How to open a Commodity Account for Trading?
1. How I can open an account?
Read information about commodity brokers by clicking the following link. Search in search engines like Google, yahoo, msn etc. Find out the best. If you need help, please email us at .
2. What documents are needed to open an account with commodity broker?
- Proof of Identity: You can provide a copy of any one of these. Passport, Voter's ID. Driving License, PAN Card (Mandatory)
- Proof of Residence: You can provide a copy of any one of these: Ration Card, Bank Statement/Passbook, Passport, Voter's ID Card, Driving License etc.
- Proof of Bank Account: Cancelled Check
- Bank Details
3. What are the documents to sign if interested on trading in MCX/NCDEX?
In registration form, you have to fill details and sign in the following section. Some sections are:
- Individual Client Registration Form
- Client Agreement - MCX and NCDEX
- Risk Disclosure Agreement - MCX and NCDEX
- Do's and Don'ts in Commodity Futures Market
4. What are the products traded in MCX/NCDEX?
To find out the latest updates, go to www.mcxindia.com and www.ncdex.com. Please read our website for hot products. We will provide information about all products ASAP.
5. How long it will take to open an account?
It may be within 2 or 3 days.
6. What is the minimum amount required to open an account?
Usually they charge one time registration fee of Rs.500/- and it may be different within commodity brokers. Sometimes, you can get it at free also or based on some terms/conditions. Also check with them if there is any maintenance fee on a yearly basis.
7. Is this commodity trading a profitable one?
Yes. When you trade in the right commodity, right market, right trend, you will get huge profits. It depends on how you get in and how you get out. Otherwise, you will get huge losses also.
8. What is the brokerage charged by brokers?
Usually brokers charge .05% on your buy leg and sell leg and Government taxes. Negotiate with brokers to decrease the brokerage rate. Please read our website for more information.
9. Can some one in abroad or NRI can open an accounts?
Yes. Since policies get changed, please speak with commodity broker.
10. Can two different accounts login on the same computer?
11. How I will be connected to trading terminal?
From your system, through internet connection, you will be connected to trading terminal. You should have necessary privileges (username and password). Please read this page in our website.
12. What is the minimum amount required for trading?
It's your choice. If you are trading in GOLDGUINEA, then less amount is required. If you are trading in GOLDM, SILVER, ZINCMINI, LEADMIN then you need some more amount. All depends on the product that you choose and margin required by broker. Please read this page in our website.
13. How I can transfer money to my online trading account?
- By Cheque or Demand Draft
- By doing online transfer from your bank account to online trading account. After that, speak to the service representative and make sure that is credited in your online trading account.
14. Can I close the account immediately?
Yes. If you have outstanding positions, you can square it and close the account.
15. After closing the account, will I get my balance amount immediately?
Yes. If its cheque, within two or three days; if it's online transfer, then it's immediate.
16. If I book good profits, how I can transfer money from online trading account to bank account?
Speak with representatives of your Commodity broker will send cheque to your address. If they have tie ups with your bank, then it will be credited immediately based on your request.
17. Will I get tips from commodity broker?
Most of them have research team and they will be guiding you. If you need help, please reach us at squareeTrading.com.
18. What kind of assistance I can get from service representative of commodity broker?
- Opening an account
- Teaching you how to do trading
- Informing about tips/research
- If you are not able to place orders, they can do it for you
- Squaring off your positions
- For collecting checks and sending checks to you
Natural Gas & Crude Oil Price Calculation
FAQ - Trading