Are you struggling to decide on the best commodity trading platforms in the UK for 2024, especially when searching for the “Best Trading App“? The sheer number of options available can be overwhelming, with complex user interfaces and unclear fee structures adding to the confusion.
We understand the challenges you face and utilized our extensive expertise in the field to develop a comprehensive research technique for assessing the best trading platforms for commodities. Our evaluation is based on several key criteria: the user-friendliness of mobile platforms, the range of commodities offered, regulatory oversight, transparent fee structures, minimum deposits, and the availability of customer support.
The following commodity trading brokers provide great opportunities for both beginner investors and trading experts to allocate their capital towards commodities and other financial products. Our focus is on simplifying and empowering your decision-making process to meet your specific needs as a commodities trader.
| eToro | Interactive Brokers | Saxo Bank | IG | |
| Best for | Copy Trading | On-Exchange Commodities Trading | Platform & Tools, and Mobile Trading Apps | High-Volume Commodity Traders |
| Products Offered | Stocks, ETFs, Cryptocurrencies, CFDs on Stocks, ETFs, Commodities, Forex, Indices and Cryptocurrencies | Commodities, Stocks/ETFs, Options, Future Options, Futures/FOPs, Spot Currencies, CFDs, Metals, Bonds, Mutual Funds | Commodities, Stocks, ETFs, Bonds, Mutual Funds, Crypto, ETPs, Options, Futures, Forex, Forex Options, Crypto FX, CFDs | Commodities, Stocks, Forex, Indices, ETFs, Options, Futures, IPOs, Bonds, Cryptocurrencies |
| Minimum Deposit | $50 | £0 | £0 | £0 |
| Demo Account | Yes | Yes | 20-Day Free | Yes |
| Trading Fees Class | Generally Low | Low | Low | Low |
| Regulators | FCA, CySEC, ASIC | FCA, FSA, MAS, FINMA, ACPR, AMF, DNB, FSMA, NBB, SFC, ASIC | FCA, ASIC, SFC, JFSA, MAS, FINMA, FSA | FCA |
| Customer Service | Phone, Email, Live Chat, FAQ | Phone, Email, Live Chat, FAQ | Phone, Email, FAQ | Phone, Email, FAQ |
Best Commodity Trading Platforms in the UK
If you’re simply seeking a starting point, take a glance at the list below featuring the best of the best. Just pick one and sign up – it’s that easy! But if you’re eager to know more about the top-rated commodity brokers and commodities trading softwares, then keep reading.
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eToro | Best for copy trading
eToro takes the lead for copy trading, providing an unparalleled opportunity for investors to effortlessly replicate the tactics of other traders. As one of the best commodity trading platforms in the UK, eToro ensures a streamlined and user-friendly experience.
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Interactive Brokers | Best for on-exchange commodities trading
Interactive Brokers (IBKR) allows you to trade commodities effortlessly using their trusted, award-winning platforms. Whether it’s CFDs, ETFs, or exchange futures and options, IBKR makes executing commodity trades a breeze. Choose from over 100 order types, including limit orders and advanced algorithmic strategies, giving you many options to explore.
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Saxo Bank | Best for platform & tools, and mobile trading apps
Saxo Bank does an outstanding job of unifying its desktop, web, and mobile platforms, offering a seamless and user-friendly trading experience. The minimum deposit requirement is £0, and Saxo Bank provides a comprehensive package that suits both beginners and trading experts.
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IG | Best for high-volume commodity traders
IG Markets excels as the platform of choice for high-volume commodity traders, offering options to trade commodities using ‘spot’ or futures prices. This means that traders can take advantage of lower opening costs and conduct long-term technical analysis in several commodity markets, while commodity futures provide longer-term trading without overnight funding fees.
eToro
eToro: Key Features
| 🕖 Time to Open an Account | 1 Day |
| 💰 Minimum Deposit | $50 |
| 🛍️ Products Offered | ETFs, Stocks, Cryptocurrencies, CFDs on Stocks, ETFs, Commodities, Forex, Indices, and Cryptocurrencies |
| 🎮 Demo Account | Yes |
| 💸 Trading Fees Class | Generally Low |
| ⚖️ Regulators | FCA, CySEC, ASIC |
| 📞 Customer Service | Phone, Email, Live Chat, FAQ |
eToro: Pros and Cons
| ✔ Copy Trading | ✖ Withdraw and inactivity fees. |
| ✔ Social Trading | ✖ You can only trade in USD, so FX fees apply. |
| ✔ User Friendly | ✖ Currency conversion fees are higher than average. |
| ✔ Demo Account | |
| ✔ Easy Account Opening Process | |
| ✔ Extensive Product Selection |
eToro: Fees
| CopyPortfolios | No additional fees |
| CopyTrader | No additional fees |
| Inactivity Fee | $10 per month after 1-year inactivity. |
| Minimum Trade (Copytrading) | $1 |
| Leverage Fee | Varies |
| Overnight Fees | Varies |
| Deposit Fee | 0.5% on non-USD deposits |
| Stocks and ETFs | Zero % commission |
| Non-CFD Crypto Assets | 1% |
| Withdrawal Fee | $5 |
| Conversion Fee GBP to USD | 0.5% |
| CFD on Commodities | Starting from 2 pips |
Our Take on eToro
eToro is a fantastic trading platform and is popular for its outstanding copy-trading feature. It allows you to easily follow the trades of experienced investors or even share your own strategies to get some exclusive perks.
On eToro, you’ve got over 3,000 assets you can trade, including CFDs, forex, and more than 25 different commodities. It’s worth noting that trades involving agricultural commodities such as wheat and corn incur no commission fees. Furthermore, if you are interested in trading commodity CFDs, this broker has you covered as well.
The fees might be slightly less competitive, but if you value simplicity, a wide selection of financial products to trade, and the abundance of helpful features eToro offers, it’s undoubtedly one of the best commodity trading platforms in the UK.
Trading CFDs carries a high level of risk and can result in rapid loss of funds due to leverage. With eToro, 76% of retail investors have experienced financial losses while trading CFDs. It is essential to thoroughly understand the workings of CFDs and carefully assess your financial ability to tolerate the potential high risk of losing your invested capital.
Interactive Brokers
Interactive Brokers: Key Features
| 🕖 Time to Open an Account | 1-3 working days |
| 💰 Minimum Deposit | £0 |
| 🛍️ Products Offered | Commodities, Stocks/ETFs, Options, Future Options, Futures/FOPs, Spot Currencies, CFDs, Metals, Bonds, Mutual Funds |
| 🎮 Demo Account | Yes |
| 💸 Trading Fees Class | Low |
| ⚖️ Regulators | FCA, FSA, MAS, FINMA, ACPR, AMF, DNB, FSMA, NBB, SFC, ASIC |
| 📞 Customer Service | Phone, Email, Live Chat, FAQ |
Interactive Brokers: Pros and Cons
| ✔ On-Exchange Commodities Trading | ✖ Complicated pricing structure. |
| ✔ Low Commissions with no Added Spreads. | ✖ Beginners may face a steeper learning curve. |
| ✔ Excellent Research and Educational Tools available. | ✖ Account opening process is complicated and lengthy. |
| ✔ Demo Account | |
| ✔ Extensive Product Range | |
| ✔ Customer Service is Available 24/7. |
Interactive Brokers: Fees
| Minimum Deposit | £0 |
| Subscription Fee for Market Data | £1 – £10 per month |
| Share Trading: 0-9 Deals/ Month | Trade value x .0005 |
| Share Trading: 10-19 Deals/ Month | Trade value x .0005 |
| Share Trading: 20+ Deals/ Month | Trade value x .0005 |
| Annual Custody Fee: £0 – £250,000 | 0% |
| ETFs Fee | Trade value x .0005 |
| Investment Trusts Fee | £4.95 |
Our Take on Interactive Brokers
After a thorough evaluation of commodity trading platforms in the UK, Interactive Brokers (IBKR) is definitely one of the winners. This powerful platform lets you trade commodities such as CFDs, ETFs, or on-exchange futures and options. With over 100 order types, including limit orders and complex algorithmic trading, you have complete control over your trades.
IBKR offers institutional-grade trading capabilities to private clients worldwide. This broker stands out with low fees, a wide market range, and a commitment to innovation. You can invest in various ways, using either the IBKR mobile apps to or the advanced desktop trading platform.
As one of the best commodity trading platforms in the UK, IBKR lets you handle multiple currencies in your account. This means you can effectively manage your currency exposure and make well-informed decisions, especially if you have net flat long/short global macro portfolios. Interactive Brokers equips you with all the tools necessary to navigate currency fluctuations and optimize your trading strategies. It’s a game-changer for taking control of your currency management and maximizing your trading potential.
Saxo Bank
Saxo Bank: Key Features
| 🕖 Time to Open an Account | 1 Day |
| 💰 Minimum Deposit | £00 |
| 🛍️ Products Offered | Commodities, Stocks, ETFs, Bonds, Mutual Funds, Crypto, ETPs, Options, Futures, Forex, Forex options, Crypto FX, CFDs |
| 🎮 Demo Account | Yes |
| 💸 Trading Fees Class | Low |
| ⚖️ Regulators | FCA, ASIC, SFC, JFSA, MAS, FINMA, FSA |
| 📞 Customer Service | Phone, Email, FAQ |
Saxo Bank: Pros and Cons
| ✔ Award Winning Platforms & Tools | ✖ High bond, options, and futures fees. |
| ✔ Outstanding Research Tools | ✖ Lacks live chat and 24/7 availability. |
| ✔ No minimum deposit | |
| ✔ Demo Account | |
| ✔ Easy Account Opening Process | |
| ✔ Broad Product Portfolio |
Saxo Bank: Fees
| Minimum Deposit Classic Account | £0 |
| Annual Custody Fee | Up to 0.15% |
| Inactivity Fee | £0 |
| Telephone Dealing Fee | £50 |
| Market Data Subscription Fee | LSE quotes £6/month. NASDAQ and NYSE quotes: $7/month |
| Classic or Platinum Account Fee | 0.12% per year |
| VIP Account Fee | 0.08% per year |
| Bonds – Corporate – Fee | 0.20% (€20 min.) |
| Bonds – Government (Gilts) – Fee | 0.20% (€20 min.) |
| Spread | From 0.7 pips |
| ETFs Fee | 0.08% (£3 min.) |
| Commission Fee | $0. $3 ticket fee per side for low-volume trades (less than 50,000 units per month) |
| Investment Trusts Fee | 0.10% (£8 min.) |
Our Take on Saxo Bank
In our ranking of the top commodity trading platforms in the UK for 2024, Saxo Bank takes the third spot. This broker convinces us with a user-friendly design and its wide range of comprehensive features that truly take the trading experience to the next level.
Both, the web version SaxoTraderPRO and the SaxoTraderGO mobile app offer an intuitive and easy-to-navigate interface, making it a pleasure to use. Saxo Bank provides a wealth of information for each asset, including videos, articles, news headlines, market research, and trading signals. SaxoTraderPRO goes the extra mile with advanced customization options that let you multitask with up to six windows, giving you the freedom to create your very own trading environment. You also have third-party platforms available for executing trades and managing your portfolio.
The SaxoTraderGO mobile app offers nearly 20 drawing tools and 62 indicators and on top of that, any changes made on the web version of the platform are seamlessly synced.
In terms of pricing, Saxo Bank excels across the board. Whether you’re an active trader or someone with substantial account balances, Saxo Bank provides industry-leading rates, making it an attractive commodity trading platform in the UK.
IG
IG: Key Features
| 🕖 Time to Open an Account | It usually takes a couple of days. |
| 💰 Minimum Deposit | £0 |
| 🛍️ Products Offered | Commodities, Stocks, Forex, Indices, ETFs, Options, Futures, IPOs, Bonds, Cryptocurrencies |
| 🎮 Demo Account | Yes |
| 💸 Trading Fees Class | Low |
| ⚖️ Regulators | FCA |
| 📞 Customer Service | Phone, Email, FAQ |
IG: Pros and Cons
| ✔ Diverse Commodities Trading | ✖ Slow customer support |
| ✔ First-Class Trading Platform | ✖ Limited product portfolio |
| ✔ Great Deposit and Withdrawal Options | ✖ High stock CFD fees |
| ✔ Demo Account | ✖ Inactivity fee |
| ✔ Outstanding Educational Tools | |
| ✔ Broad Product Portfolio |
IG: Fees
| Minimum Deposit | £0.0 |
| Withdrawal Fee | £0 |
| Inactivity Fee | £12 per mo. after 2 years of inactivity |
| Commission Fee | £0 on US share trades and £3 on UK share trades |
| Withdrawal Fee | £0 |
| Inactivity Fee | £12 per mo. after 2 years of inactivity |
| Trading Fees UK Shares | £8 |
| Trading Fees US Shares | £10 |
| Trading Fees US Shares | 0.1% |
| Foreign Exchange Fee | 0.5% |
| Custody Fee | £24, £0 from 3+ trades per quarter |
| Transaction Fee | £0 |
| Standard Bank Transfer | £0 |
| Deposit Fee | £0 (only free via credit card and PayPal) |
Our Take on IG
In terms of high-volume trades, IG is unmatched with its access to 35 commodities, commodity stocks, and ETFs. IG presents the ultimate package to trade commodities online that includes exceptional trading and research tools and a wide selection of global commodities markets.
Furthermore, you can trade commodity spot prices using IG’s exclusive undated market offering, ensuring continuous price speculation and opportunities for success. And that’s not all. On top of that, you can take advantage of their competitive spreads, starting from just 2.8 points on Brent Crude and 0.3 on gold, which allows you to keep costs down while maximizing your potential returns.
IG makes it easy to stay up to date with live market updates while offering guaranteed stops to safeguard your capital, even in the most volatile market conditions. IG’s user-friendly platforms, including the web-based platform, mobile trading app, and Meta Trader 4 get a 5 out of 5-star rating from us, because of the seamless trading experience anytime, anywhere. When it comes to trading energies, metals, or soft commodities, we nominate IG as one of the best commodity trading platforms in the UK in 2024, providing a diverse and comprehensive range of products tailored to these markets.
Our tip: Check out the option of commodity futures trading using long-term trading with no overnight funding fees and the convenience of rollovers for positions open at expiry.
Conclusion
After conducting a thorough review and assessment, we present our top picks for the best commodity trading platforms in the UK for 2024:
| #1 | eToro | Best commodity trader for copy trading |
| #2 | Interactive Brokers | Best for on-exchange commodities trading |
| #3 | Saxo Bank | Best for platforms & tools, and mobile trading apps |
| #4 | IG | Best for high-volume commodity traders |
FAQs
What’s the best commodity trading platform in the UK?
The selection of the best commodity broker in the UK depends on your individual preferences and goals. However, there are several popular and trusted options in the UK. Our recommended platforms include the ones mentioned above.
Which commodity trading platform in the UK offers the lowest fees?
The choice of the “cheapest” trading platform in the UK ultimately depends on your preferences and goals. However, there are several popular and trusted commodity brokers available in the UK. We recommend considering the platforms mentioned earlier as they have proven to be reliable and widely used.
What’s the difference between Saxo Bank and Saxo Markets?
Saxo Bank and Saxo Markets are two distinct entities operating under the same parent company, Saxo Group. While there’s some overlap in their services, Saxo Bank caters to individual investors, while Saxo Markets targets institutions. Both are trustworthy commodity trading platforms.
What’s the London Metal Exchange (LME)?
The London Metal Exchange (LME) is a major global marketplace where you can trade base metals like copper, aluminum, zinc, and more. It’s been around since 1877 and offers both a trading floor and an electronic platform. The LME stands out for its flexibility, allowing commodities traders in the metals industry to opt for physical delivery or cash settlement, meeting their diverse needs.
Is commodity trading ideal for day traders?
Trading commodities presents chances to capitalize on rapid price changes and maximize your gains during market volatility. Please be aware that as a day trader in the commodities market, you’ll need to keep a close eye on market trends, news, and economic factors that can influence commodity prices. Achieving success in day trading commodities often demands experience, knowledge, and a disciplined approach to managing risks.
What is a commodity trader?
As a commodity trader, you have the opportunity to invest in tangible substances like oil, gold, or agricultural products. Buying and selling decisions are influenced by expected economic trends and potential opportunities within the commodity market. In commodity trading, the primary focus is on futures contracts, although physical trading and derivatives trading are also common practices. In addition to oil and gold, there are markets for a wide range of commodities, including cotton, wheat, corn, sugar, coffee, cattle, pork bellies, lumber, silver, and various metals. These items offer additional opportunities for trading and investment beyond the popular choices of oil and gold.
What are long-term commodity investments?
You can implement long-term commodity investments through direct holdings of physical commodities or indirect exposure via commodity-based financial assets like ETFs, futures contracts, or mutual funds. The objective of this strategy is to exploit potential price movements and fundamental factors that shape commodities over an extended period, taking into consideration supply and demand dynamics, geopolitics, macroeconomics, and global market trends. It’s important to carefully consider these factors and develop a well-informed approach in order to maximize potential returns and manage risks effectively.
What are Fineco commodities?
FinecoBank is a trusted multi-asset broker which provides traders in the UK and Italy access to thousands of financial instruments across twenty-six global markets. This includes commodity CFDs and prominent commodities such as gold, WTI crude oil, and platinum. However, if you are a UK trader looking for a traditional UK brokerage experience, you might find yourself disappointed by Fineco since it offers only a small selection of funds to trade, and SIPP accounts are currently not available.