How do I trade gold on eToro?

Written by Mike Druttman

Reviewed by Nadav Zelver

Having spent the past three years trading various assets on eToro, I've found gold to be one of the most intriguing and rewarding commodities. Let me walk you through my personal journey and insights on how to trade gold on this platform.

1. Discovering eToro and Gold Trading

When I first came across eToro, I was captivated by its user-friendly interface and wide range of trading options. Gold, with its historical significance and current market potential, naturally caught my attention.

2. My First Steps on eToro

I remember the excitement of setting up my account:

• Registration: The sign-up process was smooth, requiring only a valid email.
• Account Verification: Within a day, after submitting my documents, my account was verified.
• Funding: The multiple payment options made the funding process a breeze.

3. Navigating eToro: A Newbie’s Delight

The platform's intuitiveness was impressive. I quickly learned to use the dashboard, located gold, and began diving deep into its historical data.

4. Exploring Gold Trading Options

eToro introduced me to various gold trading avenues:

• Spot Trading: I began by trading gold at its current market value.
• Gold ETFs: Later, I diversified with gold-backed ETFs, enhancing my portfolio.

5. My First Gold Trade

I vividly recall the adrenaline:

• Setting my trade amount cautiously.
• Establishing a strict stop loss and take profit, fearing potential losses.
• Opting for a market order, eager to see immediate results.

6. Leverage: A Double-Edged Sword

eToro's leverage option was tempting. But having learned from fellow traders' experiences, I approached with caution, understanding both its rewards and risks.

7. The Social Trading Game-Changer

eToro's social trading was transformative:

• Copying Experts: I began by mirroring strategies of top gold traders, gaining invaluable insights.
• Engaging and Learning: The gold trading community was a goldmine of knowledge, pun intended!
• Staying Informed: Real-time updates ensured I was always in the loop.

8. A Word on Fees

Having traded on various platforms, I found eToro's fee structure transparent:

• Spreads: Gold's spreads were competitive.
• Overnight Fees: I learned to factor these in for longer-term trades.

9. Strategies and Risk Management

Gold trading tested my resolve. Over time, I crafted strategies, set strict risk parameters, and relied heavily on eToro's risk management tools.

10. Cashing Out: A Sweet Reward

After my first successful trades, the withdrawal process was straightforward, with transparent fees and prompt transfers.

11. Continuous Learning

With eToro's resources and the global economic landscape's shifts, I've stayed committed to learning, evolving, and refining my gold trading tactics.

12. In Retrospect

Trading gold on eToro has been an enlightening journey. It's a blend of strategy, patience, and continuous learning. For anyone venturing into this, arm yourself with knowledge, learn from the community, and most importantly, enjoy the process.

eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.

Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 61% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Past performance is not an indication of future results. Trading history presented is less than 5 complete years and may not suffice as basis for investment decision.

Copy Trading does not amount to investment advice. The value of your investments may go up or down. Your capital is at risk.

Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply. Don't invest unless you're prepared to lose all the money you invest. This is a high-risk investment, and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.

eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro.