How US Traders Can Trade Gold in 2026: Futures, ETFs and Regulated Spot

If you live in the United States, most of the "best gold broker" lists you find online are useless to you. They rank CFD brokers, and US residents cannot trade CFDs. That is not a loophole problem or a paperwork problem: the products are not offered to US retail clients, and a broker that lets you open one anyway is breaking US rules and giving you no US protection.

You still have four legal ways to trade gold. This guide explains each one, what it costs, how it is taxed, and who it suits.

Why US residents cannot trade gold CFDs

A contract for difference is an over-the-counter derivative. Under the Dodd-Frank Act, leveraged off-exchange contracts like these can only be offered to US retail customers by firms registered with the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA), and CFDs as such are not offered to US retail clients. That is why nearly every international broker in our broker rating shows "not accepted" for the United States.

If an offshore broker accepts you anyway, three things are true: your account is held by a company no US regulator supervises, US dispute and compensation routes do not apply, and you may struggle to withdraw. Our United States rating page shows which rated brokers accept US residents and through which company.

Option 1: Spot gold with a CFTC/NFA-registered forex dealer

A small number of US-registered forex dealers offer spot gold and silver alongside currency pairs. This is the closest thing to what the rest of the world calls "trading XAUUSD": a quoted bid and ask, no expiry, and an overnight financing charge.

• Who regulates it: the CFTC, with the NFA as the self-regulatory body.
• How to check a firm: search its exact name on NFA BASIC. Look for "Retail Foreign Exchange Dealer" or "Futures Commission Merchant" status and "NFA Member: Approved".
• What to watch: product lists change, and not every registered dealer offers metals. Confirm on the firm's own US product page, not its global site.

Size positions exactly as you would anywhere else. A move of 1 dollar in gold on 1 standard lot (100 ounces) is 100 dollars; the pip value calculator does this for any size.

Option 2: Gold futures on COMEX

Futures are the instrument professional gold traders use. They trade on CME Group's COMEX exchange, are cleared centrally, and are open to US retail accounts at any futures broker.

• Pros: exchange-traded, transparent pricing, deep liquidity, no counterparty dealing desk, and favourable tax treatment (below).
• Cons: contracts expire, so holding a position for months means rolling it; margin is set by the exchange and your broker and can rise quickly in volatile weeks.

The micro contract is the realistic starting point for most retail accounts: a 20-dollar stop on one MGC risks 200 dollars.

Option 3: Gold ETFs in a normal brokerage account

If you want exposure to the gold price without leverage, a gold ETF is the simplest route. Physically backed funds such as GLD, IAU and GLDM hold bullion in vaults and trade like shares.

• Pros: no leverage, no margin calls, available in IRAs, tiny position sizes possible.
• Cons: an annual expense ratio, trading only during US stock market hours (plus limited extended hours), and the tax treatment of physically backed funds is less favourable than for stocks.

ETFs suit a gold position you hold for months. They do not suit trading the London open or the NFP release.

Option 4: Options on gold futures or gold ETFs

Options let you define your maximum loss in advance, which is useful around binary events such as an FOMC decision. They are also the easiest place for a beginner to lose money through time decay. Learn futures or ETFs first.

How each route is taxed in the US

This is general information, not tax advice. Check with a tax professional for your situation.

• Regulated futures (GC, MGC): Section 1256 contracts. Gains are taxed 60% long-term and 40% short-term regardless of how long you held them, and positions are marked to market at year end.
• Physically backed gold ETFs: the IRS treats them as collectibles. Long-term gains can be taxed at up to 28% rather than the usual long-term capital gains rates.
• Spot forex and metals with a retail dealer: by default these generally fall under Section 988 (ordinary income or loss), with an election possible in some cases. Ask your tax adviser before you trade, not in April.

Which route suits which trader

• You want to day-trade gold around US data: micro gold futures (MGC).
• You want to hold gold for months as part of a portfolio: a low-cost physically backed ETF.
• You came from a CFD platform and want the same look and feel: a CFTC/NFA-registered dealer that offers spot metals, after checking it on NFA BASIC.
• You want a defined maximum loss on an event: options, once you understand the underlying contract.

The checks to do before you open any account

1. Search the firm's exact legal name on NFA BASIC. A brand name is not enough.
2. Make sure the company named in your account agreement is the one you checked.
3. Read the margin policy: how much the firm can raise margin, and how fast.
4. Write down your risk per trade before you fund the account. The position size calculator turns a stop distance into a position size.

If anything in this list fails, do not deposit. Our scam red flags checklist covers the warning signs in more detail.