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
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
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
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 MT4/MT5
From here, I will explain how to trade gold with HotForex using MetaTrader.
HotForex uses both MT4 and MT5 as its trading platform.
Here, I will explain using MT4.
MT4/MT5 PC Edition
Install MT4/MT5 PC Edition
Install and launch HotForex MT4 and MT5.
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!!／