Apart from gold, silver is one of the most popular precious metals to trade. But, how to choose the right broker that supports silver trading?
While gold is often considered the most popular metal on the market, silver is also an attractive option for investors looking for long-term investments at affordable prices. Silver has many unique benefits and weaknesses that may be suitable for various types of traders. However, investing in silver is not as simple as it looks. Apart from finding a good strategy, it would be best if you also chose a good broker.
Here are some recommendations to get you started:
- FBS: Offers 0.01 pip spreads for silver with 1:3000 maximum leverage.
- AvaTrade: Offers a competitive spread of 0.029 and a maximum leverage of 1:50.
- FP Markets: Has a minimum spread of 0.015 and an average of 0.020.
- FXTM: Has a minimum spread of 0.09 with up to 1:500 leverage.
- Blackbull: The spread starts from 0.8 pips while the leverage can reach 1:500.
- Eightcap: The minimum spread is 0.01 with leverage up to 1:500.
These brokers also offer various other features for silver trading. What else should you know about these silver brokerages?
FBS
FBS broker offers a comprehensive silver trading experience with attractive features. With a minimum spread of just 0.01, traders can access the silver market with precision and minimal cost.
The remarkable leverage of up to 1:3000 empowers traders to maximize their trading potential and capitalize on market opportunities. One of the standout advantages is that FBS doesn't charge any commission fees. What's more, low trading cost is highlighted by the low minimum deposit requirement of only $1.
FBS offers a versatile and accessible platform for silver trading through its popular platforms, MT4, MT5, and FBS Trader. What sets FBS apart is its commitment to inclusivity, as silver trading is available across all FBS trading account types, whether it's the pro, cent, or standard account. Additionally, FBS offers a range of major currency pairings for silver trading, including XAG/USD, XAG/GBP, and XAG/EUR.
Since 2009, the action of FBS Holding Inc. or known as FBS in the world of forex trading has been recognized by various international institutions. With clients reaching 14 million as of 2019, FBS has received the title of Most Transparent Forex Broker 2018, Best Investor Education 2017, Best Customer Service Broker Asia 2016, IB FX Program, and many others.
FBS is regulated by FSC Belize and CySEC Cyprus. This broker has been trusted by millions of traders and 370 thousand partners from various countries. Based on their data, FBS garners about 7,000 new traders and partner accounts every day. And, 80% of the clients stay in the FBS for a long time. No wonder the broker is growing rapidly due to the incredible growth in the number of clients.
Trading products offered by FBS range from forex, CFD, precious metal, and stock. For forex trading, CySEC-regulated FBS offers leverage up to 1:30 on Cent and Standard Accounts. Clients who want to try higher leverage than that can alternatively register an account under FBS Belize.
FBS spread begins from 0.5 pips for Pro account type and from 0.7 pips for Standard and Cent accounts. On a standard account, volume orders can be made from 0.01 to 500 lots. Therefore, this account is recommended for experienced traders.
Whereas on Cent Accounts, volume orders can be carried out with a maximum of 500 cent lots or the equivalent of 5 standard lots. Cent Accounts involve a different level of risk. FBS recommends Cent Accounts for beginner traders. All account types support the following trading instruments: 36 Forex pairs, 8 metals, 3 energies, 11 indices, 127 stocks, 5 crypto pairs.
Before plunging into the real forex market, traders can practice with FBS Demo Account which consists of two types, i.e Standard and Cent.
FBS uses the MetaTrader 4 and MetaTrader 5 platforms. They offer them on Windows and Mac as well as Android and iOS mobile. These platforms provide a trading experience at traders' fingertips, allowing traders to progress as a trader anywhere at any time.
MetaTrader platforms also have a variety of mainstay features, including the possibility to create, buy, and use expert advisors (EA) and scripts, One-click trading and embedded news, technical analysis tools, the possibility to copy deals from other traders, hedging positions, and VPS service support.
Another advantage provided by FBS is a deposit bonus of 100% for clients who fulfill certain requirements. The process of FSCing and withdrawing funds can be run easily and quickly. Based on clients' testimonies, each process usually takes no more than 3-4 hours, except on holidays.
Traders also have the opportunity to develop a side business when trading with FBS, namely as an Introducing Broker (IB) or Affiliate. The FBS partnership system provides partner commissions that are already in 3 level positions. Only by introducing new clients to FBS according to certain procedures, traders can earn extra income.
Traders will also get trading education experience at FBS. They have prepared a comprehensive forex course. The course consists of 4 levels: beginner, elementary, intermediate, and experienced. Traders can take courses that will turn them from newbies to professionals. All materials are well-structured. Besides, FBS provides various forex analyzes, webinars, forex news, and daily market analysis that can be accessed easily on their site.
Traders can access the FBS website with many language choices. Of course, this will increasingly provide comfort for traders. Available languages include English, Italian, French, Portuguese, Indonesian, Spanish, and others. Live chat support is also provided 24 hours 7 days a week.
In conclusion, FBS is a widely known broker among retail traders around the world. It continually grows to become a preferred broker because of flexible trading conditions that enable its clients to trade with various instruments, low deposit, and other trading advantages.
AvaTrade
AvaTrade is a well-known broker that was established in 2006. The broker offers various interesting features suitable for both beginners and professionals.
Several top-tier financial authorities, including The Central Bank of Ireland, ASIC, South African FSCA, and more regulate them. For silver trading, AvaTrade offers the XAG/USD pair with a competitive spread of 0.029 and a maximum leverage of 1:50. For professional traders, the fee can be lowered even more to $0.023.
There are several choices of trading platforms, including the popular MT4/MT5, a proprietary web-based platform for manual traders, as well as a mobile app called AvaTradeGO for those who prefer mobile trading.
The minimum deposit is $100, and three copy trading services are suitable for passive silver traders. In addition, AvaTrade offers great educational resources through its trading academy service called the SharpTrader, which includes over 40 lessons and 200 tutorial videos.
Avatrade can be called one of the most well-rounded brokers that support almost all trading styles. Not only allowing hedging, scalping, and expert advisor (EA), Avatrade also completes their service with One-cancels-the-other order (OCO) and AutoTrading in many variants of automated trading systems.
AvaTrade was founded in 2006, with the primary mission to empower people to trade with confidence. If traders are still confused about what is the best broker for supporting trader's trading, AvaTrade perchance option of traders, because it has been evaluated and honored for some of the industry's most remarkable financial and technological achievements that it provided to clients.
In 2019, the Dublin-based broker got achievement from Daytrading.com as The Best Forex Broker 2019. Besides, the company is honored as Best Forex Broker, Best Bitcoin CFD Trading Provider of the year, and Best Affiliation Programme in the European area.
Furthermore, for traders who have high mobility, AvaTrade provides many platforms that allow traders to trade using laptops and mobile phones. The availability of the free Autochartist tool in the platforms is the best support for both novice and experienced traders because it makes it easier for them to find trading opportunities without the need to glance at charts all day.
The Autochartist free signal is provided in Gold Account, Platinum Account, and AVA Select. By opening an account in AvaTrade, traders don't have to pay for getting a full Autochartist service. Autochartist itself is a market scanner tool that can detect trading signals from various technical perspectives.
Traders can access AvaTrade in many variants of platforms, such as AvaTradeGO, MetaTrader 4, MetaTrader 5, Automated Trading, Mac Trading, Web Trading, Mobile Trading, and AvaOptions.
In terms of regulation, AvaTrade is regarded as a superior broker because it has a lot of credible licenses. That way, even with deposits of up to ten thousand dollars, security can be guaranteed. Applying the Segregated Account system, AvaTrade is regulated by the Central Bank of Ireland (No.C53877), ASIC Australia (No.406684), JFSA Japan (No.1662), and South Africa (FSP 45984).
Can traders lose more than their deposit abruptly in the event of high volatility? AvaTrade explicitly answers no, as traders have negative balance protection.
With a minimum deposit of USD100, AvaTrade offers various leverage depending on the trading instruments; whether it is forex (starts from 30:1), indices (starts from 20:1), commodities (starts from 5:1), ETFs (starts from 5:1), or cryptocurrencies (starts from 2:1).
AvaTrade has committed to a set of values in relation to customers. Therefore, the company provides the best trading experience, offering multilingual customer service and the most sophisticated and user-friendly trading platform.
New traders can also learn forex trading in the Education tab on AvaTrade's official website. Traders will find a wide collection of articles, video tutorials, and more tools that will assist them every step of the way. It is an important requirement as the forex market might be a bit overwhelming and even scary at times, so traders need to make sure that they are fully prepared to begin trading in the real account.
There are many types of account types provided by AvaTrade. There is also an Islamic Trading Account, which is uniquely provided for Muslim Traders. Islamic account type is similar to a regular one with one key difference; it is not subject to any special fees or interests (swap-free), which sits well with the finance principles of Sharia Law.
If traders have felt confident for forex trading, traders can choose AvaTrade as an ideal choice. The minimum deposit and various platforms offered to make it a suitable destination for even beginners who would like to try forex trading for the first time.
FP Markets
FP Markets is another great broker to choose for silver trading. The Australian broker was founded in 2005 and has served thousands of clients worldwide. As for safety, the broker is under the regulation of ASIC and CySEC.
Three Silver pairs are available for silver traders: the XAG/USD, the XAG/AUD, and the XAG/EUR. The first two have a minimum spread of 0.01 and an average of 0.02, whereas the third option has a minimum spread of 0.015 and an average of 0.020. The commission is $6 per round lot, the minimum deposit is $100, and the maximum leverage is 1:500.
Traders can use the commission-free account offers with an average spread of 0.03 for the XAG/USD, XAG/AUD, and 0.22 for the XAG/EUR. Depending on the strategy, traders can get higher or lower trading costs with the commission-free account.
Keeping positions open overnight won't result in the overnight/rollover fee reducing your earnings, so you don't have to worry about it. FP Markets offers the most competitive swap rates in the industry by introducing Swaps Points in the form of a live swap rates list on the MT4 and MT5 platforms. Here are some examples:
- ACWI: -5.00 for long positions and -2.50 for short positions.
- ADAUSD: -20.00 for long positions and -20.00 for short positions.
- AGG: -5.00 for long positions and -2.50 for short positions.
FXTM
FXTM is a leading broker that was launched in 2011 with its headquarters in Cyprus. Regulated by the UK's FCA and other authorities, FXTM is known as a rapidly growing firm within Europe and now starting to expand to Africa and Asia regions.
In FXTM, traders can trade silver through the XAG/USD and the XAG/EUR. The former has a minimum spread of 0.09 in the MT4 Advantage Account and an average of 0.22, whereas the latter has a minimum spread of 0.07 and an average of 0.79. Meanwhile, the contract size is 5,000 units per lot.
Silver traders can use up to 1:500 leverage as FXTM is a great client-oriented broker ideal for novice and expert traders. Aside from offering various trading accounts and tradable assets, FXTM also offers excellent customer service that's available via online live chat, phone, email, etc. Traders can access the trading platform through various devices, including web, desktop, and mobile apps.
FXTM was initially launched in 2011 with a unique vision to provide unparalleled superior trading conditions. Opening an account in FXTM would also bring about access to advanced education and sophisticated trading tools in the forex industry.
Now, FXTM is registered under the Financial Conduct Authority of the UK with the number 600475. The company is also regulated by the Cyprus Securities and Exchange Commission with CIF license number 185/12, and is licensed by the Financial Sector Conduct Authority (FSCA) of South Africa, with FSP No. 46614
FXTM has 1 million registered accounts with more traders joining every day. The company continually tries to improve their performance and have got many awards such as Best Trading Experience 2019 by World Finance Awards, Best Online Forex Trading Company Nigeria 2018 by International Finance Awards, Reputable Investor Education Forex Broker Award 2018 by Hexun.com, Forex Brand Of The Year China 2018 by Fxeye.Com, and many more.
As a responsible broker, they determine leverage (expressed as a ratio of transaction size relative to trader's buying power) according to the trader's level of knowledge and experience in trading, which is evaluated by the Appropriateness Assessment. The company also enables trading with leverage up to 1:1000.
As for spreads, FXTM offers low spreads starting from 0.1 pip, so traders can withdraw profits at the start of trading. The company, which has headquarters in several countries, uses No Dealing Desk (NDD) technology and partners with credible liquidity providers to provide the best bid and ask prices.
For beginners, there is an automatic trading facility called algorithmic trading provided. When trading in FXTM, traders can develop their trading strategy or adopt other traders' strategies. Furthermore, the strategy is applied to automated trading systems, such as Expert Advisors. The purpose of this system is traders do not have to worry about losing opportunities while not observing the market so that profits can still be earned.
Three types of ECN accounts use the MT4 and MT5 trading platforms. There are also mobile and Tablet Apps trading platforms. Aside of providing many account variants, FXTM goes above and beyond to ensure that their client receives excellent support that they deserve, making their trading experience optimal and user-friendly.
FXTM also provides a diverse range of products. In addition to over 50 currency pairs, they provide gold, silver, CFD on commodity futures (oil), CFD on ETFs, and indices.
Education about the basic concepts of the forex industry is also accessible in this broker. Traders can read all the concepts provided in the form of e-books, video tutorials, articles, webinars, and forex seminars. There are 17 languages provided on the FXTM website to make it easier for traders to learn about forex.
Traders are also given various choices for payment methods, including Credit Cards (Visa, Mastercard, Maestro) and E-Wallet (Neteller, Skrill, Western Union). For withdrawing funds, traders are not charged a fee with a length of 2 hours to 2 days. Traders can live chat to ask further questions and contact the admin via email. There is also a question and answer page about forex trading on FXTM.
BlackBull Markets
BlackBull Markets started its operation in 2014 in New Zealand. While the broker is considered pretty young, BlackBull Markets can offer many great retail trading solutions, including diverse specs, numerous assets to trade, and resourceful learning materials.
It is worth noting that aside from having an office in New Zealand, BlackBull Markets also has branches in New York and Malaysia. Regarding safety, the broker is currently regulated by the FMA and the FSA.
As an ECN broker, BlackBull Markets offers raw spreads and commissions. The broker has quite a wide range of tradable assets, including forex currency pairs, gold, silver, crude oil, natural gas, and major equity indices.
The maximum leverage can go as high as 1:500 and the spread starts from 0.8 pips for the ECN Standard Account. In addition, the minimum deposit is $50 for the ECN Standard Account and $2,000 for the ECN Prime Account.
Eightcap
Eightcap is an Australian broker that has been around since 2009. The broker operates from its Australian headquarters as well as regional offices in several other locations, including the UK, Bulgaria, and Cyprus. Apart from offering services to retail traders, Eightcap also provides technological advantages and partnership opportunities for IBs and influencers.
At Eightcap, silver traders can trade with the XAG/USD. The minimum spread is 0.01 and the commission is $7 per round lot with leverage up to 1:500. Alternatively, you can choose the commission-free account with an average markup of $0.05. The minimum deposit is $100, making it also affordable for small traders.
Factors to Consider When Choosing Brokers
When choosing the best broker to trade silver, there are several important factors that you need to consider, such as:
- Regulation and Safety
Although it is not mandatory, it's always highly suggested to trade with regulated brokers. While this doesn't necessarily eliminate all the risks, but it will certainly reduce the risk of malpractice and fraud. Regulated brokers must comply with a series of rules imposed by the authority, giving traders an extra layer of protection against broker issues. Also, check the broker's track record and compliance history. - Trading Costs
Another important factor to consider is trading costs. Many beginners ignore the importance of spreads, but please remember that such a small amount can pile up after several trades. Also, don't be easily fooled by the commission-free trap because it is usually just the broker's trick to attract traders with "low-cost trading" while increasing costs elsewhere. - Trading Platforms
The best silver brokers should offer a good range of trading platforms with a user-friendly interface and easy navigation. Some of the most common options are MetaTrader 4 and MetaTrader 5. It's also a great advantage if the platform supports automated trading and features API trading for advanced methods. Some platforms can support multiple additional features such as multi-chart toggling, technical indicators, economic calendars, news updates, trading calculators, etc. - Deposits and Withdrawals
When it comes to trading, deposits and withdrawals are very crucial. Make sure to choose a broker that offers easy deposits and withdrawals and supports your preferred payment method. Most brokers offer free deposits, but not all withdrawals are free of charge. It is also worth mentioning that third-party payment methods usually cost more and can take longer to process. - Research and Education
For beginners, it's necessary to pick a broker that offers a good amount of learning materials, which can come in various forms like tutorial videos, articles, webinars, etc. This shows that the broker cares about their clients and wishes their clients' success in the market. Some brokers offer these services for free, but others may provide them in paid subscriptions. - Customer Support
Lastly, it is important to choose a broker with good customer service. You need to ensure that the broker is easy to reach and responsive so that every time you face an issue, the broker will help you solve it. In this case, the 24/5 availability of customer support during regular business hours is considered good enough for a start.
End Thoughts
You can get several advantages from silver trading, such as lower costs compared to gold, an opportunity to hedge positions during inflation, and many more. It is also a brilliant alternative to diversify your portfolio and add extra income for your overall investment in the long term. Thankfully, silver trading is now easier than ever. You need to register in a broker and start trading on the online market.
When choosing a silver trading broker, it is important to weigh the pros and cons and consider some factors like regulation, trading costs, trading platforms, etc. You can narrow down the options based on such criteria and choose the one that suits you the most.