Which trading app is best for trading gold?
Verdict
- Pepperstone is our pick for trading gold on an app in Australia: its Razor account publishes a 0.12 average spread on XAU/USD plus commission, its Standard account 0.19 with none, and both run on its own app and on MT5 and cTrader.
- IC Markets publishes a slightly lower raw gold average (0.09) with $3.50 per side commission; FP Markets publishes 0.12 on Raw with US$3 per side.
- Retail leverage on gold is capped at 1:20 under ASIC rules, so a gold position needs 5% of its value as margin.
- Capital.com, our second choice, lets you attach guaranteed stops, which can help on a market that gaps over weekends.
Gold moves fast and trades almost around the clock, so a phone app is a natural way to follow it. The best app is the one with the lowest published cost on XAU/USD and a broker you can trust with margin. In Australia we choose Pepperstone, with Capital.com for traders who want guaranteed stops.
Pepperstone's gold pricing on mobile
Gold is quoted in US dollars per ounce, so Pepperstone's 0.12 Razor average works out at 12 cents per ounce traded, and the 0.19 Standard average at 19 cents. Razor adds commission per lot: AUD 4.50 per side on MT5 for an AUD account, or USD 3.50 per side on cTrader for a USD account. Standard has no commission. The app, MT5 and cTrader are available on both accounts; MT4 and TradingView only on Razor. Pepperstone also lists a GOLD perpetual CFD on its Australian costs page, at 0.03% commission per side, but it does not say whether retail clients can trade it, so ask before you plan around it.
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Gold spreads published by brokers we cover
Averages and 'from' figures are not the same thing: a 'from' figure is the best case, not the usual price.
| Broker and account | Gold spread | Commission |
|---|---|---|
| IC Markets Raw Spread | 0.09 average (0.05 minimum) | $3.50 per side |
| Pepperstone Razor | 0.12 average | AUD 4.50 per side (MT5, AUD account); USD 3.50 per side (cTrader) |
| FP Markets Raw | 0.12 average | US$3 per side |
| Pepperstone Standard | 0.19 average | None |
| FP Markets Standard | 0.25 average | None |
| CMC Markets Standard | From 0.2 points | None |
| eToro | From 0.025% | None |
A gold trade, worked through
Take a position of 100 ounces, which is one lot on many platforms (check the contract size in your app's symbol details). On Pepperstone Standard the 0.19 average spread costs $19 to open and close. On Razor through cTrader, the 0.12 spread costs $12 plus USD 7 commission, also $19. On gold, unlike EUR/USD, Razor and Standard come out about level at that size. At ASIC's 1:20 cap, margin is 5% of the position's value.
- Hold past the daily rollover and overnight financing is added, which can outweigh the spread on longer trades.
- Gold can gap at the weekly open; a normal stop can fill beyond its level. Pepperstone does not offer guaranteed stops.
- Capital.com does offer guaranteed stops and caps retail gold leverage at 20:1 under its ASIC licence.
What to check in the app before trading gold
- The symbol's contract size and minimum trade size.
- Trading hours and the daily break shown in the symbol information.
- The swap rate shown for long and short positions.
- That price alerts work when the app is closed.
Sources
Terms as each broker publishes them on its own site.
Which Pepperstone account is cheaper for gold?
At the published averages they are close: Standard's 0.19 spread against Razor's 0.12 plus commission. Razor's advantage is larger on forex than on gold.
What leverage can I use on gold in Australia?
Up to 1:20 for retail clients at ASIC-licensed brokers, including Pepperstone and Capital.com.
Can I trade gold on TradingView with Pepperstone?
Yes, on a Razor account. In Australia, TradingView is not available on Pepperstone's Standard account.
Gold CFDs are leveraged and can move sharply, including over weekends; you can lose money rapidly. Read the PDS and TMD before trading. Spreads and commissions are as each broker publishes them and can change. This is not investment advice.