Commodity trading requires choosing a platform that aligns with your trading style, experience level and needs.
Whether you’re a seasoned professional looking for advanced tools and global market access or a beginner looking for a user-friendly interface to get started with commodity CFDs, this guide will give you an overview of the strengths and weaknesses of each platform.
How We Chose the Best Commodity Trading Apps
We chose the platforms based on the costs associated with trading, the accessibility to commodity markets, the quality and usability of the platforms and the educational resources and support they offer.
5 Best Commodity Trading Apps
1. Plus500 – Best for User-Friendliness
Plus500 is a global CFD provider known for its user-friendly platform and straightforward approach to trading a variety of financial instruments, including a selection of popular commodities. Investors who want an accessible way to trade commodity CFDs will appreciate its simplicity and intuitive interface.
Key features:
- Fees: Plus500 operates on a spread-based model, where the cost of trading is incorporated into the difference between the buy and sell prices of the CFD. It generally does not charge commissions on trades, but there may be overnight funding charges, currency conversion fees and inactivity fees. The minimum deposit varies depending on the region and payment method.
- Investment access: Plus500 offers a range of CFDs across various asset classes including commodities such as oil, natural gas, precious metals and agricultural products, forex, indices, shares and cryptocurrencies. Trading is exclusively through CFDs, which means traders speculate on the price movements of the assets without taking physical ownership.
- Platform experience: Plus500’s proprietary trading platform is accessible through a web browser, desktop application and mobile apps. The platform’s clean and intuitive design makes it easy for beginners to navigate and place trades.
- Tools/Education highlights: The platform offers basic charting tools with some technical indicators as well as risk-management tools like stop-loss and take-profit orders. Plus500 provides an economic calendar and some educational resources that explain CFD trading and the platform’s features. It also offers a free demo account for practice.
- Drawbacks: Trading on Plus500 is limited to CFDs, which may not appeal to traders who want direct market access or futures contracts. The range of advanced analytical tools and customization options is less extensive than platforms designed for more experienced traders. Customer support is through email and chat.
Who it’s best for: Plus500 is best for beginner traders looking for a user-friendly platform to trade commodity CFDs and prioritize a straightforward trading experience over advanced features and direct market access.
2. Interactive Brokers – Best for Global Market Access
- Best For:Active and Global TradersVIEW PROS & CONS:Securely through Interactive Brokers’ website
Interactive Brokers (IBKR) is a premier platform for serious commodity traders. It offers access to various global markets, sophisticated trading technology and competitive fees for active traders and professionals. Its Trader Workstation (TWS) platform provides advanced tools and order types needed to navigate commodities markets.
Key features:
- Fees: IBKR’s commissions for futures typically range from $0.25 to $0.85 per contract, with tiered pricing available for higher volumes under IBKR Pro. There are no account minimums, but users should be aware of potential market data fees, some of which can be waived based on monthly commissions or account equity.
- Investment access: IBKR excels in commodity futures and options. It also provides access to a range of other asset classes, including global stocks, exchange-traded funds (ETFs), options, currencies, bonds and mutual funds – all from a single platform.
- Platform experience: IBKR offers powerful desktop (Trader Workstation), web (Client Portal) and mobile (IBKR Mobile and IBKR GlobalTrader) platforms. The mobile and web platforms offer streamlined interfaces for on-the-go access and new users.
- Tools/Education highlights: IBKR offers many tools, including advanced charting with numerous technical indicators, sophisticated order types and algos, risk-management tools like Risk Navigator and portfolio analysis capabilities. Educational resources include a Trader’s Academy, webinars and a library of articles and market commentary.
- Drawbacks: Some users have reported that customer service can occasionally be unresponsive or difficult to navigate.
Who it’s best for: Experienced and active traders who want extensive global market access, advanced trading tools and low costs for trading commodities and other asset classes.
3. eToro – Best for Beginners
eToro provides a user-friendly and visually engaging platform that has gained popularity for its social trading features. It’s accessible for investors who want to start trading commodity ETFs, particularly those who value simplicity and learning from and copying the strategies of other traders. It offers commodity trading primarily through contracts for difference (CFDs).
Key features:
- Fees: eToro operates on a spread-based model with the cost built into the buy and sell price rather than charging a direct commission. Users should be aware of spreads, overnight fees for positions held longer than a day and potential withdrawal fees. The minimum deposit requirement varies by region but is generally low for new users. eToro charges a $10 per month inactivity fee for accounts with no logins in the previous 12 months.
- Investment access: Beyond commodities, primarily through CFDs, eToro offers access to other investments, including stocks ETFs, currencies and cryptocurrencies. The availability of these assets and the trading mechanisms can differ based on the user’s location and specific asset.
- Platform experience: The mobile app, available on iOS and Android, is intuitive and user-friendly. The interface is clean and easy to navigate, which is ideal for beginners. The platform emphasizes visual elements and social interaction.
- Tools/Education highlights: eToro provides basic charting tools with some technical indicators. Its standout feature is its social trading functionality, allowing users to follow and copy the trades of other successful traders. The platform also offers a virtual portfolio for practice and some educational resources including webinars and guides focused on introducing users to trading concepts.
- Drawbacks: Commodity trading on eToro is primarily through CFDs, which may not be suitable for all traders. Spreads can sometimes be wider compared to platforms that charge direct commissions. The range of advanced trading tools and analytical capabilities is less comprehensive than platforms designed for more experienced traders.
Who it’s best for: Beginner traders who are interested in commodity CFDs, value a simple and social trading experience and want to learn by observing and copying the strategies of other traders.
4. TradeStation – Best for Active Commodity Traders
Active commodity traders like TradeStation for its powerful trading technology, advanced charting capabilities and sophisticated order execution. It offers direct access to futures and options on futures along with tools designed for in-depth market analysis and strategy automation.
Key features:
- Fees: TradeStation offers various commission structures for futures and options on futures, including per-contract and unbundled pricing models. Stock and ETF trades are commission-free. There is no minimum deposit to open a brokerage account, but some platform features or account types may have balance requirements.
- Investment access: TradeStation provides access to a range of markets beyond commodities,including stocks, ETFs, currencies and cryptocurrency trading through TradeStation Crypto. Its strength is futures and options on futures, which offer a direct route to trading on various commodity markets.
- Platform experience: TradeStation’s mobile apps for iOS and Android offer streamlined access for trading on the go. It also has a powerful and customizable desktop platform catering to active traders.
- Tools/Education highlights: TradeStation’s charting tools offer a variety of technical indicators and customizable chart layouts. It supports automated trading through its EasyLanguage programming, which allows users to create, backtest and deploy custom trading strategies. The platform also provides educational resources, including webinars, tutorials and a learning center focused on its platform and trading concepts.
- Drawbacks: The complexity and extensive features of the desktop platform have a steep learning curve for beginning traders and may feel overwhelming for those new to active trading.
Who it’s best for: TradeStation is best for experienced, active traders and algorithmic traders who want a powerful platform with advanced charting, order execution capabilities and the ability to automate trading strategies for commodity futures and options.
5. CMC Markets – Best for Commodity CFDs
CMC Markets is a well-established broker offering a powerful platform, including mobile apps, with access to a range of commodity CFDs. Known for its tight spreads, selection of more than 100 commodities and advanced trading tools, it caters to both new and experienced traders who want to speculate on commodity price movements.
Key features:
- Fees: CMC Markets uses a spread-based model for Commodity CFDs. There are no commission charges for CFD trading, but traders should be aware of potential overnight holding costs. No minimum deposit is required to open an account. Market data fees may apply for certain instruments.
- Investment access: CMC Markets specializes in CFDs across various asset classes including forex, indices and treasuries, but it also provides access to a range of commodities including energy, metals and agricultural products. Trading is primarily through CFDs, allowing traders to speculate on price movements without owning the underlying asset.
- Platform experience: CMC Markets’ proprietary Next Generation platform is available on desktop, web and mobile apps. The mobile app is highly rated and provides a comprehensive trading experience with advanced order ticketing, mobile-optimized charting with more than 25 technical indicators and 15 drawing tools and a customizable dashboard. MetaTrader 4 and TradingView also are supported.
- Tools/Education highlights: The platform has a variety of analytical tools including advanced charting, pattern recognition scanners, client sentiment trackers and customizable watchlists. CMC Markets also provides access to market news and analysis from its in-house analysts and Reuters. Educational resources are available to support traders of different experience levels.
- Drawbacks: Commodity trading on CMC Markets is mainly through CFDs, which may not appeal to traders seeking direct market access or futures contracts. The platform is feature-rich, but the number of tools and markets may be overwhelming for beginners.
Who it’s best for: CMC Markets is suited for traders of all levels who are interested in trading a variety of commodity CFDs on a sophisticated platform with tight spreads and comprehensive analytical tools, including robust mobile trading capabilities.
Choosing the Right Commodity Trading App
Choosing the commodity trading app can impact your investment success. The apps offer many options catering to a variety of trader profiles.
For those who want global market access and advanced tools, Interactive Brokers is a top contender. Beginners will appreciate the user-friendly interface and social trading features of eToro. Active traders demanding sophisticated charting and automation will find TradeStation suits their needs. CMC Markets offers a wide selection of commodity CFDs and a robust platform. Plus500 provides a straightforward and accessible platform for those new to CFD-based commodity trading.
The right commodity trading app’s features, fee structures and available commodity markets should align with your investment objectives and trading styles.
Frequently Asked Questions
What is the best app for trading commodities?
The best app depends on your trading experience and goals. Interactive Brokers is ideal for professionals seeking global market access and advanced tools. Beginners may prefer eToro for its simple interface and social features while active traders often choose TradeStation for its automation capabilities.
Can I trade real commodities through these apps?
Most apps listed here provide access through CFDs (Contracts for Difference), which allow traders to speculate on price movements without owning the physical commodities. Interactive Brokers and TradeStation offer direct access to futures markets, which are closer to trading real commodity contracts.
Are commodity trading apps safe to use?
Yes, all the apps in this guide are from regulated brokers with secure platforms. However, trading commodities – especially via leveraged products like CFDs and futures – carries high risk, so it’s important to use risk-management tools and understand the markets you’re trading.