Best Brokers for Crude Oil Trading Online

The era of online trading has established itself in today’s day and age. As you probably know, crude oil is one of the most valuable commodities in the world today. No wonder it has got its way into the online trading market landscape faster than other commodities. As a professional trader, for you to maximize on your opportunities fully, it’s prudent for you to work with the best broker for online crude oil trading. The reality is that there are plenty of companies out there that professional Forex traders can work with. Some have better experiences, products, and services than others. So, the significant question is which one of them is the best to work with. Read on to learn how to choose the best broker for online crude oil trading.

  • Verify the Regulation of the Brokerage Firm

Professional Forex traders who have been in the market for a long time will strongly affirm that regulation is one of the most important factors to consider when choosing a crude oil trading broker online. A brokerage firm should be regulated by a credible body for you to consider it for your crude oil trading.

In this regard, you have to do your research well enough to establish whether an online broker is regulated by a reliable governmental agency with valid enforcement authority. Generally, a regulated broker has to stick to the rules set out by the agency or agencies that manage it. Some of the rules that a regulated online broker for crude oil trading should follow include: maintaining effective customer safeguards, submitting audits to regulators regularly, and maintaining sufficient capitalization.

Regulated brokers get licensed after registering with government agencies. In the event that a brokerage company fails to follow the standards of the regulator governing it, the regulator can invalidate the license. In most cases, regulatory agencies use fees collected from licensing to compensate traders. In the event that a brokerage company becomes insolvent, it is these fees that help traders to recover their funds.

Regulated Brokers That Offer Oil Trading

  • OCTAFX
    • Online Since 2011
    • Regulated by FSA (Saint Vincent and the Grenadines) and CySEC
    • Spread From 0.4 Pips
    • 5 Digit (5 Decimal Pricing)
    • Leverage Up to 1:500
    • MetaTrader 4 Platform
    • Free Swap & Commission
    Open Account
  • XM
    • Online Since 2009
    • Regulated by ASIC, CySEC, FCA (UK), IFSC
    • Spread From 1 Pips
    • 5 Digit (5 Decimal Pricing)
    • Leverage Up to 1:888
    • MetaTrader 4 & MT5 Platform
    • Free Swap & Commission
    Open Account
  • FBS
    • Online Since 2009
    • Regulated by CySEC, IFSC (International Financial Services Commision) Belize
    • Spread From 0 Pips
    • 5 Digit (5 Decimal Pricing)
    • Leverage Up to 1:3000
    • MetaTrader 4 & MT5 Platform
    • Free Swap & Commission
    Open Account
  • Exness
    • Online Since 2008
    • Regulated by CySEC, FCA UK, FSP, BaFin, CRFIN
    • Spread From 0 Pip
    • 5 Digit (5 Decimal Pricing)
    • Leverage Up to 1:2000
    • MetaTrader 4 & MT5 Platform
    • Free Swap & Commission
    Open Account

It’s imperative that before you open an account with an online broker for crude oil trading you make sure that the firm is under a solid regulatory organ. If you choose to work with an unregulated broker, you are getting into unnecessary risks. An unregulated online brokerage company does not answer to any regulatory agency; hence, it can mismanage customers’ funds. Given that these companies operate from an online platform, it is difficult to track them in case they commit fraudulent acts against customers.

It is fundamental that you check the website of a brokerage company for licensing and registrations so that you can validate their validity with regulators. Highly regarded online brokers will always provide their licenses and registrations to customers. Therefore, make sure that you choose a crude oil trading online brokerage firm that possesses valid registration from an authoritative government agency.

  • How is the Customer Support Service?

Customer support carries a great deal of significance when you are choosing a broker for online crude oil trading. Since you will not be operating from a physical location where you can access help through a physical meeting with a brokerage firm, you should highly consider the quality of customer support services. Once in a while, you might encounter technical problems with your account or you might be having queries that require responses. During these instances, you should get quick and quality feedback that should make your crude oil trading successful.

This will only happen if you are working with an online broker with an efficient and excellent customer support team. In this regard, make sure that live chat, email, and reliable phone conversations are present on the online space of your preferred online broker. In the same vein, inquire whether they have a 24/7 customer support system to address any arising matters. Fundamentally, do your research to know whether the customer service team is professional and customer oriented. If you are satisfied with the customer service, you can consider working with that particular online broker.

  • Experience and Reputation

Top and The Best Crude Oil Trading Brokers and Platforms

The level of experience and reputation that a brokerage company has is pivotal to attracting and retaining customers. Professional Forex traders understand the imperativeness of working with experienced and highly reputable brokerage firms. It takes time to build a solid reputation in virtually every industry. This is particularly true for online trading especially in crude oil.

Just to reiterate, crude oil is a highly valuable commodity that you shouldn’t trade blindly. That is why you have to consider how long an online broker has been in the industry and the reputation that has been built over time. This should either boost your confidence to opt for or discourage you from choosing a particular firm. Research thoroughly about different online brokers and get to know when they started operating. Also, research into their milestones and successes for the time they have been operational to know their reputation in the industry. This will be helpful when choosing an online broker for crude oil trading.

  • How Is The Platform?

The platform that an online brokerage company provides is yet another important factor to consider when choosing whether to work with it or not. You should check the features of the platform to establish whether they are easy to use or not. If they are complicated and highly technical, this can be a setback if you lack the knowledge to navigate through with ease. It’s important to note that there are traders who don’t have a problem with a technical platform because they understand how to use it. However, if you are looking for simplicity, you should look for the one that meets your individual needs.

Another thing that you should check is whether advanced tools exist on the platform. Advanced tools help you to have a good customer experience as you go on with your online crude oil trading. If such exist, then you are walking in the right direction. Remember, you are operating with an online platform, so you should have all the necessary tools that you need in order to operate well. Does the broker provide traders with educational materials? Educational materials like videos and tutorials are important to inform traders on matters of interest to them. Before you settle for an online broker, make sure that you understand the platform well and how it operates. If it serves to meet your specific needs, you can go ahead and consider it.

  • Scope of Operation

The scope of operation, in terms of territories is also vital when choosing an online broker for crude oil trading. You will only be able to use an online broker if you are in a territory that the company covers. There are firms that operate in specific territories while others operate globally. In this respect, you should do an extensive research to establish which online brokerage company is able to serve you wherever you are.

  • Types of Accounts Offered by Brokers

It is essential to also put into consideration the types of accounts offered by online brokers for crude oil trading. This type of trading can be a huge risk for traders, so it’s crucial for them to have accounts that match their risk levels. If your level of risk taking is low, there are accounts that are good for you. On the other hand, if your capacity for taking risks is high, there are accounts that are ideal for you. Consequently, you should know the account that is good for you and check out for the online broker offering that.

Examples of accounts are micro account, intermediate level account, and platinum account. The micro account is designed for traders whose level of risk is minimal. This is where inexperienced traders in online crude oil trading begin from as they move up the ladder. The intermediate level is for traders who have a larger degree of experience but don’t have the capital to trade in large scale. Lastly, platinum or VIP accounts are for professional traders with a high level of experience and have large amounts of capital to trade. Special bonuses are given to traders who have this type of account. Depending on your level of experience as a trader, you should find an online broker offering an account that meets your needs. Therefore, you should consider the types of accounts offered before choosing to work with a particular online broker.

Crude oil trading is very sensitive. This is so because crude oil is a highly volatile product that makes its prices to be unpredictable. That being said, it is also a valuable asset that can offer professional traders an opportunity to make huge profits. However, these profits don’t come easily. You have to work with the best online broker for crude oil trading in order to increase your chances of high returns. This will give you the right platform and environment to get positive outcomes and high profits from your investment. A vital point that you need to take note of is that not all brokers have the reputation for good returns on investment, so you have to be very careful as you look for one. Ensure that you do your research well until you get the brokerage firm that will make your crude oil trading successful.

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