Best Commodity Trading Platform 2023 – Online Commodity Trading Software

If you’re looking to trade the likes of oil, gold, silver, natural gas, and wheat – you will need to find a top commodity trading platform. On top of supporting the commodities that you wish to access, the platform must also offer competitive fees and commissions, as well as a sufficient number of trading tools and indicators.

To help clear the mist, this guide reviews the best commodity trading platforms to consider in 2023.

Top Commodity Trading Platforms & Brokers 2023

Don’t have time to read our commodity broker reviews in full? If so, below you will find a list of the best commodity trading platforms in the market right now!

1. eToro – Overall Best Commodity Trading Platform in 2023
2. Libertex – Best Online Commodity Trading Platform with Tight Spreads
3. TD Ameritrade – TD Ameritrade – Best Commodity Trading App for Advanced Futures Traders
4. Interactive Brokers – Interactive Brokers – Best Commodities Broker for Low-Cost Futures
5. Plus500 – One of the Biggest CFD Brokers in the UK
6. Trading 212 – Best Commission-Free Commodity Trading Platform for CFD Futures

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

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Best Online Commodity Trading Software Reviewed

There are many trading platforms that allow you for commodity trading online from the comfort of your home.

Whether you’re interested in hard metals trading, such as gold trading and silver trading, energy trading on oil stocks, or agricultural products like coffee commodities, wheat stocks, corn stocks or sugar stocks – there are many metrics that you need to explore before choosing a provider.

On top of fees, regulation, supported markets, payments, and customer support – you also need to consider the specific financial instrument that you will be trading – such as CFDs, futures, or options.

To save you countless hours of research, below we review the very best commodity trading platforms of 2023.

1. eToro – Overall Commodity Trading Platform 2023

We found that the best online commodity trading platform for 2023 is eToro. With more than 45 commodity markets supported, you won’t be spoilt for choice. In the case of hard metals, you’ll be able to trade everything from gold and silver to copper and platinum.

In the energies department, there are heaps of crude oil markets as well as natural gas. eToro is also great when it comes to agricultural products. Here, you can trade the likes of cotton, wheat, sugar, cocoa, and more.

67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

You can also trade several commodity futures in the form of CFDs. Irrespective of which commodity market takes your interest. eToro is a 100% commission-free broker. You will also find that spreads are very tight on major commodity markets like gold stocks and oil. There are no ongoing platform fees to consider and deposits cost just 0.5%.

eToro is famous for its social trading platform and we also like the automated trading tool that eToro offers. This allows you to trade commodities in a completely passive nature. All you need to do is select a seasoned commodity trader that is using the eToro website, and elect to mirror their trades like-for-like. Additionally, we should also mention that eToro offers several commodity ETFs. All the social and copy trading platform features are available both on the eToro web platform and the mobile trading app.

This allows you to invest in gold and other major commodities in the long term. When it comes to payments, eToro supports debit/credit cards, e-wallets like Paypal and Skrill, and bank transfers. The minimum deposit is just $200, which is great for first-timers. If you’re concerned about safety – which you should be, eToro is heavily regulated.

It holds licenses with the FCA, ASIC, and CySEC – and is now home to over 17 million traders. Finally, we should also note that eToro offers leverage on all of its commodity trading markets. Your limits will depend on your location, but in most cases – you’ll get up to 1:20 on gold and 1:10 on other commodities.

eToro fees

67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

3. Libertex – Best Commodity Trading Online with Tight Spreads

Libertex is a great commodity trading platform for both newbies and seasoned pros alike. There are several reasons why you might choose this top-rated provider as your go-to commodities broker. Firstly, Libertex is a CFD trading platform – meaning you’ll benefit from super-low fees.

For example, Libertex charges tight spreads. This is even the case of less liquid commodities like palladium and platinum. Although you need to pay a commission on some assets at Libertex, this isn’t the case with major commodity markets.

In terms of supported commodity instruments, Libertex as a metals trading platform covers numerous hard metals and energies. You won’t, however, have access to agricultural products. Nevertheless, as a CFD broker, you will be able to go long and short on your chosen market with ease.

This is reserved for professional clients though so expect lower limits if you are a retail trader. Libertex is also worth considering if you are looking to trade other asset classes. For example, this top-rated platform also supports stock CFDs, forex, cryptocurrencies, and ETFs.

Once you open an account with Libertex – which requires a minimum deposit of $100, you will be able to choose from two different platforms. For newbies, the Libertex web-trader is simple to use and allows you to trade commodities in a burden-free manner. But, if you’re a seasoned pro, you can trade via MT4.

There is also a Libertex mobile app, which allows you to trade commodities on the move. In terms of reputation and trust, Libertex has been active for over 23 years. It now boasts a client base of almost 3 million traders and is regulated by CySEC. As such, you can rest assured that Libertex is a secure commodity trading platform to meet your investment needs.

Libertex fees

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74,5% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money

4. TD Ameritrade – Best Commodity Trading App Online for Advanced Futures Traders

You might wondering what is the best futures trading platform for commodities. Well, this highly established broker gives you access to commodity derivatives in the shape of futures contracts.

As you likely know, this is a more sophisticated way of trading commodities, as you’ll have access to long/short positions, leverage, and super-high liquidity levels. In terms of tradable markets, TD Ameritrade covers dozens of commodities.

In the case of hard metals, this includes gold, silver, copper, platinum, palladium, and several mini-futures contracts. TD Armetirade really stands out when it comes to energies, as you’ll have access to benchmarks like Brent Crude oil, Light Sweet Crude Oil, and RBOB Gasoline.

You can also trade futures on natural gas and heating oil. There are plenty of agricultural commodity markets at this broker too. For example, soft commodities include cocoa, coffee, cotton, orange juice, and sugar. You even have livestock marketplaces like cattle, hogs, and feeder cattle.

If grains are more your thing, TD Ameritrade supports oats, soybeans, corn, and wheat stocks, among others. All in all, if you’re a seasoned futures trader that seeks access to a specific commodity market, you are all-but-certain to find it at TD Ameritrade. When it comes to fees, TD Ameritrade charges $2.25 per contract when trading futures – plus exchange and regulatory fees.

In terms of the trading arena itself, Thinkorswim is the proprietary platform offered by TD Ameritrade. This is suitable for experienced traders that seek access to advanced pricing charts, technical indicators, and real-time data feeds. Thinkorswim is also available via an Android and iOS mobile app.

TD Ameritrade fees

Your capital is at risk.

5. Interactive Brokers - Best Commodities Broker for Low-Cost Futures

In a similar nature to TD Ameritrade, Interactive Brokers is a popular brokerage firm that supports commodities in the shape of financial derivatives. This includes both futures and options on a wide variety of commodity markets.

Not only does this include commodity markets based in the US, but heaps of other regions. This includes exchanges in Canada, Europe, Mexico, Australia, and several Asian countries.

As such, whether you're keen on hard metals, energies, or agricultural products - Interactive Brokers has you covered.  Perhaps one of the biggest advantages of choosing this top-rated commodity trading platform is that it offers attractive fees. For example,  while TD Ameritrade charges a fee of $2.25 per contract, Interactive Brokers allows you to trade from just $0.85 per contract.

This low fee is, however, reserved for major commodity futures listed in the US. If you're looking to trade further afield - expect to pay a higher commission. In terms of who Interactive Brokers is suitable for, we would suggest that this platform is ideal for experienced traders.

This is because the trading platform itself is highly advanced, with a full suite of technical indicators and charting tools. With that said, Interactive Brokers does not have a minimum deposit policy in place - so you can start trading commodity futures without needing to have a huge cash balance. This is especially the case if you decide to trade with margin at the broker.

Interactive Brokers fees

Your capital is at risk.

6. Plus500 – One of the Biggest CFD Commodity Brokers in the UK

If you're based in the US then you will know that Americans are prohibited from trading CFDs. However, if you're located outside of the US and wish to trade commodities, it's worth checking out top-rated CFD provider Plus500.

Crucially, this provider offers an abundance of commodity CFDs from a variety of sectors. Firstly, in the case of energies, you can trade everything from heating oil and Brent oil to gasoline and natural gas.

You can also trade agricultural markets like live cattle, cotton, soybeans, and cocoa. If hard metals are what you are after, Plus500 supports gold, silver, palladium, copper, and more. Plus500 even offers CFD markets on commodity options. This covers oil, gold, and natural gas - all of which come with various strike prices and expiry dates.

These financial derivative products allow you to trade your chosen commodity market in a much more flexible and sophisticated manner. And of course, as a top-rated CFD provider, you can also trade with leverage. In accordance with the ESMA regulations, the maximum leverage that Plus500 offers is 1:30.

We also like Plus500 because the process of opening an account and making a deposit is seamless. You will need to verify your identity and meet an account minimum of $100. The platform supports debit/credit cards, Paypal, and bank transfers.

Once you are set up, you trade commodities on the Plus500 or via the provider's mobile app. This is available on both iOS and Android and is fully optimized for your respective device. Finally, Plus500 has a great reputation in the CFD trading scene, with several regulatory licenses under its belt.

Plus500 fees

72% of retail CFD accounts lose money.

7. Trading 212 – Best Commission-Free Commodity Trading Platform for CFD Futures 

Trading 212 is a hugely popular stock trading platform that is primarily aimed towards newbies. Put simply, the provider is known for the ease with which you can buy stocks - all of which are commission-free, including the best inflation stocks. With that said, Trading 212 also offers a fully-fledged CFD trading facility.

Although this has a strong focus on stocks and forex - the platform also supports various commodity markets. More specifically, you will be trading CFDs futures. This is particularly beneficial if you want to try your hand at commodity futures but you have little to no experience.

After all, as you are trading CFDs, it means that you do not own the underlying asset and thus - you won't be liable for settling the contract upon expiry. Instead, you are speculating on whether their futures contract will increase or decrease. At Trading 212, the price of the commodity CFD contract will move on a second-by-second basis until the expiry date.

In terms of what commodity futures you can trade, this covers well over 100+ individual markets. For example, you can trade coffee, copper, gold, silver, gasoline, crude oil, feeder, cattle, lumber, soybeans, and even cheese! All of these CFD futures markets come with various expiry dates.

Trading 212 also allows you to trade commodities with margin. If you are a retail investor, then you can trade gold with a margin of just 5%, and 10% on all other commodities. This means that a £10,000 gold position would require a deposit of just £500. If, however, you are classed as a professional client, the margin requirement starts at just 0.2%.

In terms of the specifics, getting started at Trading 212 is simple, albeit, you'll need to have your ID verified before you can trade with real money. This usually takes up to 1-2 working days. Until then, you can use the Trading 212 demo account facility. Not only does this mirror live market conditions, but you don't need to open an account to gain access.

We also like the fact that the minimum deposit at Trading 212 is just £1. As the platform supports fractional ownership/trading, you don't need to risk large amounts. Instead, you can trade commodity CFD futures with just a few pounds. Finally, this FCA-regulated broker allows you to deposit funds with a debit/credit card, e-wallet, or bank wire.

Trading 212 fees

Your capital is at risk.

How do Online Commodity Trading Platforms Work?

In some ways, commodity trading platforms function in the same way as other investment providers - such as those centered on stocks or forex. That is to say, the commodity trading platform sits between you and your desired marketplace.

You will be required to open an account and deposit funds, and then set up a series of orders on each trading position. Then, if you speculate on the future direction of your chosen commodity instrument correctly, you will make a profit.

However, there are many different types of commodity trading platforms in the market, so you need to be aware of what options best suit your requirements.

This includes the following:

Commodity CFDs

Make no mistake about it - the easiest, safest, and most cost-effective way of trading commodities online is via a CFD broker. For those new to CFDs (contracts-for-differences), these are financial instruments created and offered by regulated trading platforms.

The CFD instrument will simply track the underlying asset in real-time, meaning that you do not own the respective commodity. Instead, your task is to predict whether the commodity will rise or fall in value.

Opting to trade CFDs come with various benefits, such as:

• You do not need to worry about storing or transporting hard assets like gold, oil, or natural gas. Instead, you can trade them from the comfort of your home without needing to take ownership.
• CFDs allow you to trade with leverage. The best commodity trading platforms typically offer leverage of at least 1:20 on gold and 1:10 on other markets. This means a $100 balance would allow you to trade with up to $2,000.
• By trading commodity CFDs, you will always have the option of going long or short. This allows you to profit from both rising and falling markets.
• The best commodity trading firms offering CFDs allow you to trade commission-free and with tight spreads. After all, the underlying asset doesn't exist, so this allows platforms to offer really competitive trading fees.

Don't forget, if you are based in the US then you will not be able to trade commodities in the shape of CFDs. This is because Americans are prohibited from accessing leveraged CFD products. As such, you will need to consider futures or options.

Commodity Futures

The likes of TD Ameritrade and Interactive Brokers allow you to trade commodities via futures contracts. These are a lot more sophisticated than CFDs, so they are much more suitable for experienced investors and traders.

For example, not only do you need to consider strike prices, contract durations, and expiry dates - but even more importantly - what happens when the futures settle. This is because most futures are settled in the underlying asset.

To put it simply, if you trade oil futures and are still in possession of the contracts when they expire, there is every chance that you will be liable to take delivery of the asset.

67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

This is what forced oil futures to go into negative territory in the midst of the coronavirus pandemic last year. In other words, as demand for oil was so weak, storage facilities were at breaking point - meaning that traders were prepared to pay buyers to take ownership of the futures!

Nevertheless, much like CFDs, the best commodity trading platforms offering futures will allow you to trade with leverage. You also choose from a long or short position on all futures markets.

Commodity Options

Similar to futures, options contracts allow you to speculate on the future value of a commodity in a complex manner.

• The main premise here is that you will need to pay a small premium to access your chosen options market. This might be, say, 5% of the total contract amount.
• Once the commodity options expire, you are not under any obligation to purchase the respective asset. Instead, the contract gives you the option to proceed.
• This is good as if you speculated on the commodity incorrectly, the most you can lose is the options premium.
• But, if you speculated correctly, you then proceed to purchase the asset at the predefined strike price.

Take note, if you're a newbie trader, it's best to stay away from options as they are better suited for experienced investors.

How to Choose the Best Commodity Trading Platform for You

As we have discussed in the sections above, there are many different types of commodity trading brokers active in the online space.

With that said, there's a lot more to consider than just the respective financial instrument. On the contrary, you need to look at supported markets, payments, commissions, regulation, customer support, and more.

To ensure you choose the best commodity trading platform for your needs, we elaborate in these key metrics in more detail below.

Regulation

The best commodity trading platforms are heavily regulated entities. They will have the legal remit to offer you commodity trading facilities and will hold at least one regulatory license.

• For example, our top-rated commodity broker - eToro, is regulated by three tier-one bodies. This includes the FCA, ASIC, and CySEC.
• For those of you in the US, you'll want to look for online brokers that are regulated by the
  Commodity Futures Trading Commission (CFTC).
• The CFTC is responsible for regulating the wider commodity derivatives marketplace - so this includes the likes of futures, options, and swaps.

By choosing a commodity trading platform that is authorized and regulated by one of the aforementioned bodies, you will benefit from a suite of investor protections. This will include client fund segregation, identity verification, and regular auditing, clear risk warnings, and negative balance protection.

Ultimately, you should never trade commodities with a broker that isn't licensed by a reputable financial body.

Assets

We discussed earlier the different types of commodity instruments that you can trade online - namely, CFDs, futures, and options. With that said, you also need to explore the specific commodity markets that your chosen provider supports.

As we mentioned in our mini-broker reviews, there are three types of commodity markets that you can access - hard metals, energies, and agricultural products.

To recap:

• Hard Metals: Gold, silver, copper, platinum, palladium., etc.
• Energies: Crude oil, heating oil, natural gas, etc.
• Agricultural Products: Wheat, corn, sugar, coffee, soybeans, etc.

While some providers only specialize in major markets like gold and silver trading, the likes of eToro supported more than 45 commodities. In fact, all of the commodity instruments listed above can be traded commission-free at eToro!

Fees

Commodity trading platform fees can be a complicated matter. This is because you not only need to understand what commission your chosen broker charges, but also fees linked to spreads, deposits, leverage, overnight financing, and more.

To ensure you have a firm grasp of what fees you are likely to pay when searching for the best commodity trading platforms, check out the sections below.

CFD Trading Commission

If you decide to trade commodities via CFD instruments, then you will normally pay a variable commission. This will be expressed as a percentage and then multiplied against the size of your position.

For example, if you trade $1,000 on a silver CFD and the broker charges 0.2%, your commission will amount to $2. You would again need to pay a 0.2% commission when you close the trade - based on the value of the position at the time of the order.

With that said, the best commodity trading platforms that we have discussed today - such as eToro, Plus500, and Trading 212 - charge no commissions at all on CFD instruments.

Futures/Options

If you decide to trade financial derivatives such as futures and contracts, then your chosen commodity trading platform will likely charge you a per-contract fee. This is a bit more complicated than simply paying a variable commission, as you first need to understand how many contracts you are buying.

For example, if you were to trade oil futures at the likes of TD Ameritrade, you would likely be doing so via the Chicago Mercantile Exchange (CME).

In turn, 1 oil contract on the CME equates to 1,000 barrels. In theory, and based on a current price of around $60 per barrel, this means that you would need to trade $60,000 per contract. At TD Ameritrade, this would cost you just $2.20 in commission which is super cheap.

To clarify, you don't need to deposit the full $60,000 to trade an oil contract, as the best commodity brokers require a small margin - often just 10%.

Leverage and Overnight Financing

Irrespective of whether you opt for CFDs, futures, or positions - all commodity markets are traded via financial derivatives. In turn, this is going to attract an additional fee.

In the case of CFDs, you pay an overnight financing fee. This is charged on each day that you keep the position open, and is usually a very small percentage of the trade value. In the case of futures, you will need to pay a fee if you trade on margin.

This is likely to be the case when you consider that 1 futures contract is typically 1,000 units of the underlying commodity.

67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

As a side tip, if you are looking to invest in a commodity like gold - as opposed to trading in the short-term, then you might want to consider an ETF at eToro.

In doing so, not only will you benefit from 0% commission, but you won't pay any ongoing leverage/financing fees. In other words, you can invest in the gold ETF for as many months or years as you wish without being penalized by daily charges!

Payments

You will need to deposit funds at your chosen broker before you can start trading commodities.

The best commodity trading platforms will typically offer the following payment methods:

• Debit Card
• Credit Card
• E-wallets (e.g. Paypal)
• Bank Wire

If your chosen commodity trading platform does support your preferred payment type, check to see what fees are applicable - if at all.

Trading & Research Tools

The best commodity trading platforms of 2023 will offer a range of treading and research tools that allow you to make better investment decisions.

When we reviewed the best commodity brokers ourselves, we came across the following features.

Commodity News

Commodities are like no other asset class, insofar that technical analysis is a lot less impactful than the fundamentals. In simple terms, the value of commodities are largely dictated by real-world events.

• For example, if there is a shortage of oil supply because of increased tensions in the Middle East, then naturally, the value of the commodity will rise.
• Similarly, if there is an oversupply of wheat in the global marketplace, this will see the price of the asset go down.

However, it's not as cut and dry as this. On the contrary, there are many underlying factors that can determine the wider demand and supply of a commodity - such as interest rates, GDP, production rates, and war.

Taking all of this into account, we found that the best commodity trading platforms offer real-time financial news. This allows you to keep abreast of what is happening in the wider commodity markets and thus - be able to trade on this information accordingly.

Chart Analysis and Technical Indicators

Although demand and supply will have a major impact on the medium-to-long-term prices of commodities, chart analysis is still important if you want to engage in day trading.

After all, the duration of the trade will last a few hours at the most. If this is the type of commodity trading that you wish to undertake, then you must ensure that your chosen platform offers an abundance of chart analysis tools.

For example, you should have access to technical indicators, chart drawing tools, and be able to customize the trading screen to your liking. This might, for example, include the ability to monitor multiple commodities on the same screen.

Copy Trading

If you are looking to trade commodities in a passive manner - perhaps because you have no experience in this space or you simply don't have the time to research financial news, then Copy Trading is the ultimate solution. This feature is offered by our top-rated commodity trading platform, eToro.

Past performance is not an indication of future results

As we briefly explained earlier, you will need to choose a seasoned commodity trader that has a long-standing record of making gains in this space. Then, after deciding how much you wish to invest in the trade (minimum $200), all future buy and sell positions will be mirrored in your own account.

For example:

• You invest $500 into a commodity trader that used eToro
• The trader risks 10% of their portfolio on a natural gas position
• In turn, you risk $50 on the same trade (10% of your $500 investment)
• The trader makes a profit of 30% on this trade
• In turn, you also make 30%, so on a stake of $50 - that's $15

Crucially, the eToro Copy Trading tool allows you to sit back and actively trade the commodity markets in a completely passive way with the best commodities traders.

Customer Service

There might come a time when you need to speak with a customer service agent. The best commodity trading platforms offer a Live Chat facility. This means that you should be able to speak with a support agent as soon as you open the chat facility up.

Alternatively, you might find that the broker offers a telephone support service. If the platform only offers support via email, this means you won't have access to real-time assistance.

Demo Account

Finally - and irrespective of your skillset or prior experience, we found that the best commodity trading platforms offer a demo account facility. This allows you to get to grips with trading online without needing to make a deposit.

For example, as soon as you open an account at eToro, you can use the demo trading facility with a 'paper' balance of $100,000. All prices that you see on the demo account will reflect the real-world commodity trading markets.

How to Start Commodity Trading

Looking to start buying and selling commodities from the comfort of your home right now? If so, follow the step-by-step walkthrough to start trading commodities with eToro in less than 10 minutes!

Step 1: Open an Account and Upload ID

Visit the eToro website and open an account. You will need to provide your personal information, contact details, and national tax number.

67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

You will also need to choose a username and password, and verify your mobile number.

Step 2: Confirm Identity

You will now be asked to confirm your identity. All you need to do is upload the following to documents.

• Valid passport or driver's license
• Utility bill or bank account statement (issued within the last 3 months)

Step 3: Deposit Funds

It's now time to make a deposit - with the minimum at eToro standing at just $200. You can choose from a debit card, credit card, e-wallet, or bank wire.

Step 4: Search for a Commodity Trading Market

With over 45 commodity markets at eToro, you can trade everything from hard metals, energies, and agricultural products.

If you already know which commodity you want to trade, search for it. In our example, we are looking to trade natural gas.

Step 5: Place a Commodity Trade

Finally, to complete your commission-free commodity trade, you need to set up an order.

• Choose a buy order if you think the price of the commodity will rise, and a sell order if you think the opposite.
• You can choose the price that your trade is executed at by setting up a limit order.
• Choose your required leverage level.
• You can also set up a stop-loss and take-profit order.

To place your position, click on the 'Open Trade' button.

Conclusion

In summary, choosing the right commodity trading platforms for your needs is crucial. Not only does the provider need to support your preferred instrument - such as CFDs or futures, but also the specific market, like gold, silver, or natural gas.

And of course, the commodity broker needs to be regulated by the appropriate bodies and offer low fees and commissions.

In our view, eToro is the best commodity trading platform to consider in 2023. You will have access to over 45 commodity markets on a commission-free basis. The regulated broker also offers a Copy Trading feature, leverage, and heaps of payment methods.

eToro - Best Commodity Trading Platform

67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

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