When you trade commodities, you buy and sell different raw materials, or primary products. Some of these goods are metals, energy sources, agricultural goods, and others. Traders believed in these goods’ future values in order to make money from changes in their prices. It is important to choose the best broker for trading commodities for a number of reasons. When it comes to commission rates and fees, the best brokers offer the best deals. Traders can make the most money and spend the least when transaction costs are low. Today, we’re going to talk about the Best broker for commodity trading in India.
Reliable brokers also offer good customer service, learning materials, and research tools to help traders improve their trading knowledge and skills.
List of the best brokers for commodity trading in India
Note
Sadly, we were not able to find any broker in the top 10 (based on the number of users) that allows traders to practice trading strategies, explore the platform’s features, and understand the broker’s execution quality without risking real money.
1. Upstox
One of India’s most dynamic financial service providers is the Mumbai-based broker that used to be called RKSV Securities. People love Upstox because it has a user interface that looks like the Zerodha kite. It’s pretty simple to use the app. A lot of new traders like Upstox because it lets them make a Demat and trading account for free.
Sometimes there are promotions where you can get one month of intraday brokerage fees for free.
Users of Upstox can feel safe even if they trade for more than a month because the company is also a discount broker.
The intraday brokerage fee at Upstox is INR 20. When investors create an account on Upstox, they can use the platform’s stock and futures markets.
The app has a built-in chat feature that lets you get quick answers to any questions you have.
Upstox opened a million demat accounts in just one month, becoming the first broker ever. Get more information about Upstox’s charges here.
A famous businessman named Ratan Tata backs them.
Because it is also a new idea in the Best Broker for Commodity Trading in India, Upstox Pro, their cutting-edge trading platform, goes up against Zerodha’s KITE.
Check out Upstox Advantages and Disadvantages here. Thus, it makes Upstox the best broker for commodity trading in India
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2. Dhan app
Dhan is a mobile app that lets people trade stocks, currencies, commodities, and more. It works on Android and iOS devices.
Dhan has many useful features:
- Real-time market information: It shows the current prices and data for all the things you can trade, like stocks and currencies. This helps you decide when to buy or sell.
- Advanced charts: Dhan has special tools that let you analyze the market data in a detailed way. You can see patterns and predict what might happen next.
- Margin trading: With Dhan, you can borrow money from the app to buy more stocks. This can help you make more money, but it also comes with more risk.
- SIPs and STPs: Dhan offers automatic investment plans that help you invest regularly and consistently. This can help you grow your money over time.
- Technical analysis tools: Dhan has tools to analyze market data and predict future prices. This can help you make better trading decisions.
- Easy to use: Dhan has a simple interface that makes it easy for anyone to use all of its features.
Dhan is popular and has over 1 million users. People like it because it’s fast, has low fees, and offers many features.
Here are some of the good factors and not-so-good factors about using Dhan:
Pros of Dhan:
- Trades happen quickly.
- The fees for using the app are low.
- It has many features to help with trading.
- The app is easy to use.
Cons of Dhan:
- There is no phone number to call for help from customer support.
- You can’t trade offline, so you need an internet connection.
- There aren’t many educational resources to help you learn more about trading.
Overall, Dhan is a good choice for traders who want a fast, affordable, and feature-packed app. Dhan is one of the best brokers for commodity trading in India
3. Zerodha
The largest stockbroker in India, Zerodha, created Kite, a web-based trading platform. Over 3 million people use it every month, making it one of the most popular places to trade in India. Kite has a lot of great features, such as:
- Real-time market data: Kite provides real-time market data for all Indian stocks, indices, and commodities. This allows you to trade at the best possible price.
- Advanced charting tools: Kite offers a variety of advanced charting tools, including candlestick charts, bar charts, and line charts. These tools can help you identify trends and patterns in the market.
- Order management system: Kite has a powerful order management system that allows you to place, modify, and cancel orders quickly and easily.
- Margin calculator: Kite has a margin calculator that helps you calculate the amount of margin required for your trades. This helps you avoid margin calls.
- Technical analysis tools: Kite offers a variety of technical analysis tools, including moving averages, Bollinger bands, and Fibonacci retracements. These tools can help you identify trading opportunities.
- News and research: Kite provides access to news and research from a variety of sources. This helps you stay up-to-date on the latest market developments.
Zerodha Kite is a comprehensive trading platform that offers a wide range of features at a very competitive price. It is a popular choice for both beginner and experienced traders.
Here are some of the additional benefits of using Zerodha Kite:
- Low brokerage: Zerodha offers some of the lowest brokerage rates in India. This can save you a significant amount of money on your trading costs.
- Easy to use: Kite is a very user-friendly platform. Even if you are new to trading, you will be able to use Kite with ease.
- Wide range of features: Kite offers a wide range of features, including real-time market data, advanced charting tools, and an order management system. This gives you everything you need to trade successfully.
- 24/7 support: Zerodha offers 24/7 support, so you can get help whenever you need it.
If you are looking for a comprehensive and affordable trading platform, Zerodha Kite is a great option.
Also read: Best app for buying stock
Factors Considered While Selecting Brokers
Choosing the right broker for commodity trading involves considering several factors. We considered
- A Reliable Broker
A reputable broker will be your trusted partner in your commodity trading journey. They will provide you with the tools, resources, and expertise you need to make informed trading decisions. A reliable broker ensures transparency, security, and efficient execution of trades, so you can focus on maximizing your profits. Reliability was our first factor in shortlisting the best broker for commodity trading in India.
- Researching and Comparing Brokers
To find the best commodity trading broker in India, we researched and compared different brokers. We looked for brokers that have a strong presence in the Indian market, as they will understand the local dynamics and offer tailored services. We considered the following aspects during our research:
- Regulation and Compliance: We made sure the broker we chose was regulated by a recognized authority like the Securities and Exchange Board of India (SEBI). This ensures they follow strict standards and guidelines, providing you with a higher level of security and protection.
- Trading Platform: Evaluated the broker’s trading platform to ensure it is user-friendly, technologically advanced, and has the necessary tools for efficient trading. We looked for features like real-time market data, advanced charts, and order execution options.
- Product Range: We considered the range of commodities available for trading through the broker. Having a diverse selection of commodities will allow you to take advantage of different market opportunities and manage risk effectively.
- Charges: We analyzed the fee structure of different brokers, including brokerage fees, account maintenance charges, and transaction costs. We compare these costs to make sure they align with regular trader’s trading goals and overall profitability.
- Customer Support: We assessed the quality of customer support provided by each broker. We looked for prompt and knowledgeable assistance through multiple channels like phone, email, and live chat.
- Evaluating Broker’s Track Record and Reputation
While researching brokers, we evaluated their track record and reputation in the industry.
- Assessing Trading Tools and Educational Resources
In addition to brokerage services, consider the trading tools and educational resources offered by the broker. Advanced trading tools like technical analysis indicators, market research reports, and risk management features can help you make informed trading decisions.
- Account Opening and Fund Safety
We chose brokers that prioritize the safety and security of your funds. We looked for brokers that keep client funds separate from their operational funds. Also, we considered the broker’s reputation for timely deposits and withdrawals. Smooth transactions are essential for seamless trading, and a reputable broker will prioritize the movement of funds.
- Mobile Trading Capabilities
We checked if the broker offers mobile trading capabilities through user-friendly and feature-rich mobile applications. A reliable mobile trading platform allows you to monitor the markets, execute trades, and access essential account information anytime, anywhere, giving you the freedom and convenience to capitalize on trading opportunities.
- Additional Services and Benefits
Some brokers offer additional services and benefits that can enhance your trading experience. These services may include personalized account managers, research reports, market analysis tools, and educational resources tailored to your needs.
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