Searching for the top forex broker for trading oil? Based on our hands-on analysis, we’ve identified the 8 best options tailored to various trading needs. Practical tips from our experts are included.
Our team of experts has identified brokers’ strengths and weaknesses using FX Empire’s comprehensive methodology. Here’s how we test.
Without further ado, let’s move to the selected brokers.
Founded in 2005, FP Markets is headquartered in Australia and regulated by top-tier regulators ASIC and CySEC. The broker offers trading in currencies, commodities, indices, ETFs, stocks, futures, and cryptocurrencies.
FP Markets Oil Offering
FP Markets provides access to both CFD and ETF exposure to oil markets. Our tests indicated that FP Markets spreads for WTI oil were 0.04 pips which is average for the market.
The broker offers a wide range of trading platforms, such as MetaTrader 4, MetaTrader 5, WebTrader, IRESS, and a Mobile Trading App. FP Markets provides multiple deposit and withdrawal methods, including credit cards, bank transfers, and e-wallets.
Founded in 2014, Tickmill s regulated by CySEC, FCA, FSCA, FSA Malaysia, and FSA Seychelles. The broker provides access to currency pairs, commodities, indices, stocks, bonds, cryptocurrencies, futures, and options.
Tickmill Oil Offering:
Tickmill offers three main retail accounts and one futures account, which is available exclusively with the UK entity. The standard account provides commission-free trading and floating spreads, while the two CFD accounts offer raw spreads and fixed commissions. Tickmill also offers swap-free trading via its Islamic Accounts.
Our research showed that Tickmill’s spreads and swaps were low-to-medium compared to the broader industry. The broker’s commissions were also quite low. For example, the spreads for WTI Oil were 0.05 pips during our tests.
Tickmill’s CFD traders can choose between MetaTrader 4 and MetaTrader 5, while futures and options can be traded with the renowned TradingView and Agena platforms. The broker has also developed its proprietary mobile app which can be used to deposit, withdraw, and managed funds while also accessing live chat support and management of your trading account.
Founded in 2010, IronFX is regulated by three regulators, including top-tier regulators like CySEC and FCA. The broker offers trading in forex, commodities, stocks, indices, and cryptocurrencies.
IronFX Oil Offering
The broker offers 7 types of accounts, so clients will have plenty of options to choose from. The broker has a VIP account which could be set up with both floating and fixed spreads at the trader’s choice. The VIP account has no commissions. Traders also have access to three STP/ECN accounts where they can no-commission and zero-spread options.
IronFX offers a highly popular MetaTrader 4 platform. Advanced traders can benefit from VPS hosting as well as Personal Multi Account Manager (PMAM) platform which allows money managers to trade and manage multiple MT4 accounts at the same time. Among the research tools, the broker offers Trading Central with access to MT4 indicators, technical views, and forex ideas.
IC Markets has been on the market for over 15 years and is regulated by CySEC, ASIC, SCB, and the FSA of Seychelles. Its clients can trade over 1700 financial CFD instruments, including forex pairs, stocks, indices, commodities, bonds, and cryptocurrencies.
IC Markets Oil Offering
Our research showed that the spread for WTI oil is low – 0.03 pips. Spreads for the commodities in general were mostly in line with the industry average, as well as the overnight swap fees we measured. Notably, IC Markets does not charge inactivity fees.
IC Markets offers three trading platforms: MetaTrader 4, MetaTrader 5, and cTrader. The available platforms are aimed at advanced traders, who will benefit from their multiple features. Broker’s clients can also benefit from the strong research support, which includes in-house research and third-party tools like Trading Central and AutoChartist.
Founded in 2020, FlowBank is a Swiss online bank that provides multiple financial solutions and is regulated by the Swiss Financial Market Supervisory Authority (FINMA). FlowBank gives access to an impressive range of 50,000 trading instruments, including forex, stocks, ETFs, indices, commodities, cryptocurrencies, bonds, futures, options, and OTF funds.
FlowBank Oil Offering
FlowBank’s clients have access to the standard FlowBank platform, the more sophisticated FlowBank Pro, as well as the popular MetaTrader 4 and MetaTrader 5. However, what truly sets this broker apart is its proprietary mobile app, which equips traders with an ample selection of tools to manage their positions, including the ability to trade oil CFDs.
FlowBank’s app is available on Android and iOS and offers three chart types and five indicators. Traders can use market orders, limit orders, and stop orders, including stop-loss, trailing stop, and take-profit orders.
Additionally, FlowBank provides a wide range of research tools, including regular market insights, detailed articles, daily video breakdowns, and technical analysis. Talking about fees, for WTI oil, our tests indicated that spreads on a FlowBank Classic account were at 0.03 pips during the London open and the U.S. open times which is average for the industry.
AvaTrade is a globally regulated broker and is authorized and regulated by eight different financial regulators, including top-tier ASIC, CySEC, and the FSA of Japan. The broker provides access to more than 1250 instruments in forex, stocks, indices, commodities, cryptocurrencies, and FX options.
AvaTrade Oil Offering
AvaTrade provides a good range of services, products and materials for beginner traders.
Newbies will enjoy the commission-free trading accounts and the AvaProtect feature to cover losses in volatile markets (at a fee).
AvaTrade provides a wide range of trading platforms, including MetaTrader 4, MetaTrader 5, and two in-house mobile trading apps – AvaTradeGo and a copy trading app AvaSocial. Our research indicated that both apps are simple to use, easy to navigate, and have good technical tools and features.
Our tests showed that WTI oil spreads were 0.03, which is an attractive spread level. The broker also offers solid research and educational support. Editorial materials include a wide range of video tutorials that cover topics suitable for beginners and advanced traders. The broker also provides a large database of articles on technical analysis indicators and strategies.
Founded in 2011, FXTM offers trading in currencies, indices, and commodities, including WTI oil. The broker is regulated in multiple jurisdictions across the globe, including top-tier regulators like the UK’s FCA.
FXTM Oil Offering:
FXTM provides access to MetaTrader 4 and MetaTrader 5 for desktop and web. For trading on the go, the broker offers its proprietary FXTM Trader mobile app. MT4 is available in 39 languages and provides access to multiple technical indicators, as well as copy trading and automated trading features.
Treaders can choose between three account types and a number of deposit and withdrawal options. While deposits are free, fees are charged for withdrawals via bank transfer and credit card. FXTM provides strong research support, which includes daily market analysis, weekly forecasts, and a selection of custom MT4 indicators, such as the Pivot SR Levels indicator.
Established in 2008, Plus500 is listed on the London Stock Exchange and regulated by the CFTC and NFA. It launched its futures trading service for U.S. residents in 2022. The trading platform offers a user-friendly interface to trade multiple oil futures contracts with competitive fees.
Plus500 US Oil Offering:
The Futures Trading App and WebTrader platforms are easy to use and cater to beginners. There are over 100 technical indicators, 11 timeframes, multiple chart types, and the option to have multiple charts on one screen. The broker’s Futures Trading Academy offers an excellent array of materials to learn more about the ins and outs of trading energy futures.
Use our guide to choose the best forex broker for oil trading.
The process of choosing a broker begins with learning where your potential broker is regulated. In addition to the location of the regulator, traders should focus on important levels of protection such as negative balance protection, segregated funds, and the compensation fund that ensure trader’s security if the broker has financial problems.
Read more about Best regulated forex brokers.
Typically, brokers charge spreads, commissions, swap/rollover fees, and inactivity fees.
The spread is the difference between the bid and the ask price. The higher the spread, the more you pay for the trade. We consider WTI oil spreads below 0.03 pips to be low, while spreads above 0.05 pips are considered high.
A commission is a fixed cost of entering the trade. Usually, accounts that charge commissions offer low spreads. Commissions below $3 are considered to be low for oil.
A swap/rollover fee is charged when you hold a leveraged position overnight. Traders should pay extra attention to swap fees if they plan to use swing trading strategies, which involve holding positions for several days or even weeks.
An inactivity fee is charged by the broker if your account is dormant. In this case, a certain amount of money is charged every month. An inactivity fee below $10 is considered to be low.
See our guide for the best forex brokers with lowest spreads.
As an oil trader, you should be aware of the differences between various types of accounts.
Typically, most brokers provide access to MetaTrader4 and/or MetaTrader5. Those are sophisticated platforms with a variety of tools tailored mainly for experienced traders, hence, beginners may have to spend some time learning the ropes.
Some brokers also develop their in-house trading platforms. Usually, such platforms are easy to navigate, simple to use, and focused on the needs of different levels of traders.
Check out our guide of Best forex trading platforms.
The choice of trading platform depends on personal preferences and trading experience. For beginner traders, it’s better to start with a platform or a mobile app with basic functionality, while advanced traders will likely choose MT4/MT5 benefiting from their rich selection of features and tools.
Read more about Best MetaTrader 4 brokers and Best MetaTrader 5 brokers.
Leverage allows traders to use borrowed funds to increase their profits. The higher the leverage, the higher your potential profits are. However, leverage is a double-edged sword, and using high leverage also boosts your potential losses.
The regulator determines the maximum potential leverage that the broker can offer. Top-tier regulators usually limit the leverage to 1:30. Offshore regulators may allow the broker to offer leverage of up to 1:3000.
To get access to higher leverage, traders should open accounts with entities that are regulated by offshore regulators and offer fewer protections.
Explore Best forex brokers with high leverage.
Here are the five must-do things when choosing a broker for oil trading:
To avoid forex scams, traders should first check the broker’s regulations. If the broker is regulated by a top-tier regulator, you are mostly protected, while an unregulated broker can be quite suspicious and requires an additional examination. Moreover, check carefully if:
FX Empire has been reviewing brokers since 2010 and developed an in-depth review program of CFD brokers. We have more than a decade of experience testing brokers and abide by strict guidelines for editorial integrity.
Our review process follows a thorough protocol that results in a score that is based on objective criteria and measurable data. As a result of our work, we publish a comprehensive and unbiased review, which is meant to help traders choose the broker that suits their needs.
To choose the best broker for you, we rate brokers across nine categories and calculate a score that reflects their performance. The categories include
We open accounts, test platforms, measure spreads, and chat with support teams to collect as much data as we can for each broker. In total, we examine brokers according to over 250 data points.
Each category receives a rating from one star (weak) to five stars (excellent). The broker’s total score depends on its performance in each of these nine categories.
We highlight each broker’s strengths and weaknesses, explain regulatory details, and share the results of our live tests of brokers’ fees, customer support, and trading platforms. To learn more about our review process, click here.
For this guide, we conducted a thorough examination of oil trading offerings among various brokers. Our focus was on selecting brokers that provide a diverse array of oil investment products, including spot contracts, CFDs, ETFs, futures, and options. We also prioritized brokers that offer trading opportunities in both major oil benchmarks, Brent crude and WTI crude, due to their widespread trading prominence.
Another critical aspect we considered was the spreads on oil trades. Recognizing that spreads significantly influence trading costs, we assessed brokers offering low spreads, ideally below 0.03, as these are generally more favorable for traders.
The team of forex and CFD writers and editors at FX Empire is composed of trading industry professionals and seasoned financial journalists. Our writers have been published on leading financial websites such as Investopedia and Forbes. In addition, they all have extensive trading experience.
Dan Blystone began his career in the trading industry in 1998 on the floor of the Chicago Mercantile Exchange. Later Dan gained insight into the forex industry during his time as a Series 3 licenced futures and forex broker. He also traded at a couple of different prop trading firms in Chicago. Dan is well-equipped to recommend the best forex brokers due to his extensive experience and understanding of the brokerage industry.
Jitan Solanki is a professional trader, market analyst, and educator. He day trades major currency and index markets and focuses on swing trading US equities and commodities. A qualified Market Technician, Jitan also works with trader education and brokerage companies on various projects. These include market analysis, live trading events, and broker reviews. As an experienced trader and educator, Jitan brings all his qualities in action when reviewing and recommending brokers.
Having been a retail trader since 2013, Plamen has gained an in-depth understanding of the challenges that novice traders face today. His expertise is swing trading and day trading with a heavy emphasis on psychological and fundamental analysis. Plamen’s favourite trading instruments include FX majors and gold. He earned a Bachelor's degree in Economics and International Relations. Plamen's broad experience has equipped him with the expertise to recommend the best forex brokers.
In more than 15 years of trading in the financial markets, Vladimir dealt with a wide range of brokers and financial instruments. His career as a day-trader at a proprietary trading firm goes back to 2007. Later, Vladimir turned to longer time frames and became an independent trader and analyst managing his own portfolio. Using his experience, he helps traders find the best broker in his reviews.
In more than 15 years of trading in the financial markets, Vladimir dealt with a wide range of brokers and financial instruments. His career as a day-trader at a proprietary trading firm goes back to 2007. Later, Vladimir turned to longer time frames and became an independent trader and analyst managing his own portfolio. Using his experience, he helps traders find the best broker in his reviews.
At FXEmpire, we strive to provide unbiased, thorough and accurate broker reviews by industry experts to help our users make smarter financial decisions.