Most Popular Commodity Brokers of 2023 Reviewed

There are dozens of low-cost brokers active in this space and the most commonly supported markets include precious metals, energies, and agricultural products.

The purpose of this guide is to rank and review the 11 most popular commodities brokers for available markets, leverage, fees, regulation, spreads, and more.

80.61% of retail investor accounts lose money when trading spread bets and/or CFDs with this provider.

Most Popular Commodities Brokers Reviewed

We will now unravel our core findings after reviewing 10 commodity brokers for 2023.

1. Capital.com – Overall Most Popular Commodity Broker for 2023

Leading the way in this marketplace is Capital.com, as the overall most popular commodities broker for 2023. Traders on this CFD platform will have access to dozens of commodities across the most traded hard and soft assets.

From within the energies department, this includes natural gas, as well as WTI and Brent crude oil. Plenty of metals are supported too – including but not limited to gold, silver, copper, aluminum, and platinum. Agricultural products can also be traded on the Capital.com platform. Examples of popular agricultural markets include corn, sugar, and wheat.

Due to the nature of CFD instruments, there is no requirement to own any of the commodities being traded at Capital.com. Moreover, unlike futures, there is no requirement to purchase the respective commodity at any point. On the contrary, commodity CFDs never expire.

When trading commodities with this leading CFD broker, leverage of 1:20 will be offered on gold, and 1:10 on other commodity markets. It is also possible to choose from a long or short position when entering a new commodity trade.

Another reason why Capital.com is so popular is that it does not charge any trading commissions. Capital.com offers competitive spreads too. For instance, this Capital.com review found that the spread on WTI oil and gold, respectively, is just $0.03 and $0.18 (as of writing). Do note that spreads are variable and thus – this will change throughout the trading day.

Those looking to build a diversified portfolio will be pleased to know that Capital.com is also one of the leading stock trading platforms in the market. It offers more than 5,400 stock CFDs from exchanges in the US, Europe, Asia, and more. Capital.com also supports forex trading markets in addition to indices, ETFs, and cryptocurrencies.

Those wishing to get started with Capital.com today will likely be able to open an account in under five minutes from start to finish. The minimum first deposit must be at least $20 when opting for an e-wallet or credit/debit card, or $250 via bank wire transfers. Capital.com offers a safe trading space as per its FCA, ASIC, CySEC, and NBRN regulatory status. For a more thorough analysis of this popular commodities trading platform be sure to read our full Capital.com review as well.

Your capital is at risk. 80.61% of retail investor accounts lose money when trading CFDs with this provider.

2. eToro – Trade Dozens of Commodities on a Spread-Only Basis

eToro came in at a very close second when compiling our list of the most popular commodities brokers. This provider is a regulated online broker that offers a wide selection of markets across stocks, indices, crypto, ETFs, forex, and of course – commodities.

It is also notable that eToro requires a minimum deposit of just $10 when accounts are opening from the US or the UK. Other than a small number of exceptions, other nationalities can get started with just $50.

Either way, when trading commodities at eToro, each market is represented via a low-cost CFD instrument. Once again, this means that commodity traders can access leverage of up to 1:20 and engage in both long and short positions. eToro covers 23 commodities in total, including gold, silver, natural gas, crude oil, sugar, and more.

Fees are charged on a spread-only basis when trading commodities. eToro notes that the minimum spread on gold, oil, and silver amounts to 45, 5, and 5 pips – respectively. The minimum position size when trading commodities at eToro is $1,000.

For example, when trading gold at eToro, the margin requirement is just 5%. This means that to enter a $1,000 position, a stake of just $50 is required. The minimum stake on non-gold commodities amounts to $100, which reflects a margin requirement of 10%. Complete beginners might consider the Copy Trading tool at eToro.

This popular feature enables users to mirror to investments of a successful commodity trader that utilizes the eToro platform. This feature comes without additional fees and requires a minimum investment of $200. Another option for beginners to consider is the eToro demo account, which mirrors the live commodity markets.

At the click of a button, this offers a virtual portfolio with $100k pre-loaded, subsequently permitting a risk-free trading environment. To proceed with eToro, it typically takes just minutes to open an account with this FCA, SEC, ASIC, and CySEC-regulated commodity broker. Those depositing funds in US dollars can do so on a fee-free basis.

78% of retail investor accounts lose money when trading CFDs with this provider.

3. XTB Popular Commodity Broker With Competitive Fees     

XTB is another popular platform that is worth considering from our list of commodities brokers. This platform offers access to 26 commodity markets, which covers the most traded assets within this space. This includes the likes of gold, silver, corn, natural gas, oil, and copper.

Just like eToro, XTB offers its commodity markets on a spread-only basis. To offer some insight into the competitiveness of XTB spreads, gold and oil can be traded at a minimum of $0.30 and $0.03 respectively. XTB offers plenty of tools that enable traders to speculate on the future direction of their chosen commodity.

This can be achieved via the xStation 5 platform – which is native to XTB. This includes comprehensive charts for real-time commodity prices, alerts, watchlists, and technical indicators. XTB offers leverage in line with ESMA limits, so that’s 1:20 on gold and 1:10 on other commodities.

81% of retail investor accounts lose money when trading CFDs with this provider

4. Axi – Award-Winning Broker Offering Copy Trading for Commodities

Axi offers a broad range of commodities on its award-winning platform. Beginners can easily open trades for coffee, soybean and cocoa while the experts can incorporate advanced tools to optimize their positions. Other assets offered are gold, silver, copper and oil.

The platform offers a low margin of 5% and $0 commission. Axi provides fast execution of trades and enables 30:1 leverage. Trading oil incurs a standard spread of $3 and natural gas has a low spread of $1.4. The minimum trade size of precious metals is 0.10.

Beginners lacking technical analysis skills or the time to study the markets can use Axi’s Copy Trading feature. It’s a social feature that enables beginners to interact with professionals and copy their trades. Beginner traders can enter the same trades as professionals, but they can personalize their risk. The best part about this service is that it’s free, and the top 50 investors have achieved 263% returns.

Traders can also use the Copy Trading feature for stocks, forex and indices. The Copy Trading app needs to be linked to the MT4 platform, which is available on Mac, PC, Android and iOS. Traders can optimize their trading by including PsyQuation and AutoChartist. These tools are perfect for reducing trading mistakes and receiving alerts for customized trade opportunities.

81.6% of retail investor accounts lose money when trading CFDs with this provider

5. AvaTrade – Trade Commodities at 0% Commission and Tight Spreads  

AvaTrade is a heavily regulated CFD and spread betting broker that is licensed in 9 jurisdictions. It offers a fast account opening process that requires a minimum deposit of $100 to get started. AvaTrade offers access to 18 commodities, which cover a blend of hard metals, energies, and agricultural products.

All markets on AvaTrade can be accessed without paying any trading commissions. This means that the only fee to pay is the spread. As of writing, the spread on gold is just $0.29. When trading oil, this stands at $0.03. AvaTrade is also one of the highest-leverage brokers in the commodities scene.

Gold, for example, requires a minimum margin of just 0.5%. This means that a $10,000 gold position would require an upfront stake of just $50. Leverage limits will be limited in certain regions, however. Nonetheless, users will have access to plenty of trading tools, technical indicators, and more at AvaTrade.

This is accessible via the AvaTrade web platform and mobile app, as well as MT4 and MT5. AvaTrade users can also trade an assortment of other assets in addition to commodities. This includes indices, forex, cryptocurrencies, and stocks.

71% of retail investor accounts lose money when trading CFDs with this provider.

6. Pepperstone – Access Wholesale Commodity Trading Prices  

Pepperstone is a clear winner when it comes to popular commodities brokers for spreads. Put simply, its razor account – which comes without a minimum deposit requirement, enables traders to access wholesale commodity prices.

This is because the razor account offers the same trading prices as obtained by large financial institutions. For example, when trading gold via a Pepperstone razor account, spreads start from just $0.05. This is extremely competitive considering that gold trades for over $1,700 per ounce.

With that said, the minimum spread is only available at peak trading hours. On average, the spread on gold hovers around the $0.13 mark, which is still competitive nonetheless. The razor account, while offering tight spreads, does attract a commission of $3.50 per slide when trading via MT4 or MT5.

When trading commodities via cTrader, the commission is charged at $6 per roundtrip. Another option at Pepperstone is to open a standard account. Although this comes with wider spreads, there is no commission to pay. Pepperstone also offers CFD markets that track US and international stocks, forex, cryptocurrencies, and indices.

74% of retail investor accounts lose money when trading CFDs with this provider.

7. IG – Advanced Broker for Seasoned Commodity Traders    

IG offers a safe and low-cost way to trade commodities from the comfort of home. This is a regulated brokerage firm that has been offering trading services since it was founded in 1974. IG offers access to 35 commodity markets across energies, metals, and agricultural products.

These are represented as CFDs, although UK traders also have the option of speculating via spread betting markets. Either way, there are no commissions to pay when trading commodities at IG. That just leaves the spread – which starts at $0.30 when trading gold.

IG offers a high-level trading suite that comes packed with economic and technical indicators, chart drawing tools, and bespoke order types. Moreover, the minimum deposit requirement at IG is $250. Do note that MasterCard and Visa payments attract a 0.5% and 1% fee, respectively.

8. Skilling – User-Friendly Commodity Brokerage Site     

The minimum first-time deposit amounts to €100 and this can be facilitated via a debit/credit card, e-wallet, or bank wire. Oftentimes, verified Skilling accounts are ready to go in just five minutes.

When compared to other brokers, the number of commodities listed by Skilling is limited to just 14. This does, however, cover the most traded commodities globally – such as gold, natural gas, silver, oil, and coffee. When it comes to fees, this will depend on the chosen account type.

For example, the standard account – which is aimed at casual traders, is commission-free. But, when compared to the premium account, spreads will be higher. The premium account requires a minimum first-time deposit of €5,000 and comes with a commission of $35 for every $1 million traded.

9. CMC Markets – Supports More Than 100+ Commission-Free Commodity Markets    

With more than 100+markets across both cash and forward contracts, CMC Markets has really taken its commodity trading platform to the next level. Moreover, not only does CMC Markets support commodity CFDs, but spread betting markets, too.

Fees are very competitive at CMC Markets, too. In fact, all commodity markets on this platform can be traded commission-free. Gold and natural gas carry a minimum spread of just $0.30, although this will vary depending on market conditions.

Those looking to diversify will also appreciate the commodity indices created by CMC Markets. This includes an agricultural index that covers everything from sugar, corn, and wheat to US cocoa, oats, and cotton. CMC Markets does not have a minimum deposit requirement and its platform can be accessed online or via an app for iOS and Android.

10. Plus500 – 0% Commission CFD Broker With Low-Cost Commodity Markets     

Plus500 is a global CFD trading platform that offers access to thousands of markets. In addition to commodities, this includes indices, stocks, ETFs, bonds, cryptocurrencies, and more. All markets on the Plus500 platform can be traded without commission.

Although Plus500 claims to offer tight spreads, it isn’t the most competitive when it comes to commodities. For example, gold is trading with a spread of $0.47 at the time of writing. In comparison, the commission-free broker Capital.com is offering the same market at $0.18.

Nonetheless, Plus500 does not charge any deposit, withdrawal, account management, or inactivity fees. On the flip side, its minimum deposit of $100 is on the high side – especially for those on a budget.

11. XM – High-Leverage Commodity Trading Platform 

XM is one of the high-leverage brokers in the commodity trading space. Although exact limits will depend on the trader’s location and position size, XM offers leverage limits of up to 1:1000. A minimum deposit of just $5 is required to open an XM account, which will suit those on a budget.

In terms of trading fees, this will vary depending on the type of account that is opened. For instance, standard accounts at XM come with an average spread of $0.35 when trading gold, although this can go as low as $0.25. The XM ultra low micro account offered the lowest spread possible, with gold starting at $0.15.

The chosen account type will also determine other core factors, such as whether commissions apply and the minimum stake. XM also offers other CFD instruments, inclusive of stocks, forex, indices, and cryptocurrencies.

Popular Commodities Trading Platforms Compared

Looking for a quick recap on the 10 commodity brokers reviewed in the sections above?

If so, we summarize our key findings in the table below.

How we Select Commodity Brokers to Review

While fees and spreads are important when searching for commodities brokers, other metrics are equally as pertinent.

Below, we explain what to look out for before selecting a commodity trading provider.

Regulation

The global commodity markets are heavily regulated. The same should be expected when trading commodities via an online broker that supports retail clients. Capital.com, for example, is authorized and licensed by ASIC, CySEC, FCA, and NBRB.

Supported Commodity Markets 

All of the brokers discussed on this page support the most traded commodities globally – namely, the likes of gold, silver, oil, natural gas, and wheat.

However, some commodities brokers support less liquid markets, such as sugar, orange juice, platinum, and cocoa.

Fees

A large focus of this guide on commodity brokers has been on fees and spreads. This will determine how much money is paid to the chosen broker for the purpose of entering buy and sell orders.

The table below offers a recap on the main trading and non-trading fees charged by the 10 brokers that were reviewed.

Tools and Analysis

Being able to predict whether a commodity is likely to rise or fall in the future is no easy task. Therefore, some users choose a commodity broker that offers tools for both fundamental and technical analysis.

The former should include market insights and up-to-date commodity news. The latter should cover technical and economic indicators, alongside customizable charts.

Minimum Deposit

Beginners should be sure not to deposit more than they can realistically afford to lose. As such, consider what the minimum deposit is at the chosen broker.

At Capital.com, the minimum first-time deposit is just $20 (debit/credit cards and e-wallets only).

Demo Account

Another superb tool for beginners is a demo account facility. For example, the eToro demo account comes with $100k in paper funds. This means that it is possible to trade commodities in actual market conditions but without risking any money.

Mobile App

The most popular brokers for commodity trading offer a mobile app that comes packed with fully-optimized features.

Notable commodities trading apps in the market include pricing alerts, account management tools, and the ability to trade at the click of a button.

Payment Methods

We found that most commodity brokers in this space support payment methods above and beyond just a bank wire. For example, both Capital.com and eToro not only accept debit and credit cards, but a range of e-wallets too.

Customer Service

We give preference to commodities brokers that put the customer experience at the heart of everything.

At a minimum, the customer service department should operate on a near-24-hour basis, five days a week. This will mirror the global commodity trading hours.

How to Start Trading Commodities with a Regulated Broker

This beginner’s guide will conclude by explaining how to start trading commodities right now.

For this user-friendly walkthrough, we show the steps required with Capital.com – which offers 44 commodity markets at 0% commission and very competitive spreads.

Step 1: Open a Capital.com Account 

It takes just two minutes to register an account with Capital.com. Fill out the sign-up form by entering some personal information – such as a full name, home address, email, and cell phone number.

Capital.com is also mandated to ask for a government-issued ID. Most traders will opt for a copy of a passport or driver’s license.

Step 2: Deposit Funds

Capital.com offers fee-free deposits on all supported payment types. The minimum for bank wires is set at $250. But, by opting for an e-wallet or debit/credit card, the minimum is reduced to just $20.

Step 3: Search for Commodity 

Now that money has been added to the Capital.com account, use the search bar to find the required commodity market.

Above, we are searching for the most traded commodity globally – gold.

Step 4: Trade Commodity 

Now a trading order will need to be placed on the chosen commodity market. This entails entering a stake and choosing from a buy or sell order.

Long positions require a buy order while those going short can opt for a sell order.

Those wishing to trade on margin can enter their desired leverage ratio. Confirm the order and Capital.com will place the trade in real-time.

Conclusion

Choosing the right broker is an important step to take before trading commodities online. This guide found that the overall most popular commodity broker for both beginners and experienced traders alike is Capital.com.

No trading commissions are charged by this popular broker and spreads are often industry-leading. Moreover, Capital.com offers leverage of up to 1:20 on gold and 1:10 on other supported commodities.

80.61% of retail investor accounts lose money when trading spread bets and/or CFDs with this provider.

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