Platinum
Platinum is a popular commodity that is frequently used in trading portfolios for hedging purposes. Though the metal is produced in much smaller quantities than gold and silver, it is used in a variety of global commercial and industrial sectors, leading to frequent price movements and trading opportunities that can be accessed through UK brokers.
This tutorial will explain how to start trading platinum online, with information on key price influences, major market players, and strategy tips. Our team have also reviewed and listed the top platinum brokers in 2024:
Best Platinum Brokers UK
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Established in Australia in 2010, Pepperstone is a top-rated forex and CFD broker with over 400,000 clients worldwide. It offers access to 1,300+ instruments on leading platforms MT4, MT5, cTrader and TradingView, maintaining low, transparent fees. Pepperstone is also regulated by trusted authorities like the FCA, ASIC, and CySEC, ensuring a secure environment for traders at all levels.
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Founded in 2002 in Poland, XTB now serves more than 1 million clients. The forex and CFD broker combines a heavily regulated trading environment with an extensive selection of 6400+ assets and a commitment to trader satisfaction, featuring an intuitive in-house platform with superb tools to support aspiring traders.
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Established in 1989, CMC Markets is a respected broker listed on the London Stock Exchange and authorized by several tier-one regulators, including the FCA, ASIC and CIRO. More than 1 million traders from around the world have signed up with the multi-award winning brokerage.
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FXCC is an established broker that’s been offering low-cost online trading since 2010. Registered in Nevis and regulated by the CySEC, it stands out for its ECN trading conditions, no minimum deposit and smooth account opening that takes less than 5 minutes.
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Eightcap is an award-winning, FCA-regulated broker offering industry-low trading fees. They are also the highest-rated brand by TradingView’s 50 million-strong users, who can trade directly on the platform. UK traders can sign up for a live account with an accessible £100 minimum deposit.
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RoboForex is an online broker, established in 2009 and registered with the IFSC in Belize. Traders can choose from five accounts (Prime, ECN, R StocksTrader, ProCent, Pro) catering to different needs with trades from 0.01 lots and spreads from 0 pips. RoboForex has also enhanced its offering over the years, adding CFD instruments and launching its stock trading platform, plus the CopyFX system.
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eToro is a top-rated multi-asset platform which offers trading services in thousands of CFDs, stocks and cryptoassets. Launched in 2007, the brand has millions of active traders globally and is authorized by tier one regulators, including the FCA and CySEC. The brand is particularly popular for its comprehensive social trading platform. Cryptoasset investing is highly volatile and unregulated in the UK and some EU countries. No consumer protection. Tax on profits may apply. 51% of retail CFD accounts lose money.
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InstaForex is a forex and CFD broker founded in 2007. The broker offers diverse market coverage to millions of clients, spanning traditional assets like currencies and shares, as well as other interesting opportunities such as IPOs.
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OANDA is an award-winning global broker, established in 1996. The hugely respected brand offers competitive trading accounts and serves clients from 196 countries. It remains a popular option with both beginners and experienced traders thanks to its user-friendly and sophisticated web platform, no minimum deposit and premium currency products and services. The company is also overseen by reputable regulators, including the FCA, ASIC and CIRO.
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Established in 2001, easyMarkets has made for a name for itself as a trusted, fixed spread broker. Improvements to its tools over the years, from adding the MetaTrader suite and TradingView to enhancing its exclusive risk management tools like dealCancellation, mark it out from the competition.
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BlackBull is a New Zealand-based CFD broker providing diverse trading opportunities on over 26,000 instruments. After undergoing a rebrand in 2023, it now sports a modern look and feel complete with professional-grade trading tools and ultra-fast execution speeds averaging 20ms.
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Founded in 2009, Vantage offers trading on 1000+ short-term CFD products to over 900,000 clients. You can trade Forex CFDs from 0.0 pips on the RAW account through TradingView, MT4 or MT5. Vantage is ASIC-regulated and client funds are segregated. Copy traders will also appreciate the range of social trading tools.
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Established in 2006, FxPro has emerged as a trusted non-dealing desk (NDD) broker offering trading on over 2,100 markets to more than 2 million clients worldwide. It has scooped over 100 industry awards and counting for its competitive conditions for active traders.
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Established in 2008 and headquartered in Israel, Plus500 is a prominent brokerage that boasts over 25 million registered traders in over 50 countries. Specializing in CFD trading, the company offers an intuitive, proprietary platform and mobile app. It maintains competitive spreads and does not charge commissions or deposit or withdrawal fees. Plus500 also continues to shine as one of the most trusted brokers with licenses from reputable regulators, including the FCA, ASIC and CySEC.
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City Index is an established and award-winning forex, CFD and spread betting broker with top-tier global regulation, including in the UK (FCA) and Australia (ASIC). With 30+ years in the industry, 13,500+ instruments and 24/5 customer support, City Index is a solid pick for aspiring traders.
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Fusion Markets is an online broker established in 2017 and regulated by the ASIC, VFSC and FSA. It is best known for its low-cost forex and CFD trading, although its multiple account types and copy trading solutions cater to a range of traders. New clients can sign up and start trading in 3 easy steps.
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Established in 2017, Pocket Option is a binary options broker offering high/low contracts on forex, stocks, indices, commodities and cryptocurrencies. With over 100,000 active users and a global reach, the platform continues to prove popular with budding traders.
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Spreadex is an FCA-regulated broker that offers spread betting opportunities on an impressive 10,000+ CFD instruments including 60 forex pairs. Traders can also take short-term positions on sporting events. The brand has been around for over 20 years and has won multiple awards.
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Established in 2007, Axi is a multi-regulated forex and CFD broker that has made strides to improve its trading experience over the years, from expanding its suite of stocks and upgrading the Axi Academy to launching its own copy trading app.
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Founded in 2010, ThinkMarkets is a reputable CFD and forex broker with regulation from several top-tier bodies including the FCA and ASIC. The broker provides services to over 450,000 accounts from 11 global offices. Traders can use a bespoke platform, MT4 or MT5 to access a wide variety of assets including 3500+ stocks and ETFs, 46 forex pairs and over 20 cryptocurrencies.
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Trade.com is a trustworthy online broker with a global presence. The broker offers 2,100+ CFDs in major markets, as well as futures, options and more. The broker offers best-in-class platforms and superior analysis tools for experienced traders. The broker is also regulated by top-tier authorities including the FCA and CySEC.
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Grand Capital is a MetaTrader broker with welcome bonuses, trading competitions and an intuitive copy trading service. Several account types and 400+ assets provide trading opportunities for various types of investors and strategies. New users can also open an account and start trading in a matter of minutes.
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IronFX is a multi-regulated forex and CFD broker founded in 2010. This award-winning firm offers 500+ markets to over 1.5 million clients across 180 countries. Traders can access various account types with competitive pricing on the MT4 platform, as well as 24/5 customer support in 30 languages.
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Ingot Brokers is a multi-regulated brokerage established in 2006. The broker offers CFD trading opportunities on 1000+ instruments including forex, stocks, indices, commodities and cryptocurrencies. The broker supports the MetaTrader 4 and MetaTrader 5 platforms and offers both raw spreads and commission-free account options.
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FinPros is an offshore broker that provides CFD trading on 400+ instruments with high leverage up to 1:500. This is a reliable bet for traders seeking offshore options, with strong security measures, negative balance protection and segregated client funds. The extra features including trading tools and commission-free stocks make this a good choice for beginners, and experienced traders will appreciate tight spreads.
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Uphold is a digital asset platform offering a range of services, from crypto trading and staking to payment cards that provides rewards and easy multi-currency payments. The company was established in 2015 and has enabled $4+ billion in transactions. Uphold is now active in 180+ countries and deals in 200+ crypto and fiat currencies.
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Scope Markets offers trading and investing in multiple spot and CFD instruments. The group of brokers is regulated in several locations, including Belize, Kenya and South Africa. Users get competitive trading conditions, a range of payment methods, strong support and can get started in a few straightforward steps.
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Dukascopy is an online broker operated by a Swiss-regulated banking group. It offers a good selection of 500+ markets, with forex, stocks, gold, ETFs, indices, bonds and cryptocurrencies available. It also offers flexible trading opportunities through the choice of CFDs or binary options. Traders will use MetaTrader 4 or a proprietary platform that is well-suited to automated trading.
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Kwakol Markets is a Nigerian headquartered broker with strong regulatory oversight in Australia and Canada. A great selection of trading assets are available, including synthetic products that simulate realistic market activity. Clients can trade on the MT4, MT5 and cTrader platforms, as well as a copy trading solution whereby a fee is only paid on profitable trades.
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OspreyFX is an ECN broker headquartered in St. Vincent and the Grenadines. Established in 2019, the firm offers 120+ forex and CFD assets with high leverage up to 1:500, tight spreads from 0.1 pips and round-the-clock customer support. OspreyFX also stands out for its funded trading accounts where traders can keep up to 70% of profits.
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Errante is a Cyprus-based and regulated forex and CFD broker with leveraged trading on multiple assets, tiered accounts including a zero-spread option, and copy trading support. The broker offers leveraged trading up to 1:30 under its CySEC-regulated branch and 1:500 from an offshore branch, and supports the MetaTrader 4 and MetaTrader 5 platforms. Errante's asset list is relatively limited but it does offer fast execution and low latency, and it is a trustworthy brand.
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LonghornFX is a forex and CFD broker offering over 150 instruments with leverage up to 1:500. The firm is registered in Saint Vincent and the Grenadines and was launched in 2020. Clients can access a strong selection of cryptos, alongside forex, indices, commodities and stocks. With ECN/STP processing, this offshore broker promises tight spreads and fast execution.
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Baxia Markets is an offshore CFD broker that offers trading on forex, commodities and indices with tight spreads on a straight-through processing model with ultra-low latency. Trade on MetaTrader 4 or MetaTrader 5 with leverage up to 1:500 and no restrictions to scalping or hedging strategies. Users also benefit from third-party copy trading services.
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Revolut has emerged as the most downloaded financial app in 11 countries with over 45 million users and more than $23 billion held in customer balances. It facilitates commission-free trading on over 2000 stocks and commodities, alongside 185 cryptos with a minimum investment of just $1. The mobile trading experience remains market-leading for casual investors seeking low, transparent fees.
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TMGM is an ASIC-regulated forex and CFD broker with a vast range of tradeable assets covering forex, stock, index, crypto and commodity markets. The account types on offer provide a flexible choice between no commission or zero spreads, with competitive pricing all-round.
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ActivTrades is a UK-headquartered CFD and forex broker established in 2001. The award-winning brokerage has secured licenses from trusted bodies, notably the UK’s FCA, and facilitates trading on over 1000 instruments spanning 7 asset classes, with over 93.60% of orders are executed at the requested price.
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Swissquote is a Switzerland-based bank and broker that offers online trading and investing. The company has a high safety score and is listed on the Swiss stock exchange. The firm offers a huge range of products, from stocks, ETFs, bonds and futures to 400+ forex and CFD assets. Hundreds of thousands of traders have opened an account with the multi-regulated brokerage. Clients can get started in three easy steps while 24/7 customer support is available to assist new users.
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SimpleFX is an online broker specializing in CFD and cryptocurrency trading, with multi-currency accounts, STP execution, low pricing and no minimum deposit. Bringing innovation and gaining recognition at numerous industry events since 2014, SimpleFX now caters to retail traders from over 190 countries, boasting a client base exceeding 200,000 active users.
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Fortrade is a multi-asset, multi-regulated broker with branches regulated by the FCA, CySEC and ASIC among others. The brand offers trading opportunities on a wide range of instruments including stocks, bonds, commodities, forex, indices, cryptocurrencies and ETFs, with competitive fees and support for MetaTrader 4 and a proprietary platform.
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Established in 2005 in Australia, FP Markets is an ASIC- and CySEC-regulated broker boasting an extensive suite of tradable assets. Its Standard and Raw accounts cater to traders at every level, while it packs a punch in the tooling department, from the MetaTrader suite and intuitive TradingView to actionable trading ideas from Trading Central and AutoChartist.
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HYCM is an online broker with authorization from four international bodies including the FCA and CySEC. The broker offers short-term CFD trading on forex, shares, commodities, indices, ETFs and Bitcoin, and supports the MT4 and MT5 platforms, as well as Trading Central analysis.
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Established in 2013, SuperForex is an offshore CFD and forex broker offering highly leveraged trades on 400+ instruments via the popular MetaTrader 4 platform. The broker has gained clients in over 150 countries and is regulated by the Belize IFSC. With a range of STP/ECN account types, including swap-free, micro and zero spread, this broker continues to suit traders with different styles and setups. SuperForex also offers a range of welcome bonuses and trading contests.
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Amega is an offshore STP broker offering CFD trading fon forex, stocks, indices and commodities with very high leverage up to 1:1000 and a zero-commission pricing structure. Traders access markets through the MT5 platform and can test the broker's services through a demo account.
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Admirals is a multi-regulated broker with an excellent range of leveraged instruments, including forex, stocks, indices, ETFs, commodities, cryptos and more. The broker supports the MetaTrader 4, MetaTrader 5 and TradingCentral platforms. With both spread betting and CFDs available and thousands of instruments, this broker provides more flexibility than most rivals.
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Just2Trade is a reliable multi-regulated broker registered with FINRA, NFA and CySEC. The company has 155,000 clients from 130 countries and stands out for its huge suite of instruments and additional features, including a social network, robo advisors and a funded trader programme.
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World Forex is an offshore broker registered in St Vincent and the Grenadines, offering commission-free trading with a $1 minimum deposit and 1:1000 leverage. Digital contracts are also available, offering beginners a straightforward way to speculate on popular financial markets.
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FXPrimus is an award-winning CySEC-regulated brokerage offering CFD trading on 200+ instruments via the MetaTrader 4, MetaTrader 5 and cTrader platforms. The choice between a competitive commission-free account and two affordable raw spread options make this an accessible broker for anyone seeking forex, stocks, indices and commodities with high leverage.
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FXCentrum is an offshore broker that offers highly leveraged, commission-free trading on diverse instruments with tight spreads. Traders can access forex, equity and commodities markets via MetaTrader 5 or the proprietary FXC platform and use the award-winning ZuluTrade platform for copy trading.
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Capital.com offer CFDs on a range of markets with competitive spreads and zero commissions. The broker also offers the Investmate app, negative balance protection and leveraged trading.
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Trading 212 is a European and UK-regulated CFD broker that also offers stock investing and ISAs. It’s best known for its commission-free trading model and beginner-friendly app, which has helped it attract 2.5 million users and £3.5 billion in client assets.
Platinum Trading Basics
Platinum is one of the four popular precious metals available to trade, alongside gold, silver, and palladium. It has many uses in the glass-making, chemical integration, electronics and automotive industries, especially as a component in catalytic converters in fuel engines, but it is also increasingly known for its use in jewellery-making, which in 2021 accounted for some 25% of global demand.
South Africa is the world’s leading supplier of platinum, with production reaching 156.3 metric tons in 2021 and an estimated 140 metric tons in 2022. The country is also believed to have the world’s largest deposit of platinum in the Merensky Reef in the Bushveld Complex. Platinum prices hit an all-time high in 2008 at $2253 per ounce when a power-delivery crisis hit South African mines, demonstrating the country’s importance to the platinum trade.
Traders typically speculate on platinum price movements through derivatives such as contracts for difference (CFDs), futures, or options, rather than directly buying the metal.
Platinum is traded under the symbol XPT on the New York Mercantile Exchange (NYMEX), the Chicago Board of Trade (eCBOT), and the Tokyo Commodity Exchange (TOCOM).
The global platinum market is predicted to reach $12.2 billion by 2030.
History
The Italian-French physician Julius Caesar Scaliger discovered platinum in 1557, but there was little interest in the metal until new industrial uses for it were discovered in the 1700s.
Platinum commodity trading was first established in the 1950s following the launch of platinum futures contracts by the New York Mercantile Exchange (NYMEX), giving investors the opportunity to diversify their portfolios outside of agriculture.
Platinum coins were introduced at a later date, with the US Mint launching the first platinum bullion coin, the Platinum American Eagle. The Platinum American Eagles experienced significant demand following the first release and many denominations sold out completely.
Platinum’s relative scarcity alongside an increasing list of uses makes it an attractive investment opportunity. Platinum and other precious metals have long been recognised for their tendency to appreciate when other financial instruments, like stocks and bonds, are in decline. The unique characteristics of trading platinum offer investors the ability to hedge against uncertainty and profit when demand grows.
Platinum Trading Price
Why Trade Platinum?
There are several good reasons to include platinum in your trading portfolio:
- Diversification – Trading platinum at leading brokers helps hedge against risk, as precious metals tend to rise in value during market downturns.
- Volatility – Platinum is typically more volatile than gold due to its scarcity and smaller production volumes. This presents an opportunity for traders to profit from significant price shifts. Due to its prominent requirement in the auto industry, trends in this market can help investors gauge price movements of platinum.
- Market Influence – Platinum is generally not as impacted by macroeconomic factors that influence the price of forex and other markets. This means it will generally perform well during a challenging economic climate. Put simply, platinum tends to hold its value when alternative markets are in decline.
What Moves The Price Of Platinum?
While the precious metal is recognised as a relatively ‘safe bet’ during times of market turmoil, platinum trading prices are determined by a range of factors:
Supply And Demand
Platinum is a scarce resource, and any changes in supply and extraction will have a substantial impact on its availability and therefore on the market price. The major producers of platinum are South Africa, Russia, and North America.
Some analysts and brokers predict that the global supply of platinum will face significant challenges from 2023 due to an inadequate supply of power to South Africa and power grid limitations.
Demand will be governed by the metal’s usage in industrial applications, but also in making jewellery, a luxury good, and for investment purposes.
Automotive & Other Industries
Since platinum is widely used in making parts for cars, demand will rise if car production increases. However, note that the introduction of more environmentally friendly technologies may lead to alternatives to the parts that are currently widely used in car manufacturing. If sustainable alternatives that do not need catalytic converters catch on, the demand for platinum could decrease.
Similarly, platinum is currently used in many other industries and any changes to these uses will affect the demand for the metal. New technological advances could increase the demand for the metal, especially if it is necessary to produce components in sustainable technologies; alternatively a new development could decrease demand if it presents a more affordable or sustainable alternative to an existing platinum product.
Jewellery Making
The demand for platinum in the jewellery industry has grown significantly in recent decades, with the pure, white metal particularly popular among consumers in China.
As such, demand for platinum is likely to rise during booming periods in China and other countries where platinum jewellery is popular, and to fall when those countries experience tighter periods.
Geographic Influences
The production of platinum is limited to just a few countries, meaning any political unrest or economic changes can have a major impact on the extraction of the resource. The whole production chain may come to a near-standstill if events were to occur in a major exporter country.
For example, sanctions following the 2022 Russian invasion of Ukraine significantly reduced the overall supply in the global market. The London Platinum and Palladium (LPPM) Market suspended two government-owned Russian platinum refiners from its ‘good delivery and accreditation list’ in April 2022.
How To Trade Platinum
CFDs
Contracts for difference (CFDs) are one of the most popular ways that retail traders speculate on platinum price movements by opening long or short positions. The difference between the strike price set when the CFD begins and the market price of the asset when it closes determines the trader’s profit or loss (minus fees), and this can be augmented through margin trading.
AvaTrade, for example, offers platinum CFDs with leverage up to 1:10 and no commission fees.
Futures Contracts
Some brokers offer platinum futures. With this style of contract, you can speculate on the price movements of the precious metal through contracts to buy or sell it at an agreed price at a certain future date.
Platinum futures contracts can also be leveraged, meaning you can benefit from increased market exposure for a relatively small initial investment.
ETFs
Individual investors can also gain exposure to platinum through exchange-traded funds (ETFs), which may include direct exposure to shares in platinum mining companies as part of a ‘basket’ of relevant investments.
ETFs often comprise a selection of assets to give a general view of the performance of a sector, country or geographical region, and tend to be less volatile than trading individual stocks or commodities.
Options
Options work in a similar way to futures, but in this case, the contract buyer has the right but no obligation to exercise the contract when it expires.
This shields the trader from large losses that they would be liable to in a bad futures contract, as they will only lose the premium paid for the contract.
Spot Market
Retail investors can purchase platinum coins or bullion bars from a registered platinum trading company such as the Royal Mint. The bullion bars are a physical investment, available in a variety of weights typically from one troy ounce to one kilogram.
Some firms will provide secure storage facilities and insurance for your precious metal purchases. The coins and bullion bars can also be traded back to investment firms for a potential profit.
How To Compare Platinum Trading Brokers
- Assets – Platinum is usually not the only asset in a trading portfolio, and you may be interested in trading other precious metals or instruments such as forex or stocks. Interactive Brokers is a good multi-asset broker available to UK residents offering the Platinum Index (PL) and Micro Platinum Index (PLM) alongside thousands of other instruments.
- Platform – Platinum trading brokers may offer a choice of proprietary terminals and/or third-party platforms such as TradingView or MetaTrader 4 (MT4). You will need access to a stable and reliable terminal for live price analysis and evaluation of platinum’s performance vs alternative precious metals and associated markets. Additional features to look out for include custom charts, integrated news streams, and technical analysis tools. FxPro, for example, provides customers with cTrader, MT4, and MT5 program options to trade platinum.
- Trading Vehicles – It is important to choose a broker that offers the trading vehicles that best suit your investing style and financial needs. Platinum futures or ETFs may suit a longer-term trader; day traders could consider brokers that offer vehicles such as CFDs.
- Fees – Look out for platinum brokers with tight spreads and no/low commission fees, but also consider deposit/withdrawal charges, account maintenance fees, and overnight rollover costs.
- Customer Support – The best brokers that offer platinum trading opportunities will have a responsive customer service team that allows traders to easily reach a human assistant if the need arises. Given the long trading hours of the precious metal, look out for platinum brokers that provide 24-hour support by telephone or live chat.
- Regulation – Regulatory status should be a priority when comparing platinum brokers. You should always sign up with those authorised by top-tier financial bodies such as the Financial Conduct Authority (FCA).
- Demo Account – New traders are advised to sign up with a broker that provides a demo account so they can practice risk-free platinum trades and get to know the market before staking real cash.
- Tools – The best platinum brokerages also offer insights, courses and ideas from expert analysts, plus tools like copy trading for novice investors.
How To Get Started With A Platinum Broker
- Register with one of the top platinum brokers and log in to the client dashboard
- Identify market opportunities and trends using the trading platform, app and tools
- Open a platinum trading position and apply risk management parameters if required
- Monitor your trade and close when a profit is made or your platinum trading strategy is complete
Trading Hours
Platinum is traded on the New York Mercantile Exchange (NYMEX), the Chicago Board of Trade (eCBOT), and the Tokyo Commodity Exchange (TOCOM).
The platinum market is generally open for trading from 22:00 to 20:59 (GMT).
Bottom Line On Trading Platinum
Platinum trading offers investment opportunities given its scarcity, volatility and the important role it plays in several industries. It may be an attractive asset, particularly during a market downturn, due to its lack of correlation with volatile economic conditions.
Use our list of the best brokers with platinum trading to get started.
FAQ
Is Platinum A Good Investment?
Platinum can be a good investment for those looking to diversify their portfolios. It is a volatile commodity that often sees sharp price fluctuations, which in turn creates opportunities for profits. It can also be a good hedge since it tends to retain its value during market downturns. With that said, online trading is risky and there is no guarantee that you will make profits trading platinum.
How Can I Trade Platinum?
There are several ways to invest in platinum including via contracts for difference (CFDs), exchange-traded funds (ETFs), options, and futures.
Trading hours are typically between 22:00 to 20:59 (GMT), though access to systems including platforms and tools will vary between platinum brokers.
How Do I Choose The Best Platform For Trading Platinum?
The most important comparison factors will depend on your strategy and goals, but FCA authorisation is an important consideration for UK traders. Other features to consider include access to tight spreads and low commissions, reliable platforms and apps, customer support, and demo account provision for beginners.
Is Platinum Trading Easy?
No investment is easy, and successful platinum trading involves frequently monitoring news updates, particularly from those countries involved in the extraction of the resource, such as South Africa and Russia. Any political turbulence or economic changes within these locations can have a large impact on the price of platinum.
What Are The Major Platinum Trading Markets?
Platinum is primarily traded under the symbol XPT on the New York Mercantile Exchange (NYMEX), the Chicago Board of Trade (eCBOT) and the Tokyo Commodity Exchange (TOCOM). The main countries that mine and supply platinum are South Africa and Russia.