Best Commodity Trading Brokers and Platforms of 2023

Commodities are an appealing market for traders because there is plenty of volatility, and prices often trend fluidly in one direction. These conditions provide greater opportunities (and risk) for traders than choppy, sideways markets. Investing in commodities can also serve as a hedge against inflation and geopolitical risk.

Commodities like gold and oil are among the most popular CFD instruments to trade. The CFD market offers significant advantages enabling you to go long or short, which means to profit in both rising and falling markets. Leverage is available, allowing traders to amplify their trading positions beyond their account’s cash balance. Additionally, the barrier to entry is minimal, with a starting capital requirement as low as $100.

Are you struggling to choose a commodity trading broker? Don’t worry, we’re here to assist you. Our comprehensive guide presents a curated list of the top CFD commodity trading brokers, providing clear and concise explanations of essential aspects. Recognizing that traders have unique requirements, we have categorized brokers based on their standout features.

List of Top Commodity Trading Brokers and Platforms

Best brokers for US traders

• Plus500 – Best Overall in the US
  Trade futures on a range of commodities. Member of the CME Group and the NFA. Innovative proprietary platform. Zero platform fees. Low minimum deposit.

Best brokers for international traders

• IC Markets – Best Overall
  30+ commodities (energy, agriculture, metals). Spot and Futures CFDs. Commodity ETFs. MT4 and MT5, cTrader. Suits high-volume traders, scalpers, and EAs.
• FP Markets – Best for Professional Traders
  18 commodities (energy, metals, agriculture). VPS hosting, raw spreads, EAs. MT4 and MT5, IRESS platform. MAM/PAMM accounts.
• Plus500 – Best Commodity Trading Platform
  22 commodities (energy, precious metals, soft). 8 commodity-related ETFs. Feature-rich proprietary WebTrader Platform. Innovative +Insights tool. Regulated by multiple top-tier regulators.*
• Vantage – Best MT4
  25+ commodity-related CFDs (precious metals, soft, energy). MT4 and MT5, WebTrader. Flexible account types. Fast execution. VPS hosting.
• Swissquote – Best for Beginners
  Public company listed on Swiss exchange. Multiple account types. MT4 and MT5 auto-trading capabilities.
• AvaTrade – Best Low Spreads
  17 commodities. Competitive fees for commodities. MT4 and MT5, AvaTradeGO app. Automated and copy trading available.

How did FX Empire choose the Best Brokers for Commodity Trading?

We carefully considered the needs of commodities traders and focused on the points which benefit this group the most.

• We reviewed the range of commodities available, including CFDs on spot commodities, commodity futures, and ETFs.
• We’ve assessed the quantity and diversity of the commodity offerings provided by brokers.
• We measured the spreads for trading commodities and preferred brokers with tight spreads, which helps to keep trading costs minimal for commodity traders.
• We researched how each broker is regulated and assessed its level of trustworthiness, financial strength, and reliability.
• We reviewed the available software for trading commodities, focusing on platforms with robust charting, diverse order types, an intuitive interface, and automated trading capability.
• We examined the maximum available leverage for trading commodities at each broker.

Our team of experts has identified each broker’s strengths and weaknesses using FX Empire’s comprehensive methodology. Here’s how we test.

Now let’s go through the selected brokers.

Our Methodology

In selecting the best commodity trading brokers we used the results of our advanced proprietary methodology. All of the brokers listed were among the leaders in our tests.

FXEmpire has been reviewing brokers since 2011 and has pioneered the in-depth evaluation of CFD brokers. Our process has taken years to refine and involved hundreds of reviews. We’ve gone to a granular level – with over 250 data points in our analysis of each broker – so you can feel confident in selecting the right platform.

To provide the most comprehensive view, we break down the brokers according to nine different categories:

• Trust
• Fees
• Platforms and tools
• Tradable instruments
• Customer service
• Deposit and withdrawal
• Account types
• Research
• Education

In our individual broker reviews, we explain complex areas like regulatory status, so you can easily understand the safety of your funds and the benefits you are guaranteed.

Data is gathered through live testing, research, detailed questionnaires, and in-person broker demonstrations. An account is opened with each broker, focusing primarily on the services of one entity and testing using the most standard account type and platform. We conduct live tests of spreads and measure overnight swap fees and account-related costs.

Our side-by-side analysis reveals whether a broker is competitive in relation to the industry as a whole. Trading platforms take time to master, but we have already done the legwork for you and our evaluations highlight their important features and usability.

FX Empire abides by strict guidelines for editorial integrity. Scoring is based on objective criteria and mostly measurable data, so our reviews cannot be swayed by individual preferences or biases. The review process is independent and follows a strict protocol. In addition, all facts are carefully checked and rechecked, as reviews are continually updated. Read more about our review process here.

For this guide, we examined brokers’ commodities offerings, including the diversity and quantity of available commodities for trading. We prioritized brokers who demonstrated a high level of regulation and a strong track record in the industry. To ensure cost efficiency for commodity traders, we diligently measured and compared spreads, ultimately selecting brokers with tight spreads that help minimize trading costs.

Examining the available software options for trading commodities, we focused on platforms that offered robust charting capabilities, diverse order types, an intuitive interface, and the convenience of automated trading functionality. Furthermore, we delved into the maximum available leverage offered by each broker for trading commodities, ensuring that our recommendations catered to different risk appetites and trading strategies.

Meet Our Writers

The team of forex and CFD analysts and editors at FXEmpire is composed of trading industry professionals and seasoned financial journalists. Our experts have been published on leading financial websites such as Investopedia and Forbes. In addition, they all have extensive trading experience.

How to choose a broker for commodity trading?

When looking for a broker for commodities trading, you should pay special attention to the following points.

Can I trust the broker?

To be authorized and regulated, brokers must undergo audits, meet capital requirements, and provide segregated accounts and negative balance protection. You can search the regulator’s website to confirm the broker’s status and check for any disciplinary action. The broker’s size and operating history are also worth considering. You can usually find these on the company’s LinkedIn page. If you are working with a broker entity based offshore, you should be especially cautious.

Read more about best regulated forex brokers.

Are the fees competitive?

Working with a broker that keeps spreads and commissions to a minimum can make the difference between profit and loss at the end of the day. This is a crucial point for day traders. In our broker review methodology, we consider spreads of less than 35 pips as competitive in gold and less than 3 pips as competitive in WTI crude oil. Also, don’t be caught off guard by miscellaneous account-related fees, such as inactivity and withdrawal fees.

Check out our guide on best lowest spread forex brokers.

What is the minimum deposit?

The minimum deposit required by CFD brokers can vary depending on the broker and the specific account type. Generally, the minimum deposit can range from as low as $100 to several thousand dollars. For example, among our list of best brokers for commodities trading, they range from $100 in the case of Plus500 to $200 with Vantage.

What account types are available?

A broad range of account types helps a broker cater to different trader profiles. For example, a simple STP account may be the best for beginners in the markets, while an ECN/raw spread account can help sophisticated, active traders keep their costs to a minimum. Here are some most popular account types offered by CFD brokers:

• Demo accounts are used for practice without risking real money. Such accounts should be used by novice traders making their first steps in markets. Discover more about brokers with demo accounts.
• Spread-based accounts typically charge spreads and swap/rollover fees. These accounts are usually a good choice for traders whose trading volume is expected to be relatively modest.
• Commissions-based accounts charge commissions in addition to spreads and swap/rollover fees. Usually, spreads are tight in such accounts. These accounts are suitable for traders whose trading volume is expected to be high.
• On Islamic accounts, swap/rollover fees are not charged to insure compliance with Sharia law. Find out best brokers with Islamic accounts.
• Professional accounts usually have a high minimum deposit and offer access to high leverage that most professional traders are looking for.

Read more about Best STP forex brokers and Best ECN forex brokers.

What platforms are available?

An intuitive, easy-to-navigate platform will allow you to launch into the trading world with minimal hitches. The most user-friendly platforms are typically browser-based platforms created by the broker. Look for easy-to-implement features such as watchlists, trading from the chart, search, news, and a customizable interface. The MetaTrader 4 and 5 platforms have additional features like backtesting, automated trading, and a wider range of order types – but are less user-friendly.

Commodity markets are highly volatile and especially sensitive to global events. Browser-based proprietary platforms can cater to commodities traders, but sophisticated and high-volume commodity traders may do better using the advanced features of platforms such as MetaTrader and cTrader which offer advanced order types, 1-click trading, market depth, and news feeds.

Check out our dedicated guides on best forex platforms, best MT4 brokers, and best MT5 brokers.

Is customer support reliable?

Having solid support on hand is essential. Check the hours of availability, for example, whether help is on hand 24/7 or only during business hours. Chat support is the most convenient, so look for an easy-to-access chat window built into the broker platform. In the case of a platform outage, it is also important to be able to contact support via phone.

What kinds of commodities can I trade with a CFD broker?

As CFDs (Contracts for Difference) are derivative instruments, they allow you to trade a wide range of commodities without owning the underlying asset. The types of commodities that you can trade as CFDs include:

• Precious Metals: CFDs enable you to trade popular precious metals such as gold, silver, platinum, and palladium.
• Base Metals: CFDs provide access to base metals like copper, aluminum, nickel, zinc, and lead.
• Energy Commodities: You can trade energy commodities such as crude oil (Brent and WTI), natural gas, heating oil, and gasoline as CFDs.
• Agricultural Commodities: CFDs allow you to trade agricultural commodities like wheat, corn, soybeans, coffee, cocoa, sugar, cotton, and more.
• Soft Commodities: Soft commodities that can be traded as CFDs include products like coffee, cocoa, sugar, and cotton.
• Livestock: CFDs also cover livestock commodities such as cattle and hogs.

It’s important to note that the availability of specific commodities as CFDs may vary depending on the broker you choose. Therefore, it’s advisable to check with your broker or trading platform to determine the exact range of commodity CFDs they offer.

Uncover more insights about best gold trading brokers and best oil trading brokers.

What to look for when choosing a commodities broker?

Most leading forex and CFD brokers have multiple entities, often a mix of top-tier regulators such as FCA, CySEC, or ASIC, and at least one offshore entity. To get the benefits of a reputable top-tier regulator like FCA UK, you must open an account with the FCA-regulated entity of the broker. It is important to be cautious as certain forex and CFD brokers may encourage customers to open accounts with their offshore entity instead of the entity regulated by a top-tier regulatory authority.

It’s also worth looking at the range of commodity-related CFD instruments available. Many brokers only offer gold and oil, while others offer CFDs on a broad range of metals, energies, and agricultural commodities.

When selecting a platform it’s useful to look for 1-click trading, because commodity markets such as gold are often volatile and fast-moving. Commodity traders often use intermarket analysis, for example, oil traders may watch other energy commodities and currencies such as the Canadian Dollar because they are correlated. For this reason, it is useful to work with a platform that offers tiled or mosaic charting so you can see multiple charts at once.

How to avoid forex and CFD scams?

A common scam in the forex and CFD industry involves vendors offering a trading strategy that guarantees an outlandishly high return in little time. These may involve automated trading using bots or a signal service where trades are shared via chat or social media. Nobody can guarantee returns with certainty, and it is more likely that such strategies will lose money. When assessing strategy or signal providers, you should look for a live track record audited by a third party, and also be conscious that past performance does not guarantee future results.

Traders should also be cautious about opening an account with an unregulated offshore broker. Such brokers may offer a straightforward account opening process, bonuses, and high levels of leverage but client funds are typically not protected. Meanwhile, brokers regulated by top-tier authorities must undergo regular audits and are held accountable for misconduct. Traders can also benefit from having their funds held in segregated accounts, negative balance protection, and a compensation fund in the event of broker insolvency.

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