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Chicago Mercantile Exchange (CME) brokers offer access to the global derivatives marketplace based in Chicago, USA. The exchange focuses on commodities trading, particularly within the agriculture sector. Read this article for a review of the best brokers with access to the Chicago Mercantile Exchange in 2024, alongside comparison tips. Our trading guide also looks at the CME’s history, the products available and its opening hours.
Chicago Mercantile Exchange Brokers
These are the 3 best brokers for trading on the Chicago Mercantile Exchange:
- Interactive Brokers
- NinjaTrader
- Moomoo
#1 - Interactive Brokers
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Why We Chose Interactive Brokers
Interactive Brokers (IBKR) is a premier brokerage for experienced traders, providing access to 150 markets in 33 countries, along with a suite of comprehensive investment services. With over 40 years of experience, this Nasdaq-listed firm adheres to stringent regulations by the SEC, FCA, CIRO, and SFC, amongst others, and is one of the most trusted brokers for trading around the globe.
"Interactive Brokers is one of the best brokers for advanced day traders, providing powerful charting platforms, real-time data, and customizable layouts, notably through the new IBKR Desktop application. Its superb pricing and advanced order options also make it highly attractive for day traders, while its diverse range of equities is still among the best in the industry."
- DayTrading Review Team
- Instruments: Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies
- Regulator: FCA, SEC, FINRA, CBI, CIRO, SFC, MAS, MNB
- Platforms: Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral
- Minimum Deposit: $0
- Minimum Trade: $100
- Leverage: 1:50
Pros
- The TWS platform has clearly been built for intermediate and advanced traders and comes with over 100 order types and a reliable real-time market data feed that rarely goes offline.
- The new IBKR Desktop platform takes the best of TWS while adding bespoke tools like Option Lattice and Screeners with MultiSort to create a genuinely impressive trading experience for day traders at every level.
- There's a vast library of free or paid third-party research subscriptions catering to all types of traders, plus you can enjoy commission reimbursem*nts from IBKR if you subscribe to Toggle AI.
Cons
- IBKR provides a wide range of research tools, but their distribution across trading platforms and the web-based 'Account Management' page lacks consistency, leading to a confusing user experience.
- TWS’s learning curve is steep, and beginners may find it challenging to navigate the platform and understand all the features. Plus500's web platform is much better suited to new traders.
- Support can be slow and frustrating based on tests, so you might find it challenging to reach customer service representatives promptly or encounter delays in resolving issues.
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#2 - NinjaTrader
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Why We Chose NinjaTrader
NinjaTrader is a US-headquartered and regulated brokerage that specializes in futures trading. There are three pricing plans to suit different needs and budgets, as well as ultra-low margins on popular contracts. The brand's award-winning charting software and trading platform also offers a high-degree of customization and superb technical analysis features.
"NinjaTrader continues to meet the demands of active futures traders looking for low fees and premium analysis tools. The platform hosts top-rate charting features including hundreds of indicators and 10+ chart types."
- DayTrading Review Team
- Instruments: Forex, Stocks, Options, Commodities, Futures, Crypto
- Regulator: NFA, CFTC
- Platforms: NinjaTrader Desktop, Web & Mobile, eSignal
- Minimum Deposit: $0
- Minimum Trade: 0.01 Lots
- Leverage: 1:50
Pros
- You can get thousands of add-ons and applications from developers in 150+ countries
- NinjaTrader is a widely respected and award-winning futures broker and is heavily authorized by the NFA and CFTC
- NinjaTrader continues to deliver comprehensive charting software for active day traders with bespoke technical indicators and widgets
Cons
- The premium platform tools come with an extra charge
- Non forex and futures trading requires signing up with partner brokers
- There is a withdrawal fee on some funding methods
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#3 - Moomoo
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Why We Chose Moomoo
Moomoo is an SEC-regulated app-based investment platform that offers a straightforward and affordable way to invest in Chinese, Hong Kong, Singaporean, Australian and US stocks, ETFs and other assets. Margin trading is available and the brand offers a zero-deposit account as well as several bonuses.
"Moomoo remains an excellent choice for new and intermediate stock traders who want to build a diverse investment portfolio. What really stands out is the broker's user-friendly app and the low trading fees."
- DayTrading Review Team
- Instruments: Stocks, Options, ETFs, ADRs, OTCs
- Regulator: SEC, FINRA, MAS, ASIC, SFC
- Platforms: Desktop Platform, Mobile App
- Minimum Deposit: $0
- Minimum Trade: $0
- Leverage: 1:2
Pros
- The ‘Moomoo Token’ generates dynamic passwords for transaction security - a unique and helpful safety feature
- Moomoo is a Member of FINRA and the Securities Investor Protection Corporation (SIPC), adding another level of security for prospective clients
- There are reduced options contract fees from $0.65 to $0
Cons
- There is no phone or live chat support - common options at most other brokers
- It's a shame that there is no 2 factor authentication (2FA), despite the other security features on offer
- There is no negative balance protection, which is a common safety feature at top-tier-regulated brokers
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Comparing Chicago Mercantile Exchange Brokers
One of the most important parts of a successful day trading journey is choosing the right broker. We have compiled a list of the key considerations when selecting Chicago Mercantile Exchange brokers.
Assets
The Chicago Mercantile Exchange is a derivative exchange, primarily offering futures and options. It is worth checking that brokers offer a full range of investment products so you can diversify your portfolio without needing to open multiple trading accounts. Look out for commodities, cryptocurrencies, energies and more so you can spread your capital across the full offering of the exchange.
Platforms
Do brokers that support trading on the Chicago Mercantile Exchange provide access to a stable and reliable platform? Depending on your level of experience and trading goals, you may need advanced technical indicators, analysis tools and custom charts/graphs. CME brokers that offer copy trading services and algorithm-based investing may also rank highly.
Interactive Brokers offers several trading platforms, meaning there is a terminal for all types of day traders. This includes the Impact mobile app to find and invest in companies that share your values, or the bespoke and industry-recognized flagship desktop platform designed for active traders.
Mobile Trading
If you want to trade on the Chicago Mercantile Exchange on the move, compare CME brokers that support mobile trading. Ensure the mobile applications offer a range of compatibility options so you can switch between devices and pick up exactly where you left off. This may include Android, Windows, iOS or Huawei, for example.
Those with customizable interfaces, smaller screen adjustment settings such as zoom and scroll, and simple navigation are also worth considering.
Live News Streams
Does the firm provide access to live news streams and the latest industry publications? The best Chicago Mercantile Exchange brokers will publish free-flowing news, articles and blog posts in a comprehensive and digestible manner.
As a busy day trader, you won’t want to waste time sifting through the news to find something relevant to your trading assets. Let Chicago Mercantile Exchange brokers do this work for you, and integrate this data and information into your strategy.
Fees
Trading and non-trading fees can quickly consume profits. Look out for Chicago Mercantile Exchange brokers that provide commission-free trading or low fees so you can keep costs down. Degiro, for example, charges a $0.75 commission per futures contract with a connectivity fee of €5.00 per calendar month.
Also consider currency conversion fees if you are investing in the exchange in a currency other than USD. This charge may vary between CME brokers. Additionally, some Chicago Mercantile Exchange brokers may apply deposit and withdrawal charges for some international payment methods, though the best platforms will waive these costs.
What Is The Chicago Mercantile Exchange?
The Chicago Mercantile Exchange (CME), also known as the Chicago Merc, is by definition a global commodities exchange that trades derivatives such as futures and options. The exchange is owned by the Chicago Mercantile Exchange Group Inc., a holding company that owns several exchanges, and it has a daily trading volume of around $19 million, a market cap of $71.4 billion and revenue of over $4 billion according in recent years.
There are many markets available on the exchange, including a variety of agricultural products like corn futures, water futures, hog futures and milk futures. The CME Group Inc. is listed on Nasdaq and today’s share price can be found on websites like Bloomberg and TradingView.
A Brief History Of Chicago Mercantile Exchange
Established in 1898, the exchange was first named the Chicago Butter and Egg Board. It was known as this until it changed its name to the Chicago Mercantile Exchange (CME) in 1919.
The CME launched its first futures contract in 1961 on frozen pork bellies. Following this, in 1969, it added financial futures and currency contracts followed by the first interest rate, bond and futures contracts in 1972.
In 2000, the exchange became the first financial exchange to “demutualize” and become a publicly traded, shareholder-owned corporation.
Mergers & Acquisitions
Chicago Board Of Trade
In 2006, it was announced that the Chicago Mercantile Exchange and Chicago Board of Trade would merge and create the CME Group, becoming one of the largest financial exchanges in the world. The agreement was modified several times until the shareholders of both sides passed it off. The merger officially closed on July 12, 2007.
NYMEX
On March 17th 2008, it was announced that the New York Mercantile Exchange (NYMEX) had accepted an offer from the CME Group to purchase NYMEX for $8.9 billion. The acquisition was completed on August 22nd 2008, further increasing the value of the Chicago Mercantile Exchange Group.
Kansas City Board Of Trade
In 2012, the Chicago Mercantile Exchange Group expanded again, purchasing the Kansas City Board of Trade. The KCBOT was the dominant player in hard red winter wheat. The CME Group paid $126 million in cash to acquire the Kansas City Board of Trade.
Chicago Mercantile Exchange Offices & Locations
The address of the Chicago Mercantile Exchange Center, the main building for the CME Group, is in Chicago, Illinois. Alongside this, the CME Group have offices and locations in a variety of countries and continents.
The Chicago Mercantile Exchange Group have a New York (NYC) office, as well as offices in London, Singapore and Hong Kong. The CME group then have global locations in 22 cities around the world, including Bangalore (India), Tokyo (Japan), Belfast (UK), Paris (France), Calgary (Canada) and Sao Paulo (Brazil).
CME Products
The Chicago Mercantile Exchange is a derivatives exchange offering futures and options to traders. While you will not find stock or share prices on your Chicago Mercantile Exchange brokers’ platform, there are a host of other financial products available:
Agricultural Commodity
In the early days of the Chicago Mercantile Exchange, these were the sole focus of the marketplace. Today, traders can purchase agricultural commodity contracts that speculate on many products, including dairy (milk, cheese and butter), lumber (wood), soybean, live and feeder cattle, beef and grain prices. Orange juice futures cannot be traded on the exchange.
The daily livestock report provides a one-page summary of news, prices and activity on CME’s livestock markets.
Cryptocurrency
Since December 2017, Bitcoin futures have traded on the Chicago Mercantile Exchange. On Feb. 8th, 2021, Ether (ETH) futures, the cryptocurrency of the Ethereum blockchain network, launched on the exchange, a popular instrument across many global CME brokers. Both are available as futures only positions.
There has been recent speculation that the Chicago Mercantile Exchange would launch Dogecoin futures, though the CME Group came out to say they have no plans to do so.
Energy
Chicago Mercantile Exchange brokers offer WTI Crude Oil futures, as well as Henry Hub Natural Gas, Brent Crude and RBOB Gasoline futures.
Equity Index Products
There are many equity index products trading on the Chicago Mercantile Exchange. These indices include E-mini S&P 500 futures, S&P 500 futures, S&P 500 Consolidated futures, E-mini Nasdaq-100 futures, Nikkei/Yen futures, Micro E-mini Dow Jones Industrial Average futures and more.
Interest Rate Products
Interest rate products on the Chicago Mercantile Exchange include Eurodollar futures (including 3-month Eurodollar futures), 10-Year T-Note futures, 30 Day Federal Funds futures, 2-Year Eris Swap futures and more.
Foreign Exchange Products
The Chicago Mercantile Exchange features multiple foreign exchange (forex) products including Euro FX futures, Japanese yen futures, British pound futures, US dollar futures, Russian ruble futures, Brazilian real futures and more.
Metals Products
Brokers with access to the Chicago Mercantile Exchange offer futures on many metal products, including gold and steel, as well as silver, platinum and palladium.
Weather Derivatives
The Chicago Mercantile Exchange is the only market in the world that trades weather derivatives. Products include, but are not limited to, futures on rainfall, snowfall, hurricanes and temperature.
Binary Options
The Chicago Mercantile Exchange is one of only three designated contract markets where binary options can be legally traded in the United States.
CME & S&P
The Chicago Mercantile Exchange introduced the first S&P 500 futures contract in 1982. They then added the E-mini option in 1997. The S&P 500 value can be found on sites like TradingView.
The S&P 500 index future contract, also known as the “big contract”, has a ticker symbol of SP. The E-mini has a ticker symbol of ES.
Standard & Poor’s (S&P) assigned the CME Group an AA credit rating showing their trust in them.
CME Trading Platforms
Open Outcry
Open outcry trading operated during regular trading hours (RTH) at the Chicago Mercantile Exchange. The open outcry method consists of traders standing on the trading floor in an area known as the pit. Here, traders wore different colored jackets to indicate which company they work for and used hand signals to communicate with brokers (although headsets were also used).
In 2021, it was announced that the Chicago Mercantile Exchange was to open outcry trading after 167 years. Today, interested people can visit and tour the pits to see where the magic happened or just admire the architecture when a picture of the Chicago Mercantile Exchange and its logo is not good enough.
Electronic Trading
The CME Globex electronic trading platform is the foundation of the Chicago Mercantile Exchange and is now the only way to trade on the exchange. The Globex Trading System was first introduced in 1992 and allows market participants to trade from booths within the exchange or anywhere around the world in homes and offices.
Some major brokers, such as Interactive Brokers and Degiro, permit access to the exchange. Non-professionals can receive free Globex level 1 futures quotes and historical data packages to help them trade.
Membership
Chicago Mercantile Exchange Group clearing house corporate or individual memberships can be bought, sold or leased. The current membership price can be found on the CME Group website.
Members can trade specific products at reduced rates and lower fees if they adhere to the rulebook. Recently, seat prices on the Chicago Board of Trade rose to $500,000.
CME Regulation
The Chicago Mercantile Exchange’s regulator is the Commodity Futures Trading Commission (CFTC). The CFTC oversees all commodities and derivatives contracts in the US and is responsible for the oversight of CME brokers and merchants. They also regulate the investments of virtual assets like Bitcoin within the exchange.
In 2013, the CFTC filed a lawsuit against the Chicago Mercantile Exchange Group due to leaks of confidential information from former employees. The CME agreed to settle the lawsuit by paying $4 million.
CME Structure
The Chicago Mercantile Exchange’s organizational structure is simple. The group is run by the board of directors, who oversee the management of the company’s business. The management team, including the General Counsel, are heavily involved in overseeing the company too.
Trading Holidays
The Chicago Mercantile Exchange observes all US recognized holidays in 2024 and beyond. Just so that you do not have to wonder “is the Chicago Mercantile Exchange open today”, we have compiled a list of the various holidays (note these may change each year):
- Dr Martin Luther King, Jr. – 15-19th January
- President’s Day – 12-16th February
- Good Friday – 1-5th April
- Memorial Day – 28th May-1st June
- Independence Day – 2-5th July
- Labor Day – 3-7th September
- Thanksgiving – 24-26th November
- Christmas – 23-27th December
- New Year’s – 30th December-3rd January
Chicago Mercantile Exchange timings vary on each holiday and can be checked on the CME website or via registered brokers.
Customer Support
The Chicago Mercantile Exchange is an example of great investor relations. Should you encounter disagreements, the market regulation department offers a forum for arbitration. The CME customer service team can be contacted via the phone:
- Telephone Number: +1 312 930 1000
Competitors
So, how does the Chicago Mercantile Exchange compare to others like Nasdaq and NYSE?
The Chicago Mercantile Exchange targets a different market to both exchanges. The NYSE and Nasdaq deal primarily with stocks, whereas the CME deals primarily with commodities such as agriculture and energy. This makes it an interesting exchange to explore. As a result, the CME is not in direct competition with either the NYSE or Nasdaq.
Look out for Chicago Mercantile Exchange brokers that provide access to all three for full portfolio diversification.
How To Trade On The CME
Even if you cannot pronounce the Chicago Mercantile Exchange (it’s merKantile), we can help you start trading with this step-by-step guide. After comparing Chicago Mercantile Exchange brokers and choosing one that best suits your needs and goals, follow the steps below:
- Register: Open an account and deposit funds with CME brokers
- Analyze The Market: Study the market to see any potential areas you want to invest in. Look for high volatility and any trends before deciding on the product you want to purchase. Alternatively, pick an establishedstrategy to follow
- Open A Position: Once you have found a suitable product, you can purchase a futures contract. Be sure to checkmargin requirements and expiration dates
- Monitor And Close Position: Keep an eye on the price movement of your product and cash the contract in when the time is right. If you do not cash it in, the contract will automatically be sold at the expiration date
Top CME Trading Tips
These tips could give you the edge over other traders:
- Keep Learning: The best traders never stop learning. Education can be found anywhere, from videos on YouTube to PDFs online. There is even a documentary on the Chicago Mercantile Exchange that looks at the open outcry trading floor. This provides a unique way to learn about trading. Also look out for Chicago Mercantile Exchange brokers that integrate educational materials and content within their service offerings.
- History Can Repeat Itself: Look at historical data before investing on the Chicago Mercantile Exchange. Financial statements from companies can give clues as to what the stock could do in the future. Alternatively, look at technical analysis on graphs/charts using historical data to make statistical predictions.
- Follow The News: News announcements can have a large impact on the prices of different commodities. Stay up to date with any stories on agriculture, energy or other commodities to give yourself the best chance of being successful. The best Chicago Mercantile Exchange brokers will provide live news streams within their platforms so you can keep abreast of the latest information.
Final Word On Chicago Mercantile Exchange Brokers
The Chicago Mercantile Exchange, and the CME Group Inc., are an integral part of the United States financial infrastructure. The exchange is a major trading hub for futures on a variety of commodities, including agriculture, WTI Crude Oil, plus cryptocurrencies and much more.
If you want to start trading, see our list of Chicago Mercantile Exchange brokers and use our comparison guide and tips to start profiting from your favorite commodities.
FAQs
Can I Trade CME Dogecoin Futures With Online Brokers?
No – the CME does not offer Dogecoin futures, though it does sell futures on both Bitcoin and Ethereum.
How Much Capital Do I Need To Start Trading At CME Brokers?
There is no set minimum amount. The lowest value will depend on the Chicago Mercantile Exchange brokers you choose to trade through. You can compare minimum deposits on our list of the best brokers with access to the Chicago Mercantile Exchange.
How Active Is The Chicago Mercantile Exchange?
The CME is the largest derivatives exchange in the world by daily volume. The CME group handles over 3 billion contracts per year, worth approximately $1 quadrillion.
Does The CME Still Use Open Outcry Trading?
Until 2021, the CME did use open outcry on the trading floor. However, it was recently ended, bringing to a close 167 years of open outcry trading.
Can I Purchase Stocks Through CME Brokers?
No, you cannot purchase stocks through the CME directly or through Chicago Mercantile Exchange brokers. The group focuses on commodity derivatives such as agriculture and energy futures.
