Can you trade spot gold (XAUUSD) in Germany?
XAUUSD is the price of one troy ounce of gold in US dollars. New to it? Read what XAUUSD is.
Yes. German residents can trade gold through CFDs, futures, exchange-traded products and physical gold. CFDs for retail clients come with strict protections set by BaFin, Germany’s Federal Financial Supervisory Authority, following the EU-wide approach first introduced by ESMA in 2018.
| Route | What you own | Supervised? | Notes |
|---|---|---|---|
| Gold CFDs from authorised brokers | A contract on the gold price | Yes: BaFin rules apply | Leverage capped at 20:1 for retail clients |
| Gold futures (e.g. on COMEX or Eurex) | Exchange-traded contracts | Yes, via authorised brokers | Large contracts; margin calls apply |
| Gold ETCs and exchange-traded products | Securities linked to gold | Listed on German exchanges | No leverage; check the product’s structure |
| Physical gold | Bars and coins | Dealers vary | Investment gold is VAT-free in the EU; special tax rules apply |
The regulator: BaFin
BaFin (bafin.de) supervises banks, investment firms and securities trading in Germany. Firms authorised elsewhere in the EU can also serve German clients under EU passporting rules; you can check them in BaFin’s company database.
BaFin’s CFD restrictions for retail clients
BaFin’s general administrative act on CFDs sets these protections:
- Maximum leverage: 20:1 for gold, indices and non-major currency pairs; 30:1 for major currency pairs; 5:1 for individual shares.
- Margin close-out: positions are closed at the latest when the margin falls to 50% of the initial margin required.
- Negative balance protection: your total liability for CFDs is limited to the funds in your CFD trading account.
- No additional payment obligations for retail clients.
- No incentives: monetary or non-monetary bonuses to trade CFDs are banned.
At 20:1, one standard 100-ounce lot at $4,123 needs about $20,600 in margin. That’s a lot of capital, which is the point: it stops small accounts opening positions that one ordinary day can wipe out. See margin calls and stop-outs for worked examples.
How to check a firm
- Search the firm in BaFin’s company database (Unternehmensdatenbank).
- For EU firms, check the home regulator’s register too, and that they are passported into Germany.
- Compare website, address and phone number with the official records.
- Read BaFin’s consumer warnings about unauthorised firms.
Tax overview (general terms only)
CFDs and futures
Income from derivatives generally falls under the 25% flat withholding tax (Abgeltungsteuer), plus the solidarity surcharge and church tax where applicable. The annual saver’s allowance (Sparer-Pauschbetrag) can reduce the tax.
The €20,000 loss cap is gone
From 2021, losses from futures and other derivatives (Termingeschäfte) could only be offset up to €20,000 a year. The Annual Tax Act 2024 (Jahressteuergesetz 2024) abolished that cap and the separate loss pool. Sources differ on how far back the change reaches: KPMG reported it applies retroactively to 2021 for open cases. Banks may apply the change in withholding only from 1 January 2026, so earlier losses may need to be claimed in your tax return. This matters a lot for active gold traders; ask a Steuerberater.
Physical gold
Gains on physical gold held by private individuals for more than one year are generally tax-free under the private sale rules (private Veräußerungsgeschäfte). Gains within a year are taxable above a small exemption. Some exchange-traded gold securities that give a right to delivery have been treated like physical gold by the courts; check the product’s tax treatment before you buy.
Best gold trading hours in Germany (CET/CEST)
Germany is one hour ahead of London most of the year, so the gold day looks very consistent:
| Session | German time (most of the year) | What usually happens |
|---|---|---|
| Asian session | 01:00–09:00 | Quieter, smaller ranges |
| London open | 09:00 | Volatility picks up |
| US data (8:30 New York) | 14:30 | Often the biggest moves of the day |
| London–New York overlap | 14:00–18:00 | Deepest liquidity |
| Daily break (5 pm New York) | 23:00 | Spreads widen |
For a few weeks in March and late October/early November, the US and Europe change clocks on different dates, and US times shift by an hour. Check with our market hours tool.
What this means for your day
German traders get the busiest gold window in the afternoon, from the US data release at 14:30 to around 18:00. If you work, pending orders placed in the morning and a short review after work are a realistic routine; see trading gold with a full-time job.
Position sizing in euros
Risk 1% or less of your account per trade.
Hypothetical example: an account of €5,000 (about $5,800 at 1.16). 1% is about $58. With a $10 stop, that’s 5.8 ounces, or about 0.05 lot. Remember the 20:1 cap: 0.05 lot at $4,123 needs about $1,030 of margin. Our position size calculator does the maths, and our guide to spreads and swaps shows the costs.
Common scams and red flags in Germany
- Unauthorised “brokers” with German-sounding names and no entry in BaFin’s database.
- Cold calls and “account managers” who push you to deposit more.
- Bonuses for trading CFDs: banned for retail clients, so a bonus is a warning sign.
- Leverage far above 20:1 on gold: a sign the firm isn’t following EU rules for retail clients.
- Withdrawal fees or “taxes” demanded before you can get money out.
If you suspect a scam, stop paying, keep records and report it to BaFin and the police. Watch out for “recovery” firms that ask for upfront fees.
Getting started safely: a step-by-step checklist
- Learn the basics: what moves gold and risk management.
- Choose your route: CFDs, futures, an ETC or physical gold.
- Check the firm in BaFin’s database.
- Practise on a demo account and keep a trading journal.
- Ask a Steuerberater about tax before you trade actively.
Educational content only, not financial advice. Trading gold with leverage carries a high risk of loss. Tax rules change; confirm your situation with a qualified tax adviser.
Sources and further reading
- BaFin: Continuation of the CFD trading restrictions (2019)
- BaFin: Renewed national restriction on CFDs for retail investors
- KPMG: Termingeschäftsverluste: Der Fiskus gibt nach
- Deutsche Bank: Steuertext Future/Forward (2025)
- Ebner Stolz: Jahressteuergesetz 2024 in Kraft getreten
Frequently asked questions
Is gold CFD trading legal in Germany?
Yes. CFDs on gold can be offered to retail clients by authorised firms, subject to BaFin’s restrictions: maximum leverage, margin close-out, negative balance protection and a ban on incentives.
What is the maximum leverage on gold in Germany?
BaFin’s rules cap retail leverage on gold CFDs at 20:1, the same as indices and non-major currency pairs. Major currency pairs are capped at 30:1 and individual shares at 5:1.
What happens if my account goes negative?
BaFin’s rules include negative balance protection: a retail client’s liability for CFDs is limited to the funds in their CFD trading account, and positions are closed out when margin falls to 50% of the initial margin required.
How are gold CFD profits taxed in Germany?
Income from derivatives such as CFDs and futures generally falls under the 25% flat withholding tax (Abgeltungsteuer), plus solidarity surcharge and church tax where applicable. Confirm your situation with a Steuerberater.
Is the €20,000 loss limit for derivatives still in force?
No. The Annual Tax Act 2024 (Jahressteuergesetz 2024) abolished the €20,000 cap on offsetting losses from derivatives and the separate loss pool for them. Banks may apply the change in withholding only from 1 January 2026, so earlier losses may need to be claimed in your tax return.
Is physical gold taxed in Germany?
Under the private sale rules, gains on physical gold held for more than one year are generally tax-free for private individuals. Gains within a year are taxable above a small exemption. Check current rules with a tax adviser.
Sources and further reading
- CME Group — Gold futures overview — Contract specifications and trading hours for COMEX gold
- CFTC — Commitments of Traders — Weekly futures positioning, including gold
- Investor.gov — Stop order — How stop orders work, and their limits in fast markets
External sites are independent of XAUUSD Global. Check dates and data yourself.