Home » Best Brokers » 7 Best Commodities Brokers in USA

7 Best Commodities Brokers in USA

Written by Alexandra Winters

Reviewed by Beatrice Quinn

Published November 26, 2025 Updated November 27, 2025

7 Views

Trading commodities like gold, oil, or corn requires a reliable commodities broker that caters to retail traders in the United States. A top broker provides secure access to commodity markets under strict U.S. regulations, competitive fees, a robust trading platform, and strong client support.
Below we review the 7 best commodities brokers in the USA – all U.S.-based firms serving retail traders – and evaluate them on:

• Regulatory compliance: Registration with the Commodity Futures Trading Commission (CFTC) and membership in the National Futures Association (NFA) for client protection.
  
• Commission structures and fees: Futures trading commissions (per-contract fees), spreads, and any other trading costs.
  
• Available commodities: Range of commodity markets offered – metals, energy, agriculture, etc., via futures, options, or commodity-linked securities.
  
• Trading platforms & mobile usability: Quality of desktop and mobile platforms, charting tools, and user experience.
  
• Research, education & support: Broker-provided market research, educational content, customer service quality, and any trading tools.
  
• Account opening & minimums: Ease of opening an account, minimum deposit requirements, and funding process.
  

Why trust these brokers? All seven are registered U.S. brokers regulated by the CFTC and NFA, which requires background-checked personnel and financial safeguards for client accounts. As the CFTC advises, always verify a broker’s registration and disciplinary history to avoid unregistered scams. The brokers listed here meet high standards of compliance, giving traders peace of mind.

Comparison of Top U.S. Commodities Brokers

Before diving into the broker reviews, we’ll explain what commodities brokers do, then later discuss career info (salaries, jobs) for commodities brokers. Let’s start with a brief definition.

What is a commodities broker?

A commodities broker is an individual or firm that executes trades in commodity markets on behalf of clients. In practice, they facilitate buying or selling of commodity futures, options, or other derivatives tied to raw materials like metals, energy products, or agricultural goods. The broker provides the platform and access to exchanges (such as CME or ICE) where these contracts trade, acting as an intermediary between the trader and the market.

A commodities broker can refer to a brokerage firm or an associated person (AP) at that firm. Brokerage firms must register as Futures Commission Merchants (FCMs) or Introducing Brokers (IBs) with the CFTC, while individual brokers must pass the Series 3 exam and register with the NFA as an Associated Person. In other words, firms are designated as FCMs/IBs and individuals as APs for regulatory purposes. This licensing ensures they understand futures trading rules and ethics.

Beyond placing trades, top commodities brokers often offer market research, trading tools, and education to help clients make informed decisions.. They may provide analyses, price charts, and risk management guidance. As veteran broker Tom Fritz explains, using a good broker can be invaluable because “all he’s going to do is help you protect yourself” by bringing discipline and removing emotional bias from trading. In volatile commodity markets, such guidance and risk management tools can be as important as trade execution itself.

With that context in mind, below is a comparative table of the seven best U.S. commodities brokers, followed by detailed reviews of each.

All brokers above are U.S.-regulated (CFTC-registered and NFA member firms). “Per contract” commissions are per futures contract per side (so round-turn costs double), not including exchange and regulatory fees. Many offer $0 stock/ETF commissions as well, but our focus here is on commodity futures fees.

Now, let’s examine each of these brokers in detail, highlighting how they stack up on regulation, fees, available markets, platforms, and more.

1. Interactive Brokers

Interactive Brokers (IBKR) is one of the largest U.S. electronic brokers, renowned for its global market access and low trading costs. It is a fully regulated brokerage and futures commission merchant (NFA ID: 0258600), so it meets the highest compliance standards. Commodity traders can access a vast range of futures and options through IBKR, covering metals, energy, agricultural markets and more across dozens of exchanges worldwide. This includes popular contracts like gold, WTI crude oil, natural gas, corn, and soybeans, as well as mini and micro contracts for lower capital exposure.

Commissions and Fees: Interactive Brokers offers ultra-low commissions on commodity futures – as low as $0.25 to $0.85 per contract (per side) depending on volume and exchange. In fact, IBKR was rated among the lowest-cost providers, with flexible tiered pricing and volume discounts. There are no base ticket charges, just the per-contract fee plus exchange/NFA fees and a small clearing fee. This transparent pricing is very attractive for active traders who trade large volumes. Margin rates are also low, and IBKR’s financial stability adds confidence (excess capital well above regulatory requirements).

Available Commodities: IBKR’s product breadth is a major strength. Traders can access nearly all major commodity markets – from precious metals (gold, silver) and energy (crude oil, gasoline, natural gas) to agriculture (grains, livestock, softs) – as well as equity index futures, currencies, interest rates, and more. Few brokers can match IB’s global reach; for example, you can trade U.S. commodities on CME/ICE, European energy on ICE Europe, or Asian commodities on exchanges like the Tokyo Commodity Exchange, all from one account. This broad access appeals to those looking to diversify into multiple markets.

Trading Platform: Interactive Brokers’ flagship platform is the Trader Workstation (TWS), a professional-grade desktop platform loaded with advanced features for futures trading. TWS supports over 90 order types/algos and advanced tools like spread builders and depth-of-market (DOM) viewers for precise futures execution. For instance, TWS’s ComboTrader and spread trading tools let you trade calendar spreads or multi-leg futures strategies with ease. The platform also offers powerful charting with a library of technical indicators, backtesting utilities, and real-time risk metrics. Execution quality is a standout – IB’s smart routing and algos (like Adaptive Algo) aim for the best fill price even in fast markets.

Despite its powerful capabilities, TWS can be complex for new traders. To cater to different users, IB also provides IBKR Mobile apps and a streamlined Client Portal/WebTrader interface for basic trading. The mobile app is robust, allowing futures trading on the go, though the depth of tools is pared down relative to TWS. Overall, Interactive Brokers is ideal for experienced and professional traders who demand powerful tools, deep markets, and great execution. As Investopedia summarized, “if you’re serious about futures trading and seek powerful tools, access to global markets, and excellent execution, Interactive Brokers might be the platform for you”.

Research and Education: IBKR offers an impressive range of research resources and educational content. Clients can access market data, news feeds, and analyst reports (some free, some via subscription). The broker’s Trader’s Insight blog and IBKR Campus provide webinars, courses and articles on futures trading strategies, market outlooks, and how-to guides. For example, there are courses on how macroeconomic news affects commodity prices. This focus on education reflects IB’s philosophy that informed traders make better decisions. Additionally, Interactive Brokers provides risk management tools like real-time margin monitoring and risk navigator reports to help traders manage leveraged positions responsibly.

Customer Support and Account Opening: Interactive Brokers has improved its customer support in recent years, offering 24/5 phone support alongside email and chat. That said, some users still report that support can feel geared toward self-service and online FAQs. Account opening is done entirely online; there is no minimum deposit required to open an IBKR account (though to actually trade futures, you’ll need sufficient funds for margins). The onboarding process involves identity verification and compliance questions (as required by regulators), which can take a few days for approval. Once open, IBKR accounts can also trade stocks, options, forex, and more, but note that commodity futures trading requires enabling futures trading permissions and possibly subscribing to market data feeds for live quotes.

Bottom Line: Interactive Brokers leads for low-cost, institutional-level access to commodity markets. Pros include rock-bottom commissions, an enormous product selection, and a highly advanced platform. It’s a fantastic choice for sophisticated traders or anyone trading high volumes. The main cons are the steep learning curve of TWS and the overwhelming array of features that could intimidate beginners. Less-active traders might also encounter monthly inactivity fees (IB recently removed inactivity fees for many accounts, but pro tier accounts may still have minimum monthly commissions – it’s wise to confirm current policy). In summary, Interactive Brokers stands out for its combination of global reach, low fees, and professional tools – making it one of the best brokers for commodities trading in the U.S..

2. TD Ameritrade (thinkorswim)

TD Ameritrade is a well-known brokerage that has long catered to active traders, especially with its thinkorswim trading platform. Note: TD Ameritrade was acquired by Charles Schwab in 2020, and as of 2023–2024 client accounts are being merged into Schwab. However, the thinkorswim platform and TD’s trading offerings continue to operate (and will live on under Schwab). For the purpose of this review, we consider TD Ameritrade’s features as they existed for commodity traders, which are effectively carrying over to Schwab. TD Ameritrade, as a brand, remains one of the best commodities brokers for retail traders due to its powerful platform, breadth of products, and top-notch education.

Regulation and Trust: TD Ameritrade, Inc. is registered with the CFTC and a member of NFA (under Schwab’s ownership this remains true), so it meets all compliance requirements. The brokerage has decades of experience and a strong reputation for reliability. Post-merger with Schwab, clients still get SIPC protection for securities and the regulatory safeguards for futures accounts via Schwab’s futures arm. In short, regulatory compliance is robust, and the firm’s large size (over $6 trillion in client assets combined with Schwab) provides confidence in its financial stability.

Commissions and Fees: TD Ameritrade charges a $2.25 per contract commission for futures and futures options trades. This rate is flat (no tiers or volume discounts) and is on the higher side compared to some competitors (for example, half the brokers on this list charge $1.50 or less). However, TD does offer frequent promotions (such as free trades or cash bonuses for new accounts) and does not charge platform fees or data fees for basic real-time quotes on futures. The $2.25 rate is the same whether using the thinkorswim platform or a broker-assisted trade (though broker-assisted trades incur an additional $25 service fee). Aside from trading commissions, TD Ameritrade doesn’t have account maintenance or inactivity fees. Margin requirements for futures are exchange-standard (and displayed in the platform). Overall, while not the cheapest on commissions, TD’s fee structure is straightforward and the rich platform features help justify the cost for many traders.

Available Commodity Markets: TD Ameritrade offers a wide selection of U.S. futures products across all major commodity sectors. Through its clearing arrangements (now via Schwab’s FCM), clients can trade on the CME Group exchanges (CME, CBOT, NYMEX, COMEX), ICE U.S., CFE, and others. This means you have access to metals (gold, silver, copper), energy (crude oil, natural gas, gasoline), agricultural commodities (corn, wheat, soybeans, cattle, coffee, etc.), as well as equity index futures, Treasury bond futures, currency futures, and volatility futures (VIX). Virtually any contract listed on a major U.S. exchange is available. TD Ameritrade does not offer commodity CFDs (which are banned in the US) and does not have spot forex for retail (they had forex through a partnership, but that shifted post-merger). However, commodity ETFs and commodity-linked stocks can also be traded in the regular account. Notably, futures options are available too – e.g. you can trade options on crude oil or gold futures, which some brokers don’t support. This broad product list makes TD a one-stop shop for multi-asset traders.

Trading Platforms: thinkorswim (TOS) is the crown jewel of TD Ameritrade’s offerings. This platform (available in desktop, web, and mobile app formats) is widely regarded as one of the most powerful trading platforms for retail traders. For futures traders, thinkorswim provides advanced charting (400+ technical studies, fully customizable), a dedicated futures ladder (DOM) interface for placing orders, streaming Level II quotes, and sophisticated analytical tools. You can trade directly from charts or from the DOM, and even use chart-based order entry where you drag and drop orders on a chart. The platform supports multi-leg futures strategies, options on futures, and complex order types.

One standout feature is the paperMoney® simulator – a paper trading mode that lets you practice futures trading with real-time data without risking capital. This is great for beginners to learn. Another unique tool is the Economic Data tool (powered by FRED) that lets you overlay macro indicators on charts – useful for commodities influenced by economic trends. Thinkorswim’s interface is highly customizable, albeit with a steep learning curve given its depth. TD Ameritrade also offers the standard TD Ameritrade web platform and mobile app, which are more straightforward for casual investors, but for futures the thinkorswim platforms are far superior.

In terms of usability: thinkorswim Mobile was voted “Best Trader App” in 2023 and mirrors many features of the desktop – including technical studies and synced watchlists – making it arguably the most robust mobile platform for futures trading. The main downside of the platform suite is that novices may feel overwhelmed at first, but TD provides a lot of tutorials and you can start on the simpler TD Ameritrade web interface if needed.

Research, Education & Support: TD Ameritrade earned a reputation for excellent educational resources and customer support. For commodities traders, the broker provides daily futures market commentary (videos and articles), access to third-party research (like Dow Jones Newswire, CNBC TV, and in-house TD Ameritrade Network broadcasts integrated into the platform), and rich education libraries. There are courses on futures trading basics, live webinars, and even interactive quizzes. New traders can learn about strategies like hedging vs. speculating, or how seasonal trends affect agricultural markets. TD’s support includes 24/7 customer service by phone or chat. Additionally, they have branches nationwide if in-person help is desired (though these focus more on general investing). During volatile market hours, TD’s support holds up well with knowledgeable reps – plus the “Ask Ted” AI chatbot in thinkorswim can instantly answer many platform questions.

Account Opening & Minimums: There is no minimum deposit to open a TD Ameritrade account, but to enable futures trading you must apply for futures trading privileges (which typically requires margin approval and some trading experience information). The approval is not difficult for most reasonably experienced traders. Funding can be done via ACH, wire, etc., and now as part of Schwab, clients may have a unified account experience. One thing to note: as the TD accounts migrate to Schwab in 2024, thinkorswim is being integrated into Schwab’s offerings (Schwab has committed to keeping the thinkorswim platform, given its popularity). So existing TD users will eventually trade futures through Schwab’s infrastructure but with the same thinkorswim interface.

Bottom Line: TD Ameritrade (with thinkorswim) has been a top choice for retail futures traders who value a feature-rich platform and strong support/education. Its strengths include the industry-leading thinkorswim platform with advanced tools, a wide range of products, and extensive educational content for traders of all levels. The broker’s client service and community (like forums and in-platform chat) foster a good environment for learning. The main drawbacks are the relatively higher futures commission ($2.25) and, temporarily, the uncertainty of transition to Schwab (though this is smoothing out, with most features carrying over). For traders, the good news is that Schwab is preserving what made TD Ameritrade great, so thinkorswim users can continue to enjoy an excellent trading experience under the Schwab umbrella. In summary, TD Ameritrade remains one of the best brokers for commodity futures, especially if you want a professional-level platform with ample guidance. It’s well-suited to both active day traders and those just learning futures (thanks to paperMoney and education).

(If your account transitions to Schwab, you’ll use Schwab’s Futures services with thinkorswim – expect a similar experience. Schwab’s own StreetSmart Edge platform is decent but thinkorswim is superior for futures, and Schwab knows it.)

3. Charles Schwab

Charles Schwab is one of the largest brokerage firms in the U.S., and with its acquisition of TD Ameritrade it has solidified its position as a top destination for futures and commodity traders. Schwab’s Futures services (now bolstered by thinkorswim from TD) offer a blend of deep market research, robust platforms, and the backing of a trusted financial giant. For traders who want commodities exposure alongside their stock and retirement accounts, Schwab is a convenient choice. It’s a fully regulated broker (CFTC-registered FCM via its Schwab Futures, Inc. entity, and NFA member) and has been in business for decades.

Commissions and Fees: Schwab’s standard futures commission is $2.25 per contract (per side), identical to TD Ameritrade’s pricing. In fact, Schwab aligned its futures pricing with TD after the merger. There are no platform fees for using StreetSmart or thinkorswim, and Schwab provides real-time basic futures quotes at no extra charge (professional data feeds may cost extra). Like TD, Schwab charges $0 commissions for stock/ETF trades, but futures remain a paid service due to exchange clearing fees. Overall, Schwab’s futures commissions are not the cheapest but are competitive for a full-service firm – and high-volume traders might negotiate rates if they trade very large size (though this usually applies to professional accounts). One thing to watch: if you don’t meet certain activity, Schwab’s old platform (StreetSmart) would charge for advanced data packages, but with thinkorswim’s integration and their recent policy, most retail traders won’t face data fees as long as they’re non-professional users.

Commodity Offerings: Through Schwab, you can trade all the major commodity futures and futures options that a typical U.S. retail trader would need. This includes metals (gold, silver, platinum, copper), energy (WTI and Brent crude, nat gas, heating oil), grains (corn, wheat, soybeans), soft commodities (coffee, cocoa, sugar, cotton), livestock (live cattle, lean hogs), and more – essentially anything listed on CME Group or ICE US. Schwab Futures also offers micro contracts (like Micro WTI oil, Micro gold, etc.) which are great for smaller accounts. They support trading on the CME, CBOT, COMEX, NYMEX, ICE, CBOE Futures (VIX) and others, covering a wide array of markets. Additionally, Schwab provides access to commodity-related ETFs and stocks in the regular account side, plus OTC products like physical precious metals purchases through affiliated services (for long-term investing). However, the core of commodity trading at Schwab will be via futures. They currently do not offer crypto-asset futures to retail (like CME Bitcoin futures) unless you request futures trading and meet certain requirements, but this may evolve. Overall, Schwab scores high on product range, though it focuses on U.S. markets (international futures may be limited compared to, say, IBKR which covers foreign exchanges).

Trading Platforms: Schwab now essentially has two platform offerings for active traders: StreetSmart Edge and thinkorswim. StreetSmart Edge is Schwab’s legacy trading platform, which has good charting and is quite user-friendly, but historically it was not as feature-rich for futures compared to thinkorswim (for example, it lacked a futures ladder and some advanced order types). With the integration of TD Ameritrade, Schwab is bringing thinkorswim to all its clients, which is a huge boon for futures traders. Thinkorswim (as detailed in the TD section) offers an elite experience with advanced charting, analytics, and multi-leg strategy support – far exceeding what most big-bank brokers provide.

Currently, Schwab clients who want to use thinkorswim need to have their accounts migrated or open a “Schwab-TD” account, but by late 2024 thinkorswim will be fully part of Schwab. In the interim, StreetSmart Edge is still available and is quite capable for basic to intermediate futures trading. It offers customizable workspaces, streaming quotes, and some technical analysis tools. It also integrates with Schwab’s web platform where you can find Schwab’s market research (Schwab has extensive in-house research and third-party reports which are accessible to clients). Mobile trading is possible via the Schwab mobile app, which is fine for monitoring positions or simple trades, but it’s not specialized for futures (thinkorswim mobile is expected to replace this need for active traders once available to all Schwab clients).

One advantage with Schwab is integration – you can use one login to manage your stocks, futures, banking, etc., and even move money between accounts seamlessly. This appeals to traders who want all finances under one roof. In summary, with thinkorswim coming on board, Schwab will offer one of the best trading platforms in the industry for commodities. Even before that, Schwab’s tools were decent and the addition of TD’s technology makes it top-tier.

Research, Education & Support: Schwab excels in research and client education, living up to its investor-friendly reputation. The broker provides extensive research reports (Schwab’s own analysts cover commodities and macro trends, and clients get reports from firms like Credit Suisse, Morningstar, CFRA, etc.). Their website regularly publishes articles on market insights – for example, discussing oil price outlooks or how Fed policy impacts gold. For education, Schwab has a learning center with tutorials on futures basics, videos on how to trade using their platforms, and even futures specialists available by phone. Since the TD merger, they also gained TD’s educational content, meaning clients have access to a huge library of futures trading webinars and coursework.

Customer support is a strong point: Schwab offers 24/7 phone support with knowledgeable representatives, plus chat support and a network of physical branches. They even have futures specialists you can be transferred to for complex questions. One hallmark of Schwab is high customer satisfaction in industry surveys, often ranking #1 for service. This is an important factor for traders who may need help during volatile times.

Account Opening: Opening a Schwab brokerage account is straightforward and requires no minimum. To enable futures, you typically must open a specific futures trading account (a sub-account) and fund it. The minimum to trade is basically whatever the margin requirement is for your desired trade (Schwab doesn’t impose a separate higher minimum; even a few hundred dollars could theoretically suffice to trade a micro contract, though more is recommended). New clients can sign up online or through a branch. The integration of TD Ameritrade accounts means many traders might already have been swept into Schwab’s system. If you’re starting fresh, note that Schwab will soon unify the account experience so that you can trade futures either via StreetSmart or thinkorswim under the same roof.

Bottom Line: Charles Schwab is a great all-around broker for commodities – particularly for those who value strong research, a full-service experience, and now, cutting-edge trading technology via thinkorswim. Pros: A trusted firm with top-notch stability, excellent research and education resources, comprehensive product offerings, and responsive customer service. With thinkorswim, platform capabilities rival any competitor. Cons: Futures fees are moderate (not discounted), and beginners might find the array of tools overwhelming. Also, prior to thinkorswim’s arrival, Schwab’s own platform was not the best for very active futures day-trading (some active traders even complained that StreetSmart was “absolute garbage for futures trading” compared to specialized platforms – a gap now filled by TOS). In conclusion, Schwab is an ideal choice for traders who want a blend of robust trading power and the security of a large financial institution. If you’re the kind of trader who wants great research and the ability to trade futures, stocks, and other assets all in one place, Schwab should be high on your list.

4. E*TRADE (by Morgan Stanley)

E*TRADE (now a part of Morgan Stanley since 2020) is another top brokerage for U.S. retail traders, known for its ease of use and balanced feature set. When it comes to commodity trading, ETRADE offers **futures through its ETRADE Futures LLC division (NFA member)**, giving clients access to major commodity markets with a user-friendly platform. ETRADE shines particularly for those who want a straightforward, all-in-one platform with solid futures capabilities and excellent educational resources – in fact, Investopedia named ETRADE the “best futures platform for education” in 2025.

Regulation: ETRADE Futures LLC is a registered FCM and NFA member, so it’s fully compliant on the regulatory front. Being owned by Morgan Stanley, it benefits from the oversight and stability of a leading global bank (segregated funds, capital reserves, etc.). Clients’ futures accounts are held separately but can be viewed alongside other ETRADE accounts for convenience. You can trust that E*TRADE meets all industry standards for protecting futures traders.

Commissions and Fees: ETRADE’s futures commission is $1.50 per contract, per side, which is a flat rate regardless of volume. This pricing is very competitive – notably cheaper than TD Ameritrade/Schwab’s $2.25 and on par with TradeStation’s base rate. For example, if you trade one crude oil futures contract, you’d pay $1.50 when opening and $1.50 when closing (plus exchange fees). Crypto futures (like CME Bitcoin futures) are priced higher at $2.50 per contract, reflecting their niche status. There are no additional platform fees or data fees for standard quote streams; **ETRADE even provides free CME Group live data for non-professional users**, which is a great perk (some brokers require you to pay for live futures quotes). E*TRADE has no account minimum and no inactivity fees. Overall, its fee structure is transparent and cost-effective, especially for beginner to intermediate traders who won’t be doing thousands of contracts a month (where volume-tier brokers like IB might then become cheaper). It’s worth noting exchange and NFA fees still apply per trade, as with all brokers.

Available Commodities: ETRADE offers a solid range of commodity futures and options via the CME Group exchanges and others. This includes the popular contracts in energy (crude oil, natural gas), metals (gold, silver, copper), grains (corn, soybeans, wheat), softs (coffee, sugar, cotton), livestock (cattle, hogs), and more. Essentially, all the major U.S. futures products are available. If you’re looking for very exotic contracts or non-U.S. commodity exchanges, ETRADE might not have those (it focuses on U.S. markets). But for most retail needs – e.g. trading COMEX gold or NYMEX oil – it’s covered. Micro futures (e.g. Micro Gold, Micro WTI, Micro Bitcoin, etc.) are supported, which lowers the entry barrier for new traders to dip into commodities with less capital. ETRADE does not support trading physical commodities (like buying actual gold bars) – you’d get exposure through futures or ETFs. Speaking of ETFs, since ETRADE is a full-service broker, you can also trade commodity ETFs (like GLD for gold or USO for oil) and stocks of commodity-producing companies, all from the same account. This flexibility is nice if you want to mix futures trades with longer-term investments.

Trading Platforms: ETRADE provides two primary platforms that cater to different levels: **Power ETRADE** (a web-based and mobile platform, derived from the OptionsHouse acquisition) and E*TRADE Pro (a downloadable desktop platform, though as of recent years ETRADE has emphasized Power ETRADE as the go-to solution). Power E*TRADE is an excellent platform for futures and options trading, combining ease-of-use with advanced functionality. Its interface is clean and highly customizable – you can have futures ladders, charts, options chains, and order tickets all on one screen. For commodity futures, Power E*TRADE offers interactive charting (with technical studies), drawing tools, and the ability to trade directly from charts or from the DOM ladder. One helpful feature: snapshot analysis – when you go to place a trade, it can show you the breakeven, max profit/loss (for options), and key Greeks or scenario analysis. While this is geared to options traders, it’s useful for futures options or understanding exposure.

For those just starting, Power E*TRADE’s platform is very user-friendly – it has a gentle learning curve compared to thinkorswim or TradeStation. Yet it’s powerful enough: you can set up custom watchlists, alerts, and use their strategy scanner. The mobile app version of Power ETRADE is also highly rated for its design and functionality; you can chart and place futures trades on the go easily. Meanwhile, **ETRADE Pro** (desktop) offers more heavy-duty tools like algorithmic trading and automation, but it’s available to active traders (there used to be an account minimum or trading activity requirement to use Pro; this may have been relaxed after the Morgan Stanley takeover). In practice, Power ETRADE covers nearly everything a commodity trader would need, and ETRADE has put a lot of resources into making it their flagship.

Another highlight: paper trading is available via demo modes – you can practice in the platform with virtual money if you ask for access (often given to test drive features). This, combined with robust education, makes E*TRADE very welcoming to beginners.

Education and Research: ETRADE truly stands out for its educational content and market insights, aligning with that “best for education” accolade. They provide a rich library of articles, tutorials, webinars, and videos explaining everything from futures basics (e.g. contract specifications, leverage and margin, rollover mechanics) to advanced strategies (like options on commodity futures). Many educational resources are integrated into the Power ETRADE platform – for example, “knowledge” widgets or links that can explain a term if you’re on a trading screen. E*TRADE also hosts frequent live webinars; topics might include an outlook on oil prices with an expert or how to trade agricultural futures around USDA reports.

On the research side, being part of Morgan Stanley has advantages: Morgan Stanley’s research team is one of the top in the world, and ETRADE clients get access to some of that research (reports on commodities, analysts’ notes on energy companies, etc.). They also offer futures market commentary from third parties. For technical analysis enthusiasts, ETRADE’s Strategy Scanner can help find trading opportunities (though more so for stocks/options; futures scanners are a bit limited to technical criteria). Importantly, E*TRADE offers a simulated trading account (paper trading) which Investopedia praised – this lets beginners practice and gain confidence before going live.

Customer Support: ETRADE provides 24/7 customer support by phone and online chat. They also have branches in select cities if you want face-to-face service (though not as many as Schwab). ETRADE’s support has a good reputation; in my experience, wait times are short and reps are knowledgeable, especially on platform questions. Additionally, their website has extensive FAQs and a community forum where you can see common questions answered.

Account Opening: It’s easy to open an ETRADE account online with no minimum. Enabling futures trading might require a brief questionnaire about your experience (standard procedure). Funds can be transferred via ACH, wire, etc. The integration with Morgan Stanley has been mostly behind-the-scenes, so from a user perspective, ETRADE operates much as it always has. Morgan Stanley has indicated they aim to keep ETRADE’s platform focused on self-directed trading, and they’ve maintained its separate identity. So you don’t need a Morgan Stanley advisor or anything to use it – it’s the same good old ETRADE brokerage but with a stronger parent company.

Bottom Line: ETRADE is a fantastic choice for traders who want a balanced mix of user-friendliness and powerful features. It’s especially appealing for those learning futures, given the wealth of education and the intuitive platform. Pros: Competitive $1.50 commission, very user-friendly interface, strong mobile app, top-tier educational materials, and integration with other investment products (stocks, funds, etc.). Cons: It may not cater to the ultra high-frequency futures scalper (the platform is not as lightning-fast or programmable as, say, NinjaTrader or TradeStation, and $1.50 fee could add up for scalping dozens of contracts constantly). Also, it doesn’t provide international futures exchanges or certain niche markets. But for the vast majority of retail commodity traders, ETRADE covers what’s needed.

In summary, E*TRADE stands out as an all-in-one solution with a gentle learning curve, making it a great place to start your commodities trading journey and continue as you grow. It’s backed by a big-name bank for security, yet it maintains a tech-savvy online brokerage vibe. Whether you’re hedging some crops or speculating on gold, E*TRADE delivers a reliable and feature-rich experience.

5. TradeStation

TradeStation is a broker well-known among seasoned traders, historically for its cutting-edge trading technology and customization/automation capabilities. It ranks among the best for active futures traders who want robust tools. TradeStation Securities, Inc. is a registered broker-dealer and FCM (with NFA membership), so it’s fully compliant and reputable. TradeStation’s specialty is its platform – a highly advanced desktop platform that some would say rivals professional institutional software in flexibility. It’s an ideal choice if you want to code your own trading strategies, utilize algorithmic trading, or need deep historical data for backtesting. Yet it also offers simpler web and mobile platforms for on-the-go trading.

Commissions and Fees: TradeStation charges $1.50 per futures contract (per side) under its standard pricing. This is identical to E*TRADE’s rate and competitive in the industry. They sometimes offer promotions (e.g. new customers getting rebate on some trades or deposit bonuses). TradeStation also has a membership program – clients can choose per-trade pricing or pay for a monthly subscription that lowers per-trade fees (however, in recent years, they simplified to mostly the flat $1.50 for futures). Notably, TradeStation does not charge additional NFA or routing fees on top – you pay $1.50 inclusive of their commission, then just exchange fees pass-through. Data fees: TradeStation historically charged for certain market data packages (CME, etc.) if you didn’t meet a minimum commission threshold (~$40/month). However, new accounts get a grace period (90 days free real-time data), and if you’re active enough ($40 in commissions a month, which is ~27 contracts round-trip), the fees are waived. If not, you might pay about $20 per exchange for live data after the grace period. This is a small drawback to be aware of – active traders usually hit the minimums, but low-volume traders could incur data costs. TradeStation has no minimum deposit for standard accounts now (it used to require $2,000 but they dropped that to $0 to stay competitive). For futures, effectively you need to deposit enough to cover margins of trades you want to place.

Available Commodities: TradeStation offers a comprehensive array of futures across equities, rates, and commodities. You can trade all the major commodity futures (energy, metals, ags, softs, livestock) on U.S. exchanges. Additionally, TradeStation provides access to some international markets: for example, Eurex (European exchange) futures are available. So you could trade things like European energy contracts or German power if desired. They also were one of the early brokers to offer crypto futures (CME Bitcoin, etc.). In summary, nearly every contract category is supported – “stock indices, crypto, rates, metals, energy, ags, softs, and even meats” as one review put it. This breadth appeals to traders who want everything under one roof. TradeStation also allows trading of futures options, and it’s quite adept at that (the platform can analyze multi-leg options strategies too). And, since it’s a full broker, you can trade stocks, options, and forex (through their affiliate) in the same platform environment.

Trading Platform: The hallmark of TradeStation is its desktop platform, often just called TradeStation (currently TradeStation 10). It’s an institutional-grade trading platform known for fast execution, advanced charting, and especially its custom scripting language called EasyLanguage. With TradeStation, traders can design and automate their own strategies: you can write rules in EasyLanguage to create custom indicators or automated trading systems, then backtest these on decades of historical data. Few brokers provide this level of algorithmic trading capability to retail customers. For example, you could program a system to trade gold futures when certain technical conditions are met, and TradeStation can optimize the parameters and even run the strategy live or in simulation. This makes TradeStation extremely popular with systematic traders and those who like to tinker with trading ideas.

Charting on TradeStation is top-notch. It’s one of the few platforms that rival thinkorswim’s charting – in fact, thinkorswim’s devs have admitted drawing inspiration from TradeStation years ago. You get a vast library of technical indicators and can add any custom ones. Multi-chart layouts, window linking, and custom workspaces allow a personalized setup across multiple monitors (if you have a battle station!). TradeStation also offers a Matrix (DOM) for quick order entry and a RadarScreen tool that lets you monitor hundreds of symbols with custom criteria (like a powerful scanner).

For those not into coding, TradeStation is still fully usable; you can benefit from others’ work via the TradeStation TradingApp Store, where third-party developers offer indicators and strategies (some free, some paid). Essentially, it’s like an app ecosystem for trading tools.

Web and Mobile: TradeStation has a web-based platform and a mobile app that are more straightforward. They allow trading futures with basic features. The mobile app is quite good for monitoring positions and doing simple trades, though it won’t have the full customization of desktop. The web platform similarly is fine for executing trades if you’re away from your main PC. But the star remains the desktop for heavy analysis.

Research and Tools: TradeStation isn’t primarily known for fundamental research; it caters to technically driven traders. However, it does provide extensive historical data (one of its strengths – you can pull years of 1-minute data on many futures for backtesting). It also offers news feeds and some analysis, but compared to say Schwab or E*TRADE, the general market commentary is not the focus. Instead, TradeStation adds value with things like Market Depth tools, Time & Sales windows, and the aforementioned RadarScreen where you can set custom criteria to scan futures markets (for example, find which commodity is up the most today relative to its ATR, etc.). If you want education, TradeStation has tutorials on using the platform and on EasyLanguage coding, plus a user community forum. They also have “TradeStation University” webinars and events for clients to learn strategy development, etc. But you won’t get hand-holding on what soybean futures are – it assumes a bit more advanced audience.

Customer Support: TradeStation provides phone support during market hours and technical support for the platform. Being a tech-heavy broker, they have a reputation for competent tech support. Some users have noted wait times can be longer during big market events, but generally support is solid. TradeStation also has online documentation and an active user community for problem-solving. One thing to note: because TradeStation is so feature-rich, it may require a more powerful PC to run smoothly, and occasionally users might need support for performance issues (like optimizing memory usage if you have 50 charts open). Their support can help with such tuning.

Account Opening: You can open a TradeStation account online. There’s currently no minimum (for futures it used to be $1,500 minimum but that’s removed). The onboarding includes selecting whether you want a TS Select or TS Go account (basically same pricing nowadays). Funding can be done via ACH, wire, etc. TradeStation also offers IRA accounts that can trade futures, which is somewhat unique (many brokers allow it but TradeStation actively promotes futures in retirement accounts for hedging).

Bottom Line: TradeStation is perfect for the serious trader – if you live and breathe trading, especially if you crave customization and the ability to automate or extensively backtest your strategies, TradeStation is second to none for a retail platform. Pros: Highly advanced platform, great for active and professional-style trading; low commissions; extensive market access and data; ability to create and test strategies with ease. Cons: Steeper learning curve, especially if you dive into coding; less focus on beginner education; potential data fees if not active (but these are avoidable with modest trading activity). Also, if you’re only a very casual trader, much of TradeStation’s power might be overkill.

In summary, TradeStation is a top choice for active commodity traders, day traders, and anyone who wants to push the limits of what a trading platform can do. It empowers you to trade in a way few other brokers can – for example, you can set up an automated system to trade the oil market’s volatility around inventory reports, and have the confidence of a robust execution backbone. If that level of sophistication appeals to you, TradeStation will likely become your favorite tool. On the other hand, if you just want to place the occasional gold trade without fuss, you might lean toward a simpler platform like E*TRADE or Schwab. But given its capabilities, TradeStation firmly earns its spot among the best commodities brokers in the USA.

6. NinjaTrader

NinjaTrader is a unique entrant on this list – known primarily as a futures trading platform that now also operates as a broker. NinjaTrader has been popular for years among futures traders for its fast, high-performance software and has recently expanded by acquiring a brokerage (becoming a registered FCM and NFA member). NinjaTrader is best for dedicated futures traders who demand advanced charting, customization, and maybe even a more cost-efficient commission structure through memberships. It’s often lauded as a platform for professionals and very active traders (though they have introduced features for beginners, including a new web interface). Investopedia rated NinjaTrader the “Best for Dedicated Futures Traders” in 2025, which speaks to its focus.

Regulation: NinjaTrader Brokerage is fully regulated – it’s registered as an FCM with the CFTC and a member of NFA (NFA ID #0309379). This ensures that customer funds are segregated and all regulatory compliance measures are in place. NinjaTrader’s transition from being just a software vendor to a brokerage means that if you open an account directly with NinjaTrader, you are trading with an NFA-regulated firm (they use “NinjaTrader Clearing” for clearing trades). In the past, many used NinjaTrader with other brokers (and that’s still possible – e.g. connecting NinjaTrader platform to Interactive Brokers or others), but using NinjaTrader as your broker streamlines support and potentially reduces costs.

Commission and Fees: NinjaTrader offers multiple commission plans depending on whether you buy a software license or not. The standard pay-as-you-go plan (if you use the platform for free with no subscription) has commissions of $1.29 per contract (per side) for major futures, and $0.35 for micro futures. If you choose to subscribe to the platform ($99/month for the “lease” plan) it lowers commissions to $0.99 per contract (and $0.25 for micros). The cheapest rate is if you buy a lifetime license for NinjaTrader (one-time $1,499) – then commissions drop to $0.59 per contract ($0.09 for micros). These rates exclude exchange and NFA fees, but those are the same everywhere. Essentially, active traders can save substantially with NinjaTrader’s model. For example, a round-turn on an E-mini S&P might cost ~$2.58 in commissions on the free plan, but only ~$1.18 on the lifetime plan – a big difference if you do high volume. Even at $1.29, Ninja’s base rate is lower than many competitors (TD’s $2.25 or even IB’s ~$0.85 average plus possibly routing fees – though IB can be as low as $0.25 for very high volume). NinjaTrader also often has promotions, like discounted license sales or even commission rebates for new accounts.

Do note, market data subscriptions are required for live trading – e.g. CME data might cost ~$12/month for non-pros (which is standard for all brokers, but some like TD/Schwab absorb it; Ninja typically passes it on). NinjaTrader’s website lists the data fees and they have a whole marketplace if you want premium features. But one con: to get live data for most futures on NinjaTrader, you must pay for the data feed, which some casual users might find a nuisance. They do allow you to connect to a free data trial or use delayed data for practice.

Available Commodities: NinjaTrader (as a broker) gives access to all major futures exchanges: CME, CBOT, NYMEX, COMEX, ICE, Eurex, etc. They advertise offering 100+ futures products, which covers everything from the classic contracts to more niche ones. If an exchange is supported (CME Group and ICE are), then all commodity sectors are represented – energy, metals, grains, softs, livestock, you name it. NinjaTrader is particularly popular among E-mini and micro index futures traders, but it’s equally capable for commodities like crude oil or gold. They also support futures options trading (though the platform historically was futures-focused; options analytics are not as advanced as thinkorswim’s, but basic trading is possible). One limitation: NinjaTrader currently doesn’t offer non-futures products (no stock or forex trading through their own brokerage, except they do integrate forex via third-party in the platform). It’s really a pure futures broker. If you need to trade outside futures, you’d use another broker or connect NinjaTrader to another broker for those.

Trading Platform: The NinjaTrader platform (now version 8) is a very powerful trading terminal beloved for its speed and advanced charting. Some of its key features:

• Advanced Charting: Highly customizable charts with plenty of built-in indicators and drawing tools, plus the ability to use custom indicators via NinjaScript (their C# based scripting for custom tools). Many third-party developers create indicators for NinjaTrader.
  
• High Performance DOM: NinjaTrader’s SuperDOM is known for fast order entry and visualization. For day traders who scalp or intraday trade futures, the DOM responsiveness is crucial, and Ninja excels here.
  
• Strategy Automation: You can program strategies (in C#) or use their strategy builder to automate trades. For example, setting up an auto-trail stop or an entire algorithmic strategy is possible.
  
• Order and Trade Management: NinjaTrader provides advanced order types and the ability to ATM (Advanced Trade Management) strategies – e.g. automatically bracket every entry with a predefined stop and target.
  
• Replay and Simulation: You can download historical tick data and replay it as if the market were live (Market Replay feature), which is fantastic for training or testing yourself.
  
• New Web & Mobile: Historically, NinjaTrader was desktop-only (Windows). In 2023, they launched a browser-based platform and a mobile app. These bring basic trading functionality to web/mobile for NinjaTrader account holders. They are relatively new and still adding features, but it means you’re not completely tied to your desktop – you can monitor and close trades from your phone now, which is a big upgrade for NinjaTrader users.
  

The NinjaTrader platform is free to use for simulation and charting. You only start paying if you want to execute live trades (then you either pay per trade via commissions or get a subscription). This free simulation aspect is great – many traders actually download NinjaTrader to practice on live data with no risk.

For beginners, NinjaTrader’s learning curve can be a bit steep. The interface is geared towards active traders (lots of windows, parameters to set up). It’s not as immediately intuitive as something like Webull. However, NinjaTrader’s website has a ton of tutorial videos and an active forum community to help new users. The serious traders appreciate that the interface is lean and efficient – not cluttered with promotional stuff, just pure trading.

Customer Support: NinjaTrader offers support via email and phone during trading hours. Given their user base, they often help with technical issues on the platform. They also have a comprehensive online help guide and community forum. In my experience, NinjaTrader’s support is quite responsive for critical issues, but they do encourage checking their help resources first. Since many of their users are advanced, peer-to-peer help in forums is common. One thing to note: because the platform can integrate with other brokers, sometimes support queries can involve multiple parties (if you connected Ninja to another broker’s API, etc.). But if you use NinjaTrader as your broker, their support handles both platform and brokerage issues in one place, which is nice.

Account Opening: You can open a NinjaTrader brokerage account online fairly easily. Minimum to fund is low (I believe as low as $400 or $500 if you plan to trade micros – their site notes $400 intraday margins on micros, but realistically $1,000+ is wise). They offer individual and entity accounts. One benefit: NinjaTrader allows funding via ACH, wire, and even credit/debit card or PayPal for small amounts, which is unusual (the card/PayPal method is via their partnership with Tradovate, which they acquired; it might have limits but is convenient). Account approval typically takes a day or two, including identity verification.

Pros & Cons Recap: NinjaTrader’s strengths lie in its excellent fee structure for active traders (you can really drive down costs), its extremely powerful platform for charts and automation, and features like 24-hour trade support and simulation mode. It’s truly built “by traders, for traders.” As NerdWallet put it, NinjaTrader offers low commissions, great customer support (24/5), and a powerful platform – just not very beginner-friendly and requires paid market data for full functionality. The downsides: if you’re completely new, NinjaTrader might be overwhelming; also, it’s focused solely on futures (no diversification in one account). Additionally, to get the best commission rates you either pay monthly or buy the software, which is an upfront cost that casual traders may not want. And yes, market data is not free as it is with some other brokers – you have to subscribe to live feeds. That said, if you’re serious about futures trading, those data fees are standard industry-wide and NinjaTrader’s other cost savings and performance might outweigh that concern.

In conclusion, NinjaTrader is a top-tier choice for active commodity futures traders, especially those who day trade or employ technical strategies. It provides an edge in terms of speed and customization, and it’s constantly evolving (with the new web and mobile platforms making it more accessible). For a trader who wants to be deeply engaged with the markets and possibly code or fine-tune their approach, NinjaTrader offers an unparalleled environment to do so, while also saving on commissions. It may not be the best for a casual investor, but for the dedicated futures trader, NinjaTrader truly stands out as one of the best brokers/platforms in the U.S. commodities trading space.

7. Webull

Webull is a newer generation brokerage (founded in 2017) that has quickly gained popularity, especially among younger and mobile-first investors. Known for its sleek app and commission-free stock trading, Webull also introduced futures trading to its platform, making it one of the few app-centric brokers to offer commodity futures. Webull is best for traders who value a modern mobile platform and zero commissions on other assets, and who may just dabble in futures on the side. While its futures offering is more limited in scope than the others on this list, Webull deserves mention as an accessible entry point for commodity trading. It is registered and regulated as a broker-dealer and an NFA-member FCM (Webull Financial LLC, NFA ID 0528018), ensuring compliance with U.S. rules.

Regulation and Trust: Webull Financial is a member of FINRA and SIPC for securities, and importantly registered with the CFTC as an FCM and member of the NFA for futures trading. This means Webull had to meet stringent requirements to offer futures – including capital requirements and segregation of client funds. So even though Webull is a relatively new name, it is operating under the same regulatory oversight as the big firms, which should reassure traders. Webull’s parent company has backing from Chinese investors (Fumi Technology), but Webull operates its U.S. brokerage arm distinctly under U.S. regulations. In terms of safety, Webull uses Apex Clearing for clearing stock trades and perhaps uses a partner for clearing futures (some reports suggest they partnered with NinjaTrader/Tradovate or directly got clearing membership). Regardless, it’s legitimate and has grown a large user base.

Commissions and Fees: Webull’s pricing for futures is straightforward: $0.25 to $1.50 per contract depending on the product. Specifically, for index futures like the Micro E-minis they charge around $0.25, and for standard futures it’s about $1.50 (similar to E*TRADE/TradeStation level). These rates are quite low, aligning with industry norms or better for micros. There are no account fees or platform fees. One important point: Webull often runs promotions (like free stocks for signing up, etc.), but for futures they also had promos such as “free commissions for X number of contracts for new futures traders”. Also, Webull offers free real-time quotes for futures to non-professional users (at least for CME mini and micro futures initially, as part of a promotion). This contrasts with many brokers where you must pay for CME data – Webull eating that cost is a nice plus for entry-level traders.

Since Webull doesn’t charge equity commissions, it’s plausible they subsidize some costs to attract users. However, be mindful: exchange fees and NFA fees still apply on futures trades at Webull (just like everywhere). But those are small ($0.30–$1 depending on contract). Overall, Webull’s futures commissions are very competitive, and casual traders might find it effectively negligible if just trading a few micros now and then.

Available Commodities: Here is where Webull is limited. Currently, Webull offers futures trading on a small number of contracts, specifically CME Group equity index futures (like the E-mini S&P 500 and Micro E-mini S&P, E-mini Nasdaq, etc.) and a few key commodities such as crude oil (CL), gold (GC), and perhaps E-mini Silver or Natural Gas. Essentially, they connect to the CME/NYMEX. It’s CME-only – meaning no ICE contracts like Brent or coffee, no CBOE VIX, etc., at least as of now. For example, you can trade WTI crude oil on Webull, but not Brent crude (ICE). You can trade COMEX gold, but maybe not minor ags like wheat yet. The Micro contracts are a big focus (since their user base might have smaller accounts): Micro gold, Micro crude, Micro equity indices. Webull likely will expand offerings as they mature, but it’s not the place for a huge variety of commodity markets. It covers the most popular ones (oil and gold being the main commodities, and stock indices). If you wanted to trade, say, corn or soybeans, or livestock futures, Webull does not offer those at this time. In terms of commodity ETFs, Webull does allow those (as stocks), but here we’re focusing on direct commodity futures.

So, Webull’s commodity trading is best characterized as a simplified selection: a handful of the most-traded futures. This is fine for someone who mostly trades stocks but occasionally wants to long or short oil or gold with leverage. If you need broad commodity exposure, you’d outgrow Webull quickly.

Trading Platform: Webull’s platform is its strength: a sleek, easy-to-use mobile app and a capable desktop/web platform. The app has gained fans for its clean design and surprisingly rich feature set (free real-time data, advanced charts, technical indicators, customizable layouts – all in a mobile interface). For futures trading, Webull integrates it into the same app. You can pull up a futures contract (say, “CL” for crude oil) and see charts, order book, etc., just like you would for a stock. Placing an order for futures is similar to placing a stock order, with options for market/limit, etc. Webull’s charts have many technical studies and drawing tools, which is great for analysis on the go.

One downside: Webull’s platform is built for simplicity, so it lacks some advanced futures-specific tools. For instance, there’s no traditional DOM ladder view or complex order strategies (no multi-leg bracket orders with one-cancels-other in a sophisticated way – though you can set a take profit and stop loss simultaneously, functioning as a bracket). Also, no ability to trade options on futures (Webull doesn’t support futures options). Essentially, Webull covers the basic needs: chart, place order, set stop/limit. The app does have price alerts which you can use for futures as well.

Webull’s desktop platform (which is a downloadable software or can be used in browser) offers a bit more screen real estate to arrange charts and watchlists. It’s quite good for a free platform, and it syncs with your mobile (watchlists, etc.). It’s not as advanced as thinkorswim or TradeStation, but it’s more than sufficient for moderately active trading.

A neat feature: Webull has a social/community aspect – users can post comments on ticker pages. This extends to futures too. So you might see what others are saying about the oil market on the Webull app’s comments section (though take that with a grain of salt). It creates a kind of community feel.

Education and Research: Webull is a bit light on in-depth research. It provides some basic news and data (e.g. economic calendar, headlines from newswires). For stocks, it offers analyst ratings, etc., but for commodity futures there is not much proprietary research within Webull. They do have a “Community” as mentioned, and some basic explainers in their help center (e.g. an FAQ on how futures trading works on Webull). However, Webull is not the place for extensive futures education – you’d likely need to look externally for learning materials (or to other sources like CME’s education or third-party articles).

That said, Webull does have a paper trading mode (mainly intended for stocks and options) which might allow futures paper trading as well – they used to have a contest mode for paper trading with virtual money. It’s worth checking if futures are included in that now. If so, it’s a low-risk way to practice.

Customer Support: Webull’s support is primarily via email or in-app message. They do have a phone line, but reports indicate it can be slow to reach a live person. Being an app-driven company, they emphasize app and online help. For general inquiries, their FAQ section is quite detailed. Because Webull’s app is relatively stable and straightforward, many users rarely need to contact support. However, if something goes wrong with a trade or a technical issue, support responsiveness might not match that of more established brokers. This is one area where a traditional broker usually has an edge (e.g. you can call Schwab 24/7). Webull is improving though, and they do have a community moderator presence in forums to assist.

Account Opening: Webull makes account opening extremely easy – it’s one of their selling points (you can sign up on your phone in minutes). No minimum deposit is required (though to trade futures, you’ll need enough for margin). To enable futures trading on Webull, you have to request it (in the app settings, upgrade trading level). They might require you to answer a few questions about your experience and acknowledge the risks. Once enabled, you can transfer funds in (Webull uses ACH, which can be slow for initial transfer, but they often give some instant buying power for stocks; for futures, you likely need settled cash). One drawback: Webull does not support margin lending for securities in the traditional sense (they have limited margin for stocks), but for futures the concept of margin is inherent. So as long as you have the cash to cover initial margin, you can trade.

Bottom Line: Webull brings commodities trading to the mobile-centric, millennial-friendly brokerage space. Its key advantages are the highly intuitive app, low costs, and integration with stock and crypto trading on one platform. If you are someone who primarily trades stocks but occasionally wants to trade a micro crude oil or micro gold contract based on a hunch or hedge, Webull lets you do that easily without switching brokers or software. It lowers the barrier to entry for new traders to get a taste of futures.

However, the limitations are that Webull is not as feature-rich for hardcore futures trading – it lacks the advanced tools and wide product range that serious commodity traders might need. Also, the community-driven approach might not replace proper research and education for understanding commodity markets. Another limitation: Webull’s hours for futures trading might be limited relative to others. (For example, some users noted Webull’s futures trading was available during main market hours but not necessarily 24/6. This may have changed, but it’s worth checking if Webull allows overnight futures trading or if they restrict it to certain sessions.)

In summary, Webull is a great beginner-friendly option to get started with commodity futures, especially if you’re already using it for other trading. It offers the essentials with a polished user experience. For casual or part-time traders, it could be all you need. But as your trading gets more advanced, you might eventually move to one of the more specialized brokers above. Still, given its popularity and continuous development, Webull certainly earns a spot among the best commodities brokers for U.S. retail traders, particularly in the category of best mobile platform for futures trading. As one review noted, “Webull is a well-rounded broker that appeals to the mobile-first generation of investors with a slick interface, low futures trading commissions and an impressive selection of trading tools,” though advanced traders may find the product selection limiting.

After reviewing these seven brokers, you can see each has its own strengths. The “best” choice ultimately depends on your specific needs and trading style:

• If you prioritize lowest costs and global products – Interactive Brokers might suit you.
  
• If you want the most powerful platform and lots of research – Schwab (with thinkorswim) or TD Ameritrade are excellent.
  
• For education and ease into futures – ETRADE or Schwab/ETRADE’s educational content is top-notch.
  
• For active day trading and customization – TradeStation or NinjaTrader lead the pack.
  
• If you prefer mobile simplicity – Webull is a compelling modern option.
  

All the above are reputable, so it’s more about which features align with your commodity trading goals. To conclude, we’ll address some common questions about commodities brokers and the commodities industry:

Commodities Broker Salary

The term “commodities broker” can also refer to professionals who work in brokerage firms facilitating trades for clients. In the U.S., commodities brokers earn a lucrative income, often through a combination of base salary and commissions from trades. According to the U.S. Bureau of Labor Statistics, the national average salary for commodities brokers is around $89,740 per year. This figure likely reflects mean earnings (including commissions) for brokers who deal in commodities and financial instruments.

Other sources report varying numbers due to different sample populations and methodologies. For instance,  cites an average of $86,600 per year for commodity brokers in the U.S., while ZipRecruiter’s analysis shows a higher national average around $105,000 per year (roughly $50.50 per hour). The range can be quite wide. Entry-level or junior brokers might earn in the range of $50,000–$70,000 (especially if mostly base salary early on), whereas experienced brokers with a strong client book can make well into six figures. In high-paying environments like top investment banks or commodity trading firms, total compensation (including bonuses) can be even higher – sometimes reaching mid-six figures for top performers.

It’s important to note that much of a commodities broker’s pay is often commission-based. They might earn a percentage of the commissions generated from client trades or bonuses based on trading volume. This means a broker’s income is tied to their performance and the activity of their clients. A successful broker who facilitates large trades or handles institutional accounts could earn substantially more than average, whereas a broker during a slow year might earn less.

Compensation Ranges: To provide context, data from Comparably and CareerExplorer indicate that commodities brokers’ salaries typically range from about $40,000 on the low end (entry level) up to $120,000 or more on the higher end, with a median around $65,000–$72,000. The high end can stretch much further when including outliers – Glassdoor, for example, reports some commodities broker total pay averages above $200k, implying that top brokers at certain firms (likely those who have large commission flows) can hit that range.

Geography and Employer: Salaries also depend on location and employer type. Brokers in major financial hubs like New York or Chicago (the traditional center of commodity exchanges) tend to earn more, partly due to higher cost of living and concentration of commodity trading firms. A commodities broker at a large futures brokerage or bank may have a higher base salary plus bonus, whereas one at a small introducing brokerage might rely almost entirely on commissions.

Job Outlook: In terms of job growth and stability, the BLS projects only about 4% growth over the next decade for securities, commodities, and financial services sales agents (which includes commodities brokers). This is slightly slower than the average for all occupations. The industry is mature, and electronic trading platforms have increased efficiency (reducing the need for as many human brokers). Many simple transactions that brokers once handled are now done directly by clients online. However, there will always be demand for skilled brokers who can provide value – especially in complex markets like commodities where clients may seek expert guidance.

Bottom Line on Salary: Being a commodities broker can be financially rewarding, but income can fluctuate year to year. The role often has a “eat-what-you-kill” element – high performers are rewarded generously (with high commissions or bonuses), while those who don’t generate business may struggle. The average salaries around $80k–$100k are healthy, but the potential to earn more is significant if one excels in building client relationships and facilitating large trades. Conversely, it’s a competitive field and not without its pressures (more on qualifications and job demand in the next section).

For anyone considering this career, it’s wise to look at not just the average salary, but also the structure of compensation at your target employers (base vs commission split) and to understand that the first couple of years might be lean until you grow your client base.

Commodities Broker Jobs

A career as a commodities broker can be exciting and fast-paced, but it requires specific qualifications, licensing, and a tolerance for market risk and client pressure. Here we cover what it takes to become a commodities broker, and the current job market demand for this profession.

Qualifications & Education: Unlike some finance careers, becoming a commodities broker does not mandate a specific degree, but a strong foundation in finance or economics is very helpful. Many commodities brokers have a bachelor’s degree in business, finance, economics, or a related field. This knowledge helps in understanding market fundamentals and communicating with clients. However, it’s not strictly required – successful brokers come from varied backgrounds, but all have a head for numbers and markets.

More critical than formal education is practical knowledge of commodities markets. Brokers should understand how futures and options work, what factors drive commodity prices (e.g., supply/demand, geopolitical events, weather for ags), and trading strategies. Often, aspiring brokers start in support roles (like broker assistants or trainees) where they learn the ropes under experienced brokers. Some might also get experience on the trading floor (though open-outcry trading floors are now rare) or in related fields like commodity logistics or sales.

Licensing – Series 3 Exam: The must-have credential for U.S. commodities brokers is the Series 3 license. The Series 3 is an exam administered by the FINRA on behalf of the NFA, specifically for those who wish to transact in futures and commodities. Passing the Series 3 qualifies one as an Associated Person (AP) of an NFA-member firm. Essentially, without a Series 3, you cannot legally solicit or accept commodity futures orders from clients. The exam covers futures trading theory, contract specifications, hedging and speculation techniques, margins, regulations, and ethics.

In addition to passing the exam, the individual must register with the NFA. This involves filling out Form 8-R, getting fingerprinted, and undergoing a background check. The registration process checks for any statutory disqualifications (such as certain criminal convictions or regulatory violations). Once approved, the individual is a licensed commodities broker (technically an AP of a brokerage firm). Firms often sponsor new hires for the Series 3 exam, giving them study materials and a window (say, 3-6 months from hiring) to pass it.

Some brokers might also take the Series 7 (General Securities Representative) if they plan to sell other securities, or the Series 63/65 if giving advice – but for pure commodities futures, Series 3 is the main requirement.

Skills: Successful commodities brokers blend sales skills with market savvy. Important skills and traits include:

• Sales and Networking: A broker must build a client list, which means prospecting investors or companies that need commodity market access. Cold-calling, meeting people, and persuasive communication are part of the job. As Tom Fritz mentioned, a good broker “takes the emotion out” for clients – meaning brokers need to inspire trust and provide clear-headed advice.
  
• Analytical Ability: Quickly analyzing market moves, understanding charts or fundamental reports (like USDA crop reports, EIA oil inventory data) is key to advising clients or executing their orders properly.
  
• Stress Management: Commodities markets can be volatile; brokers often face high-pressure situations when prices swing and clients panic or get greedy. Keeping composure and making rational decisions under time pressure is crucial.
  
• Customer Service: Brokers need to be highly responsive. Commodities trade nearly 24/6, so a client might call in the evening about a grain trade – brokers often work irregular hours when markets dictate. Providing good service helps retain clients.
  

Licensing of Firms: We focused on individual licensing, but note that the brokerage firm itself must be registered as an FCM (Futures Commission Merchant) or an Introducing Broker (IB). Many brokers work at FCMs (which hold customer funds and execute trades) or at IBs (which are basically brokerage sales offices that funnel orders to an FCM). If you start your own brokerage, you’d register as an IB or FCM and meet significant capital requirements (especially for an FCM).

Market Demand: The demand for commodities brokers has evolved. The traditional image of a loud pit broker is largely history; today’s brokers are more likely on the phone or chat with clients or providing value-added advisory. The rise of electronic trading and direct online platforms has reduced the need for brokers to simply take orders – many traders (especially retail) place orders themselves. This means that brokers now focus on offering expertise, strategy, and personalized service, or serving institutional needs.

As mentioned, the job growth is projected to be about 4% from 2022 to 2032, slower than average. The NFA has also seen consolidation in the industry – fewer, larger firms dominate, and some smaller broker shops have closed. However, niches still exist. For example, brokers who specialize in serving agricultural producers and commercial hedgers (like grain elevators, farmers, livestock producers) remain in demand. These clients often prefer to work with a broker who can advise on hedging strategies rather than using an online platform by themselves. Similarly, high-net-worth speculators or funds might use brokers for access to block trades or specialized markets.

Career Path: Many commodities brokers start as junior brokers or in support roles. Upon passing Series 3 and proving themselves, they might get a small book of existing clients or have to build their own. Over time, a broker can advance to senior broker, branch manager, or even start their own introducing brokerage. Some move into related roles like Commodity Trading Advisor (CTA) or Commodity Pool Operator (CPO), which involve managing money or funds in commodities (these require additional registration and typically a Series 3 as well). Others might become analysts or consultants if they prefer the analytical side over sales.

Work Environment: Commodities brokers often work in office settings or trading desks. Major brokerage firms will have trading floors or offices where brokers sit in front of multiple monitors, watching the markets and taking client calls. It can be a long-hours job; when markets are open (which, for futures, can be overnight), brokers may need to be available. Some brokers travel to meet clients, especially if covering an agricultural region or attending industry conferences.

In Summary: Landing a job as a commodities broker requires passing the Series 3 exam, joining an NFA-member firm, and having the drive to build a client network. The profession can be rewarding for those who are passionate about markets and enjoy working closely with clients. While technology has changed the role, savvy brokers who can offer insight and hand-holding in volatile commodity markets continue to find opportunities. As long as farmers need hedging or investors seek exposure to commodities, the skill set of a licensed commodities broker will have its place – even if the nature of client interaction shifts more to advisory and less to pure trade execution.

Experience counts: Often, having even a few years of experience or a track record can open doors to higher-paying roles (and thus the salary ranges discussed earlier). Newcomers might start with modest pay, but as they prove themselves and their clients profit (or effectively hedge), they can scale up earnings significantly. It’s a career of high risk, high reward in some respects – much like the commodity markets themselves.

Conclusion

Choosing the best commodities broker comes down to aligning the broker’s strengths with your trading needs. Whether you’re an active day trader looking for ultra-low fees and advanced platforms, or a long-term investor seeking occasional exposure to gold or oil, there is a broker on our list to suit you. All the brokers reviewed – Interactive Brokers, TD Ameritrade (Schwab), Charles Schwab, E*TRADE, TradeStation, NinjaTrader, and Webull – are **well-regulated U.S. firms, offering secure access to commodity markets. Each brings something unique:

• Interactive Brokers excels in global market access and low costs, ideal for seasoned traders who want the absolute lowest commissions and a professional toolkit.
  
• TD Ameritrade/thinkorswim and Charles Schwab provide a rich trading experience with top-tier platforms, extensive research, and education – great for traders who value tools and support even if costs are slightly higher.
  
• E*TRADE offers a balanced approach with a user-friendly platform and lots of educational content, making it perfect for those learning futures trading or who want an all-in-one broker.
  
• TradeStation and NinjaTrader cater to the active and technical traders who crave customization, automation, and in-depth analysis. They reward commitment with lower fees and high-performance execution.
  
• Webull brings commodities into a modern, mobile app format, lowering the barrier for new generations to participate in futures trading with an intuitive interface and community features – excellent for casual traders or mobile-first users.
  

No matter which broker you choose, remember that commodities trading carries significant risks alongside its opportunities. Prices of commodities can be highly volatile, influenced by global events, weather, and geopolitical shifts. Always utilize risk management tools like stop-loss orders, and trade within your means. All the brokers above offer risk management features and educational materials – take advantage of those to educate yourself. As Forbes insightfully noted, “If you buy at the right time, you can make a mountain of money in commodities” – but it’s equally true that poor timing (or excessive leverage) can produce steep losses. A good broker will equip you with the platform and information to navigate these markets responsibly, but the ultimate decisions rest with you as the trader.

In the end, the best commodities broker is one that empowers you as an investor – through fair pricing, robust tools, reliable service, and trustworthy practices. All seven brokers we’ve reviewed rank highly on those criteria in their own way. Evaluate your priorities – be it cost, convenience, or sophistication – and consider starting with a demo or paper trading account if available. Once you’ve found your fit, you’ll be ready to trade commodities with confidence, knowing you have a strong brokerage partner on your side.

Happy trading, and may your chosen broker help you strike gold (or oil, or corn…) in the commodity markets!

FAQs

About Author

Alexandra Winters

Alexandra Winters is a highly accomplished finance specialist with a proven track record of success in the industry. Born and raised in the United States, Alexandra's passion for finance and trading led her to pursue a Bachelor's degree in Finance and Economics from the prestigious Wharton School of the University of Pennsylvania.

Read more ...