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13 Best Steel Commodity Forex Brokers

 

Steel is one of the most important metals globally, mainly used in the construction and engineering industries respectively.  Steel is an alloy which is mainly made up of iron and it contains smaller amounts of carbon, manganese, silicon, phosphorus, sulphur and oxygen. Steel carries a relatively low cost and its strong physical properties makes steel a popular choice for fabricating a wide variety of items such as refrigerators and washing machines, cargo ships to buildings, to name but a few.

 

Steel Production

Steel production takes place in furnaces by using one of three different methods.

 

Blast Furnace – Basic Oxygen Furnace (BF – BOF)

This method makes use of iron ore, coal, and recycled steel. The Iron ore is reduced to iron and then changed to steel in blast furnaces. The Steelmaker will then cast and roll the steel and deliver it as plates, coils, sections or bars.  This method accounts for approximately 75% of global steel production.

 

Electric Arc Furnace (EAF)

This EAF method makes use of mostly recycled steel and electricity, and occasionally other sources of metallic iron. The EAF method accounts for approximately 25% of global steel production.

 

Open Hearth Furnace (OHF)

The Open Heart Furnace method is energy-intensive and not environmentally friendly. This unpopular method accounts for less than 0.5% of global steel production.

 

Global steel production exceeds 1,600 million metric tons annually  The top steel producing countries include China, Japan, India, The United States of America, Russia, South Korea, Germany, Turkey, Brazil and Ukraine.

Here is an overview of the 13 Best Forex Brokers and Trading Platforms for Steel Commodity trading.

 

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eToro

eToro is an online broker which was founded in 2006 and offers CFDs and Social Trading, with a head office based in Cyprus, UK.  eToro is supervised by the Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC) regulatory bodies and has been in operation for over 14 years.

 

Pros and Cons

Pros Cons
Used by 6,000,000+ traders Doesn’t allow scalping
Established in 2006 Inactivity Fee
Regulated by Financial Conduct Authority, CySEC, ASIC Limited range of instruments
Min. deposit from $200

 

eToro offers traders two ways to trade: CFDs, Social Trading and eToro traders will need to make a minimum deposit of $200 and the platform can accommodate various levels of traders from beginner to expert.  Traders can trade in a wide variety of over 100 instruments and over 50 currency pairs on eToro’s user-friendly custom trading platform which is available as a browser-based web application. eToro also offers traders mobile apps for Android and iOS, making it easier to keep an eye on and execute trades.

 

Trading Benefits

Trading Features: Accounts offered: Funding methods:
Offers STP Demo account Credit cards
Low min deposit Micro account Bank Transfer
Mini account PayPal
Standard account Skrill
Islamic account Payoneer
Neteller

 

eToro supports a wide range of languages including English, German, Spanish, French, and Italian.  24/6 customer support is available via telephone and support ticket.

 

IC Markets

IC Markets is a regulated Forex ECN and CFD broker which offers more than 236+ financial instruments across Forex, Commodities, Indices, Bonds, Cryptocurrency, Stocks and Futures on the MetaTrader 4, MetaTrader 5 and cTrader platforms for desktop, web and mobile.  IC Markets is regulated by the Australian Securities and Investments Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC), as well as the Seychelles Financial Services Authority (FSA).

 

Pros and Cons

Pros Cons
Segregates client funds Limited range of instruments
Established in 2007 Not FCA Regulated
Regulated by ASIC
Min. deposit from $200

 

IC Markets offers traders three main types of live trading accounts to choose from, including  Raw Islamic swap-free accounts and the use of a free demo trading account.

 

Trading Benefits

Trading Features: Accounts offered: Funding methods:
Allows scalping Demo account Credit cards
Allows hedging Mini account Bank Transfer
Offers STP Standard account PayPal
Low min deposit Zero spread account Skrill
ECN account Neteller
Islamic account

 

Customer support is available 24/7 via Live Chat, Phone and Email.

 

XTB

XTB is a European broker which was founded in 2002, and has offices in 13 countries across the globe.  XTB is regulated by the UK Financial Conduct Authority (FRN 522157) and has been listed on the Warsaw Stock Exchange since 2016.

 

XTB is a fintech company which combines financial services with innovative technology and it offers clients two platforms to choose from:

  • xStation5
  • MT4

 

Pros and Cons

Pros Cons
Lowest FX spreads Does not accept U.S. clients
Regulated by FCA (U.K.) Non-FX spread costs are high
Offers protection for client accounts No guaranteed stop loss
Emphasis on customer service No back-testing or automated trading capabilities

 

Traders can choose from 25 crypto CFDs (9 individual coins or 16 crypto pairs) which are available 7 days a week (from 3am Saturday to 9pm Friday). Traders can buy or sell digital coins with 2:1 leverage and 365-day expiry.

 

Trading Benefits

Trading Features: Accounts offered: Funding methods:
Allows scalping Demo account Credit cards
Allows hedging Micro account Bank Transfer
Offers STP Mini account PayPal
Low min deposit Standard account Skrill
Guaranteed stop loss Islamic account Payoneer
Offers Negative Balance Protection Neteller

 

XTB support a wide range of languages including English, Spanish, Czech, Chinese, German, French, Italian, Polish, Portuguese, Romanian, Slovenian, Turkish, Arabic, and Russian.

 

FP Markets

FP Markets is a global, online broker regulated by the Australian ASIC and the Cypriot CySEC which was founded in 2005 and offer Forex trading and has a head office situated in Australia. When starting off with FP Markets traders will need to make a minimum deposit of $100 and a demo account is on offer with a wide variety of instruments and currency pairs on offer.

 

Over 100 instruments and over 60 currency pairs in total is on offer, on the popular MT4 forex trading platform.  FP Markets also offers traders mobile apps for Android and iOS.

 

Pros and Cons

Pros Cons
Low Forex Fees High Stock CFD fees
Easy Account Opening Limited Product Portfolio
Quick Deposit and Withdrawal Outdated Platform

 

Trading Benefits

Trading Benefits Accounts Offered Funding Methods
Allows scalping Mini Bank Transfer
Allows hedging Standard Credit/Debit
Offers STP ECN Electronic Wallets
Low min deposit STP
Offers Negative Balance Protection Managed

 

All accounts support a wide range of languages including English, Spanish, Portuguese, Romanian, Bulgarian, Arabic, Russian, French, Italian, Greek, Philippines, Latvian, Polish, Indonesian, Thai, Malay, German, Vietnamese.

 

Customer Service is available via email, phone and live chat.

 

XM Group

XM Group (XM) is a group of regulated online brokers regulated by the Cyprus Securities and Exchange Commission.

 

Pros and Cons

Pros Cons
• Low stock CFD and withdrawal fees • Limited product portfolio
• Easy and fast account opening • Average forex and stock index CFD fees
• Great educational tools • No investor protection for non-EU clients

 

XM offers traders more than 1000 financial instruments to trade on both the MT4 and MT5 platforms, including Forex Trading, Stocks CFDs, Commodities CFDs, Equity Indices CFDs, Precious Metals CFDs and Energies CFDsForex trading is available on over 55 pairs, including the major USD, GBP, EUR and JPY pairs.  Traders must take note that XM does not offer binary options or futures.

 

Trading Benefits

Trading Features Accounts Offered Funding Methods
Negative Balance Protection Micro Wire Transfer
Low Spreads Standard Credit/Debit
Low Commission XM Zero Neteller
Hedging Allowed UnionPay
Scalping Allowed WebMoney
Qiwi

 

Customer Service is available via live chat, Phone and email support.

 

Pepperstone

Pepperstone was founded in 2010 and is regulated by the Australian Securities and Investments Commission (ASIC), as well as the UK’s Financial Conduct Authority (FCA).

 

Pros and Cons

Pros Cons
Segregates client funds Limited range of instruments
Established in 2010
Min. deposit from $200

 

Trading platforms on offer include MetaTrader 4MetaTrader 5 and cTrader. All three FX trading platforms come with a free demo account which will allow traders to test out the forex broker and platform for 30 days.

 

Trading Benefits

Trading Features: Accounts offered: Funding methods:
Allows scalping Demo account Credit cards
Allows hedging Mini account Bank Transfer
Offers STP Standard account PayPal
Low min deposit MAM/PAMM account Skrill
Offers Negative Balance Protection Islamic account Payoneer
Neteller

 

Pepperstone offers 24/5 multiple language support via email, phone and live chat.

 

Roboforex

Roboforex are an online, global broker which was founded in 2009 and offers traders Forex and CFDs trading.  RoboForex is authorized and regulated by the International Financial Services Commission (IFSC) with license number IFSC/60/271/TS.

 

Pros and Cons

Pros Cons
Segregates client funds Limited range of instruments
Established in 2009 Not FCA Regulated
Regulated by IFSC Belize
Min. deposit from $10

 

When starting off with Roboforex traders will need to make a minimum deposit of $1 and there is an option available for a demo account for those who would like to get acquainted with the platform.  Roboforex can accommodate various levels of traders, from experienced to beginner, and they can trade a wide variety of instruments and currency pairs.  Roboforex offers over 100 instruments and over 35 currency pairs in total.   Roboforex offers traders both of the MetaTrader platforms; MT4 and MT5 plus the cTrader platform developed for traders.   Roboforex also offer mobile apps for Android and iOS.

 

Trading Benefits

Trading Benefits Accounts Offered Funding Methods
Allows scalping Micro Credit cards
Allows hedging Mini Bank Transfer
Offers STP Standard Payoneer
Low min deposit Zero Neteller
ECN
STP
Islamic

 

Customer support is available via phone, Webchat, Wechat, Skype, Viber, Telegram, Facebook chat, WhatsApp, email and a call-back request.

 

Trading 212

Trading 212 are an online broker which was founded in 2006 and offers Stocks trading, Forex trading, Commodities trading, and Indices trading.  Trading 212 are a global broker and has a head office situated in UK.  Trading 212 is Regulated by the Financial Conduct Authority (FCA), Financial Supervision Commission (FSC) and is used by over 14,000,000 traders.

 

Pros and Cons

Pros Cons
Strict Regulation No US clients
Segregated Client Funds Limited leverage for non-professional clients
Financial Services Compensation Scheme No MT4/MT5
Commission Free Trading  
Intuitive trading platform  
Low Minimum Deposit  

 

Trading 212 are the UK’s number one trading and investment app with over 14,000,000 downloads, thus a large userbase but is not available in the following countries: US

 

Trading Benefits

Trading Benefits Accounts Offered: Funding Methods:
Allows hedging Invest account PayPal
Offers STP ISA account Skrill
Low min deposit CFD account Visa
Guaranteed stop loss Demo account
Offers Negative Balance Protection

 

Trading 212 offers an outstanding, highly responsive customer service team available 24 hours a day across a variety of platforms and in 16 different languages.

 

EasyMarkets

EasyMarkets is one of the most popular choices for Beginners and is regulated by CSEC (Cyprus) and ASIC (Australia) and offers beginner forex traders:

  • Enhanced risk management tools as standard
  • Fixed spreads on all forex pairings
  • An easy-to-use forex trading platform

 

Pros and Cons

Pros Cons
Segregates client funds Doesn’t offer VPS
Established in 2003 Limited range of instruments

 

Regulated by CySEC and ASIC Not FCA Regulated
Min. deposit from $1  

 

The available trading platforms offered are MT4 and the EasyMarkets web platform.

 

Trading Benefits

Trading Features: Accounts offered: Funding methods:
Allows scalping Demo account Credit cards
Allows hedging Micro account Bank Transfer
Low min deposit Mini account Payoneer
Guaranteed stop loss Standard account Neteller
Offers Negative Balance Protection Islamic account

 

Customer Support is available 24/5 via  various chat channels, email, phone and web forms

 

FXPrimus

FXPrimus is an online broker founded in 2009 offering Forex trading, and Social Trading and is global broker with a head office in Cyprus.

 

  • Regulated by the Cyprus Securities and Exchange Commission (CySEC), The markets in financial instruments directive (MiFID)
  • Used by over 10,000 traders

 

Pros and Cons

Pros Cons
Segregates client funds Limited range of instruments
Established in 2009 Not FCA Regulated
Regulated by CySEC, MiFID
Min. deposit from $100

 

FXPrimus has won numerous industry awards over the 11 years a wide variety of instruments and trading currency pairs.  FXPrimus offers over 125 different instruments to trade, including over 43 currency pairs.

 

Trading Benefits

Trading Features: Accounts offered: Funding methods:
Allows scalping Demo account Credit cards
Allows hedging Micro account Bank Transfer
Offers STP Mini account Payoneer
Low min deposit Standard account Neteller
ECN account
Managed account
Islamic account

 

Customer Support is available via email, webform, phone and live chat.

 

Forex.com

Forex.com is a platform which can be used for trading foreign currencies and precious metals. Traders can trade over 80 currency pairs as well as silver and gold.

 

Pros and Cons

Pros Cons
Segregates client funds Doesn’t offer VPS
Established in 1999 Not ASIC Regulated
Regulated by Financial Conduct Authority
Min. deposit from $50

 

To open a live trading account, traders will need a minimum deposit of at least $50.

 

Trading Benefits

Trading Features: Accounts offered: Funding methods:
Allows scalping Demo account Credit cards
Allows hedging Mini account Bank Transfer
Offers STP Standard account
Low min deposit ECN account
Islamic account

 

Customer support is available by phone, live chat, or email 24 hours a day during market hours.

 

City Index

City Index is a Spread Betting, CFD and Forex trading broker which is regulated by the UK Financial Conduct Authority (FCA)City Index offers traders the ability to trade on 12,000+ instruments covering Indices, Shares, Forex, Cryptos and Commodities, all on the MetaTrader 4 platform, the broker’s own proprietary, web-based HTML 5 trading platform or the AT Pro desktop download.

 

Pros and Cons

Pros Cons
Used by 140,000+ traders Doesn’t allow scalping
Established in 1983 Inactivity Fee
Regulated by Financial Conduct Authority, ASIC and MAS Limited range of instruments
Min. deposit from $25
Used by 140,000+ traders

 

Trading Benefits

Trading Features: Accounts offered: Funding methods:
Allows hedging Demo account Credit cards
Offers STP Micro account Bank Transfer
Low min deposit Mini account Payoneer
Guaranteed stop loss Standard account
Managed account

 

Customer support is available 24/5 via Live Chat, Telephone, Email and an Online Contact Form.

 

HYCM

HYCM is an online broker which was founded in 1977 and offers Forex and CFDs trading on the popular MT4 forex trading platform plus mobile apps for Android and iOS.

 

Pros and Cons

Pros Cons
Segregates client funds Doesn’t offer VPS
Established in 1977 Inactivity Fee
Regulated by Financial Conduct Authority Limited range of instruments
Min. deposit from $1 Not ASIC Regulated

 

Traders starting off with HYCM will need to make a minimum deposit of at least $100 and have the choice to sign up for a demo account perfect for various levels of traders, experienced or novice.

A wide variety of instruments and currency pairs are available for trade:

  • Over 100 instruments
  • Over 40 currency pairs

 

Trading Benefits

Trading Features: Accounts offered: Funding methods:
Allows scalping Micro account Credit cards
Allows hedging Mini account Bank Transfer
Low min deposit Standard account PayPal
Islamic account Payoneer

 

HYCM customer service is available through WhatsApp, Skype, Viber, Telegram Instant messaging services, Facebook Chat and Phone – 24/5.

 

Main Uses of Steel

The Demand for steel has seen a steady climb over the past decade as emerging market economies have developed larger infrastructure needs.

Industries with the largest demand for steel includes:

Construction and Infrastructure

Builders and engineers make use of steel to construct residential buildings, bridges, parking garages, high-rise buildings, industrial sheds, rail lines and multiple other structures. Construction and infrastructure accounts for approximately half of the annual steel consumption world-wide.

 

Mechanical Equipment and Automotive Sector

Steel sheets are used in vehicle frames, hoods, doors, mufflers, bumpers and fuel tanks with specialty steel used in engine parts, transmissions, and suspensions. The Mechanical Equipment and Automotive Sector accounts for approximately 30% of annual steel demand.

 

Metal Products

This Metal Products sector includes consumer goods which includes refrigerators, washing machines, and air conditioners. The Metal Products Sector accounts for approximately 11% of annual steel demand.

 

Other Transport

This sector includes shipbuilding and trains and comprises of approximately 5% of annual global steel demand.

 

Electrical Equipment

The Electrical Equipment sector comprises of approximately 3% of global steel demand and includes connector and component brackets amongst other equipment.

 

Domestic Appliances

Domestic Appliances which make use of steel includes Knives, cookware and other small kitchen appliances. This sector accounts for approximately 2% of annual steel demand.

 

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In Conclusion 

For traders new to steel commodities trading should make sure that they 100% understand how to trade in the Commodities market and know all risks involved.

 

 

Author Details

Louis Schoeman

Louis Schoeman

Featured Forex and Stocks writer

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