How We Check Brokers

The first test

Before we consider any other factor, we check whether a resident of India can open an account with the broker. This includes whether the broker accepts Indian clients, what documents are required, and whether the process is clear.

We also test funding and withdrawal. We look for local INR bank transfers, cards, and e-wallets. If a broker does not support a method that is common in India, we note that as a weakness.

Where the numbers come from

Every number we publish comes from the broker’s own documents: the legal terms, the product schedule, the fee schedule, and the platform specifications. We read these documents on a specific date and record that date.

We do not rely on third-party summaries or marketing pages. If a number is not in the broker’s documents, we do not publish it. If a number changes after our check, we re-check before updating.

Honest limits of our testing

We do not run a live account with every broker. Our checks are based on the broker’s published documents and, where possible, a demo account. We cannot test every possible scenario, such as extreme market conditions or rare withdrawal cases.

We also cannot guarantee that a broker will treat every reader the same way. Your experience may differ based on your location, account type, or trading history. Always verify the current terms with the broker before trading.

Where each class of figure on this site originates

Cost figures for spreads, commissions and swaps are sourced directly from the broker’s published schedule, the trading platform’s live quote engine, and our own logged trade records. We never ask the broker for a private number; we take the figure a retail client sees on MT4, MT5, cTrader or FxPro Edge at the moment of execution. Where a cost is not published as a fixed number, we record the range observed over at least two full trading weeks and publish only that observed range.

Leverage caps and margin requirements come from the broker’s legal documents and account opening flow for India. The maximum leverage available on this site is stated as up to 1:200, with up to 1:500 for eligible traders after an experience and financial assessment. The worked margin figure of about $85.50 for a 0.10-lot gold position at 1:200 is calculated from the broker’s own margin formula and the reference price of 4275.0, not from a third-party calculator.

Funding method facts, including local INR bank transfers, cards and e-wallets, are taken from the broker’s deposit and withdrawal pages visible to Indian clients. Regulator wording is copied from the broker’s legal footer: FxPro is licensed by the FCA (UK), CySEC and FSCA, and is not licensed by SEBI. We do not infer, summarise or soften that caveat; we print it exactly as the broker states it.

The formula each calculator uses, in plain words

The margin calculator multiplies the contract size by the current gold price and divides by the leverage ratio. For one standard lot of XAU/USD, the contract size is 100 oz, so at a reference price of 4275.0 and leverage of 1:200, the margin is 100 × 4275.0 ÷ 200 = $2,137.50. A 0.10-lot position is one tenth of that, which gives the stated $213.75, not the $85.50 figure that applies only to the higher 1:500 cap after eligibility assessment.

The pip value calculator multiplies the lot size in ounces by the pip size of 0.01. For one standard lot of 100 oz, one pip is 100 × 0.01 = $1.00. For a 0.10-lot position, one pip is $0.10. The calculator does not add any spread, commission or swap; it shows the raw value of a one-pip move in the account currency, which is USD for all XAU/USD trades on this site.

The cost-per-trade calculator adds the spread cost and the commission, then adds the swap if the position is held overnight. The spread cost is the spread in pips multiplied by the pip value; the commission, if any, is taken from the broker’s published table; the swap is the broker’s long or short swap rate multiplied by the lot size and the number of nights. Each component is shown separately so a reader can see what depends on the entry price, what depends on the lot size, and what depends on the holding period.

What is refreshed automatically and what is reviewed by hand

Live gold prices and the bid-ask spread are refreshed automatically from the trading platform’s quote feed. The price you see in our calculators and tables is a snapshot updated at short intervals, not a real-time tick. Because the spread can widen during news or low liquidity, the automatically refreshed spread is not a guarantee; it is the spread at the moment of capture.

Swap rates and commission tables are not refreshed automatically. They are reviewed by hand at least once every calendar month, and more often if the broker announces a change. A human checks the broker’s published swap page and commission schedule, compares them to the last recorded values, and updates the site only when a change is confirmed in the broker’s own documents.

Regulator wording, funding method lists and leverage caps are reviewed by hand whenever the broker’s legal or account pages change. We do not rely on automated scraping for these facts because a single word change can alter the meaning. The date of the last manual review is stored with each fact, and any fact older than 90 days is flagged for re-verification before it is used in an article.

The known limits of this method

This method cannot capture the exact spread you will pay on your own trade. The spread is a live variable that depends on market liquidity, the time of day, and the broker’s own risk management. We record the spread we observed, but your trade may be filled at a wider or narrower spread. No testing method can eliminate that uncertainty for a floating-spread instrument like XAU/USD.

Swap rates are published by the broker but can change daily, and our monthly review may miss a mid-month change. A swap shown on this site is accurate only for the date it was recorded. If you hold a position overnight, the swap charged or credited can differ from our published figure because the broker may apply weekend swaps on Wednesday or adjust rates during high volatility.

We cannot test every account type, platform or funding method available to Indian clients. The broker may offer different spreads or execution on cTrader versus MT4, or different swap rates on a swap-free account. Our figures are taken from one standard account type and one platform unless stated otherwise, and a reader must check the broker’s own pages for the exact account they intend to use.

How a broker fact is dated and re-checked

Every broker fact on this site carries a date stamp showing when it was last confirmed. The date is the day a human opened the broker’s official page, read the fact, and recorded it in our database. We do not use the date of a third-party article or a cached page; the source must be the broker’s own site, legal document or trading platform.

A fact is re-checked when the date stamp becomes older than 30 days for volatile items like swaps and spreads, or older than 90 days for stable items like regulator wording and funding methods. The re-check is not a quick glance; a different team member opens the broker page, compares the wording character by character, and updates the date only if the fact is unchanged.

If the broker changes a fact, we do not silently edit the old article. The old value is kept in the article with its original date, and the new value is added with the new date and a note that the broker changed it. This lets a reader see the history of a cost or a rule, and it prevents a reader from thinking we published a wrong number when the broker moved the goalposts.

What happens when two sources disagree

When two sources disagree, the broker’s own live trading platform wins. If the platform shows a spread of 0.30 pips but a broker’s marketing page says the spread starts from 0.0 pips, we publish the platform figure and mark it as observed. The marketing page number is not used for any cost calculation because it is not a binding quote.

If the broker’s legal document disagrees with a third-party review site, we use the legal document. For example, if a review site claims FxPro is regulated by SEBI but the broker’s footer says it is not, we publish the broker’s wording exactly. We do not attempt to reconcile the two; we state what the broker says and add the regulator caveat for India.

When two platforms from the same broker show different spreads, we publish both figures with the platform name. A spread on MT4 can differ from a spread on cTrader because the liquidity providers and execution engine differ. We do not average them or pick the lower one; we show that the cost depends on the platform, which is a fact a reader needs before choosing a platform.

Why the live gold price can differ from a broker quote

A broker quote for XAU/USD can differ from the live spot price because the broker adds its own spread to the interbank rate. The spread is the broker's compensation for executing your trade and covers its risk and operating costs. It is not a fixed markup; it widens and narrows with market volatility, liquidity, and the time of day. During major economic releases or when the underlying gold market is thin, the spread on a broker platform may be several pips wider than the tightest interbank quote. The live price you see on a chart is usually the mid-price, while the broker quotes a bid and an ask around that mid. The difference between the broker's ask and the live mid is half the spread, and the difference between the broker's bid and the live mid is the other half. Therefore, even at the same moment, the broker's buy price is always slightly above the live mid, and the sell price is slightly below it.

The live price can also differ from a broker quote because of how the broker sources its liquidity. FxPro aggregates prices from multiple liquidity providers, and each provider quotes its own bid and ask for XAU/USD. The broker then shows you the best available bid and ask from its pool, which may not be identical to the price shown on a public chart or a different broker's platform. This is why you might see a 0.10 difference in the price of gold between two platforms at the same instant. The reference price of approximately 4275.0 that we use on this site is a mid-price from a major market data feed, not a tradeable quote. When you place a trade, you always buy at the ask and sell at the bid, so your execution price will be slightly less favourable than the mid-price you see on a chart. That difference is the spread, and it is a real cost of every trade.

Finally, the live price can differ from a broker quote because of execution speed and requotes. In fast markets, the price you click on may no longer be available by the time your order reaches the broker's server. The broker may then fill you at the next available price, which could be a few pips away from the quote you saw. This is called slippage, and it is a normal part of trading, especially in a volatile instrument like gold. Slippage can be positive or negative, but it means your actual entry or exit price may not match the quoted price exactly. To reduce the chance of slippage, you can use limit orders, which are filled only at your specified price or better. However, limit orders are not guaranteed to be filled if the market does not trade at your price. The difference between the live price and a broker quote is therefore a combination of spread, liquidity provider differences, and execution timing, and it is an unavoidable part of trading.

What this site deliberately does not publish, and why

We deliberately do not publish any specific spread, commission, swap, or minimum deposit figures for Kolar Gold Desk or FxPro because these numbers change frequently and depend on account type, market conditions, and your trading volume. A spread that is valid today may be different tomorrow, and a swap rate is recalculated daily based on interbank interest rates. Publishing a single number would mislead you into thinking that cost is fixed. Instead, we explain what each cost consists of and what it depends on, so you can check the current values on the broker's platform before you trade. This approach keeps the information accurate and useful without making unsupported claims.

We also do not publish any promotional offers, bonuses, or incentives for opening an account. These offers are often temporary, region-specific, and come with terms and conditions that can change without notice. More importantly, we believe that focusing on bonuses distracts from the real costs and risks of trading gold. A bonus may seem attractive, but it does not reduce the spread, swap, or margin requirements, and it may come with withdrawal restrictions. Our role is to help you understand the true cost of each trade, not to encourage you to chase short-term promotions. Therefore, we omit all promotional material and focus only on the enduring, structural costs of trading.

Finally, we do not publish any performance claims, profit projections, or testimonials from other traders. Trading gold on margin is high-risk, and past performance does not guarantee future results. Any statement like 'earn 20% per month' would be irresponsible and misleading. We also avoid publishing any 'recommended' leverage ratios or suggesting that you should use the maximum leverage available. The maximum leverage of up to 1:200 (or up to 1:500 for eligible traders) is a cap, not a target, and using high leverage increases the risk of losing your entire margin quickly. By omitting these elements, we aim to provide sober, factual information that helps you make informed decisions without hype or false promises.