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Best Forex Brokers for Trading Platinum

BrokerNotes.co

Written by BrokerNotes.co

March 14, 2024

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.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74% and 89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Best Forex Brokers for Trading Platinum

Here are the best forex brokers for trading platinum.

  • IG
    - 9.9/10 Overall
  • Interactive Brokers - 9.9/10 Overall
  • Saxo - 9.7/10 Overall
  • CMC Markets - 9.6/10 Overall
  • FOREX.com
    - 9.4/10 Overall
  • TD Ameritrade - 9.3/10 Overall
  • City Index - 9.3/10 Overall
  • XTB - 9.1/10 Overall
  • eToro - 8.8/10 Overall
IG
9.9/10 Overall
Minimum Deposit£250.00
Tier-1 Licenses8
Tradeable Symbols (Total)19537

Year after year, IG has shown itself to be the best broker in the forex industry and a fantastic choice for forex traders. Highly trusted and regulated across the globe, IG delivers a wide variety of rich features, market research, and powerful trading tools. Fans of copy trading will appreciate IG’s seamless integration of trading signals into its web platform. Read full review

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)No
Visit Site

Join 239,000+ traders worldwide.

(Trading forex carries a high level of risk.)

Interactive Brokers
9.9/10 Overall
Minimum Deposit$0
Tier-1 Licenses9
Tradeable Symbols (Total)8500

Interactive Brokers is a highly trusted broker regulated across the globe that delivers access to over 100 markets, including forex and CFDs. Its Trader Workstation (TWS) platform offers a variety of advanced trading tools for experienced traders, and IBKR's web-based platform is great for beginner forex traders.

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)No
MetaTrader 5 (MT5)No
Saxo
9.7/10 Overall
Minimum Deposit$0
Tier-1 Licenses7
Tradeable Symbols (Total)70000

Saxo is a highly trusted broker that operates multiple banks and is regulated across the globe. Saxo delivers an incredible cross-platform experience alongside powerful research and a vast selection of more than 60,000 symbols across multiple asset classes. It’s worth noting that minimum deposits at Saxo are steep.

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)No
MetaTrader 5 (MT5)No
CMC Markets
9.6/10 Overall
Minimum Deposit$0
Tier-1 Licenses5
Tradeable Symbols (Total)12074

CMC Markets is a highly trusted multi-asset broker regulated in multiple Tier-1 jurisdictions. CMC's powerful Next Generation trading platform for web and mobile delivers a huge selection of markets and a fantastic user experience. CMC Markets also ranks highly for its high-quality research and educational content.

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)No
FOREX.com
9.4/10 Overall
Minimum Deposit$100
Tier-1 Licenses7
Tradeable Symbols (Total)5500

FOREX.com is a highly trusted brand with a long history of offering forex in the U.S. and across the globe. FOREX.com offers its own flagship trading platforms for web and desktop, as well as the full MetaTrader suite. Though its pricing is higher than average, FOREX.com is a balanced choice for traders of all experience levels.

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
Visit Site

A Global Market Leader!

(Trading forex carries a high level of risk.)

TD Ameritrade
9.3/10 Overall
Minimum Deposit$0
Tier-1 Licenses5
Tradeable Symbols (Total)0

TD Ameritrade, part of financial conglomerate Charles Schwab, is a leader in platform technology and trusted by millions of investors globally with trillions in assets under its brands. Available exclusively to U.S. residents, TD Ameritrade's forex offering consists of just over 70 currency pairs, along with powerful research and trading tools.

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)No
MetaTrader 5 (MT5)No
City Index
9.3/10 Overall
Minimum Deposit£100.00
Tier-1 Licenses7
Tradeable Symbols (Total)13500

City Index, part of StoneX Group, is an award-winning, highly trusted broker with a long history of offering forex and CFDs across its global offices. City Index delivers a well-designed mobile trading app and a powerful web platform, as well as a large range of tradeable markets (though pricing is just average).

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)No
XTB
9.1/10 Overall
Minimum Deposit$0
Tier-1 Licenses2
Tradeable Symbols (Total)6010

XTB is a highly trusted brand with a proprietary platform (xStation 5) that delivers a rich selection of trading tools. XTB also offers CFDs for a wide range of asset classes, including multiple cryptocurrencies. Beginners will appreciate XTB's excellent educational content and the hundreds of lessons that are available via its Trading Academy.

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)No
eToro
8.8/10 Overall
Minimum Deposit$10-$10,000
Tier-1 Licenses3
Tradeable Symbols (Total)3479

Best known for its copy trading platform suite, eToro is a highly trusted broker offering a large selection of cryptocurrency products, CFDs, shares, forex pairs, and a wide range of powerful trading tools. It’s worth noting that eToro is not a discount broker (though it offers zero-dollar commissions for U.S. stocks).

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)No
Web PlatformYes
MetaTrader 4 (MT4)No
MetaTrader 5 (MT5)No

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 (statista)

    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 10:1 leverage (10% margin). 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.

Platinum - IG CFD

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.

Conclusion

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.

BrokerNotes.co 2023 Overall Rankings

To recap, here are our top forex brokers for 2023, sorted by Overall ranking.

Company Overall Rating Minimum Deposit Average Spread EUR/USD - Standard Trust Score Tradeable Symbols (Total) Read Review Visit Site
IG logoIG 9.9 £250.00 0.98 info 99 19537 IG Review Visit Site
Interactive Brokers logoInteractive Brokers 9.9 $0 0.63 info 99 8500 Interactive Brokers Review
Saxo logoSaxo 9.7 $0 1.1 info 99 70000 Saxo Review
CMC Markets logoCMC Markets 9.6 $0 0.61 info 99 12074 CMC Markets Review
FOREX.com logoFOREX.com 9.4 $100 1.4 info 99 5500 FOREX.com Review Visit Site
TD Ameritrade logoTD Ameritrade 9.3 $0 1.25 info 99 0 TD Ameritrade Review
City Index logoCity Index 9.3 £100.00 1.4 info 99 13500 City Index Review
XTB logoXTB 9.1 $0 1.00 info 96 6010 XTB Group Review
eToro logoeToro 8.8 $10-$10,000 1 info 90 3479 eToro Review
Swissquote logoSwissquote 8.8 $1000 N/A info 99 472 Swissquote Review
Capital.com logoCapital.com 8.7 $20 info 0.67 info 87 3007 Capital.com Review
AvaTrade logoAvaTrade 8.7 $100 0.92 info 94 1260 AvaTrade Review
Plus500 logoPlus500 8.6 €100 0.8 (August 2021) info 99 5500 info Plus500 Review
OANDA logoOANDA 8.5 $0 1.57 info 93 1744 info OANDA Review
FXCM logoFXCM 8.5 Starts from $50 0.74 info 95 440 FXCM Review
Admirals logoAdmirals 8.5 $100 0.8 info 93 8702 Admiral Markets Review
Pepperstone logoPepperstone 8.4 $200 0.77 info 95 2342 Pepperstone Review
XM Group logoXM Group 8.4 $5 1.6 info 88 1429 XM Group Review
FP Markets logoFP Markets 8.3 $100 AUD 1.1 info 87 10000 FP Markets Review
FxPro logoFxPro 8.1 $100 1.51 info 90 2249 FxPro Review
IC Markets logoIC Markets 8.1 $200 0.62 info 84 3583 IC Markets Review
Markets.com logoMarkets.com 8.1 $100 1.9 info 96 2179 Markets.com Review
Tickmill logoTickmill 8.1 $100 0.51 info 83 725 Tickmill Review
Fineco Bank logoFineco Bank 8.0 $0 N/A info 94 9770 Fineco Bank Review
BlackBull Markets logoBlackBull Markets 8.0 $0 0.827 info 77 26000 BlackBull Markets Review
Vantage logoVantage 8.0 $50 1.30 info 90 1000 Vantage Review
HYCM (Henyep Capital Markets) logoHYCM (Henyep Capital Markets) 7.9 $20 0.6 info 88 1199 HYCM Review
HFM logoHFM 7.9 $0 1.2 info 86 3500 HFM Review
ThinkMarkets logoThinkMarkets 7.8 $0 info 1.1 info 92 4000 ThinkMarkets Review
FlowBank logoFlowBank 7.7 $0 N/A info 80 408600 FlowBank Review
DooPrime logoDooPrime 7.8 $100 N/A info 83 10000 DooPrime Review
Trading 212 logoTrading 212 7.7 €10 1.9 info 79 8025 Trading 212 Review
BDSwiss logoBDSwiss 7.7 $10-$5000 info 1.6 info 76 1081 BDSwiss Review
Trade Nation logoTrade Nation 7.6 $0 0.6 85 601 Trade Nation Review
TMGM logoTMGM 7.6 $100 N/A info 83 12000 TMGM Review
Moneta Markets logoMoneta Markets 7.5 $50 1.27 info 72 1016 Moneta Markets Review
Eightcap logoEightcap 7.5 $100 1.0 info 85 736 Eightcap Review
MultiBank logoMultiBank 7.5 $50 N/A 84 1042
ACY Securities logoACY Securities 7.4 $50 1.2 info 75 2200 ACY Securities Review
RoboForex (RoboMarkets) logoRoboForex (RoboMarkets) 7.3 $100 1.4 info 71 12000 Roboforex (RoboMarkets) Review
VT Markets logoVT Markets 7.3 $100 1.2 info 70 1000 VT Markets Review
easyMarkets logoeasyMarkets 7.3 $50 0.9 info 80 199 easyMarkets Review
IronFX logoIronFX 7.2 $50 1.2 83 340 IronFX Review
Spreadex logoSpreadex 7.2 $0 0.81 info 71 10000 Spreadex Review
IFC Markets logoIFC Markets 7.2 $1 1.44 info 67 630 ATFX Review
Trade360 logoTrade360 7.2 $250 N/A info 76 1062 Trade360 Review
Octa logoOcta 7.2 $25 0.9 info 70 230 OctaFX Review
Axi logoAxi 7.1 $0 N/A info 81 175 Axitrader Review
TeleTrade logoTeleTrade 7.1 $100 N/A 71 500 Teletrade Review
GKFX logoGKFX 7.0 $0 N/A info 65 354 GKFX Review
Exness logoExness 7.0 $1 0.9 info 71 112 Exness Review
Vestle logoVestle 7.0 -1 N/A 78 750 Vestle Review
FXOpen logoFXOpen 7 $100 N/A info 80 87 FXOpen Review
FXPrimus logoFXPrimus 7.0 $100 N/A info 71 140 FXPrimus Review Visit Site
Forex4you logoForex4you 6.9 $0 N/A info 61 150 Forex4you Review
GBE brokers logoGBE brokers 6.8 $500 N/A info 71 500 GBE Brokers Review
Alpari logoAlpari 6.8 $20 N/A info 68 105 Alpari Review
TopFX logoTopFX 6.7 Depends on payment method N/A info 67 655 TopFX Review
Libertex (Forex Club) logoLibertex (Forex Club) 6.7 $10 N/A info 73 300 Libertex Review
LegacyFX logoLegacyFX 6.7 $500 N/A 67 425 LegacyFX Review
FXGT.com logoFXGT.com 6.6 $5 N/A 69 117 FXGT Review
ATFX logoATFX 6.5 $500 N/A info 73 150 ATFX Review
Xtrade logoXtrade 6.5 $250 N/A info 80 142 Xtrade Review

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