5 Best Oil Trading Platforms & Brokers (WTI/Brent)

Crude oil trading growth has increased significantly due to the equal increase in energy demand and price volatility. As crude oil trading expands, platforms now offer advanced trading tools, more market access, and tight spreads. However, to get the best results while trading these assets, it’s important to choose the right broker.

At WR Trading, we’ve tested hundreds of brokers, and we’ve shortlisted 5 of the best crude oil trading brokers for WTI and Brent:

List of the 5 Best Oil Trading Platforms & Brokers

#1 BlackBull Markets – Our Top Pick

Our review of BlackBull Markets, a well-established ECN broker based in New Zealand, reveals its strengths in offering access to global commodity markets, including Brent crude oil. Known for its deep liquidity pools and no-dealing desk execution, BlackBull Markets ensures that traders can execute large orders without slippage, a critical factor in oil trading. 

We at WR Trading found this particularly useful for professional and institutional traders who deal in large volumes. BlackBull Markets also offers up to 500:1 leverage, providing the flexibility needed to manage risk. Traders can utilize over five different third-party platforms to trade oil.

Key Facts About BlackBull Markets

Feature	BlackBull Markets
WTI/Brent Crude Oil Trading Available	Yes
Account Types	Standard, Prime, Institutional, Swap-Free
Tradable Instruments	Forex, Indices, Commodities, Shares, ETFs, Cryptocurrencies, Metals, Equity Indices, Futures
Trading Platforms	MetaTrader 4, MetaTrader 5, cTrader, TradingView, Blackbull Invest, Blackbull CopyTrader
Regulation	Seychelles Financial Services Authority (FSA), NZ FSP
Minimum Deposit	$0 (Standard), $2,000 (Prime), $20,000 (ECN Institutional)
Minimum Order	1
Leverage on WTI/Brent Crude Oil Trading	Up to 1:100
Spreads on WTI/Brent Crude Oil Trading	7.3 (Spreads change based on live market conditions)
Margin on WTI/Brent Crude Oil Trading	Varies based on market condition
Commissions on WTI/Brent Crude Oil Trading	$0 (Standard), $4 (ECN Institutional), $6 (ECN Prime) per round lot
Accepted Currency	USD, EUR, GBP, AUD, NZD, CAD, CHF, JPY, HKD, XAU, BTC, ETH
Transactions Options	Airtm, AMEX, Skrill, SEPA, Poli, PaymentAsia, Neteller, Local Bank Transfer, Bank wires, credit/debit cards, Neteller, China Union Pay, AstroPay, crypto, Beeteller, Boleto, Fasapay, FxPay, Help2Pay, HexoPay

#2 FP Markets

FP Markets is another strong option for Brent crude oil traders, offering tight spreads and fast execution through ECN (Electronic Communication Network) technology. It operates on several platforms to provide versatility in oil trading. We appreciate FP Markets for its transparent fee structure and access to deep liquidity pools, which minimize slippage during trades. 

FP Markets offers a leverage of up to 1:500 for oil trading. FP Markets is also well-known for its low-cost pricing model, with tight spreads and commission rates that are particularly attractive for high-volume traders.

Key Facts About FP Markets

Feature	FP Markets
WTI/Brent Crude Oil Trading Available	Yes
Account Types	Standard, Raw, Islamic
Tradable Instruments	Forex, Indices, Commodities, Shares, Cryptocurrencies, Bonds, Metals and ETFs
Trading Platforms	MetaTrader 4, MetaTrader 5, WebTrader, cTrader, Tradingview, MT5 Mobile Trader, FP Mobile App, IRESS
Regulation	ASIC, CySEC, FSCA, ESMA, FSA, FSC
Minimum Deposit	$100
Minimum Order	0.01 lot
Leverage on WTI/Brent Crude Oil Trading	Up to 1:10
Spreads on WTI/Brent Crude Oil Trading	0.03 pips (Spreads are liable to change based on market conditions)
Margin on WTI/Brent Crude Oil Trading	0.1 (Margin is liable to change based on market conditions)
Commissions on WTI/Brent Crude Oil Trading	$0 (Standard), $3 (Raw Account) per Round Lot
Accepted Currency	AUD, USD, EUR, GBP, NZD, JPY, SGD, CAD, CHF, PLN, HKD, ZAR, INR, BRL, NGN, MXN
Transactions Options	Visa, Mastercard, POLi, PayPal, Skrill, Neteller, Fasapay, Bank transfer, Unionpay, Sticpay, ePay, Google Pay, Crypto, Apple Pay, Astro pay, Perfect Money, Online Banking and BPay

#3 Vantage Markets

Vantage Markets is renowned for offering excellent trading conditions, particularly for commodities like crude oil. The platform is known for its tight spreads, often starting from as low as 0.0 pip for oil trades. This low spread can significantly reduce trading costs, especially for active traders who engage in frequent trading.

One of the key advantages of Vantage Markets is the high leverage, which can go up to 500:1. This enables traders to control larger positions with relatively small capital, maximizing the potential return on volatile oil markets.

Key Facts About Vantage Markets

Feature	Vantage Markets
WTI/Brent Crude Oil Trading Available	Yes
Account Types	Raw ECN, Standard STP, Pro ECN, Islamic, Cent, Premium
Tradable Instruments	Forex, Indices, Energy, Gold/Silver, Commodities, Shares, ETFs, Stocks, Oil, Bonds, Energies
Trading Platforms	MetaTrader 4, MetaTrader 5, Vantage FX App, Tradingview, ProTrader
Regulation	ASIC, CIMA, VFSC, SIBL
Minimum Deposit	$50 (Standard and RAW), $10,000 (Pro ECN)
Minimum Order	0.01 lot
Leverage on WTI/Brent Crude Oil Trading	Up to 1:500 (varies by account type and instrument)
Spreads on WTI/Brent Crude Oil Trading	3.53 (Spreads are liable to change based on market conditions)
Margin on WTI/Brent Crude Oil Trading	Margin is liable to change based on market conditions
Commissions on WTI/Brent Crude Oil Trading	$3 (Raw), $0 (Standard), $1.50 (Pro ECN) per round lot
Accepted Currency	AUD, USD, EUR, GBP, NZD, CAD, SGD, JPY, CHF, ZAR
Transactions Options	Bank wire transfer, credit/debit cards, e-wallets (Skrill, Neteller, PayPal), UnionPay, Boleto, BPAY, Astropay, Fasapay, Domestic Fast Transfer, International EFT, China Union Pay, JCB, Broker-to-Broker Transfer, Pagsmile, Perfect Money.

#4 RoboForex

RoboForex allows traders to access Brent crude oil through CFDs. Their trading platforms, such as MT4, MT5, and cTrader, offer comprehensive tools to help traders analyze price movements and implement automated strategies. RoboForex provides high leverage, low spreads, and a variety of account types suited to different trading styles. 

At WR Trading, we appreciate RoboForex for its high leverage of up to 1:2000, making it suitable for traders looking for substantial exposure with minimal capital. Its range of account types and low minimum deposit requirements make it accessible to traders of all levels.

Key Facts About RoboForex

Feature	RoboForex
WTI/Brent Crude Oil Trading Available	Yes
Account Types	Pro, ECN, Prime, R Stocks Trader, ProCent
Tradable Instruments	Forex, Stocks, Indices, Commodities, Cryptocurrencies, ETFs, Metals, Futures, Energies
Trading Platforms	MetaTrader 4, MetaTrader 5, R StocksTrader, R Mobile Trader, R WebTrader, MT 4 MultiTerminal
Regulation	FSC Belize
Minimum Deposit	$10 (Prime, ECN, Pro, ProCent), $100 (RStocksTrader)
Minimum Order	0.01 lot
Leverage on WTI/Brent Crude Oil Trading	1:20
Spreads on WTI/Brent Crude Oil Trading	6.0 pips
Margin on WTI/Brent Crude Oil Trading (Hedged)	50%
Commissions on WTI/Brent Crude Oil Trading	$16 (Swapfree)
Accepted Currency	USD, EUR, GOLD
Transactions Options	Bank wire transfer, credit/debit cards, electronic payment systems (Skrill, Neteller, etc.), QR and Vouchers

#5 IC Trading

IC Trading is another excellent platform for trading crude oil. This broker offers highly competitive conditions, making it a favorite among traders focusing on oil. Spreads on IC Trading are as low as 0.0 pips for oil trading, which helps minimize transaction costs and maximize profit potential. IC Trading also offers up to 1000:1 leverage, providing flexibility for traders who want to maximize their exposure to oil price movements. 

In terms of commissions, IC Trading operates with minimal fees, charging only $3.50 per side per lot on raw spread accounts. This competitive commission structure is particularly attractive for frequent traders who rely on tight cost management to remain profitable. The broker also offers transparent swap rates, updated daily based on the position and underlying market factors.

Key Facts About IC Trading 

Feature	IC Trading
WTI/Brent Crude Oil Trading Available	Yes
Account Types	Standard, Raw accounts, Islamic
Tradable Instruments	Forex CFDs, Indices, Commodities, bonds, stocks, Gold and Cryptocurrencies
Trading Platforms	MetaTrader 4, MetaTrader 5, WebTrader and cTrader
Regulation	Financial Services Commission of Mauritius (FSC)
Minimum Deposit	$200
Minimum Order	0.01 lot
Leverage on WTI/Brent Crude Oil Trading	1:200
Spreads on WTI/Brent Crude Oil Trading	From 0.0 pips (Raw Account) and 0.8 pips (Standard Account)
Commissions on WTI/Brent Crude Oil Trading	$3.5 (Raw MetaTrader), $3 (Raw cTrader), and $0 (Standard) per lot side
Accepted Currency	AUD, USD, EUR, CAD, GBP, SGD, NZD, JPY, HKD, CHF
Transactions Options	Skrill, PayPal, Mastercard, UnionPay, Visa, Neteller, wire transfer and broker-to-broker

What Is Important When Choosing a Good Oil Trading Platform & Broker?

Traders looking to take advantage of the oil market need a reliable platform. This is why, at WR Trading, we prioritize the essential elements that define a top-quality trading environment so that traders can access the best opportunities in the oil market. Here are some of the key considerations we focused on:

Liquidity

Liquidity refers to how easily and quickly an asset can be bought or sold without affecting its price. In oil trading, liquidity is important because it ensures that trades can be executed at the desired price with minimal slippage. A good oil trading platform or broker will offer access to highly liquid markets, such as West Texas Intermediate (WTI) and Brent Crude, enabling traders to enter and exit positions seamlessly.

We reviewed liquidity by analyzing how various platforms provide access to deep markets with enough volume to accommodate both large and small trades. Brokers with strong liquidity connections to global oil markets ensure that traders face fewer disruptions and get the best possible prices, even during periods of high volatility.

Commission and Fees

Commission rates and trading fees directly affect profitability. We believe that a good oil trading platform or broker should offer competitive commission structures, especially when dealing with high volumes of trades. Oil trading can involve spreads, overnight fees for holding positions, and, in some cases, direct commissions.

When reviewing brokers, we compared the fee structures, including spreads and any hidden costs, across various platforms. Brokers offering zero-commission trading or low-cost spreads were rated higher, as lower fees enable traders to keep more of their profits. However, we also considered the overall quality of service in relation to the fees charged, as cheaper platforms sometimes offer fewer tools or less reliable execution.

Execution Speed

In oil trading, especially during periods of high volatility, prices can move rapidly. Slow execution can lead to missed opportunities or increased losses. A platform or broker with fast execution speed ensures that your trade is completed at the price you intended.

We assessed execution speed by looking at broker data on how quickly trades are processed under normal and volatile market conditions. The best brokers offer lightning-fast execution times, an aspect that allows traders to take advantage of real-time price movements.

Regulation and Security

Well-regulated brokers adhere to industry standards that protect traders, including segregating client funds, providing insurance in case of broker insolvency, and enforcing transparent trading practices. Regulation ensures that brokers operate within a legal framework, giving traders peace of mind that their funds and trades are secure.

We reviewed platforms and brokers based on their regulatory status, prioritizing those regulated by respected authorities such as the Financial Conduct Authority (FCA) in the UK or the Securities and Exchange Commission (SEC) in the US. Platforms with top-notch regulatory oversight scored higher, as they guarantee a more secure platform.

Trading Platform

A good trading platform is the backbone of any oil trading experience. We believe that a platform should offer user-friendly navigation, top charting tools, technical indicators, and access to real-time market data. Traders often rely on these features to analyze market trends, track price movements, and execute trades efficiently.

During our review, we evaluated platforms based on their usability, customization options, and the range of tools provided. Platforms like MetaTrader 4 (MT4) or MetaTrader 5 (MT5) that offer extensive charting and automated trading options were rated higher. We also considered whether the platforms were available on desktop, mobile, or web browsers, which would give traders flexibility in how they manage their trades.

Leverage on Crude Oil Trading

In Brent crude oil trading, brokers offer leverage ratios that vary depending on the account type, jurisdiction, and the trader’s experience. A common leverage ratio for oil trading is 100:1, meaning a trader can control $100,000 worth of oil contracts with just $1,000 in their account. Some brokers offer higher leverage, such as 500:1, which gives traders even more exposure to the oil market.

But this also means that even small price movements in WTI crude oil can lead to significant gains or losses. While high leverage can lead to greater profits, it also requires a higher level of skill and a solid risk management plan. For beginners, lower leverage is often more suitable as it reduces the risk of significant losses while still allowing traders to benefit from price movements in the oil market.

Commissions on Crude Oil Trading

In crude oil trading, brokers charge commissions in several ways, typically through either spread-based fees or flat-rate commissions. For spread-based commissions, the fee is embedded in the difference between the buy (ask) and sell (bid) prices. Brokers generally offer spreads ranging from 0.1 to 0.5 pips on oil, depending on the platform.

Flat-fee commissions, on the other hand, charge a set amount per trade, regardless of the trade size. Brokers that charge flat fees per trade often set commission rates between $3 to $7 per side per lot. This means that for each transaction (opening and closing a trade), traders could pay between $6 to $14 in total commissions. 

Swaps on Crude Oil Trading

A swap, also known as an overnight or rollover fee, is the cost or benefit of holding a position open overnight in leveraged trading. While it is not a direct commission, overnight holding costs (swaps) apply to traders holding oil positions overnight. 

You can think of swaps as an indirect commission because they accumulate over time. They are based on the interest rate differential between currencies in the oil contract and can either be a credit or a charge depending on the position (long or short) and the broker’s policies.

For short-term traders, swaps may not have a significant impact since positions are usually closed before the end of the trading day. However, for swing traders or those holding long-term positions in WTI/Brent, swap rates can accumulate over time. For example, if a trader holds a long position on crude oil for several weeks, the cumulative swap fees can become substantial, affecting the profitability of the trade.

Types of Financial Products to Trade Brent Crude Oil

Below are the different financial products to trade Brent crude oil and a breakdown of each of the products to help you decide which could be the best for you:

Contracts For Difference (CFDs)

CFDs are a popular financial product that allows traders to speculate on the price movements of Brent crude oil without owning the underlying asset. Instead of buying physical barrels of oil, traders enter into a contract with their broker to exchange the difference in price from the time the position is opened to when it is closed.

At WR Trading, we recommend CFDs due to their flexibility, as they allow traders to profit from both rising and falling oil prices. The ability to go long or short makes CFDs ideal for traders who want to capitalize on market volatility in the oil market. Recent data projects the global CFD market to reach  $3.8 Billion by 2030 which reflects its popularity among traders.

Options on Oil

Options provide traders with the right, but not the obligation, to buy or sell Brent crude oil at a predetermined price before a specified expiration date. Usually, traders pay a premium for this right, and the maximum loss is limited to the premium paid if the option expires worthless. 

At WR Trading, we find that options can be useful for traders looking to hedge their existing positions or take advantage of market swings with limited downside risk. For traders who anticipate significant price movements in Brent crude, options offer a flexible way to benefit from such fluctuations.

Futures Contracts

Futures are standardized contracts that obligate traders to buy or sell a specific amount of Brent crude oil at a predetermined price on a future date. Unlike options, futures do not provide the flexibility to back out of the trade, making them a higher-risk product. Recent data reveals that more than 1 million contracts of Brent crude oil futures and options trade dail, with around 4 million contracts of open interest. 

So, for traders looking to speculate on longer-term movements in Brent crude oil, futures could be the answer. This instrument offers a way to gain pure exposure to oil prices without many of the fees or spreads associated with other products like CFDs. 

Conclusion

Choosing the best oil trading platforms and brokers, particularly for WTI/Brent, involves evaluating key factors such as spreads, commissions, leverage, and liquidity. After reviewing several brokers, our analysis confirms that these brokers meet the essential criteria for successful oil trading.

Whether your focus is on minimizing costs, accessing leverage, or benefiting from robust trading tools, each trading broker offers a well-rounded solution for trading crude oil.

Frequently Asked Questions on Oil Trading Brokers: