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8 Best Oil Trading Platform for 2024

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.

By:
Vladimir Zernov
Reviewed By:
Ola Alder
Updated: Mar 26, 2024

List of Top Oil Trading Brokers

Best brokers for US traders

Plus500 US - Best Overall in the US
6 oil futures contracts. Standard and micro contracts available. Low fees and intraday margin. Easy to use Futures Trading App and WebTrader platform.

Best brokers for international traders

FP Markets - Best Overall
800+ tradable instruments. Spread-based and commission-based accounts. Strong educational support.

Tickmill - Best for Account Offering
3 CFD accounts and 1 futures account. A wide range of tradable instruments. Proprietary mobile app.

IronFX - Best for Professional Traders
Multiple account options. Available floating and fixed spreads at some accounts. VPS hosting. MAM, PAMM accounts available.

IC Markets - Best Low Spreads
Low fees. 1,700+ tradable instruments. Strong educational support.

AvaTrade - Best for Beginners
1,250+ tradable instruments. Good research support. Easy-to-use AvaTradeGo mobile app.

FlowBank SA - Best Trading App
50,000+ instruments. FINMA regulation. Strong research support. Excellent in-house trading platform.

FXTM - Best MT4
Full suite of MetaTrader 4 and MetaTrader 5. Strong research support from in-house analysts.

How did FX Empire choose the best brokers and platforms for trading oil?

FXEmpire's Methodology

  • Oil trading offering: We checked product offerings and selected brokers that provide a range of oil investment products, such as spot contracts, CFDs, ETFs, futures, and options.
  • Coverage of major oil benchmarks: We evaluated brokers that offer trading in both Brent crude and WTI crude, as these are the two most widely traded oil benchmarks.
  • Spreads: We assessed brokers with low spreads on oil trades, as spreads can significantly impact your trading costs. Spreads below 0.03 are generally considered low, while spreads above 0.05 are considered high.
  • Trustworthiness: We searched for brokers with a good reputation and a history of honesty and transparency.
  • Trading platform: We focused on brokers with a trading platform that is user-friendly and offers the tools and features you need for your trading strategy.

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.

Best Overall

FP Markets

4.6
Start Trading
Contracts for Difference (CFDs) are leveraged over-the-counter derivative products and carry a high level of risk to your capital. You should only risk capital that you can afford to lose. In certain circumstances, due to fluctuations in market value you may not get back your initial investment amount. You may not only lose your initial investment but you may incur a liability to pay a further amount to cover losses. This means you can lose more money than you have invested.
  • Min Deposit
    $100
  • Tradable Instruments
    8977
  • Fees
    Low

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

  • Oil types: WTI Oil
  • Asset classes: CFD spot
  • Average spreads: WTI Oil 0.04 pips
  • Leverage: St. Vincent & the Grenadines – up to 1:500, CySEC – up to 1:30

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.

Pros
  • High investor protection through CySEC and ASIC regulation.
  • Good selection of trading platforms.
  • No inactivity fee.
Cons
  • Low investor protection through unregulated St. Vincent & Grenadines entity.
  • Proprietary mobile app is limited.
FP Markets Review

Best for Account Offering

Tickmill

4.5
Start Trading
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd. You should consider whether you understand how CFDs, or any other of our products work, and whether you can afford to take the high risk of losing your money.
  • Min Deposit
    $100
  • Tradable Instruments
    747
  • Fees
    Low

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:

  • Oil types: WTI Oil, Brent Oil
  • Asset classes: Spot CFDs, futures CFDs
  • Average spreads: WTI Oil 0.05
  • Leverage: Up to 1:30 (FCA), up to 1:500 (FSCA (SC))

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.

Pros
  • Licensed by top-tier regulators.
  • Diverse account types for oil trading.
  • Competitive fees.
Cons
  • Customer support only available during office hours.
Tickmill Review

Best for Professional Traders

IronFX

4
Start Trading
Our products are traded on margin and carry a high level of risk and it is possible to lose all your capital. These products may not be suitable for everyone and you should ensure that you understand the risks involved.
  • Min Deposit
    $0
  • Tradable Instruments
    321
  • Fees
    Medium

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

  • Oil types: WTI Oil, Brent Oil
  • Asset classes: CFD spot, CFD futures
  • Average spreads: WTI Oil 0.07
  • Leverage: Up to 1:1000 Bermuda, up to 1:30 CySEC

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.

Pros
  • Seven accounts to choose from.
  • Multiple deposit and withdrawal options.
  • Personal multi account manager.
Cons
  • Weak research support.
  • High spreads for some instruments.
IronFX Review

Best Low Spreads

IC Markets

4.5
Start Trading
Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
  • Min Deposit
    $200
  • Tradable Instruments
    2251
  • Fees
    Low

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

  • Oil types: WTI Oil, Brent Oil
  • Asset classes: CFD spot, CFD futures
  • Average spreads: WTI Oil 0.03
  • Leverage: Up to 1:500 FSA, Up to 1:30 CySEC

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.

Pros
  • Low trading fees.
  • Lots of tools and platforms available.
  • Strong educational and research support.
Cons
  • The broker’s offering may be overwhelming for beginners.
IC Markets Review

Best for Spread Betting

Vantage

4.5
Start Trading
Trading derivatives carries significant risks. It is not suitable for all investors and if you are a professional client, you could lose substantially more than your initial investment. When acquiring our derivative products, you have no entitlement, right or obligation to the underlying financial assets. Past performance is no indication of future performance and tax laws are subject to change. The information on this website is general in nature and doesn't take into account your personal objectives, financial circumstances, or needs. Accordingly, before acting on the advice, you should consider whether the advice is suitable for you having regard to your objectives, financial situation and needs. We encourage you to seek independent advice if necessary. Please read our legal documents and ensure that you fully understand the risks before you make any trading decisions.
  • Min Deposit
    $50
  • Tradable Instruments
    935
  • Fees
    Low
Vantage Review

Best Trading App

FlowBank SA

4.6
Start Trading
CFDs are complex instruments and are not suitable for everyone as they can rapidly trigger losses that exceed your deposits. You should consider whether you understand how CFDs work.
  • Min Deposit
    $0
  • Tradable Instruments
    72962
  • Fees
    Low

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

  • Oil types: WTI Oil, Brent Oil
  • Asset classes: Spot CFDs, Futures CFDs
  • Average spreads: WTI Oil 0.03
  • Leverage: Up to 1:100

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.

Pros
  • Over 50,000 instruments.
  • Strong regulatory oversight.
  • Excellent in-house trading platform.
  • Extensive research support.
Cons
  • No negative balance protection.
  • Just two deposit and withdrawal options.
  • Educational materials are geared to advanced traders.
FlowBank SA Review

Best Trading Software

ActivTrades

4.4
Start Trading
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 82% of retail investor accounts lose money when trading CFDs with this provider.You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
  • Min Deposit
    $0
  • Tradable Instruments
    1253
  • Fees
    Medium
ActivTrades Review

Best for Beginners

AvaTrade

4.6
Start Trading
Trading CFDs and FX Options entail risk and could result in the loss of your capital.
  • Min Deposit
    $100
  • Tradable Instruments
    853
  • Fees
    Medium

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

  • Oil types: WTI Oil, Brent Oil.
  • Asset classes: Spot CFD
  • Average spreads: WTI Oil 0.03
  • Leverage: Up to 1:400 BVI FSC, Up to 1:10 CBI (EU entity)

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.

Pros
  • Multiple account types.
  • 1,250+ instruments in forex, stocks, indices, commodities, and cryptocurrencies.
  • Beginners-friendly proprietary mobile app.
Cons
  • No alerts on the web platform.
  • Pricing for retail accounts is average for the industry.
AvaTrade Review

Best MT4

FXTM

4.3
Start Trading
Online Forex/CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 81% of retail investor accounts lose money when trading Online Forex/CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. It is the responsibility of the Client to ascertain whether he/she is permitted to use the services of Exinity Capital East Africa Ltd based on the legal requirements in his/her country of residence.
  • Min Deposit
    $500
  • Tradable Instruments
    593
  • Fees
    Medium

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:

  • Oil types: WTI Oil, Brent Oil
  • Asset classes: CFD spot
  • Average spreads: WTI Oil 0.05
  • Leverage: Up to 1:10 (CySEC), Up to 1:52 (international)

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.

Pros
  • Custom MT4 indicators.
  • Robust research content.
  • VPS hosting.
  • Intuitive mobile app.
Cons
  • Withdrawal and inactivity fees.
FXTM Review

Best Overall in the US

Plus500 US

4.4
Start Trading
Trading with leverage comes with a high risk and may not be suitable for everyone.
  • Min Deposit
    $100
  • Tradable Instruments
    52
  • Fees
    Low

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:

  • Oil types: Crude Oil, Brent Crude Oil, Heating Oil, RBOB Gasoline, E-mini Crude Oil, Micro WTI Crude Oil
  • Asset classes: Futures
  • Average spreads: Variable
  • Margin: From $80 per contractPlus500 US offers the full spectrum of asset classes for futures trading. This includes energy, metals, agriculture, forex, cryptocurrencies, equity indices, and interest rates. The six energy contracts offer a diverse range of oil markets with competitive fees. Standard contract fees are $0.89, and micro contracts are $0.49. There are zero platform, routing, deposit, withdrawal, or inactivity fees.

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.

Pros
  • High investor protection through CySEC and ASIC regulation.
  • Good selection of trading platforms.
  • No inactivity fee.
Cons
  • Proprietary mobile app is limited.
Plus500 US Review

How to choose a forex broker for oil trading?

Use our guide to choose the best forex broker for oil trading.

How to choose a safe 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.

What fees to focus on when choosing the oil trading broker?

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.

How to choose the right account for oil trading?

As an oil trader, you should be aware of the differences between various types of accounts.

  • Demo accounts are used for practice without risking real money. Such accounts should be used by novice traders making their first steps in markets. Read more about Best forex demo accounts.
  • Spread-based accounts typically charge spreads and swap/rollover fees. These accounts are usually a good choice for traders whose trading volume is expected to be relatively modest. Discover Best STP forex accounts.
  • Commissions-based accounts charge commissions in addition to spreads and swap/rollover fees. Usually, spreads are tight in such accounts. These accounts are suitable for traders whose trading volume is expected to be high. Find Best ECN forex accounts.
  • On Islamic accounts, swap/rollover fees are not charged to ensure compliance with Sharia law. Read more about Best Islamic accounts.
  • Professional accounts usually have a high minimum deposit and offer access to the high leverage that most professional traders are looking for. Discover Best forex broker for professionals.

How to choose an oil trading platform?

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.

What leverage is available for oil traders?

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.

What to look for when choosing a broker for oil trading?

Here are the five must-do things when choosing a broker for oil trading:

  • To check the broker’s regulations, protections, and level of transparency.
  • To consider broker’s fees, including spreads, commissions, and swap rates.
  • To choose the account type that suits your needs and trading experience.
  • To explore a list of offered instruments before starting trading.
  • To interact with the support team when opening an account with the broker.

How to avoid forex scams?

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:

  • The broker offers a big cash bonus for opening the account.
  • The broker heavily promotes automatic trades and/or trading signals from unknown sources.
  • The broker promises profits and cites unrealistic success rates.
  • There is no information about the company and its employees.
  • The broker stated address is not suitable for a serious company.
  • The support team does not respond or responds rarely.
  • Clients report issues with funds withdrawals.

Our Methodology

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

  • Trust and Stability
  • Fees
  • Platform and Tools
  • Tradable Instruments
  • Account Types
  • Deposit and Withdrawal
  • Research
  • Customer Support
  • Education

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.

Meet our Writers

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.

Get to Know Our Authors

Dan BlystoneBroker Analyst

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 SolankiBroker Analyst

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.

Plamen StoyanovBroker Analyst

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.

Vladimir ZernovBroker Analyst

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.

FAQ

Oil trading brokers offer derivatives trading to retail traders with especially broad range of oil instruments, such as crude, brent, futures, and ETF oil assets.
The most popular types of oil are Crude (WTI) and Brent. These can be traded as CFDs, futures, or options. Some brokers also offer oil-related ETFs.
Oil assets can be traded Over-The-Counter (OTC) or on an exchange.
All of these are financial derivatives, meaning there is no physical delivery of the underlying and only speculation with its price. These various types of contracts differ in their structure and execution. For instance, CFDs allow immediate entry into the market and the possibility to profit from future price changes. Options, in contrast, give you the right but not the obligation to execute them at a future date based on how the underlying price has changed.
Brokers charge spreads, commissions, and swap fees for oil trading. The spread is the difference between the bid and ask prices of an asset; a commission is a fixed charge for opening and closing trades; and the swap is the cost of holding a position open overnight due to changing interest rates.
Our research indicated that ActivTrades and FP Markets provide the best trading software. The broker provides an intuitive proprietary platform with multiple technical indicators and drawing tools. It also supports fast order execution, which is crucial for trading highly volatile markets such as the oil market. FP Markets gives access to a wide range of platforms for different level of trading style and experience. Among them are MetaTrader 4, MetaTrader 5, WebTrader, IRESS, and a Mobile Trading App
Our tests showed that AvaTrade is the best oil trading broker for beginners thanks to solid educational and research support and a wide range of trading platforms. The broker also provides excellent social trading solutions.
We found that IronFX is the best oil trading broker for professionals as it has a VIP account that offers aggressive leverage and can be set up with fixed and floating spreads. It also has access to deep liquidity, supporting fast order execution.
Yes, there are brokers that provide access to oil trading for US-based clients. We found that Plus500 is the best choice for US-traders.
It depends on the trader’s strategy. High-frequency traders, like scalpers and intraday traders, should consider commission-free accounts. Accordingly, high-volume traders will benefit more from raw spread accounts.
Yes, oil trading is available on MT4 as long as you connect a broker to the platform. Nowadays, most CFD brokers offer MT4. With its Expert Advisors (EAs) feature, the platform is also suitable for algorithmic trading.
It depends on the particular contract and whether it is traded on an exchange or over the counter. OTC trading is generally available Mondays to Fridays.
The best time to trade oil derivatives is when the market is most liquid, which usually happens when the European and U.S. trading sessions overlap.
The size of the minimum deposit depends on the broker you trade with. Sometimes, it’s possible to start trading with a deposit of just $10. However, oil markets are very volatile, and having a small account balance translates to higher market exposure, especially when trading leveraged products.
Our tests showed that IC Markets offers the most competitive spreads on energy commodities, such as crude and brent oil.

About the Author

Vladimir ZernovBroker Analyst

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.

Why you can trust FX Empire

At FXEmpire, we strive to provide unbiased, thorough and accurate broker reviews by industry experts to help our users make smarter financial decisions.

Why you can trust FX Empire

FXEmpire was founded in 2011, making us one of the first forex broker review sites. You can trust FXEmpire because of our thorough and unbiased review process. With over a decade of experience, we have a team of industry experts who conduct rigorous tests to ensure our reviews are accurate and unbiased. Our reviews are designed to bring clarity and confidence to the process of choosing a broker, and are based on objective criteria and measurable data. Our editorial team is composed of trading industry professionals and seasoned financial journalists, who ensure that our reviews are accurate and unbiased. Additionally, our review system is based on 9 core categories and over 250 distinct variables, which ensures that all aspects of a broker are considered before giving a final rating. So, you can trust FXEmpire to provide you with honest and informative reviews that will help you make an informed decision on which broker will best enable you to reach your financial goals.