FROM OUR PARTNERS

Best Gold Trading Brokers of 2022

Ashley Jackson

Trade in the precious metals market and set yourself up for success by selecting a broker that understands your needs. We’ve considered the best online brokers based on commissions, account minimums, ease of use, and overall quality.

Trade a wide range of financial assets

$0 - $9.95

Fee Per Trade

$0

Account Minimum

Overview

Ally Invest offers competitive pricing on financial securities and robust research tools to help you make better-informed investment decisions.

What we like

  • Low cost commissions 
  • Wide selection of product offerings 
  • Up to $3,000 cash bonus
  • No minimum deposit required
  • Up to $75 for brokerage transfers

What we don't

  • Crypto not supported
  • Mutual fund fees

Get up to $625 when you open and fund an account

$0

Fee Per Trade

$0

Account Minimum

Overview

J.P. Morgan Self-Directed Investing offers beginners and seasoned investors free trades and a portfolio tool to help build out their asset allocation.

What we like

  • Unlimited trades with $0 commissions
  • No minimum investment
  • Manage investments from a mobile app
  • Portfolio builder tool to help with asset allocation
  • Access to research and insights

What we don't

  • Limited accounts, such as no SEP-IRA
  • No fractional share trading

INVESTMENT AND INSURANCE PRODUCTS ARE: NOT A DEPOSIT • NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE

Copy investments from successful traders

$0

Fee Per Trade

$0

Account Minimum

Overview

eToro is a multi-asset platform that offers both investing in stocks, cryptocurrencies, and trading in CDF assets. It provides an innovative approach to ‘Social Trading,’ also known as ‘Copy Trading.’ Social trading allows users to connect, share their trades, and copy successful traders’ trades for potential gains.

What we like

  • Commission-free real stock trading
  • Offers money and risk management tools
  • A lot of learning materials available
  • Offers a free demo account
  • Copy successful traders investments

What we don't

  • Higher spreads and rollover fees
  • High non-trading fees

Discover new ideas from an active investing community

$0

Fee Per Trade

$0

Account Minimum

Overview

Public provides access to a powerful suite of tools, daily insights from millions of investors, and curated content and news, so all members can have the tools and resources needed to invest with context.

What we like

  • All-in-one investing platform 
  • Wide selection of product offerings 
  • Commission-free
  • Insights from an investing community of millions
  • Invest in any fractional asset
  • Live in-app shows about the markets

What we don't

  • Limited account types
  • No in-person customer support

Margin trading available with premium account

$0 - $9.95

Fee Per Trade

$0

Account Minimum

Overview

Axos Self-Directed Trading provides investors commission-free trades and an all-in-one solution for banking and investments.

What we like

  • Commission free trading on most assets 
  • Easy to use platform
  • Wide selection of product offerings 
  • No minimum deposit required
  • Extended market hours for premium accounts
  • Joint accounts available

What we don't

  • Crypto not supported
  • Premium account required for certain features
  • No in-person customer support

Offers fractional share trading

$0

Fee Per Trade

$0

Account Minimum

Overview

SoFi allows you to trade cryptocurrencies, stocks, and ETFs. It also uses the SIPC protection scheme and offers up to $500,000 in insurance coverage.

What we like

  • Free trading on ETFs and stocks
  • Offers fractional shares
  • A wide variety of cryptocurrencies
  • Free financial advice
  • No account minimum

What we don't

  • Does not offer mutual funds, bonds and options
  • Limited track record

Why use gold trading brokers?

Here are a few reasons to use a gold trading broker:

  • Education: To trade effectively, it is essential that you know the market well and understand how it works. The broker should have educational resources that teach you about technical analysis, futures contracts, and other essential topics. You can also talk to them about your trading goals and ask for advice on how to meet them successfully.
  • Analysis and news: Trading news and analysis help traders understand how various factors affect the price of crude oil and how they can profit from these movements.
  • Professional advice: A good broker will offer advice based on their experience in the business and advise which assets are best suited for your needs at any given time.

Are gold trading brokers safe?

Brokerage accounts are safe. You can keep your money safe by choosing a broker who offers the best security options and keeps your account information confidential.

What are the fees for gold trading brokers?

Fees are charged for all accounts, but some brokers offer a free account for traders. The commission-free account is often limited, but it does not require you to pay any fees to trade on the exchange. Some brokers also charge a small fee for opening an account.

What ETFs can you invest in through gold trading brokers?

There are several types of gold ETFs that you can invest in through brokers:

  • SPDR Gold Shares (GLD): This is the most popular type of gold ETF and one of the oldest. It tracks the price of gold relative to the dollar and includes physical gold bullion held in vaults worldwide. This means that when you buy GLD shares, you’re buying shares in those physical gold bars. The cost is higher than other types of gold ETFs because there’s more overhead associated with storing all that physical metal. If you want to invest in physical gold, GLD is your best bet because it offers direct exposure.
  • SPDR Gold MiniShares (GLDM): The GLDM is another popular option for investing in gold because it offers investors more flexibility than GLD. This fund holds physical gold bullion and pays dividends, but investors can trade shares during market hours as if they were stocks. The GLDM fund does not have a minimum investment requirement, so all investors can participate without buying large amounts of gold.
  • iShares Gold Trust (IAU): iShares is an exchange-traded fund that tracks the price of gold. You can buy and sell this ETF just like any other stock. The fund owns physical gold bullion that is stored in a secure vault in London. The IAU ETF trades on the New York Stock Exchange under the ticker symbol “IAU.”
  • Aberdeen Physical Gold Shares ETF (SGOL): SGOL is another option, but it’s important to note that this fund is not backed by physical gold. Instead, it holds shares in a trust that owns physical gold bullion. This means that the fund can be an appropriate choice for those who want exposure to gold without purchasing and storing the actual metal.

Benefits of investing in ETFs through gold trading brokers

Investing in ETFs is a great way to diversify your portfolio. There are many benefits of investing in ETFs through gold trading brokers which include:

  • Accessible to everyone: Gold trading is accessible to everyone. The only requirement is that you have enough money in your trading account to pay for all your transactions when buying or selling ETFs.
  • Liquidity: ETFs are highly liquid investments. Most brokerage firms offer their clients an online platform where they can buy, sell or trade their shares anytime they want without paying any commissions or fees on these transactions.
  • Easy to diversify: ETFs are easy to diversify because they cover a wide range of assets such as stocks and bonds. Investors can easily diversify their portfolios by investing in an ETF that covers a specific sector or industry. For example, if you want to invest in the technology sector, you can buy a technology ETF that tracks companies involved in this business.

How to choose the best gold trading brokers

Here are some of the most important factors you should think about when choosing a gold broker:

  • Regulation: Regulated brokers have high standards of business conduct and ethics. They must meet all legal requirements, including anti-money laundering (AML) regulations, customer privacy laws, and other rules that protect investors.
  • Trading platform: A good trading platform should be easy to use, with advanced features such as real-time market data, charting tools, and multiple order types. It should also have access to various markets so you can trade currencies, commodities, stocks, and bonds from a single account.
  • Price and commission: Different brokers have different fees. Some charge a flat fee, while others charge a percentage of your total trade value. While trading with a broker that charges a percentage of your total value may seem cheaper, it’s not always cheaper. The price of gold can fluctuate, so the amount you will pay for commission could be more than expected. Find out how much each broker charges.
  • Trading accounts: Most brokers offer two types of accounts: standard and margin. A standard account allows you to deposit a certain amount into your account and then use that money to make trades. A margin account allows you to borrow additional funds from the broker to increase your leverage.
  • Customer support: Your broker should have excellent customer service to help you 24/7. You want to be able to contact them by phone, email, or live chat at any time you need assistance with your account or a trade.