Best Forex Brokers for Commodities

Written by Marcus Taylor

December 27, 2022

How to Find the Best Brokers for Commodity Trading For You

Commodity Trading is the trading of a physical product that is typically bought and sold in an established financial exchange. Commodity trading can be a popular choice for traders because of the potentially increased returns (with the subsequently increased risks) offered by the high leverage usually associated with commodities.

These higher levels of leverage, coupled with the use of margin deposits where the broker essentially lends the trader the remaining portion of the actual commodity value, means a trader can make multiples of his investment if the commodity price moves in a favorable direction. These margin deposits will then usually be charged an overnight financing charge. For example, the popular CFD broker City Index will charge an overnight fee +/– 2.5% annual charge above or below the relevant base rate.

However, it is important to remember that the opposite is also true that if the market moves against the trader then their losses can be much more magnified.

For example:

1. A trader buys a commodities futures contract for gold, where the cost per ounce of gold is $1,000.
2. They agree to 2 contracts at a weight of 100 ounces per contract.
3. The full contract cost therefore totals $200,000 ($1,000 x 2 x 100).
4. The trader makes a margin deposit of 6% which totals $12,000 (0.06 x 1,000 x 2 x 100).
5. The broker is therefore technically lending them the difference of $188,000.
6. The price of gold then increases by 1% to $1010 per ounce.
7. The trader’s profit will therefore be $2000 ($1010 x 100 x 2 = $202,000 – $200,000).
8. The trader’s return on their investment will total 16.67% (2000/12000).

So, with an account balance of $12,000, the trader will have made a profit of $2000 (16.67%) with just a 1% price increase in the commodity.

However, it is important to note that if the price had fallen by the same amount, the trader would have made a loss of 16.67%, with the commodity having only suffered a 1% fall in price.

Best Forex Brokers for Trading Commodities

• IG
  - 9.9/10 Overall
• Saxo Bank - 9.7/10 Overall
• Interactive Brokers - 9.7/10 Overall
• CMC Markets - 9.6/10 Overall
• TD Ameritrade - 9.5/10 Overall
• FOREX.com
  - 9.3/10 Overall
• City Index - 9.2/10 Overall
• XTB - 9/10 Overall
• eToro - 8.8/10 Overall

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(77% of retail CFD accounts lose money)

IG

Overall Rating

9.9 / 10

Minimum Initial Deposit

£250.00

Trust Score

Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close

Highly Trusted

Trust Score

Low Risk

• Cost & Funding
• Regulation
• Investment Options
• Trading Platforms
• Apps & Tools

Cost & Fundingexpand_moreexpand_less

Average Spread EUR/USD - Standard	0.86 (September 2022)
All-in Cost EUR/USD - Active	0.5957 (September 2022)
PayPal (Deposit/Withdraw)	Yes
Skrill (Deposit/Withdraw)	No
Visa/Mastercard (Credit/Debit)	Yes

Regulationexpand_moreexpand_less

Year Founded	1974
Publicly Traded (Listed)	Yes
Bank	Yes
Tier-1 Licenses	7
Tier-2 Licenses	2

Investment Optionsexpand_moreexpand_less

Forex Trading	No
Mobile Trading - Forex or CFDs	Yes
Tradeable Symbols (Total)	19537
Forex Pairs (Total)	100
Bitcoin	Yes

Trading Platformsexpand_moreexpand_less

Virtual Trading (Demo)	Yes
MetaTrader 4 (MT4)	Yes
MetaTrader 5 (MT5)	No
Proprietary Platform	Yes
Social Trading / Copy Trading	Yes
Charting - Indicators / Studies (Total)	33

Apps & Toolsexpand_moreexpand_less

Android App	Yes
Apple iOS App	Yes
Has Education - Forex or CFDs	Yes
Daily Market Commentary	Yes
Forex News (Top-Tier Sources)	Yes
Economic Calendar	Yes

Saxo Bank

Overall Rating

9.7 / 10

Minimum Initial Deposit

€2,000

Trust Score

Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close

Highly Trusted

Trust Score

Low Risk

• Cost & Funding
• Regulation
• Investment Options
• Trading Platforms
• Apps & Tools

Cost & Fundingexpand_moreexpand_less

Average Spread EUR/USD - Standard	0.9 (September 2022)
All-in Cost EUR/USD - Active	0.7 (September 2022)
PayPal (Deposit/Withdraw)	No
Skrill (Deposit/Withdraw)	No
Visa/Mastercard (Credit/Debit)	Yes

Regulationexpand_moreexpand_less

Year Founded	1992
Publicly Traded (Listed)	No
Bank	Yes
Tier-1 Licenses	6
Tier-2 Licenses	1

Investment Optionsexpand_moreexpand_less

Forex Trading	No
Mobile Trading - Forex or CFDs	Yes
Tradeable Symbols (Total)	60000
Forex Pairs (Total)	190
Bitcoin	Yes

Trading Platformsexpand_moreexpand_less

Virtual Trading (Demo)	Yes
MetaTrader 4 (MT4)	No
MetaTrader 5 (MT5)	No
Proprietary Platform	Yes
Social Trading / Copy Trading	Yes
Charting - Indicators / Studies (Total)	62

Apps & Toolsexpand_moreexpand_less

Android App	Yes
Apple iOS App	Yes
Has Education - Forex or CFDs	Yes
Daily Market Commentary	Yes
Forex News (Top-Tier Sources)	Yes
Economic Calendar	Yes

Interactive Brokers

Overall Rating

9.7 / 10

Minimum Initial Deposit

$0

Trust Score

Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close

Highly Trusted

Trust Score

Low Risk

• Cost & Funding
• Regulation
• Investment Options
• Trading Platforms
• Apps & Tools

Cost & Fundingexpand_moreexpand_less

Average Spread EUR/USD - Standard	0.6 (Aug 2022)
All-in Cost EUR/USD - Active	0.6 (Aug 2022)
PayPal (Deposit/Withdraw)	No
Skrill (Deposit/Withdraw)	No
Visa/Mastercard (Credit/Debit)	No

Regulationexpand_moreexpand_less

Year Founded	1977
Publicly Traded (Listed)	Yes
Bank	No
Tier-1 Licenses	8
Tier-2 Licenses	1

Investment Optionsexpand_moreexpand_less

Forex Trading	No
Mobile Trading - Forex or CFDs	Yes
Tradeable Symbols (Total)	8500
Forex Pairs (Total)	90
Bitcoin	Yes

Trading Platformsexpand_moreexpand_less

Virtual Trading (Demo)	Yes
MetaTrader 4 (MT4)	No
MetaTrader 5 (MT5)	No
Proprietary Platform	Yes
Social Trading / Copy Trading	No
Charting - Indicators / Studies (Total)	128

Apps & Toolsexpand_moreexpand_less

Android App	Yes
Apple iOS App	Yes
Has Education - Forex or CFDs	Yes
Daily Market Commentary	Yes
Forex News (Top-Tier Sources)	Yes
Economic Calendar	Yes

CMC Markets

Overall Rating

9.6 / 10

Minimum Initial Deposit

$0

Trust Score

Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close

Highly Trusted

Trust Score

Low Risk

• Cost & Funding
• Regulation
• Investment Options
• Trading Platforms
• Apps & Tools

Cost & Fundingexpand_moreexpand_less

Average Spread EUR/USD - Standard	0.51 (August 2022)
All-in Cost EUR/USD - Active	0.51 (August 2022)
PayPal (Deposit/Withdraw)	Yes
Skrill (Deposit/Withdraw)	No
Visa/Mastercard (Credit/Debit)	Yes

Regulationexpand_moreexpand_less

Year Founded	1989
Publicly Traded (Listed)	Yes
Bank	No
Tier-1 Licenses	5
Tier-2 Licenses	1

Investment Optionsexpand_moreexpand_less

Forex Trading	No
Mobile Trading - Forex or CFDs	Yes
Tradeable Symbols (Total)	12377
Forex Pairs (Total)	158
Bitcoin	Yes

Trading Platformsexpand_moreexpand_less

Virtual Trading (Demo)	Yes
MetaTrader 4 (MT4)	Yes
MetaTrader 5 (MT5)	No
Proprietary Platform	Yes
Social Trading / Copy Trading	Yes
Charting - Indicators / Studies (Total)	84

Apps & Toolsexpand_moreexpand_less

Android App	Yes
Apple iOS App	Yes
Has Education - Forex or CFDs	Yes
Daily Market Commentary	Yes
Forex News (Top-Tier Sources)	Yes
Economic Calendar	Yes

TD Ameritrade

Overall Rating

9.5 / 10

Minimum Initial Deposit

$0

Trust Score

Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close

Highly Trusted

Trust Score

Low Risk

• Cost & Funding
• Regulation
• Investment Options
• Trading Platforms
• Apps & Tools

Cost & Fundingexpand_moreexpand_less

Average Spread EUR/USD - Standard	1.25 pips (September 2022)
All-in Cost EUR/USD - Active	1.25 pips (September 2022)
PayPal (Deposit/Withdraw)	No
Skrill (Deposit/Withdraw)	No
Visa/Mastercard (Credit/Debit)	No

Regulationexpand_moreexpand_less

Year Founded	1955
Publicly Traded (Listed)	Yes
Bank	Yes
Tier-1 Licenses	4
Tier-2 Licenses	0

Investment Optionsexpand_moreexpand_less

Forex Trading	Yes
Mobile Trading - Forex or CFDs	Yes
Tradeable Symbols (Total)	0
Forex Pairs (Total)	73
Bitcoin	Yes

Trading Platformsexpand_moreexpand_less

Virtual Trading (Demo)	Yes
MetaTrader 4 (MT4)	No
MetaTrader 5 (MT5)	No
Proprietary Platform	Yes
Social Trading / Copy Trading	No
Charting - Indicators / Studies (Total)	360

Apps & Toolsexpand_moreexpand_less

Android App	Yes
Apple iOS App	Yes
Has Education - Forex or CFDs	Yes
Daily Market Commentary	Yes
Forex News (Top-Tier Sources)	Yes
Economic Calendar	Yes

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(73% of retail CFD accounts lose money)

FOREX.com

Overall Rating

9.3 / 10

Minimum Initial Deposit

$100

Trust Score

Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close

Highly Trusted

Trust Score

Low Risk

• Cost & Funding
• Regulation
• Investment Options
• Trading Platforms
• Apps & Tools

Cost & Fundingexpand_moreexpand_less

Average Spread EUR/USD - Standard	1.0 (July 2022)
All-in Cost EUR/USD - Active	1.0 (July 2022)
PayPal (Deposit/Withdraw)	Yes
Skrill (Deposit/Withdraw)	No
Visa/Mastercard (Credit/Debit)	Yes

Regulationexpand_moreexpand_less

Year Founded	1999
Publicly Traded (Listed)	Yes
Bank	No
Tier-1 Licenses	4
Tier-2 Licenses	2

Investment Optionsexpand_moreexpand_less

Forex Trading	No
Mobile Trading - Forex or CFDs	Yes
Tradeable Symbols (Total)	5500
Forex Pairs (Total)	91
Bitcoin	Yes

Trading Platformsexpand_moreexpand_less

Virtual Trading (Demo)	Yes
MetaTrader 4 (MT4)	Yes
MetaTrader 5 (MT5)	Yes
Proprietary Platform	Yes
Social Trading / Copy Trading	No
Charting - Indicators / Studies (Total)	203

Apps & Toolsexpand_moreexpand_less

Android App	Yes
Apple iOS App	Yes
Has Education - Forex or CFDs	Yes
Daily Market Commentary	Yes
Forex News (Top-Tier Sources)	Yes
Economic Calendar	Yes

City Index

Overall Rating

9.2 / 10

Minimum Initial Deposit

£100.00

Trust Score

Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close

Highly Trusted

Trust Score

Low Risk

• Cost & Funding
• Regulation
• Investment Options
• Trading Platforms
• Apps & Tools

Cost & Fundingexpand_moreexpand_less

Average Spread EUR/USD - Standard	1.0 (July 2022)
All-in Cost EUR/USD - Active	1.0 (July 2022)
PayPal (Deposit/Withdraw)	Yes
Skrill (Deposit/Withdraw)	No
Visa/Mastercard (Credit/Debit)	Yes

Regulationexpand_moreexpand_less

Year Founded	1983
Publicly Traded (Listed)	Yes
Bank	No
Tier-1 Licenses	3
Tier-2 Licenses	2

Investment Optionsexpand_moreexpand_less

Forex Trading	No
Mobile Trading - Forex or CFDs	Yes
Tradeable Symbols (Total)	13500
Forex Pairs (Total)	84
Bitcoin	Yes

Trading Platformsexpand_moreexpand_less

Virtual Trading (Demo)	Yes
MetaTrader 4 (MT4)	Yes
MetaTrader 5 (MT5)	No
Proprietary Platform	Yes
Social Trading / Copy Trading	Yes
Charting - Indicators / Studies (Total)	88

Apps & Toolsexpand_moreexpand_less

Android App	Yes
Apple iOS App	Yes
Has Education - Forex or CFDs	Yes
Daily Market Commentary	Yes
Forex News (Top-Tier Sources)	Yes
Economic Calendar	Yes

XTB

Overall Rating

9 / 10

Minimum Initial Deposit

$0

Trust Score

Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close

Highly Trusted

Trust Score

Low Risk

• Cost & Funding
• Regulation
• Investment Options
• Trading Platforms
• Apps & Tools

Cost & Fundingexpand_moreexpand_less

Average Spread EUR/USD - Standard	1.07 (Q3 2022)
All-in Cost EUR/USD - Active	1.04 (Q3 2022)
PayPal (Deposit/Withdraw)	Yes
Skrill (Deposit/Withdraw)	Yes
Visa/Mastercard (Credit/Debit)	Yes

Regulationexpand_moreexpand_less

Year Founded	2002
Publicly Traded (Listed)	Yes
Bank	No
Tier-1 Licenses	1
Tier-2 Licenses	3

Investment Optionsexpand_moreexpand_less

Forex Trading	No
Mobile Trading - Forex or CFDs	Yes
Tradeable Symbols (Total)	12000
Forex Pairs (Total)	49
Bitcoin	Yes

Trading Platformsexpand_moreexpand_less

Virtual Trading (Demo)	Yes
MetaTrader 4 (MT4)	Yes
MetaTrader 5 (MT5)	No
Proprietary Platform	Yes
Social Trading / Copy Trading	Yes
Charting - Indicators / Studies (Total)	39

Apps & Toolsexpand_moreexpand_less

Android App	Yes
Apple iOS App	Yes
Has Education - Forex or CFDs	Yes
Daily Market Commentary	Yes
Forex News (Top-Tier Sources)	Yes
Economic Calendar	Yes

eToro

Overall Rating

8.8 / 10

Minimum Initial Deposit

$10-$10,000

Trust Score

Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close

Highly Trusted

Trust Score

Low Risk

• Cost & Funding
• Regulation
• Investment Options
• Trading Platforms
• Apps & Tools

Cost & Fundingexpand_moreexpand_less

Average Spread EUR/USD - Standard	1 (August 2021)
All-in Cost EUR/USD - Active	N/A
PayPal (Deposit/Withdraw)	Yes
Skrill (Deposit/Withdraw)	Yes
Visa/Mastercard (Credit/Debit)	Yes

Regulationexpand_moreexpand_less

Year Founded	2007
Publicly Traded (Listed)	No
Bank	No
Tier-1 Licenses	2
Tier-2 Licenses	1

Investment Optionsexpand_moreexpand_less

Forex Trading	No
Mobile Trading - Forex or CFDs	Yes
Tradeable Symbols (Total)	3458
Forex Pairs (Total)	49
Bitcoin	Yes

Trading Platformsexpand_moreexpand_less

Virtual Trading (Demo)	Yes
MetaTrader 4 (MT4)	No
MetaTrader 5 (MT5)	No
Proprietary Platform	Yes
Social Trading / Copy Trading	Yes
Charting - Indicators / Studies (Total)	66

Apps & Toolsexpand_moreexpand_less

Android App	Yes
Apple iOS App	Yes
Has Education - Forex or CFDs	Yes
Daily Market Commentary	Yes
Forex News (Top-Tier Sources)	No
Economic Calendar	Yes

How Commodities are Traded

Commodities can typically be traded on the futures market through futures contracts, which are short term contracts with definite expiry dates. However, commodities may also be traded indirectly through the equities market, through mutual funds, through exchange-traded funds (ETFs) or through a contract for difference CFD platform.

Leverage and smaller contract sizes are two factors that attract traders to trading futures contracts as CFDs (contracts for difference) rather than traditional trading. With a combination of smaller contracts and leverage, the initial capital requirements for traders is significantly lower.

Unlike manufacturers, most traders do not want the actual delivery of the commodity they are trading, therefore a commodities trader will usually opt to roll over the futures contract for that commodity. A commodities roll-over effectively extends the expiration date for the settlement of the contract, allowing the trader to avoid the costs associated with the settlement of an expired futures contract.

BrokerNotes.co 2023 Overall Rankings

To recap, here are our top forex brokers for 2023, sorted by Overall ranking.

Company	Overall Rating	Minimum Initial Deposit	Average Spread EUR/USD - Standard	Trust Score	Trust Score	Tradeable Symbols (Total)	Visit Site
IG	9.9	£250.00	0.86 (September 2022)	99	Highly Trusted	19537	Visit Site
Saxo Bank	9.7	€2,000	0.9 (September 2022)	99	Highly Trusted	60000
Interactive Brokers	9.7	$0	0.6 (Aug 2022)	99	Highly Trusted	8500
CMC Markets	9.6	$0	0.51 (August 2022)	99	Highly Trusted	12377
TD Ameritrade	9.5	$0	1.25 pips (September 2022)	99	Highly Trusted	0
FOREX.com	9.3	$100	1.0 (July 2022)	99	Highly Trusted	5500	Visit Site
City Index	9.2	£100.00	1.0 (July 2022)	99	Highly Trusted	13500
XTB	9	$0	1.07 (Q3 2022)	95	Highly Trusted	12000
eToro	8.8	$10-$10,000	1 (August 2021)	93	Highly Trusted	3458
Swissquote	8.7	$1000	N/A	99	Highly Trusted	466
AvaTrade	8.6	$100	0.91 (Aug 2020)	93	Highly Trusted	1260
FXCM	8.5	Starts from $50	1.38 (Q2 2022)	96	Highly Trusted	441
Plus500	8.5	€100	0.6 (as of Aug 2018)	98	Highly Trusted	2800
Capital.com	8.4	$20	0.6 (July 2021)	77	Average Risk	6000
XM Group	8.4	$5	1.6 (Aug 2020)	90	Trusted	1372
Pepperstone	8.4	$200	0.77 (September 2022)	93	Highly Trusted	1200
OANDA	8.4	$0	1.26 (5/22-5/27/22)	92	Highly Trusted	124
Admiral Markets	8.3	$100	0.8 (July 2021)	87	Trusted	8425
FP Markets	8.3	$100 AUD	1.2 (August 2022)	86	Trusted	10000
IC Markets	8.2	$200	0.62 (August 2022)	86	Trusted	3583
Markets.com	8.2	$100	1.9 (as of Oct 2019)	98	Highly Trusted	2179
FxPro	8.1	$100	1.51 (August 2020)	90	Highly Trusted	2249
Fineco Bank	7.9	$0	N/A	92	Highly Trusted	126
Tickmill	7.9	$100	0.51 (August 2022)	82	Trusted	295
BlackBull Markets	7.9	$0	0.827 (August 2022)	74	Average Risk	26000
DooPrime	7.8	$100	-1	84	Trusted	10000
BDSwiss	7.8	$100-$5000 (depending on account type)	1.6 (08/10/22)	83	Trusted	1081
TMGM	7.8	$100	0.96 (July 2021)	79	Average Risk	12000
HFM	7.7	$5	1.2 (August 2021)	85	Trusted	3500
FlowBank	7.7	$0.00	N/A	77	Average Risk	408600
HYCM (Henyep)	7.7	$100	0.6 (Sept 2021)	86	Trusted	245
Vantage	7.7	$50	1.22 (August 2021)	83	Trusted	1000
Trading 212	7.6	EUR 10	N/A	77	Average Risk	1785
Eightcap	7.6	$100	1.0 (Aug 2022)	87	Trusted	326
Trade Nation	7.5	$0	0.6	83	Trusted	601
Moneta Markets	7.5	$50	1.27 (September 2022)	71	Average Risk	965
ThinkMarkets	7.4	$250.00	N/A	86	Trusted	1674
VT Markets	7.4	$200	1.2 (September 2021)	71	Average Risk	168
ACY Securities	7.4	$50	1.2 (Sept 2021)	75	Average Risk	1600
easyMarkets	7.3	$100	0.9 (as of Mar 2020)	84	Trusted	199
RoboForex (RoboMarkets)	7.3	$100	1.4 (Jan 2022)	69	High Risk	12000
IronFX	7.2	$50	1.2	84	Trusted	340
Exness	7.2	$1	0.9 (as of May 19)	74	Average Risk	112
Spreadex	7.2	$0	-1	70	Average Risk	2000
Trade360	7.1	$250	N/A	75	Average Risk	1062
AxiTrader	7.1	0	N/A	83	Trusted	175	Visit Site
GKFX	7.1	$0	N/A	66	High Risk	354
Vestle	7.1	-1	-1	79	Average Risk	750
OctaFX	7	$25	0.6 (August 2021)	67	High Risk	80
FXOpen	7	$100	N/A	80	Trusted	87
TeleTrade	7	$100	-1	67	High Risk	500
FXPrimus	6.9	$100	N/A	69	High Risk	140	Visit Site
Forex4you	6.9	$0	-1	62	High Risk	150
LegacyFX	6.9	$500	0	75	Average Risk	425
GBE brokers	6.8	$500	-1	69	High Risk	500
Alpari	6.8	$20	N/A	67	High Risk	105
TopFX	6.7	Depends on payment method	N/A	67	High Risk	655
Libertex (Forex Club)	6.7	$10	-1	72	Average Risk	300
ATFX	6.6	$500	-1	70	Average Risk	150
UFX	6.6	$100	3 (Jan 2021)	67	High Risk	619
Xtrade	6.5	$250	-1	80	Trusted	142
Tradeo	6.4	$200	-1	67	High Risk	256

View More

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Forex Risk Disclaimer

There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more about foreign exchange risk.

About the Editorial Team

Marcus Taylor

BrokerNotes was founded in 2014 by Marcus Taylor, founder and CEO of Venture Harbor, a venture studio in Oxford that develops innovative online tools & technology across a range of sectors.