Using crypto to trade crude oil or broker necessary

[Oshosondy]

I am not a forex person, I prefer crypto because I am use to crypto. I have noticed on some exchanges about cryptocurrencies backed by gold which you can trade on crypto exchanges. Recently, I am interested to trade crude oil, but I will prefer to trade crude oil on crypto exchange, which it can be a crude oil backed cryptocurrency. I checked online for any available crude oil backed cryptocurrency but I found none.

If there is non as I believe there will be none according to my research, I may like to make use of a broker instead of using an exchange for this but I have little information about forex brokers. Like in crypto, we can easily know exchanges by trading volume and know the type of cryptocurrencies each are supporting, is there any legit site like that about forex which I can know their trading volume and how reputable they are.

You can also list some brokers you use to trade crude oil to know if I can find it easy and reputable to use after I make my further research about the broker.

[1714302732]

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[1714302732]

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[1714302732]

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[1714302732]

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[OmegaStarScream]

Although I never tried this process myself, you should be able to do that with eToro since they support both Oil and BTC trading on their platform.

[Oshosondy]

Although I never tried this process myself, you should be able to do that with eToro since they support both Oil and BTC trading on their platform.

Thank you very much, I saw eToro when I was searching online too but I thought the exchange is not supporting my country, I checked it now and it supports my country. I will like this thread to remain active, I will make use of eToro and see if the exchange offer excellent trading experience.

[Zackgeno96]

I do not have anything to input here, but I was really curious with the response going on here. Upon searching eToro, I read that it is safe and secure, and even offers commission-free trading. I hope that you share here in your thread about your experience with it, @Oshosondy, if you ever decided to proceed to use it.

[jrrsparkles]

Although I never tried this process myself, you should be able to do that with eToro since they support both Oil and BTC trading on their platform.

Thank you very much, I saw eToro when I was searching online too but I though the exchange is not supporting my country, I checked it now and it supports my country. I will like this thread to remain active, I will make use of eToro and see if the exchange offer excellent trading experience.

The only negative feedback about eToro is their customer support its worst than cryptocurrency exchanges and also there is some fee will be charged for inactivity so make sure you are going to trade actively there but since it seems that is the only option you can go with then go for it.

[Oshosondy]

The only negative feedback about eToro is their customer support its worst than cryptocurrency exchanges and also there is some fee will be charged for inactivity so make sure you are going to trade actively there but since it seems that is the only option you can go with then go for it.

Thanks for the reply, I want to use it to trade crude oil, I have to first learn about it and it may take time before I will deposit because of what you said, though I am planning to go for long term (swing trading) which will be my best option.

I wanted to check how the trading is, it is different from exchanges like OKX that someone can easily see perpetual trading which makes me easily know that I can go long and short position to make money instead of spot trading that you can only buy and sell for fiat. On eToro, can I also open position? In a way I can sell, if the price of crude oil is decreasing, then I am gaining because I short (sell), open the trade to favor me in the sell direction to make profit. Is that possible?

Or is it just that I can only buy with fiat, if the price of crude oil increases, I can sell and have fiat back in return and make profit but not able to open position in a way I can sell and also make profit?

[logfiles]

If there is non as I believe there will be none according to my research, I may like to make use of a broker instead of using an exchange for this but I have little information about forex brokers.

By the way, trading Forex is a completely different category from what Crude oil falls under. Forex (foreign exchange) involves trading between Foreign currencies like USD and EUR or USD and CNY while trading commodities involves Crude oil, Gold etc

You can also list some brokers you use to trade crude oil to know if I can find it easy and reputable to use after I make my further research about the broker.

Most of the brokers block a number of countries from using their instruments.

Thank you very much, I saw eToro when I was searching online too but I thought the exchange is not supporting my country, I checked it now and it supports my country. I will like this thread to remain active, I will make use of eToro and see if the exchange offer excellent trading experience.

Not sure how recent that list is but check this official list too

Kindly note that due to regulatory requirements and business decisions based on risk management considerations, we can no longer offer the eToro investment platform to new users in the following countries and territories:

Afghanistan
Aland Islands
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India
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Vanuatu
Vatican City
Venezuela
Virgin Islands (British)
Wallis and Futuna
Yemen
Zambia
Zimbabwe

[jossiel]

IIRC, there's one crypto backed by oil from Venezuela.

But it didn't took time in the market and became a place for its authorities to dump it eventually. I don't know what happened to it right now but most likely, it's dead.

I also got that idea thinking of trading oil because of the continuous rise of its price. Well, seems that there's no other place as suggested but only etoro.

[GreatArkansas]

I think what OP needs is tokenized assets. There are some exchanges that are also trading cryptocurrencies that have pairs like this.
I suggest you take a look at FTX and currency.com exchange, it seems they have what you are looking for. FTX is a popular cryptocurrencies exchange, but they also have some stocks that are tokenized and I saw some pairs about oil, please take look.

[logfiles]

I suggest you take a look at FTX and currency.com exchange, it seems they have what you are looking for. FTX is a popular cryptocurrencies exchange, but they also have some stocks that are tokenized and I saw some pairs about oil, please take look.

Currency.com seems an awesome choice. I just checked it out, and it has the tokenized Crude Oil asset OP is looking for. It also allows citizens from a number of Countries. Not sure which Country OP is from, though.

The tokenized assets FTX don't seem to correlate with the price of Crude Oil.

[Oshosondy]

I think what OP needs is tokenized assets. There are some exchanges that are also trading cryptocurrencies that have pairs like this.
I suggest you take a look at FTX and currency.com exchange, it seems they have what you are looking for. FTX is a popular cryptocurrencies exchange, but they also have some stocks that are tokenized and I saw some pairs about oil, please take look.

Unfortunately when I wanted to have another exchange that is not binance, FTX was first on my mind, I downloaded the mobile app and registered but was not working fine on my mobile device at all and very slow and almost not responding. I decided to ask about OKX on this forum and it was recommended, but also not supporting any crude tokenized asset. I will try and download FTX app once again to try if it will be mobile friendly. But I just want to ask one more question which is the most important, can the crude oil tokenized asset be used to open a position in buy(long) or sell (short) direction so the trader can also gain when he open (short) position as the price decreases?

[Husires]

What you are looking for is called tokenization where the price of token is linked to an asset and therefore the price moves according to that assest.

• USDT is example for a crypto that have the same value of assest (USD)
• Binance tried it before, but soon abandoned the idea due to legal issues.

You will not find a legal platform that provides this and most of those who talk about it are doing it illegally.
You will need to withdraw your money and invest normally in the oil and forex market.

[AicecreaME]

I tried to research about it as well out of curiosity since this is the first time I've heard about it. Virtuse is the only exchange I've seen that let your trade the thing you wanted but I do not know their legitimacy rate, though E-toro is good like what already mentioned by @OmegaStarScream. I've seen PetroDollar but it is just a backed cryptocurrency oil.

I think this would a trial and error for you OP to figure out where you could trade such thing. Tokenized commodity is the one I think you were trying to say.

[stepwilli]

eToro doesn't work like nearly half of the world right now, and that is why I believe we need a better alternative. If a company can say that "we will back your dollars up" and do usdt, then there should be one with oil as well. They could basically be an oil company at that level as well.

This way we could technically own a decentralized oil company, not ideal and I rather invest that into renewable energy, but it is certainly something that could be done. Same logic as USDT, but done with oil instead of dollars. You could still give them dollars, and they will give you the exact equivalent in oil as well as a token, with some charges of course since it takes money to get that oil.

[Oilacris]

https://www.tradersway.com/
Binary.com

Or you could check out this list https://fx-list.com/forex-brokers-bitcoin

There are several forex brokers which do accepts btc deposits which you might able to
trade out crude oil specially tradersway.

[logfiles]

Unfortunately when I wanted to have another exchange that is not binance, FTX was first on my mind, I downloaded the mobile app and registered but was not working fine on my mobile device at all and very slow and almost not responding. I decided to ask about OKX on this forum and it was recommended, but also not supporting any crude tokenized asset. I will try and download FTX app once again to try if it will be mobile friendly. But I just want to ask one more question which is the most important, can the crude oil tokenized asset be used to open a position in buy(long) or sell (short) direction so the trader can also gain when he open (short) position as the price decreases?

The product you are seeing on FTX is a tokenized version of United States Oil Fund Futures which I think rolls out every month and not the actual tokenized crude oil futures you have been looking for.

The price of United States Oil Fund Futures USO-0325 is currently at $74 while the actual price of crude oil futures is at $103. This clearly shows that they are two different products.... This is just for your information 

But you can either short or long it in order to attain profit depending on how the price moves.

[hugeblack]

I do not know, but the basis of trading is to achieve profits. Oil prices are now high, but the possibility of increasing the price by 50% or 100% is difficult compared to cryptocurrency, countries will not allow crazy fluctuations, despite that, these fluctuations are easy in cryptocurrencies.

It is also difficult to find a reliable service that does not manipulate prices and gives direct spot trading in cryptocurrency pairs, not to mention that there will not be enough trading volumes.

[so98nn]

I think you should check this one with IQ options and they have some listing for the crypto currencies trade against different fiat and alts. Obviously oil is under commodity which seems to be harder to link as pair against bitcoin. But I don’t find any difference if we are trading crude oil against bitcoin or USD they are anyways proportionately linked as unit of measure. I mean if at the end I want to have bitcoin out of my trades then simply trade oil vs fiat, then trade back that fiat vs crypto and you can have your conversions done. If that is the end goal of whole thing.

[bittraffic]

So you are looking for Oil/BTC pair? Seem a very rare pair to see if there is. Iran or Saudi oil might just be the best to look for since most of the oil drilling in the US was halted a long time ago.

I use to trade on Forex and used Oanda broker. I stopped after losing some money and found myself in crypto. Oanda is reputable too that also has BTC and Crude oil.  Its only Brent crude oil and West that I see.

[Oshosondy]

You will not find a legal platform that provides this and most of those who talk about it are doing it illegally.
You will need to withdraw your money and invest normally in the oil and forex market.

Which means if FTX can provide such service, it is illegal? I have not tried to open FTX again to check but I know FTX to be a legit exchange.

I think you should check this one with IQ options and they have some listing for the crypto currencies trade against different fiat and alts. Obviously oil is under commodity which seems to be harder to link as pair against bitcoin.

What do you want me to try? I did not see any link and there are many suggestions up there like eToro and FTX, which one are you suggesting. I am not talking about IQ option which is against my trading strategy, I need a perpetual trading, a future trading that I can be able to long or short position rather than only buying and selling.