Compare the best 6 commodities trading platforms & apps in 2023
Our experienced panel assessed and reviewed the top commodities brokers on the market. This article uncovers the best commodities trading platform and discusses why you should try one.
Creating an account and trading some of the world’s most popular commodities, such as gold, oil, coffee, and natural gas, is part of our testing process. While some of our professional panel members trade CFDs while others trade commodities futures and options, the final findings reflected a diverse range of viewpoints.
Each expert picked their preferred commodities trading firm, as well as a few honorable mentions, and we combined them to get an overall ranking.
Top commodity brokers overall for 2023
Exness: Best for tight spreads and a pro-style trading experience
Oanda: Best for trading with live market data
Capitality: Best for trading like a pro
Top commodity brokers
1. Exness. Best for tight spreads and a pro-style trading experience.
Pros & Cons
Because Exness provides narrow spread trading and a customised trading experience, we adore it. Exness provides more than 15 commodities, including premium fuels like oil and natural gas as well as precious metals like gold, silver, and platinum.
Exness provides a wide selection of professional-style trading tools and a choice of account types to accommodate traders of all skill levels. While more seasoned traders can utilise the Exness terminal or connect it to the MetaTrader software and trade from there, beginners can benefit from a free demo account or micro-lots for minimal minimum trades.
The costs: Basic accounts are charged through the spread rather than a commission. With commodities, spreads begin at 6 pip but may go much higher. Certain assets are subject to overnight costs (exc. swap-free accounts).
2. Oanda. Best for trading with live market data
Pros & Cons
We choose Oanda because its trading platform is simple to use and designed for speed and dependability. Oanda is a CFD broker that offers 14 commodity markets and several commodity crosses, including gold/silver. The platform is appropriate for users of all levels of expertise, offers strong analytical capabilities, and a large library of instructive films.
Oanda is a multi-award-winning broker that works with the Metatrader4 and TradingView platforms. This is in addition to the company’s completely customizable proprietary mobile and desktop apps. Oanda has been in business for over 25 years and has regulatory licenses in the United Kingdom, Europe, Asia, and Australia.
The fees: Oanda does not impose trading commissions. It profits on the Bid/Ask spread, which begins at one point on commodities. Swap fees are assessed for holding positions open overnight and vary according to position size. There is additionally a 1% administration fee for switch costs. Accounts that have been dormant for 12 months are charged a £10 fee.
3. Capitality. Best for trading like a pro
Pros & Cons
We like Capitality because it allows normal investors to trade using professional data and tools. Capitality provides over 2100 financial products, including 10 precious metals and ten other commodities, including crude oil and gas.
The Capitality web trading terminal provides live market data, real-time quotations, and lightning-fast trade execution without requiring you to download anything. There is also a free economic calendar that notifies you of major financial happenings so you can plan your transactions accordingly.
The spread is how Capitality charges its fees. Spreads start at 0.03 pips for crude oil and 0.1 pips for precious metals. Spreads on other commodities might be much greater.
Top commodities spread betting brokers for your needs
Which is the best commodities broker for beginners?
For newcomers, eToro is the greatest alternative. If you’re just starting out with a retail investor account, you should prioritise locating trading platforms that make trading commodities as simple as possible. eToro does this and more with an amazing sample account and a plethora of beginner-friendly features.
What’s the top commodity broker for day-traders?
Day traders who wish to trade commodities on a regular basis should choose a reputable trading broker like AvaTrade, which offers commodity CFDs. AvaTrade provides minimal fees and excellent leveraged trading choices on a large range of precious metals, hard and soft commodities.
What is the best commodity trading app?
The greatest commodities trading app is Skilling. The top applications combine strong tools and charts to assist you in identifying crucial technical signs while charging modest fees to maximise your earnings. Skill is quite effective at this. It also provides a wealth of investing tips to assist you along the road.
Which is the best broker for spread betting commodities?
Signing up for City Index is the greatest method to spread bet commodities. City Index provides over 20 commodities derivatives with narrow spreads, and earnings are tax-free.
Which commodities broker has the most payment methods?
eToro has the most payment methods of any commodity broker we looked at. In addition to the traditional alternatives such as bank transfer and card payment, there are 10 more options accessible, including PayPal. If you’re looking for a certain payment method, here’s some more information on how to trade using various payment methods.
Trade commodities with AMEX
Trade commodities with Apple Pay
Trade commodities with credit card
Trade commodities with debit card
Trade commodities with Google Pay
Trade commodities with Neteller
Trade commodities with Payoneer
Trade commodities with PayPal
Trade commodities with Paysafecard
Trade commodities with Skrill
Trade commodities with Venmo
What is a commodities broker?
A service that operates as a go-between for the purchase and sale of commodities. Commodities are basic resources such as gold, silver, and crude oil that may be traded in a number of ways through a commodity broker.
Commodities vary from other assets, such as equities, in that you seldom desire to hold them. While real gold may be desirable at times, it is impractical for a trader to accept delivery of barrels of oil and find a place to store them while waiting for a suitable selling price.
As a result, commodities trading platforms provide you with a wide range of trading alternatives. CFD trading is by far the most user-friendly for rookie commodities traders. Below is a list of all the options that may be accessible.
Trading CFDs: A CFD is the easiest way to trade (Contracts for Difference). Commodity CFD trading is betting against the price of a commodity rather than purchasing or selling the underlying asset. If you’re new to commodities trading, most brokers provide CFD trading, which is the simplest method to get started.
Futures trading: Commodities are often exchanged ahead of time since they must be mined, cultivated, or taken from the earth, and miners or farmers require funds in advance to do so. A futures contract is an agreement to acquire a certain amount of a commodity at a specified price on a future date. Trading futures is quite prevalent in commodity markets, and it allows skilled traders to bet on future price fluctuations. The Chicago Mercentile Exchange (CME) handles the majority of commodities futures trading.
Options trading: An options contract offers you the right to purchase or sell a commodity at a predetermined price before a certain date. Unlike trading futures, there is no commitment to make the transaction with an option, and you can have both ‘put’ options (which enable you to sell at a particular price) and ‘call’ choices (which allow you to buy at a certain price). Options are popular among commodities traders, but they may be risky for beginning traders since you might lose money quickly if you don’t grasp how they operate.
Spread betting:Spread betting commodities is similar to commodity CFD trading in that you make bets on whether their value will grow or decline. The top spread betting brokers allow you to utilize this strategy to speculate on commodity prices quickly and with leverage.
Buying physical commodities: Metals such as gold and silver can be purchased through some commodity brokers or trading platforms. This is relatively uncommon, but it can be a means to obtain a tangible object, such as a bar of gold or gold bullion, that will retain its worth over time.
Commodity stocks: Several brokers allow you to purchase and sell stocks in firms that operate with commodities rather than trading the commodity itself. A excellent example would be purchasing stocks in a mining or oil and gas firm if you believe the price of oil will rise. This is far easier to grasp than the whims of the commodities markets.
How do commodity brokers work?
They operate as a go-between for you and the market. When you wish to place a commodities order, you go online and enter the information on your broker’s site. The broker then locates a seller who is willing to sell at the same price as the buyer (or it may act as the seller itself).
Each trader pays a fee for this service, which you may have to pay every time you place a transaction in the form of a trading fee or commission. Some platforms levy their fees by tacking on a modest extra to the price of a commodity.
What should I look for in a commodity trading app?
With all of the leading online commodities trading platforms providing an excellent service to their consumers, comparing them on a few key parameters will help you select the appropriate broker for you. Here’s a brief rundown of what to think about while making your decision.
Design and ease of use
The goal of most commodities trading firms is to make trading accessible to the general public. You don’t want a platform that makes the procedure difficult, since this might lead to you missing out on trading opportunities or making costly blunders due to poor design.
Choose a commodities broker that permits you to start with a free sample account, especially if you’re a commodity trader. This means you may trade assets such as gold, oil, natural gas, and wheat using fictitious money, allowing you to learn the ropes while preventing you from losing money while you’re still figuring out the commodities market.
You want a commodities broker to provide the lowest costs possible for placing transactions, which virtually goes without saying. More of your money may be used for trading on the commodities markets if the costs are reduced.
One consideration is the spreads (the difference between the bid and ask price). Pay close attention to this if a trader claims to have “zero costs”; in this case, they are probably using wider spreads than usual to mask the real cost of trading.
Not all trading platforms allow every type of payment. Even those that do may charge fees for financing your account in specific methods. This is particularly prevalent when using credit cards or PayPal to make a deposit.
Reputation and regulation
When trading CFDs, you should use a registered commodity broker with a good reputation. This involves looking for a trading platform that is regulated by the FCA, or a similar agency in another nation. FCA laws safeguard your trading account far better, and their approval provides you piece of mind that you have picked a trustworthy broker.
Number of commodities available to trade
The commodities you may trade will differ from broker to broker, so make sure to look into what each one has to offer before joining. Commodities include agricultural items like cattle and wheat, precious metals like gold and platinum, and energy sources like crude oil and natural gas.
The standard techniques are mentioned further up this page, however not every option is accessible on every platform. Some may not enable you to spread bet commodities, while others may provide varied limits and leverage for CFD trading, and more complete trading platforms may allow you to trade stocks, FX, and cryptocurrencies.
You should also look for a broker who provides access to the futures markets. Futures trading is a popular method of trading, and the best commodities brokers provide both futures contracts and commodity CFDs. To be successful, most experienced traders employ a combination of both.
If you are trading commodities for the first time, using a trading platform with outstanding customer service might be beneficial. A solid support service is available at all times throughout business hours and, preferably, beyond. A competent online broker would provide client service 24 hours a day, seven days a week.
Quick answers to key questions
Is CFD trading the best way to buy and sell commodities?
In general, it is the greatest option for newcomers. CFD trading is a considerably easier alternative than trading futures or options, which inject significantly more risk into the equation. When trading CFDs, the trading procedure is more comparable to that of other financial instruments, making it easier to understand.
When compared to commodities futures, it is also significantly easier to identify a broker that provides CFD trading. If you already have an account with a broker, you may discover that it already provides this type of trading, although futures and options are more specialized.
Do brokers charge commissions or fees?
Absolutely, they often charge fees for trading commodities on their websites or applications. When it comes to futures markets, these costs might take the shape of minor charges applied to each transaction, overnight fees for CFD holdings carried over to the following day, or spreads between the bid (buy) and ask (sell) prices of each commodity.
Do I need to provide identification?
Yeah, you must give ID when joining up for their sites. This is to ensure that KYC (know your customer) rules are followed and that platforms are not exploited for money laundering. At least one kind of picture identification is usually necessary.
Can I trade more than one commodity at a time?
Certainly, brokers will let you trade a variety of commodities. The top platforms will provide you with access to every commodities market and allow you to trade in a number of ways.
Yet, each commodity market is unique and is influenced by a variety of variables. The price of gold, for example, behaves very differently from the price of coffee or gasoline. Just because they are all “commodities” does not indicate that one technique will work for all of them.
Do I need any extra software?
No, not typically. Generally, you may place all of your transactions using their websites or mobile applications, with all trading data saved in your account. If you wish to utilise other popular software, such Meta Trader 4, you can usually combine it with the broker’s trading platform.
Can I trade commodities on Android and iOS devices?
Yes. The vast majority of programmes are accessible for both operating systems and perform identically. Some are only available for one operating system, but you can easily find out where you stand by searching for an app in the Google Play Store or the App Store. If it appears, you’re in business.
How much do commodities trading apps cost?
These are normally available for free download. Nevertheless, charges can take numerous forms, including as membership fees and commissions/trading fees, which typically vary between 1-2%. Thus, check your app for a thorough breakdown of the expenses and determine whether they are right for you.
Should I use a commodity trading broker?
If you wish to trade rather than purchase, these trading platforms have the most possibilities and are very easy to use. A commodities trader is preferable if you wish to buy commodities outright, which is rare but not impossible.
If you’re still undecided about which trading platform is best for you, the following advantages and drawbacks, as well as the extra information and Questions at the bottom of the page, will help you make a final choice.
Online brokers allow you to trade a wide range of commodities.
CFD firms frequently permit leveraged commodities trading.
You can trade stocks, currencies, and cryptocurrency on some commodities trading sites
Fees for CFD trading systems are minimal.
The finest CFD trading companies provide excellent customer service.
Spread betting is supported by several platforms.
You must comprehend the various commodities trading methods.
Many individual investor accounts are in the red.
Trading CFDs with leverage increases the risk.
Where can I learn more about commodity trading?
To understand more about a certain commodity, such as gold or oil, the best place to start is to take a course or follow some of your favorite traders. If you want to sign up for a trading platform and get started right away, consider one that offers a demo account so you can practice before putting real money on the line.
Our objective at Invezz is to assist consumers in making better financial decisions.
We assess over 63 commodities brokers on a regular basis to give our consumers with clear, accessible advise on the investment possibilities available. Our team of commodities specialists, analysts, and active traders sign up for each trading platform, perform research, and assess each service.
Our assessments are meant to identify providers that provide a user-friendly, secure commodity experience at a reasonable price. We investigate each broker to obtain any more relevant information to support our practical testing and experience. We read online consumer evaluations, app reviews on the Google Play and Apple App Stores, and perform user surveys to learn what works and what doesn’t.
Each commodities platform receives a final score based on 130+ data points spread over eight rating categories: cost, dependability, user experience, deposit & withdrawals, investment possibilities, product/market variety, research & analysis tools, and the availability of educational & learning materials.
We collaborate closely with specific companies to ensure the accuracy of all factual information provided here. An impartial reviewer then verifies the data. In our review method, you may discover more about our expert panel and how we test, evaluate, and assess platforms.
In conclusion, the world of commodities trading has continued to evolve rapidly in 2023, with the emergence of new platforms and apps offering traders various features and tools to make more informed decisions. After careful research and analysis, we have highlighted the six best commodities trading platforms and apps in 2023, each with its unique strengths and weaknesses. Whether you are a beginner or a seasoned trader, choosing the right platform or app that aligns with your trading goals and style is crucial for your success in the commodities market. Therefore, we recommend that traders conduct further research and due diligence before choosing the most suitable platform or app to meet their trading needs.
You will be able to access your account at any time, but commodities markets aren’t open 24/7. They are, however, open for much longer hours than stock markets, so as long as you’re not trying to trade in the middle of the night you’ll likely be able to complete trades.
Usually it’s a good idea to find a commodities broker you like and start CFD trading on that platform, but there might be good reasons for using more than one service. For instance the broker you usually use for trading might not allow you to spread bet commodities, and so if you want to do this you’ll have to use another service.
You’ll be able to retrieve a lost password by simply clicking the ‘forgot password’ option on the login screen. The platform will then send you an email link you can use to reset your password.
Yes, most CFD trading platforms have their own dedicated app. Even if your broker doesn’t have a mobile app, you’ll be able to make trades on your phone by simply logging in using your mobile browser.
‘Soft commodities’ is the term usually used to refer to commodities that are grown. They include agricultural commodities such as wheat, coffee, sugar, and cocoa.
‘Hard commodities’ are commodities that need to be mined or extracted from underground. They include oil, coal, silver, and gold.
Not all of them, but the best commodities brokers are regulated by recognised financial bodies. This means your funds are protected in case something goes wrong with the broker; it is unsafe to trade with an unregulated broker and we don’t recommend it.
Yes it is possible to sell commodities short. This means to try and profit from a commodity falling in value by selling it at a high price and buying it after its value (hopefully) falls.
It depends, but usually yes. Most forms of trading will require you to pay capital gains tax in the UK, but this doesn’t necessarily apply to profits made through spread betting. In other countries this varies so check the law where you are.
No. When you register for a broker you will have to provide certain pieces of identification, usually including a photo ID such as a passport or driving license.
If the broker supports PayPal as a withdrawal method then yes, but this isn’t offered everywhere. If you want to make a deposit with PayPal, then use our comprehensive reviews to find a trading platform that will allow you to do so.
Yes, all you have to do is follow these steps:
- Close all your positions
- Withdraw your funds
- Open an account with your new broker
- Deposit funds
- Start trading commodities
Yes, in the UK trading commodities is legal. This might not be the case in all countries and jurisdictions, however, so be sure to check the law in your home country before starting to trade.
Each broker will have set limits on how much a user can trade – usually in the form of daily or weekly limits. However, these limits are usually very high (in the £10,000s each day) so will not be applicable in case you’re placing large commodity trades frequently.
No, uninstalling an app shouldn’t affect your funds because it doesn’t normally delete your account. Provided you don’t delete your account, you can simply reinstall the app at a suitable time and transfer your funds elsewhere.
Provided you have opted for a reliable and trustworthy platform, the risks should be minimal. No app can guarantee that you will make money from trades, but many apps can guarantee that you will experience a service conducive to investment success.
However, you should note that most retail investor accounts lose money trading CFDs. This is largely a result of inexperience and using leverage before they understand the market. It’s a good idea to use a demo account when you’re getting started to reduce the risks of losing money rapidly when you start trading for real.
People may discover trustworthy, unbiased information on money, trading, and investing on Forex Ratings, but we do not give financial advice; users should always conduct their own research. Stocks, cryptocurrency, and commodities are just a few of the extremely volatile items our website covers. New investors frequently lose money. Users shouldn’t ever invest more money than they can afford to lose because success in the financial markets is not guaranteed. Before making any investment, you should think about your unique situation and take the time to analyze all of your possibilities.