Commodity is a wide scope which includes a lot of things under it. Examples are precious metals, oils, agricultural products, etc. In order to trade in these, one must have a commodity trading account and know the commodity account opening process.
Doing anything by yourself can be a little challenging, and so Alice Blue comes to your rescue with a step-by-step procedure making commodity account opening a really easy process.
Also, there’s a catch that will be revealed later in the article.
But before that, let’s understand what commodity trading means!
Content:
- What is Commodity Trading?
- How to start Commodity Trading?
- Documents required for Commodity Trading
- Why choose Alice blue over other commodity brokers
- Commodity Trading Time
What is Commodity Trading?
Any physical entity which can be bought and sold, such as metals like gold, silver, copper, etc., and agricultural products, is called a commodity. Commodity trading is nothing but buying and selling commodities at the commodity exchange, i.e., MCX (Multi Commodity Exchange).
Just like trading in stocks, commodity trading comes with its own set of advantages. Click here to learn everything about Commodity Trading.
The next section of this article is the main topic we are here for. Read along to understand it better.
How to Start Commodity Trading?
That’s a very logical question to ask after knowing about commodity trading; I hope you got the same question in your mind as well.
Alright! So moving on to the question of how to start commodity trading online?
We will be discussing the process in detailed steps according to Alice Blue operations.
- CLICK HERE TO OPEN YOUR FREE COMMODITY TRADING ACCOUNT.
- To start with, you need to have your mobile number linked with your Aadhar Card.
- Fill up your details, and click on “Open an Account”.
- Validate your email and mobile number.
- Add your PAN Card details and Date of Birth.
- Your PAN details will be verified with Aadhar by Digio.
- Once your KYC process is complete, fill up your bank details and upload your Income Proof (Latest three months’ bank statement/ Latest ITR copy/ Last one-month salary slip) in soft copy.
- Enter your personal and financial details.
- If you wish to add a Nominee, add their details and upload their PAN Card and Aadhar Card in soft copy.
- Provide an IPV (In-person verification).
- Sign digitally in the space provided.
- Select the Demat Profile and Brokerage Plan.
- E-sign the documents by verifying your Aadhaar with your Mobile Number.
- Your account will be activated within 24 hours.
- You can check the Account Activation Status here.
Documents Required for Commodity Account Opening
The documents required for opening a commodity trading account are:
- PAN Card
- Aadhar number along with the registered number
- Bank Proof: Bank statement of your account
- Income Proof:
- ITR / Form-16
- Salary Slip
- 6 months saving account statement
- 6-month Demat account holding statement
- Net-worth certificate
Why choose Alice Blue over other Commodity Brokers?
There are tons of reasons why Alice Blue will be a better option for commodity trading. One of which is the real catch mentioned above. Alice Blue offers a single margin account, which allows the trader to trade in all the major exchanges, i.e., BSE, NSE, MCX, and CD (Currency Derivatives) at one place.
For the efforts shown by Alice Blue, it was awarded as the best commodity trading broker by the MCX and won various other awards from other exchanges and organizations.
Commodity Trading Time
- Trading time for Precious Metal, Base Metal, and Energy Commodities is:
- 9.00 am to 11.30 pm – March to November (During daylight savings time)
- 9.00 am to 11.55 pm – November to March
- For Agri commodities like (Cotton, KAPAS, and CPO), the timing is 9.00 am to 9.00 pm.
- All other Agri commodities 9.00 am to 5.00 pm.
Now, that the procedure is clear. The next step is to start trading, and for that to happen, Click here.
