Trading commodities such as gold, silver, oil, and other natural resources has become increasingly popular in recent years. With the rise of advanced trading systems and tools implemented in commodity trading apps, trading these assets is now easier than ever. Providing users with up-to-date information on market prices and conditions, these apps allow them to make informed decisions when it comes to their investments.
Read on to discover the industry-leading commodity trading apps and how to choose the best one for your needs.
Best US Commodity Trading Apps at a Glance
| Name | Score | Visit | Disclaimer | |
|---|---|---|---|---|
 | 9.8 | Visitplus500 | CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 80% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Availability subject to regulations. FCA (FRN 509909). | |
 | 6.5 | Visitetrade.com | ||
 | 8.7 | Visitetoro.com | Don’t invest unless you’re prepared to lose all the money you invest. Your capital is at risk. 76% of retail CFD accounts lose money. | |
 | 9.1 | Visitinteractivebrokers.com | ||
 | 7.6 | Visittdameritrade.com | ||
 | 8.0 | Visitschwab.com | ||
 | 6.5 | Visittradestation.com |
Interested in alternative investments?
If you're looking for a way to diversify your portfolio, contemporary art could be the perfect choice due to its strong price appreciation and low correlation. Masterworks is making this exclusive asset class accessible through its user-friendly app.
The Top Commodity Trading Apps Reviewed
With so many options available to investors, it can be difficult to decide which commodity trading app is best for their needs. To help make this decision easier, we reviewed the top seven commodity trading apps below.
Overall best commodity trading app – E*Trade
Best commodity trading app for copy traders – eToro
Best commodity trading app for trading with low fees – TD Ameritrade
Best commodity trading app for Android users – Nadex
Best commodity trading app for iOS users – Charles Schwab
Best commodity trading app for advanced investors – TradeStation
Best commodity trading app for beginners – Interactive Brokers
Navigate the Market: Top Commodity Trading Apps Reviewed & Compared
Subscribe for insightful reviews and comparisons of leading commodity trading apps, helping you make informed decisions and stay ahead in the trading game.
Power E*Trade, E*Trade's proprietary trading app, is a comprehensive, user-friendly trading mobile app tailored to meet the needs of novice and experienced investors. It offers a host of features designed to provide a comprehensive trading experience, such as live streaming of market feeds, numerous charting tools, paper trading capabilities for beginner traders, watchlists, alerts, screeners, and extended hours trading.
For traders who love technical analysis, the trading app offers an array of charting tools that enable users to perform risk/reward analysis along with potential profits and losses. Additionally, its single trade ticket feature enables investment in commodities via futures contracts, stocks, ETFs, and options. The app also provides interactive charting capabilities, as well as preset scans to help identify new trade opportunities. These features are recommended for those who are yet to master their strategies or need help with deciding the best times to pull the trigger.
There are two ways to trade commodities with E*Trade mobile app; by investing in ETFs or Futures contracts.
If you choose to invest in commodities ETFs, E*Trade provides access to up to 10 funds that invest almost exclusively in commodities. Doing so would also help diversify your risk exposure instantly.
If you decide to trade commodities futures, you can trade gold, silver, and oil as standard futures contracts or micro futures. Micro futures contracts let you trade 1/10th or 1/5th the size of standard contracts – think of them like trading fractional shares, but for futures.
What’s more, Power E*Trade provides all these tools and more at no signup cost.
- The app supports easy to use tools and navigable interface.
- The customer support is excellent.
- The charting package is advanced.
- Commodity trading is not commission-free.
- The selection of commodity ETFs are somewhat limited.
eToro enables users to invest or trade numerous assets, including commodities, cryptocurrencies, and options. The standout feature of eToro is CopyTrader. With this tool, anyone can replicate the trades of their chosen successful traders. It can be a good option for beginners or those who prefer a hands-off approach.
There are over 30 tradable commodities on eToro, including gold, oil, silver, platinum, copper, wheat, and cocoa. These commodities are traded through CFDs with spreads starting from 2 pips. A great thing about eToro is that it shows you what percentage of users are buying or shorting each asset, which can be useful information when making trading decisions.
eToro's mobile app is a force to be reckoned with. It allows synced watchlists to unify the user experience between devices. Both the main app and Money App for crypto transfers are available on Android through Google Play Store and iOS through the App Store. Overall, it provides an excellent mobile experience with its ease of use and by offering the same features across its web version and mobile app, making it a reliable choice among users looking to trade or invest in commodities on the go.
- With social and copy trading mechanisms, you can match advanced traders.
- You can launch pro-grade charting package TradingView.
- The app is very easy to use and fully mobile optimized.
- It's only available in 46 states.
- The trading tools and market research amenities are limited.
eToro disclaimer: *76% of retail CFD accounts lose money
TD Ameritrade is a leading online trading platform that offers access to various commodities, as well as an array of education and managed account options. The TD Ameritrade mobile trading apps are available for iOS, Android, and Windows devices, with rich sets of features to help investors make informed decisions.
For advanced traders, TD Ameritrade's thinkorswim app provides even more opportunities to trade commodities with features and tools similar to its web platform. Through the synced market scans of thinkorswim mobile, you get access to 300+ charts and indicators in just one device. With 24/5 Trading, you can trade whenever it suits you best without having to worry about market holidays.
In addition, the trading app provides various features that give insights into potential market opportunities with commodities from all over the world. For example, it lets traders analyze the potential profitability and risk of their positions, and stress test their entire portfolio in no time. The live market news feature provides access to the latest market insights, with the option to stream directly from news outlets such as CNBC.
On the thinkorswim platform, traders get access to commodity futures which can be traded with a commission of $2.25 per contract. While there is no minimum deposit required to open an account, special promotional offers on TD Ameritrade may have requirements. For example, you will be required to deposit at least $2,000 to be considered for margin trading.
- There's a wealth of innovative educational content.
- The app is well designed and easily navigable.
- The news section is expansive.
- You can't use cards for depositing funds.
- The futures contract fee is relatively steep.
Charles Schwab provides an extensive range of tradable assets. Besides commodities, its product portfolio includes stocks, bonds, ETFs, mutual funds, options, and futures. Its mobile trading app, Schwab Mobile, allows customers to execute trades and access their portfolio balance, holdings, and statements.
It's possible to trade commodities via futures (micro futures are also available for those who are on a tight budget) and invest in commodity-focused ETFs and mutual funds. The fund options are fairly extensive.
Secured via finger/face ID or preset passcode, the mobile trading app also has a customizable summary view that prioritizes information most relevant to the user. Traders can easily place orders and monitor opportunities 24/7 through real-time quotes and breaking news, while commodities can be traded as ETFs, mutual funds, or options. To make things even more convenient, there is also an AI assistant which helps answer questions about investments or carry out tasks such as transfers or depositing checks via voice commands.
- You can trade micro futures.
- There are no account minimums.
- The market research features are extensive.
- Commodity trading commissions can be steep.
- There's no demo account available.
TradeStation offers over 350 futures and futures options products to trade, including commodities futures such as crude oil, natural gas, corn, and metals. It also allows trading on foreign exchange products and equities. There's also no commission charged on commodity trades.
Managing orders has never been easier thanks to the trading app’s Matrix window that allows users to place and manage orders with a single tap. Users can also set up multiple alert types such as net change, VWAP (Volume Weighted Average Price), or volume alerts so they don’t miss out on any potential trading opportunities.
Institutional investors such as hedge funds, family offices, or investment bank proprietary trading desks use TradeStation's platform on a daily basis due to its reliable execution speeds with low latency performance. It also offers built-in risk management capabilities in an attempt to help investors minimize their losses while maximizing their profits in the long run.
Overall, TradeStation is a suitable platform for day traders, individual investors, and commodity traders alike to access the market with customizable, and sophisticated tools.
- The app packs advanced trading tools including an exceptional charting package with over 120 indicators.
- The charges are competitive.
- There are robust research and scanning tools.
- The app comes with a steep learning curve.
- The customer service is often unreliable.
Interactive Brokers offers IBKR Mobile, a powerful mobile trading application for iOS and Android devices. This trading app provides investors with access to more than 150 global markets, including a decent selection of commodities, allowing them to place even the most complex of trades easily from the comfort of their handheld device.
But what really sets apart IBKR is its extensive research and trading tools. Investors using IBKR Mobile are also provided with access to over 50 data columns as well as institutional quality research, giving them the same market data as those using the desktop TWS platform. Additionally, users have the option to securely deposit funds via IBKR Mobile Check Deposit, directly from their phones or tablet devices.
IBKR Mobile is an invaluable asset for traders thanks to its comprehensive range of capabilities, including streaming data, charting tools, multiple order types, and powerful trading tools that are available for free.
- There's a wide selection of commodities to invest.
- The research and analysis tools are exceptional.
- The app provides superior order execution with SmartRouting.
- The app comes with a steep learning curve, it may be intimidating for newbies.
- IBKR's SmartRouting is not available to IBKR Lite clients.
Commodity Trading Explained
Commodities are raw materials that are used to create products or services, such as wheat, cotton, oil, gold, and other precious metals. Commodities are traded around the world, and their prices are influenced by a variety of factors such as supply and demand, global economic conditions, and geopolitical events. Traditionally, you had to physically go to a broker or other intermediary to buy and sell commodity futures contracts, but with the advent of commodity trading apps, you can now trade commodities directly from your mobile devices.
Regardless of the tools used, commodity trading can be a high-risk, high-reward activity, and traders need to have a good understanding of the market and the factors that can influence commodity prices. It's important to conduct thorough research and analysis before making any trades and to have a solid risk management strategy in place to minimize potential losses.
Risks and Benefits of Commodity Trading
- A Hedge Against Inflation – Inflationary pressures can erode the value of investments made in traditional assets like stocks and bonds. Commodity trading provides a hedge against inflation, as commodities are known to increase in price during periods of inflation.
- Low Volatility – While penny stocks and cryptocurrencies are known for their high volatility, commodities usually experience less erratic price movements. This makes them attractive to investors who want more reliable returns.
- Diversification – Commodities can help investors build a diversified portfolio with exposure to different markets and instruments.
- Accessibility – Commodity trading apps allow users to access the market anywhere, anytime.
- Leverage Risk – Many commodity trading apps offer leverage options, where a small amount of capital can be used to control a larger position in the market. This can lead to a negative trading balance if the trade goes against you.
- Unpredictable Events – Commodities prices are influenced by many unpredictable events, like weather conditions or global crises. This can cause price swings which can be difficult to predict.
- Low Liquidity – Many commodities have limited liquidity and trading volume compared to stocks and other tradable assets. This means that orders may not always be filled at the desired price level or within a short timeframe.
- No Guarantee of Profitability – Trading commodities carries no guarantee of profitability and can result in losses. As with any investment, it is important to manage your risks carefully.
What Are Commodity Trading Apps?
Commodity trading apps allow traders to access and trade on commodity markets. They typically provide access to live market information, including commodity prices, charts, technical indicators, and more. They also enable users to place orders directly into the market and monitor their positions in real time.
Traders can access a range of commodities such as gold, silver, crude oil, natural gas, and agricultural products, among others through trading apps. They can view the current market prices, historical price trends, and other relevant information about the commodity they want to trade. The app may also offer charts and technical analysis tools to help traders analyze market trends and make informed decisions.
To trade commodities, users typically need to create an account and provide personal and financial information. They may also need to complete a Know Your Customer (KYC) process, which involves verifying their identity and providing proof of address. Once the account is set up, users can deposit funds into their trading account and start buying and selling commodities. Trading apps may offer different types of orders, such as limit orders, stop-loss orders, or market orders, to help traders manage their risk and execute trades efficiently.
Commodity trading apps may also offer features such as social trading, where users can follow and copy the trades of successful traders, or demo accounts, which allow users to practice trading with virtual funds before risking real money.
Overall, commodity trading apps offer a convenient and accessible way for traders to participate in the commodity markets. It's important to choose a reputable app with robust security measures in place and to have a good understanding of the risks involved in commodity trading.
Finding the Best Commodity Trading Apps
With multiple trading platforms available, it's hard to decide which one to use. At Moneyzine, we've done the research for you and curated this list of apps based on the following criteria.
Regulation and Safety
When choosing a commodity trading app, it's important to make sure that it is regulated by the proper regulatory body. In the United States, the CFTC regulates commodity futures and other commodity derivatives trading.
According to the CFTC, 'All customer funds for trading on designated contract markets (exchanges) must be kept apart (“segregated”) from the futures commission merchant's (FCM's) own funds.'
This means funds deposited with your broker are kept separate from their own operating capital and are not used for any other purpose. This is done to protect your funds in the event that something happens to your broker.
In addition to being regulated by the appropriate regulatory agencies, we've also evaluated mobile commodity trading apps based on the security measures they employ to keep your account safe and secure. Some of these measures include two-factor authentication, encryption, and activity logs.
Platform Stability and Reliability
Having a reliable trading platform is essential for any trader as it influences every step in the trading process.
When evaluating the best commodity trading apps, we looked at how stable they are by testing them out on demo accounts to see how well they perform when it comes to execution speed, market data integration, and slippage.
Before choosing a commodity trading app, you can evaluate it based on its uptime, user interfaces, trading tools, and tradable instruments.
In addition to stability and reliability, we have also evaluated the user experience of each app by taking into consideration features such as charts, drawing tools, customizable layouts, and watchlists. All this combined allows us to create an objective list of which app provides the best trading experience.
Finally, we've come up with a list of the best commodity trading apps for different operating systems.
Google Play Store | App Store | Best OS | |
|---|---|---|---|
Plus500 | 4.3/5 | 4.1/5 | Android |
Interactive Brokers | 4.7/5 | 4.1/5 | Android |
eToro | 3.9/5 | 3.8/5 | Android |
TD Ameritrade | 3.7/5 | 4.7/5 | iOS |
Charles Schwab | 3.6/5 | 4.8/5 | iOS |
E*Trade | 4/5 | 4.5/5 | iOS |
TradeStation | 4/5 | 4.5 | Tie |
When searching for commodity trading apps, or any app for that matter, it's important to choose an app that is regularly updated and maintained to ensure it's secure and reliable. One way to determine this is by checking the app marketplace to see how often the app receives updates.
Apps that are regularly updated and have a history of frequent updates are generally a good sign that the developers are actively working to improve the app and fix any issues. Conversely, apps that haven't been updated in a long time may have security vulnerabilities or other problems that have not been addressed.
Full Functionality and Usability
The functionality of a mobile commodity trading app is crucial when choosing one for trading commodities. It's important to make sure that the app you choose has all the features and tools you need to trade effectively, as this influences your trading results.
Look out for customizable settings, a user-friendly interface, and fully functional mobile and desktop experiences, so that you can access your account wherever you go.
This evaluation is key because some brokers provide different trading capabilities and experiences across different platforms. This could result in some limitations in terms of how many tools you can use on the app, or the types of orders you can place.
It's also important to make sure that the app doesn't have any bugs or glitches that could disrupt your trades. Bugs may be responsible for inaccurate data, unexpected delays in execution, or even lost orders. Therefore, it's essential to consider these factors and monitor the App Store or Google Plays Store regularly for bug fixes and updates.
Market Reach and Tradable Assets
The market reach of a commodity trading app is another important factor when selecting a platform. Brokers offer different tradable assets such as currency pairs, stocks, indices, futures, options and ETFs. When it comes to commodities, you need to make sure that your chosen app has access to a wide range of commodities to help you diversify your portfolio.
Having a wide market reach also allows you to access different trading styles and strategies so that you can take advantage of opportunities arising from different markets.
In addition to considering market reach, we have also looked at the types of derivatives that are supported by each platform, including futures and options trading, so traders can find the ideal platform for their needs.
Portfolio Management and Risk Management Tools
When it comes to portfolio management, you should look for commodity trading apps that provide a range of features such as portfolio allocation tools, risk management tools, and ready-made portfolio libraries.
Portfolio Allocation Tools – These tools enable traders to divide their investments across different asset classes and asset types. Some of them can be used to calculate the percentage of investment in each asset type and also perform risk impact analysis.
Robo Advisors – These are automated programs that aim to help traders make informed decisions based on their financial goals by allegedly pre-defined rules and algorithms.
Ready-Made Portfolio Library – This feature enables users to select from a range of pre-defined portfolios that match their investment goals and risk tolerance.
Trailing Stops – This feature allows traders to automatically adjust the stop-loss level based on the price movement of an asset in order to protect profits or limit losses.
If you prefer a hands-off experience, look for commodity trading apps that offer simulated backtesting and automated trading capabilities to help you manage your risks more effectively.
Customer Support
Customer support is an important factor to consider when choosing a commodity trading app. A good customer service team should be able to provide timely and accurate responses to your queries through various means.
Most apps offer multiple channels for customer support such as live chat, email, phone, and social media. However, it's important to make sure that customer service is available in your language and region, preferably 24/7, so that you can get help whenever you need it.
Trading Costs and Pricing
Trading costs and fees can quickly add up, so it's important to consider what you'll be paying for when trading with a commodity app. Fees can vary from app to app, but some common ones include:
Swap fees – This fee is charged for carrying trades overnight and varies from broker to broker. Swaps can be either positive or negative, depending on the current market conditions and the asset you're trading.
Commissions – This is a fee charged for each transaction and it's usually calculated as a percentage of the amount traded.
Inactivity fees – Some platforms charge an inactivity fee for customers who don't actively trade in their accounts, so it's important to read the terms and conditions before signing up.
Spread – This is the difference between the buying and selling price of a financial instrument. Generally speaking, lower spreads are better as they mean that you pay less in trading costs.
Account Opening Fees – Some apps may require an initial deposit or charge a one-off fee to open an account. Make sure you research each broker's fees before committing to them.
Now that you know what to look out for when choosing a commodity trading app, take a look at the comparison table below to find out which app is right for you in this regard.
Commission | Inactivity Fee | Account Opening Fee | |
|---|---|---|---|
Plus500 | Varies | $10 after 3 months | $0 |
E*Trade | $1.5 | $0 | $0 |
eToro | Variable | $10 | $0 |
TD Ameritrade | $2.25 | $0 | $0 |
Charles Schwab | $2.25 | $0 | $0 |
TradeStation | $0 | $50 | $0 |
Interactive Brokers | Varies | $0 | $0 |
The amount of money you need to start trading commodities on an app will vary depending on the platform. Some apps require a minimum deposit while others do not, so it's important to check the minimum deposit requirements before signing up. It's also worth considering what the platform minimums are like when deciding how much you want to invest initially.
When deciding on the initial investment for commodity trading, it's important to have a plan for managing other aspects of your finances such as debts, mortgages and savings accounts. It is also recommended that you have a risk management strategy in place to minimise potential losses. This can be done by calculating and pre-determining the acceptable level of risk for your trades or investments before executing them.
The Bottom Line
Commodity trading apps can be a great tool for investors who are looking to diversify their portfolios by investing in commodities like gold, silver and oil. The main benefit is that these apps provide access to markets at a fraction of the cost compared to traditional investments such as individual stocks or mutual funds. Furthermore, they may come with features such as automated trading, real-time pricing data and analytical tools that help you make more informed decisions.
However, like other financial assets, commodities can be volatile and carry a degree of risk. This is because there is no guarantee of returns as some factors affecting commodity prices are beyond the control of retail investors.
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