In page navigation

Compare the best brokers to trade commodities with American Express

Q: What are commodities?

Commodities are raw materials or agricultural products that can be bought and sold by different parties on commodities exchanges and via commodities brokers. Some examples of commonly traded commodities include gold, oil, and wheat.

Q: What are soft commodities?

Soft commodities typically refer to agricultural products which are grown, as opposed to mining products which are mined (the latter are called hard commodities). Examples of soft commodities include wheat, corn, coffee, sugar, and livestock.

Q: What commodities can I trade with American Express?

The range of commodities you can trade with American Express will often depend most on what your chosen broker is able and willing to offer. Generally speaking, using your Amex card as a payment method will enable you to trade just as wide a range of both soft and hard commodities as you would with most other payment methods.

Q: Are there limits to how much of a commodity I can trade with American Express?

In theory, yes. Regulatory bodies (such as the Commodities Futures Trading Commission in the United States) will enforce position limits for commodities trades, to ensure that no one trader corners the market on any one commodity. In practice however, it is virtually impossible for an individual to be affected by these limits, as they are set so high as to be beyond the reach of all but the wealthiest few people in the world. Position limits are put in place more as a safeguard against, say, hedge funds using their immense resources to try to corner the market on coffee, cocoa, or any other commodity.

Q: Can I use chargebacks if something goes wrong?

Yes, American Express allows you to use chargebacks if something goes wrong on your commodities trade, in the same way that Amex would allow you to use chargebacks for a botched transaction at the grocery store. Just keep in mind that your online commodities broker may try to dispute your chargeback claim, depending on the circumstances. You can’t just make a chargeback claim if you willingly make a trade and it goes against you.

Q: What other payment methods can I use when trading commodities?

Other payment methods that you can you to get commodities online include: Debit card Bank transfers Apple Pay Google Pay Digital wallets

Q: What is commodities trading?

Commodities trading is the act of buying or selling various raw materials or agricultural products. Traders can make a profit when they guess correctly on the price movement of a given commodity.

Q: How can I keep up with the commodities market?

You can do so right here. Invezz publishes commodities news on a daily basis. We also publish analysis pieces looking at emerging trends in the commodities market (and all other financial markets), which can help you make more informed decisions.

Q: What charges are usually applied when buying and selling commodities?

A commodities broker typically takes a commission every time you buy or sell commodities. The size of that commission may vary from one broker to the next, so do your research to find the most competitive trading fees.

Q: What’s the best way for a beginner to learn about commodities trading?

Look no further than this website. We’ve published a series of educational articles on commodities trading, designed to give you all the basics you’ll need to make your first trade, and then to help improve your knowledge so you can become an expert trader.

An increasing number of brokers support commodities trading with American Express. This guide shows you the best places to trade with your Amex card in 2024

By:

Updated: Sep 6, 2022

Listen

If you use an American Express card as part of your day-to-day life, you might want to link your card to an online commodity broker account and use it to trade commodities. Read on to learn how your Amex card can enable you to buy, sell, and trade all kinds of different commodities.

Here are the best commodities brokers that accept American Express

We’ve compiled a list of the best American Express commodity brokers that accept Amex as a method of payment. Simply follow any of the links below, or scroll down and keep reading for more information.

What is an American Express commodities broker?

A commodities broker is a firm or person who executes orders to buy and sell commodities in exchange for a small commission. American Express (or Amex) is one of the most widely used credit cards in the world. In this case we’re looking at trading platforms that offer both features: commodities trading and an account you can fund with Amex.

Pros and cons

Trading commodities with your Amex card brings with it unique benefits and drawbacks when compared with using other payment methods. Here are the main things to consider.

Pros

Convenient. If you already use American Express for everyday purchases, trading commodities with your card will be an easy and logical next step.
Secure. American Express offers both Know Your Customer protocols and chargeback protections that gives users peace of mind when performing transactions with the card.

Cons

Cumbersome verification process. Some brokers will require a lengthy and complicated approval process before verifying your Amex card for transactions.
Not universally accepted. Although Amex is extremely popular in the United States, it’s less known in numerous foreign markets. This could hinder your ability to use the card for commodities trades, depending on where you live.

What are the fees and commissions when using American Express to buy and sell commodities?

This doesn’t have a one-size-fits-all answer because the fees and commissions you’ll get charged when using Amex to trade commodities may vary. For instance, the size of fees could vary based on which bank issued your credit card, as well as which broker you use.

Our in-depth broker guides will help you find the best values when it comes to low fees and commissions on commodities trades with American Express.

What to look for when trading commodities with American Express

When looking for a broker with which you can use your Amex, it’s a good idea to make a checklist of top priorities that matter to you. Here are a few of the key traits to look for:

Low transaction charges. With numerous brokers to choose from, you want to choose one that charges the lowest fees possible. The less you pay in transaction fees and commissions, the more money you’ll have available to profit from your commodities trades.
Variety of different commodities available. If variety matters to you, you’ll want to select a broker that lets you trade a wide range of different commodities. Our guides will show you which brokers offer the most variety when it comes to commodities trading.
Easy to use. You want to spend your time researching the specific commodities you want to trade, rather than figuring out how to use a broker. Look for an American Express broker with a trading platform that’s as easy to use as possible.
Secure. You don’t want to risk having your hard-earned money or your financial and personal information get hacked. Demand a commodities broker that will keep both your information and your trades as secure as possible.
Fast. Commodities prices can and will fluctuate. If you want to execute a trade as close as possible to your preferred price, having a broker that will execute your trades fast will help towards that goal.

Find your broker

Is it safe to trade commodities with American Express?

Few payment methods come with more intricate security measures than American Express. Amex’s encryption process and Know Your Customer protocols protect its customers’ data and help protect against fraud.

To make sure your trades are as secure as possible, sign up with a regulated broker and use our reviews to ensure your chosen platform offers good security features.

Do I need to provide ID trading commodities with an American Express broker?

Yes, you will need to provide some form of identification when using commodities brokers. Most brokers will insist on some form of ID specifically for your protection, to protect against fraud or identity theft. The ID you’ll be asked to provide could range from simple biographical information to a copy of a photo ID card such as your driver’s license.

How to trade commodities with American Express

After your Amex card and personal information have been verified, here are the steps you’ll need to take:

Find the payments or deposits page on your commodities broker’s website or app.
Select American Express as your preferred payment option.
Enter your Amex card information.
Enter the amount of money you wish to deposit into your commodities trading account.
Click confirm.