Best Forex Brokers for Crude Oil Trading 2022

filippo ucchino Filippo Ucchino calendar Last Updated: May 2022 timer 5 Min Read

At InvestinGoal, we adhere to strict standards to ensure an unbiased review process. We conduct our reviews by examining each broker’s offering and performance across 4 key categories. A final rating is produced for each forex broker based on a total of 187 data points. Learn more about our review process and methodology.

Crude oil is available to trade in a variety of ways.

In this article, we have not only included brokers that offer oil futures, but also brokers and trading platforms that offer spot oil, oil CFDs, and even oil options trading.

We have used several parameters to compile this ranking, including:

  • Crude oil commissions;
  • The oil investment methods offered;
  • The quality of the service and platform offered;
  • The overall trustworthiness of the broker.
Table of Content

Round-up

OIL BROKERS OIL DERIVATIVES MINIMUM WTI SPREAD MINIMUM BRENT SPREAD OIL ETFS
XTB Spot 0.03 pips 0.03 pips Yes
FP Markets Spot, Futures 0.02 pips 0.03 pips No
FXCM Spot, Futures, Options 0.04 pips 0.07 pips No
IC Markets Spot, Futures 0.02 pips 0.03 pips No
Vantage Spot, Futures 0.012 pips 0.036 pips No
Plus500 Spot, Futures, Options 0.06 pips 0.06 pips Yes
FXTM Spot 0.04 pips 0.05 pips No
eToro Spot, Futures 0.05 pips 0.05 pips Yes
IG Markets Spot, Futures 0.02 pips 0.02 pips Yes
CMC Markets Spot, Futures 0.025 pips 0.025 pips Yes

WARNING

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
Between 74-89% of retail investor accounts lose money when trading CFDs.
You should consider whether you can afford to take the high risk of losing your money

Top 10 crude oil brokers: 2022 review

1. XTB

  • With XTB you can trade crude oil not only as spot CFDs but also as ETFs.
  • 5 different oil ETFs offered without commissions when buying the underlying asset.
  • Leverage of 10:1 on CFD commodity Oil for EU traders and 67:1 for International traders.
  • The spread starts from 0.03 pips on both WTI and Brent Oil.

Visit XTB
79% of retail CFD accounts lose money

2. FP Markets

  • You can trade oil both as spot and futures.
  • Spreads start from 0.02 pips on WTI, but they are slightly higher when trading WTI futures (from 0.04 pips). Brent oil is tradable only as spot with spreads starting from 0.03 pips.
  • Leverage of 10:1 on oil for CySEC and ASIC traders.

Visit FP Markets
74-89% of retail CFD accounts lose money

3. FXCM

  • FXCM offers an Active Trader program for high-volume investors, which can reduce spreads on different markets including crude oil instruments.
  • UK residents can open a spread betting account to trade oil.
  • Spot and futures contracts on both WTI and Brent crude oil can be traded.
  • Spreads on WTI start from 0.04 pips, while on Brent they start from 0.07 pips.
  • Maximum leverage on crude oil is 10:1 for European, Australian, and UK traders, South African traders can open positions with up to 400:1 leverage.

Visit FXCM
69% of retail CFD accounts lose money

4. IC Markets

  • IC Markets offers oil as a spot and future commodity CFD product.
  • WTI spreads start from 0.02 pips when traded as futures, and 0.03 pips when traded as spot.
  • Brent spreads start from 0.03 pips.
  • Under CySEC and ASIC, the maximum crude oil leverage is 10:1, while international traders can trade with leverage up to 100:1.

Visit IC Markets
(74-89% of retail CFD accounts lose money)

5. Vantage

  • UK traders can open a Vantage spread betting account to trade oil.
  • WTI Crude Oil is offered as future and spot, while Brent Crude Oil is provided as spot only.
  • WTI spreads start from 0.012 pips, however, they are higher when traded as futures (0.016 pips).
  • Brent spreads are higher than WTI starting from 0.036 pips.
  • Leverage of 100:1 is available for CIMA, and VFSC traders, while 10:1 is available for ASIC, and FCA traders.

Visit Vantage
74-89% of retail CFD accounts lose money

6. Plus500

  • Plus500 offers spot and options CFD trading.
  • Crude oil ETFs are also available.
  • The leverage offered on ETFs is 5:1, while it’s up to 10:1 on other CFDs. There are two exceptions, and these are for Singaporean traders and international traders who can trade with leverage up to 5:1 and 100:1 respectively.

Visit Plus500
(77% of retail CFD accounts lose money)

7. FXTM

  • FXTM offers very high leverage on crude oil under their global entity. This can range from 2,000:1 for trades smaller than 0.5 lots, down to 25:1 for trades with volumes above 80 lots.
  • FXTM offers Brent and WTI crude oil as CFD Spot, with spreads from 0.04 pips and 0.05 pips respectively.
  • Right now, FXTM only accepts professional traders in Europe, with a maximum leverage of 52:1 on Brent Oil and 49:1 on US Oil.

Visit FXTM
81% of retail CFD accounts lose money

8. eToro

  • eToro has a specific page for each type of crude oil, where you can interact with other users by sharing ideas, opinions, and news on crude oil.
  • eToro offers only WTI oil, which can be traded as spot and futures.
  • Spreads on WTI start from 0.05 pips.
  • The maximum leverage is 10:1.

Visit eToro
(78% 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)

9. IG Markets

  • With IG Markets you can trade oil in different ways, such as with barrier options, vanilla options, CFDs, and Futures.
  • For UK traders, spread betting is also available.
  • Spreads start from 0.028 pips on spot instruments, and 0.06 pips on futures.
  • Leverage up to 10:1 for EU, ASIC, FCA, and FSCA traders, and up to 66:1 under the global IG entity. However, the higher the volume traded, the lower is the leverage offered. For instance, opening positions from 210 contracts will reduce the maximum leverage down to 6:1.

Visit IG Markets
(76% of retail investor accounts lose money)

10. CMC Markets

  • WTI and Brent offered as CFDs and Futures.
  • The spread on spot instruments is 0.025 pips, while it starts from 0.040 pips on futures.
  • CMC offers monthly cash rebates to high-volume traders, with spread discounts that can reach 20%.
  • If you’re a British trader, you will be able to open a CMC Markets spread betting account.
  • Leverage up to 1:10 for EU, ASIC, and FCA traders, and up to 1:133 for NZ traders.

Visit CMC Markets
78% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider.


About The Author

Filippo Ucchino

Co-Founder - CEO - Broker Expert
Filippo is the co-founder and CEO of InvestinGoal.com. He has 15 years of experience in the financial sector and forex in particular. He started his career as a forex trader in 2005 and then became interested in the whole fintech and crypto sector.
Over this time, he has developed an almost scientific approach to the analysis of brokers, their services, and offerings. In addition, he is an expert in Compliance and Security Policies for consumers protection in this sector.
With InvestinGoal, Filippo’s goal is to bring as much clarity as possible to help users navigate the world of online trading, forex, and cryptocurrencies.

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