Best broker for UK residents with narrow Gold spreads | Metals Mine

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Best broker for UK residents with narrow Gold spreads

  • #1
  • First Post: Nov 18, 2006 8:47am Nov 18, 2006 8:47am
Anyone recommend a decent Broker for trading Gold with a narrow spread


Thanks

Needs to accept UK residents
  • #2
  • Nov 19, 2006 8:50am Nov 19, 2006 8:50am
come on someone please help me
  • #3
  • Nov 19, 2006 10:19am Nov 19, 2006 10:19am
Have you considered trading future gold contracts? That is the best deal actually. For 450 usd u can trade a mini contract.

Try www.mbtrading.com or www.interactivebrokers.com for that. They brokers with outstanding reputation for retailers.

Otherwise you can try trading Contracts For Difference (unless you American citizen) at Fibogroup.com. They have gold contracts.


Hope it's of any help,
Sulz
  • #4
  • Nov 19, 2006 12:01pm Nov 19, 2006 12:01pm
Also take a look at:

http://www.lionsfutures.com/


Low commissions, Low day-trading margins
  • #5
  • Nov 19, 2006 12:42pm Nov 19, 2006 12:42pm
Well i'm looking for something around 75 PIPS max..Realy hard to trade Gold above that and make a decent profit IMO
  • #6
  • Nov 19, 2006 1:06pm Nov 19, 2006 1:06pm
OANDA does gold and silver as part of their fx platform...You can demo it to get a feel for the spreads and stuff (gold spreads are lowest during NY trading hours)
  • #7
  • Nov 19, 2006 1:44pm Nov 19, 2006 1:44pm
Quoting marc williams
Well i'm looking for something around 75 PIPS max..Realy hard to trade Gold above that and make a decent profit IMO
Last 2 gold trades I traded with OandA were at 50
Profit is where readiness meets Opportunity
  • #8
  • Jun 1, 2019 11:27am Jun 1, 2019 11:27am
OANDA was good for GOLD also but then regulation came... reducing leverage and all..
Would like to know some good reliable broker for gold trading that also provide at least 10-50:1 leverage.
Can you afford to take that chance?
  • #9
  • Jun 2, 2019 2:39am Jun 2, 2019 2:39am
Quoting auricforecas
OANDA was good for GOLD also but then regulation came... reducing leverage and all.. Would like to know some good reliable broker for gold trading that also provide at least 10-50:1 leverage.
Move to Asia
Attached Image (click to enlarge)
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  • #10
  • Jun 2, 2019 5:27am Jun 2, 2019 5:27am
Quoting Hutch
{quote} Move to Asia {image}
Yeah, I am playing with that IDEA, have opened a few accounts that I am currently testing. I might add, some deals seems to be too good to be true almost
But switching broker is very hard for me since it would have to be reliable, tested, respected and fool/scam/shady-proof in terms of (local) government.
But since some trading strategies became almost impossible with ESMA and/or NFA/CFTC regulated brokers, I am currently testing one asian broker that have FCA regulation, which seems to be a sweet spot for same strategies, that is still regulated by respectable authority that seems to give a little more trading space, at least for the moment.
Can you afford to take that chance?
  • #11
  • Jun 2, 2019 5:59am Jun 2, 2019 5:59am
For xauusd I use Axi. Spread is typically 6 or 7 cents during liquid hours.
Even if you.trade the GC futures, tick = 10 cents
  • #12
  • Jun 13, 2019 7:11am Jun 13, 2019 7:11am
Quoting auricforecas
OANDA was good for GOLD also but then regulation came... reducing leverage and all.. Would like to know some good reliable broker for gold trading that also provide at least 10-50:1 leverage.
I am using fxbrew for quite some now, I trade forex, commodities and some major cryptos, their spreads are comparatively low and leverage offered is also good, up to 500X. You can give them a try!
  • #13
  • Jul 3, 2019 10:28am Jul 3, 2019 10:28am
I'm giving Interactive Brokers a spin for trading gold, I'll let you guys know what I think.

Otherwise I've been trading the IAU ETF on Fidelity which offers $0 commission. If you want leverage selling gold, the DGLD ETF looks like it could be a pretty strong route for doing so. Be careful with that right now though.
careful not to step in a pile of it
  • #14
  • Jul 3, 2019 1:37pm Jul 3, 2019 1:37pm
Quoting bulltrap
I'm giving Interactive Brokers a spin for trading gold, I'll let you guys know what I think. Otherwise I've been trading the IAU ETF on Fidelity which offers $0 commission. If you want leverage selling gold, the DGLD ETF looks like it could be a pretty strong route for doing so. Be careful with that right now though.
How does IAU compare to GLD?
If you have faith in our leaders of commerce, don't buy gold.
  • #15
  • Jul 3, 2019 2:34pm Jul 3, 2019 2:34pm
Quoting BubaYaga
For xauusd I use Axi. Spread is typically 6 or 7 cents during liquid hours.
Thanks for the tip BubaYaga. Will check it out.
If in doubt, paddle out!
  • #16
  • Jul 4, 2019 5:13pm Jul 4, 2019 5:13pm
Quoting 676f6c64
{quote} How does IAU compare to GLD?
IAU has lower fees but lower volume. I see that as giving me a slight advantage when trading anything more than very short term.
careful not to step in a pile of it
  • #17
  • Jul 4, 2019 5:54pm Jul 4, 2019 5:54pm
Quoting bulltrap
I'm giving Interactive Brokers a spin for trading gold, I'll let you guys know what I think.
I've been with them for awhile and love IB. I wouldn't use them for analysis/charting, but if all you're doing is executing trades they're tough to beat.

Quoting 676f6c64
{quote} How does IAU compare to GLD?
Bulltrap is right, IAU is better due to the lower expense ratio. I'd still trade GLD options though.

Here's a list of other Gold ETFs you might be interested in:

https://etfdb.com/etfs/commodity/gol...er=desc&page=1

Levered funds like UGLD and DGLD would be interesting choices too, but I'd watch for tracking error with those.
Self-sufficiency is the greatest of all wealth. - Epicurus
  • #18
  • Jul 5, 2019 11:15am Jul 5, 2019 11:15am
Quoting Ef5
Bulltrap is right, IAU is better due to the lower expense ratio. I'd still trade GLD options though. Here's a list of other Gold ETFs you might be interested in: https://etfdb.com/etfs/commodity/gol...er=desc&page=1 Levered funds like UGLD and DGLD would be interesting choices too, but I'd watch for tracking error with those.
Great info thank you. The IAU expense ratio is 0.25%, GLD is 0.40%.

UGLD and DGLD look interesting... I may check those out. There is a 1.35% expense ratio on those bad-boys though.
If you have faith in our leaders of commerce, don't buy gold.
  • #19
  • Jul 5, 2019 12:29pm Jul 5, 2019 12:29pm
Quoting 676f6c64
{quote} Great info thank you. The IAU expense ratio is 0.25%, GLD is 0.40%. UGLD and DGLD look interesting... I may check those out. There is a 1.35% expense ratio on those bad-boys though.
Yep, the expense ratio is high but with levered funds I'm never too concerned about that. With a triple levered fund, getting the direction right is pretty much my only concern. lol

Plus, 1.35% is cheaper than what you could borrow on margin. Most brokers charge around 10% for margin so a 1.35% expense ratio seems very reasonable under that light.
Self-sufficiency is the greatest of all wealth. - Epicurus
  • #20
  • Jul 13, 2019 7:09am Jul 13, 2019 7:09am
Quoting BubaYaga
For xauusd I use Axi. Spread is typically 6 or 7 cents during liquid hours. Even if you.trade the GC futures, tick = 10 cents
The normal OANDA spread for gold is between 25-30 pips so it's reasonable. The biggest problem trading anything is to find a low spread reliable broker. For example I like to trade USDDKK because the ATR is about 300 pips but the spread that OANDA charges is 16 pips. I found another broker that charges only 6 pips so I opened an account with that broker only to trade one pair. This is extremely inefficient but worth it
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