The commodity derivatives market in the country is majorly controlled by SEBI. And this kind of trading is largely done by three leading exchanges – the National Commodity and Derivative Exchange (NCDEX), the National Multi Commodity Exchange of India Ltd. (NMCE), and the Multi Commodity Exchange of India Ltd. (MCX).
Among various types of stock investment, commodity trading is considered to be a highly risky one and one needs to be extremely careful while making any such investment, especially if he is a beginner. This is due to the fact that the commodity market is perceived as extremely volatile and full of risks.
What is a commodity?
A commodity refers to a category of assets or goods that are essential in daily life, such as food, energy or metals. A commodity is alternate and naturally exchangeable. It can be classified as each and every type of movable goods that can be bought and sold, excluding unlawful claims and money.
There is a total of 6 commodity trading exchanges in India.
There are six major commodity trading exchanges in India as listed below.
- Multi Commodity Exchange – MCX
- National Commodity and Derivatives Exchange – NCDEX
- National Multi Commodity Exchange – NMCE
- Indian Commodity Exchange – ICEX
- Ace Derivatives Exchange – ACE
- The Universal Commodity Exchange – UCX
Alike other trading options, commodity trading expertise can be gained by a high level of practice to make worthy trades. If you’re a beginner and want to trade in commodities, the first thing you should understand is the fundamental analysis that includes a number of factors affecting the price of commodities, demand, and supply. Along with this, there are several political, geographical, and economical factors that directly or indirectly influence the commodity industry.
Apart from fundamental analysis, another important thing is the technical analysis of the commodities. These technical indicators are meant to assist investors in anticipating trends in commodity prices and other aspects.
The easiest and quickest way to begin with commodity trading is to resort to a commodity trading app that lets investors trade in commodities. There are various commodity trading apps available in the market offered by different stock brokers. In order to get the best outcomes, it is necessary to choose a reliable app for commodity trading.
To help you out, here is a detailed review of the top commodity trading apps in India.
Top Commodity Trading Apps in India
In general, a good commodity trading app should have the following features:
- User-friendly navigation
- Easy to install and use
- Provide analyst research
- Monitors portfolio
- Activates LIVE streaming
- Provides access to the trading platform at competitive rates
Here we have listed 5 top-rated commodity trading apps for you to choose from.
- Zerodha Kite
Zerodha is counted among the best stock brokers in India and offers one of the most effectual and advanced commodity trading platforms called Zerodha Kite. It is an easy yet ground-breaking commodity trading platform that is appropriate for next-gen trading. The platform is extremely easy to use and accessible and offers many advanced features.
This platform is designed very smartly along with a user interface that assists in buying, selling, analyzing, and handling the portfolio.
The best thing about Zerodha Kite is that commodity options are activated by default if you have an active commodity account. The app allows you to trade the option contacts of the following commodities:
- Crude Oil
Only LIMIT and SL orders are permitted for MCX options. You can use a limit order like a market order by putting up a buy order with a bit higher price and a sell order with a bit lower price in comparison to the last traded price.
- Sharekhan App
Sharekhan is a full-service stockbroker that offers both equity and commodity trading services. It features a single trading platform for commodities along with all the other categories. Sharekhan offers a very advanced trading platform, ComTrade.
It is quite effective in helping the traders to trade in commodities on MCX and NCDEX and provides a wide range of services including the option to search the entire list of commodities along with LIVE charts, quotes, and prices.
Sharekhan app offers a wide range of features for investors looking to deal in commodity trading including:
- Smart tools
- Technical indicators
With Sharekhan app, you can trade in various commodities including:
- Metals (like gold, silver, platinum, copper, among others)
- Energy (including crude and heating oil, natural gas and gasoline)
- Livestock and meat
- Agricultural produces like corn, soybeans, wheat, rice, cocoa, coffee, cotton, sugar, among others)
- Angel Broking App
Being a member of MCX and NCDEX, Angel Commodities is one of the most popular and widely used commodity trading platforms for users interested in commodity trading.
Opening a commodity trading account with Angel Broking App is free and the brokerage is as low as ₹15 per executed trade for orders less than ₹50k value and ₹30 otherwise.
Angel Broking App is a great tool for traders looking to invest in commodities. The process is pretty simple.
- On the home menu, tap on the Market.
- From your watchlist, tap on the Gold petal
- Click on buy
- Select no. of units, Product type & Order type
- Click on quick buy
- Check & confirm your order
The secure, sturdy, and easy-to-use app works well for both periodic investors as we as recurrent traders. Along with online trading, users get real-time streaming quotes & charts, live news, multiple watchlists, online fund transfer, research reports, Demat holdings, margin statements, limits, order summary, and more on their mobile or Smartphone.
- Upstox Pro Mobile
Upstox is known for having one of the most detailed commodity trading platforms. The broker provides several ground-breaking and influential tools to assist the commodity traders such as advanced charting, live market data, and brilliant user experience.
With Upstox Pro Mobile, it is possible to do commodity trading via a smartphone app. There are lots of features that this app offers including:
- Watch market trends – Choose from 100+ indicators to finalize your entry and exit points
- Quick decision making – Insightful Charts, gain market knowledge, place quick orders
- Web and mobile platforms which mean trade in the commodity from anywhere
- Quickly monitor your gains – Track variations in the commodities market and check your profits right on your dashboard.
- TradePlus Mobile
TradePlus is considered one of the minimal brokerage commodity trading platforms in India. Its most popular plan comes at just INR 99 per month which offers unlimited trading on MCX.
Tradeplus Mobile App is a smartphone trading and back-office app for users who prefer on-the-go trading. This app is readily available for Android and iOS smartphones. The mobile phone trading application of Tradeplus is completely usable for online trading and loaded with almost all options a trader/investor need.
One thing you need to keep in mind about TradePlus Mobile app is that it doesn’t provide tips and research reports which might be a constraint in choosing this commodity trading app.