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?

Precious metals like gold and silver have long been strong alternatives to traditional investments such as stocks and bonds. When the economy gets rough and uncertainty is high, many investors like to turn to these metals to hedge their positions or to invest more defensively. While gold is often considered to be the most popular metal on the market, silver is also an attractive option for investors who are looking for long-term investments at affordable prices.

Silver trading brokers

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, you also need to choose a good broker. Here are some recommendations to get you started:

 

AvaTrade

AvaTrade is a well-known broker that was established in 2006. The broker offers various interesting features suitable for both beginners and professionals. They're regulated by several top-tier financial authorities, including The Central Bank of Ireland, ASIC, South African FSCA, and more. For silver trading, AvaTrade offers the XAG/USD pair with a competitive spread of 0.029 and maximum leverage of 1:50. For professional traders, the fee can be lowered even more to $0.023.

AvaTrade Specifications

🌐 Website
www.avatrade.com
Leverage
1:400
💼 Regulation
💲 Min Deposit
$100
Year Established
2006

Bonus offers
Trading contests
Free education
Personal manager
PAMM accounts
Segregated accounts
Managed accounts
Islamic accounts available
Requires sending documents via postal mail
Neteller
Skrill
WebMoney
Wire transfer

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.

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 there are three copy trading services 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.

 

FP Markets

FP Markets is another great broker to choose for silver trading. The Australian broker was founded in 2005 and ever since has served thousands of clients worldwide. As for safety, the broker is under the regulation of ASIC and CySEC. One of the advantages of the broker is their true ECN technology that's able to provide direct access to liquidity providers without third-party intervention. They're also able to execute orders at the best possible price on the market.

FP Markets Specifications

🌐 Website
www.fpmarkets.com
Leverage
1:500
💼 Regulation
💲 Min Deposit
$100
Year Established
2005

Bonus offers
Free education
Personal manager
Trading by telephone
PAMM accounts
MAM accounts
Segregated accounts
Affiliate program
Islamic accounts available
FasaPay
Neteller
Skrill
Wire transfer

For silver traders, there are three Silver pairs available, namely 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. Apart from that, the commission is $6 per round lot, the minimum deposit is $100, and the maximum leverage is 1:500.

Traders can choose to use the commission-free account offers with an average spread of 0.03 for the XAG/USD and XAG/AUD and 0.22 for the XAG/EUR. Depending on the strategy used, traders can get higher or lower trading costs with the commission-free account.

 

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 two different pairs, namely 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.

FXTM Specifications

🌐 Website
www.forextime.com
Leverage
1:2000
💼 Regulation
💲 Min Deposit
$10
Year Established
2011

Bonus offers
Trading contests
Free education
Personal manager
Trading by telephone
Segregated accounts
Affiliate program
Islamic accounts available
FasaPay
Neteller
QIWI
Skrill
WebMoney
Wire transfer

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.

Silver traders can use up to 1:500 leverage as FXTM is a great client-oriented broker that's ideal for both novice and expert traders. Aside from offering a bunch of different trading accounts and tradable assets, FXTM also offers excellent customer service that's available via online live chat, phone, email, etc. Traders can choose to access the trading platform through various devices, including web, desktop, and mobile apps.

 

BlackBull Markets

BlackBull Markets started its operation in 2014 in New Zealand. While the broker is considered pretty young, BlackBull Markets is able to 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. In terms of safety, the broker is currently regulated by the FMA and the FSA.

BlackBull Markets Specifications

Leverage
1:500
💼 Regulation
💲 Min Deposit
$50
Year Established
2014

Free education
Personal manager
PAMM accounts
MAM accounts
Segregated accounts
Managed accounts
Affiliate program
Islamic accounts available
FasaPay
Neteller
PayPal
Skrill

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.

Eightcap Specifications

🌐 Website
www.eightcap.com
Leverage
1:500
💼 Regulation
💲 Min Deposit
$100
Year Established
2009

PAMM accounts
MAM accounts
Neteller
PayPal
Skrill
Wire transfer

At Eightcap, silver traders can trade with the XAG/USD. The minimum spread is 0.01 and the commission is $7 per round lot. Alternatively, you can choose the commission-free account with an average markup of $0.05. The minimum deposit is $100, making it affordable for small traders as well.

 

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, so this can give traders an extra layer of protection against broker issues. Additionally, make sure to 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 most of the time, it is 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, and more.
  • 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 the payment method that you prefer. 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 for their client's success in the market. Some brokers offer these services for free, but some others may provide them in paid subscriptions.
  • Customer Support
    Lastly, it is important to choose a broker with good customer service. You need to make sure 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

There are several advantages that you can get 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 just 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.