A commodity broker is a SEBI-registered stockbroker that lets you trade commodity futures and options on exchanges like MCX and NCDEX. To trade, you need a commodity trading account, which is your regular trading account with the commodity segment switched on.
Quick answer: There is no single best commodity broker. These seven are widely used in India, and each suits a different need:
Zerodha offers MCX and NSE commodities on Kite, and is the broker AlgoTest currently supports for MCX trading.
Angel One offers MCX and NCDEX in one account.
Kotak Neo charges ₹10 per order on commodity trades under its Trade Free plan.
FYERS charges ₹15 per order on its Prime plan, which suits frequent traders.
Upstox offers commodity charting on both mobile and web.
Groww offers MCX and NSE commodities in a beginner-friendly app.
Dhan lets you place commodity orders straight from charts.
Commodity Brokerage Charges Compared
Charges were checked on each broker’s pricing and support pages between 16 and 18 October 2026. Exchanges shown are the ones each broker confirms on its own pages. CTT, exchange charges, SEBI fees, GST and stamp duty are extra with every broker.
Most discount brokers charge about ₹20 per order, so the real difference is in exchange access, delivery rules and tools. Pick the broker that supports your exact contract first, then compare cost.
Before you fund a new commodity account, test your strategy on past data. Sign up to get 100 Backtests free/month
7 Best Commodity Brokers in India
The brokers below are not ranked. Each one suits a different kind of commodity trader.
1. Zerodha: For MCX and NSE Commodities on Kite
Zerodha offers commodity futures and options on MCX and NSE through Kite. It is also the broker you can connect to AlgoTest to trade MCX strategies today.
You can trade MCX options on gold, silver, crude oil and natural gas (regular and mini), plus copper and zinc.
Kite includes advanced charts, baskets and GTT orders.
Check before you open: Zerodha does not offer NCDEX. It squares off physically settled MCX contracts one day before the tender period, the window before expiry when delivery is arranged. Intraday (MIS) on commodity options is allowed only for energy contracts, and plain market orders are blocked on MCX options.
Trading MCX options? Build your crude oil or gold position in the AlgoTest Strategy Builder to see your max loss and breakeven before you place it.
2. Angel One: For MCX and NCDEX in One Account
Angel One offers commodity trading on both MCX and NCDEX, which is rare among discount brokers. It suits traders who want bullion and energy alongside agri commodities.
New users pay ₹0 brokerage up to ₹500 in their first 30 days.
Research, screeners and other investing products sit in the same app.
Check before you open: Confirm that both exchanges are enabled on your account. Futures in seven agri commodities, including wheat, chana and soybean, stay suspended on NCDEX until March 2027.
Also read:Best Brokers for Algo Trading in India
3. Kotak Neo: For Low Commodity Brokerage
Kotak Neo’s Trade Free plan charges a flat ₹10 per executed order on commodity trades, half the usual ₹20 rate.
The ₹10 rate applies when you keep at least the exchange-prescribed margin.
Check before you open: Existing Kotak clients pay ₹499 plus GST to switch to the Trade Free plan.
4. FYERS: For High-Volume Commodity F&O
FYERS lets you trade commodity futures and options on MCX and NSE, including from its Option Scalper, a fast order-entry terminal. Its Prime plan cuts brokerage for traders who place many orders.
FYERS Prime costs ₹499 a month plus GST and lowers brokerage to ₹15 per order, including commodities.
API access suits traders who build their own tools.
Check before you open: Prime only pays off if you place more than about 100 orders a month. To place limit orders in the Option Scalper, you may need to switch off Quick Trade Mode.
Want to practise fast commodity entries and exits first? Replay a past MCX evening session in the AlgoTest Option Simulator without risking money.
5. Upstox: For Commodity Charting on Mobile and Web
Upstox supports MCX trading with the same account on its app and web platform, with strong charting on both.
You get TradingView charts, Chart 360 and option chain analytics.
Commodity activation needs a live photo and income proof.
Check before you open: For backtesting, see how Upstox works with AlgoTest in our Upstox backtesting guide.
6. Groww: For Beginners and Existing Groww Users
Groww is India’s largest broker by active clients, with 1.34 crore active NSE clients in September 2026. It opened commodity trading to all users in October 2025 and added NSE commodities in February 2026.
You can trade MCX crude oil, gold, silver, natural gas and electricity contracts, plus NSE commodity derivatives like copper, zinc and aluminium.
Account opening and maintenance are free.
Check before you open: Confirm that your exact contract and order type are available before you fund the account.
7. Dhan: For Trading From Charts
Dhan lets you trade commodity futures and options from its app, web platform and TradingView charts, so you can place orders directly from a chart.
The commodity option chain shows Greeks, open interest and volume.
Check before you open: Contracts that end in physical delivery are charged 0.10% of contract value as brokerage. Dhan’s embedded TradingView charts and a link to TradingView.com are separate features, so check which one fits your workflow. For backtesting, see how Dhan works with AlgoTest in our Dhan backtesting guide.
Why Use AlgoTest With Your Commodity Broker
A broker holds your money and sends your orders to the exchange. AlgoTest connects to your broker and helps you decide which orders to place.
AlgoTest is one of the few platforms in India where you can backtest MCX strategies on historical data.
You can build multi-leg commodity positions and check payoff, max loss and breakeven in the Strategy Builder.
You can practise on past sessions with the Option Simulator before trading live.
You can trade Crude Oil, Gold, Natural Gas and Silver futures and options through Zerodha, and place trades with ClickTrade.
One ₹2,000 monthly add-on covers MCX across every broker linked to your account.
To compare automation tools, read our guide to the best MCX algo trading software in India.
Also read:Best Commodity Trading Apps in India and Best Trading Apps in India
How to Open a Commodity Trading Account Online
Most brokers let you open a commodity trading account online in a few minutes. The broker then activates the commodity segment within a few working days.
Pick a broker that supports the exchange and contracts you want to trade.
Sign up with your PAN, Aadhaar and bank details. Your Aadhaar must be linked to your mobile number to apply fully online.
Select the commodity segment during sign-up. If you already have an account, turn it on from the segments section of your profile.
Upload income proof, which SEBI rules require for derivatives trading.
Choose your trade classification. Most retail traders pick “Others”, while farmers, FPOs and businesses that deal in the commodity have their own options.
eSign the form with an Aadhaar OTP.
Wait for activation. Zerodha activates the segment within 72 working hours, and Upstox usually takes 2 to 3 working days.
Documents You Need
PAN card and Aadhaar card.
Bank account details, such as a cancelled cheque or bank statement.
One income proof, such as a bank statement for the last 6 months, a recent salary slip, an ITR acknowledgement, Form 16, a demat holdings statement or a net worth certificate.
Each broker sets its own minimum for income proof, so check its list before you upload.
How Much Does Commodity Trading Cost?
Your total cost per trade is the broker’s brokerage plus charges set by the exchange and government.
Commodity Transaction Tax (CTT) is 0.01% on the sell side of non-agri futures and 0.05% on the sell side of options.
MCX transaction charges are 0.0021% of turnover for futures and 0.0418% of premium for options.
GST, SEBI fees and stamp duty are added on top.
For example, entering and exiting a trade with two orders at ₹20 each costs ₹40 in brokerage before other charges. Full-service brokers often charge a percentage of turnover instead, which adds up fast on large contracts like Crude Oil, where one lot is 100 barrels. Check the full contract value using our MCX lot size guide.
Also read:Best Broker for Forex Trading in India
How to Choose the Best Commodity Broker
Check that the broker is SEBI-registered and is a member of the exchange you need, such as MCX or NCDEX.
Check that it supports your exact contract, including mini variants like Crude Oil Mini or Gold Mini.
Compare the full cost of a typical month of trading, not just the brokerage per order.
Read its delivery and expiry rules, since many brokers square off physically settled contracts before the tender period.
Find its intraday square-off time, which is often earlier than the exchange close. Our MCX trading time guide lists each session.
Test its order speed with the AlgoTest Broker Speedtest, because commodity prices can move fast in the evening.
Check API and platform support if you plan to automate, using our list of trading API brokers in India.
A discount broker suits most self-directed traders. A full-service broker may suit you if you want research calls or a relationship manager, but expect higher charges.
Open the Account, Then Test the Strategy
The right broker gets your orders to MCX at a fair cost, but it does not tell you whether the trade is worth taking. Before your first commodity trade, define your contract, entry, exit and position size, then check how that plan holds up across calm and volatile sessions.
AlgoTest helps you move from an idea to a strategy you can inspect and test before deciding whether to deploy.
Join us as we simplify algo trading in India.
Connect your broker to AlgoTest and save on execution. Kotak Neo users pay ₹0 brokerage on API orders, and Upstox, INDmoney, HDFC Sky and Arrow Trade users get free algo execution, on NSE and BSE strategies.
Related Reading
FAQs
What is a commodity trading account?
A commodity trading account is a trading account with the commodity segment activated. It lets you trade commodity futures and options on exchanges like MCX and NCDEX through a SEBI-registered broker.
What documents do I need to open a commodity trading account?
You need your PAN, Aadhaar, bank account details and one income proof, such as a 6-month bank statement, salary slip or ITR acknowledgement. Your Aadhaar should be linked to your mobile number to complete the process online.
Which broker is best for commodity trading in India?
There is no single best broker. Zerodha, FYERS and Groww offer MCX and NSE commodities, Angel One adds NCDEX, and Kotak Neo charges the lowest brokerage at ₹10 per order. Pick the one that supports your contract and fits how you trade.
Which commodity is best to trade in India?
Crude oil, natural gas, gold and silver are the most actively traded commodity contracts on MCX, so they usually have the tightest spreads. The right one for you depends on your capital, because lot sizes and margins differ widely between contracts.
Which broker has the lowest brokerage for commodity trading?
Kotak Neo’s Trade Free plan charges ₹10 per executed order on commodity trades. FYERS Prime charges ₹15 per order for a monthly fee, and most other discount brokers charge ₹20.
Can I trade MCX in Zerodha?
Yes. Once you activate the commodity segment, you can trade MCX futures and options on Zerodha Kite. Zerodha does not allow physical delivery, so it squares off physically settled contracts before the tender period.
Which brokers offer NCDEX trading?
Angel One offers both MCX and NCDEX. Zerodha does not offer NCDEX, so check with your broker before you plan to trade agri commodities.
Who are the big 4 brokers in India?
By active NSE clients in September 2026, the four largest brokers were Groww (1.34 crore), Zerodha (67.92 lakh), Angel One (67.56 lakh) and ICICI Securities (21.61 lakh).
Can I use AlgoTest for commodity trading?
Yes. AlgoTest supports backtesting and live trading for Crude Oil, Gold, Natural Gas and Silver futures and options through Zerodha, for a flat ₹2,000 per month on top of your AlgoTest plan.
Editorial note: This comparison is published by AlgoTest and is for education, not investment advice. Charges and features come from each broker’s public pricing and support pages, reviewed between 16 and 18 October 2026, and can change. AlgoTest works with many of these brokers, so this list is not a ranking.
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