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27 Best Oil Trading Brokers

 

Best Oil Trading Brokers

 

Overview

Crude oil is a naturally occurring petroleum product commonly used in energy production and manufacturing.

 

It is typically purchased with the intent to be refined into everyday uses such as diesel, gasoline, heating oil, jet fuel, plastics, cosmetics, medicines, and fertilizers.

 

 

As such its price has a dramatic impact on the global economy. It is traded in high volumes all around the world.

 

The price of oil is a critical global economic factor, which means that trading is influenced by political and commercial concerns.

 

In general, higher oil prices tend to undermine economic growth as this increases travel and shipping expenses, which increase inflationary pressures.

 

If the price of oil remains high over a long period, the cost of downstream products like plastics and fertilizers are affected as well.

 

Forex platforms now provide ways for you to trade into oil futures, without actually having to trade the futures themselves, and thus avoiding the necessity of ultimately taking delivery of the oil which is a concomitant of the futures trade.

 

 

In this article, we explore the 27 best oil trading brokers, so that you can diversify your portfolio and take your trading to the next level.

Here are our 10 Best Oil Trading Brokers

 

Let’s get started with the full breakdown of the Best Oil Trading Brokers.

 

Swissquote

 

Best Australian Forex Broker Swissquote

Overall Rating

4.5/5

Rated #310 of 
Recommended FX Brokers

💰Minimum Deposit

USD 1000

🌐 Regulators

FCA

📱 Trading Desk

MetaTrader 4, MetaTrader 5

Crypto

Yes

📈 Total Pairs

10

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Overview

Clients of Swissquote can trade currencies, precious metals, stock indices, commodities, and bonds. The stock index offerings include the main American and European indices, plus those from Japan.

Most stock index CFDs offer Forward or Spot/Synthetic choices. The former has an expiration date while the latter does not but has an overnight rollover or swap interest.

 

Pros and Cons

✔️PROS ❌CONS
Comprehensive product portfolio

Solid reputation

No additional forex fees

Slow customer support

 

Features

Feature Information
Regulation FCA
Minimum deposit from None for a standard account
Average spread from 1.6 pips
Commissions from None
Deposit/Withdrawal Fees US Dollar 10
Maximum Leverage 1:400
Bonuses Refer a Friend Bonus
Customer Support 8/5

 

Dukascopy

 

Overall Rating

4.6/5

Rated #17 of
Recommended FX Brokers

💰Minimum Deposit

USD 100

🌐 Regulators

FINMA

📱 Trading Desk

MetaTrader 4

Crypto

Yes

📈 Total Pairs

18

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Overview

Founded in 2004, Geneva-based Dukascopy Bank now offers a full range of banking services in an addition to a large brokerage operation focused primarily on contracts for difference (CFDs).

They also own and operate the unique Swiss FX Marketplace (SWFX) ECN. Separate divisions in Geneva, Switzerland, and Riga, Latvia provide services for Switzerland (which is not an EU member) and the rest of Europe.

 

Pros and Cons

✔️PROS ❌CONS
Good choice for high volume traders

Comprehensive analytical tools

Flexible trading on advanced platforms

Good selection of currency accounts

High commission

Charges withdrawal fees

High minimum deposit

Charges inactivity fee

 

Features

Feature Information
Regulation FINMA
Minimum deposit from US Dollar 100
Average spread from 0.3 pips
Commissions from ‎US Dollar 49.5 per US Dollar 1 million traded
Deposit/Withdrawal Fees Varies depending on the method
Maximum Leverage 1:200
Bonuses 10% Equity Bonus
Customer Support 24/5

 

IQ Option

 

Overall Rating

4.7/5

Rated #247 of
Recommended FX Brokers

💰Minimum Deposit

$10

🌐 Regulators

📱 Trading Desk

Own Platform

Crypto

Yes

📈 Total Pairs

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

 

Overview

Currently, traders at IQ Option can trade in 90+ different types of underlying assets. They consist of a selection of currency pairs, market indices, stocks, and commodities.

Recently, IQ Option has also added a selection of 12 different types of cryptocurrencies for its clients to trade-in.

The list of markets available to trade is constantly growing. Recently, the firm expanded its list of stocks and shares and took a total beyond 150. Expect this expansion to continue in all areas.

IQ Option also spread markets across all products, so things like Oil, Gold, and Silver were added to Digital trades asset lists.

 

Pros and Cons

✔️PROS ❌CONS
Well regulated

Low minimum deposit

Customer support can be unresponsive

 

Features

Feature Information
Regulation CySEC
Minimum deposit from US Dollar 10
Average spread from Floating spreads from 0.01 pips
Commissions from 0.6%
Deposit/Withdrawal Fees US Dollar 31 withdrawal fee for bank transfer
Maximum Leverage 1:30 in EEA
Bonuses None
Customer Support 24/5

 

Exness

 

Overall Rating

4.9/5

Rated #2 of 
Recommended FX Brokers

💰Minimum Deposit

$10

💰Sign-up bonus

No

🌐 Regulators

CBCS, CySEC, FCA, FSA, FSC, FSCA

📱 Trading Desk

MetaTrader 4, MetaTrader 5

Crypto

Yes

📈 Total Pairs

97

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker Website

 

Overview

Exness represents a great place to trade forex, commodities, and cryptocurrencies for UK, EU, and international residents. It is highly regulated and operates a secure, streamlined trading environment that instills confidence in traders of every experience level.

 

Pros and Cons

✔️PROS ❌CONS
Well-regulated
Tight spreads
Over 130 currency pairs

 

Features

Feature Information
Regulation CySEC, FCA
Minimum deposit from US Dollar 1
Average spread from 1.3 pips
Commissions from 3 USD and 10 USD per 1 lot for CFDs
Deposit/Withdrawal Fees None
Maximum Leverage 1:2000
Bonuses Standard +10% Bonus Programme
Customer Support 24/5 – multilingual

 

eToro

 

Overall Rating

4.8/5

Rated #20 of
Recommended FX Brokers

💰Minimum Deposit

USD 50

🌐 Regulators

CySec, FCA 

📱 Trading Desk

No Trading Desk

Crypto

Yes

📈 Total Pairs

47

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

* Etoro has lowered the amount of the minimum FTD to $ 50 for the following countries: Germany, Austria, Netherlands, Norway, UK, Ireland, Spain, Italy, Sweden, Switzerland.

 

Overview

eToro is home to over 11,000,000 traders and has established itself as a leader in social trading since its inception in 2007.

Overall, eToro is a solid broker that is ideal for two main types of traders; new traders looking to copy others and replicate their success, and experienced traders looking to leverage their knowledge as Popular Investors to earn extra money.

 

Pros and Cons

✔️Pros

Advanced copy trading software

Low minimum deposit

No deposit fees

❌Cons

High withdrawal fees

High trading fees for forex

Only one base currency available for accounts

 

Features

Feature Information
Regulation CySEC, FCA, ASIC
Minimum deposit from US Dollar 50
Average spread from 0.75 pips
Commissions from No commission on stocks and ETFs
Deposit/Withdrawal Fees US Dollar 5
Maximum Leverage 1:30
Bonuses US Dollar 50 Welcome Offer And US Dollar 50 Per Referral
Customer Support 24/5 – multilingual

 

AvaTrade

 

Overall Rating

4.8/5

Rated #1 of
Recommended FX Brokers

💰Minimum Deposit

USD 100

🌐 Regulators

ASIC, FSA, CBI, BVI,FSCA,FRSA,CYCES, ISA, JFSA

📱 Trading Desk

MetaTrader 4, MetaTrader 5, Ava Social, Ava Protect, Trading Central

Crypto

Yes

📈 Total Pairs

55+

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Overview

With more than 200,000 registered clients globally, and more than 2 million trades executed monthly, AvaTrade is a leading broker in the Forex trading industry. The company was formed in 2006 when AVA Trade EU Ltd was founded in Ireland.

AvaTrade has a selection of trading instruments, including Forex, commodities, stocks, indices, cryptocurrencies, bonds, and ETFs. Besides these, AvaTrade also has vanilla options, which is an uncommon feature with Forex brokers.

 

Pros and Cons

✔️PROS ❌CONS
A broad range of tradable instruments High EURUSD and inactivity fees
MetaTrader 4 and 5 are available
Excellent educational resources

 

Features

Feature Information
Regulation Central Bank of Ireland, MiFID, ASIC, BVI
Minimum deposit from US Dollar 100
Average spread from 0.9 pips
Commissions from No commission on Forex
Deposit/Withdrawal Fees None
Maximum Leverage 1:400
Bonuses First Deposit Bonus
Customer Support 24/5 – multilingual

 

HYCM

 

Overall Rating

4.5/5

Rated #36 of
Recommended FX Brokers

💰Minimum Deposit

USD 100

🌐 Regulators

FCA

📱 Trading Desk

MetaTrader 4, MetaTrader 5

Crypto

Yes

📈 Total Pairs

69

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Overview

HYCM is a Forex and CFD broker authorized and regulated by the UK Financial Conduct Authority (FCA) and Cyprus Securities and Exchange Commission (CySEC).

The broker offers 3 core trading accounts called Fixed, Classic, and Raw to trade on more than 100+ trading instruments across Forex, Stocks, Indices, Commodities, and Cryptocurrency CFDs on the MetaTrader 4 and MetaTrader 5 trading platform.

 

Pros and Cons

✔️PROS ❌CONS
Well regulated

Low minimum deposit

Excellent research tools

 

Features

Feature Information
Regulation FCA, CySEC, DFSA, CIMA
Minimum deposit from US Dollar 100
Average spread from 1.8 pips
Commissions from US Dollar 4 per round turn on Raw account only
Deposit/Withdrawal Fees US Dollar 30 for wire transfer un US Dollar 300
Maximum Leverage 1:200
Bonuses 25% Deposit Bonus
Customer Support 24/5

 

Admiral Markets

 

Overall Rating

4.2/5

Rated #214 of
Recommended FX Brokers

💰Minimum Deposit

USD 1

🌐 Regulators

MiFID 

📱 Trading Desk

Crypto

Yes

📈 Total Pairs

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Overview

Admiral Markets is known for its low fees, outstanding educational resources, and wide investment selection.

 

Pros and Cons

✔️PROS ❌CONS
Segregated client accounts No fixed spread accounts
Advanced trading tools

Negative balance protection

 

Features

Feature Information
Regulation CySEC, FCA, ASIC
Minimum deposit from US Dollar 50
Average spread from 0.75 pips
Commissions from No commission on stocks and ETFs
Deposit/Withdrawal Fees US Dollar 5
Maximum Leverage 1:30
Bonuses US Dollar 50 Welcome Offer And US Dollar 50 Per Referral
Customer Support 24/5 – multilingual

 

AxiTrader

 

Overall Rating

4.6/5

Rated #70 of
Recommended FX Brokers

💰Minimum Deposit

USD 0

🌐 Regulators

ASIC, DFSA, FCA, FSA

📱 Trading Desk

MetaTrader 4

Crypto

Yes

📈 Total Pairs

66

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

Axi

 

Overview

AxiTrader is predominantly a MetaTrader-broker, offering 80 currency pairs and 65 CFDs on commodities, metal, indices, and Bitcoin, across its Standard and PRO MetaTrader 4 (MT4) Account offering.

AxiTrader also offers its premium MT4 NextGen add-on package for clients with at least US Dollar 1,000 on deposit and provides several social-copy trading platforms and tools.

 

Pros and Cons

✔️PROS ❌CONS
No Minimum Deposit Limited research tools
MetaTrader 4 available

 

Features

Feature Information
Regulation ASIC, FCA, DFSA
Minimum deposit from No minimum deposit
Average spread from 1.24 pip
Commissions from  US Dollar 7 commission charged per round
Deposit/Withdrawal Fees None
Maximum Leverage 1:400
Bonuses 20% Deposit Bonus
Customer Support 24/5

 

Interactive Brokers

 

Overall Rating

4.9/5

Rated #41 of
Recommended FX Brokers

💰Minimum Deposit

🌐 Regulators

FCA, ASIC, NYSE, SEC, FINRA, IIROC. Regulated in Australia, Bahamas, Cyprus, Dubai, Germany, Kenya, UK 

📱 Trading Desk

Crypto

Yes

📈 Total Pairs

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Overview

Interactive Brokers allows traders to trade stocks, options, futures, forex, bonds, ETFs, CFDs, and many more.  You can choose between over 100 different order types and algorithms to aid in your trade execution.

Interactive Brokers offers the lowest margin rates in the discount brokerage by a large margin. Their pricing structure is based on a benchmark rate plus a premium. The premium depends on how large the margin loan is.

 

Pros and Cons

✔️PROS ❌CONS
Wide range of products

Excellent research tools

Well regulated

Complicated account opening process

 

Features

Feature Information
Regulation FCA, ASIC, NYSE, SEC, FINRA, IIROC
Minimum deposit from None
Average spread from 0.1 pips
Commissions from US Dollar 0.65
Deposit/Withdrawal Fees Varies depending on the payment method
Maximum Leverage 1:40
Bonuses None
Customer Support 24/6

 

Oanda

 

Overall Rating

4.9/5

Rated #194 of
Recommended FX Brokers

💰Minimum Deposit

USD 0

🌐 Regulators

FCA, CFTC, ASIC, FSC, BVI and IIROC

📱 Trading Desk

MetaTrader 4 (MT4)

MetaTrader 5 (MT5)

Crypto

Yes

📈 Total Pairs

45 

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Overview

Oanda offers 2 types of trading accounts: a Standard Account and a Premium Account.

Both accounts offer 24 hours a day, 5 days a week support, the ability to trade Forex, Indices, Metals, Commodities, and Bond CFDs.

The broker also offers institutional-grade execution on OANDA Trade, the broker’s own, proprietary – and award-winning – trading platform for desktop, web, and mobile as well as on MetaTrader 4.

 

Pros and Cons

✔️PROS ❌CONS
Relatively low trading fees Limited product portfolio
No minimum deposit required
Easy account opening process

 

Features

Feature Information
Regulation FCA, RFED
Minimum deposit from None
Average spread from 1.6 pips
Commissions from US Dollar 0.01 USD per trade
Deposit/Withdrawal Fees None
Maximum Leverage 1:100
Bonuses None
Customer Support 24/5

 

City Index

 

Overall Rating

4.7/5

Rated #226 of
Recommended FX Brokers

💰Minimum Deposit

USD 100

🌐 Regulators

FCA, ASIC, MAS

📱 Trading Desk

Crypto

Yes

📈 Total Pairs

65

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Overview

City Index offers over 12,000 assets across nine categories, and the selection is outstanding for all types of traders and asset management firms.

Proper cross-asset diversification is possible, and every trading strategy has numerous opportunities across the global financial system. Pure Forex traders have access to 84 currency pairs, complemented by commodity CFDs and a primary cryptocurrency selection.

 

Pros and Cons

✔️PROS ❌CONS
Low trading fees

No fees for deposit and withdrawal

Comprehensive research tools

Limited product portfolio

 

Features

Feature Information
Regulation FCA, ASIC
Minimum deposit from US Dollar 100
Average spread from 1.5 pips
Commissions from ‎US Dollar 3
Deposit/Withdrawal Fees None
Maximum Leverage 1:200
Bonuses Deposit Bonus
Customer Support 24/6

 

FxPro

 

Overall Rating

4.7/5

Rated #202 of
Recommended FX Brokers

💰Minimum Deposit
USD 100 (recommended amount USD 1000)
🌐 Regulators

FCA, CySEC, FSCA, SCB

📱 Trading Desk

MT4

Crypto

Yes

📈 Total Pairs

70

☪️ Islamic Account

Yes

📊 Trading Fees

High

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Overview

FxPro offers a total of six asset classes which allows traders to operate a diversified cross-asset portfolio.

With over 70 currency pairs, this broker shines in the Forex market; future and spot indices are also well represented while share trading is limited to a selection of major names, and spot metals, as well as spot energies, are reduced to the minimum.

 

Pros and Cons

✔️PROS ❌CONS
The wide selection of market instruments
Client funds stored in segregated accounts

Low trading fees

 

Features

Feature Information
Regulation FCA, CySEC, FSCA
Minimum deposit from US Dollar 100
Average spread from 1.7 pips
Commissions from US Dollar 45 per million USD traded.
Deposit/Withdrawal Fees 1.6% for debit and credit card
Maximum Leverage 1:500
Bonuses None
Customer Support 24/5

 

IC Markets

 

Overall Rating

4.7/5

Rated #37 of
Recommended FX Brokers

💰Minimum Deposit

USD 200

🌐 Regulators

ASIC, CySEC, FSA, SCB

📱 Trading Desk

MetaTrader 4

Crypto

Yes

📈 Total Pairs

65

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Overview

IC Markets offers a suite of trading platforms from MetaQuotes Software Corporation, including MetaTrader4 (MT4) and MetaTrader 5 (MT5), as well as the suite of cTrader platforms from SpotWare Systems.

In addition to providing traders 63 forex pairs and 41 CFDs on indices, metals, cryptocurrencies, and futures contracts on its available account types, IC Markets also provides social copy trading via Myfxbook and on the ZuluTrade platform.

 

Pros and Cons

✔️PROS ❌CONS
Low forex fees

Easy and fast account opening

Free deposit and withdrawal

No Negative Account Balance Protection

A limited number of available CFDs

 

Features

Feature Information
Regulation ASIC
Minimum deposit from US Dollar 200
Average spread from 0.0 pips
Commissions from ‎None
Deposit/Withdrawal Fees None
Maximum Leverage 1:500
Bonuses None
Customer Support 24/7

 

RoboForex

 

Overall Rating

4.7/5

Rated #57 of
Recommended FX Brokers

💰Minimum Deposit

USD 10

🌐 Regulators

IFSC

📱 Trading Desk

MetaTrader 4

Crypto

Yes

📈 Total Pairs

32

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Overview

RoboForex offers the ability to trade on more than 12,000 markets covering Forex ECN and CFDs on Stocks, ETFs, Indices, Commodities, and Cryptocurrencies.

There can be traded on the globally-recognized MetaTrader, MetaTrader 5, and cTrader trading platforms, as well as the broker’s own feature-rich R Trader platform.

 

Pros and Cons

✔️PROS ❌CONS
Tight spreads of 0.0 pips

Fast order execution

Wide range of deposit currencies

No fixed spread accounts

 

Features

Feature Information
Regulation IFSC, CySEC
Minimum deposit from US Dollar 10
Average spread from 0.0 pips
Commissions from ‎None
Deposit/Withdrawal Fees None
Maximum Leverage 1:2000
Bonuses US Dollar 30 Welcome Bonus
Customer Support 24/5

 

Alpari

 

Overall Rating

4.7/5

Rated #70 of 
Recommended FX Brokers

💰Minimum Deposit

USD 100

🌐 Regulators

FSC 

📱 Trading Desk

MT4, MT5

Crypto

Yes

📈 Total Pairs

48

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Overview

Alpari offers a wide range of services that are suitable for both beginner traders and advanced traders.

A mixture of commission-based and commission-free accounts with varying access and spreads to different amounts of leverage. Thus, it makes the offering of Alpari International unique.

 

Pros and Cons

✔️PROS ❌CONS
Advanced trading platforms Limited independent research tools
Excellent customer support

Caters to a wide range of trading styles and experience levels

 

Features

Feature Information
Regulation Financial Services Commission (FSC)
Minimum deposit from US Dollar 100
Average spread from 1.2 pips on majors
Commissions from charged at 4 units of the Base currency
Deposit/Withdrawal Fees None
Maximum Leverage 1:1000
Bonuses Cashback Promotion
Customer Support 24/5

 

EasyMarkets

 

Overall Rating

4.9/5

Rated #18 of
Recommended FX Brokers

💰Minimum Deposit

$100

🌐 Regulators

CySEC, ASIC, BVI, FSA

📱 Trading Desk

MetaTrader 4, TradingView