Best Commodity Trading Brokers in India 2023

There are many factors to be checked before selecting the best broker to start commodity trading. If you are a commodity trader, then here is a list of pointers prepared for you to choose the best commodity trading broker;

1. Registered member or affiliation: Before choosing anyone, make sure to check whether the broker is a registered member of the commodity trading exchange (MCX and NCDEX) or not.
2. Brokerage fee: Undoubtedly, the brokerage charged on MCX trading is one of the critical factors to check. You may prefer discount brokers or those full-service brokers who charge a flat brokerage price on trading in commodities.
3. Trading Platforms: Commodity traders must check for a dedicated commodity trading app, while advanced traders can check for the commodity trading software.
4. Active customers: The customer base is an important factor to measure how reliable or trustworthy a broker can be. A higher active clientele base indicates that a broker is very popular or vice-versa.
5. Customer support: Check all the possible modes available with your broker to provide customer support such as email, telephonic assistance, chatbot, and offline support.

If you're looking to start online trading in the commodity at the minimum brokerage, then Zerodha is undoubtedly the best commodity broker. It is India’s largest discount brokerage firm that charges Rs. 20 flat fee on MCX futures & options trading regardless of the trade value. Its Kite platform is a superfast, multi-linguistic, intuitive UI, and feature-rich commodity trading platform available in web and mobile app versions.

To trade in commodities, you must open a Zerodha commodity trading account. The broker charges Rs. 200 commodity trading account opening fees from clients.

Zerodha Commodity Trading Review

Likewise, stock market trading is where you purchase and sell a company’s shares, in commodity trading, you buy and sell commodity products such as metal commodities, energy commodities, and agro commodities. Although trading in commodities helps in portfolio diversification and hedge against risks, however, at the same time, it is subject to a high degree of risk. Therefore, beginners must have a basic understanding of the commodity market segment including what are the types of commodities available, and how to trade in commodities. Newbies can consider full-service brokerage firms that offer commodity trading research & advisory services to make a better d

If you are new to the commodity trading market, you must go with full-service brokerage firms. Before starting, it is advisable to learn about commodity market basics such as commodity futures and commodity options, commodity trading process, etc. You can open a commodity trading account with top full-service commodity brokers who offer commodity research services to customers.

ICICI Direct, Sharekhan, Kotak Securities, and Motilal Oswal are the recommended full-service commodity traders to open an account with. ICICI Direct , the top full-service brokerage firm with the highest customer base, has a fixed brokerage plan at a flat brokerage fee of Rs. 20 per order commodity trading.