Compare the best commodities apps

Popular commodities like gold or oil can now be invested in and traded from your mobile device. Find out how this works and what the best commodity trading apps are.
By:
Updated: Jan 20, 2022
Tip: our preferred broker is, eToro: visit & create account

As investing in commodities has become increasingly popular, the emergence of mobile apps has accelerated onboarding new investors. Now, there is no shortage of options for mobile users who want to get involved. With this in mind, we take you through the best apps for long-term commodity investing and short-term trading.

What are the best apps for investing in commodities?

Regardless of how you plan to invest, the same app offers both long and short term options. For example, you can day trade the price of gold for short-term gains, whereas, for the long term, you might invest into a gold ETF, gold weighted index, or take out a futures contract.

Top apps for commodities trading

The best commodity trading apps combine powerful tools and charts to help you spot key technical indicators with low fees to maximise your profits. Below are some of the best options we have tested.

1
Min. Deposit
$10
Promotion
User Score
10
Trade/invest in stocks with just $10
Deposit with ACA, Wire, Pay with my bank
Invest for dividends and get payout on stocks on Ex-Dividend day
Start Trading
Description:
eToro is a multi-asset investment platform with more than 2000 assets, including FX, stocks, ETF’s, indices and commodities. eToro users can connect with, learn from, and copy or get copied by other users. Buying stocks on eToro is free and you can invest with as little as $50.
Payment Methods
Bank Transfer, Wire Transfer
Full regulations list:
CySEC, FCA
Investoo Ltd is compensated if you access certain of the products or services offered by eToro USA LLC and/or eToro USA Securities Inc., as applicable. This compensation incentivizes Investoo Ltd to describe those products and services in favorable terms. Any testimonials contained in this communication may not be representative of the experience of other eToro customers and such testimonials are not guarantees of future performance or success.
2
Min. Deposit
$0
Promotion
User Score
9.3
$0 commission and $0 Options contract fees
Upgraded research with advanced charts
Smart Menus for faster trades
Start Trading
Description:
Firstrade is a leading online brokerage firm offering a full line of investment products and tools designed to help investors like you take control of your financial future. Since its founding in 1985, Firstrade has been committed to providing high value and quality services to help you reach your financial goals.
Payment Methods
Full regulations list:
3
Min. Deposit
$500
Promotion
User Score
8.7
We offer one of the best execution speeds in the industry with low latency
Award-winning support in 14 languages
Trade with precision from 0.5 pips on EURUSD
Start Trading
Description:
Founded in Switzerland, ActivTrades has been around since 2001, which means it has more than two decades of experience in the fintech industry. The independent brokerage house started as a small firm, but it is now a global retail and institutional broker. In 2005, ActivTrades moved its HQ to London, and it began growing rapidly through Europe. ActivTrades offers a lot of benefits to its clients, including educational tools, rewards programs, competitive spreads, and the use of MetaTrader 4 and MetaTrader 5, two industry-leading platforms.
Payment Methods
Bank Transfer, Bank Wire, Credit Card, Debit Card, PayPal, Sofort, neteller, skrill
Full regulations list:
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

What should I look for in a commodity trading app?

The three most important considerations are security, safety, and ease-of-use. In addition, there are many other elements you should factor in when picking an app to trade commodities. To help you out, we have listed some of the key things you should look out for when choosing one. 

Design and ease of use

A general advantage of apps is that they can make certain activities easier, and this is true of commodities investing. However, not all apps are equal. The app with the clearest interface that is the easiest to use will save you time and effort, especially if you are a beginner, whereas, for more experienced users, a more complex app with powerful tools could be the way to go.

Reputation and regulation

Whenever dealing with your finances, you need to have confidence that the app you are using has a good reputation and is regulated effectively. To check an app’s reputation, read its reviews. In the UK, the FCA carefully regulates all financial platforms, but this will vary greatly based on the country you live in, so check the rules before you sign up.

In addition, commodities brokers are insured in case they go bankrupt to protect your assets, whilst long-term ISAs and IRAs are protected by government regulation. This will give you peace of mind, but make sure to check your app follows these rules before downloading it. 

Tools and charts

For traders who are looking to spot patterns and make good decisions, tools and charts form the backbone of their technical trading strategy. Therefore, if you want to trade commodities effectively, choose an app with a wide selection of charts and tools to help you spot trends as they unfold and position yourself appropriately. 

Fees and commissions

The cost of each app varies, and even apps that market themselves as ‘free’ have to make money somewhere. You can expect to see costs come in the form of trading, deposit, and withdrawal fees, whilst other apps will make their money from the spread, which is the difference between the buy and sell price they offer for a commodity. Make sure you are happy with an app’s fees before signing up.

Security

Keeping your money and assets permanently secure is a top priority for any commodities investor. So, some key security features to look out for include two-factor authentication, fraud protection and data protection compliance. While, largely, they have been developed extensively to ensure good security, be cautious about using an app that neglects to include these features. 

Trading options

Mobile apps provide flexibility because they are portable, and to increase this flexibility further, there are a variety of trading options you can choose from. Here are some of the most popular ones. 

CFD trading

Contracts for difference (CFDs) are a means of speculating on the price of a commodity without owning it outright. They are popular because of the increased amount of leverage available, lower purchase cost, and also because storing several barrels of oil is rather inconvenient. Major brokers like Plus500 and eToro offer CFDs to users through their apps. 

Leveraged trading

Trading with leverage means you can make bigger trades with less up-front investment by borrowing capital from a broker. If you are experienced, this can be a great way of maximising your profits, but it equally increases your exposure to the market downside risk, so exercise plenty of caution. 

Spread betting

Just like a bookies, if you want to bet a broker whether the price of a commodity will fall or rise, this is the method of choice. Simply choose your stake and place a bet on where you expect the price of something to reach. 

Additional features

These can be a nice bonus for an app, but they can also be a real gamechanger. For example, demo accounts and tutorials can be a great way for novice traders and investors to learn the ropes without losing money. Before you sign up with an app, see what extra features it has to sweeten the deal. 

Quick answers to key questions

Can I trade commodities on Android and iOS devices?

Yes. The majority of apps are available on both operating systems and function exactly the same. A few are exclusive to one operating system, though it is easy to find out where you stand by searching for an app on the Google Play Store or the App Store. If it shows up, you’re in business. 

How much do commodities trading apps cost?

They are usually free to download. However, costs can come in many forms, including subscriptions fees and commissions/trading fees that usually range from 1-2%. So, make sure to check your app for a detailed breakdown of the costs and decide if they work for you.

Do I have to verify my identity?

Yes, there is usually some form of identity verification check for taxation and security purposes. It is likely that you will need to provide a copy of your photo ID and some contact details. 

Do apps charge fees for trading commodities?

Sometimes. It entirely depends on the platform, so some will charge a fixed rate, a percentage of the trade value or they may even make their money from the margin. While fees are much lower than they used to be, especially in the case of brokers, they remain an important consideration that you should make before choosing an app. 

Should I use a commodities trading app?

This depends on your own individual financial goals and needs. If you want to invest in or trade commodities, they are a great, accessible way of doing so on the move, or even while relaxing in bed. They bring flexibility to investment, and this is really helpful for busy retail investors. 

Still undecided?

If you’re still on the fence, we hope the below pros and cons of commodity apps can help you make up your mind. We have also included some final key questions to help set you on the right path.

Pros

  • Trade and invest in commodities and manage your portfolio regardless of where you are
  • Gone are the days of hiding gold beneath the floorboards; you can just store it in your mobile
  • No other practical way to benefit from rises and falls in commodity prices
  • Many apps are slimmed down and more accessible than full-blown websites, and this can be really helpful for beginners

Cons

Should I buy commodities with an app now?

This all depends on the current market environment. For example, if there has just been a major development that could affect the price of silver, you ought to know about it before investing in silver! To keep informed with commodities news, check out some of the links below for our latest analysis:

Gold has advanced from $1705 above $1790 since the beginning of April, and the current price stands around $1768. The price of this precious metal still remains under pressure, but rising inflation worries could help Gold to advance again above $1800 resistance. Fundamental analysis: Rising inflation worries could help Gold…
The crude oil price is advancing this Tuesday after the news that OPEC could allow boosting oil output slightly from May 1. The price of crude oil continues to trade above the $60 support level, but rising Covid-19 cases and new restrictive measures in some parts of the world could…
The Gold price has opened the new week higher to continue moving to the upside on the back of a weaker U.S. dollar and yields. Fundamental analysis: Gold price rises on a weak dollar and yields drop The Gold price has moved higher on Monday close to the 7-week high…

Where can I learn more about commodities?

We hate to brag, but the Invezz website is a great place to receive an education in commodities. Moreover, it’s also a great place to learn about the stock market and even cryptocurrencies. To get started, why not check out our latest commodities news?

FAQs

ℹ Can I use multiple apps?
ℹ Are commodity apps legal?
ℹ Can I use commodity trading apps where I live?
ℹ Do I have to pay to use commodities apps?
ℹ Are there fees when buying commodities on an app?
ℹ Are mobile apps safe?
ℹ Are commodity apps regulated?
ℹ Do I have to pay tax on any money I make?
ℹ Can I short commodities on an app?
ℹ Can I try scalping on an app?
ℹ Can I hedge my investments?
ℹ Do apps integrate with online accounts?
ℹ What if I forget my password?
ℹ Will I lose my money if I uninstall a commodity app?
ℹ What are the risks of using commodity trading apps?
ℹ Can I use my PayPal account to deposit money on an app?

Our editors fact-check all content to ensure compliance with our strict editorial policy. The information in this article is supported by the following reliable sources.

Invezz is a place where people can find reliable, unbiased information about finance, trading, and investing – but we do not offer financial advice and users should always carry out their own research. The assets covered on this website, including stocks, cryptocurrencies, and commodities can be highly volatile and new investors often lose money. Success in the financial markets is not guaranteed, and users should never invest more than they can afford to lose. You should consider your own personal circumstances and take the time to explore all your options before making any investment. Read our risk disclaimer >

Charlie Hancox
Financial Writer
Alongside his passion for trading, Charlie has represented Great Britain and won national championships as a water polo player, and as a budding film director, has… read more.