How to open a Commodity Account for Trading?
1. How I can open an account?
Ans :: Its so simple, Our NewTradingway Expert team helps in
selecting the brokers
2. What documents are needed to open an account with
commodity broker?
Ans :: 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
• Photographs
• Bank
Details
3. What are the documents to sign if interested on trading
in MCX/NCDEX?
Ans :: 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?
Ans :: 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?
Ans :: It may be
within 2 or 3 days.
6. What is the minimum amount required to open an account?
Ans :: Usually they
charge one time registration fee of Rs.100 - 800/- 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?
Ans :: 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?
Ans :: Usually
brokers charge .05% on your buy leg and sell leg, Now Discount brokers launch
unlimited trading plans or flat charges on per trade 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?
Ans :: Yes. Since policies get changed, please speak with
commodity broker.
10. Can two different accounts login on the same computer?
Ans :: Yes.
11. How I will be connected to trading terminal?
Ans :: 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?
Ans :: It's your
choice. If you are trading in GOLDGUINEA, then fewer amounts 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?
Ans :: By Cheque or
Demand Draft or Net banking transfer
• 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?
Ans :: 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?
Ans :: 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?
Ans :: 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?
Ans :: Most of them have research team and they will be
guiding you. If you need help, please reach us at newtradingway.com
18. What kind of assistance I can get from service
representative of commodity broker?
Ans :: 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
