Offers two ways to trade: Forex, CFDs
CySEC, Financial Services Boar...
Popular for Platinum!
566 traders clicked on Markets.com this month.
The Ultimate Guide to
Choosing a Broker
Not sure which broker is right for you?
Don’t worry - we’ve got you covered. In this guide, you’ll learn:
- Why Markets.com scored high for platinum (Jump to section)
- Who Markets.com is (and isn’t) suitable for (Jump to section)
- An in-depth feature comparison of the top #3 brokers (Jump to section)
- An overview on platinum (Jump to section)
What is the Best Trading Platform
Markets.com scored best in our review of the top brokers for platinum, which takes into account 120+ factors across eight categories. Here's the full list of all the brokers we considered.
The following brokers allow platinum on their platform:
Here are some areas where Markets.com scored highly in:
- 10+ years in business
- Offers + instruments
- A range of platform inc. MT4, MT5, Web Trader, Tablet & Mobile apps
- 24/7 customer service
- Tight spreads from pips
- Used by + traders
- Allows hedging
- 2 languages
- Leverage up to 100:1
Markets.com offers two ways to trade: Forex, CFDs. If you wanted to trade PLATINUM through copy trading or other means, skip to part two.
The two most important categories in our rating system are the cost of trading and the broker’s trust score. To calculate a broker’s trust score, we take into account a range of factors, including their regulation history, years in business, liquidity provider etc.
Markets.com have a B trust score, which is good. This is largely down to them being regulated by CySEC, Financial Services Board, segregating client funds, being established for over 10 years, and much more. For comparison:
Trust Score comparsion
|Regulated by||CySEC, Financial Services Board|
|Uses tier 1 banks|
|Segregates client funds|
The second thing we look for is the competitiveness of the spreads, and what fees they charge. We've compared these in detail in part three of this guide.
Who Markets.com is (& Isn’t)
As mentioned, Markets.com allows you to trade in two ways: Forex, CFDs.
- CFD Trading
- Forex Trading
Markets.com offer a wide range of instruments to trade including forex pairs, stocks, indices, and cryptocurrencies . In fact, they’re one of the few brokers to offer not only Bitcoin trading but also Ripple, and many more. In the following section we’ve listed Markets.com’s spreads for a range of popular instruments. You can also see a more detailed breakdown of how Markets.com’s spreads compare in this Markets.com review
Finally, Markets.com isn't available in the following countries: AF, DZ, AS, AO, AU, BE, BA, BR, KH, CA, CN, CU, KR, GU, GY, HK, ID, IR, IQ, IL, JP, LA, MO, MY, MM, NZ, MP, PA, PG, PH, PR, RU, SG, KR, SD, SY, TW, TH, TR, UG, VI, VU, USA, VN, YE.
A Comparison of Markets.com vs. vs.
Want to see how Markets.com stacks up against and ? We've compared their spreads, features, and key information below.
Spread & fee comparsionThe spreads below are illustrative. For more accurate pricing information, click on the names of the brokers at the top of the table to open their websites in a new tab.
|FTSE 100 Spread||2|
Comparison of account & trading features
|Accounts offered||Mini account, Islamic account, standard account, VIP account|
|Platforms||MT4, MT5, Web Trader, Tablet & Mobile apps|
|Risk management features||Limit order, one click trading, trailing stops, price alerts and negative balance protection|
|Funding methods||Payoneer, Credit cards, Bank transfer, PayPal, WebMoney, DebitCard,|
Popular Precious Metals for Traders: Platinum
What is Platinum?
Platinum is a dense, malleable, lustrous, silver-white metal that is a member of the Platinum Group of Metals (PGM), coming under group 10 of the periodic table of elements. As it is an extremely rare metal, it is considered to be very valuable, but price movements in the platinum market tend to be more volatile than gold. During economic stability and growth, the price can be much higher than the price of gold. However, during times of economic uncertainty, platinum prices tend to decrease in value along with the associated reduced industrial demand.
Platinum History and Key Facts
Archaeologists discovered traces of platinum in gold used in Egyptian tombs as early as 1200BC.
It was used by Pre-Colombian Americans combined with other metals such as palladium, rhodium and iridium.
One of the earliest references to platinum in Europe was from 1557 in the writings of humanist Julius Caesar Scaliger, where is was described as an unknown metal found between Darien and Mexico.
It was initially seen by some as an impurity in gold, and even in some instances thrown away.
Today, platinum is a popular metal used in the composition of jewellery, and is also used in catalytic converters in vehicles, and in electronics.
Platinum is one of the rarest metals, with its annual production totalling just 5% that of gold, and even less compared with silver.
The total worldwide reserves of platinum are thought to be 66,000 tons. Almost most of this (95%) is located in the Earth’s crust of South Africa. Way behind it are other major countries such as Russia, USA and Canada.
Modern Day Statistics for Platinum Production
The Top Platinum Producing Countries in the World 2016 (statisa)
Country – Mine Production (in metric tons)
South Africa – 120
Russia – 23
Zimbabwe – 13
Canada – 9
United States – 3.9
Total of Other countries – 3.4
What Influences the Platinum Market
The price of platinum changes along with its supply and demand during sustained periods of growth and decline. There are numerous factors that may affect the price of platinum, many of which are related to its uses in industry and therefore the demand for the metal:
More than half of all platinum produced is used in jewellery manufacturing. This can leave it highly exposed to changes in buying habits, tastes and consumer demands.
Platinum is an essential component in catalytic converters. Whilst this has ensured an abundant demand for platinum since they became compulsory in vehicles in 1993, new cars are turning to different energy sources and are therefore no longer being fitted with the devices. This will have the effect of reducing the demand for platinum in the coming years.
Platinum is gaining use in photography, thermometers and crucible electrodes for high temperature melting. Again, this increased demand would lead to a change in the price of the metal.
The political stability of the top producing countries can be an important factor affecting price, particularly with such high concentrations in specific countries such as South Africa, which accounts for more than 70% of global production.
How is Platinum Traded?
Futures and options are common instruments used to trade platinum, and are provided by the CME Group, amongst others. The CME Globex product symbol for electronic trading is PL. Each NYMEX futures contract is for 50 troy ounces of the metal, with a requirement for the platinum to be delivered under the contract to be 99.95% pure. The price is quoted in dollars and cents per ounce, with a $5 minimum tick price.
Trades can also be placed on platinum futures on the Tokyo Commodity Exchange (TOCOM).
Prices for the London Bullion Market Platinum (LMBE) are taken from the London Platinum and Palladium Market and administered and distributed by the London Metal Exchange (LME).
Platinum can also be traded as an ETF (exchange-traded fund) on the London Stock Exchange under the ticker symbol PHPT and on the New York Exchange as PPLT.
It can also be traded in the forms of coins and bars with different foundries offering various sizes such as 1oz, 10z and 1kg.
Most Swiss bank accounts offer a service of where platinum can be instantly bought or sold like any other currency. Unlike physical platinum, the customer never owns any actual metal but rather a claim against the bank for a certain amount.
Traders can also invest in spread betting or contracts for difference (CFDs) on the price of the platinum, or can own shares in the mining companies, although it must be noted that these companies may not be exclusively mining for platinum.
Why Trade Platinum with CFDs?
CFDs are convenient for traders wishing to have access to platinum price movements.
Plus500 are just one of the online regulated CFD brokers that offer platinum CFDs. Their contracts are based on the price of the CME futures contract (PL). The minimum unit amount is 40 ounces, and they offer 1:152 leverage and 0.36 spread. The minimum margin required on a buy order at the price of 992.63 is $262.05 (or £203.10). Figures taken from Plus500 on 30/08/2017.
Alternatively, regulated broker, IG, also offer a CFD based on the CYMEX traded futures contract. A buy order with a price of 991.1, a minimum contract size of 1 contract, the value of 1 pip at USD 50 and a margin requirement of 2% would require the trader to put down a margin of $991.1 (991.1*1*50*2% =$991.1). Note – live price taken from IG 30th August 2017.
Although platinum prices are volatile, it can be a useful component in a trading portfolio, particularly in times of economic stability. Some of the most convenient ways of trading platinum include futures, ETFs and CFDs.
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