Gold is a well-respected precious metal since ancient times. It holds great value even before it was money. Cultures around the globe see gold as a symbol of beauty and power due to its scarcity, elegance, and unique luster. Its durability and malleability make it more appealing to many industries especially in jewelry and in industrial applications in modern times.
Today, there is a persistent demand for gold among investors in the precious metal market. Because it is traditionally used as a hedge against inflation and moves opposite to the value of fiat currencies, investing in gold is a perfect addition to a diversified investment portfolio–a shield against financial and economic turmoil.
How to Buy Gold the Easy Way?
The simplest method to profit from gold is by trading gold CFDs or contracts of difference. Gold CFDs allow virtually anyone to trade gold by speculating on its price. This means that a trader can easily profit whenever the price of gold goes up or down.
Trading CFDs is the most convenient and flexible way to earn from gold. No need to worry about storage issues, markups, huge transaction fees, and of course hefty insurance fees that go with buying physical gold.
Another advantage of gold CFDs is that these are traded on leverage, meaning that you have huge profit potential without investing a lot. You increase your buying power by borrowing funds and only committing a percentage of the amount as margin or collateral. For example, SimpleFX offers up to 500x leverage on all its products. Let’s say you want to buy XAUUSD at 10x leverage. XAUUSD pertains to the price of 1 troy ounce of gold in US dollars.
With 10x leverage, you can open a position worth $10,000 with only $1,000 in your account as margin. For 500x leverage, the $1,000 margin can open a position worth $500,000. The best part is that you can multiply your earnings to the nth-fold in a successful trade. But if the market goes against, you only lose the margin amount.
How to Trade Gold in SimpleFX
The SimpleFX WebTrader offers the easiest way to trade gold with CFDs. Traders can buy or sell gold CFDs 24/7 anywhere through their computers or mobile devices. No minimum deposits required.
To start trading, simply register an account.
Step 1. Open a trading account.
Registration is fast and easy. On the SimpleFX website, click on “Create account” and enter your email address.
You will receive a confirmation email with a verification link upon registration. Click on that link to verify your account, and registration is complete. Don’t forget to set a strong password.
For an added layer of protection, enable the two-factor authentication via Google Authenticator. To do this, go to the main menu (☰), then click on “Settings,” and choose “Security.”
Step 2. Fund your account.
Upon registration, you have both demo and live accounts to use.
To make a deposit, (1) select a live account, then (2) click on deposit. You can make a deposit at any amount.
Choose your country and your method of deposit. You can pay in cryptocurrencies, Tethers, or via instant payments using Neteller, Fasapay, and Skrill. Making a deposit is free.
Step 3. Set your leverage.
Select the leverage level for your trades. SimpleFX generously offers 1x up to 500x leverage to traders. To change your leverage, click on the main menu (☰), then choose “Accounts & Deposits.” Click on the account that you want to trade in, and then click on the pencil icon to change the leverage.
Step 4. Choose to Buy or Sell.
To open a buy or sell position, simply click on the New Order button to open the New Order window. Select the direction of your order (buy or sell), the type of order (market or pending), and the number of units to buy or sell. To mitigate risks, you can easily set your Take Profit or Stop Loss levels here.
Finally, submit your order, and you’re done!
Step 5. Check your orders and history.
You can easily monitor your orders and history on the tabs at the bottom of the page.
CFDs have become one of the most preferred methods for online investors to trade gold and other commodities. SimpleFX is the best online trading app that offers great trading conditions for gold and other assets. Its clean and easy-to-use interface is a favorite among traders. For seasoned traders, it also has the MT4 platform available on desktop and mobile devices.
The SimpleFX WebTrader has everything from analytic market charts and tools to a dedicated news and blog feed to keep you updated with market news and trends. Practice your trading skills risk-free via their free demo account. You can earn more with its lucrative 25% lifetime revenue share as part of its affiliate program. Trading is commission-free and you get to leverage to up to 500x on your orders.
Invest in gold today and start trading! Visit SimpleFX and register with your email address. No strict KYC requirements. No minimum deposits. Take advantage of unlimited profit potentials now.