Best Silver Trading Platforms in UAE

0
Regal Wallet Banner

In this guide we break down the best trading platforms in UAE for silver trading. We use information from 49 online brokers that offer silver trading and analyse them in 9 categories. The analysis includes: platforms, regulation, offering of silver assets, silver trading fees, mobile trading apps, customer support, deposits & withdrawals, research & education, and islamic account availability.

With 214 variables tested across 3500 data points, these are the Best Silver Trading Platforms in UAE.

Our List of Top Silver Trading Platforms – Updated for 2022

  • IC Markets – Best fees for gold trading
  • Interactive Brokers – Best for active traders
  • IG – Best for Mobile trading
  • eToro – Best For Beginners
  • Ava Trade – Best for Research and Education
RANKBROKERGENERALPLATFORM SCOREBEST FORWEBSITE
#1IC MarketsGreat Customer support4 / 5Best fees for gold tradingOfficial website
#2Interactive BrokersVery competitive trading fees4.9 / 5Best for active tradersOfficial website
#3IGResearch and learning tools5 / 5Best for Mobile tradingOfficial website
#4eToroGreat Social trading service4.9 / 5Best For BeginnersOfficial website
#5Ava TradeGreat Customer support4.8 / 5Best for Research and EducationOfficial website

Below we break down all platforms that made it to our list of the best including pros, cons and key takeaways.

01. IC Markets: Best fees for silver trading

ic-markets-rating

IC Markets is an ASIC and CySEC-regulated broker operating globally. With IC Markets you can trade forex, CFD, and crypto with up to 1:500 leverage. IC Markets has over 2,000 tradable assets and charges low, floating spreads from 0,0 pips. 

IC Markets has multiple trading platforms available and is compatible with MetaTrader, cTrader, myfxbook AutoTrade, and ZuluTrade. Professional traders can open a Raw Spread, Standard or Islamic account at IC Markets, whilst beginners can practice trading with their unlimited demo paper trading account. 

You can fund your IC Markets account by bank transfer, credit card, or e-wallets like PayPal at 0% commission and receive access to a free VPS server after opening an account with them.

Pros:

  • MetaTrader 4 (MT4), MetaTrader 5 (MT5) and cTrader platforms are available for silver trading
  • Tight spreads and leverage up to 1:200
  • Trading signals for silver trading

Cons:

  • Silver only available as CFD

Key features:

  • Access to over 2,000 CFDs on stocks, bonds, indices, commodities, forex, and digital currencies
  • Islamic swap-free accounts available on request
  • Compatible with MetaTrader 4, 5, cTrader, ZuluTrade, and Myfxbook AutoTrade
  • Raw spreads from 0,0 pips
  • Well-suited for both beginner and experienced traders
  • Expert Advisors and other forms of automated trading allowed

02. Interactive Brokers: Best for active traders

interactive-brokers-rating

Interactive Brokers is a highly trusted global broker with a well-rounded offer of tradable markets, great educational content and sophisticated order type configuration. It is a high trusted and well capitalize company with an industry leading trading platform, a competitive fee structure and great global market access. Their low entry level and the Global Trader platform, which is intuitive and easy to use trading station, make this broker s great choice for beginners and advanced forex traders.

Professional and seasoned traders will appreciate the great selection of advanced trading tools and order type configurations available on their proprietary Trader Workstation desktop platform (TWS).

Pros:

  • Silver traded as futures contract, option and ETF
  • Good trading conditions for silver derivatives
  • Over 100 different order types, algos permitted for Silver trading

Cons:

  • Difficult to understand silver trading fee structure 

Key features:

  • Margin loan rates on stocks of 1.3%
  • Access to 135+ global markets
  • Advanced order types, tools and features
  • Access to frictional shares
  • Lowest commissions in the industry

03. IG – Best for Mobile trading

ig-rating

IG Markets is one of the largest and most popular regulated forex and CFD brokers globally. Traders can trade thousands of markets using IGs trading platforms like L2 Dealer and ProRealTime or connect their IG brokerage account with MetaTrader 4.

IG offers educational material, daily market update videos, and both technical and fundamental analysis case studies. If you are new to online trading, you can practice with IG’s free demo paper trading account first. For experienced traders IG offers spread rebates and access to more advanced financial instruments like digital options. 

Pros:

  • MetaTrader 4 (MT4) and ProRealTime (PRT) trading platforms available for Silver trading
  • Silver trades as futures contract, CFD and ETF
  • Good trading fees on Silver CFDs and Silver Futures

Cons:

  • Higher margin requirements for retail CFD and futures trading on Silver

Key features:

  • Trade over 17,000 markets with a broker that has been in business since 1974
  • Access to Turbo24s, and CFDs and options on forex, indices, crypto, stocks, and commodities
  • Unlimited free demo paper trading account
  • Advanced research and analysis tools like L2 Dealer and ProRealTime
  • Access to APIs to set up Expert Advisors and other automated trading software
  • Receive trading signals and alerts to find excellent entry and exit points

04. eToro: Best For Beginners

etoro-rating

eToro is a reputable global brand and industry leading broker for copy trading. Their robust and cutting edge copy trading platform and social trading features allow users to copy trades and portfolios from professional traders and investors.

As a CFD multi asset broker, eToro allows users to trade on over 3075 different symbols including stocks, forex, cryptos, indices and commodities. Trading spreads are wide, deposits are free and account minimum is low. There are conversion and inactivity fees. eToro provides a comprehensive list of technical tools, charts, and newsfeeds. Their customer support is available through email and live chat in Arabic and English.

eToro is a well established market maker broker with a clean history record, regulated by top tier regulators.

eToro AUS Capital Ltd ACN 612 791 803 AFSL 491139. OTC Derivatives are speculative and leveraged. Not suitable for all investors. Capital at risk. See PDS and TMD

Pros:

  • Social trading service (Silver copy trade possible by following popular traders)
  • Silver trades as CFD and ETF
  • All trading platforms for Silver trading are beginner friendly

Cons:

  • Silver CFD trading fees are higher than other brokers

Key features:

  • Sophisticated social-copy trading features
  • Multiple different payment options
  • Crypto exchange and brokerage services on the same dashboard
  • Super fast registration and KYC on-boarding process
  • Zero commission stock trading
  • Great ease of use level

05. Ava Trade: Best for Research and Education

avatrade-rating

AVAtrade is a well trusted global online broker for forex and CFD trading. Their multi-asset trading platform and mobile trading app enable traders to access 1365+ tradable symbols overall, including 1200+ CFD’s, major currency pairs with low forex spreads and premium options.

Beside their proprietary platform AVAtradeGo and MetaTrader, AVAtrade has great selection of copy trading solutions including ZuluTrade, DupliTrade and AVAsocial.

Account opening is fast, deposits and withdrawals are free of charge. The minimum deposit is $100. 

Choose AVAtrade if you are a beginner or semi advanced forex trader, looking to trade major forex currency pairs, options or CFDs as stocks, cryptos, indices or commodities with premium services.

Pros:

  • MetaTrader 4 (MT4) and MetaTrader 5 (MT5)  trading platforms are available for Silver trading
  • Silver trading with social trading services (ZuluTrade, DupliTrade)
  • Good trading conditions for Silver

Cons:

  • Silver only available as CFD

Key features:

  • Access to 1250 CFDs and 44 forex options
  • Excellent copy trading features
  • Advanced mobile trading app (AvaOptions)
  • Industry average pricing
  • Perfect for casual and advanced traders
  • Access to the full meta trader suite

How Did We Select The Best Silver Trading Platforms?

We use information about 49 online brokers with 9 different categories to find the Best Silver Trading Platforms in UAE. Our criteria includes: platforms, costs, research & education, assets available, regulation, mobile apps, withdrawal & deposit, and customer support.

  • Assets: Trading silver in the UAE requires a broker that offers the correct trading options. Look for a broker that has: commodities, futures, mutual funds, forex, bonds, indices, ETFs, and cryptos. 
  • Mobile Trading: Brokers offer investors mobile trading platforms for silver trading in the UAE. Make sure all the features you need are on the mobile platform. 
  • Fees: Fees on silver trading impact the profits, so be sure to understand the fee structure your broker uses. Some brokers offer 0% trading fees, but the spread also matters. 
  • Trading platforms: The silver markets are volatile, and you need a trading platform that is fast. If you use automated trading tools, make sure your broker has an API you like, and access to breaking market news. 
  • Deposit & Withdrawal: Trade with a broker that has free deposits and withdrawals, and also uses payment platforms you can work with. 
  • Regulation: The FCA, CySEC, and ASIC regulate financial services, including brokers. Only trade with brokers that are compliant with regulations. 
  • Research & education: Silver is a commodity, and the market is volatile. If you aren’t an experienced commodity trader, your broker should have educational resources to help you learn. 
  • Customer support: Your broker should offer 24/7 support with multiple contact options. Be sure the broker speaks a language you understand before you sign up. 

In order to qualify the broker has to offer Silver for trading. We were making the scores for following criteria: Trading platform features (Desktop and Mobile), Non trading related features (Customer Support, Research & education, Deposit & Withdrawal options) and Silver trading condition. The more weight was put on Silver trading conditions to calculate the overall score. 

The table below breaks down the performance of our top 5 platforms in each of the categories tested:

BrokerTrading PlatformfeaturesNon trading related servicesSilver trading conditionsOverall for Silver
IC Markets4.84.75.05.0
Interactive Brokers5.04.25.04.9
IG Trading5.04.24.74.8
eToro3.95.04.54.7
Ava Trade4.64.64.54.7

*Islamic Accounts: Silver traders in the UAE should trade with a broker compliant with Sharia law. We only review compliant brokers for traders in the UAE. 

Getting Started with Silver Trading in UAE – eToro

You get started with silver trading in UAE with eToro by opening a trading account, confirming your identity, depositing funds, and placing your first silver trade. 

Best Silver Trading Platforms in UAE


1. Opening an Account
You open an eToro trading account by going to their website, clicking on ‘Sign Up’, and filling in your personal details. 

etoro-account-opening

2. Confirming Your Identity
To confirm your identity with eToro you will need to upload a photo of your passport, national ID card, or driver’s license and a photo of a recent utility bill or bank statement not older than 3 months. 

silver-trading-id-verification-etoro

3. Depositing Funds
eToro accepts credit card, e-wallet, and bank transfer deposits to fund your account. The minimum deposit required is 200 AED. 

4. Placing First Silver Trade
You place your first silver trade with eToro by searching for the silver-related financial instrument you want to invest in, clicking on ‘Trade’, and specifying how much you want to invest, what leverage you want to use, and whether you want to go long or short (buy/sell). 

What Moves The Price of Silver?

Silver is an industrial commodity, and was money for many centuries. Although the metal does trade in the same direction as gold, different things move the silver market, like the industrial cycle. Because silver is an inexpensive metal, global industry uses it to manufacture products. Also, silver is rarely mined as a primary metal, and mining of other metals impacts the silver price, because the supply isn’t influenced by the metal’s price. 

How to Trade Silver in UAE?

Investors gain exposure to silver in many ways, and each asset class has advantages. Here are the ways silver trades with brokers in the UAE. 

  • Silver Futures – Silver is a commodity that trades on global futures exchanges. Silver futures set the price of silver for investors and buyers of physical metal. 
  • ETFs – There are ETFs that hold physical silver, and also silver mining companies. Silver ETFs trade like stock, and are inexpensive to trade. 
  • CFDs – CFD brokers offer contracts that track the spot price of silver. 
  • Mining Stocks – Investors have access to mining company stock that mine silver, and also industrial metals. 
  • Royalty Companies – Silver royalty companies buy the rights to the silver production from a mine, and rise with the price of silver. 

Final Verdict

After analysing and comparing 49 online broker that offer trading with silver in 9 different categories, we consider IC Markets as the best silver trading platform in UAE. They offer great silver trading features and conditions, a low fee structure on silver trading and great educational videos and content.

FAQ

Is silver a commodity or money?

Silver isn’t used as money, and trades like a commodity. The US dollar value does influence silver, and all other commodities.

How do I trade silver?

Silver trades on futures exchanges, and there are also assets like silver ETFs that rise alongside the price of silver. 

Are there silver mining companies?

There are only a few silver mining companies, it is better to buy shares in a silver royalty company because it is a pure play silver investment. 

Can I buy physical silver?

Physical silver is available, but there will always be a premium for refining the metal. The physical metal is also more expensive to trade. 


Methodology
The mission of Business24-7 is to provide comprehensive, unbiased ratings and reviews of the best online brokers. Trading platform, fees, mobile trading, payments, assets, regulation, education, and research are all part of our six-month evaluation of a broker’s trading platform. The rating scale was based on thousands of data points that have been weighted into the scoring system. Brokerages were required to fill out a multi-point survey regarding every aspect of their platform. In-person demonstrations and evaluations were provided by the majority of the online brokers we reviewed. Stefan Grasic, along with our team of industry experts, conducted our reviews and developed this methodology for ranking what form is used in online investing.

Disclaimer
All trading involves risk. More than 80% of investors lose in spread bet and CFD trading. As these complex instruments allow for the use of leverage, there is a high risk of losing more money than you have deposited. Before attempting to participate in spread bets and CFDs, consider how well you understand them and if you can afford to lose your money.

Previous articleApplication Programming Interface (API)
Next articleProtected: TEST 2 Best Trading Platforms in UAE & Dubai 2022
Stefan Grasic (Dipl.-Jur) is the World Wide Director of research for Buisness24-7 and has considerable experience in the financial and investment niche, but also enjoys writing articles for the general readership. Stefan is an active Crypto, Forex and general investment researcher advising blockchain companies at their start up level. He keeps fit by mountain biking, surfing, skiing and lots of other adrenaline sports.

LEAVE A REPLY

Please enter your comment!
Please enter your name here