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Oil Trading Platform
- Updated: January 2024
- 4min Read
Crude oil’s price changes have a global impact, making it
the favored commodity for both short- and long-term buyers.
India and China lead in crude oil consumption thus
significantly influencing the global market.
Table of Contents
- What is Crude Oil?
- 6 things that keep driving Crude Oil prices
- Top Crude Oil Trading Platforms in 2024
- AXI
- IG
- AvaTrade
- XM
- XTB
- FP Markets
- IronFX
- IC Markets
- FXTM
- HF Markets
- What is an oil trading platform?
- What types of oil contracts are available on these platforms?
- Is leverage available for oil trading?
- Are there risks associated with oil trading?
- Can I trade other commodities on these platforms?
What is Crude Oil?
Crude Oil is raw fuel that comes from the ground. It is a solid fuel made up of biological materials and layers of hydrocarbons. It is considered a liquid fossil fuel and can be extracted through drilling and then refined into various petroleum products such as gasoline, diesel, and jet fuel.
6 things that keep driving Crude Oil prices
- By processing liquid Oil, you can make things like gasoline, kerosene, and diesel, which are in high demand.
- It also makes steel, plastics, and chemicals that help plants grow. Crude Oil is a solid fuel that can’t be made again. So, it is restricted, and once used, it can’t be refilled.
- The regulation of supply and demand affects the price of crude oil just like they do the price of any other good. Crude oil prices decrease when production costs, storage space, and loan rates increase. The price of Oil has increased recently because of a rare mix of too much supply and steady demand.
- OPEC announcements: Association of Petroleum Exporting Countries, or OPEC, is a group of the world’s biggest oil-producing countries. When OPEC declares certain announcements, it can change what investors expect and cause short-term changes in crude oil prices.
- How much the US Dollar is worth: The US is a major player in crude oil trade worldwide. As a result, the dollar’s worth greatly affects the overall price of crude Oil.
- Prices are also affected by political unrest and natural tragedies in oil-producing areas like the Middle East and by the paths that Oil takes to get to the market.
Top Crude Oil Trading Platforms in 2024
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The International Energy Agency’s (IEA) yearly fuel study says that by 2024, India’s demand for crude Oil will be the same as China’s. Crude oil futures are the most traded asset in the world, and the high amount of trade makes them more flexible.
AXI
Axi is a reputable trading company that helps more than 60,000 buyers in more than 100 countries. Axi is a service company that is highly controlled and has both an Australian Financial Service Licence and a New Zealand Derivatives Issuer Licence.
IG
IG is one of the best places to trade online in the world. It serves both South African and international consumers. The Financial Sector Regulation Authority in South Africa is one of the many financial bodies that monitor IG Securities Ltd.
AvaTrade
AvaTrade is a well-regulated forex company that gives you access to more than 1,250 products to trade, including forex, cryptocurrencies, commodities, stocks, and indices.
XM
The Cyprus Securities and Exchange Commission, the Australian Securities and Investments Commission, and the International Financial Services Commission (FSC) oversee XM Group, a broker that only works with MetaTrader.
XTB
XTB is among the world’s biggest FX and CFD dealers traded on the stock market. The FCA, KNF, CySEC, and IFSC, some of the world’s largest regulatory bodies, all keep an eye on XTB.
FP Markets
The US Securities and Investments Commission and the Cyprus Securities and Exchange Commission oversee FP Markets, an Australian multi-asset exchange.
IronFX
IronFX is the best forex service on the market. It gives access to 10 trading systems and more than 300 products that can be traded.
IC Markets
IC Markets is a well-known Forex CFD service that helps day traders and scalpers with their trading needs. Multiple Regulators worldwide, such as the Australian Securities and Investments Commission (ASIC), have permitted IC Markets to operate and keep it in check.
FXTM
FXTM is a global CFD and FX exchange controlled by several financial bodies, such as the UK Financial Conduct Authority (FCA) and the Cyprus Securities and Exchange Commission (CySEC).
HF Markets
HFM is a forex and commodities exchange that has won awards. It has different types of accounts and trading tools and keeps client money separate.
Conclusion
Finally, an oil trading platform can enable traders to profit from the oil market’s volatility. Trading CFDs or spread bets allows investors to make money on both soaring and tumbling markets. Reputable platforms also provide safe and regulated trading environments to guarantee the security of traders’ money and personal information.
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Frequently Asked Questions
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What is an oil trading platform?
The Inner Circle Trader strategy is a forex trading approach that focuses on understanding and leveraging the behavior of institutional traders to identify profitable trading opportunities.
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What types of oil contracts are available on these platforms?
Oil trading platforms offer various types of contracts, such as Brent crude, West Texas Intermediate (WTI) crude, and other oil products like gasoline, heating oil, and natural gas. Each contract represents a specific type of oil with its specifications.
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Is leverage available for oil trading?
Liquidity pools can be identified by analyzing price charts and looking for areas of accumulation or distribution. These areas often indicate the presence of liquidity and potential market manipulation.
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Are there risks associated with oil trading?
Yes, oil trading carries risks due to the volatile nature of commodity markets. Prices can experience sharp fluctuations based on global events and economic data releases. It's important to use risk management strategies and only invest what you can afford to lose.
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Can I trade other commodities on these platforms?
Yes, many trading platforms offer access to a range of commodities beyond oil, such as gold, silver, agricultural products, and more.
