How to buy silver on HYCM
Okay so for your own reasons you have decided you'd like to buy silver. That's a good start. Let's see what lies ahead of you before you can officially state that you have a position in silver. If you'd like to buy silver, there are two important things you need to do:
- Decide which forms of silver you would like to trade.
- Find a broker that provides that form of silver and provides conditions that suit your needs.
Below we will go through the pros, cons, potential fees of each product category, including silver ETF, silver forex, silver CFD, silver futures, and silver options.
If you want to read our full review, including fees, deposit options and other platforms (like web and desktop) then skip to the HYCM review.
Silver is an available investment at HYCM, you can use the following vehicles to invest into silver:
- Silver CFD
Buy silver on HYCM
Ways to buy silver on HYCM
What is a silver CFD?
A silver CFD is a financial contract that pays the differences in the settlement price between the open and closing trades (CFD is short for 'contract for difference'). It is popular in the forex and commodities products. When you think of silver CFDs, the underlying asset can be either silver ETF or silver forex (the above-mentioned silver categories). When you buy silver CFDs, you bet on the price change of the underlying asset. It means that:
- you don't own the underlying silver ETF. The price of a silver ETF CFD follows the price of silver ETFs listed on exchanges.
- there is no delivery as in the case of a spot forex market. The price of a silver CFD follows the price of silver forex in the spot market.
|Can you use leverage/go short?||Yes|
|What can be the important costs?||
|Ticker(s) of silver CFD||Ticker of the underlying asset, e.g. XAGUSD, SLV|
|Further things to consider||Silver spot forex CFD market is open 24 hours a day, except weekends|
Buy silver on HYCM
We have given you a rundown of the main instruments available at HYCM for investing in silver. Each one has different features and their availability varies from broker to broker. If you are interested in other vehicles, want to check out brokers that offer these instruments or want to read more about the history of silver, take a look at our article.
If silver is not your favorite in the precious metals asset class, check out our article on investing in gold.
Should you decide to invest in silver, bear in mind that these trades involve a certain amount of risk. We strongly suggest that you contact an investment advisor, as this article is not meant to be investment advice.
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