For those learning how to invest in gold in the UAE, the importance of the brokerage platform selected cannot be overemphasized. Even the way you gain access to gold – contracts for differences (CFDs), ETFs/ETCs, digital gold – depends on the platform.
Also, things like commissions, spreads, UI/UX, and educational resources can affect your performance as a gold trader.
In this article, we consider the top gold trading apps in the UAE and the features that each of them provides.
1.Sarwa
Sarwa is a UAE-based trading platform that provides traders access to gold ETFs/ETCs and gold mining stocks.
Best known for:
Sarwa is best known for providing fractional trading of assets on the platform.
Key advantages:
- Free transfers: Transfers between local UAE accounts and Sarwa brokerage accounts are free.
- Easy-to-navigate platform: Sarwa’s excellent UI/UX design makes it easy for users to navigate.
- Low commissions: Traders can buy gold stocks and ETFs for as low as $1 or 0.25% of the total traded value.
- Secure platform: Sarwa has 256-bit bank-level encryption to protect traders’ data and money.
Ideal for:
Sarwa is ideal for gold traders who want to stick to gold stocks and ETFs.
2.eToro
eToro is a global trading platform with a license to operate in the US. It provides access to gold stocks, ETFs, and CFDs.
Best known for:
eToro is best known for its copy trading feature.
Key advantages:
- Advanced charting: Sophisticated traders can use its TradingView integration to carry out technical analysis.
- Thematic portfolios: eToro also has a ready-made portfolio of commodities that investors can use to diversify their portfolio.
Ideal for:
eToro is ideal for beginners who want to learn by copying experts and sophisticated traders who want to use advanced charting tools.
3.Interactive Brokers
Interactive Brokers is a global brokerage firm that is available for UAE traders. It provides access to gold ETFs, gold futures, and spot gold.
Best known for:
Interactive Brokers is best known for its global reach, with access to assets in over 150 markets.
Key advantages:
- Trade spot gold: There is an option to trade spot gold and even receive physical bullion.
- Tiered pricing: There is a tiered pricing system where the commission reduces as trading volume increases.
- Advanced tools: Trader Workstation and IBKR GlobalTrader are advanced platforms that sophisticated traders will find useful.
Ideal for:
Interactive Brokers is ideal for professional and high-volume traders, who will benefit from advanced charting tools and tiered pricing.
4.Saxo Bank
Saxo Bank is a Danish company with a license to operate in the UAE. It offers gold CFDs, futures, options, and ETFs.
Best known for:
Saxo Bank is best known for providing a variety of ways to access gold and other financial assets.
Key advantages:
- Beginner-friendly platform: SaxoTraderGO is easy to use for beginner traders.
- Educational resources: Saxo Bank provides daily market insights and other free educational resources.
- Tiered pricing: Commissions and spreads reduce as trading volume increases.
Ideal for:
Saxo Bank is ideal for investors in search of multi-asset exposure to gold.
5.Pepperstone
Pepperstone is a global broker with a license in the UAE that provides access to gold CFDs.
Best known for:
Pepperstone is best known for its focus on CFDs as a way to gain exposure to various asset classes, including commodities.
Key advantages:
- Low cost: No commission on gold trades. Spreads are also tight (as low as 0.05).
- Multiple trading platforms: Pepperstone provides access to MetaTrader, cTrader, and TradingView, as well as its own trading platform.
- Deep liquidity: Pepperstone is also known for its deep liquidity, which supports the fast execution of trades on the platform.
Ideal for:
Pepperstone is ideal for CFD traders.
If you are a beginner trader, Sarwa provides the best entry point to trading gold. The platform has a quality user experience and sufficient educational resources to get you started.
Also, by starting on a less complex terrain (stocks and ETFs), you are less likely to make mistakes that will make you lose money.