Top 10 Best Gold Xauusd Trading Platform in India 2024 (2024)

Gold trading has gained massive popularity among Indian investors in recent years. With rising gold prices and high volatility, trading gold provides exciting opportunities to profit from price movements. Choosing a suitable gold trading platform is crucial to succeed as a gold trader. In this article, we list the top 10 best gold trading platforms for trading gold in India.

Top Best Forex Brokers in the world 2024

India is one of the largest consumers of gold in the world. The high demand for gold in the country is driven by factors like marriage celebrations, cultural affinity, and investment demand. India also imports around 700-800 tonnes of gold annually. This high demand and appetite for gold makes India an attractive market for gold trading.

A good gold trading platform should offer tight spreads, low commissions, a user-friendly interface, advanced trading tools, and robust research and educational resources. Keeping these parameters in mind, here are the top 10 gold trading platforms in India:

Top 10 Best Gold Trading Platforms in India 2023 - 2024

1. Exness

Exness is a global forex and CFD broker that offers gold trading on its MT4 and MT5 platforms. It is known for its tight spreads, low commissions, and fast order execution.

Some key features of Exness for gold trading include:

• Super-tight spreads, starting from 0.07 pips
• Commissions starting from just $2 per lot
• Leverage up to 1:2000 available
• Advanced MT4 and MT5 platforms
• Stop Loss and Take Profit tools for risk management
• Wide range of technical indicators
• ECN execution model for fast order processing
• Negative Balance Protection

Exness offers institutional-grade trading infrastructure for gold traders. The extremely competitive costs, leveraged trading, advanced platforms make Exness suitable for active intraday gold traders.

2. XM

XM is another global forex and CFD broker that offers gold trading. It is known for its competitive pricing, user-friendly platform, and excellent customer service.

Some major benefits of trading gold with XM are:

• Ultra-tight spreads from 0.0 pips
• Zero commission on gold trades
• Leverage up to 1:500 available
• Hedging allowed on gold positions
• Advanced MT4 and MT5 platforms
• Stop Loss and Take Profit tools
• Fast execution speed and ECN model
• Award-winning customer support

XM enables efficient gold trading through tight spreads, fast execution and a user-friendly yet powerful trading platform. The high leverage ratio also allows optimal utilization of trading capital.

3. XTB

XTB is a European forex and CFD broker that offers gold trading on its xStation5 platform. It is known for its advanced trading tools and resources, as well as its excellent customer service.

Some of XTB's major benefits for gold traders:

• Tight average ECN spreads from 0 pips
• Low transparent commissions
• xStation5 desktop platform with advanced tools
• MT4 platform also available
• Comprehensive market research tools
• Live webinars and education resources
• Negative Balance Protection
• Supports EAs, hedging and scalping

XTB provides a sophisticated trading infrastructure for active gold traders through its xStation and MT4 platforms. The extensive learning resources also make XTB suitable for beginners.

4. Angel Broking

Angel Broking is one of the leading stockbrokers in India, offering a wide range of trading and investment products, including gold trading. It offers a user-friendly trading platform with competitive spreads and commissions.

Some of the key features and benefits of Angel Broking for gold trading include:

• Low brokerage rates starting from Rs. 20 per executed order
• Access to MCX gold prices and live charts
• Advanced charting tools and indicators for technical analysis
• Order types like brackets, cover orders and more
• Wide range of educational resources on gold trading
• Research reports by experienced analysts \n\nOverall, Angel Broking provides an easy-to-use platform for gold trading tailored to Indian traders. The brokerage charges are also quite competitive.

5. Zerodha

Zerodha is another popular stockbroker in India, known for its low brokerage fees and user-friendly trading platform. It offers gold trading through its commodity trading platform, Kite.

Some of the key benefits of trading gold with Zerodha Kite include:

• Brokerage starting from Rs. 20 per executed order
• Real-time MCX gold rates and charts
• Advanced technical analysis tools like trendlines, indicators etc.
• Bracket and cover orders for risk management
• Desktop, web and mobile trading platforms
• Wide range of educational resources, guides and tutorials

Zerodha Kite's clean UI and intuitive features make gold trading seamless for beginners and experienced traders alike. The discounted pricing model is also a major plus.

6. Upstox

Upstox is a relatively new stockbroker, but it has quickly gained popularity due to its innovative features and low brokerage fees. It offers gold trading through its mobile and web trading platforms.

Here are some notable features of Upstox for gold trading:

• Brokerage starting from Rs. 20 per trade
• Live MCX gold rates and interactive charts
• Advanced charting tools, drawing tools and over 40 indicators
• Bracket and cover orders, basket orders etc.
• Fast and reliable trade execution
• Desktop, web and mobile app trading
• Research reports, guides and tutorials on gold

Upstox provides a modern trading interface and several innovations ideal for gold trading. The low brokerage cost further sweetens the deal.

7. 5Paisa

5Paisa is a discount broker that offers a wide range of trading and investment products, including gold trading. It offers competitive spreads and commissions, as well as a variety of trading tools and resources.

Here are some of the key features of 5Paisa for gold trading:

• Zero account opening charges
• Flat Rs. 10 brokerage per trade
• Real-time MCX gold quotes and charts
• Advanced charting with indicators, drawing tools
• Automated trading options like bracket orders
• Web and mobile trading platforms
• Regular research reports on gold
• Educational videos, guides on gold trading

For price-sensitive traders, 5Paisa offers among the lowest brokerage rates in the industry. The trading platform has most of the key features needed for seamless gold trading.

8. Groww

Groww is a wealth management platform that offers a variety of investment products, including gold trading. It is known for its user-friendly interface and competitive pricing.

Here are some of Groww's notable features for gold trading:

• No account opening or annual maintenance charges
• Flat brokerage of 0.01% of turnover or minimum Rs 20
• Real-time gold rates, news and research
• Web and app-based trading platforms
• Automated investing tools like SIP in gold
• Ready-made gold portfolios for easy investing
• Educational material for learning gold trading

For long-term gold investors, Groww offers an easy and low-cost platform through tools like SIPs. The highly intuitive UI is also ideal for new traders.

9. FP Markets

FP Markets is an Australian forex and CFD broker that offers gold trading on its MT4, MT5, and IRESS platforms. It is known for its tight spreads, low commissions, and deep liquidity.

Here are some key highlights of FP Markets for gold trading:

• Spreads from 0 pips on gold
• Raw ECN trading on IRESS platform
• Deep liquidity from top tier banks
• Leverage up to 500:1
• Advanced MT4 and MT5 platforms
• Expert advisors supported
• Fast execution and minimum slippage
• Award-winning customer support

FP Markets offers institutional-grade gold trading infrastructure that combines tight spreads with deep liquidity. This ensures the best pricing and efficient order execution for gold traders.

See more: FP Markets Review

10. AvaTrade

AvaTrade is a global forex and CFD broker that offers gold trading on its MT4, MT5, and AvaTradeGO platforms. It is known for its wide range of trading products, competitive pricing, and excellent customer service.

Some of AvaTrade's major advantages for gold trading include:

• Average spreads as low as 0.9 pips
• Commission-free gold trading
• Leverage up to 1:400
• Advanced trading platforms - MT4, MT5, AvaTradeGO
• Automated trading options on all platforms
• Full customer support in multiple languages
• Comprehensive learning resources for beginners
• User-friendly apps for mobile trading

AvaTrade provides multiple advanced trading platforms tailored for both manual and automated gold trading. Tight spreads combined with high leverage and multilingual support makes AvaTrade suitable for gold traders globally.

So in summary, these are among the top 10 gold trading platforms in India based on pricing, features, platform stability and overall services.

However, the ultimate choice depends on your specific trading requirements. I would advise studying the pricing models, platform features, market depth etc. in detail before selecting your preferred gold trading broker. It's also prudent to open demo accounts first before investing real money.

Is gold trading legal in India?

Yes, gold trading is completely legal for resident Indian citizens as per regulations laid down by the Securities and Exchange Board of India (SEBI). You can trade gold in several forms such as physical gold, gold ETFs, gold mutual funds, gold futures, and CFDs on online trading platforms. However, trading options and leveraged derivatives on gold is prohibited for Indian retail traders. The trading of gold coins and bars that are at least 99.5% pure is allowed after incurring capital gains tax. Import duties are also applicable on physical gold imports since 2013.

How to trade gold online in India?

There are several avenues for trading gold online in India:

Physical Gold

You can buy physical gold coins and bars from jewellers, banks, designated post offices, and online sellers like SafeGold, Augmont, etc. However, you need to personally take delivery and bear inventory management costs. Re-selling also involves commissions and making losses due to impurities.

Gold ETFs

Gold ETFs or exchange traded funds are units representing physical gold which are listed on stock exchanges. You can conveniently buy and sell Gold ETFs online just like stocks through your Demat account and brokerage firm. Top Gold ETFs in India include SBI Gold ETF, Kotak Gold ETF, HDFC Gold ETF, etc.

Gold Mutual Funds

Several mutual funds houses offer Gold funds which invest in Gold ETFs. You can start SIP investments in Gold funds via online platforms. Some popular Gold funds are Nippon India Gold Savings Fund, Axis Gold Fund, SBI Gold Fund, etc.

Gold Futures

You can trade in gold futures contracts on the Multi Commodity Exchange of India (MCX) through a brokerage account. Gold futures allow you to speculate on gold prices without physical delivery. However, futures trading requires understanding of complex concepts like contract expiration, rollovers, leverage, margin requirements, etc.

CFD Trading

Contract for difference (CFD) trading allows you to take a long or short position on gold prices. You can trade Gold CFDs on online forex and CFD trading platforms. CFDs provide leverage for trading with margin amounts and avoiding delivery, but involve overnight funding costs.

Which platform is best for gold trading?

Here are some of the best gold trading platforms in India:

• Angel Broking - Offers trading in physical gold, gold ETFs, gold futures, gold options, and gold CFDs along with research reports and portfolio management services.
• HDFC Securities - Leading full-service broker providing trading access to physical gold funds, ETFs, SGBs, and international gold CFDs.
• ICICIDirect - Trade in gold securities and CFDs with charting tools, research, and recommendations from this premier brokerage firm.
• Upstox - Low-cost brokerage providing digital gold, ETFs, futures and CFD trading with fast execution speeds.
• Zerodha - Top discount broker offers paper and physical gold, gold ETFs, silver ETFs, bonds, etc along with Kite charts and alerts.
• 5Paisa - Discount broking platform supporting gold ETFs and international gold CFD trading with minimal account opening requirements.
• IIFL Markets - Offers digital gold buying, trading in gold securities, international gold CFDs and research from IIFL group.
• SafeGold - RBI approved platform for buying 24K physical gold safely stored, sold and delivered in vaults across India.
• Augmont - Digital platform providing investment in 24K gold via Gold Accumulation Plan (GAP) and Gold Monetisation Plan (GMP).

How can I trade gold USD in India?

Retail forex trading is not allowed in India. However, you can trade international gold prices denominated in USD via:

• International gold ETFs like GLD, IAU which are listed on NSE/BSE in INR.
• Gold futures on MCX offer USDINR contracts allowing you to benefit from gold price movements in global markets.
• Gold CFDs provided by international brokers like XM, FXCM, etc allow you to go long or short on gold USD/oz prices.
• Offshore trading accounts can be opened with brokers like Saxo, IG Markets, etc after submitting required documentation for trading gold derivatives.
• Gold margin trading accounts offered by some prop trading firms allow trading gold and silver futures with leverage.

However, trading gold internationally involves currency conversion costs and regulatory restrictions imposed by RBI under the Liberalised Remittance Scheme (LRS).

How to choose a broker for trading gold?

Here are some tips for picking the right broker for gold trading in India:

• Check SEBI registration and compliance history before opening an account.
• Compare brokerage charges, account minimums, trading platforms, research reports provided.
• Opt for brokers with easy online account opening process and trading platforms.
• Look for reliable customer support, trading education resources, and digital features.
• Evaluate security measures like encryption, cybersecurity policies, and investor protection fund.
• Analyze order execution speed, trading hours, product range before selecting a broker.
• Choose brokers with experience and offerings catering specifically to gold investors.
• See reviews and feedback from existing customers online before making a decision.
• Do paper trading initially with a broker to understand their services before committing capital.

What are the differences between physical gold trading and CFD gold trading?

Here are the main differences between trading physical gold versus gold CFDs:

Physical Gold

• Involves buying and owning 99.5% pure gold coins, bars, jewelry.
• Requires secure storage space and insurance costs.
• Subject to making losses on impure gold when reselling.
• Incurs transportation and delivery costs on buying/selling.
• Limited liquidity compared to paper gold trading.
• Capital gains tax applicable on profits from sale.

Gold CFD Trading

• Does not involve ownership of physical gold.
• Simply speculate on gold price movements.
• Allows going long or short to profit from rising and falling gold prices.
• Trade with leverage using margin amounts.
• No holding costs but daily swap charges applicable.
• High liquidity due to underlying gold spot markets.
• Profits subject to income tax as business income.
• Risk of losses if stop loss not used properly.

In summary, physical gold is suitable for long-term holding while CFDs are preferable for active traders aiming to profit from gold price volatility in the short-term.

Frequently Asked Questions about Gold Trading Platforms

What is the best gold trading platform for beginners in India?

For beginners, I would recommend user-friendly platforms like Groww, Zerodha Kite or Angel Broking. They have simple order execution processes, educational resources for new traders, and intuitive interfaces. Trading costs are also quite low.

Which is the best platform for high volume gold trading?

For active high volume gold trading, brokers like Exness, XM, and FP Markets are ideal. They offer ECN infrastructure with institutional grade liquidity and platforms equipped for advanced real-time market analysis. The competitive spreads and commissions keep costs low even for high trading volumes.

What should I look for in a gold trading platform?

Key factors to evaluate in a gold trading platform are tight spreads, transparent pricing, fast execution, charting capabilities, order types, trading tools, platform stability, customer support, and risk management features. Depending on your trading style, prioritize brokers specializing in those specific areas.

Does the trading platform matter for gold trading?

Yes, the trading platform plays a crucial role in gold trading. Key features needed are real-time gold quotes, advanced price charts, technical indicators, order management tools, fast execution, customizable layouts etc. The right platform can significantly improve your analysis and trading efficiency.

How do I choose between MT4, MT5 and other proprietary platforms for gold?

MT4 and MT5 are among the most popular trading platforms used by brokers for gold. Go with MT4/MT5 if you need auto trading options, an advanced charting toolset and VPS hosting for algorithms. Proprietary platforms like Angel Broking may be simpler for manual traders. Analyze your needs before deciding.

Conclusion

Gold trading presents exciting opportunities for Indian traders given the high demand and appetite for gold in the country. The top gold trading platforms highlighted in this article offer the necessary features, tools and competitive pricing needed to trade gold effectively.

However, blindly jumping into gold trading is risky. I recommend first learning market dynamics thoroughly, starting with a demo account, using stop losses, and developing robust trading plans. With the right broker and approach, gold trading can be conducted profitably in the Indian markets.