75% of retail investors lose money when trading CFDs. 75% of retail investors lose money when trading CFDs.
If you’re looking to add to a diverse investment portfolio then look no further. Commodity trading allows you to speculate on the global market for physical goods like gold, oil, wheat, coffee and more.
In this guide, we’ll review the 10 best commodity trading apps for 2021 and show you how to start trading commodities!
Here are our picks for the 10 best commodity trading apps in 2021:
eToro – Overall Best Commodity Broker with 0% Commission
Libertex – Top Commodity Trading App with Zero Spreads
AvaTrade – Social Commodity Trading App for iPhone and Android
Forex.com – Best Commodity Broker for Gold and Silver Trading
Plus500 – Ultra-low Commodity Trading Spreads for iOS and Android
TD Ameritrade – Best Commodity Trading App for Technical Analysis
IG – Widest Range of Hard and Soft Commodities to Trade
Interactive Brokers – Best Android Commodity Trading App for Algo Trading
Charles Schwab – Best Commodity Broker for New Traders
Capital.com – Best Commodity Trading App for Oil Futures Trading
Best Commodity Trading Apps Reviewed
Choosing the best commodity trading app is key to succeeding in the fast-moving commodities market. So, let’s take a closer look at each of the top 10 commodity trading apps to help you decide which is right for you.
1. eToro – Overall Best Commodity Broker with 0% Commission
If we had to recommend just one commodity trading app, it would be the eToro app. With this trading platform, you can trade CFDs for 13 of the most widely traded commodities – including silver, gold, oil, copper, and wheat. eToro also offers trading on crude oil futures, so you can speculate on the timing of price changes in the oil market.
All trading on eToro is 100% commission-free and the broker’s spreads are in line with the industry average. eToro does have a small withdrawal and inactivity fee, but these are easy to avoid in most cases.
The eToro mobile app is available for iOS and Android, and it’s one of our favorite mobile trading platforms to use. The app has a custom technical analysis suite complete with over 100 technical indicators and drawing tools. It also includes a scrollable news feed and economic calendar to help you stay ahead of the market.
Even better, the eToro app has a built-in social trading network. You can follow tens of thousands of other traders from around the world and share trading strategies. You can also take advantage of the copy portfolios feature to automatically mimic the moves of other commodity traders. This is a simple way to automate your trading.
eToro is regulated by the UK’s Financial Conduct Authority (FCA) and the broker offers 24/5 customer support. You can get in touch over chat right from inside the app. The eToro app has 4.0 rating on the Apple App Store.
67% of retail investor accounts lose money when trading CFDs with this provider.
2. Libertex – Top Commodity Trading App with Zero Spreads
Libertex is another popular commodity broker that offers trading on oil and gas, metals, agricultural products, and even cryptocurrencies through CFDs. The broker doesn’t offer futures contracts, but that’s more than made up for by the wide selection of products available to trade.
Libertex takes an unusual approach to CFD pricing. Instead of charging spreads, Libertex charges a fixed commission for every trade. This can be quite small – less than 0.1% for some assets – and is typically cheaper than the spreads that most commodity CFD brokers charge. Plus, since the commission is fixed, you always know what you’re going to pay to trade commodities with the Libertex app.
The Libertex app offers several useful tools for traders, including detailed price charts and a built-in economic calendar. You can also see market sentiment for any commodity, so you know whether traders are typically buying or selling that contract.
More advanced traders can take advantage of Libertex’s integration with MetaTrader 4 and MetaTrader 5. These trading apps offer customizable indicators, strategy backtesting, and algorithmic trading, all of which can be controlled from your smartphone. However, keep in mind that MT4 and MT5 have steeper learning curves than the Libertex trading app.
Libertex is regulated by the Cyprus Securities and Exchange Commission (CySEC). You can open an account with just $20 and make a deposit by credit or debit card.
83% of retail investor accounts lose money when trading CFDs with this provider.
3. AvaTrade – Social Commodity Trading App for iPhone and Android
AvaTrade is another strong contender for the title of best commodity trading app. This mobile broker offers trading on 16 commodities, including energy, metal, and agricultural products. There are no futures contracts to trade, but if you’re interested in forex trading it’s worth noting that AvaTrade offers vanilla options for popular currency pairs. AvaTrade is also one of the top crypto apps on the market.
AvaTrade stands out for offering ultra-low CFD spreads that are among the best we’ve seen from any commodity broker. The broker charges a spread of just 0.34 pips for gold contracts, for example. In addition, you can trade gold CFDs with leverage up to 200:1 and crude oil CFDs on margin of 100:1.
We’re also big fans of AvaTrade’s mobile social trading app, called AvaSocial. This platform is available for iOS and Android and allows you to connect with commodity traders from around the world. It also supports copy trading, so you can easily mimic the moves of more experienced commodity traders and learn new strategies along the way.
The only catch to AvaSocial is that it’s separate from AvaTrade’s primary mobile trading app, AvaTrade GO. This app offers customisable watchlists, mobile-friendly technical charts, and a variety of advanced order types including guaranteed stops. The app has a 4.4-star rating on the Apple App Store.
AvaTrade is regulated by the UK FCA and the broker offers 24/7 customer support by phone, email, and live chat. You can open an account with a $100 minimum deposit.
4. Forex.com – Best Commodity Broker for Gold and Silver Trading
Forex.com is, as the name suggests, primarily a forex app. However, this broker also offers gold, silver, and crude oil futures trading, and is one of the best platforms for trading these commodities.
What sets this brokerage apart is its focus on research. Forex.com offers daily trade ideas that can help you spot opportunities in the global metals and energy markets. The trade ideas are presented clearly, with entry and exit points and a clear investment thesis. In addition, Forex.com calculates pivot points for gold and silver charts that you can use to identify potential support and resistance levels.
The mobile app is quite capable, but also pleasantly easy to use. You can create customized watchlists and price alerts, and tailor the built-in news feed to focus on the commodities you’re most interested in trading. The app also supports limit, stop loss, and trailing stop orders to help you carefully manage risk while trading.
Forex.com doesn’t charge commissions for commodity trading, but the broker’s spreads can be pricey. Gold CFDs, for example, carry a spread of 2.0 pips.
Forex.com is regulated in the US by the National Futures Association and in the UK by the FCA. The broker offers 24/5 customer support and requires a $100 minimum deposit to open an account.
5. Plus500 – Ultra-low Commodity Trading Spreads for iOS and Android
If you’re looking for the cheapest commodity trading app, take a close look at the Plus500 app. This CFD trading app charges no commissions. Spreads for gold trading start at just 1.12 pips and spreads for Brent oil trading start at 0.04 pips. Even better, there are no deposit or withdrawal fees.
This broker can also appeal to a wide variety of traders because it offers a relatively wide selection of products – 22 metals, energy products, and agricultural products in all. Just note that Plus500 doesn’t offer any futures trading, so you can only speculate on spot prices. You can trade gold on margin of 150:1 and oil on margin of 100:1. Plus500 is also one of the best Bitcoin trading apps we’ve seen.
The Plus500 app is easy to use and offers a range of tools for the beginner and intermediate trader. In addition, to a capable mobile charting interface, you get a news feed and economic calendar, customizable watchlists, and flexible alerts.
The downside is that the range of technical indicators in the Plus500 app is somewhat limited, so it may not offer everything that more advanced traders want. Notably, Plus500 doesn’t offer traders access to third-party trading platforms like MetaTrader 4 or 5.
Plus500 is regulated by the UK FCA and offers 24/7 customer support. The broker’s Android app has a 4-star rating on Google Play.
Extremely low spreads for gold and oil CFDs
22 commodity CFDs spanning metals, energy, and soft goods
Trade gold with leverage up to 150:1
Mobile app supports price alerts and custom watchlists
24/7 customer support
Limited range of technical studies available for mobile charting
6. TD Ameritrade – Best Commodity Trading App for Technical Analysis
TD Ameritrade is one of the most popular discount brokers in the US, and it’s a great option for advanced traders. That’s because TD Ameritrade offers traders the Thinkorswim mobile app, which is one of the most powerful trading apps we’ve seen from any broker.
The Thinkorswim app comes packed with over 100 technical studies and indicators, customisable drawing tools, flexible alerts, and more. Even better, Thinkorswim has its own scripting language so you can design your own indicators and then test them out using historical price data. This is a little bit difficult to manage on the mobile app, but you can easily design your indicators through the web app and they’ll instantly be available in your mobile account.
TD Ameritrade also offers its own brokerage app that’s more focused on portfolio management. However, it does have a few tricks up its sleeve, including compatibility with devices like the Apple Watch. You can instantly see the performance of top commodities on your wrist and have price alerts pushed to your device.
TD Ameritrade only offers commodities trading through futures contracts, not through CFDs. So, you must speculate on the timing of price movements as well as their direction. A handful of commodities, including gold, silver, light sweet crude, corn, and soybeans can be traded with options contracts. This is key since it enables you to develop complex hedging strategies and add to your leverage.
TD Ameritrade charges a $2.25 commission on all futures and commodity options trades. The broker doesn’t charge additional spreads.
Commodity trading at TD Ameritrade is regulated by the Commodity Futures Trading Commission in the US. As the broker is one of the largest in the US, it’s considered highly trustworthy. TD Ameritrade offers 24/7 in-app customer support, and the broker prides itself on catering to new and experienced traders alike. There’s no minimum deposit to open a new account.
Powerful Thinkorswim mobile app
Built custom indicators with Thinkorswim scripting
7. IG – Widest Range of Hard and Soft Commodities to Trade
IG is a CFD and spread betting broker that offers an enormous range of commodities to trade. The broker carries 35 different commodities, and many of these are available to trade through both spot and futures contracts. In addition, IG offers trading on commodity stocks and ETFs for traders who aren’t comfortable speculating directly on product prices.
IG doesn’t charge a commission for either CFD trading or spread betting. Spreads start at just 0.3 pips for gold trading and 2.8 pips for crude oil trading.
The broker has several different trading platforms to choose from. IG’s custom app offers exceptional technical analysis features, including the ability to overlay multiple indicators in a full-screen format. The app also offers complex order types, such as trailing stops and one-cancels-the-other orders, so you can manage your risk in fast-moving markets. The app won the 2020 Best Finance App award at the ADVFN International Financial Awards.
While most traders will be happy with IG’s app, the broker also offers mobile apps from ProRealTime and MetaTrader 4. Both platforms allow you to create custom trading strategies and backtest against historical price data. They also offer more flexibility in creating trade alerts and entering complex orders.
IG is regulated by the UK FCA and is a publicly traded company in the FTSE 250. Note that commodity trading is not available to US residents at this time.
Trade 35 commodities with spot and futures contracts
8. Interactive Brokers – Best Android Commodity Trading App for Algo Trading
Interactive Brokers is an advanced online trading platform that offers a lot of flexibility for commodity traders. To start, this brokerage has a selection of futures contracts that spans precious metals, energy products, and popular soft goods. Traders outside the US can also trade spot contracts for gold and silver with spreads as low as 0.15 pips – the lowest spread of any brokerage we’ve reviewed.
Interactive Brokers gives futures traders a choice when it comes to pricing. If you want a fixed commission, you will pay $0.85 per contract with no additional spread. If you trade in high volumes, you may benefit from IB’s tiered pricing system. Commissions can drop as low as $0.25 per trade when you trade at least 20,000 contracts per month.
The Interactive Brokers app stands out for the in-depth features it offers traders, particularly around automated trading. The app offers an AI-enabled trade assistant that can help you identify opportunities and set up automated trades in advance. You can also connect to the Interactive Broker API to develop custom trading apps, or connect a third-party algo trading service.
Of course, the app does cater to less experienced traders who simply want to trade manually. You get access to custom watchlists, a futures scanner, and advanced charting and analysis tools. The app is so easy to use, in fact, that Interactive Brokers was rated the Best Online Broker by Barron’s in 2019.
Interactive Brokers is regulated by the US Securities and Exchange Commission and the Commodity Futures Trading Commission. Support is available 5 days a week, but only during US market hours.
Trade futures contracts for dozens of commodities
Gold and silver spot contracts with ultra-low spreads (non-US only)
Volume-based fee structure is good for high-volume traders
9. Charles Schwab – Best Commodity Broker for New Traders
Charles Schwab is an extremely comprehensive broker that offers virtually every investment you could think of – including commodity futures. The selection is slightly limited compared to competitors, but you can trade gold, silver, and crude oil, as well as a few uncommon products like steel and electricity.
Trading with the Charles Schwab mobile app is fairly inexpensive. You’ll pay a commission of $1.50 per futures contract trade, and no additional spread. Notably, Schwab also offers a guarantee with your commission. If you’re not satisfied with the broker’s execution, you can get your money back.
The Charles Schwab trading app looks a little outdated, especially when compared to some of the more robust commodity trading apps we’ve reviewed. However, if you can overlook the slightly clunky user interface, it has many of the tools you’d expect for commodity trading. For instance, you can quickly review contract prices and set up custom watchlists. The app even integrates with the Apple Watch to help you monitor the market without pulling out your phone.
The main thing missing is the ability to conduct technical analysis from your smartphone. The Schwab app doesn’t offer customizable technical charts or studies, so you’re largely left to eyeball commodity prices. This can be a good thing for new traders who want to ease into the market, but you’ll likely need a second app for technical analysis if you choose Schwab as your broker.
Charles Schwab doesn’t require a minimum deposit to open an account. The broker is regulated by the SEC and CFTC, and you can get help with your account 24/7.
Trade unique futures for steel and electricity prices
Commission backed by satisfaction guarantee
Easy to use mobile app with Apple Watch integration
24/7 customer support
Regulated in the US
Mobile app does not offer technical analysis tools
Limited selection of commodities and no spot contract
10. Capital.com – Best Commodity Trading App for Oil Futures Trading
If you’re interested in a day trading app for oil futures, the Capital.com app may be the best commodity trading app for you. The broker offers futures contracts for both WTI and Brent crude oil, as well as spot contracts for gasoline and RBOB (reformulated blendstock for oxygenate blending) gasoline. Of course, you can also trade a variety of precious metals and US and UK agricultural products.
Capital.com also has extremely low spreads for crude oil trading. The spot Brent crude contract starts at just 0.44 pips, which is half of what some competing CFD brokers charge. On the other hand, Capital.com’s gold contracts are somewhat pricey, at 1.41 pips per trade. You’re limited to 10:1 margin for oil trading and 20:1 margin for gold trading.
We think new and experienced traders alike will be impressed by the Capital.com mobile app. The app offers a custom charting interface with dozens of technical studies, a market sentiment gauge, a news feed, watchlists, and more. On top of that, it leverages AI technology to identify patterns in your trade and make suggestions as to how you can increase your win rate.
Capital.com also offers a second mobile app that’s entirely dedicated to education. The app has a training course that walks you through the basics of CFD trading and shows you the ins and outs of popular trading strategies. At the end of each lesson, there are quizzes so you can test your knowledge.
Capital.com’s mobile apps are available for iOS and Android. The main trading app has an incredible 4.9-star rating in the Apple App Store. The broker is regulated by both the FCA and CySEC, and you can get in touch with the customer support team 24/7.
76.25% of retail CFD accounts lose money when trading CFDs with this provider.
Commodity Trading Apps Fees Comparison
Now that you know more about the 10 best commodity trading apps for 2021, let’s see how they stack up when it comes to pricing:
Spot Gold Spread
Spot Crude Oil Spread
$5 per withdrawal
$10 per month after 12 months
$1.50 per contract
$50 per month after 3 months
$25 per withdrawal under $10,000
$15 per month after 12 months
$10 per month after 3 months
$2.25 per contract
$12 per month after 24 months
$0.25-$0.85 per contract
$20 per month
$5 per month after 6 months
Commodity Trading Explained
Commodity trading involves speculating on the prices of physical assets such as gold, crude oil, soybeans, and more. Commodities are any widely used product that is typically bought or sold in bulk. You can trade precious metals, energy products, or agricultural products.
An important thing to know about commodity trading is that you never actually own the underlying asset. That is, if you want to trade crude oil because you think the price will rise, you don’t have to take delivery of a barrel of crude and then arrange shipping for it when you sell it.
Instead, commodity trading relies on derivatives like CFDs (contracts for difference),futures contracts, and options.
With CFDs, you simply speculate on the price of a commodity – you can go long if you think it will go up or short if you think it will fall. CFD contracts don’t have expiration dates, so you only need to worry about the direction of the price movement, not the timing of it.
With futures contracts, you speculate on both the direction and timing of a price movement. That’s because futures contracts have expirations dates. So, the anticipated price movement must happen on or before the expiration date or else your contract will expire worthless.
Some commodity brokers also offer options trading on commodity futures contracts. Options trading allows for a wider range of trading strategies, including hedging.
How to Choose the Best Commodity Trading App for You
With so many commodity trading apps to choose from, how do you decide which one is right for your needs? Let’s take a closer look at some of the factors you need to consider when picking the top commodity trading app.
All of the top commodity trading apps we reviewed are regulated by a national financial watchdog. This is critical to ensure that your trades are executed fairly and that your money is safe inside your brokerage account. When considering commodity brokers, always look for one that is regulated.
The mobile user experience will play a big role in how successful you are trading commodities. The better the user interface, the more informed you’ll be when making trading decisions and the more quickly you’ll be able to place trades.
There’s no single factor to look for when evaluating an app’s trading experience. Whenever possible, try out a broker’s mobile app with a demo account before committing to that broker. It should be easy to move from real time technical analysis to order entry.
Another important thing to consider when choosing the best broker is what types of commodities you can trade. Some brokers only offer trading on the most popular commodities, like gold, silver, and crude oil. Others offer a wide variety of precious metals and agricultural products.
Be sure to check whether you can trade spot CFDs, futures, or options. Spot CFDs allow you to speculate only on the direction of future price movements, while futures and options require you to speculate on the timing of price movements.
Most commodity trading apps charge fees in the form of commissions and spreads. Commissions are fixed fees for every contract you trade. Spreads are variable fees that are charged as a percentage of your trade value.
In addition, watch out for account fees such as deposit, withdrawal, and inactivity fees.
Having a variety of trading tools available is important to making decisions about what commodities to trade and when. At a minimum, your brokerage app should offer customizable watchlists and a technical charting platform.
Many go beyond this, offering trade ideas, price alerts, and even the ability to create your own unique technical studies. Some brokers, like eToro and AvaTrade, also have a built-in social trading network where you can share trading strategies and copy the moves of more experienced traders.
Another thing to consider is what payment methods you can use to fund your commodity trading account.
Some brokers only accept bank transfers, while others also accept debit and credit cards. Brokers like eToro also allow you to pay using an e-wallet like Netller, Skrill, or PayPal. If you use mobile-friendly payment methods like Apple Pay or Google Pay, look for brokers that accept these payment options.
Having access to customer service when you need it is incredibly important. That’s why many of the best commodity trading apps offer 24/5 or 24/7 support. Check whether you can get in touch by phone, email, or live chat. Ideally, you should be able to access chat support from inside the broker’s mobile app.
How to Download a Commodity Trading App & Start Trading
Ready to start trading commodities? We’ll show you how to get started with the eToro app, which offers 0% commission CFD trading and a social trading network.
Step 1: Download the eToro App
To get started, head to the Apple App Store or Google Play and download the eToro app to your smartphone. Once it’s installed, open the app and tap Join Now to create a new account. You can sign up using your email or your Facebook or Google login.
Step 2: Verify Your Identity
In order to comply with financial regulations, eToro requires you to verify your identity before trading. Take a photo of your driver’s license or the picture page of your passport and upload it through the app. You will also need to upload a photo of a recent utility bill or financial statement that shows your current address.
Step 3: Deposit Funds
Next, add funds to your account. eToro requires a minimum deposit of $50, which you can pay by credit card, debit card, bank transfer, Neteller, Skrill, or PayPal.
Step 4: Trade Commodities
Now you’re ready to buy and sell commodities with eToro. Tap the magnifying glass at the top of the dashboard and search for the commodity you want to trade. When it appears in the drop-down menu, tap Trade to open a new order form.
In the order form, enter the amount of money you want to trade and select how much leverage to apply to your trade, if any. You can also enter a take profit or stop loss amount to manage your trading risk.
When you’re ready, tap Open Position to complete your commodities trade.
eToro – Best Commodity Trading App with 0% Commission
Commodity trading enables you to speculate on the prices of metals, energy products, and agricultural products. You can trade with spot contracts, futures contracts, and even options depending on the broker you choose. Thanks to our reviews of the 10 best commodity trading apps for 2021, it’s easier than ever to start trading commodities.
Ready to trade with the #1 commodity broker for 2021? Click the link below to get started with eToro today!
67% of retail investor accounts lose money when trading CFDs with this provider.
What is the difference between spot and futures contracts?
Spot contracts are CFDs and do not have expiration dates. Futures contracts allow you to lock in a future price for a commodity on the contract’s expiration date, so you are speculating on the timing of price movements as well as the direction.
How much money do I need to trade commodities?
The minimum amount you need to trade commodities is just the minimum deposit required by your brokerage app. However, it’s a good idea to commit at least several hundred dollars to trading.
What are some of the most popular commodities to trade?
Some of the most popular commodities to trade are gold, silver, copper, palladium, platinum, gold, natural gas, heating oil, electricity, wheat, sugar, soybeans, coffee, orange juice, pork, and beef.
Can I trade commodity stocks or ETFs?
You can trade commodities through commodity ETFs, which invest in commodity futures and are professionally managed by active traders. You can also trade the stocks of oil and mining companies, which are closely correlated with commodity prices.
Are commodity trading apps regulated?
Yes, most commodity trading apps are regulated. The Commodity Futures Trading Commission regulates commodity brokers in the US, while the Financial Conduct Authority regulates brokers in the UK and abroad.
Michael Graw is a freelance finance and trading journalist based in Bellingham, Washington. Michael’s expert trading guides and investment analysis articles have featured in many leading publications, such as TechRadar, Tom’s Guide, LearnBonds, and BuyShares.