A Good Gold Broker is one of the keys to your successful trading career.
Besides a good trading strategy and risk management, to trade gold successfully you should select a good execution and lowest spread gold broker to save trading cost and increase your profit.
Spread and Trading Cost
You may spend up to 10000 USD a year for trading cost if you select a wrong gold broker. For example: a 20 pips spread gold broker will charge you 20 USD for opening a long or short order and another 20 USD for closing/taking profit that order, so you will pay a total 40 USD per order.
Spread and Gold Trading Cost
| Number of Orders | Total Cost | Trading Fee |
|---|---|---|
| 1 Order per Day | $40 x 1 | $40 per Day |
| 22 Orders per Month | $40 x 22 | $880 per Month |
| 22 x (12 months) Orders per Year | $40 x 22 x 12 | $10,560 per Year |
Trade Execution
Trade execution is important to your trading strategy and psychology, some gold brokers use bad execution practices to stop out your long/short order which make you lose confidence in your trading strategy and lower your trading profit.
List of Best Gold Brokers
| Broker Name | Country & Licenses | Minimum Capital | Web |
|---|---|---|---|
| ICMarkets | Australia, ASIC | 200 USD | Click Here To Visit |
| LMAX | UK, FCA | 10,000 USD | Click Here To Visit |
| Dukascopy | Switzerland, Swiss FINA | 200 USD | Click Here To Visit |
| Forex | USA | 200 USD | Click Here To Visit |