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Commodities brokers enable traders and investors to speculate on the price of commodities markets such as gold, oil, and corn through financial products like futures, options, CFDs, financial spread betting and ETFs. We have ranked, compared and reviewed some of the best commodities brokers and trading platforms in the UK regulated by the FCA.

Commodities CFDs and spread bets are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 65% and 82% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. This article contains affiliate links which may earn us some form of income if you go on to open an account.

Compare commodities trading platforms

You can use our comparison table of what we think are the best commodities brokers to compare how many commodities they offer, spreads, pricing, commissions and what types of accounts they offer.

Commodity BrokerCommoditiesGold SpreadsOil SpreadsCFDsSpread BettingDMAMore InfoRisk Warning
City Index Commodities Trading
City Index
200.8 0.3 ✔️✔️See Platform69% of retail investor accounts lose money when trading CFDs with this provider
Interactive Brokers Commodities Trading
Interactive Brokers
200.0007% 0.0007% ✔️✔️See Platform60% of retail investor accounts lose money when trading CFDs with this provider
CMC Markets Commodities Trading
CMC Markets
100+0.3 0.3✔️✔️See Platform76% of retail investor accounts lose money when trading CFDs with this provider
Pepperstone Commodities Trading
Pepperstone
320.28 0.2✔️✔️See Platform74% of retail investor accounts lose money when trading CFDs with this provider
IG Commodities Trading
IG
350.3 0.28✔️✔️✔️See Platform73% of retail investor accounts lose money when trading CFDs with this provider
Saxo Markets Commodities Trading
Saxo Markets
250.50.28✔️✔️See Platform70% of retail investor accounts lose money when trading CFDs with this provider
Spreadex  Commodities Trading
Spreadex
200.3 0.28✔️✔️See Platform69% of retail investor accounts lose money when trading CFDs with this provider
eToro Commodities Trading
eToro
150.91.4✔️See Platform77% of retail investor accounts lose money when trading CFDs with this provider

Our picks of the best commodities trading platforms reviewed

We have chosen what we think are the best commodity trading platforms based on:

  • over 7,000 votes in our annual awards
  • our own experiences testing the commodities brokers with real money
  • an in-depth comparison of the features that make them stand out compared to alternative commodities trading platforms.
  • interviews with the commodity broker CEOs and senior management

City Index

City Index: Best for commodities trading ideas and signals

Trade over 20+ different commodity markets with spread betting and CFD spreads from just 0.06pts. In business for 40 years, City Index is a trusted market leader that’s authorised and regulated by the Financial Conduct Authority (FCA). Exclusive to City Index, get trading ideas and post-trade analysis to improve your trading performance.

Pros:

  • Tax-free commodities spread betting
  • Trading signals and portfolio analysis
  • Wide range of commodities

Cons:

  • No DMA trading
  • No physical commodity ETFs

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

Interactive Brokers: Best for on-exchange commodities trading

With IBKR you can trade commodities on powerful, award-winning trading platforms as a CFD, ETF or on exchange futures and options. Execute commodity trades in over 100 order types from limit orders to complex algorithmic trading.

Pros:

  • Commodities futures & options
  • DMA commodities trading
  • Low commissions

Cons:

  • No commodities spread betting
  • US HQ’d

60% of retail investor accounts lose money when trading CFDs with this provider

CMC Markets

CMC Markets: Best range of commodity markets

Spread bet and trade commodity CFDs and spread betting with leverage on 100+ instruments within our global commodity markets, including Gold, Silver, Brent and West Texas Crude Oil plus commodity indices, on an award-winning platform. With tight spreads, lightning-fast execution and some of the highest customer satisfaction in the industry.

Pros:

  • Trade over 100 commodity markets
  • £1 minimum deposit
  • Tight pricing 

Cons:

  • Better for active traders
  • No DMA commodities

76% of retail investor accounts lose money when trading CFDs with this provider

Pepperstone

Pepperstone: Best for trading on MT4 & MT5

Trade commodity CFDs or spread bet on Gold, Silver, Crude, Natural gas with razor sharp pricing, low spreads and fast execution, without worrying about physical delivery, ownership and rollovers.

Pros:

  • 32 commodities on MT4/MT5
  • £1 minimum deposit
  • Tax efficient spread betting

Cons:

  • Third-party platforms only
  • No Commodities futures & options

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

IG: Best for larger commodity traders

Trade over 35 commodities or a range of commodity stocks and ETFs as a CFD or spread bet on spot prices or with (exclusive to IG) an undated contract. Commodity trading spreads are from just 2.8 points on Brent Crude and 0.3 on gold and you can also attach a guaranteed stop to limit your risk, even in the most volatile market conditions.

Pros:

  • Trade 35 commodities markets
  • Commodities spread betting
  • Excellent liquidity

Cons:

  • £250 minimum deposit
  • No DMA futures and options

73% of retail investor accounts lose money when trading CFDs with this provider

Saxo Markets: Best for direct market commodity access

Trade a wide range of commodities as CFDs, futures, options, spot pairs or exchange-traded commodities (ETCs) with tight spreads, integrated Trade Signals, news feeds and innovative risk-management features.

Pros:

  • DMA commodities trading
  • Professional platform
  • Low commissions

Cons:

  • £500 minimum deposit
  • No spread betting

 

70% of retail investor accounts lose money when trading CFDs with this provider

Markets.com

Markets.com: Good commodities trading tools

Markets.com has an advanced platform to trade metals, energy and soft commodities as a CFD or spread bet with market-leading spreads and a suite of integrated risk management and analysis tools. Institutional-grade liquidity means commodity spreads as 0.3 points on gold, plus Marktes.com now offer Brent and WTI oil contracts with no fixed expiries.

Pros:

  • Good commodity coverage
  • Simple to use platform
  • £100 minimum deposit

Cons:

  • Better for US markets
  • Platform not as advanced as others

77% of retail investor accounts lose money when trading CFDs with this provider

Spreadex Financials

Spreadex: Best commodities trading platform customer service

Voted by traders for ‘Best for Efficiency of Taking Trades’ in the Investment Trends Awards trade over 20 commodities including Gold from only 0.4pts as a spread bet or CFD.

Pros:

  • Excellent customer serivce
  • Tight commodity spreads
  • Tax efficient spread betting

Cons:

  • Smaller brokerage
  • No DMA commodities

69% of retail investor accounts lose money when trading CFDs with this provider

XTB

XTB: Good for trading tools

Trade commodities with competitive spreads, transparent rollovers visible directly on the chart and leverage up to 500:1. XTB’s award-winning xStation 5 offers 24 hours commodity trading on PC, Tablet & Smartphone.

Pros:

  • 22 commodities to trade
  • £1 minimum deposit
  • Publically listed broker in Poland

Cons:

  • No DMA commodities

77% of retail investor accounts lose money when trading CFDs with this provider

eToro

eToro: Good for social and copy commodities trading

At eToro, trading commodities is straightforward. eToro’s platform is easy to use and enables traders and investors to trade a wide range of commodities. You also get the benefit of being able to set your own leverage when trading commodity CFDs, so you can reduce your risk by increasing your margin rates.

Pros:

  • Social and copy trading
  • Set your own leverage
  • Easy to use

Cons:

  • Accounts only in USD
  • No spread betting
  • No DMA commodities

77% of retail investor accounts lose money when trading CFDs with this provider

How to choose the best commodities broker?

The main things to consider when choosing a commodities broker are:

  • Are they right for your level of experience?
  • How many commodities do they offer?
  • What are the commissions and fees?
  • How can you trade commodities?
  • What sort of added value does the broker offer?

In this guide to the best brokers for trading commodities, we will go through each point and highlight which broker is best for each point so you can make the best choice for the specific type of commodity trading you do.

How does a commodities broker work?

A commodities broker will set up a trading account, so you can trade on commodities direct on a commodities exchange like CME (Chicago Mercantile Exchange) or LME (London Metal Exchange) using their exchange membership or via OTC derivatives products like CFDs or financial spread bets.

The main ways to trade through a commodities broker are:

  • Futures
  • Options
  • CFDs
  • Spread Betting
  • ETFs

Commodities Brokers FAQ:

City Index is the best commodities broker we feature for beginners as the trading platform offers the most heavily traded commodity markets with good liquidity. City Index’s Smart Signal feature also provides unique trading signals on when to buy and sell and shows how successful they have been in the past. Once you have built up a few historic commodity trades their Performance Analytics will show you what commodities you are best at trading and which ones to avoid.

Saxo Markets is a good choice for experienced commodity traders as in addition to commodity CFDs they also offer on-exchange commodity futures and options. The SaxoTraderGo platform is robust enough for institutional traders and provides a wide range of advanced order execution options.

Saxo Markets is the best broker for trading commodities futures.

Commodities futures allow traders to buy or sell a specific amount of a commodity at a specific date in the future. A farmer may use them to lock in the current market price and sell a harvest of corn before it has been grown, whereas a trader may use them to speculate on the price of corn moving higher or lower in the hope of making a profit.

A commodities futures broker will provide access through futures trading to commodities exchanges such as the CME or CBOT. Our guide on how to trade futures explains the risks and rewards of futures trading.

Interactive Brokers is the best broker for trading commodity options as they have one of the most complex options dealing systems on their desktop platform and access to most commodity options exchanges.

Commodities options are traded on exchange-like futures and can be used for physical trading or speculation. Commodities options differ from commodities futures in that you are trading the right to a certain amount of a commodity at a certain point in the future, not the obligation. Here’s how options trading works.

CMC Markets is the best broker for commodity CFD trading as they provide over 100 commodity markets based on cash or forward prices. You can also see what percentage of CMC Markets clients are long or short a particular commodity, then filter that by profitable clients to use as a leading or contrarian indicator.

Trading commodities via CFDs enables traders to speculate on the price of commodities with leverage. Leveraged trading enables traders to enter into a “contract for difference” based on the opening and closing prices of a trade. The user of margin means that traders only need to deposit a small percentage of the value of the commodities they are trading through a commodities broker which increases their exposure to the market.  Commodities CFDs are OTC (over-the-counter) derivatives products which means that traders never actually own the underlying commodities. They are simply speculating on the price.

IG is the best broker for spread betting on commodities, as because of their size they can offer some of the best liquidity on commodity spread bets. They are also the oldest commodity spread betting provider having been founded in 1974 as “Investors Gold Index” to enable non-professional clients to bet on the price of gold.

Spread betting on commodities is another form of OTC margin speculation and allows traders to bet on the price movement of commodities. The key advantages over CFDs are that in the UK there is no capital gains tax on spread betting profits. Because of this commodity spread betting is unique to the UK. Commodities spread betting should not be confused with futures spread trading which speculates on the divergence between different monthly futures.

IG is the best broker for commodity ETFs as you can either buy exchanged traded funds in an ISA, or investment account in the long term or trade in the short term as a spread bet or CFD.

Trading commodities through ETFs can be done through most stockbrokers and investment platforms.  Commodity ETFs are traded on stock exchanges like shares and can be held in normal accounts, ISAs and SIPPs. The price of commodities ETFs tracks the price of underlying commodities thus providing a simple way for investors to get exposure to commodity markets without entering into traditional derivatives contracts.

Yes, if you call the market correctly, you can make money trading commodities. However, commodities trading is a high risk and it’s important to note that only around 20% of retail commodity traders make money.

CMC Markets offers the most with over 100 markets available.

As a financial instrument in the UK commodities trading is regulated by the FCA.

The most popular commodities on trading platforms are:

  • Crude Oil
  • Gold
  • Corn
  • Natural Gas
  • Soybean
  • Silver
  • Wheat
  • Coffee
  • Cotton
  • Copper

Commodities brokers make money through fees and financing charges. Commodity broker costs can be broken down depending on how a commodity is traded.

The different types of commodities brokers make money and charge clients thus:

  • Futures – commission charge on a per lot basis
  • Options – commission charged on a per lot basis
  • CFDs – the bid/offer spread is widened, and overnight interest is charged on positions
  • Spread Betting – the bid/offer spread is widened, and overnight interest is charged on positions
  • ETFs – commission charge on buys and sells, plus an account maintenance charge
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