Oil is one of the best-performing assets of 2022 owing to increased tensions in Ukraine, economic sanctions placed on Russia, and broader supply chain issues. As such, you might be looking to add some oil stocks to your investment portfolio today.

In this guide, we offer a step-by-step explanation of how to buy oil stocks online without paying a cent in trading commissions.

How to Buy Oil Stocks – 5 Easy Steps

If you’re simply looking for a quick overview of how to buy oil stocks today – follow the quick step-by-step below:

  • ✅Step 1 – Open an Account With eToro:  Make no mistake about it – eToro is the overall best place to buy oil stocks – not least because the platform gives you access to thousands of equities across more than a dozen US and international exchanges at 0% commission. Open an eToro account by clicking on the ‘Join Now’ button and filling out the registration form.
  • 🛂Step 2 – Upload ID: Get your newly created eToro account verified instantly by uploading a copy of your ID. Choose from a passport, state ID, or driver’s license.
  • 💳Step 3 – Deposit Funds: If you’re using eToro from the US – you only need to meet a minimum deposit of $10.No fees are charged to US clients on any of the broker’s supported deposit methods – which include e-wallets, credit/debit cards, and ACH.
  • 🔎Step 4 – Search for Oil Stocks: If you already know which oil stock you want to buy – type the name of the company into the search bar. Click ‘Trade’ when the correct oil stock appears.
  • 🛒Step 5 – Buy Oil Stocks: In the ‘Amount’ field you will need to type in your total stake from$ 10. When you are ready to buy your chosen oil stock – click ‘Open Trade’.

Your capital is at risk. 68% of retail investor accounts lose money when trading CFDs with this provider.

Not only does eToro enable you to buy oil stocks in less than five minutes – but you won’t need to pay any trading commissions when placing orders.

Need more information on how to invest in oil stocks online? If so, scroll down for a more detailed walkthrough on how to invest in stocks with low fees in 2022.

Best Brokers to Buy Oil Stocks

Many brokers in the US give you easy access to oil stocks. But, the best platforms in this industry offer low fees and small account minimums-  not to mention a variety of investment tools and features.

Check out the pre-vetted brokers below to help determine where to buy oil stocks today.

1. eToro – Overall Best Place to Buy Oil Stocks for 2022

Look no further when deciding on where to buy stocks than eToro – the number one brokerage site for 2022. This popular social trading platform is now used by more than 25 million people in the US and beyond and you will have direct access to thousands of stocks.

This covers a huge range of oil stocks not only in the US – but across more than a dozen international exchanges. Some of the foreign marketplaces that eToro supports include exchanges in the UK, Hong Kong, Canada, Germany, and more. All of the oil stocks offered by eToro can be bought and sold at 0% commission. It’s also worth mentioning that with an eToro trading account, you’ll have access to a wide range of markets from the best penny stocks, to the best dividend stocks and the best NFT stocks

More importantly, this is the case irrespective of whether your chosen oil stocks are based in the US and foreign markets. We also like the fact that eToro offers a home for budget investors, not least because you can risk just $10 per stock via its fractional ownership tool. And, when you buy fractional oil stocks you will still be entitled to your share of dividends.

etoro review stock trading

Another option to buy oil stocks is to invest in an ETF. There are many oil-centric ETFs hosted on the platform – including but not limited to the United States Oil Fund and the SPDR S&P Oil & Gas Exploration & Production ETF. Just like stocks, oil ETFs can be traded on the eToro platform commission-free and from a minimum investment of just $10.

If passive investing sounds of interest, you could even consider using the eToro copy trading feature. Once you have selected a seasoned investor to copy, any future trades that they place will be replicated in your own eToro portfolio. Smart portfolios are also popular at eToro – as they offer a basket of stocks that are managed on your behalf.

If you’re looking to diversify away from oil stocks at some point, eToro also allows you to invest in cryptocurrency from just $10 alongside low fees. You can also use the eToro stock app to buy and sell assets on the move. The app is available for both iOS and Android devices.

You can open an eToro account right now in a safe and regulated environment in under five minutes. US clients simply need to meet a minimum first-time deposit of $10 and USD payments attract no fees. You can even deposit funds instantly using a Visa or MasterCard, alongside PayPal, Skrill, Neteller, or WebMoney.

Minimum Deposit $10
Fractional Shares? Yes – $10 minimum
Pricing System 0% commission on all oil stocks and ETFs
Cost of Buying Oil Stocks Spread only

What We Like

  • Overall best broker to buy oil stocks
  • Thousands of US and international stocks listed
  • 0% commission on all oil stocks and ETFs
  • Access to one of the best demo stock trading accounts with $100,000 of paper funds
  • Minimum deposit and stock trade is just $10
  • Copy trading and smart portfolios
  • No fees on USD deposits

Your capital is at risk. 68% of retail investor accounts lose money when trading CFDs with this provider.

2. Webull – Buy US-Listed Oil Stocks From Just $5 

webull logoWebull is a well-known online broker that allows US clients to buy thousands of stocks listed on the NASDAQ and NYSE. You can open a Webull account in less than 10 minutes and there is no minimum funding requirement. As such, you can get started with any amount of your choosing.

We also like that Webull only requires you to meet a minimum stock purchase of $5 via its fractional ownership tool. This is the case regardless of how much your chosen oil stocks are trading for. When it comes to fees, Webull does not charge any trading commissions when you buy and sell oil stocks. 

webull platform screenshot

This is also the case if you decide to buy oil ETFs. In fact, you can also use the Webull platform to trade oil stock options on a commission-free basis. If you are able to deposit at least $2,000 into your Webull account, you can also elect to buy oil stocks on margin. This should give you access to a 50% margin facility, meaning that you can double your investment stake. 

The main issue with Webull is that it only allows you to gain exposure to foreign oil companies via  American Depositary Receipts (ADRs). Not only does this access your ability to diversify across a large number of oil markets, but you will often need to pay a double taxation rate. Moreover, unless you are happy to deposit via ACH, domestic bank wires cost $8 per transaction. 

Not sure about which broker is right for you? Read our eToro vs Webull comparison review to decide on the best place to buy oil stocks for your personal requirements. 

Minimum Deposit $0
Fractional Shares? Yes – $5 minimum
Pricing System 0% commission on all oil stocks, ETFs, and options
Cost of Buying Oil Stocks Spread only

What We Like

  • No minimum deposit
  • Great for buying US-listed stocks
  • Access to margin trading tools
  • Ideal for all investor profiles

Your capital is at risk.

How to Buy Oil Stocks with eToro – Tutorial

If you’re interested in learning how to invest in oil stocks but have never previously traded equities online – then we are now going to walk you through the required process every step of the way.

In following the simple walkthrough outlined below – you will learn how to open a verified eToro account in less than five minutes, deposit funds fee-free, search for your chosen company, and finally – buy oil stocks.

Step 1: Open an eToro Stock Broker Account 

When you use a traditional brokerage firm like Interactive Brokers, Charles Schwab, or Fidelity, it can often take several working days to open a verified account. This is because of slow and outdated verification processes.

However, you can actually open an eToro account in a matter of minutes – which includes the ID validation step. First, click on the ‘Join Now’ button via the eToro website to populate the registration form that you see below.

etoro review

This is where the broker will need to ask you for some basic personal information – such as your name and home address. You also need to supply some contact details and of course – your social security number.

This is a requirement for all regulated online stock brokers.

Step 2: Upload ID

The second part of the registration process will require some ID from you. This can be a copy of your driver’s license, passport, or state ID. Make sure that the document copy is clear and that the ID is still valid.

You will also need to supply a copy of a document that confirms the home address you stated in the previous step. To keep things simple, you can opt for a recently issued bank statement. Many other documents are supported too.

Either way, we find that in the vast majority of cases, your documents will be verified in less than a minute.

Step 3: Deposit Funds

You will now need to add some capital to your eToro account. Another reason why we found that eToro is the overall best broker to buy oil stocks is that you can deposit funds with a payment method above and beyond just ACH and bank wires.

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In fact, you can instantly fund your account with Visa, MasterCard, Paypal, and a number of other e-wallets. Moreover, if you’re from the US – you won’t be charged any deposit fees.

All supported payment methods on the eToro website require a minimum first-time deposit of just $10.

Step 4: Search for Oil Stocks

If you are ready to buy oil stocks right now and you know which company you wish to invest in – utilize the search box at the top of the eToro dashboard. As you can see from the image below, we are searching for ConocoPhillips.

However, if you’re not sure which firm is right for your portfolio – consider reading our guide on the best oil stocks to buy in 2022.

how to buy oil stocks on eToro

The other option you have is to click on the ‘Discover’ button. This will then allow you to browse the many oil stocks that eToro offers.

Step 5: Buy Oil Stocks at 0% Commission 

You will now need to load an order box – which you can do by clicking on the ‘Trade’ button next to the oil stock that you want to buy. In doing so, you should then see an order box like in the image below.

how to buy oil stocks on eToro

The only thing you need to do now is enter your desired stake and confirm the order by clicking on ‘Open Trade’. The minimum investment required by eToro is $10, but in this example, we are staking $75.

Note: You might notice that in the image above, the order box states ‘Set Order’. This is because we are placing our oil stock order outside of standard market hours. eToro will simply buy the oil stocks on our behalf once the NYSE reopens.

How to Sell Oil Stocks?

Oil stocks operate like any other publicly-traded company. Meaning – that you can hold onto your oil stocks for long as you want without incurring any fees.

And, when you want to cash out your oil stock investment, you simply need to log into your eToro account.

Then, head over to your portfolio and click on the small icon that looks like a settings cog. You can then confirm that you wish to sell your oil stocks at the next best available price.

Once you confirm the order – and assuming the markets are open, eToro will instantly sell your oil stocks back to US dollars and add the proceeds to your available balance.

How Much Does it Cost to Buy Oil Stocks?

When you buy and sell oil stocks online you will invariably need to pay a fee to the brokerage you trade through.

The most important fees to consider when learning how to buy oil stocks online are summarized below:

Funding Charges

No funding fees are charged to US clients that use the eToro platform across all supported payment methods. This is also true for making a withdrawal. But, some platforms will charge you both a deposit and withdrawal fee – so check this before proceeding.

Commissions

Both eToro and Webull enable you to buy oil stocks online without paying any commission. This is the case across many online brokers when it comes to buying oil stocks that are listed in the US.

However, if you want to buy oil stocks that are listed on a foreign exchange, then additional fees will always be charged by the respective broker.

To the best of our knowledge, the only exception to this rule is eToro, which also offers commission-0free trading on international oil stocks.

Spreads

It is also worth exploring how much your chosen broker charges in spreads when you buy and sell oil stocks – which is the gap between the bid and ask price. The narrower the gap, the more competitively priced the broker is.

Conclusion

You can buy oil stocks from the comfort of your home right now via the eToro platform without paying any trading commissions. This is not only the case across both US and foreign exchanges but also oil ETFs.

Moreover, you only need to deposit and invest $10 into your chosen oil stock and all supported USD payment methods are processed fee-free.

etoro review

Your capital is at risk. 68% of retail investor accounts lose money when trading CFDs with this provider.

Frequently Asked Questions on Buying Oil Stocks 

How do I buy oil stocks?

Where is the best place to invest in oil stocks?

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