Since ancient times gold has been traded and used as a medium of exchange. Historically, gold stood in for the money we pay for commodities and services in exchange.
However, today, there is online gold trading which has become influential to the extent of determining the price for which gold is traded. Everybody wants a piece of the cake that comes with trading gold.
New traders often worry about how to find it and how to trade gold. This is mostly because online trading of gold requires technical experience. Technical experience allows one to be able to learn the graphs and charts of past trades to make successful trade choices.
PrimeXBT and Trading Gold
Any trader seeks access to online gold for them to start trading. PrimeXBT offers you a platform that allows you to access online gold and start trading.
The platform is built specifically for traders with interest in trading gold and taking advantage of the gold market.
Why should you consider trading Gold on PrimeXBT?
The registration process is simple and takes only a few minutes before one can have an account to trade on the gold market. Also, PrimeXBT comes with a reasonable spread (the difference between the selling and buying prices).
With online trading, security and data protection has become a huge threat. Luckily, it offers traders a PrimeXBT platform to trade without worrying about losing their data to predators. Besides, your fund will always be safe because PrimeXBT gives you a cold wallet where you can store your funds offline – away from hackers and threats.
How Trading Gold Works?
Successful trading is about making a trading decision that is likely to have good returns. This makes margin trading popular amongst online gold traders. Margin trading allows you to borrow funds from PrimeXBT to open larger positions while only putting up a small part of the overall position.
Margin trading offers a better option in trading as compared to deposited amounts. Margin trading offers you the chance to get meaningful returns. However, this also slightly increases your levels of risk. But investing is about making the most out of the highest risks.
Why Margin Trading?
Margin trading is very important because it helps the trader to diversify his portfolio. This is the famous saying of not putting all your eggs in one basket because of the risks attached. Margin trading allows you to have some capital left that can be used to open new trading positions to reduce market risks. If you don’t know how to do this, you can start by reading the margin of safety book.
Trading Gold and CFDs
Contract for Differences can also be used to trade gold. Gold has increasingly become volatile, making it an ideal speculative asset for CFD trading. CFDs are all about investing in the fluctuation of a market asset. Unlike other forms of trading with CFD, you do not have to own the asset. That means that you must not wait for the asset to gain go sell. CFD is a derivative that works like the open market, but the margin is different.
With CFD, the buying price of gold is higher than the buying price of the open market. Also, the selling price of gold is lower than the selling price of the open market. This gap is known as the margin, and the trader uses it to trade in gold.
Can You Trade Around the Clock?
Trading in gold is the same as stock markets. Stock markets close on the weekends and holidays. Similarly, gold is not traded on weekends and holidays. Therefore, in following the traditional market, gold is traded Sunday through Friday for 23 hours per day.
How to Get Started
You can start today by opening an account with PrimeXBT. The platform is user-friendly. It takes a few minutes to create an account and set it up. Afterward, the user can deposit funds and start trading.
Therefore, trading can start whenever one is ready to sign up and trade!