Since the COVID-19, Gold has become an increasingly popular asset for risk hedging.
Gold is very popular not only for medium to long-term holdings, but also for short-term trading.
In other words, like Forex, it is subject to scalping and day trading.
You can trade gold with HotForex, in fact, the spreads of gold in HotForex is very narrow, and it is no exaggeration to say that HotForex is a Forex broker who can highly recommend it.
In this article, I will explain how to trade popular gold with HotForex and points to note.
- Metal CFDs in HotForex
- Commission Fees of Gold Trading
- Gold Contract Size, Required Margin
- Gold Trading Hours
- How to Trade Gold with MT4/MT5
Metal CFDs in HotForex
HotForex handles a total of 6 types of precious metal CFDs.
Along with gold, HotForex also handle popular silver, palladium, and platinum.
For both gold and silver, the currency pair can be selected from US dollars and euros.
The maximum leverage when trading gold is 200 times.
|XAUUSD||Gold / USD||1:200|
|XAUEUR||Gold / Euro||1:200|
|XAGUSD||Silver / USD||1:100|
|XAGEUR||Silver / Euro||1:100|
Trading Hours of Gold in HotForex
You can trade gold on HotForex during the following times.
These are described in standard time.
Daylight Saving Time (DST) is one hour earlier than these.
|Day||Start – End (GMT+2)|
Commission Fee for Gold Trading on HotForex
How much does it cost to trade gold on HotForex?
HotForex Gold Trading Fees are the same for all account types.
Fees are collected as spreads and there are no other transaction fees.
The average spread of gold is around 2.0-3.0 pips.
This means that trading one lot costs $ 20 to $ 30 worth of commission.
HotForex fees are the lowest!
Compared to other Forex brokers, HotForex’s gold transaction costs are among the lowest in the industry.
There is a page on the official website of HotForex where you can compare real-time spreads with major Forex brokers, and you can see that HotForex is the cheapest level among them.
I compared it with other Forex companies I’m introducing.
As you can see from this, the gold spread of HotForex is narrower than other Forex brokers.
It is no exaggeration to say that HotForex is one of the best broker for trading gold.
Gold Contract Size and Margin Required in HotForex
How much margin is required to trade gold is calculated by the following formula.
Lots * Contract Size * Market Price / Leverage = Required Margin
In HotForex, the contract size of gold per lot is 100 oz.
For example, when the market price is 1 oz = $ 1800, the margin required to trade gold with a maximum leverage of 200 times is calculated as follows.
1 Lot * 100 oz * $1800 / 200 = $900
If you trade 0.01 lot, only $9 is needed.
How to Trade Gold with HotForex
From here, I will walk you through the process of trading gold with HotForex.
The general flow is as follows
- Open an account with HotForex and complete the verification process.
- Make a deposit to your wallet account.
- Install the trading tools (MT4/MT5)
- Start trading Gold
Open an account with HotForex and complete the identity verification process.
First, you need to open an account with HotForex and complete the identity verification process.
If you haven’t opened an account yet, please do so while reading the separate article “HotForex | How to Open an Account“.
This article also explains in detail how to upload your personal identification documents.
＼Just 3 minutes!!／
The procedure for opening an account is as follows.
Click on “Open Live Account” from the top page.
From the official HotForex website, click on Open Live Account.
Enter basic information
Enter your basic information. You will then receive an email to activate your account.
Log in to myHF and enter your personal information
You will receive an email with login information to myHF (myHotForex Portal).
Login to myHF and enter your personal information.
Upload your personal identification documents
Follow the on-screen guidance to upload the file.
Make a deposit into your “MyWallet”
Deposit funds for trading.
The process of depositing funds is as follows
- Deposit funds to your myWallet account using your preferred deposit method
- Transfer funds from your myWallet to your trading account (MT4/MT5)
The HotForex deposit procedure is carefully explained in the separate article “HotForex Deposit Methods | Fees and Conditions“. Please refer to this article to make a deposit.
The next step is to install the trading tool, MetaTrader.
There are two types of MetaTrader, MT4 and MT5, and you can install the one you specified when you opened your account.
There is also a PC version and a smartphone app version.
Normally, both versions are installed and used separately, but you can also trade using the mobile app alone.
MT4/MT5 PC Edition
Install MT4/MT5 PC Edition
Install and launch HotForex MT4 and MT5.
Click “PLATFORMS” from HotForex official site top page.
Download links of trading platforms will be displayed.
For how to install HotForex for PC MetaTrader, please refer to the separate article “HotForex MT4/MT5 | How to Download, Install and Login“.
After installation, when you start it, it will be displayed as shown in the image.
Add Gold on Price Board
View -> Symbols
Show Chart of Gold
Right Click -> Chart Window
MT4/MT5 Mobile App Edition
Install MT4/MT5 Mobile App
Install MT4 / MT5 on your smartphone and log in.
For how to install the MT4 / MT5 smartphone app, please refer to the separate article “How to Install MT4/MT5 Mobile App“.
The image is just logged in after installation.
The quote board is displayed.
To add a gold symbol to the quote board, tap + (plus) in the upper right corner.
Gold is added
As it happens, this screen is for a time when spreads are very narrow.
The spread at this time was only 1.7 pips.
HotForex allows you to trade popular gold.
Moreover, the spread is the lowest level in the industry.
While keeping costs down, take advantage of bonuses, reduce risk as much as possible with a small amount of money, and aim for big profits.
＼Just 3 minutes!!／