Gold is a highly tradable metal in the trading market. Not only Gold, some others, and this precious metal is known as a reliable safe-haven asset.
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There are several advantages to trading gold. Most of the beneficial factors are:
It's easy to place short/long position orders, and you can take advantage of both falling and rising markets.
The leverages are high, that's special for traders such as 1:200.
There are a lot of brokers who offer gold trading. So, comparing between them and choose the competitive one is easy.
You can trade 24/7 when forex trading is allowed 24/5.
Without any doubt, it's effective trading for traders. In most cases, it nearly traded against American Currency – the currency and gold pair code are XAU/USD.
So, you need to track the movements of the US dollar.
A decrease in the price of USD could increase the cost of Gold. So, keep your eye on news & analysis sites for fundamental analysis and upcoming trends.
Excluding major pairs, the gold trading value exceeds on the market. Here liquidity also plays a good role.
There are different types of accounts that depend on the broker and broker types. In most cases, usually, brokers are offering these types of accounts:
This account is designed for beginners. For more specific traders who don't have the opportunity to start with $1000, it's notable for them.
This account is designed for intermediate to advanced levels of traders. After trading on a micro account, you should move on to this account. The deposit and trading funds need higher than the gold account. The capital required here is between 1,000 USD and 9,999 USD.
The account is only for experts and regular traders. It starts with big funds. The VIP/Platinum account starts at $25,000. The special benefit of the account is client support.
Registration: Ensure that the forex broker is registered with the respective country's regulating authority, as authorities register only professionals. Stay away from unregistered individuals, as they are not authorized to open an account on your behalf.
Competition among forex brokers benefits the forex trader by making it possible to find the services that most contribute to your success as a forex trader. There are so many brokers that it's possible to compare services, weed out brokers that don't have what you want, and focus on the two or three brokers that do.
Finding the best forex broker for you does require some diligence and the willingness to ask tough questions and to insist on clear, concise answers. Be aware that until recently, the forex industry had very little in the way of regulation, thus no safeguards to prevent an unscrupulous broker from telling you what they think you want to hear and letting you find out the hard way that what you thought you understood was not precisely the reality of the situation.
Always, always, always read and understand the disclosures that will be provided to you. If there's something you don't understand, ask questions. If you can't get satisfactory answers, eliminate that broker, no matter how attractive they may otherwise seem.
Finding the best forex broker online is one way to begin the process of elimination that will lead you to your top two or three candidates.
You can start by using a simple search term, such as best forex broker reviews.
There are two main types of forex brokers: Market makers and ECN, or Electronic Communications Networks. Market makers are frequently accused of trading against their customers, and there's little doubt that this has happened in some instances. Still, there are reputable market makers that realize that the more success you enjoy as a trader, the longer you will be trading with them, thus earning them the spread fees, which are their lifeblood.
Ultimately, the research you do upfront will lead you to the final goal: the best gold forex broker.