Best Futures Trading Platforms for September 2024 – Compare Futures Brokers

A whopping 29.32 billion futures contracts were traded globally in 2022, an increase of 141.7% from 2013. However, not all these platforms are the same, and if you want to have the opti4mal trading experience, then you need the best futures broker. There has been a surge in futures trading platforms so it can seem hard to choose the right platform for your trading needs. 

In this article, we have prepared a list of top brokers based on several factors, such as versatility of assets, fees, range of tools, resources, and customer support quality, to ensure you get the best opportunity to make successful trades and have a lucrative trading journey. So, let’s dive straight into this futures brokers comparison.

Best Futures Brokers Reviewed 

Now, let’s take a deep dive into each platform on our best futures brokers list:

1. eToro: Overall Best Futures Trading Platform

eToro is a futures broker with a huge selection of assets to trade. The broker carries CFDs for precious metals like gold, silver, and platinum. It offers trading in wide range of markets including energy futures, agricultural product futures, and construction-related metals futures like copper and nickel.

Regulated by leading bodies in the US, UK and Europe, eToro offers leverage up to 1:100 for gold and other popular commodity futures. Spreads for oil trading start at only 5 pips and spreads for gold trading start from 45 pips.

This broker stands out for offering a wide range of tools to help you trade futures. eToro has a proprietary trading platform that includes dozens of built-in technical indicators and drawing tools. You can monitor charts for multiple commodities in a single window and set up price alerts so you never miss a trade.

eToro also tracks trader sentiment on its platform, enabling you to see at a glance whether other traders are buying or selling futures for commodities like silver or natural gas.

You can also copy more experienced futures traders on eToro. You’ll pay no fees to copy trade and the minimum investment per copy portfolio is only $200, making eToro one of the most competitive platforms on the market today. 

If you want to develop a new futures trading strategy, eToro has a free $100k demo account so you can practice trading risk-free.

2. Plus500: No Hidden Fees and Competitive Commissions 

Plus500 is a popular trading platform choice offering a wide variety of futures contracts, including shares, commodities, indices, ETFs, forex, options, and crypto, for trading on its beginner-friendly platform. Pro tip: beginners must use the demo account and the Trading academy to gain experience before trading with real capital due to the underlying risks involved. You can also access a variety of e-mini and e-mini micro contracts at this broker, making it the best futures broker for small accounts.

The platform’s intuitive interface, in addition to a demo account, simplified mobile trading, and quick onboarding, make it easy to use for novice traders. The broker has its own proprietary trading platform called Plus500Futures, which comes with great trading functionality. It further offers varying levels of leverage based on the market you are trading. 

For education, the platform offers alerts, news, market insight, an economic calendar, and a trading academy comprising FAQs, videos, and ebooks for you to get better at trading futures. Meanwhile, for managing risk, you can make use of features like stop limit, stop loss, guaranteed stop, and trailing stop. Lastly, the broker provides 24/7 customer service, which can be reached via email, WhatsApp, and live chat.

The broker offers free deposits and withdrawals with no live data fees either. Moreover, Plus500 applies the following fees and commissions: Standard & E-Mini contract commission*, Micro contract commission*, and Liquidation fee per contract.

Trading with leverage comes with a high risk and may not be suitable for everyone

3. PrimeXBT – Best Broker for Futures Trading Crypto

Launched in 2018, PrimeXBT is an all-in-one trading platform focusing on CFDs, forex, and cryptocurrencies. PrimeXBT hosts over one million users who can access their accounts through the exchange’s WebTrader or mobile app. Members can use the platform’s other products, such as copy trading and the crypto wallet.

Regarding futures trading, PrimeXBT is one of the few platforms on our list that supports futures contracts for cryptocurrency. This is a double-edged sword, as the exchange has no future products besides crypto instruments. Users interested in buying or selling digital asset futures will find 31 crypto futures markets at PrimeXBT.

Trading fees are another strong point for the PrimeXBT platform. Their crypto futures products have low taker and maker fees at 0.02% and 0.01%, respectively. The trading site also offers flexible funding rates or fees to extend futures contracts. All PrimeXBT futures contracts are USDT-margined.

PrimeXBT members can open popular cryptocurrency futures contracts like BTC/USDT and ETH/USDT. Altcoins like AXS/USDT, DOGE/USDT, and XRP/USDT are also available. Minimum order sizes and funding rates vary from token to token, but maker and taker fees remain the same for all crypto futures instruments. 

4. AvaTrade – Popular Trading Platform with Great Asset Variety

The next futures broker on our list is AvaTrade – which was established in 2006. On AvaTrade, investors can access CFD trading, buy Forex pairs, and stocks, indices, and cryptos.

For stocks, AvaTrade has a margin requirement of just 10%. Thus, you can put up just $100 for every $1,000 worth of futures traded. Investors can trade futures of top S&P 500 companies such as American Express, Apple, and Microsoft.

AvaTrade also allows you to trade various European and UK-based shares. It also allows you to access MetaTrader 4/5, which is useful for trading futures and FX pairs. You can also access various technical indicators and charting patterns that will help you evaluate potential trades.

One of the available platforms on AvaTrade is AvaOptions, through which one can easily trade multiple currency pairs and open new positions.

AvaTrade is a heavily regulated trading platform in nine countries, making it one of the safest trading platforms.

5. TD Ameritrade/Charles Shwab: Access to Advanced Futures Trading Software

This broker is known for offering a comprehensive futures trading platform, supporting different asset classes, including stock indices, commodities, interest rates, forex, and cryptocurrencies, along with micro futures.

In 2020, Charles Schwab acquired TD Ameritrade, with the integration between the two expected to conclude in 2024. As part of this acquisition, TD Ameritrade’s thinkorswim mobile and desktop platforms were moved to Charles Schwab. With this process in progress, traders can now open an account at Schwab to gain access to a wide range of wealth management and investing solutions.

The broker offers a variety of educational resources such as webinars, news, articles, and research reports. As for fees, it’s pretty straightforward, with $2.25 per contract in addition to exchange and regulatory fees but no clearing, routing, platform fees, carrying, or overnight fees. Customer service at TD Ameritrade is available 24/7 through phone, social media, and fax for any questions or concerns that you may have.

6. TastyTrade: One of the Best Futures Trading Brokers for Capped Commissions

Built specifically for futures and options trading, this broker gives you access to futures contracts on its desktop, mobile, or web-based platform. On TastyTrade, you can follow other traders’ moves for free and even copy the successful traders. 

The broker has a separate platform called tastylive for its extensive educational content covering articles, videos, insights, news, certificates, quizzes, a paid financial magazine, and more. And for those interested in crypto, tastycrypto provides access to digital assets, DeFi, and NFTs. 

In terms of features, the platform offers customization ability through watchlists and position details along with charts and real-time quote information but limited tax optimization options. 

TastyTrade offers competitive pricing with a $1.25 charge for opening and closing contracts, while micro futures will cost you $0.85 and small futures $0.25. While there is no assistance commission or account minimum, there is a $75 account transfer fee, and when you use a wire transfer for payments, it can cost you $25. On the downside, customer service at TastyTrade is not 24/7, but you can talk to a live broker.

7. Optimus Futures: Versatile Discount Futures Brokerage Service

Optimus Futures has an operational history of over 15 years in futures and forex trading. It has institutional trading options for family offices, foreign introducing brokers, and commercial hedging or grain marketing. Notably, it works on a ‘commissions per side’ basis, where the more volume one trades, the lower the commission. 

The platform’s signature software, Optimus Flow, offers fast execution and automated journaling. Moreover, it offers low-trading margins and the option of smaller-sized contracts with reduced upfront capital requirements so that many individual traders can be accommodated.

8. E*trade: Widely Known for its Market Insight and Educational Resources

This futures broker offers a wide range of futures markets, including commodities, currencies, and other financial instruments. Owned by banking giant Morgan Stanley, E*Trade is known for its beginner-friendly platform, available both as a desktop platform and mobile app.

E*Trade’s futures trading platform facilitates trading in both micro and E-mini contracts, offering a variety of order types. Users can effortlessly set, modify, and cancel orders on the platform. Additionally, it provides features such as real-time contract prices and a variety of trading strategies.

Its suite of trading tools encompasses charting, market analysis, real-time quotes, heat maps, and a dedicated research center. Moreover, ETrade is known for its competitive pricing, typically charging $1.50 per contract.

There is no account minimum at this broker, but the broker-assisted commission is $25. E*Trade also offers automated investment management for an annual advisory fee of 0.30% and $500 minimum. Customer support at E*Trade is available 24 hours a day, six days a week.

9. Oanda: Top Futures Broker for Competitive Spreads and Charting Tools

Regulated by top-tier regulators globally, this platform offers access to commodities, forex, cryptos, and indices with no minimum deposit requirement to kickstart your futures trading journey. 

At Oanda, trading activities are conducted on the MetaTrader 5 platform, supporting advanced trading tools. The platform’s main advantage is its automated execution across its account offerings. Its app, featuring a responsive design, includes research from Autochartist and news headlines and allows selection from over a dozen time frames.

And when it comes to trading costs, Oanda gives you two different types of pricing models which are spread-only and core pricing plus commission. High-volume traders can also take advantage of its rewards program that offers rebates, discounts, expedited, and access to VIP events. 

10. NinjaTrader: Comprehensive Futures Broker for All Levels of Traders

NinjaTrader is a futures broker that provides access to multiple futures markets, including Eurex futures, CME Group, ICE, and Coinbase Derivatives. This specialized software and brokerage service provider caters to the needs of both professionals and beginners. In fact, it is among the best futures trading platform for beginners.

Its desktop platform is highly customizable and comes with advanced features, making it great for active traders. However, it requires you to connect with an external brokerage account. Moreover, NinjaTrader offers a demo account that allows you to test trading strategies as well as a free and unlimited trading simulator, where you can trade a variety of futures instruments to further sharpen your skills.

The broker also offers advanced technical indicators and real-time analysis in addition to a chart-based order entry tool called Chart Trader and add-ons from 3rd-party developers. It has three pricing plans for you to choose from based on your trading needs. And when it comes to customer service, NinjaTrader offers 24/5 and weekend technical support via call, email, forum, or submit a support request, along with live chat.

11. Interactive Brokers: Best Futures Broker for Accessing Global Futures Markets

Interactive Brokers, a global futures trading platform, is widely recognized as the broker with the lowest margins for futures. It enables users to trade stocks, funds, bonds, and more across global markets, all from a single platform.

You can access its platform on mobile, web, and desktop, while for sophisticated traders, the broker offers IB Trader Workstation. The platform boasts of providing “margin rates up to 49% lower than the industry” along with low commission with no added spreads or account minimums.

This Nasdaq-listed company gives you access to more than 200 free and premium global research and news providers as well as sophisticated portfolio analysis, webinars, 100+ order types to help you execute trading strategies, and the ability to earn extra income on lendable shares.

12. TradeStation: One of the Best Brokers to Trade Futures with Advanced Tools

This highly customizable platform offers real-time market data, sophisticated charting tools, simulated trading, and extensive backtesting capabilities. 

You get access to Easy Language to create strategies, its backtesting tool Portfolio Maestro, the full Matrix to have the market at a glance, RadarScreen, and more if you use the TradeStation desktop platform. Meanwhile, its mobile app is available on both Apple and Android devices.

While there is a low commission fee per contract, the broker charges inactivity fees as well as an account transfer fee. Meanwhile, its free educational resources cover beginner-level content, a master class, and interactive events. You can also contact its dedicated client service via phone, email, and live chat.

13. Lightspeed: Best Futures Broker for High-frequency Trading

This futures broker allows you to trade major asset classes through its CQG-powered platform Efutures, which provides you with real-time quotes, advanced technical and fundamental analysis, and automated trading tools.

To trade futures on Lightspeed, the broker offers a simple and transparent pricing of $1.29 per side. However, you may want to look into additional brokerage and regulatory fees to get a fair idea of the cost. It further offers a demo account along with a blog, videos, webinars, and an academy to help with your trading journey. Customer support is available through phone and email. 

What is Futures Trading?

Futures trading allows traders to speculate on the future price of an underlying asset. A futures contract is a derivative financial contract to buy or sell an asset at a set date and set price.

For example, you may buy a contract to buy 1,000 barrels of crude oil at  $80 a barrel in December. Say the price of oil increases to $90. You have an agreement with the other party that they will sell it to you at $80 a barrel, regardless. So you make a $10 profit per barrel — a $10,000 profit overall.

Futures trading involves leverage. To trade a futures contract, you are only required to deposit a fraction of the total value of the contract initially. This allows you to open a much larger position with a small amount of capital and potentially make a much higher profit. However, your losses will also be amplified and leverage trading is a risky endeavor.

What Can You Trade Futures On?

You can take out futures contracts on a wide range of assets. Some common examples include:

• Stock Futures: Stock index futures allow traders to speculate on the future value of a stock market such as the Dow Jones Industrial Average or the S&P 500. The most popular one is the E-mini S&P 500.
• Commodity Futures: Contracts on assets such as coffee or crude oil.
• Currency Futures: Contracts to exchange currency for another at a set exchange rate.
• Interest Rate Futures: These offer exposure to interest rates and are common in times of economic volatility as a way to hedge against inflation. Underpinning assets include treasury bills and certificates of deposits.
• Cryptocurrency Futures: A growing sector of futures trading. Platforms like the CME Group offer futures contracts on leading cryptocurrencies such as Bitcoin.

How We Ranked the Top Futures Brokers

Now, let’s take a look at the factors that we took into consideration when making futures brokers comparison to prepare this list; 

Regulation 

To start with, a futures broker must be regulated by a prominent regulatory body such as the UK’s Financial Conduct Authority (FCA), the Commodity Futures Trading Commission (CFTC) in the US, and Germany’s Federal Financial Supervisory Authority (BaFin). 

A licensed futures broker means the trading platform complies with the regulations and follows standard business practices, ensuring the success and safety of your funds. 

Order Types

There are different types of orders available in the market, such as market orders, limit orders, and stop orders. These essentially provide your broker with instructions on how to proceed. Order types assist in achieving price improvement, timing the market, and trading more effectively.

Execution Speeds

Execution speed refers to the duration between placing a trade and its actual execution. And the faster your trade execution speed is, the better your price. 

Even a few seconds can make all the difference in a winning or losing trade, especially in highly volatile markets. Fast execution further helps you avoid slippage, meaning the executed price is closest to the requested price and helps protect your profits.

Fees and Commissions

Given that there are different types of fees charged by a futures brokerage, including commission, clearing fees, exchange fees, inactivity fees, account maintenance fees, platform fees, data fees, margin interests, overnight funding, and withdrawal fees, it can quickly add up. So, to be able to keep most of your profits, you need a futures broker that doesn’t have hefty and hidden fees. The lower the fees, the better it is for you.

Minimum Deposit

Some of the top futures brokers have no minimum deposit requirement, while others have small initial deposits like $10. You will also find brokers that have varying initial deposit requirements depending on the account type. 

Then there’s the matter of leverage, which gives you far greater buying power than your minimum deposit, making it an attractive option among traders, but we must remember it not only amplifies your profits but magnifies your losses as well.

Demo Account

The availability of a demo account is important because it allows you to test the platform and your skills and strategies in a risk-free environment before you risk your hard-earned money in live markets. 

Mobile App

When finding the best platform for futures trading, we considered the availability of a mobile app for both iOS and Android, as it allows traders to trade on the go. In this day and age, having a futures broker that provides mobile trading apps with features like real-time market data, news, charts, and updates is essential for making timely trading decisions.

Payment Methods

The best futures broker must allow you to fund your accounts through several options, such as credit cards, PayPal, e-wallets, wire transfers, and bank checks. Both deposits and withdrawals need to be swift, with support for local currency and payment methods. Also, note that some brokers may charge a fee for these services, so that must also be considered. 

Risk Management Tools

While exciting and lucrative, futures trading carries a significant amount of risk, which makes it crucial that you have access to different types of risk management tools. Limit orders, trailing stop orders, and stop-loss orders are the most common ones. Volatility indicators, risk-reward ratio calculators, position monitoring tools, and stress testing tools are some other options that can help you manage risk.

Trading Community

Having a community of traders and investors enables connections with like-minded people and learning opportunities from them. As social trading gains popularity, many platforms now offer users the ability to not only copy successful traders but also to discuss trade strategies and share updates with others.

Reputation and Reviews

The popularity of futures trading and the rise of online futures trading have led to a proliferation of brokerage firms. So, looking at customer reviews on online forums and review platforms can help you understand other traders’ experiences and the reputation the futures broker has in the market. 

Financial Stability

Besides looking for a regulated and established futures trading platform, the financial condition of the broker must also be checked as to how they make money, the level of transparency, if they have sufficient funds to cover potential liabilities, and their track record. A legitimate broker must also keep user funds separate from their business funds to ensure money security. 

Educational Resources

A good futures trading platform has an abundant supply of educational resources in the form of articles, videos, webinars, research reports, expert insights, and courses. It goes to show that the broker understands its users’ needs and helps them make informed decisions and get better at trading futures.

Customer Service

The broker must always be available to help their clients with any issues that may arise. Besides the availability of round-the-clock customer support, the quality of the professional service should also be checked along with the channels supported, such as phone, email, and live chat. Additionally, multi-language support is important for a platform that caters to a global audience. 

How to Pick a Futures Trading Broker

When choosing a platform to trade futures on, you should consider a wide range of factors including:

• Fees: If you are trying to find the cheapest futures broker, look at the overall fee structure. This can include commission fees, volume-based discounts, different accounts, and minimum deposit requirements.
• Accessibility: Futures brokers for beginners will have intuitive and eays-to-use interfaces as well as educational resources and demo accounts. This will help you practice trading in a safe manner. Futures brokers for advanced traders will have a wide range of tools and high levels of leverage.
• Account levels: If you are just starting, you may want to find a futures broker for small accounts. These will have low or no minimum deposits and low fees. It’s also worth researching the level of customer support thy offer for small accounts. Some platforms will only provide dedicated customer support for larger accounts.
• Trading options and speed: You’ll also want to consider your trading strategy. For example, a futures broker for day trading will have direct market access, minimal slippage, and fast execution times. Look at factors like what margin is required and what tools are supported to find the platform that best suits your needs.

Are There Risks Involved When Trading Futures? 

While web-based futures trading has become very popular, that doesn’t mean it’s suitable for every trader. You should understand several risks associated with this, starting with the price risk, which is simply the price moving in a different direction from what you are expecting. Then, there’s the risk of volatility, where, for example, the price might trigger your stop loss before moving in your desired direction.

Other risks involve liquidity risk, which is the absence of buyers or sellers, and spread risk, where the price offered is far from the market price.

The biggest risk when trading futures is that of leverage. For instance, a 10x leverage allows you to take a position of $10,000 by depositing only $1,000. An inherent feature of futures trading is that leverage multiplies both your profits and losses. Then there is margin call risk, under which, if the market moves against you, you may be required to deposit additional funds or risk liquidation.

Moreover, there can be a risk of default by one of the parties and unexpected events that can negatively affect physical settlement. Not to mention, trading is emotionally challenging and can impact your decision-making.

Conclusion

Futures are a great tool to speculate, magnify profits, and hedge all sorts of positions. So, whether you are a beginner or a seasoned trader, it is important to have the best futures trading strategy and to choose suitable platforms to trade futures so that you get optimal results.

eToro is the best futures broker that offers a range of products, wide asset variety, competitive fees, risk management tools, and excellent customer service.

References

1. Global futures and options volume 2022 (statista.com)
2. How To Manage Risk/Reward When You Invest (cnbc.com)
3. Futures contract (investor.gov)
4. BaFin – Administrative Acts – General Administrative Act – Product intervention regarding Futures (bafin.de)
5. future – FCA Handbook (fca.org.uk)

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