Best Commodity Brokers

This guide will take a closer look at the best commodity brokers of 2024 and help you reach an informed decision. We will look at several factors, such as fees, leverage, available markets, regulations, spreads, and more.

Commodity trading is not as popular or widespread as forex, index, or equity trading. However, it has gained considerable traction and is an excellent portfolio diversification tool. The commodities space is dynamic and complex, giving investors and traders several opportunities to profit. At the same time, there are several risks involved as well.

This is why selecting the right commodities broker is key to being successful in this market. Several commodity brokers are in the market, each supporting markets such as precious metals and agricultural products.

List Of The Best Commodity Brokers In 2024

Now, let’s take a look at the most popular commodity brokers today before we study each in detail. Choosing a broker involves significant research. Additionally, traders must consider factors such as fees, leverage, available markets, regulations, spreads, and more. We will explore each of these factors in this guide. Let’s list out the commodity brokers first. 

  1. eToroOverall the best and most popular commodity broker in 2024
  2. Axi – An award-winning commodity platform 
  3. Capital.com – One of the most popular commodity brokers
  4. XTB – One of the best and most popular commodity brokers with competitive fees
  5. Skilling – A popular commodity broker with low fees 
  6. AvaTrade – Trade Commodities at 0% Commission and Tight Spreads
  7. CMC Markets – Offers support for over 100 commission-free commodity markets 
  8. Pepperstone – One of the most popular commodity brokers. Allows traders to access wholesale commodity trading prices 
  9. IG – An advanced broker popular amongst advanced traders 
  10. XM – A high-leverage commodity trading platform 
  11. Plus500 – Allows traders to access low-cost commodity markets

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

What Is A Commodity Market? 

Before we begin with our list of the most popular commodity brokers, let’s understand commodity trading markets. A commodity market is a marketplace that facilitates the buying, selling, and trading of raw materials and primary products.

The commodities are split into two categories: hard commodities and soft commodities. Let’s understand each. Hard commodities are natural resources that must be mined or extracted. Examples of these commodities are gold, oil, and rubber. Soft commodities refer to agricultural products such as livestock, wheat, corn, sugar, coffee, soybeans, etc.

Commodity Trading

Now, let’s understand how these markets work. Commodity markets allow the producers and consumers of commodity products to access them in a centralized and liquid marketplace. Producers and consumers can also use commodities derivatives to hedge future consumption and production. Investors, speculators, and arbitrageurs also play an active role in these markets. Commodities such as precious metals are regarded as a hedge against inflation.

A broad set of commodities can also help investors diversify their portfolios. Investors also flock to commodities during times of market uncertainty and volatility. This is because the price of commodities generally tends to move in opposition to stocks.

Earlier, commodities trading required significant expertise, time, and money. As a result, it was generally done by professional traders. However, times have changed, and today, there are several options for traders who wish to trade commodities.

What Are The Types Of Commodities Markets? 

Now, let’s look at the types of commodities markets before moving on to the best commodity brokers. Commodities generally trade in spot markets or derivatives markets. Spot markets are also known as physical or cash markets. In these markets, buyers and sellers can exchange physical commodities, taking immediate delivery.

On the other hand, derivatives markets involve futures, options, and forwards. Forwards and futures are derivatives contracts that use spot markets as an underlying asset. These contracts give the owner control of the underlying asset at a point in the future at a price agreed upon today. The delivery of the commodity would take place only when the contracts expire. Often, traders roll over or close out their contracts to avoid taking delivery of the asset.

So, what are some examples of commodities markets? Some examples of major commodities exchanges are the Chicago Mercantile Exchange, the New York Mercantile Exchange, the London Metal Exchange, and the Tokyo Commodity Exchange. Now, let’s get started with our list of the top commodity platforms.

Most Popular Commodity Brokers 2024 Reviewed 

Now, let’s look at the best commodity brokers in more detail. We have considered several factors for our list, such as fees, leverage, available markets, regulations, and spreads. Let’s get started.

1. eToro – Overall the best and most popular commodity broker in 2024

eToro is the first platform on our list of the most popular commodity brokers in the market today. The  popular social trading platform is also one of the top futures trading brokers and a fully regulated online platform offering a wide selection of markets. These markets include stocks, indices, forex, crypto, ETFs, and commodities. US and UK clients can open an account with a minimum deposit of just $50. Apart from some exceptions, the minimum deposit on the platform is generally $50.

eToro Commodity assets

Trading commodities on eToro is relatively straightforward. Each market is represented through a low-cost CFD instrument. This means commodity traders can utilize leverage of up to 1:20 and hold both long and short positions. In total, eToro covers 23 commodities. These include natural gas, gold, silver, sugar, and crude oil, to name a few.

Fees on eToro 

eToro charges fees on a spread-only basis when trading commodities. The platform notes that the minimum spread on gold, oil, and silver amounts to 45, 5, and 5 pips, respectively. Meanwhile, the minimum position size when trading commodities on eToro is $1000.

Let’s understand this with the help of an example. When trading gold, the margin requirement on eToro is 5%. This means to enter a position at $1000, a stake of $50 is required. Additionally, the minimum stake on non-gold commodities is around $100, reflecting a margin requirement of 10%.

eToro Features 

Those new to trading can consider the copy trading tool on eToro. This is the platform’s most popular feature and allows traders to copy the investments of successful traders using eToro. There are no additional fees for this feature. However, traders must note that the minimum deposit to use this feature is $200. Beginners can also check the eToro demo account. The demo account allows traders to practice or test their trading strategies without risking capital.

The demo comes with a virtual portfolio that has a preloaded $100k, enabling a risk-free trading requirement. Creating an account on eToro takes just minutes. Additionally, the platform is regulated by the SEC, FAC, ASIC, and CySEC. This ensures that user information and funds are secure.

Pros And Cons of eToro Commodity Broker

Pros:
  • Overall best commodity broker in 2024
  • Minimum deposit starts at just $10.
  • The platform is extremely user-friendly
  • Allows users to trade hard and soft commodities on a spread-only basis
  • One of the most popular commodity brokers in the market
  • Supports stocks, crypto, forex, ETFs, and commodity trading
  • Regulated by the FCA, SEC, ASIC, and CySEC
Cons:
  • The platform levies a $5 fee on non-USD payments
  • Only accepts USD as the base currency
Fees  Spread only on commodities 
Spread On Gold Starts from 45 pips 
Number Of Commodities  23
Leverage 1:20 on gold, 1:10 on other commodities 
Deposit Fee $0 on USD payments, $0.5 on other commodities. 
Trading Platform Offers a proprietary eToro trading platform available on web browsers and mobile devices. 
Instrument Type CFDs
Minimum Deposit  $10 for traders based in the UK and US. $50 for traders based in other locations. 

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

2. Axi – An Award-Winning Broker That Offers Copy Trading For Commodities 

Next on our list of most popular commodity traders is Axi. The Axi trading platform is an award-winning broker that offers users copy trading for commodities. The platform has a broad range of commodities on offer.

Beginners on Axi commodity platform can easily open trades for soybeans, coffee, and cocoa. Meanwhile, more experienced traders can incorporate advanced tools into their trades and optimize their positions. The platform also offers other assets, including trading oil, gold, silver, and copper.

AXI Trading Platform

Margins on the platform are low at 5%, while commissions are at $0. Trades are quick, with the platform offering leverage up to 30:1. The minimum trade size of precious metals is 0.10. Additionally, trading oil incurs a standard spread of $3, while natural gas has a low spread of $1.4.

Copy Trading On Axi 

Beginners can take advantage of Axi’s Copy Trading feature. Copy Trading on Axi allows traders to interact with professional traders and copy their trades. This means beginners can enter the same trades as professionals while minimizing their risk. Moreover, Axi’s Copy Trading service is free, with the top 50 traders on the platform registering 263% returns.

The Copy Trading feature can be used for forex, stocks, and indices. However, traders must remember that the Copy Trading app must be linked to the MetaTrader 4 platform. MetaTrader is available on PC, Mac, Android, and iOS. Traders can further optimize their trading strategies by using AutoChartist and PsyQuation. These tools enable traders to receive alerts for customized trading opportunities and reduce trading mistakes.

Pros And Cons Of Axi Commodity Platform

Pros:
  • Axi does not charge commissions
  • There is no minimum deposit requirement
  • Traders can use Copy Trading for commodities
Cons:
  • Some trading experts may charge subscriptions for their Copy Trading Service
Fees  Spread only
Spread On Gold Spread on gold begins from $15
Number Of Commodities  Over 14
Leverage 30:1 maximum leverage 
Deposit Fee $0
Trading Platform Available on Mac, PC, MetaTrader 4, Web Trader, and trading app. 
Instrument Type CFDs
Minimum Deposit  No minimum deposit 

3. Capital.com – One Of The Most Popular Commodity Brokers Of 2024 

The next broker in our list of the top commodity brokers is Capital.com. Traders on Capital.com can access dozens of commodities across popular hard and soft assets.

Traders can access commodities via Capital.com broker such as natural gas, Brent crude oil, and even WTI from the energy sector. The platform also supports plenty of metals, such as gold, silver, aluminum, copper, platinum, and more. Traders can also access agricultural products on Capital.com, such as sugar, corn, and wheat.

Capital.com Platform

Because of the nature of CFD markets, traders don’t need to own any of the commodities being traded on the platform. Unlike futures, there is also no requirement to purchase the commodity at any point. In fact, commodity CFDs never expire.

When trading commodities on Capital.com, traders can access a leverage of 1:20 on gold. Meanwhile, other commodity markets have a leverage of 1:10. Traders can also choose a long and short position when entering a new commodity trade.

Fees On Capital.com 

One of the main reasons Capital.com is one of the most popular commodity brokers is its fees. The platform does not charge any trading commissions while offering competitive spreads. Capital.com’s spread on WTI oil and gold is $0.03 and $0.18, respectively. However, these spreads are variable and change several times through a single trading day.

Capital.com also ranks as one of the top stock trading platforms in the market. Traders can access over 5400 stock CFDs from exchanges located in the US, Europe, Asia, and more. The platform also supports forex markets, aside from indices, ETFs, and cryptocurrencies.

Opening an account on Capital.com is simple and can be done in minutes. The minimum deposit is a reasonable $20 when using a credit/debit card or e-wallet. However, bank transfers have a higher minimum deposit of $250. The FCA, ASIC, CySEC, and NBRN also regulate the platform. This ensures that traders can trade without worrying about regulatory compliance.

Pros And Cons Of Capital.com Platform

Pros:
  • Capital.com is overall the most popular commodities broker
  • 0% commission on all supported CFDs
  • Offers leverage and short-selling
  • Traders can access 44 commodity markets
  • Users can create an account in minutes
  • Minimum deposit starts from $20
  • The FCA, CySEC, ASIC, and NBRB regulate the platform
Cons:
  • Capital.com does not support smaller currencies
  • The web platform lacks a price alert feature
  • Does not support US-based clients
Fees  0% commission on all markets 
Spread On Gold $0.18, but is variable 
Number Of Commodities  44
Leverage 1:20 on gold, 1:10 on other commodities 
Deposit Fee No deposit fees 
Trading Platform Offers native web trader, dedicated mobile app, MetaTrader 4, TradingView
Instrument Type CFDs and spread betting 
Minimum Deposit  $20 

4. XTB – One Of The Most Popular Commodity Brokers With Competitive Fees 

The next platform on our list of most popular commodity brokers is XTB. The XTB commodity broker offers traders access to 26 commodity markets, covering the most traded assets in the space. This includes assets such as gold, silver, natural gas, corn, and copper.

Like eToro, XTB offers commodities on a spread-only basis. For example, gold and oil can be traded at a minimum of $0.30 and $0.03, respectively. The platform offers plenty of tools that allow traders to speculate on the future prices of their chosen assets. This is possible through the platform’s in-house trading platform, xStation.

XTB best Commodity Broker

xStation is available across multiple platforms, such as Android, iOS, and desktop. It is suitable for both beginners and advanced traders. Through xStation, traders can access charting and risk management tools and craft their trading strategy.

They can also use the platform’s built-in trading calculator to estimate profits and losses. There is also an extensive selection of research and educational material on XTB. This includes videos, webinars, and courses tailored for both beginners and advanced traders. Moreover, XTB also assigns a dedicated accounts manager to understand user goals and trading strategy.

XTB Fees 

Opening an account on XTB is free. Traders can create an account and access a demo account to test trading strategies without risking capital. Successful trading strategies can then be deployed in actual trades. Deposits in EUR and GBP are free, but some withdrawals may be subject to a processing fee.

Stock trading on XTB is commission-free if the account has a monthly turnover of $100,000. Stock and CFD trading is also commission-free. However, XTB does apply spreads and margins on some products. The platform also charges a monthly inactivity fee.

Pros And Cons Of XTB Commodity Broker

Pros:
  • Low spreads of $0.03 when trading commodities such as oil
  • There is no minimum deposit required
Cons:
  • Does not support MetaTrader 4 or MetaTrader 5
  • Does not support third-party platforms
  • The commodities trading platform operates on a spread-only basis
Fees  Spread-only on commodities 
Spread On Gold Starts from $0.30 
Number Of Commodities  26
Leverage 1:20 on gold, 1:10 on other commodities 
Deposit Fee $0 deposit fee on credit/debit cards. 2% fee on Skrill 
Trading Platform Offers xStation for mobile, web, and desktop browsers
Instrument Type CFDs
Minimum Deposit  No minimum deposit requirement 

5. Skilling –  A Popular Commodities Broker With Low Fees 

Next on our list of the most popular commodity platforms is Skilling. The Skilling platform is a mobile-based platform available on Android and iOS. The app is regarded as one of the best, allowing users to use the professional cTrader platform and MetaTrader 4.

The minimum deposit on Skilling is €100, which is a bit on the higher side. However, traders can avail of a range of technical tools and indicators. These are optimized to give traders a seamless trading experience.

Skilling Commodity Platform

Another major reason Skilling is on our list of the most popular commodity brokers is fees. Commission fees are low, and trades are executed quickly. The company is headquartered in Cyprus but is regulated by the FCA in the UK. Traders can trade markets at 0% commission, with instruments such as forex, indices, commodities, shares, and crypto on offer. Skilling also offers a social trading feature, mirroring platforms such as eToro.

Skilling offers a limited number of commodities at 14 compared to other popular brokers. However, this includes some of the most traded commodities in the world, such as gold, silver, natural gas, oil, and coffee. For trading commodities, fees would depend on the account type.

The standard account for casual traders is commission-free. However, compared to the premium account, the spreads will be higher. Meanwhile, the premium account requires a significant minimum deposit of €5,000. It also has a commission of $35 for every $1 million traded.

Pros And Cons Of Skilling Commodity Broker

Pros:
  • Traders can access leverage of up to 1:200 when trading commodities
  • Offers support for MetaTrader 4 and cTrader
  • Top-rated commodity broker amongst beginners
Cons:
  • Offers only 14 commodities markets
Fees  Depends on the account type
Spread On Gold Between $0.18 and $0.27 (subject to change)
Number Of Commodities  14
Leverage Up to 1:200 leverage on commodities 
Deposit Fee Deposits made using debit/credit cards are free. Deposits made using e-wallets are subject to a 0.2.9% fee.
Trading Platform Offers native platform for web and mobile trading. Supports MetaTrader 4 and cTrader. 
Instrument Type CFDs
Minimum Deposit  €100

6. AvaTrade – Trade Commodities At 0% Commission and Tight Spreads

AvaTrade is a highly regulated CFD and spread betting broker licensed to operate in 9 jurisdictions. Traders can seamlessly open their trading account with a minimum deposit of $100 and get started. AvaTrade offers traders 18 commodities, with a mix of agricultural products, energies, and hard metals.

AvaTrade Broker

Traders can access markets on AvaTrade without paying any commission. The only fee they have to worry about is the spread. Currently, the spread on gold on the platform is $0.29. The spread when trading oil is $0.03. The platform is also one of the highest-leverage brokers in the commodities markets.

For example, gold requires a minimum leverage of just 0.5% on AvaTrade. This means a $ 10,000 gold position would require an upfront stake of just $50. Traders must remember that these leverage limits will be limited in some regions.

However, traders will still have access to trading tools, technical indicators, and other tools on AvaTrade. These can be accessed through AvaTrade’s web platform and dedicated mobile application. They can also be accessed through MetaTrader 4 and MetaTrader 5.

Additionally, AvaTrade traders can trade many other assets apart from commodities. These include cryptocurrencies, forex, stocks, and indices. It also accepts several payment methods, such as debit/credit cards, PayPal, and direct bank transfers.

AvaTrade Commodity Platform Pros And Cons 

Pros:
  • Users can trade commodities at 0% commission
  • Offers leverage of up to 1:200 when trading commodities
  • CFDs and spread betting markets
Cons:
  • US-based clients cannot open an account on the platform
  • The minimum deposit is on the higher side
Fees  Spread-only on commodities 
Spread On Gold Starts from $0.29
Number Of Commodities  18
Leverage Up to 1:200 on commodities, however, leverage is location dependent 
Deposit Fee No deposit fees
Trading Platform WebTrader, AvaTradeGo, AvaOptions, MT4, MT5, DupliTrade, ZuluTrade 
Instrument Type CFDs and spread betting 
Minimum Deposit  $100 

7. CMC Markets – Supports Over 100 commission-Free Commodity Markets 

Another top-tier commodity broker on our list is CMC. The platform offers traders access to over 100 cash and forward contracts markets. CMC markets has taken commodity trading to the next level.

Not only does the platform support commodity CFDs, but it also supports spread betting markets as well. Fees on CMC Markets are extremely competitive. All commodity markets on the platform can be traded commission-free. Commodities such as gold and natural gas have a minimum spread of $0.30. However, this is also dependent on market conditions.

CMC Market Commodity Broker

Traders looking to diversify can utilize the commodity indices offered by CMC Markets. These include an agricultural index covering sugar, corn, US cocoa, wheat, oats, and cotton. The platform does not have a minimum deposit requirement. Traders can access the platform online or through a dedicated app available on Android and iOS.

Pros And Cons Of CMC Markets 

Pros:
  • Over 12,000 other markets supported
  • Does not have a minimum deposit requirement
  • Over 100 commodities available
  • The FCA regulates CMC Markets
  • Offers industry-leading research amenities
Cons:
Fees  Spread-only on commodities 
Spread On Gold Stars from $0.30 
Number Of Commodities  Over 100 
Leverage Offers leverage of up to 1:20 on commodities 
Deposit Fee No deposit fees
Trading Platform Offers native NGEN platform for web and mobile trading. Also supports MetaTrader 4
Instrument Type CFDs
Minimum Deposit  Does not have a minimum deposit requirement 

8. Pepperstone – One Of The Most Popular Commodity Brokers

Pepperstone is easily one of the best commodity brokers today for spreads. The CFD trading platform is based in Australia and offers traders a vast number of instruments. These include commodities, indices, forex, ETFs, and several other assets through CFDs.

Opening an account on Pepperstone is relatively straightforward. They can also access a demo account with virtual funds. Here, they can test trading strategies before deploying them in real trades.

Pepperston Commodity Platform

Pepperstone’s Razor account makes the broker a real winner when it comes to commodity trading. The account comes with a minimum deposit requirement and allows traders to access wholesale commodity prices. This is possible because the Razor account offers traders the same prices as those obtained by large financial institutions.

Let’s look at an example. If you trade gold through a Pepperstone Razor account, the spreads start as low as $0.05. This is a highly competitive price, given the prices that gold trades at.

However, the minimum spread is available only during peak trading hours. Typically, the spread on gold stays around the $0.13 mark, which is still highly competitive. While the Razor account offers tight spreads, it attracts a commission of $3.50 per slide. This is when the trader is using MetaTrader 4 or MetaTrader 5.

The commission is slightly higher when trading using cTrader to trade commodities. Trades done via cTrader attract a commission of $6 per roundtrip. Traders on Pepperstone can also open a standard account instead of a Razor account. However, the standard account comes with wider spreads, and there is also no commission.

The Pepperstone platform also one of the best forex broker in Australia and offers CFD markets that track US and international stocks, including forex, cryptocurrencies, and indices.

Pros And Cons Of Pepperstone Commodity Broker

Pros:
  • Supports MetaTrader 4, MetaTrader 5, and cTrader
  • Traders can access over 1200 financial markets
  • Top-rated commodities broker for spreads
  • The platform is highly regulated
Cons:
  • The platform does not accept crypto payments
  • It also does not offer penny stocks
  • It does not offer a native trading platform
Fees  Depends on account type (standard account or Razor account) 
Spread On Gold Spreads start from $0.05 
Number Of Commodities  32
Leverage Offers leverage of up to 1:200 on commodities. However, this also depends on location.
Deposit Fee No deposit fees 
Trading Platform MetaTrader 4, MetaTrader 5, TradingView, cTrader
Instrument Type CFDs
Minimum Deposit  There is no minimum deposit requirement 

9. IG – A Broker Popular Amongst Advanced Traders 

The next platform to feature on our list is IG. The IG broker gives traders a low-cost and secure way to trade commodities. When it comes to asset selection, IG is right at the top.

The IG platform offers a staggering 200 currency pairs, 1800 ETFs, and 10,000 stock CFDs. IG is a highly regulated brokerage and has been in operation since 1974. The platform offers traders access to 35 commodity markets spread across energies, metal, and agricultural products.

IG Broker

All of these assets are represented through CFDs. However, UK-based traders can also speculate through spread betting markets. Commodity trading on IG does not attract any commissions. This means traders only have to worry about the spreads. Spreads on IG are reasonable and start at $0.30 when trading gold.

Traders can access industry-leading trading tools and a treasure trove of educational and research material on IG. Features like one-click trading, a customizable platform, and tailor-made watchlists offer a rich trading experience. The platform also offers a dedicated mobile application with biometric authentication. This provides an extra layer of security. The platform also has a rich educational section containing articles, webinars, and tutorial accounts. Furthermore, traders can access a demo account where they can test trading strategies before deploying them.

IG Commodity Platform Pros And Cons

Pros:
  • The platform offers 35 commodities on a spread-only basis
  • The platform was established in 1974 and is heavily regulated.
  • Highly reputable platform
Cons:
  • The onboarding process is rather slow
  • Research and educational material on IG could use improvement

10. XM – A High Leverage Commodity Trading Platform 

XM is also another top leading commodity broker in the market. The XM  offers something for everyone and also supports MetaTrader 4 and MetaTrader 5. Additionally, it also offers users XM Trade. The platform is based in the UK and is regulated by the FCA.

XM platform is also governed by regulatory bodies in other countries such as Germany, Sweden, and Finland. It is also regulated by the CySEC. Opening an account on XM is relatively straightforward. After opening an account, traders can access the trading dashboard through MT4 or MT5. The platform also offers a dedicated mobile app available on iOS and Android.

XM is considered one of the best high-leverage brokers in commodity trading. While limits depend on location and position size, XM offers leverage limits up to 1:1000. Additionally, the minimum deposit required is just $5, which is ideal for beginners or casual traders. Fees on XM depend on the type of account opened by the trader.

XM Commodity BrokerStandard accounts on the platform have an average spread of $0.35 when trading gold. However, this figure can go as low as $0.25. XM’s ultra-low micro account offers the lowest possible spread, starting as low as $0.15.

The account types also determine other factors, such as the minimum stake and commissions. XM traders can also access CFD instruments such as forex, stocks, indices, and cryptocurrencies.

Pros And Cons Of XM Commodity Platform

Pros:
  • Has a minimum deposit of just $5
  • Offers highly competitive spreads
  • The platform offers leverage of up to 1:1000
Cons:
  • XM does not offer its own web trading platform
  • The number of account types on offer can confuse traders
Fees  Depends on the account type chosen by the trader 
Spread On Gold Spreads start from $0.15
Number Of Commodities  17
Leverage Offers leverage of up to 1:1000. However, this is location dependent. Other conditions also apply. 
Deposit Fee No deposit fees 
Trading Platform Supports MetaTrader 4 and MetaTrader 5. Also offers a dedicated app available on Android and iOS. 
Instrument Type CFDs
Minimum Deposit  Minimum deposit is $5 

11. Plus500 – 0% Commission CFD Broker Offering Access To Low-Cost Commodity Markets 

The last name on our list of the most popular commodity brokers is Plus500. The leading CFD broker offers tight spreads without burdening traders with added fees and commissions. Moreover, multiple regulatory bodies, including the FCA, regulate the platform. Plus500 positions itself primarily as a CFD trading platform and puts itself far ahead of the competition with its large selection of offerings.

Plus500 Commodity Platform

The global trading platform offers traders access to thousands of markets. Apart from commodities, traders can access stocks, indices, ETFs, bonds, cryptocurrencies, and more. What’s more, all markets on Plus500 can be traded without any commission.

The Plus500 platform offers competitive spreads compared to other platforms on our list. Gold typically trades with a spread of $0.45. However, platforms such as Capital.com offer much tighter spreads at $0.18. However, one advantage of Plus500 is the lack of excessive fees.

Plus500 does not charge users any deposit, withdrawal, or account management fee. Additionally, there is also no inactivity fee on the platform. However, the minimum deposit is on the higher side at $100. This could put off new traders or those who have a tight budget.

Plus500 Features 

Plus, 500 offers a plethora of features for traders. The platform offers a range of in-depth charting tools, 100 technical indicators, and a real-time news feed. It also accepts several payment methods, so traders have plenty of options when depositing funds. Credit/debit cards, direct bank transfers, and e-wallets such as PayPal are acceptable payment methods. The FCA also regulates the platform and is listed on the FTSE 250 index. This lends it a high level of credibility and security.

Plus500 Commodity Broker Pros And Cons 

Pros:
  • The platform does not charge commissions on supported markets
  • Plus500 is a highly regulated and well-established CFD trading platform
  • There are no deposit, withdrawal, account management, or inactivity fees
  • Offers a robust selection of risk-management tools
Cons:
  • Spreads on some commodity markets are significantly higher than other brokers on our list
  • Does not support MetaTrader 4 or MetaTrader 5
  • Customer support is lacking
  • Does not accept US-based clients for CFD trading
Fees  Spread-only on commodities 
Spread On Gold $0.45 to $0.47 although this can change
Number Of Commodities  18
Leverage Offers leverage of up to 1:20 on commodities 
Deposit Fee No deposit fees
Trading Platform Offers a native platform for web and mobile trading
Instrument Type CFDs
Minimum Deposit  $100

Comparing The Most Popular Commodity Brokers Of 2024

Now that we have analyzed each of our most popular commodity brokers this year, let’s do a direct comparison. Let’s summarize and compare with the help of a table.

Commodity Brokers Commodities  Fees Spread On Gold  Deposit Fees Minimum Deposit  Trading Platforms Offered
eToro 23 Spread-only on commodities  Starts from 45 pips  USD deposits are free, 0.5% fee on other deposits  $10 Offers a proprietary eToro platform that is available on web browsers and mobile devices. 
Axi Over 14 Spread-only  Starts from $15 No deposit fees  No minimum deposit  Available on Mac, PC, MetaTrader 4 web trader and mobile app
Capital.com 44 0% commission on all markets  $0.18 (changes)  No deposit fees  $20  Offers a native web trader and dedicated mobile app. Also supports MetaTrader 4 and TradingView. 
XTB 26 Spread-only on commodities  Starts from $0.30 $0 deposit fee on credit and debit card deposits. Deposits made using Skrill are charged a 2% fee.  No minimum deposit  Offers Xstation for web, mobile, tablet, and desktop software. 
Skilling 14 Depends on the account type  Between $0.18 and $0.27 Deposits made using credit or debit cards are free. E-wallet deposits are charged a fee between 0% to 2.9%.  €100 Offers a native platform for web and mobile trading. Also supports MetaTrader 4 and cTrader/ 
AvaTrade 18 Spread-only on commodities  Starts from $0.29 No deposit fees  No minimum deposit  WebTrader, AvaTradeGO, AvaOptions, MetaTrader 4, MetaTrader 5, ZuluTrade, DupliTrade
CMC Markets Over 100 Spread-only on commodities  Starts from $0.30  No deposit fees  No minimum deposit  Native platform for web and mobile trading. Supports MetaTrader 4. 
Pepperstone 32 Depends on the account type  Starts from $0.05 No deposit fees  No minimum deposit  Supports MetaTrader 4, MetaTrader 5, cTrader, and TradingView. 
IG 35 Spread-only on commodities  Starts from $0.30 1% fee on Visa and 0.5% on MasterCard  $250 Offers native platform for web and mobile trading 
XM 17 Depends on the account type  Starts from $0.15  No deposit fees $5 Supports MetaTrader 4 and MetaTrader 5. Also offers proprietary app available on Android and iOS 
Plus500 18 Spread-only on commodities  Starts from $0.47  No deposit fees  $100  Offers native platform for web and mobile trading 

How To Select The Best Commodity Brokers Of 2024 

Now, there are several factors you must consider when selecting the best commodity brokers right now. As a trader, you must look at fees, supported markets, regulations, minimum deposits, and payment methods. Let’s look at some of the factors you must consider.

Tools And Analysis 

It is critical that traders can predict when a commodity will rise or fall in the future. This is why you must select a broker that offers fundamental and technical analysis tools. Tools for fundamental analysis include up-to-date commodity news and market insights. Meanwhile, tools for technical analysis must include customizable charts and various economic indicators.

Minimum Deposit 

The minimum deposit is another factor traders must consider when choosing the top commodity brokers. While advanced brokers can afford to overlook minimum deposit requirements, beginners cannot.

Beginners should only deposit what they can afford to lose. This is why a platform with low or no minimum deposit requirements would suit their needs. Platforms such as Capital.com have a minimum deposit requirement of just $20. Several platforms also don’t have a minimum deposit requirement.

Fees 

One of the most important to consider when selecting the most popular commodity brokers is fees. This is why this guide’s focus has been on the brokers’ fees and spreads we have discussed. Let’s look at the fees of all the brokers discussed with the help of a table.

Brokers Fees  Spread On Gold  Deposit Fees  Account Fees 
eToro  Spread-only on commodities  Starts from 45 pips  Free on USD deposits. A 0.5% fee is applied on other deposits.  No account fees 
Capital.com  0% commission on all markets  $0.18 (subject to change)  No deposit fees   No account fees 
XTB  Spread-only on commodities  Starts from $0.18  $0 fee on debit and credit cards. 2% fee on deposits made using Skrill.  $10 inactivity fee 
Axi Spread only  Starts from $15 No deposit fees 
Skilling Depends on account type  Between $0.18 and $0.27 although this is subject to change Debit and credit card deposits are free. E-wallet deposits are charged between 0% to 2.9%.  No account fees 
AvaTrade Spread-only on commodities  Starts from $0.29  No deposit fees  Inactivity fee of $50 
CMC Markets Spread-only on commodities  Starts from $0.30  No deposit fees  $10 inactivity fee 
Pepperstone Depends on chosen account type  Starts from $0.05  No deposit fees  No account fees 
IG Spread-only on commodities  Starts from $0.30  1% deposit fee on Visa, 0.5% on MasterCard $18 inactivity fee 
XM Depends on the account type  Starts from $0.15  None  Inactivity fee of $5 
Plus500 Spread-only on commodities  $0.47  No deposit fees  Inactivity fee of $10 

Supported Markets 

The supported markets are the next factor to consider when selecting the best commodity brokers. All the brokers we have discussed support most of the popular, globally traded commodities. These include gold, oil, silver, natural gas, and wheat. Some commodity brokers on our list also support less liquid markets. Less liquid markets include sugar, platinum, and cocoa.

Regulations 

Commodity markets are some of the most heavily regulated markets in the world. Traders should also expect the platforms they trade on to be heavily regulated. For example, Capital.com is authorized and licensed by several regulatory bodies, including CySEC, ASIC, FCA, and NBRB.

Payment Methods 

Traders must select commodity brokers supporting multiple payment methods beyond a bank wire. Platforms such as Capital.com and eToro support multiple payment methods, such as debit and credit cards, wire transfers, and e-wallets, such as PayPal and Skrill.

Demo Account 

Demo Account

Demo accounts are critical for beginners and advanced traders alike. Beginners can practice trading on these accounts, while more advanced traders can test strategies before deploying them in the market. Demo accounts on platforms such as eToro come with $100,000 worth of paper funds. Traders can test different types of trading strategies without risking any real capital.

Customer Service 

Traders should always give preference to commodity brokers that prioritize the customer’s needs. A good commodity broker should offer 24-hour customer support mirroring global commodity trading hours. Ideally, a broker should offer phone, email, and chat support.

Mobile Application 

The most popular commodity brokers offer traders a dedicated mobile application. The app is typically packed with features such as price alerts and account management tools. The apps also allow traders to trade at the click of a button.

How To Trade Commodities With A Regulated Broker? 

Now, let’s look at how you can begin trading with a regulated commodities broker. For this walkthrough, we shall be using eToro as an example. eToro offers traders 23 commodities at competitive spreads.

Step 1: Open An Account on eToro 

First, you have to open a trading account on eToro. Creating an account on eToro is simple and can be done in minutes. Click on the “Join Now” or “Trade Now” button, and you will be prompted to enter a few details about yourself. These include your name and email. You will also be required to create a strong password and add your phone number. Alternatively, you can also sign up using your GMail account.

Sign up via etoro

Once completed, you must submit documentation for identity verification and proof of address. This is mandatory for KYC purposes. Once verified, your trading account is good to go.

Step 2: Fund Your Account 

Deposit funds on eToro

The next step is to fund your newly created account. As a trader, you will have several payment options to fund your account, depending on the platform chosen. Since we are using eToro as an example, we shall only look at payment options on this platform. eToro offers several payment options to fund your account. These include debit and credit cards, bank transfers, and e-wallets such as PayPal.

Step 3: Search For Commodity 

eToro Commodity assets

Now that you have funded your account, the next step is to search for the commodity you wish to trade. You can search for the commodity you wish to trade using the search bar in commodity markets.

Step 4: Trade Commodities  

The last step is to begin trading. Once you have chosen a commodity, you must place a trading order on the chosen commodity market. This means you will have to enter a stake and choose from a buy or sell order. Long positions require a buy order, while those going short can go for a sell order.

Trade Commodity on eToro

That’s it! Those are all the steps needed to get started on eToro.

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

Conclusopn – Best Commodity Brokers 

Choosing the right broker is the first critical step before entering the world of online commodity trading. This guide has listed and analyzed the top commodity brokers in the market today. This guide has concluded that eToro is the most popular broker for beginners and advanced traders alike.

The popular commodity platform does not charge any trading commissions and offers industry-leading spreads. It also offers leverage of up to 1:20 on gold and 1:10 on other commodities.

Commodity trading comes with its own set of risks. This is why you must thoroughly research before beginning your trading journey.

Author Checked Reviewed and Fact Checked by Wajeeh Khan, Fintech, Blockchain Writer and Investment Analyst.

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Now, let’s look at some FAQs related to our topic and help clear any lingering doubts.

FAQs Best Commodity Brokers

Which Broker Gives The Highest Margin In Commodities?

Commodity trading leverage limits are primarily determined by the account holder’s country of residence. This is irrespective of the broker chosen by the trader. Commodity brokers based in the EU, UK, and Australia allow traders to trade commodities with a leverage of up to 1:20. Capital.com and eToro are popular brokers in all of these regions. Traders based in countries that don’t place restrictions can trade commodities with leverage of up to 1:200 on gold.

We found eToro and Capital.com as the best and most popular brokers for commodities trading online. Capital.com offers traders 44 commodity markets with competitive spreads, while eToro offers 23.

Traders have several avenues to invest in commodities. A cost-effective way of trading is contracts-for-differences. However, US-based clients cannot use these since CFDs are not legal in the United States. US clients can instead consider trading futures or investing in a commodity ETF. However, analyzing your risk appetite and doing market research before investing is important.

Stocks and commodities have similar risks and are directly influenced by traders’ knowledge. No asset is less risky or more risky than the other.

A commodity trading brokerage buys and sells commodities on behalf of its clients. It acts as a middleman between traders and exchanges, earning a commission for doing so.

Commodity exchanges typically maintain a list of commodity brokers. Additionally, traders also have resources and the research to find a broker that fits their needs and trading goals. The brokers we have discussed are some of the leading brokers when it comes to commodities trading.

Commodity trading is complex and volatile. This is why it isn’t considered ideal for beginners or casual traders. Commodity trading has several variables to consider and also includes parameters such as geopolitical developments and weather patterns.

The main source of revenue for commodity brokers is from commissions.

According to our guide of the most popular commodity brokers of 2023, eToro and Capital.com are the best. However, each trader has different requirements. The best brokers will offer traders a range of asset choices, competitive fee structure, and high leverage. Traders should also look for transparency and a highly functional trading platform.

The top commodities in the market are gold, crude oil, coffee, natural gas, and Brent crude.

The primary ways to trade through a commodities broker are Options, Futures, and ETFs.

Before trading futures, traders must comprehensively read about all parameters influencing price action. Before selecting a commodity broker, traders must select which commodities they wish to trade. This ensures that the trading instruments are available on the platform.