In today’s dynamic and fast-paced commodities market, you need more than just market knowledge to be successful. You need the right resources and technology to navigate the complexities of commodities trading smartly.
This is where commodities trading software platforms come into play.
These software tools help you analyze market data, execute trades, manage risks, and maximize returns. Whether you are a beginner or a seasoned trader, selecting the right trading platform is crucial to your success.
A good software program handles routine tasks, eliminating potential human error. These tasks include order placement, trade reconciliation, and reporting. It reduces your [manual] effort and lets you focus on strategy development and analysis.
Since different traders have different strategies and preferences, the right software should offer features and tools that align with a trader’s specific trading style and requirements.
Below, we have featured the best commodity trading software platforms that offer unique features and are available at reasonable prices. The list will help you make an informed decision that aligns with your trading strategies and goals.
Table of Contents
11. AvaTrade
Total Commodities: 15+
Fees: Spreads start from 0.05%
While AvaTrade is renowned as an online Forex and CFD (contracts for difference) trading platform, it also offers trading opportunities in commodities alongside several other assets.
You can trade commodities through CFDs, which are derivative contracts to speculate on commodities without actually owing physical assets. This means you can generate profits from both rising and falling commodity prices.
AvaTrade supports two advanced trading platforms called MetaTrader 4 and MetaTrader 5. They are available on the web, desktops, and smartphones.
Use these platforms to closely monitor price fluctuations, analyze the trading charts, and implement complex strategies while plotting the trends. They both support Line, Candlestick, Heikin Ashi, and Renko charts.
Plenty of educational materials are available for you, especially if you are a beginner. This includes articles, ebooks, and webinars.
Pros
- User-Friendly Platform
- Leverage available (up to 400:1)
- Advanced trading tools to analyze the market and make informed decisions
- 12 timeframes, 38 built-in indicators, and 37 graphical objects
- Educational resources
Cons
- Requires a minimum deposit of $100
- Customer support can be slow at times
AvaTrade is regulated by multiple financial authorities depending on the location. These regulations provide a level of security and trust to traders.
10. FXTM
Total Commodities: 5+
Fees: Spreads start from 0.05 pips
Launched in 2011, FXTM gives you access to a range of financial instruments, including currency pairs, equities, stock indices, and commodities. It offers CFDs on several commodities, such as metals, energy, livestock, and agricultural commodities.
Like most other trading platforms, FXTM allows you to leverage your positions — they will lend you money so you can earn a larger profit on successful trades. However, it also multiplies your losses.
The amount of money you can take as a loan depends on the type of asset you trade. For example, you can trade CFDs on US crude oil with a leverage of 1:49, UK Brent oil with a leverage of 1:52, and US natural gas with a leverage of 1:19.
Pros
- Offers Advanced trading platforms like MetaTrader 4 and MetaTrader 5
- Spreads can go as low as zero on gold
- Cross-device trading
- Easy-to-read dashboard
- Demo accounts (with virtual funds) are available to test your strategies
Cons
- Complex Fee Structure
- Some features may not be available in all regions
The platform has over one million traders, with thousands of new users continuing to jump on board each month.
9. City Index
Total Commodities: 20+
Fees: Spreads start from just 0.06 pts
City Index is a reputable and well-regulated broker that offers a range of commodities, from oil and natural gas to agricultural products like wheat and corn.
Its online trading platform gives you a feature-rich experience across multiple devices. It has all the essential functions and tools to help you make informed decisions and execute trades efficiently.
For example, the SMART Signal Engine scans the market for new trading opportunities based on historical price trends. It gives you complete transparency so you can decide whether to trade or not.
Performance Analytics, on the other hand, helps you understand your personal trading psychology. Examine your trading patterns, see how well you are sticking to your strategies, and determine how to generate more profits.
Pros
- 80+ indicators and one-click trading
- Exclusive Reuters feed delivered in-platform
- State-of-the-art trading tools, including advanced screeners and a live news feed
- Multi-device compatibility
- Customizable workspaces
Cons
- Spreads can be wide on some markets
- Regulatory status may vary by region, impacting the level of protection and oversight
The platform seamlessly integrates with TradingView, a detailed charting tool used by over 50 million traders and investors across the world. This gives you access to more customization options, one-click trading, and a vibrant trading community.
8. Plus500
Total Commodities: 20+
Fees: Spreads vary depending on the underlying asset
Plus500 is a multi-asset fintech group offering a range of trading products, including CFDs and Share dealing. It gives you access to all popular commodities like gold, copper, silver, platinum, gasoline, wheat, sugar, soybeans, cotton, coffee, and cocoa.
Unlike most other platforms, it provides leverage for commodity trading. This means you can control larger positions with a little capital. Although margin trading amplifies potential profits, it also raises the risk of losses.
More specifically, you can trade with up to 1:20 leverage, meaning any potential profits or losses will be multiplied. You can trade with $200 to get the effect of $4,000 capital.
The platform is regulated in several jurisdictions, providing a level of security and oversight for all users.
Pros
- Real-time market data
- Charting capabilities and technical analysis tools
- Risk management tools
- Education resources
- Fast and secure withdrawals
Cons
- Limited commodity variety
- Leverage trading is risky
- Include spreads and overnight financing charges
As for pricing, Plus500 charges spreads on CFDs, which vary depending on the underlying asset and market conditions. For instance, the spread on oil CFDs is about o.2%, while the spread of gold CFDs is about o.1%.
It also charges margin interest on borrowed funds (usually 2.5% per annum) and overnight financing interest (about 3% per annum). There is also an additional fee ($10 per month) if your account remains inactive for 12 months.
7. CMC Markets
Total Commodities: 90+
Fees: $2.50 per contract
With over 100,000 active clients globally, CMC Markets is a well-known provider of financial services and online trading platforms.
It allows you to trade over 90 cash and forwarded commodities, including favorites like gold, silver, and crude oils, as well as lesser-traded instruments like Palladium, with spreads from as low as 0.3 points.
To facilitate commodity trading, the platform features real-time price charts, technical analysis, tools, and risk management options.
You can take advantage of extended trading hours for certain commodities, such as Brent and West Texas oil, which trade for up to 23 hours daily. With this feature, you can remain active even outside conventional market hours.
The platform also ensures your orders are executed without partial fills. And since there is no dealer intervention (no matter how big your trading size is), you get a fair trading environment.
Pros
- Diverse commodity selection
- Orders are executed without partial fills
- Take positions across entire commodity sectors from a single trade
- Advanced order types and charting tools
- Includes a live economic calendar powered by Thomson Reuters
Cons
- Can be overwhelming for novice traders
- High minimum deposit requirements
CMC Markets gives you a live feed of relevant financial market news directly from trusted sources (such as Reuters) within the platform. You can filter the news for general market updates or articles related to particular products in your watchlist.
The platform also has an ‘Insights’ portal, where market experts share their opinions about the latest trends, key company announcements, and daily market activity.
6. TastyTrade
Total Commodities: 20+
Fees: $2.50 per contract
TastyTrade has gained its reputation primarily as an online brokerage and financial media company with a special emphasis on options and futures trading.
It gives you access to commodity markets through the trading of futures contracts. These contracts allow you to speculate future prices of different commodities, including metals like gold and silver, oil and natural gas, and agricultural commodities like wheat and soybeans.
They have developed an intuitive and user-friendly platform for devices (smartphones, tablets, and desktops). It has everything you need to trade in commodities. This includes real-time market data, option analysis, and advanced charting tools.
It also features advanced options strategies and risk management tools (like limit orders and stop-loss orders) to help you manage your commodity positions effectively and minimize potential losses.
Plus, there is a paper trading tool to practice your strategies in a risk-free environment.
Pros
- Trade visually with the curve trading mode or utilize the traditional table view
- Customizable chart indicators and studies
- View historical options data
- Analyze fundamentals with the research tab
Cons
- Not as many features for commodity traders as some other platforms
- Heavily focused on options trading
The platform is also known for its educational and research-focused approach to trading. It provides a range of valuable resources, including video content, articles, webinars, and live shows. This is quite useful if you are looking to understand the intricacies of commodity trading.
5. Thinkorswim By TD Ameritrade
Total Commodities: 25+
Fees: $2.25 per contract
Thinkorswim gives you easy access to various investments when you trade futures with a TD Ameritrade account, including gold and other metals, energy, grains, livestock, stock indexes, interest rates, and more.
It is packed with advanced charting tools and technical analysis features that help you conduct in-depth analysis, apply technical indicators, and customize charts to see commodity price movements and patterns.
The real-time market data gives you accurate, up-to-the-minute commodity prices, trading volumes, and market trends as they unfold.
Pros
- Fully customizable charting and advanced order types
- Mobile app to quickly place trades and access technical studies
- Order management and margin trading
- Comprehensive educational resources, including videos, webcasts, and in-person events
Cons
- Not as user-friendly as some other platforms
- Relatively expensive
The platform has web, desktop, and mobile versions. The web browser and desktop version, in particular, allow you to monitor one or multiple option positions with the Side-by-Side Risk Profile and Chart Tool. It helps you visualize how time and price affect your positions.
The mobile version, on the other hand, puts over 300 technical charts and indicators at your fingertips.
4. Charles Schwab
Total Commodities: 30+
Fees: $2.25 per contract
Charles Schwab offers a robust online trading platform to execute trades, monitor portfolios, and access market data and research reports. It is accessible via web browsers and smartphone apps for convenient trading on the go.
It also has an advanced desktop version that seamlessly blends sophisticated technology with an easy-to-use design. Plan, analyze, and execute your trades swiftly. Plus, it gives you the flexibility to customize the user interface to suit your specific trading strategies and preferences.
You can trade in various commodities, from metals and energy to currencies and agricultural products. Use technical charts to identify patterns, trends, and trading opportunities in the market.
Pros
- Customize the layout and tools to fit different strategies
- Technical chart studies and indicators with streaming updates
- Get trade ideas from futures experts
- Margin trading
- Education resources
Cons
- Limited access to international markets
- Higher trading commissions
Charles Schwab has a vast network of physical branch offices across the United States. This can be valuable for customers who prefer direct access to financial advisors or in-person assistance.
Furthermore, the company has over $7.1 trillion in client assets, 34 million active brokerage accounts, 1.7 million banking accounts, and 2.4 million corporate retirement plan participants.
3. E*TRADE
Total Commodities: 50+
Fees: $1.50 per contract
Founded in 1982, E*TRADE has grown to become one of the leading online brokerage platforms in the United States. It allows you to trade commodity futures and option contracts.
With futures contracts, you can speculate on the future price of a commodity or hedge against price volatility. In contrast, options controls give you the right to buy or sell a commodity at a predetermined price.
The platform gives you access to various research and analysis tools to help you make data-driven decisions. This includes real-time quotes, fundamental research reports, technical analysis charts, and market news.
Together, these tools make it easy to analyze market trends and factors influencing commodity prices.
There are also plenty of educational materials and resources for beginners to improve their skills and understanding of the commodity markets. This includes articles, video tutorials, webinars, and interactive tools.
Pros
- User-friendly tools to spot and seize market opportunities
- Build trading strategies with 100+ technical studies and a complete set of drawing tools
- Access market analysis and research reports
- Excellent customer support
Cons
- Complex margin requirements
- Advanced research and analysis tools may require a subscription
You can choose from different types of accounts based on your investment goals and risk tolerance. For example, you go with individual brokerage accounts, retirement accounts (IRAs), or managed portfolios.
Since E*TRADE is a part of Morgan Stanley, you can benefit from a wider range of financial services offered by larger institutions, such as financial planning, wealth management, and lending services.
2. TradeStation
Total Commodities: 150+
Fees: $1.50 per contract
TradeStation is a versatile platform built to facilitate trading in commodity futures and option contracts. It comes with various tools and resources necessary to analyze, execute, and manage commodity trades.
The platform gives you access to a broad range of commodity markets, including
- Agricultural commodities like corn, wheat, cotton, and soybeans
- Precious metals like gold, platinum, and silver
- Energy commodities like natural gas and crude oil
- Soft commodities like orange juice, cocoa, and lumber
The platform is highly customizable. You can create and modify your trading workspaces as per your preferences. Organize charts, watchlists, and trading windows to optimize your trading setup.
Place different types of orders (including limit orders and stop orders) and implement advanced order strategies like bracket orders and OCO (one cancels other) orders to manage your commodity trades effectively.
It has a proprietary scripting language called EasyLanguage. You can use it to build your own trading strategies, create custom indicators, and automate trading systems to execute trades based on specific criteria.
This is quite useful if you often employ algorithmic or systematic trading approaches in commodities.
Pros
- Dynamic market-scanning tools
- A massive historical database
- Fully customizable charting
- Advanced order management
- Access to over 600 futures and futures option products
Cons
- High commissions for some trading products
- Requires minimum account balance
- Can be overwhelming for new traders
TradeStation also supports a paper trading system, allowing you to practice commodity trading strategies with virtual funds. You can use it to test different strategies without risking real capital.
1. Interactive Brokers
Total Commodities: 135+
Fees: $0.25 to $0.85 per contract
Interactive Brokers Trader Workstation allows you to trade futures, options, and other derivatives on various commodities, including gold, silver, crude oil, and agricultural products.
The platform is particularly popular among active traders. It provides in-depth market data and reports, detailed charting tools, calculators, and educational materials to automate your trading strategies.
There are 100+ order types to execute commodity trades as per your strategy. This includes limit orders, market orders, pegged volatility orders, stop orders, and more. Customize your strategy using historical data, technical analysis tools, news feeds, and market research reports.
Like all other platforms, it offers risk management features like stop-loss orders and margin trading to protect your positions and manage exposure.
Pros
- Supports over 100 order types, from limit orders to complex algorithmic trading
- Single-screen command center for managing future positions
- Index Arbitrage Meter helps you analyze index arbitrage strategies
- Includes several templates with pre-defined programs to execute futures trades
Cons
- Steep learning curve
- High commission
- Requires minimum account balance
Trader Workstation is available on desktop, mobile, and web browsers. Trade multiple asset classes, view positions, and analyze market data side-by-side on a single screen.
Frequently Asked Questions?
Do I need trading software to trade commodities?
No, you don’t necessarily need a specialized software tool to trade commodities. However, using such software offers numerous benefits. They give you access to valuable market data, advanced charting tools, and order execution capabilities. They also help you automate your trading strategies and manage risk.
If you’re a beginner, a simple trading software program can be a great way to learn the basics of commodity trading and avoid common mistakes. As you become more experienced, you can switch to more advanced trading platforms with more features.
Can trading software guarantee profits in commodities trading?
Absolutely not. No trading software can guarantee profits.
There are several factors involved in commodity trading, which are almost impossible to factor in by any computer program. For example,
- Trading software cannot predict or control price movements
- They cannot make informed decisions about risk management strategies
- They cannot predict unexpected events, known as black swan events
- They mostly rely on pre-defined algorithms and historical data to make trading decisions
- They are prone to technical glitches or connectivity issues
What features should I look for in commodities trading software?
While you should select a platform that aligns with your trading goals and preferences, there are some common key features every commodities trading tool should have:
- A wide range of commodities coverage
- Real-time data feeds
- Risk management features such as stop-loss and take-profit orders
- Fundamental and technical analysis tools
- Backtesting capabilities
- Minimal latency in order execution
- Reliable customer support
- Reasonable cost structure, including commissions, spreads, and any additional fees
Are there free commodities trading software options available?
Yes, there are plenty of free options available for novice traders. They have limited features and support as compared to paid commodity trading software. The most popular ones are
- MetaTrader 4 and MetaTrader 5 offer advanced charting tools, technical indicators, and algorithmic trading capabilities
- NinjaTrader‘s free version allows for charting and basic analysis
- Thinkorswim by TD Ameritrade includes technical analysis tools and paper trading for practice
- TradingView is a popular web-based charting platform
- ProRealTime‘s free version includes advanced technical analysis tools and a wide range of indicators
While these tools themselves are free, you should be aware that they may incur trading costs through commissions or spreads when trading with a broker using these software tools.
What are the risks associated with using commodities trading software?
Using commodities trading software carries several risks that should be managed effectively to mitigate potential losses.
- They cannot control or predict market movements, so you must be prepared for price fluctuations.
- They are prone to tech issues like software bugs, slow execution times, connectivity problems, and system crashes.
- Mistakes or oversights in configuration can result in unintended orders or excessive risk exposure.
- There are risks associated with algorithmic trading strategies, such as slippage and latency issues.
And since all software programs are vulnerable to cyberattacks, you must choose a reputable and secure trading platform.
Why you can trust us?
We thoroughly analyzed over 20 trading platforms that streamline the process of buying and selling commodities in various financial markets. It took about 10 hours to do the complete research.
Finally, we decided to shortlist 11 commodity trading software based on the range of commodities coverage, real-time data feeds, charting tools, and automation and risk assessment capabilities.
We DO NOT earn commission from any of the featured software. Furthermore, we have two independent editors who have no influence over our listing criteria or recommendations.
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