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Best Commodity Brokers in India: 10 Compared (October 2026)

3 days ago
9 min read

Updated: 1 day ago

Education only. Not investment advice. No one paid to be included.

Last updated: October 2026

By MonuKeer News Desk

If you want to trade commodity futures or options on MCX (gold, silver, crude oil, natural gas, metals and so on), you need a broker that is a member of a commodity exchange. This page compares 10 large SEBI-registered brokers that are MCX members on three things you can check yourself: what you pay for commodity orders, how well the app works for other users, and how many investors complained to MCX about the broker. We used only official pricing pages, the Google Play Store and MCX complaint data, and we opened every source on 24 October 2026.

This is not a recommendation to trade commodities or to open an account with any broker. Commodity futures and options are leveraged products and you can lose more than you expect. No broker paid to be listed, and this page has no referral or affiliate links. For full transparency: MonuKeer has a separate referral page for one broker (Dhan). This page does not link to it, and Dhan was scored with the same rules as everyone else.

How we compared them

Each broker can score up to 14 points. Where a broker offers several price plans, we scored the default or free plan shown on its own pricing page.

  • Commodity futures brokerage – 2 points: every order costs ₹20 or less. 1 point: a rupee fee above ₹20, or a fee per lot. 0 points: a percentage with no rupee cap, or no commodity rate published for the default plan.

  • Commodity options brokerage – 2 points: every order costs ₹20 or less. 1 point: a rupee fee above ₹20, or a fee per lot. 0 points: a percentage with no rupee cap, or no commodity rate published for the default plan.

  • Account opening and yearly maintenance (AMC) – 2 points: free opening and ₹0 AMC with no time limit. 1 point: free opening, but AMC after the first year, or AMC not clearly stated for a regular account. 0 points: an opening fee may be charged, or it is not stated.

  • Google Play rating – 2 points: 4.5 or higher. 1 point: 4.0 to 4.4. 0 points: below 4.0. (As shown on 24 October 2026.)

  • Number of Google Play ratings – 2 points: 10 lakh or more. 1 point: 1 lakh to under 10 lakh. 0 points: under 1 lakh.

  • MCX investor complaints – 4 points: under 2 complaints per 1 lakh active clients. 3 points: 2 to under 5. 2 points: 5 to under 10. 1 point: 10 to under 20. 0 points: 20 or more.

Complaint numbers come from MCX's member-wise report of complaints lodged by clients against trading members (MCX Report 1B for 2025-26, updated 30 June 2026, the latest file we could open). We divided each broker's complaints by its active clients (UCC count) in the same MCX file. Across all MCX brokers, the figure was 878 complaints for 3,54,07,641 active clients, or about 2.5 per 1 lakh. Commodity complaint levels are much lower than equity levels, so these bands are tighter than the ones on our stock broker list.

The same MCX file also confirms that all 10 brokers below are MCX members. We did not check NCDEX (the agri-commodity exchange) membership for every broker, so this page is about MCX trading.

Score table

Rank

Broker

Score

1

Groww

14 of 14

2

Angel One

12 of 14

2

Dhan

12 of 14

4

HDFC Securities

11 of 14

4

ICICI Securities

11 of 14

4

Upstox

11 of 14

7

Kotak Securities

10 of 14

7

5paisa

10 of 14

9

Zerodha

8 of 14

10

Motilal Oswal

4 of 14

Scores are out of 14. Brokers with the same score share a rank (for example, Angel One and Dhan are joint 2nd).

All facts checked on 24 October 2026. Charges change often, and statutory charges such as CTT, stamp duty, exchange fees and GST are extra at every broker. Check the broker's own pricing page before you decide.

The 10 brokers, one by one

1. Groww — 14 out of 14

Score: charges 6 out of 6, app 4 out of 4, complaints 4 out of 4.

  • Registration: SEBI INZ000301838; MCX member ID 57420 (Groww Invest Tech Private Limited), as shown on its pricing page.

  • Commodity charges: ₹20 per executed order for equity and commodity F&O (Groww F&O pricing); account opening ₹0 and maintenance charges ₹0 (Groww pricing).

  • App: rated 4.8 with 25.2 lakh reviews on Google Play.

  • MCX complaints: 63 complaints for 63,02,571 active clients, about 1.0 per 1 lakh (MCX Report 1B).

2 (joint). Angel One — 12 out of 14

Score: charges 5 out of 6, app 3 out of 4, complaints 4 out of 4.

  • Registration: SEBI INZ000161534; MCX member ID 12685 (Angel One Limited), as shown on its charges page and in the MCX file.

  • Commodity charges: commodity futures and commodity options ₹20 per executed order, after a new-user offer of ₹0 brokerage up to ₹500 in the first 30 days; no AMC for the first year, then ₹20 plus GST a month if you have holdings or a debit balance (Angel One charges).

  • App: rated 4.4 with 19.3 lakh reviews on Google Play.

  • MCX complaints: 202 complaints for 1,53,86,403 active clients, about 1.3 per 1 lakh (MCX Report 1B).

2 (joint). Dhan — 12 out of 14

Score: charges 6 out of 6, app 2 out of 4, complaints 4 out of 4.

  • Registration: SEBI INZ000006031; MCX member ID 56320 (Raise Securities Private Limited), as shown on its pricing page.

  • Commodity charges: ₹20 per executed order for equity and commodity F&O; free account with zero AMC or platform fees (Dhan pricing).

  • App: rated 4.8 with 66.7 thousand reviews on Google Play.

  • MCX complaints: 24 complaints for 29,74,264 active clients, about 0.8 per 1 lakh (MCX Report 1B).

4 (joint). HDFC Securities — 11 out of 14

Score: charges 5 out of 6, app 2 out of 4, complaints 4 out of 4.

  • Registration: SEBI INZ000186937; MCX member code 56015 (HDFC Securities Limited), as shown on its HDFC Sky pricing page.

  • Commodity charges (HDFC Sky): commodity futures ₹20 or 2.5% of the transaction value, whichever is lower; commodity options ₹20 per order; account opening free and AMC ₹0 for one year (HDFC Sky pricing).

  • App: HDFC Sky rated 4.5 with 45.2 thousand reviews on Google Play.

  • MCX complaints: 5 complaints for 4,36,495 active clients, about 1.1 per 1 lakh (MCX Report 1B).

4 (joint). ICICI Securities — 11 out of 14

Score: charges 4 out of 6, app 3 out of 4, complaints 4 out of 4.

  • Registration: SEBI INZ000183631; MCX member ID 56250 (ICICI Securities Limited), as shown on its brokerage page.

  • Commodity charges: "Brokerage will be ₹20/ order across all brokerage plans" in the commodity segment; orders placed through customer service cost ₹50 per order (ICICI Direct brokerage). Account opening is ₹0 to ₹975 depending on scheme, and AMC is ₹700 from the second year on its NEO plan (ICICI Direct NEO).

  • App: ICICI Direct rated 4.6 with 1.99 lakh reviews on Google Play.

  • MCX complaints: 17 complaints for 12,40,429 active clients, about 1.4 per 1 lakh (MCX Report 1B).

4 (joint). Upstox — 11 out of 14

Score: charges 5 out of 6, app 2 out of 4, complaints 4 out of 4.

  • Registration: SEBI INZ000315837; MCX member ID 46510 (Upstox Securities Pvt. Ltd.), as shown on its charges page.

  • Commodity charges: commodity futures ₹20 per executed order or 0.05%, whichever is lower; commodity options flat ₹20 per executed order; account opening free, though "an account processing fee may be charged"; zero AMC in the first year for new customers (Upstox charges).

  • App: rated 4.3 with 4.98 lakh reviews on Google Play.

  • MCX complaints: 26 complaints for 20,35,878 active clients, about 1.3 per 1 lakh (MCX Report 1B). The same file lists 13 more complaints under older Upstox and RKSV Commodities names without active-client numbers; adding them gives about 1.9 per 1 lakh, which does not change the score.

7 (joint). Kotak Securities — 10 out of 14

Score: charges 5 out of 6, app 3 out of 4, complaints 2 out of 4.

  • Registration: SEBI INZ000200137; MCX member ID 56285; NCDEX member ID 1262 (Kotak Securities Limited), as shown on its Trade Free plan page.

  • Commodity charges (free Trade Free plan): commodity futures and commodity options ₹10 per order; account opening fee ₹0 (Kotak Neo Trade Free tariff sheet, Trade Free plan). ₹0 AMC is shown only for a BSDA account with holdings up to ₹4 lakh (Kotak Neo pricing).

  • App: Kotak Neo rated 4.5 with 2.17 lakh reviews on Google Play.

  • MCX complaints: 59 complaints for 10,88,929 active clients, about 5.4 per 1 lakh (MCX Report 1B).

7 (joint). 5paisa — 10 out of 14

Score: charges 5 out of 6, app 2 out of 4, complaints 3 out of 4.

  • Registration: SEBI INZ000010231; MCX member ID 55945 (5paisa Capital Ltd.), as shown on its commodity trading page and in the MCX file.

  • Commodity charges: "Flat fees of ₹20/order" (5paisa commodity trading); its tariff sheet lists ₹20 per order including currency and commodity derivatives, and account opening free (5paisa tariff sheet). We could not find a clear yearly AMC for a regular account on its charges page.

  • App: rated 4.3 with 6.64 lakh reviews on Google Play.

  • MCX complaints: 14 complaints for 5,28,642 active clients, about 2.6 per 1 lakh (MCX Report 1B).

9. Zerodha — 8 out of 14

Score: charges 5 out of 6, app 2 out of 4, complaints 1 out of 4.

  • Registration: SEBI INZ000031633; MCX member ID 56550 (Zerodha Broking Limited), as shown on its charges page and in the MCX file.

  • Commodity charges: commodity futures 0.03% or ₹20 per executed order, whichever is lower; commodity options ₹20 per executed order; individual account opening free; AMC free for the first year, then ₹300 a year plus GST for a non-BSDA account (Zerodha charges).

  • App: Zerodha Kite rated 4.4 with 3.94 lakh reviews on Google Play.

  • MCX complaints: 112 complaints for 7,89,869 active clients, about 14.2 per 1 lakh (MCX Report 1B). The same file lists 47 more complaints against Zerodha Commodities Private Limited, which shows 0 active clients; we did not add them.

10. Motilal Oswal — 4 out of 14

Score: charges 0 out of 6, app 2 out of 4, complaints 2 out of 4.

  • Registration: SEBI INZ000158836 (Motilal Oswal Financial Services Limited), as shown on its disclaimer page; MCX member ID 55930 in the MCX file.

  • Commodity charges (default plan): intraday cash or futures, equity or commodity, 0.05% on both sides; the default plan on the tariff sheet does not show a commodity options rate; AMC free in the first year, then ₹299 plus GST; admin charges ₹199 plus GST (Motilal Oswal "Value Pack" tariff sheet, a PDF on Motilal's ekyc website, opened on 24 October 2026; that PDF link no longer opens securely in browsers, so we have not linked it). Paid "Value Pack" plans with lower rates are also listed.

  • App: RIISE rated 4.0 with 1.45 lakh reviews on Google Play.

  • MCX complaints: 79 complaints for 8,20,982 active clients, about 9.6 per 1 lakh (MCX Report 1B).

What to check before you trade commodities

  1. Confirm the broker's SEBI registration number on the SEBI website and its MCX membership in MCX's own records.

  2. Activate the commodity segment only if you understand margins, lot sizes and how expiry and physical delivery work for the contract you trade.

  3. Read the full pricing page, including charges after any free first month or first year and the cost of orders placed through customer service.

  4. Look at complaint data from the exchange, not just app ratings.

  5. Never share your login, OTP or PIN with anyone, and never trade on "tips" from strangers.

FAQs

1. Do I need a separate account to trade commodities?

Usually not. At most brokers you use the same trading account and switch on the commodity segment, which may ask for income proof such as a bank statement. Check your broker's own steps.

2. Is the cheapest commodity broker always the best choice?

No. Low brokerage helps, but how the app works for you, how complaints are handled and the charges you pay after any free period matter too. This page shows all three so you can weigh them yourself.

3. What does "complaints per 1 lakh active clients" mean?

It is the number of investor complaints MCX received against a broker in a year, divided by the broker's active clients in the same MCX report, then multiplied by 1 lakh. It lets you compare big and small brokers fairly.

4. Did any broker pay to be on this list?

No. No broker paid to be included, and this page has no referral or affiliate links. MonuKeer has a separate referral page for Dhan; Dhan was scored with the same rules as every other broker.

Sources

Reported by the MonuKeer News Desk. Edited by Monu Keer, Founder & Editor.

Education only. Not investment advice.

What changed this month

First edition.

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