency brokerage specialising in high-value currency transfers (£250,000 upwards) and undercutting everyone. It was called Berry FX, you can still see the demo on YouTube. Basically, personal service with the best rates anywhere ever. But now I just let other currency brokers compete for clients by trying to offer the best exchange rates.

But you want to know what I think of FOREX.com.

24 Hour Test

I took FOREX.com out for a 24-hour test drive around the City of London, putting some real trades on whilst going about my business to see if I could make any money.

I started out at the Bank of England with £10,000 on account at 11:30am. Lunch was a few minutes’ walk from the tube station, so I took the opportunity to put some trades on using FOREX.com’s trading signals. I’ve used these for years; back in 2018, they were known as GetGo and it was a standalone forex trading app. When I reviewed it then, I said these were the future of forex trading signals but are they still?

There are a couple of things that make these signals better than the rest.

They tell you the success rate.
The signal is linked to an order ticket.

When I was walking down King William Street to L’Antipasto to meet some contacts for lunch, I put a few trades on. First, I looked at the traders that had a historic success rate of over 50% and followed them. Then I looked at trading signals that had a success rate of less than 50% and traded against them. It’s a pretty simple strategy that generally works (not always, though). I used the classic stop/limit risk/reward ratio, aiming for twice the potential loss as a potential win. Again, simple forex trading strategies. The market is not hard to call, but if you get a trade right, it often pays to let it run for longer, but if it’s wrong, close it sooner.

Trading Central

On the way to my next meeting, I took a few moments on London Bridge to look at some of the other signals on FOREX.com: Trading Central. Now, Trading Central has been providing technical analysis to brokers for decades and supplies a constant stream of manually and automatically updated trading ideas throughout the day to give traders an indication of where the markets may go.

It’s not as fluid as the trading signals, as you have to put the trades in manually, but still gives you a bit of stimulus. This is great for someone like me because I generally have an idea of what I want to do from eyeballing a chart (I did, after all, run a technical analysis division for 5 years), but it’s nice to get confirmation of your thoughts one way or another.

Execution

When you are actually trading there are some great other features on the app:

Swipe to trade: a bit like Tinder (so I hear)
Chart on tickets: with a quick tap, you can bring up a chart when on the order ticket (to double-check)
Working orders on charts: when looking at a chart, you can see your working orders and positions
Position potential: as well as seeing what margin is required when placing a trade, you can also see and set your stops and limits as a potential monetary amount instead of pips

Post-Trade Analytics

Once you’ve done a bit of trading, you can review your trading history and see where you do well and where you can improve. This is a great feature as it can break down how well you trade by time of day, markets or volatility.

You can also set up “Play Maker” if you have a trading strategy and want to stick to it. Obviously, you can’t get that sort of data in a 24-hour test drive, so I’ll have to revisit that another time.

Demo Account

FOREX.com has a pretty good demo account. In fact, it’s hard to tell the difference between the demo and live trading platform. You get the same functionality and as trades are OTC, the same prices.

However, when I opened a demo account to test it, I already had a real account. So after I got my demo account login details, I clicked through to the “Webtrader” portal and (funny or alarming, depending on how you look at it) my live account details were auto-filled in by Google Chrome.

Now, had I not been checking my email, to ensure that the platform had sent me through my credentials, I might not have noticed that I was logging into a live account. It could have been disastrous if I’d started trading away thinking it was paper money. Even more so as you get £10,000 in demo funds and I’d deposited £10,000 in my live account when I took FOREX.com on a 24-hour trading signal test drive.

It reminded me of when a trader thought that he was trading on a demo account and put $1bn worth of orders through and then sued his broker because it voided his €10m profits.

TradingView & MetaQuotes

I had a good play about with TradingView, as it’s now the go-to destination for traders. TradingView is a sort of social network for traders where you can view charts (they are excellent) and post trading ideas (take with a pinch of salt). As TradingView has grown, it has also become an execution venue, so you can link your FOREX.com trading account and deal straight from the charts. This shouldn’t be too much of a stretch for most traders as the charts on the app and web-based platform are provided by TradingView (which, incidentally, is one of the largest financial-based websites in the world now).

You can also trade on MT4, if you are into that sort of thing…

Am I a Forexpert?

I did make money on day one, mainly thanks to putting on a GBP-USD trade that covered most of the losses from some of the other trades. When I used the trading signals 5 years ago, I also made money. Day 2 wasn’t so good. On my way to an investor show, I gave back a few pennies but still ended up on top. But I have to admit my traders were calculated guesses rather than heavily researched positions.

I don’t like holding positions overnight, as day trading reduces not only your margin requirements but also increases the amount of sleep you get because you don’t wake up with cold sweats in the middle of the night worrying about Asian interest rates.

Overall would I recommend forex.com? Yes, if you are going to trade forex and don’t know where to start, as it’s a massive brand with global reach and owned by a listed brokerage with an institutional pedigree. As far as box-ticking is concerned, it ticks the lot. Or should I say pips the lot…

Pros

Trading signals
Post trade analytics
Forex specialist

Cons

Limited market range
No DMA

Pricing

(5)
Market Access

(4.5)
Online Platform

(5)
Customer Service

(5)
Research & Analysis

(5)

Overall

4.9

Pepperstone: Automated Gold trading on MT4

Costs & spreads: 0.5
Minimum deposit: £1
Account types: CFDs & spread betting

75.3% of retail investor accounts lose money when trading CFDs with this provider

Pepperstone is a great broker for automated trading and active traders

Provider: Pepperstone

Verdict: Pepperstone is a great all round broker for active traders looking for low costs. Especially for those that want to automate their trading as they are one of the biggest and best MT4 brokers with a very good set of EA packages. Pepperstone were founded in 2010 in Australia and have since then grown to be a global brokerage with international offices and around 400,000 active clients. They offer spread betting and CFDs on 1,200 major market instruments, which means they focus on the most heavily traded assets, mainly forex and indices trading. Of those 900 are shares on the major stocks on international exchanges.
75.3% of retail investor accounts lose money when trading CFDs with this provider

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Is Pepperstone a good broker?

Pepperstone is a great trading platform for traders who want low costs, wide market access and wide range of trading platforms, including one of the best MT4/MT5 packages available to retail traders worldwide.

Pricing: Razor tight pricing (on their Razor account).
Market Access: Mainly FX, but lots more stocks are being added.
Platform & Apps: Pepperstone’s MT4 and cTrader packages are top-notch.
Customer Service: Local offices around the world and personal account managers for large active traders
Research & Analysis: Lots of education and technical and algo indicator documentation.

Yes, I’ve used both trading platforms that Pepperstone offer, MT4/5 and cTrader, which include TradingView charting. cTrader is a more traditional trading platform with a basic layout, simple order execution and sentiment indicators. Whereas MT4 is one of the most popular and complex trading platforms available used by millions of traders and thousands of brokers.

However, what makes Pepperstone’s MT4 offering stand out is the brokerage behind it. Pepperstone offers it’s MT4 clients experienced account executives based in London and other local offices around the world. Plus, Pepperstone have put together a package of expert indicators and trader tools that are available to download for free that can be plugged into MT4.

To win business Pepperstone competes on price and compared to other trading platforms it is one of the cheaper options. For example, the Razor account can offer forex trading with zero pips, with the commission charged post-trade. Or traders can opt for the standard account, which adds a 1 pip markup, but is built into the spread.

One of the interesting things about Pepperstone is that whilst they do the traditional digital advertising, they are not on football shirts (apart from the Tennis and now sponsoring Aston Martin) and as Tamas said in his interview, a lot of their business comes from referrals, which is always a good sign. They are a global brokerage so you can at the moment trade crypto, but only if you are a professional client in the UK or are in a jurisdiction that hasn’t banned crypto derivatives.

Management: If you want to know more about the man currently running Pepperstone you can read my interview with Tamas Szabo, who has been Group CEO of Pepperstone since 2017, joining from IG where he started in 1996. So plenty of experience at the helm, Tamas, has been in the business for 25 years.

One of the interesting things about Pepperstone is that whilst they do the traditional digital advertising, they are not on football shirts or anything like that and as Tamas said in his interview, a lot of their business comes from referrals, which is always a good sign.

As I said Pepperstone offers CFD trading for international clients and spread betting for UK customers. Spread betting of course unique to the UK as trades are structured as bets so if you make money trading you don’t have to pay capital gains tax on your profits.

Trading Platforms: Pepperstone doesn’t actually have its own proprietary trading platform instead they offer TradingView, MT4/5 and cTrader. MetaTrader is gradually pushing brokers and clients to MT5 because it’s faster and a bit more user friendly, however, there is a lot of resistance from traders, especially those that use EA’s or Electronic Advisors, as most have been written for MT4 and can’t be converted for MT5 without being re-written.

Automated Trading: If you haven’t used one an EA, an Electronic Advisor enables you to trade automatically based on certain market criteria, usually based on technical analysis. So if the market does x, you buy, if the market does y you sell. The idea is that you set up a trading strategy and set it on autopilot to trade on your behalf. It’s not necessarily high-frequency trading that was featured in Flash Boys or Flash Crash, but it’s similar.

If you want to know more about high-frequency trading those are two books well worth reading, Michael lewis has an excellent way of explaining complex derivatives and I particularly enjoyed Flash Crash because the chap it’s about was a client at the brokerage where I used to work and some people I know were mentioned in it, which is always quite amusing.

A few things to note though about EAs, unless you have a VPS or VPN they won’t work if you turn your trading screen isn’t on and you can’t use them on the web version or mobile. However, Pepperstone will set you up with a free VPS connection if you want one and do a certain amount of business.

MT5 versus MT4: MT5 is one of the most popular trading platforms on the planet and is used by millions of traders and hundreds of brokers. The key benefits are that it’s pretty simple to use and universally recognised, so if you used MT4 or 5 with one broker, switching accounts is fairly easy. Initially, it does have a clunky institutional feel to it, but once you get the hang of it it’s fairly simple to use.

Pepperstone’s MT5 does have its advantages over other brokers though. Mainly the packages they offer, the spreads and the execution, but also the regulation. Pepperstone are regulated by the FCA, so if you are a UK client a certain amount of your funds are protected by the FSCS if Pepperstone was to go bust. You are not protected if you are using MT4 or 5 through an offshore broker, and to be honest, if you are based in the UK you should always be trading with an FCA regulated broker, or the FCA regulated entity of a broker. It is tempting to go offshore to get better margin rates since ESMA capped them but you can get them as a professional client and if you can’t qualify as a professional client you probably shouldn’t be trading with excessive leverage anyway.

One of the main things that make Pepperstones MetaTrader offering stand out is market range, you get loads of forex pairs, the major indices and they are also increasing the number of shares they offer. They have the major FTSE 100 stocks and a few hundred US, European and Australian stocks, but that is growing. But, it is still nowhere near as many markets as someone like IG or Saxo offers. Also, Pepperstone is still only a trading platform so you can’t hold any of your long-term investments with them.

Trading Tools: Pepperstone also has a unique package of MT5 downloads which they call Smart Trader Tools, which include plugins like Trade Terminal where you can set your preferences for assets. So for example if you always trade cable in 1 lot, and have a stop 10 pips away and a limit 20 pips that will be your default OCO when you trade.

You also get things like a Pivot Points plugin where you can trade off previous highs and lows. Some other main features of MT4 are one-click trading, and the ability to trade off the charts. You can also move your entry and exit points automatically. If you trade four markets you can have four set up on screen and have your defaults for each one.

cTrader: One of the major drawbacks about MT5 though is that it doesn’t show your margin when you trade, which to be honest isn’t great if you are a beginner because you have no idea what your exposure is or how much risk capital is going to be used up. It will tell you your overall margin position, but it won’t show you your individual margin rates. Which is daft. However, Pepperstone’s other platform cTrader does do this. To be honest, I actually prefer cTrader, I think it’s more user-friendly, it breaks down your margin. The disadvantage of course is that you can’t run net and hedged positions.

You can’t trade with EAs but I don’t really like them anyway, I think the chances of clients making money with an off-the-rack automated trading strategy is pretty slim. It may work for a bit to nick a trade here and there but if you leave it running over a massive market correction you can get wiped out. You also can’t trade as many shares on cTrader as you can on MT5, which is a shame.

I think it has a cleaner layout, with everything pre-installed and you can trade in a web browsers rather than having to download the software. If you are building your own EA then MT5 is for you but if you are just eyeballing the market and taking a view I prefer cTrader as you get news, calendars, plus Autotrachtists is on there as well and is linked to the pair you are looking at.

Education & Analysis: One other thing to note as well is that when it comes to learning to trade or understanding the markets it is incredibly difficult. Pepperstone has partnered with The Corillian Academy, to provide some educational content. Corillian was set up by some fairly sophisticated traders with decent backgrounds. Richard Adcock for example has been on the board of the society of technical analysts for 30 years.

Customer Service: Although probably the main benefit of Pepperstone over the majority of MT4 brokers is customer service. It’s a big risk trading the financial markets and there are often big sums of money involved. So being able to phone someone up who can execute trades for you and give you a full demo of the platform is almost more important, in my mind anyway, than pricing and market access. If you’re in the UK, you get to talk to your dealers in London, through direct dial.

Pros

Tight pricing
Wide range of MT4 markets
Pre-built MT4 indicator packages

Cons

Limited market access
Only third-party platforms

Pricing

(5)
Market Access

(3.5)
Online Platform

(4)
Customer Service

(4)
Research & Analysis

(4)

Overall

4.1

Spreadex: Gold trading with personal service

Costs & spreads: 0.3
Minimum deposit: £1
Account types: CFDs & spread betting

72% of retail investor accounts lose money when trading CFDs with this provider

Spreadex Expert Review: Financial Trading With Excellent Personal Service

Provider: Spreadex

Verdict: Spreadex is a financial spread betting broker that has been in operation since 1999. It was founded by ex-city trader Jonathan Hufford and unlike many of its peers, it is not based in London, but instead is headquartered in St Albans Hertfordshire. Spreadex offers both financial spread betting and CFD trading from the same account. The company has some 60,000 account holders and offers access to more than 10,000 financial instruments, including UK small-cap shares, where it is something of a specialist.
64% of retail investor accounts lose money when trading CFDs with this provider

Visit Spreadex

Is Spreadex a good broker?

Spreadex offer some of the best personal service for large spread betting and CFD traders and has built a reputation for great tech and trading and as such won “best spread betting broker” in the 2024 Good Money Guide Awards.

Pricing: Spreadex is super competitive and not afraid to undercut the competition
Market Access: Excellent, lots of access to exotic derivatives and smaller cap stocks
Platform & Apps: All developed in house and quick to add new features
Customer Service: Personal service is what sets Spreadex apart from other brokers
Research & Analysis: A good mix of technical indicators on the Spreadex platform and daily briefings from the financial dealing desk.

Pros

Spread betting & CFDs
Smaller cap stock trading
Great customer service

Cons

Not publically listed
No physical investing

Pricing

(4.5)
Market Access

(4.5)
Online Platform

(4)
Customer Service

(5)
Research & Analysis

(4)

Overall

4.4

Plus500: Global CFD Platform for Trading Gold

👍Featured👍

3.7

Customer rating: 3.7/5 (144 reviews)

Markets available: 2,000
Minimum deposit: £100
Account types: CFDs

80% of retail investor accounts lose money when trading CFDs with this provider.

Plus500 lets you trade global markets platform on a simple to use platform

Provider: Plus500

Verdict: Plus500 is one of the largest online trading platforms and operates in more than 50 countries worldwide. Founded in 2008, it has more than 26 million customers today. Plus500 is headquartered in Israel, however, it’s listed in the UK on the London Stock Exchange (it’s a member of the FTSE 250 index). Here in Britain, its platform is operated by Plus500UK Ltd, which has offices in London. In the UK, you can only trade CFDs with Plus500. CFDs are financial instruments that allow you to profit from the price movements of a security without owning the underlying security itself.

80% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

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Is Plus500 a good broker?

Yes, Plus500’s trading platform has evolved nicely over the years from a simple interface to an intuitive execution venue for CFDs on the major markets and stocks.

Pricing: It’s dynamic so moves with the market for minimum spreads
Market Access: Very good, Plus500 are always first to try new asset classes
Platform & Apps: Basic execution, but it does the job well
Customer Service: Plus500 doesn’t have a phone option, but its live chat is sufficient
Research & Analysis: Some sentiment, but limited education and analysis.

Overall, Plus500 is a good online trading platform for traders who do not want to do anything more complicated than buy and sell CFDs. The broker does provide sentiment indicators and are quite transparent with costs and fees. In summary:

Plus500 is a trading platform that offers CFDs.
You can trade a range of assets on Plus500 including stocks, indices, and currencies.
There are no commissions when placing a CFD trade on the Plus500 platform but there are some other fees to be aware of.
The platform offers a range of features including a demo account, alerts, market news, and an economic calendar.
There are platforms that offer more markets than Plus500.

Pros

With Plus500, you can trade CFDs on a range of assets including shares, currencies, indices, and ETFs.
There are no commissions when placing a CFD trade on Plus500’s platform.
Plus500 offers a range of features to help traders navigate the markets and capitalise on opportunities including charting tools, alerts, an economic calendar, and market news.

Cons

Other platforms offer more markets than Plus500.
You can only trade CFDs on the platform (you can’t invest in stocks directly).
You can’t contact the company by telephone if you require support.

Pricing

(4.5)
Market Access

(5)
Online Platform

(5)
Customer Service

(4.5)
Research & Analysis

(4)

Overall

4.6

IG: Best broker for spread betting on Gold

Costs & spreads: 0.3
Minimum deposit: £250
Account types: CFDs & spread betting

71% of retail investor accounts lose money when trading CFDs and spread bets with this provider.

IG Won Best Trading App in the 2025 Good Money Guide Awards

Provider: IG

Verdict: IG is one of the largest and best brokers in the world and offers the full suite of investing and trading accounts for all types of investors. Highly recommended. Founded in 1974 as Investors Gold Index, then IG Index, and now just “IG”, it’s one of the world’s largest margin trading brokers. IG offers contracts for difference (CFDs), FX and spread betting (in the UK) alongside share trading and prime brokerage to over 400,000 clients, and covers 15,000 tradeable markets. IG also offers physical share dealing and smart portfolios for longer-term investors.
71% of retail investor accounts lose money when trading CFDs and spread bets with this provider.

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Is IG a Good Trading Platform?

Yes, IG provides an excellent all-round trading and investing brokerage service. IG pioneered online trading and financial spread betting for private clients and remains not only one of the largest online trading platforms, but also one of the best. IG stands out through deep liquidity, high market range and excellent added value such as trading tools and analysis.

First up, I must disclose that IG is my default broker. When I review brokers, I ask: “Why would you trade here rather than at IG?” It was my first trading account – I’ve had it for about 20 years and I remember the first online trading platform when it was basically a messaging system through to the dealing desk. When I was interning on the NYMEX and IPE trading floors in London and New York as a ticket checking clerk, I’d tap away on IG on my Ericsson R380. Along with Trading Places (my dog is even called Winthorpe #notobsessed) I hold IG accountable for the path my career has taken.

Who is IG?

Stuart Wheeler, IG’s founder, basically invented financial spread betting in the attic of a Chelsea townhouse in 1974. It was first called Investors Gold Index, then IG Index and then just IG. As the product range grows, the name shortens.

His biography (Winning Against the Odds, My Life in Gambling and Politics) makes clear IG was founded for the love of the business (that business being gambling and investing).

One of the things that makes IG stand out is that it’s good at what it does, and seems to want to be the best.

I certainly gathered from my interview with the former IG CEO, June Felix, that the company wants to be on the client’s side, believing it’s better to try to help the client win, and give them good service, so they’re still a client 20 years later, rather than the churn and burn approach.

Index & Forex Trading

IG was one of the first brokers to let private individuals trade the financial markets, and IG clients can now trade a market-leading 80+ indices.

You can also trade forex on the platform. But unlike most other forex brokers, which see the largest percentage of their volumes in the forex markets, IG’s most popular asset class is indices, followed by currency trading.

Quality Service

IG has always taken the view that clients trade with it because of the service it offers, rather than because of any incentives.

No B-Book

One draw for big clients is that whilst IG does internalise orders, it has symmetrical exposure limits, so it doesn’t take a view on the markets. This means that IG is not betting against you with a B-Book. And, if you’re a big trader, because of IG’s liquidity there may actually be bigger volume on IG’s bid and offer than there is in the underlying market. You get positive slippage, so if you place a limit order and the market suddenly moves in your favour you get filled at a better price than your limit.

Spread Betting & CFD Trading

With IG you can trade CFDs or spread bet 24 hours on major indices, forex and commodities markets. There are extended hours on global equities, where some fairly significant volume goes through, particularly on US equities when company announcements are made after the main market shuts.

IG is one of the few brokers to allow trading during the weekend, so you can still take a view or limit your exposure if something big comes out politically.

IG is one of the best CFD trading platforms as it offers a huge range of markets to trade and DMA access for more sophisticated traders. Also, because IG offers CFDs globally (with the exception of the US) it has a huge amount of volume and liquidity meaning that sometimes you can place bigger orders via IG’s order book than you could do on the underlying exchanges like the LSE or NYSE. Because of the sheer volume of CFD trades, IG is able to internally match up orders for quicker and larger fills.

One key disadvantage of trading CFDs through IG is that you have to pay tax on profits. However, CFDs are not the only product that IG offers. You can also trade financial spread bets, where you do not have to pay capital gains tax on profits as this is classed as gambling.

IPO Grey Market

One feature that’s now unique to IG (lots of other brokers used to do it) is the “grey market”, where it will offer you a price in unquoted stocks that are due to come to market. You essentially take a bet on what the market cap will be of a company when it lists. Or you can just apply for shares in the IPO through PrimaryBid, which will deliver them to your IG account.

Global Differences

IG is good at knowing what customers in each region want. The UK, for example, is the only country that is offered financial spread betting, and the rest of the world trades on margin with CFDs. That’s with the exception of the Americans, who trade on margin by taking out a loan to buy stock (from their broker) or trade options, which are much more popular on equities. Japan has knockouts and Europe has barrier options and Turbos Warrants.

What Does the Trading Platform & App Look Like?

IG’s trading platform is DIY online, but still with phone support if you need it.

IG is keen to push its added value; the platform tries to integrate as much as possible. IGTV is based on the platform analytics of what people are trading, and IG creates programmes around what markets and assets traders are looking for information on. The news and analysis comes from Reuters, with snapshot videos and a series of IG market commentary videos.

We rate IG’s trading app as extremely safe because of IG’s regulation and reputation. However, it’s important to note that while trading on the app itself is financially secure, the products on offer are high risk and IG does offer investments that are not safe for capital preservation. IG offers financial spread betting and CFDs which are high risk, potentially high reward products.

High Net Worth Accounts

If you are a high-volume trader, you can also trade DMA with ProRealTime, and you can get level 2 pricing and trade directly on the exchange order book. This can be done on the IG trading app or by downloading the L2 dealer software. There is a cost, of course, but if you do a few trades that is rebated back. Brokers have to pay the exchanges for providing level 2 data to their clients, so the charge is there to dissuade everyone signing up without trading. If you are really clever and have developed your own trading algorithm, you can plug that into IG’s platform too. Or MT4/MT5 which it also offers, if you’re into that sort of thing.

Sticky Clients

A problem all brokers are desperate to address is people losing money. It’s always been the case that only around 20% of people made money. A few brokers have implemented post-trade analytics, to help their clients try and win more. IG’s Trade Analytics tool does just that. Its sole purpose is to try and help traders win more by getting a better understanding of where they profit and lose in the markets. It’s been developed in-house by IG, based on analytics and to provide clarity.

James Perry, a former IG Client Experience Manager, told me “We desperately want our clients to win, as the more they win, the longer they are going to be a client, and the more they are going to trade.” And the more commission IG will make.

I know this to be true from my own trading, when you’re on a winning run you trade more, and when you can’t call the market right you step away until another day.

Investing, ETFs & Share Dealing

IG also offers longer-term investing products, where you can buy and hold stocks, ETFs and funds in a stocks and shares ISA, or IG Smart Portfolio. It has a trading academy so you can learn through video and interactive courses. IG can see from its analytics that clients that use these become better traders. IG bought DAILY FX (for $40m) and offers live webinars to provide analysis and trading strategy.

You can invest and trade ETFs with IG. You have the option of either investing in the long term by buying ETFs in the general investment account, SIPP or ISA. Or you can speculate on them going up or down by going long or short via CFDs or financial spread bets.

IG is not the cheapest place for investing in ETFs, (that is probably Interactive Brokers) but it does have very good customer service and is a really easy-to-use ETF platform.

Ratings Explained

Pricing: Industry leading spreads and with DMA you can get inside the bid/offer.
Market Access: Best around for spread betting and CFD trading.
Platform & Apps: Loads of added value, signals and execution features.
Customer Service: IG is very big, but still managed to score well here.
Research & Analysis: Superb, news, analysis, social feeds, plus free premium subscriptions for active clients.

Overall, if you are going to trade, I would be surprised if you didn’t have an account with IG.

Pros

Vast range of markets
Excellent liquidity & DMA equities
Listed on the London Stock Exchange

Cons

Customer service occasionally slow
No DMA futures trading
Not the cheapest for ETFs

Pricing

(4.5)
Market Access

(5)
Online Platform

(5)
Customer Service

(4)
Research & Analysis

(5)

Overall

4.7

Interactive Brokers: Discount Gold trading & conversions

Costs & spreads: 0.0007%
Minimum deposit: $2,000
Account types: CFDs, DMA, futures & options

60% of retail investor accounts lose money when trading CFDs with this provider

CMC Markets Offers Great Tech for Active Traders

Provider: CMC Markets

Verdict: CMC Markets is one of the best and fastest trading platforms available for active traders to speculate on the most popular markets. The company is one of the original spread betting and CFD brokers based in the UK. It’s been providing forex trading services since 1989 and is now listed on the London Stock Exchange. The broker has over 300,000 active clients trading online and is operated from 13 global offices, with headquarters in the City of London.
70% of retail investor accounts lose money when trading CFDs with this provider

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Is CMC Markets a Good Broker?

Yes, CMC Markets has always offered, and still offers, one of the best trading platforms for high-frequency and active traders. It’s a good choice for those who want to trade on tight spreads, with a platform built on exceptional tech.

I’ve used CMC Markets for 20 years now and it’s typically been my go-to broker for trading forex and equity sectors.

I recently gave it another full test with real money and live trades. I’ve also interviewed its founder and its head of product. In this review, I share my views on what CMC Markets is good at, where it needs to improve and which types of trader it suits.

Almost 20 years ago, when I first had my account, I remember sitting in CMC’s reception, eager to pick up a CD-ROM of the Market Maker trading platform so I could trade personal account when I was a stockbroker at Phillip Securities.

I used to flit between using IG and CMC Markets back then. IG had a few more markets, but the platform was a bit basic. CMC Markets had tighter pricing and because the platform had a dark background, and more flashing lights you felt like a real pro. Despite the fact that CMC’s heritage is in the FX markets, I could never really get the hang of those so I’d trade indices, and FTSE 100 shares (also, CMC only really did the main market stuff back then).

I could have waited for CMC to post me a disc, but I had a real itch to try it out. It was an excellent trading platform then, and it still is today.

What Does the Platform Look Like?

History Of CMC

The current CEO, Peter Cruddas, set up CMC as Currency Management Corporation in 1989 after leaving Western Union, where he learned how the foreign exchange markets worked, in particular the market-making side of the business. Originally offering forex trading, then financial spread betting and moving into CFD broking in 2000, CMC began to expand internationally in 2002. CMC Markets was listed on the London Stock Exchange in 2016.

CMC Markets, which is now a member of the FTSE 250 index, has over 310,000 active clients globally, and in the 2023-24 financial year generated a net operating income of £332.8 million.

When I visited the CMC offices a few years ago, the brokerage world was switching from voice to online. CMC was one of the first forex brokers to invest heavily in technology and has always led the way in online trading platform innovation.

CMC Markets: Spread Betting & CFDs

CMC Markets only offers CFD trading, rolling spot forex and spread betting in the UK. These are generally short-term speculative products. You can invest in the long term and buy physical shares through CMC Invest in the UK (although in Australia CMC Markets does offer stockbroking).

If you don’t know what these are you shouldn’t be trading them. But if you do and you want to trade them, CMC Markets is in my view one of the best places to do so. In 2024, the platform came up with a nice tagline…

Calling all calculated risk takers…

This is the essence of trading, really. Yes, trading is risky, but it’s a calculated risk. And one way to reduce risk is to go with a well-established and well-capitalised provider. CMC Markets is a public company so you can see how well it’s doing as a business. Trading is hard enough without having to worry if your broker is going to go bust. In the UK, retail client money is held in segregated client bank accounts, in a regulated bank.

CMCX Share Price

The current CMC Markets (LON:CMCX) share price is 246p which is a change of -2 or 0.81% from the last closing price of 248 with 1,194,124 shares traded giving CMC Markets a market capitalisation of £688,345,884. The most recent daily high has been 262 and daily low 245.5. The CMC Markets share price 52 week high has been 349 and the 52 week low 183.4. Based on the most recent CMC Markets share price opening of 246, the current CMC Markets EPS (earnings per share) are 0.23 and the PE (price earnings ratio) is 10.89. Pricing data automatically updates every 15 minutes, last updated: 18:53 02-Jul-2025.

Although you’re out of luck if you want to trade CMC shares on CMC, I tried when I was demonstrating how to do a pairs trade against its main rival IG. I had to trade CMC on IG and IG on CMC.

Market Range

CMC Markets definitely has one of the best market ranges of all brokers. Although it doesn’t offer all shares – around 12,000 assets vs IG’s 17,000 or Interactive Brokers’ epic coverage – it has some really great markets that are exclusive to CMC. I’ve always used it for trading the most popular shares, and I would say it’s aimed at active traders more than its rivals. You only really miss out on smaller cap stocks that aren’t appropriate for margin trading anyway, as they are growth investments.

CMC Markets Sector Bets & Diversification

One of the things that I’ve always liked about CMC is its approach to diversification. Everyone knows that you shouldn’t put all your eggs in one basket when it comes to investing, and the same is true of trading. You’ve got a better chance of beating the market consistently if you spread your risk across different asset classes and don’t go crazy Rio trading.

I find forex trading incredibly difficult. I’ve never been able to make any money at it because I can’t judge forex price action – I find it too fast-paced. What I like to speculate on is the overvaluation or undervaluation of one currency against another.

CMC has a market called weighted currency indices, which basket together one currency against many others. So you can trade how you think USD is going to perform against the EUR, GBP, AUD, CAD, CHF, CNH, JPY and SGD in one go. So instead of an outright punt, you are taking on a dollar position rather than a USD-GBP trade.

What Does the Forex Section Look Like?

Share Baskets

CMC Markets has always enabled sector bets, but it has fine-tuned these over the years because of the proliferation of ETFs into share baskets, like US Gold, Oil & Gas, Luxury Lifestyle and Collaborative Technology. This is great, because I really like trading stocks. I find this quite easy compared to forex as stocks are based on fundamentals I understand.

One trading strategy that is relatively simple is trend following, especially now with the Reddit generation getting so worked up. If you see a sector getting some good press you can jump on the bandwagon without having to sniff out the individual stocks. Likewise, if sentiment is turning negative, it may be time to go short.

Deal4Free

Did you know that CMC Markets was once called Deal4Free? You obviously can’t say that anything is free now, because the regulators frown on that sort of thing. Instead, you have to say something like “zero commission”, because you’re being charged something somewhere – you just don’t see it on your statement.

Trading with CMC Markets is obviously not free, but it is cheap. It has always been one of the best value trading platforms, primarily because it unashamedly acts as a market maker.

If you are spread betting, charges are built into the spread and are competitive. It’s always been part of the appeal that if you are trading the most popular and liquid assets, CMC is one of the cheapest places to do it. Commission charges on single stock CFDs are set at 2 cents per share in the US (minimum $10) and 0.10% for UK and European equities (minimum of £9/€9). So you get the choice. If you are a normal trader you can have your costs built into the spread, or if you are one of the bigger boys you can trade CFDs with better pricing and commission charged afterwards.

Alpha & Price Plus

There are two ways to get recognition at CMC. Firstly, you can buy your way in with a minimum deposit of £25,000 and join its premium membership, Alpha. It’s a nice name because, as I’m sure you know, an alpha in trading is trying to outperform the market. You get interest on cash balances and discounted spreads. There’s also a free subscription – it was to the FT but is now to Bloomberg.

If you can’t afford to buy your way in, you can still get reduced spreads by putting the volume through. The more you trade the lower your spreads will be…

CMC: Profitable Client Sentiment

CMC offers users access to client sentiment and positioning tools that show the aggregate positioning of its customers in various instruments. The data includes long-short percentages by clients and value as well as a breakdown of the current day’s order flow. Once again, this is broken down by both client percentage and value. What’s more, you can filter the positioning sentiment by client type, segmenting the data into top clients and other clients.

The top clients view shows the positioning, in a particular instrument, of those clients who have made money on their trading account in the last 3 months, and who have an open position in the instrument under observation.

The ability to filter the sentiment and positioning by client type gives CMC clients a potential advantage over peers who don’t get this additional insight.

Positioning and sentiment data can be used to trade, though how you use it will be determined by your outlook on the markets. Experienced traders take the view that as the majority of CFD and spread betting clients lose money it follows that positioning data is a reverse indicator, especially when the clients seem to be opposing an established trend.

In these days of social trading and large crowds, however, that may not always be the case. On balance it’s probably best to think of sentiment and positioning gauges as decision or trade support tools, rather than decision-makers in their own right.

CMC Markets: Education & Analysis

CMC has plenty of education and analysis available for its clients. It’s divided into separate sections: current news and analysis, a section on learning to trade that covers FX, CFDs and spread betting, and equities trading.

As well as technical analysis, CMC offers trading from home and trading strategies.

CMC Markets also offers what it calls market intelligence through its specialist website OPTO, which includes a magazine full of insightful articles, plus podcasts, and interviews with high-profile guests from the markets.

The trading guides are aimed at beginners and less experienced traders whereas OPTO is for more experienced traders who are looking for fresh ideas and inspiration. News and analysis from CMC’s in-house analysis team sits comfortably between them, and as we noted earlier, there is also an online moderated charting community within the trading platform.

All of this is available at no additional charge and much of it is available to the public as well as CMC clients. Many of the major providers have a general education program and support their traders with news and in-house analysis. But OPTO stands out from the crowd and, to my mind, this elevates the CMC offering above the competition.

CMC Markets offers an investment option with CMC Invest.

Institutional Prime Services (CMC Connect)

Recently rebranded to CMC Connect, the institutional side of the business is where CMC expects to grow over the next 5 to 10 years. The company has high profile joint ventures such as the stockbroking services it provides to the clients of ANZ Bank. Alongside these partnerships, it offers institutional liquidity, outsourced trading technology and connectivity, as well as pre and post-trade processing and trade reporting.

These services are aimed at institutional customers such as hedge funds, family offices and prop traders. HNWI and the most active professional clients might be able to use some of CMC Connect’s services but the division is really aimed at corporate customers and funds.

CMC competes with all of the large-scale margin trading brokerages in the CFD, FX and spread betting arenas. It’s also making inroads into the institutional and B2B spaces through liquidity provision, white labels, and JVs. That push on the institutional side and the firm’s focus on in-house trading technology, and the use of currency and share baskets, are the key differentiators from its competitors.

CMC Markets Review Ratings Explained

Pricing. It used to be called Deal4Free, and pricing is still good…
Market Access. CMC focuses on the main markets, but still offers many exotic pairs to trade
Platform & Apps. CMC Markets has some of the best trading tech around for active traders
Customer Service. London-based support staff (still thankfully, despite all the Brexit pomp)
Research & Analysis. Top class client sentiment tools

Pros

Excellent trading platform
Good liquidity
Unique sentiment tools

Cons

Trading only (investing is on CMC Invest)
Limited smaller cap stocks

Pricing

(5)
Market Access

(4)
Online Platform

(5)
Customer Service

(4)
Research & Analysis

(5)

Overall

4.6

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CMC Markets: High-tech Gold trading platform

Costs & spreads: 0.3
Minimum deposit: £1
Account types: CFDs & spread betting

74% of retail investor accounts lose money when trading CFDs with this provider

CMC Markets Offers Great Tech for Active Traders

Provider: CMC Markets

Visit CMC Markets

Is CMC Markets a Good Broker?

I’ve used CMC Markets for 20 years now and it’s typically been my go-to broker for trading forex and equity sectors.

I could have waited for CMC to post me a disc, but I had a real itch to try it out. It was an excellent trading platform then, and it still is today.

What Does the Platform Look Like?

History Of CMC

CMC Markets, which is now a member of the FTSE 250 index, has over 310,000 active clients globally, and in the 2023-24 financial year generated a net operating income of £332.8 million.

CMC Markets: Spread Betting & CFDs

Calling all calculated risk takers…

CMCX Share Price

Although you’re out of luck if you want to trade CMC shares on CMC, I tried when I was demonstrating how to do a pairs trade against its main rival IG. I had to trade CMC on IG and IG on CMC.

Market Range

CMC Markets Sector Bets & Diversification

What Does the Forex Section Look Like?

Share Baskets

Deal4Free

Trading with CMC Markets is obviously not free, but it is cheap. It has always been one of the best value trading platforms, primarily because it unashamedly acts as a market maker.

Alpha & Price Plus

If you can’t afford to buy your way in, you can still get reduced spreads by putting the volume through. The more you trade the lower your spreads will be…

CMC: Profitable Client Sentiment

The ability to filter the sentiment and positioning by client type gives CMC clients a potential advantage over peers who don’t get this additional insight.

CMC Markets: Education & Analysis

As well as technical analysis, CMC offers trading from home and trading strategies.

CMC Markets offers an investment option with CMC Invest.

Institutional Prime Services (CMC Connect)

CMC Markets Review Ratings Explained

Pricing. It used to be called Deal4Free, and pricing is still good…
Market Access. CMC focuses on the main markets, but still offers many exotic pairs to trade
Platform & Apps. CMC Markets has some of the best trading tech around for active traders
Customer Service. London-based support staff (still thankfully, despite all the Brexit pomp)
Research & Analysis. Top class client sentiment tools

Pros

Excellent trading platform
Good liquidity
Unique sentiment tools

Cons

Trading only (investing is on CMC Invest)
Limited smaller cap stocks

Pricing

(5)
Market Access

(4)
Online Platform

(5)
Customer Service

(4)
Research & Analysis

(5)

Overall

4.6

Visit CMC Markets

Saxo Markets: Best broker for Gold ETFs & investing

Costs & spreads: 0.5
Minimum deposit: £500
Account types: CFDs, futures & options

70% of retail investor accounts lose money when trading CFDs with this provider

Saxo have some of the best trading and investing platforms for advanced and beginner investors

Provider: Saxo

Verdict: Saxo is an excellent investing and trading platform for those that who want institutional grade pricing, robust execution and wide market coverage as well as simple to use apps for beginners.
65% of retail investor accounts lose money when trading CFDs with this provider

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Is Saxo Markets a good broker?

Yes, Saxo has a great choice of accounts for beginners with SaxoInvestor and for professionals, the more sophisticated SaxoTrader go provides direct market access. The pro platform, analysis, and direct market access may be too complicated for beginners. But, for experienced traders, its coverage, commissions and research are unrivalled.

Saxo is one of the largest investing and trading platforms worldwide and provides direct market access to equities, bonds, forex, futures and options as well as being a major liquidity and infrastructure provider to wealth managers, banks and smaller brokers.

Awards: Saxo won best investing app and best DMA/Professional account in 2024. Before that, in our 2023 awards, Saxo won ‘Best CFD Broker’, and ‘Best DMA & Professional Trading Account’. In 2022 Saxo also scooped ‘Best Bond Broker’.

Pricing: Commissions have just been reduced further making Saxo one of the cheapest brokers

Market Access: Saxo offers a huge range of markets for both derivatives trading and physical investing

Platform & Apps: Saxo has an industry-leading robust workhorse of a platform

Customer Service: Experienced dealers for active larger customers

Research & Analysis: Some of the best opinions on the markets around.

Plus, with Saxo posting its best financial results in history (with over $118bn customer funds on account) and now that it has been 70% bought out by J. Safra Sarasin Group, they will be in an even better position to continue to provide excellent market access. This, combined with founder Kim Fournais still owning 28% will keep the firm’s customer-first ethos intact.

Overall, Saxo Markets is an excellent trading platform for retail traders and investors who want institutional-grade pricing, robust execution and wide market coverage.

Pros

Direct market access
Low commissions
Robust trading platform

Cons

Seen as a trading platform for professionals
Have to subscribe for live prices

Pricing

(4.5)
Market Access

(5)
Online Platform

(5)
Customer Service

(5)
Research & Analysis

(5)

Overall

4.9

eToro: Copy other people’s Gold trading

Costs & spreads: 0.9
Minimum deposit: $50
Account types: CFDs

61% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money

eToro Has Become One Of The Biggest & Most Innovative Brokers Around The World

Provider: eToro

Verdict: eToro is a social trading platform that lets their users share new and existing CFD positions and their investment portfolios. eToro was founded in 2007 in Tel Aviv, Isreal and has grown to offer investing and trading on 3,000 global assets (including real cryptocurrencies) to 30 millions users worldwide.
61% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money

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Is eToro a good broker?

Yes, eToro does have its flaws for experienced investors, but if you are just getting started eToro is a great introduction to financial markets. eToro is actually a very innovative trading platform offering copy trading, social networking and unleveraged CFDs.

eToro is one of the most innovative trading platforms with a huge range of popular investors to follow and good access to global stocks and cryptocurrency.

Pricing: Even though eToro is commission free there are high FX conversion fees between 1.5% and 3%. Overnight financing is also expensive for CFD positions compared to competitors.
Market Access: For the majority of investors you can trade the most popular markets, but lacks access to small-cap stocks and exotic derivatives.
Platform & Apps: Very good, nearly gets top marks for intuitiveness, but misses out because of no sophisticated order types
Customer Service: No phone number available to non-premium clients, but generally quick responses to chat and email queries.
Research & Analysis: A mixed bag here – some good social investing fees on the platform and digestible guides, but no direct actionable research.

Is eToro better for trading or investing?

Ever since I sat in The Angle pub, next to the Silicon Roundabout opposite where I was a stockbroker (at Walker Cripps Weddle Beck) 15 years ago discussing the merits of eToro as a forex broker, I’ve been fascinated with their journey. I’ve interviewed the founder, the UK MD and watched (despite the industry’s loathing) as they have shrugged off the masquerade of day trading, into becoming a global investment platform sensation. In this review, I’ve tested them year after year and pontificated on what sort of customer should be using them.

In the past, I’ve been very rude about eToro, I didn’t like the way they’d gamified trading and along with Plus 500, they almost made it too easy for inexperienced traders to play the markets.

But are times changing?

Social & Copy Trading

A while ago, we published an interview with the founder of eToro Yoni Assai, about whether or not copy trading could be a challenger to traditional fund management. Copy trading is not new, it’s been around for years, whereby investors will copy the positions of an amateur trader in the hope of making money.

I first came across the concept about 15 years ago, when traders would follow futures traders on Strategy Runner. This of course was for professional regulated advisors to make it easier to have a wider client base and helped with execution allocations. The Strategy Runner technology was later bought by MF Global before its demise. Then came MT4, again, focussing on high-risk markets, like forex and index trading.

But one thing these platforms lacked was a community.

Trading Communities

This is odd because the trading and investing community is one of the most focal out there. There are some hilarious bad pontificators and some very good ones across the entire investment landscape. Seeking Alpha, has some excellent lay contributors looking at stock fundamentals. LSE.co.uk (“London South East” and absolutely no relation to the London Stock Exchange) still have a vibrant community of share chat for UK small-cap stocks. Reddit, has it’s meme’s for pump and dump schemes, and even Saxo Markets, the professional trading platform, tried to introduce a social network for traders called tradingfloor.com where you could link your trading account and see and copy other traders. Covestor tried the concept for stocks in the US, but couldn’t make it work.

One very interesting aspect of eToro’s social trading offering is that they now have a huge amount of data from a broad range of successful investors and traders. They have packed this all together into something they call the GainersQTR smart portfolio which aggregates the investments of the best popular investors on the platform.

But eToro keeps on going from strength to strength. So what is the appeal and why do they have over 20 million users and growing?

Investing for growth

The first thing eToro is keen to point out, when I spoke to the newly appointed UK MD, Dan Moczulski, is that eToro is not a trading platform anymore, they want to be an investing platform. I’ve known Dan for years, he knows the markets and the technology inside out and is well respected within the industry. So I spent an hour with Dan on Zoom, whilst he explained what eToro was all about and where they want to go.

When you execute a trade, unlike other trading platforms where max leverage is automatically given, the default leverage setting on stocks is zero, you can opt for more if you want. However, even though eToro buys the stock in the underlying market, you don’t get voting rights, can’t transfer the stock out, but you do receive your entire dividend entitlement (after it’s been taxed at source). For index and forex trading, though it reverts to form and leverage is set at 20x for indices like the FTSE and 30x for Forex pairs like EURUSD.

Day trading

eToro is not very good for day trading. For a few reaons, the main one being they don’t want to be. My mate Dan, the UK eToro MD told me that they want to be an investing platform rather than a trading platform. He was actually quite put out that we’d included eToro in the trading section, rather than the investing category.

But, whilst I still think there are better options for longer-term investors (although their copy trading track record is doing very well), I don’t think eToro is any good for day trading. There isn’t enough order functionality like, algos, DMA, OCOs, or even limit entry orders. Prices, even though they mimic the bid/offer cannot be tightened up with DMA access. Yes, there is an opportunity to take intra-day positions on indices and forex pairs, but it just doesn’t “feel” like a day trading platform to me.

Brokers like IG, CMC Markets, and City Index are much better for short-term trading. You can compare what we think are the best day trading platforms here, and see how eToro fits in.

Diversfication

But they say, that what they are actually trying to promote is diversification in portfolios by giving new investors the tools to explore the markets. One way they try and do this is through fractional shares and the way people buy stocks. They say they want to give people the opporuntiy to buy lots of little amounts of lots of different stocks (encouraging diversification), If you have £1,000 to invest, you can buy £100 of 10 shares instead of having to figure out how many shares of company A, B & C equates to £100, if at all.

Recurring orders

eToro have just introduced these and it’s been a long time coming. Being able to set up regular buy orders is a really power tool for beginner investors as it forces you to create good investing habits. One of the best ways to invest is little and often when you can afford it. So you can set up regular orders just after you get paid, which means that you are always allocating money to the market. You also benefit from reduced FX conversion fees (0.75%), which means itis actually cheaper for you to invest automatically than to do it yourself.

USD account balances

One thing though, that has always irked me about eToro and one of the reasons I’ve classified it as a trading platform rather than investing account is that all trades are settled in USD. In my mind, they fall at the first hurdle as an investment platform, because, how can you have an investing account where you don’t actually own stocks, you can’t invest in an ISA, there are no SIPPs and you are hit with dreaded foreign exchange fees on every trade you make. All those things are key to an investment account.

But, Dan was quite keen to explain why this was the case. It’s a one size fits all solution. If they want to offer free trading, they have to keep things as simple as possible and using USD as a default currency solves two issues.

One, USD is a global currency and most of the trades on the platforms would be settled in USD anyway, even in the UK.

Does zero commission equal zero costs?

The second issue is how they make money when they have zero commission. eToro makes money on foreign exchange (roughly 0.5% per trade) and they make money from withdrawal fees. There are also some stocks that are not zero commission and CFDs are exempt where eToro makes money on the bid/offer spread. Zero commission may be a loss leader of sorts in the UK, as whilst they earn 0.5% in conversion fees, they lose

As an eToro trader you used to be able to offset that FX charge, because if you ought UK shares, you were not charged stamp duty. But eToro has recently announced that they will no longer be absorbing the stamp duty tax. eToro said they absorbed this as part of their simplicity and low-cost model. But unfortunately, that is no longer the case.

Essentially, you get what you pay for and if you want all this for free you have to compromise on something, which is everything being dealt in USD.

38 Million Users

Perhaps, eToro’s most valuable asset is its client base. 38 million users, all with differing opinions and sentiment. Afterall, that’s what makes market. Opinion, it drives buy and it drives sellers. When more people buy the market goes up, and viceversa.

eToro has built a community of almost 20 million accounts, traders or investors. And when you open up the platform it definitely has more of a social media platform instead of a trading platform.

There are two types of community.

The first is the opinion-based, where the feed is populated with the latest views from eToro clients.

The second is copy trading. You can copy anyone you want (as long as their account settings permit it). Or you can copy what eToro call “Popular Investors”, these are investors who have applied to join eToro’s copytrader platform and aim to earn money from it.

Popular investors

Popular investors can earn up to 1.5% of AUC (assets under copy), or however much money other investors on the platform have chosen to allocate to copy their portfolios. However, eToro is keen to point out that once you have $15,000 copying your trades, you are vetted (not endorsed) by eToro and have to stick within risk parameters. Otherwise it would become a scammers paradise.

The thing about investing is that it’s actually quite easy, any fund manager will tell you that the key is to do your research, buy some good stocks, and then do nothing for a very long time. So as long as you do your research and pick some good investors to follow, who are following the same principle then you “should be ok”. BUT, fund managers have oversight, they have compliance officers and risk committees, so they can’t just change their mind about how and what they invest in. Of course, with some notable exceptions, cough, cough Woodford.

When you look at a potential trader to copy, you can see their trading history, their risk parameters and also what they are invested in. Which if nothing else is a good place to start building a portfolio, because you can see where the best performing investors are putting their money. Which is actually a good strategy in the fund management world as well. Morningstar for instance shows the top ten holdings a fund holds. Take a look at Blue Whale for example, you can see what they are invested in and either copy them by buying the fund, or just buy the top ten stocks they hold in your own investment account. If you want to know how fund managers actually invest we have a couple of good interviews with Stephen Yui from Blue Whale and Jamie Ross from Henderson.

If you don’t know which unregulated amateur traders to follow, you have the option to buy a portfolio of aggregated “Popular Investors” diversifying your risk further, or can opt for a smart portfolio that has been put together by a professional investment firm.

Or if you want exposure to sectors there are Thematic funds, like, for instance, if you want to invest in the Metaverse, which is a hot topic right now. eToro have a selection of what they call Smart Portfolios, where they have selected stocks relevant to sectors, a bit like buying ETFs. So if you want to invest in the Metaverse, but don’t know where to start the MetaverseLife Smart Portfolio contains a basket of stocks and crypto that has exposure to the Metaverse.

Cryptocurrency

This brings me quite nicely onto Cryptocurrencies. In the UK Crypto derivatives are banned by the FCA for retail traders. If you want to invest in cryptocurrency in the UK you either have to be classified as a professional trader, or by them on a crypto-exchange or platform like eToro on a fully paid-up basis.

One thing eToro has always been really good at is being first to market with new assets, they offer quite a wide variety of cryptos compared to other regulated fintechs, but also vet which cryptos they add by demand, liquidity, the tech behind them and also overall due diligence. Cryptocurrencies are too big to ignore and accounted for roughly 73% of eToro’s commission during the second half of 2021. So you can’t trade crypto derivatives, but you can invest in them with eToro, you can buy them, sell them and transfer them out to an external wallet with eToro money.

Customer Service

If you are one of the masses, customer service can be a bit of a pain, there is no telephone helpline and the support enquiries that we have made have generally taken a day or so to be responded to.

But with 20 million customers, a great proportion, who are no doubt beginners that is no surprise. If you have enough money on account ($25k upwards), you do get access to a dedicated desk of dealers in Europe and Canary Wharf.

So, who is eToro for?

So if you are a small trader, eToro does offer a very innovative way to access the financial markets. It’s quite jolly on the social media feed on the platform, and it is what it is. This is what people want, obviously, as they have 20 million customers. The largest incumbents still have only hundreds of thousands in the UK and in the US a few million.

The key difference between investing in trading, is that investing is a long-term thing, trading is speculation for short-term profits.

However, even though eToro may be positioning itself as an investment platform rather than a trading platform, I’d still consider the investments on offer to be high risk, for your fun money.

I genuinely enjoyed playing with the platform and testing what was on offer. It’s game-changing, but I still think they have a long way to go before you’d allocate more than a small percentage of your overall investment portfolio with them. Your longer-term investments are in my view better off with a boring investment platform like Hargreaves Lansdown or Interactive Investors. But, it will be interesting to see how eToro matures over the years, along with their customer base.

Is eToro a good trading platform?

Yes, eToro is a trading platform where you can trade CFDs (Contracts for Difference). It is also an investing platform where you can buy shares and ETFs as an investment.

What are financial instruments on eToro?

Financial instruments refer to the markets or stocks you can trade. With eToro you can trade around 3,00 stocks, 75 cryptocurrencies, 27 commodities 39 currencies, 19 indices and 264 ETFs. Data correct Oct 22

What is copy trading on eToro?

Copy trading means that you automatically copy the trades of other investors on eToro. It is a type of passive investment strategy, but is risky because you are putting your investing decisions in the hands-on an unregulated amateur trader.

How much does it cost to open an eToro trading account?

It is free to open a trading account with eToro but if you want to start trading, you need to deposit funds. In the UK the minimum deposit starts from $50 USD and varies across the countries.

Does eToro have a mobile app?

Yes, a huge amount of trading and investing is done through eToro’s mobile apps. The app is available in both the Apple and Android app stores. You can compare eToro’s app to some of the best trading apps here.

Does eToro offer CFD trading?

Yes, you can trade CFDs with eToro, but you must understand how CFDs work because they are leveraged trading products which means that you can lose money quickly when trading CFDs.

Is eToro the best CFD broker?

No, only around 5% of eToro’s trading volumes in 2021 were from CFD trading, the rest was from cryptocurrency and investing. Whilst eToro does offer CFD trading their offering is very light compared to brokers like Saxo Markets and Interactive Brokers which both offer direct market access (DMA) CFDs.

Can you upgrade to a professional client with eToro?

Yes, you can upgrade to professional client status with eToro. You will get less protection from the FCA, but you will get better margin rates if you want to increase your trading leverage. However, the majority of customers on eToro are private clients in the UK are classified as retail clients. It means they are non-professional traders and investors and as such get more protection from the FCA and reduced leverage rates. You can compare the difference between retail and professional traders here.

Is there a risk of losing money with eToro?

Yes. As with all investing and trading accounts, you can lose money. There is a high risk of losing money when trading with eToro as only around 20% of retail traders make money when trading CFDs. The risk of losing money is less when investing, as you are not trading on margin. But as with all investing if you pick poorly performing investments or copy traders who perform badly, you will lose money.

If you cannot afford to risk losing money and you are thinking of trading on eToro you should not do it. eToro is a trading and investing platform and it is a well-known fact that around 80% of traders lose money on CFDs. Even with investing, your money is at risk, and if you invest in stocks and markets that go down you will get less back than you put into your eToro account. However, eToro does have a growing copy trading platform where you can see the portfolios of profitable traders and investors.

Are eToro fees high?

eToro fees are not high for trading as they offer commission-free trading. However, if you are trading CFDs with eToro, the overnight CFD financing charges are much higher than other brokers. FX fees are also relaively high when buying US stocks and converting GBP to USD.

Is your money safe with eToro?

In the UK eToro is regulated by the FCA so if they go bust your money (up to £85k) is protected by the FSCS. However, your money is not safe from you making bad investment decisions or picking a bad trader to copy trade.

Does it cost money to withdraw funds from eToro?

Yes. eToro charges $5 when you withdraw money. This is one way that eToro makes money.

Do I have to pay tax on profits made with eToro?

Yes. If you make money with eToro you have to pay tax on the profits. The only way to avoid paying tax on trading profits is to trade financial spread bets in the UK. If you want to know more about spread betting, I explain why it is tax-free investing here.

Does eToro have a monthly fee

Yes. eToro will charge you $10 a month if you do not use your account after 12 months. This is called an inactivity fee and will not take you below a zero account balance.

Does eToro offer SIPPs and ISAs?

No. eToro does not offer tax-efficient stocks and shares ISA accounts of SIPPs for you to invest for your retirement. However, eToro does have a partnership with MoneyFarm where you can have a stocks and shares ISA account.

How does eToro make money?

eToro makes money on the difference between the bid and offer spread when you buy and sell shares, indices, commodities, forex pairs and cryptocurrency. eToro also makes money in fees for depositing and withdrawing money and on FX conversions.

Pros

Really simple to use
Social and copy-trading
Set your own leverage
Pre-built sector portfolios

Cons

Can only trade and invest in USD
No SIPPs or ISA
No direct market access

Pricing

(4.5)
Market Access

(5)
Online Platform

(4.5)
Customer Service

(4.5)
Research & Analysis

(4.5)

Overall

4.6

Visit eToro

XTB: Good Gold trading educational material

Costs & spreads: 0.35
Minimum deposit: £1
Equity overnight financing: -0.02341% / -0.00159% DAILY
Account types: CFDs

81% of retail investor accounts lose money when trading CFDs with this provider

XTB Review: A Great All Round Trading & Investing Platform

Provider: XTB

Verdict: XTB is a CFD and forex broker headquartered in Poland and listed on the Warsaw Stock Exchange (WSE:XTB) valued at over $1bn. XTB was founded in 2003 and offers forex, indices, commodities, ETF and stock CFD trading. XTB has historically used celebrity endorsements to promote it’s brand including Jose Mourinho, Conor McGregor, Joanna Jędrzejczyk and Jiří Procházka.
75% of retail investor accounts lose money when trading CFDs with this provider

Visit XTB

Is XTB a good broker?

XTB, are a decent all-round trading platform and a good choice for most small-to-medium sized CFD traders. They are publically listed in Poland and offer, competitive spreads on a fairly wide range of markets.

The key things to focus on when considering trading with XTB are:

They have their own proprietary trading platform. When I interviewed Omar Arnaout, the XTB CEO Omar Arnout, he said “I’m really proud of our platform and honestly believe it’s one of the best in the market.” Rightly so.
They really push client education, XTB won “Best Trading Platform Education” in our 2023 awards (although they didn’t show up to collect the trophy, they never do). You can read their Q&A on forex education here.
Customer service is paramount. Omar said that “first and foremost is the customer service”. I really agree with this as I think it’s important to have a few different trading accounts (diversify, diversify, diversify) and you’ll trade more with the broker that treats you best.

Pros

Publically listed
Mulitple platform choices
Innovative order types

Cons

Not UK based
No DMA

Pricing

(4)
Market Access

(4)
Online Platform

(4)
Customer Service

(4)
Research & Analysis

(4)

Overall

Best Gold Trading Platforms For Spread Betting/CFDs & Futures

No one broker offers a combination of all three and only Saxo and Interactive Brokers offer gold futures trading to retail clients in the UK.

You can spread bet and trade CFDs on gold/silver prices directly with a large number of spread betting firms, such as IG. Spread betting is speculating on the direction of an asset price. You don’t actually own the gold physically – just the price movements of gold.

If you expect gold price to rally, you open a long position in gold, which is either based on spot prices (position normally closed at the end of the session) or futures prices (depending on the latest contract month, called the front month).

On the other hand, if you anticipate gold prices to drop, you open a short position.

The key in spread betting is the position size: How much are you going to bet on each position? Too large (relative to your equity) the position may hit your portfolio hard if prices move adversely. Too small the gains are insufficient to compensate for the losses. The art of spread betting is selecting a position size that makes the gains larger than losses over time.

Note that spread betting gold prices is more speculative that owning gold ETF because the leverage is higher. Some spreadbet instruments are based on gold futures prices, which need to be rolled over at certain months, adding costs to the position.

CFDs are a more global product for European traders as they do not benefit from the UK tax breaks. Futures are really for larger traders as they are traded on an exchange with have large minimum contract sizes.

Compare all spread betting brokers here

Best Gold Options Trading

Another way to bet on gold prices is to buy options on gold/silver prices. Options are financial derivatives that leverage one’s position on the direction of gold prices.

IG offers gold options via spread bets and CFDs, and you can trade gold options with DMA through Interactive Brokers and Saxo.

To acquire options, you pay a premium to buy or sell gold/silver at certain prices. This premium depends on price volatility, interest rates and the ‘strike price’. That is, the price you wish to buy gold. You can win or lose a large amount of capital with options since options can expire worthless. On the other side, you can sell options for a premium (option writing).

Clearly, options are not a suitable avenue for everyone due to the complexity of the instrument and the embedded leverage of the contract. Options are short-term instruments that magnifying the returns on gold prices.

Compare gold options brokers here

What are the cost of trading and investing in gold?

Depending on what you own, there are cost in investing in gold. Owning physical gold, for example, entails storage charges and insurance cost. Security is also another issue.

Trading financial gold prices – such as spread betting – will incur transaction costs slippage and overnight financing charges. Over time, these trading frictions are not cheap. You will have to beat these frictions to make money in trading gold.

Overtrading is a risk for traders because of these frictions. Overtrading means a trader is buying and selling too frequently – instead of waiting for good market opportunities.

Another word of warning: the cost of trading gold often increases during volatile sessions.

During a period of market upheaval, because brokers will widen spreads to protect their positions. Slippage will increase tremendously.

When the price moves are dramatic – say limit up for five consecutive sessions – exchanges may even will increase margins to calm things down. By demanding more collateral may force a liquidation of positions.

A recent famous disruption in commodity trading was Nickel in March 2022. Prices soared in the initial phase of the Ukraine war. LME ceased trading immediately and canceled trades.

What are the risks in buying gold?

From the investment point of view, all assets carry risk. Not all that glitters is gold.

Warren Buffett, for example, has advised the public against buying too much gold. This is because the metal has no earnings, dividends, and certainly no growth.

“Gold,” explained the guru, “has two shortcomings, being neither of much use nor procreative….if you own one ounce of gold for an eternity, you will still own one ounce at its end.” That’s right, gold does not grow, nor compound. In his eyes, gold is inferior to the likes of Coca-cola (KO) and Apple (AAPL) since these fantastic companies grow over time, do share buybacks, and distribute dividends.

For example, since late 2022 Nvidia (NVDA) rocketed nearly 900 percent as its revenue soars from increased AI usage. You will not find these sort of mad growth in gold, ever.

Another risk come from leveraged positions in gold. Whenever traders borrowed money to increase the position size in gold, it invites troubles. Gold prices can be very volatile at times.

Therefore, investors should only allocate a sensible amount of their portfolio in gold, and only trade the metal if they have sufficient technical knowledge to do so.

Like all asset classes, gold prices go up and down. Buy gold at the wrong price or at the wrong time can result in a significant portfolio drawdown. For example, owning gold in the early eighties after the bubble burst led to a significant wealth contraction.

More importantly, gold bull markets don’t come around all that often. The last time we had a big bull was back in 2001 to 2011 – ten years of consecutive price increase. After that, prices slumped by 40-50 percent. (Gold miners performed even worst – some collapsed by 80-90 percent.)

So the second risk of trading gold is missing out the long bull in gold. This is known as the ‘sin of omission’.

Then, it must be pointed out that when trading gold futures and options, be aware of the inherent leverage. Gold prices themselves are already volatile enough. Coupled with leverage, this is a recipe for volatile – and sometimes disastrous – results. Ergo, the third risk in trading gold is overleverage. Do not fall into this trap.

The last risk in gold trading is missing out on opportunities elsewhere. When gold is in a bear market, a trader should concentrate on other assets instead of forcing trades in gold.

What moves gold prices in trading?

Gold is a macro asset. It derives its price pattern mostly from macro conditions.

Of course, supply and demand is important. But these statistics are often backward looking and contain little or no predictability that traders can use. And then there is the issue of accuracy. Few authoritative statistics are available to confirm the global gold supply or demand. Hence, these statistics may not impact gold’s day-to-day prices.

What, then, moves gold prices?

Economic Indicators

Since gold is a macro asset, economic indicators can swing its price chart sharply. Data such as US GDP, unemployment, Fed minutes or FOMC meetings are some of the catalysts that affect gold prices.

Sometimes, a financial crisis will also hit gold prices acutely. The Euro crisis in 2009-2011 sparked a rush into safe haven assets – assets like the Japanese Yen, Swiss Franc and gold. The latter soared from $1,300 per ounce to $2,000.

Fundamental economics

Later, quantitative easing programs also led to periodic rallies in gold prices. In June 2020 during the pandemic, gold prices surged as the Fed sought to resuscitate the wilting economy by pumping an enormous amount of credit into the banking system. Part of this liquidity flowed into gold.

Market sentiment

The general market sentiment also impact gold prices, perhaps inversely. When ‘risk off’ strikes, it may lead to a frantic buying of gold.

Technical indicators

Lastly, technical patterns in gold is equally important. For two reasons. First, strength begets strength. A strong gold price will attract more speculative capital and this will push gold prices higher. Second, many funds trade based on price movements alone. A breakout above, say the round number level at $1,500, will immediately cause a cascade of buy orders. Trend traders follow gold trends with trend-following indicators like 150-day moving average. Of course, technical patterns may fail. A failed breakout leads to whipsaws. An uptrend can reverse abruptly.

Financial prices are not set in stone. There are many factors can can move prices. Ultimately, gold prices are based on supply and demand. If you are long term investors buying at $1500 or $1550 makes little difference. The issue is finding the suitable strategy for you.

⚠️ FCA Regulation

All gold trading platforms that operate in the UK must be regulated by the FCA. The FCA is the Financial Conduct Authority and is responsible for ensuring that UK gold brokers are properly capitalised, treat customers fairly and have sufficient compliance systems in place. We only feature gold trading platforms that are regulated by the FCA, where your funds are protected by the FSCS.

Gold Trading FAQs:

What is the best platform for trading gold?

IG is one of the best brokers to trade gold with as you can speculate via tax-efficient spread betting, as well as trade CFDs and invest in physical gold through shares and ETFs.

Where can you trade gold?

You can either trade gold directly on exchange with a futures and options broker, or speculate on derivatives through an OTC product like spread betting or CFDs.

Can you trade gold without a broker?

You can but it is very expensive to store and take delivery of enough gold to speculate on. It is much cheaper and safer to trade gold through an FCA-regulated commodities broker.

Can you make money trading gold?

Yes, you can make money trading gold if you time the market correctly. However, as with all speculative trading, a large percentage of retail traders lose money if using leverage.

What is the safest way to buy gold?

The safest or lowest-risk way to buy gold is to invest in a Gold ETF through an FCA-regulated investment platform. However, it’s important to note that if the price of gold goes down your investments will be worth less.

Richard Berry

Richard is the founder of the Good Money Guide (formerly Good Broker Guide), one of the original investment comparison sites established in 2015. With a career spanning two decades as a broker, he brings extensive expertise and knowledge to the financial landscape. Having worked as a broker at Investors Intelligence and a multi-asset derivatives broker at MF Global (Man Financial), Richard has acquired substantial experience in the industry. His career began as a private client stockbroker at Walker Crips and Phillip Securities (now King and Shaxson), following internships on the NYMEX oil trading floor in New York and London IPE in 2001 and 2000. Richard's contributions and expertise have been recognized by respected publications such as The Sunday Times, BusinessInsider, Yahoo Finance, BusinessNews.org.uk, Master Investor, Wealth Briefing, iNews, and The FT, among many others. Under Richard's leadership, the Good Money Guide has evolved into a valuable destination for comprehensive information and expert guidance, specialising in trading, investment, and currency exchange. His commitment to delivering high-quality insights has solidified the Good Money Guide's standing as a well-respected resource for both customers and industry colleagues. You can contact Richard at richard@goodmoneyguide.com

This article contains affiliate links which may earn us some form of income if you go on to open an account. However, if you would rather visit the gold brokers via a non-affiliate link, you can view their gold trading pages directly here:

Best Gold Trading Platforms Compared & Reviewed

City Index: Best broker for Gold CFD trading

City Index Gives Traders A Huge Range Of Added Value & Markets

Overall

Forex.com: Gold & Currency Trading

FOREX.com Won Best Forex Broker in our 2025 Awards

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Pepperstone: Automated Gold trading on MT4

Pepperstone is a great broker for automated trading and active traders

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Spreadex: Gold trading with personal service

Spreadex Expert Review: Financial Trading With Excellent Personal Service

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Plus500: Global CFD Platform for Trading Gold

Plus500 lets you trade global markets platform on a simple to use platform

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IG: Best broker for spread betting on Gold

IG Won Best Trading App in the 2025 Good Money Guide Awards

Who is IG?

Index & Forex Trading

Quality Service

No B-Book

Spread Betting & CFD Trading

IPO Grey Market

Global Differences

What Does the Trading Platform & App Look Like?

High Net Worth Accounts

Sticky Clients

Investing, ETFs & Share Dealing

Ratings Explained

Overall

Interactive Brokers: Discount Gold trading & conversions

CMC Markets Offers Great Tech for Active Traders

What Does the Platform Look Like?

History Of CMC

CMC Markets: Spread Betting & CFDs

CMCX Share Price

Market Range

CMC Markets Sector Bets & Diversification

What Does the Forex Section Look Like?

Share Baskets

Deal4Free

Alpha & Price Plus

CMC: Profitable Client Sentiment

CMC Markets: Education & Analysis

Institutional Prime Services (CMC Connect)

CMC Markets Review Ratings Explained

Overall

CMC Markets: High-tech Gold trading platform

CMC Markets Offers Great Tech for Active Traders

What Does the Platform Look Like?

History Of CMC

CMC Markets: Spread Betting & CFDs

CMCX Share Price

Market Range

CMC Markets Sector Bets & Diversification

What Does the Forex Section Look Like?

Share Baskets

Deal4Free

Alpha & Price Plus

CMC: Profitable Client Sentiment

CMC Markets: Education & Analysis

Institutional Prime Services (CMC Connect)

CMC Markets Review Ratings Explained

Overall

Saxo Markets: Best broker for Gold ETFs & investing

Saxo have some of the best trading and investing platforms for advanced and beginner investors

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eToro: Copy other people’s Gold trading

eToro Has Become One Of The Biggest & Most Innovative Brokers Around The World

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XTB: Good Gold trading educational material

XTB Review: A Great All Round Trading & Investing Platform

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Best Gold Trading Platforms For Spread Betting/CFDs & Futures

Best Gold Options Trading

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