Crude oil is an important energy commodity in South Africa that fuels several industries and sectors. Crude oil is typically traded as a CFD instrument by retail traders. While most brokers offer this instrument, narrowing down the appropriate options can be challenging. We’ve reviewed brokers to identify the top 10 that facilitate crude oil trading for South Africans.
Here’s what we cover in our guide:
- Top 10 Best Crude Oil Trading Brokers and Platforms.
- The Best Crude Oil Trading Software in South Africa.
- Crude Oil Brokers – Explained.
- Oil Broker Commission Rates
- Oil Broker Commission Agreement
10 Best Forex Brokers in South Africa for 2025
Rank
Broker
Review
Regulators
Min Deposit
Official Site
10 Best Forex Brokers in South Africa for 2025
Rank
Broker
Review
Regulators
Min Deposit
Official Site
10 Best Crude Oil Trading Brokers in 2025 – A Comparison
| 🔎 Broker | 🛢️ Crude Oil Trading | 🚀 Open an Account | 💰 Min. Deposit | 💯 Trust Score (99) |
| 🥇 Axi | ✅ Yes | 👉 Open Account | $0 USD / R 0 | 92 |
| 🥈 IG | ☑️ Yes | 👉 Open Account | $0 USD / R 0 | 96 |
| 🥉 AvaTrade | ✅ Yes | 👉 Open Account | $100 USD / R 1825 | 94 |
| 🏅 XM | ☑️ Yes | 👉 Open Account | $5 USD/ R 91 | 92 |
| 📌 XTB | ✅ Yes | 👉 Open Account | $0 USD / R 0 | 92 |
| 📍 FP Markets | ☑️ Yes | 👉 Open Account | $100 USD / R 1825 | 94 |
| 🏅 Exness | ✅ Yes | 👉 Open Account | $100 USD / R 1825 | 90 |
| 📌 IC Markets | ☑️ Yes | 👉 Open Account | $200 USD / R 3650 | 94 |
| 📍 FXTM | ✅ Yes | 👉 Open Account | $10 USD / R 182 | 92 |
| 🏅 HFM | ☑️ Yes | 👉 Open Account | $5 USD / R 91 | 96 |
What is Crude Oil, and Why Is It Significant to South Africa?
Crude oil is an extremely important resource that plays a significant role in the South African economy, especially in energy production and its use in various industries. South Africa has extremely limited oil reserves and relies heavily on imports to meet energy demands. ±90% of South Africa’s crude oil is imported from countries like Saudi Arabia and Nigeria, which makes it a massive component of local import expenditure.
Once crude oil is imported, it is processed and converted into petrol, diesel, and paraffin to fuel transportation, manufacturing, and households. South Africa only has a few operational refineries, and the major ones are Natref in the Free State (Sasolburg), Astron Energy Refinery in the Western Cape (Cape Town), and Sapref in KwaZulu Natal (Durban).
The capacity of each varies greatly, with Natref having the highest of 108,000 to 110,000 barrels per day (bpd). South Africa has substantial energy needs. South Africa consumes about 25 billion petroleum and products annually, with the Gauteng province being the largest consumer, followed by KwaZulu-Natal and Cape Town.
This high consumption level clearly shows how important crude oil is to sustaining daily life and fuelling several economic activities. Fluctuations in global oil prices substantially impact South Africa’s economy a decline in oil prices can lead to reduced revenues for local oil companies, affecting their profitability and operations.
10 Best Crude Oil Trading Brokers (2025)
- ☑️Axi – Overall, the Best Crude Oil Trading Broker and Platform
- ☑️IG – Leading Oil Spread Betting Platform
- ☑️AvaTrade – Best Online Trading Experience
- ☑️XM – High User Trust Score
- ☑️XTB – Crude Oil Spot CFDs and ETFs
- ☑️FP Markets – Lowest Commission Oil Broker
- ☑️Exness – Best for Beginners Oil Trading Platform
- ☑️IC Markets – Excellent all-round offering
- ☑️FXTM – Great research and education
- ☑️HFM – Trusted Commodities Brokers
1. Axi
Axi offers competitive CFD instrument trading conditions on WTI and Brent. South Africans can trade crude oil using Axi’s MetaTrader 4 platform and a range of account types.
Min Deposit
USD 0
Regulators
ASIC, FCA, DFSA
Trading Platform
MT4
Crypto
Yes
Total Pairs
140+
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
South Africans can choose between commission-based and commission-free trading options.
Featured
| 🔎 Broker | 🥇 Axi |
| 📝 Regulation | ASIC, FCA, DFSA |
| 💰 Min Deposit | $0 USD |
| 🆓 Demo Account | ✅ Yes |
| ☪️ Islamic Account | ☑️ Yes |
| 🔁 Spreads from | 0.0 Pips |
| 📌 Commission | ✅ Yes |
| 💳 Deposit Fee | No |
| 💵 Inactivity Fee | No |
| ⚡ Withdrawal Fee | Third-Party |
| 🚀 Open an Account | 👉 Open Account |
Pros and Cons
| ✅ Pros | ❌ Cons |
| No Deposit and withdrawal fees | Only offers Forex and CFDs |
| Fully digital account opening | Limited research tools |
| No inactivity fees | Slow email support |
Our Findings
Axi is ideal for crude oil trading in South Africa with controlled exposure when traders use leverage. South Africans can trade WTI and Brent across accounts using MetaTrader 4. However, Axi is not FSCA-regulated and doesn’t accept ZAR as an account base currency.
2. IG
IG is a popular broker with FSCA regulations, several CFD accounts, and competitive trading conditions.
Min Deposit
USD 0
Regulators
FCA, BaFin, FINMA, DFSA, MAS, ASIC, FSCA
Trading Platform
MT4
Crypto
Yes
Total Pairs
80
Islamic Account
No
Trading Fees
Low
Account Activation
24 Hours
South Africans benefit from access to global commodity markets, powerful trading platforms, extensive educational materials, and updated oil market insights.
Featured
| 🔎 Broker | ✅ IG Group |
| 💰 Trading Fee Class | Average |
| 💵 Inactivity Fee | Yes |
| 💳 Minimum Deposit | $0 USD |
| 💡 Base currencies | 6 |
| ✅ Demo Accounts | Yes |
| 📌 Products Offered | Forex, CFDs on shares, indices, commodities, cryptocurrencies, options |
| ⛔ Inactivity fee | Yes |
| 💻Trading Platforms | IG Trading platform, MetaTrader 4 |
| ⚖️Regulation | Regulated by multiple financial authorities including FCA (UK), ASIC (Australia), and others |
| 📚Educational Resources | Trading Academy, webinars, market analysis |
| 📧Email address | [email protected] |
| 📞Customer Support | Multilingual customer support available |
| 📍Focus | Wide range of financial instruments, emphasis on user-friendly platform and educational resources |
| 📌Important Note | CFDs are complex instruments and carry a high risk of losing money rapidly due to leverage. |
| 💷 Account closure | No fee |
| 📊 Margin/leverage | From 0.5% for forex, 5% for shares and margin factor for indices |
| 💵 Setup charge | No fee |
| 🔎 Open an Account | 👉 Open Account |
Pros and Cons
| ✅ Pros | ❌ Cons |
| Used by 180,000+ traders | Inactivity Fee |
| Established in 1974 | Limited range of instruments |
Our Findings
IG is a popular, reputable broker with FSCA regulations and ideal trading conditions for South African traders. IG’s spreads are variable and wider than those charged by competitors.
3. AvaTrade
AvaTrade offers South Africans a dynamic environment to participate in crude oil trading. AvaTrade offers WTI and Brent, which can be traded as CFDs on commodities (you can speculate on these instruments’ price movements without taking delivery of the actual barrels of oil).
Min Deposit
USD 100
Regulators
ASIC, FSA, CBI, BVI, FSCA, FRSA, CySEC, ISA, JFSA
Trading Platform
MT4, MT5, Ava Social, Ava Protect, Trading Central
Crypto
Yes
AvaTrade offers a ZAR account, leverage up to 1:100 on Crude Oil, and spreads from $0.03.
Featured
| 🔎 Broker | 🥇 AvaTrade |
| 📜 Regulation | ASIC, FSA, CBI, BVI, FSCA, FRSA, CySEC, ISA, JFSA |
| 💳 Minimum deposit | $100 USD / R1816 ZAR |
| 🚀Bonus | ✅ Yes |
| 🔥Trust Score | 94% |
| 🔥Live support | 24/5 |
| 📱 MetaTrader 4 (MT4) | ✅ Yes |
| 📱 MetaTrader 5 (MT5) | ✅ Yes |
| 📊Trading Islamic Account | ✅ Yes |
| 📊CFDs - Total Offered | 1,200 CFDs |
| 💰 Spreads | 0,9 pips |
| 💰 Withdrawal fee amount | Zero |
| 💰 Trading fees class | Very Low |
| ✔️ Scalping Allowed | ✅ Yes |
| 📈Products Offered | Forex, Stocks (CFDs), Commodities (CFDs), Indices (CFDs), Cryptocurrencies (CFDs) |
| 👥Account Types | Various, including standard accounts, demo accounts, Islamic accounts, and professional accounts (depending on regulation) |
| 📚Educational Resources | Webinars, articles, tutorials |
| 📍 Focus | User-friendly platform for beginners and experienced traders |
| ☎️Customer Support | Multiple languages offered |
| 📌Important Note | AvaTrade does not offer direct trading on the Volatility 75 Index (VIX). |
| 🚀 Open a account | 👉 Open Account |
Pros and Cons
| ✅ Pros | ❌ Cons |
| Wide range of CFDs assets to trade - 1000+ | You can’t buy stock or cryptocurrency |
| Worldwide regulated | Cryptocurrency deposit is not accepted |
| Award winner | Quarterly and annual inactivity fees |
| Multiple platform – MT4, MT5, etc | Costumer support is not available 24/7 |
| Negative balance protection | No bonus for EU based clients |
Our Findings
Exness provides a competitive crude oil trading environment. South African traders can expect tight spreads, fast execution, and strong regulatory oversight. However, its swap fees on overnight positions and high-leverage options require careful risk management
4. XM
XM is a popular broker in South Africa that offers ZAR accounts and is regulated by the FSCA. Crude oil can be traded across accounts as CFD instruments.
Min Deposit
USD 5
Regulators
FSC, CySEC, ASIC,
Trading Platform
MT4, MT5
There’s a low minimum deposit to get started, and XM offers a wealth of education and research for beginner traders.
Featured
| 🔎 Broker | 🥇 XM |
| 💰 Min. Deposit | $5 USD |
| ✒️ Regulation | FSC / CySEC |
| 💸 Trading Fee Class | Low |
| ❌ Inactivity Fee | ☑️ Yes |
| 💳 Withdrawal Fee | No |
| 🆓 Demo Account | ✅ Yes |
| 🚀 Open an Account | 👉 Open Account |
Pros and Cons
| ✅ Pros | ❌ Cons |
| Fast digital account opening | Account types vary according to jurisdiction |
Our Findings
XM ensures a smooth trading experience for South Africans through its local entity, XM ZA (Pty) Ltd. South Africans can register a ZAR account and deposit/withdraw using local payment methods. However, XM charges swap fees.
5. XTB
South Africans can access crude oil markets using XTB’s xStation 5 platform. xStation 5 offers a streamlined trading experience with advanced charting and real-time market sentiment tools. Crude oil can be traded through CFDs.
Min Deposit
USD 0
Regulators
FCA, CySEC, IFSC, KNF
Trading Platform
MT4, xStation
Crypto
Yes
Total Pairs
0
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
South Africans aren’t limited to a set minimum deposit requirement; they can start with any investment amount (given it’s enough to start trading oil according to the minimum position sizes).
Features
| 🔎 Broker | 🥇 XTB |
| 💰 Min. Deposit Required | None |
| 🛑 Inactivity Fee | $0 USD / R0 ZAR |
| 🆓 Demo Account | ✅ Yes |
| 🔁 Spreads from | 0.1 |
| 📌 Commissions | Pro Account |
| 🎉 Sign Up Bonus | ✅ Yes |
| 🔘Products Offered | Forex, CFDs on indices, shares, commodities, cryptocurrencies |
| 👨💼Account Types | Standard, Pro, and XTB Zero accounts |
| 💻Trading Platforms | XTB Trader, MetaTrader 4, MetaTrader 5 |
| ⚖️Regulation | Regulated by multiple authorities including the UK's FCA, Cyprus' CySEC, and Poland's KNF |
| 📚Educational Resources | Webinars, market analysis, educational materials |
| 📞Customer Support | 24/7 |
| 📍Focus | User-friendly platform, competitive spreads, range of trading instruments |
| 📌Important Note | CFDs are complex instruments and carry a high risk of losing money rapidly due to leverage. |
| 🎉 Sign Up Bonus | Yes |
| 📈 CFD Markets | 1500+ |
| 💰 Cash Back | Yes |
| 🚀 Open an Account | 👉 Open Account |
Pros and Cons
| ✅ Pros | ❌ Cons |
| Used by 230,000+ traders | Doesn’t offer VPS |
| Established in 2002 | Limited range of instruments |
| Regulated by Financial Conduct Authority | Not ASIC Regulated |
Our Findings
XTB is user-friendly for beginners and offers advanced tools for more experienced crude oil traders. XTB is multi-regulated and offers a transparent, competitive trading environment. However, XTB doesn’t offer popular third-party platforms like MetaTrader or cTrader.
6. FP Markets
FP Markets offers crude oil trading through MT4, MT5, and cTrader. FP Markets is an FSCA-regulated broker with a secure trading environment, market execution and leverage up to 1:100.
Min Deposit
USD 100
Regulators
ASIC, CySEC, FSCA, CMA
Trading Platform
MT4, MT5, Iress Trader, cTrader
Crypto
Yes
Total Pairs
70+
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Crude oil can be traded as a CFD instrument, and African traders can fund their accounts using local payment methods.
Featured
| 🔎 Broker | 🥇 FP Markets |
| 📌 Regulation | CySEC, ASIC |
| ☪️ Islamic account | ✅ Yes |
| 👍 Demo Account | ✅ Yes |
| 📊 Institutional Accounts | No |
| 📊 Managed Accounts | No |
| 📈 Maximum Leverage | 1:400 |
| 💰 Minimum Deposit | $100 USD |
| 🚀Open an Account | 👉 Open Account |
Pros and Cons
| ✅ Pros | ❌ Cons |
| Forex fees are low | Stock CFD fees are high |
| Accounts can be opened fast and easy | Product portfolio are somewhat limited |
| Deposit and withdrawal processes are quickly executed | Web and desktop platform is somewhat outdated |
Our Findings
FP Markets’ crude oil trading experience includes tight spreads, risk management tools, and versatile platforms. However, withdrawal fees are complex, and there’s no ZAR account option.
7. Exness
Exness gives South African oil traders a well-rounded trading environment where they can access key energy markets. Exness is transparent and offers competitive trading conditions.
Min Deposit
USD 10
Regulators
CBCS, CySEC, FCA, FSA, FSC, FSCA, CMA
Trading Platform
MT4, MT5, WebTerminal, Exness Terminal
Crypto
Yes
South Africans can trade oil commodities using CFDs across several account types. Traders can access crude oil markets using MT4 and MT5, alongside a few user-friendly, dynamic proprietary tools to streamline market analysis and execution.
Featured
| Feature | Details |
| 🛢 Crude Oil Instruments Available | WTI, Brent |
| ⚖ Leverage on Crude Oil Trades | 1:2000 on oil commodities |
| 📉 Margin Requirements | 0.5% |
| 📊 Spreads on Crude Oil | 1.7 pips |
| 💸 Swap Fees on Oil Trades | Yes, applies to overnight positions |
| 💰 Commission Structure | From $0 |
| 🔹 Minimum Trade Size | 0.01 lots |
| ⚡ Execution Type for Crude Oil | Market execution |
| 👥 Copy Trading Support for Crude Oil | Yes, via Exness Social Trading |
| 🖥 VPS Hosting for Automated Crude Trading | Free for eligible accounts |
| ✅ Regulatory Compliance in South Africa | Yes, FSCA-regulated |
| 💳 Local Payment Methods for Deposits | Bank transfers, Skrill, Neteller, etc. |
| 🏦 Account Types with Crude Oil Trading Access | Standard, Cent, Raw Spread, Zero, Pro |
| 📈 Crude Oil Trading Platforms Available | MT4, MT5, Exness Web Terminal, Exness Trader App |
| 🛡 Risk Management Tools for Crude Oil | Negative balance protection, margin call alerts |
| 🚀 Open an Account | 👉 Open Account |
Pros and Cons
| ✅ Pros | ❌ Cons |
| Multiple account types, including zero-commission options | Swap fees apply to overnight crude oil trades |
| Tight spreads | Minimum deposit of $500 for Raw Spread and Zero accounts |
| Instant withdrawals with no additional fees | The social trading platform offers limited control over trade execution |
| Supports copy trading for crude oil | Limited direct educational content on crude oil trading |
| Free VPS hosting for automated crude oil strategies |
Our Findings
Exness provides a competitive crude oil trading environment. South African traders can expect tight spreads, fast execution, and strong regulatory oversight. However, its swap fees on overnight positions and high-leverage options require careful risk management
8. IC Markets
IC Markets is known for its high-speed trading environment, where South Africans can trade WTI and Brent as CFD instruments. Spreads are competitive, and IC Markets offers leverage of up to 1:500 on commodities.
Min Deposit
USD 200
Regulators
ASIC, CySEC, FSA, SCB
Trading Platform
MT4, MT5, WebTrader
Crypto
Yes
Total Pairs
61
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
South Africans can trade crude oil using all account types offered, and they can access several platforms, including IC Markets’ platforms, TradingView, cTrader, and MetaTrader.
Featured
| 🔎 Broker | 🥇 IC Markets |
| 💰 Min. Deposit | $200 USD |
| 🔁 Spreads from | 0.0 Pips |
| 💸 Commission | Selected Accounts |
| 📈 Leverage | 1:500 |
| 🆓 Demo Account | ✅ Yes |
| ☪️ Islamic Account | ✅ Yes |
| 🚀 Open an Account | 👉 Open Account |
Pros and Cons
| ✅ Pros | ❌ Cons |
| Low Forex Fees | Limited Product Selection |
| Easy Account Opening | Slow Chat Response |
Our Findings
IC Markets provides a fast and cost-effective environment for crude oil trading. However, South African traders must consider the high minimum deposit and lack of FSCA regulation.
9. FXTM
FXTM is a global CFD and FX broker that is regulated by several financial authorities, including the UK Financial Conduct Authority
Min Deposit
USD 200
Regulators
FCA, FSC, FSCA
Trading Platform
MT4, MT5, FXTM Trader
Crypto
No
Total Pairs
0
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
(FCA) and the Cyprus Securities and Exchange Commission (CySEC).
Featured
| ⭐ Features | ℹ️ Information |
| 🏛️ Regulation | CySEC, FCA, FSCA |
| 💰 Minimum Deposit | $100 USD / R1600 ZAR |
| 📊 Average spreads from | 0.9 pips |
| 💹 Commissions from | No commission |
| 💳 Deposit / Withdrawal fees | $3 / R48 ZAR |
| 📊 Maximum leverage | 1:500 on average |
| 🔥 Bonus | $300 / R4800 ZAR Trading Bonus |
| ☎️ Customer support | 24/5 |
| 💳 Institutional Accounts | No |
| 💰 Deposit and Withdrawal Options | Bank Wire Transfer Local Transfers Credit/Debit Cards Neteller Skrill, and more |
| 📉 Tradable Assets | CFDs on commodities CFDs on indices Spot Metals Stock CFDs Stocks Forex |
| 📲 OS Compatibility | Web browsers, Windows, MacOS, Linux, Android, iPhone, tablets, iPads |
| 💻 Platform Types | MetaTrader 4, MetaTrader 5, FXTM Trader |
| 📒 Account Types | Micro, Advantage, Advanatge Plus, Standard, ECN, ECN Zero, Cent, Shares, Pro Account |
| 🇿🇦 ZAR accounts | Yes |
| ☎️ South African Telephone Number | No |
| 💰 Spreads | 0.1 pips |
| 👉Open Account | 👉 Open Account |
Pros and Cons
| ✅ Pros | ❌ Cons |
| One of the best Forex Brokers worldwide | Withdrawal fee |
| Regulated by the CySEC and several other Forex authorities | High Stocks trading Spread |
Our Findings
My findings reveal that FXTM offers a range of instruments, including forex, commodities, indices, and stocks, with leverage up to 1:2000 for certain accounts.
10. HFM
South Africans can trade crude oil CFDs with HFM using flexible account types and powerful trading platforms. HFM is an international broker with a local presence and FSCA regulation.
Min Deposit
USD 0 / ZAR 0
Regulators
FSCA, DFSA, FSC, CMA. FCA
Trading Platform
MT4, MT5, HFM Platform
Crypto
Yes
South Africans can use ZAR-denominated accounts to trade WTI and Brent via MT4, MT5, and the HF App.
Featured
| 🔎 Broker | 🥇 HFM |
| ⚖️ Regulation | FSCA, CySEC, FCA, DFSA, CMA, FSA |
| 💳 Minimum deposit | $0 |
| 💰 Maximum Leverage | 1:2000 |
| 🔘 Asset Types | Forex, Indices, Metals, Energies, Shares, Commodities, Bonds, ETFs, DMA Stocks, and Cryptocurrencies |
| 📊 Trading platforms | MT4, MT5, HFM Trading App (Android & IOS) |
| 💳 Supported lot | 0.01 - 500 |
| 💳 Demo | ☑️ Yes |
| 📈Products Offered | Focus on Volatility 75 Index (VIX) CFD |
| 👥Account Types | Cent Account, Zero Account, Pro Plus Account, Pro Account, Premium Account |
| 💻Trading Platforms | MT4, MT5, HFM Platform |
| 📚Educational Resources | Webinars, articles, tutorials |
| ☎️Customer Support | 24 hours, 5 days a week |
| 📍Focus | Potentially suited for experienced traders due to the focus on the volatile VIX. Consider your trading experience and risk tolerance. |
| 📌Important Note | Thorough research on Conduct thorough research on HFM South Africa's specific regulations, educational resources, customer support options, and potential ZAR funding options before opening an account. |
| 🚀 Open an Account | 👉 Open Account |
Pros and Cons
| ✅ Pros | ❌ Cons |
| FSCA Regulated | US clients not accepted |
| Fast and easy account opening | High bank withdrawal fees |
| Low trading fees | Inactivity fee after one year |
Our Findings
HFM is a well-regulated broker with competitive oil trading conditions, high leverage, and several risk management tools to protect capital in volatile oil commodity markets. However, HFM charges inactivity fees to dormant accounts, making it less ideal for long-term, passive traders.
Conclusion
Crude oil opens up a world of trading opportunities for South Africans through CFD instruments. Most brokers offer this instrument, making it easy for South Africans to choose a broker that aligns with their strategies and financial goals. However, it’s important to mention that energy markets are highly volatile, so careful use of leverage is advised. Luckily, most brokers offer negative balance protection and other risk management tools to protect your capital.
You might also like: Axi Review
You might also like: IG Review
You might also like: AvaTrade Review
You might also like: XM Review
You might also like: XTB Review
Frequently Asked Questions
Who are the most popular Crude Oil Forex Brokers and Platform choices?
According to research, Axi is the most popular Crude Oil Forex Broker choice amongst investors.
How do I Choose the Best Crude Oil Trading Broker?
When choosing a broker that offers the best in crude oil trading, traders need to consider Regulation, Trading Platform Type, and Software.
Can I trade crude oil on MetaTrader4 and MetaTrader5?
Yes, Crude Oil can be traded on both MetaTrader4 and MetaTrader5.
Can you make money trading Crude Oil?
Yes, you can make money trading oil.
How is Crude Oil traded in South Africa?
Trading crude oil in South Africa is identical to any other country and traders must open an account with a broker offering crude oil contracts.
