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The best broker to trade XAUUSD in the US

Why no US broker offers leveraged spot XAU/USD, what kind of broker to use instead, how to compare them, and the warning signs of brokers you shouldn’t use.

LemonTrades·Guides
A shield with a checkmark next to a gold futures quote.

TL;DR

  • No US broker can legally sell retail traders leveraged spot XAU/USD; it’s been off-limits since the 2011 Dodd-Frank rules.
  • The closest thing is micro gold futures (MGC, 10 ounces) at an NFA-registered futures broker; gold ETFs like GLD suit holding.
  • Avoid offshore brokers that offer US residents gold CFDs.
  • LemonTrades works next to any broker and tells you what moved gold, and why, as it happens.

If you live in the US, the honest answer is that no broker will sell you leveraged spot XAU/USD. The good news: you can trade gold’s price just as actively, legally, through the right kind of broker.

Why there’s no US broker for spot XAU/USD

Since 2011, after the Dodd-Frank Act, US forex dealers can’t offer leveraged spot gold or silver to retail traders, and CFDs aren’t allowed for US retail clients at all. FOREX.com’s US site, for example, says it doesn’t offer gold. Overseas brokers that take US clients for XAU/USD aren’t registered here, so you’d have little protection if they froze your money. More in how to trade XAU/USD in the USA.

The right kind of broker, by how you trade

  • To trade gold actively, with leverage: a US futures broker. Micro gold futures (MGC, 10 ounces) are the closest thing to XAU/USD, trading almost around the clock. Examples of US-registered firms that offer CME gold futures include Interactive Brokers, Charles Schwab (thinkorswim), tastytrade, NinjaTrader and AMP Futures.
  • To buy and hold gold’s price: any US stock broker. Gold ETFs like GLD, IAU and GLDM trade like stocks, often with no commission. See the best gold ETFs.
  • To own the metal: a bullion dealer. See our guide to gold bullion.

These are examples, not recommendations, and we’re not paid by any of them. Check the current details with each firm.

How to compare futures brokers for gold

  1. Registration. Look the firm up in the NFA’s free BASIC database: it should be registered (as a futures commission merchant or introducing broker) and an NFA member, with no serious actions against it.
  2. All-in cost per contract. Commission plus exchange and NFA fees, per side. On micro contracts the fees are small, but they add up if you trade often.
  3. Margins. Exchanges set the margin to hold a contract overnight. Many brokers allow lower day-trading margins, which is just more leverage: useful, and dangerous.
  4. Market data. Real-time CME prices usually cost a few dollars a month for non-professionals.
  5. Platform. Charts, order types (stops, brackets, one-cancels-the-other), and a mobile app you’ll actually use. See how to choose a gold trading platform.
  6. Money in and out. Deposit methods, minimums, and how fast withdrawals arrive. Test a small withdrawal early.

Brokers to avoid

  • Offshore brokers that offer US residents XAU/USD CFDs with high leverage.
  • Firms you can’t find in the NFA’s BASIC database, or that appear on the CFTC’s list of unregistered foreign entities.
  • “Account managers”, guaranteed returns, deposit bonuses or signal groups that push a particular broker.
  • Withdrawals that are slow, blocked or tied to trading-volume conditions.

A sensible first setup

  1. Learn how gold moves: how to trade gold and gold trading strategies.
  2. Practice with virtual money in our trade simulator.
  3. Open an account with a registered futures broker, and start with one micro gold contract and a stop.
  4. Keep the economic calendar open: gold jumps on CPI and the jobs report.

Education, not financial advice. We don’t recommend or get paid by any broker. Futures use leverage and you can lose more than you deposit. See our disclaimer.

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