Top 10 Commodity Brokers in India
A commodity broker is a SEBI-registered firm that facilitates buying and selling of commodity futures and options on behalf of clients. In India, commodity trading takes place on two exchanges: MCX (Multi Commodity Exchange) for metals, energy and bullion, and NCDEX for agricultural commodities. Your broker must hold membership of these exchanges — NSE/BSE membership alone is not enough.
What to check when choosing a commodity broker: MCX/NCDEX membership • commodity brokerage charges • trading platform • commodity research • margin available • complaint record.
Top 10 Commodity Brokers in India 2026
Ranked by active MCX clients (UCC Count). Source: MCX Complaint Report 1C, December 2025. Total active clients across all MCX brokers: 2,81,06,421. Charges verified April 2026.
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| # | Broker | Active MCX Clients | Commodity Brokerage | Exchange | Research | Complaints |
|---|---|---|---|---|---|---|
| 1 | Angel One | 1,38,51,510 | ₹20 or 0.25% (lower) | MCX+NCDEX | Yes | 38 |
| 2 | Groww* | 1,77,62,42 | ₹20/order (flat) | MCX only | No | 19 |
| 3 | Upstox | 1,55,53,53 | ₹20 or 0.05% (lower) | MCX only | No | 19 |
| 4 | ICICI Direct | 1,16,34,61 | ₹20/order (iValue) | MCX only | Yes | 10 |
| 5 | Kotak Sec. | 1,07,62,51 | ₹20/order (Neo) | MCX only | Yes | 35 |
| 6 | Motilal Oswal | 82,85,73 | 0.02% fut; ₹200/lot opt | MCX+NCDEX | Yes | 51 |
| 7 | IIFL Securities | 62,21,61 | 0.025% fut; ₹100/lot opt | MCX+NCDEX | Yes | 13 |
| 8 | Zerodha | 56,36,90 | ₹20 or 0.03% (lower) | MCX only | No | 70 |
| 9 | 5paisa | 48,66,08 | ₹20/order (flat) | MCX only | Yes | 9 |
| 10 | Fyers | 32,95,45 | ₹20 or 0.01% (lower) | MCX only | No | 1 |
* Groww: invite-only, F&O onboarding required. Raise Securities (28,10,789 clients) excluded — sub-broker intermediary. Source: MCX Report 1C, Dec 2025. Charges verified April 2026.
What These Numbers Tell You
Angel One dominates MCX with 1.38 crore active commodity clients — 24x more than Zerodha’s 56 lakh. Its flat ₹20 brokerage, daily commodity research (gold, silver, crude, base metals), and MCX + NCDEX access explain this. It is the only discount broker on this list offering both research and NCDEX.
Zerodha (#1 on NSE equity) is only #8 on MCX. No commodity research, no NCDEX. Many Zerodha equity users open a separate Angel One account specifically for commodity trading.
Groww is #2 on MCX with 1.77 crore clients despite commodity access being invite-only. ICICI Direct (#4) and Kotak (#5) outrank their NSE equity positions here, reflecting an older client base that actively trades metals and crude.
Best complaint record: Fyers — just 1 complaint against 32.95 lakh MCX clients. 5paisa (9) and ICICI Direct (10) are also clean. Zerodha has the most in absolute terms (70) though its rate vs clients remains low.
Disclaimer: CompareShareBrokers.com is an independent comparison portal. Active client data from MCX Report 1C (December 2025). Brokerage charges verified April 2026 — verify current rates on official broker websites before opening an account. Commodity trading involves significant risk of loss.
Frequently Asked Questions:
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1. Who are the top 5 commodity brokers in India?
Based on active MCX client data from the official MCX Complaint Report 1C (December 2025), here are the top 5 commodity brokers in India by number of active clients registered at MCX:
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Rank Broker Active MCX Clients Commodity Brokerage Research ① Angel One 1,38,51,510 ₹20 or 0.25% (lower) Yes ② Groww (invite-only) 1,77,62,42 ₹20/order (flat) No ③ Upstox 1,55,53,53 ₹20 or 0.05% (lower) No ④ ICICI Direct 1,16,34,61 ₹20/order (iValue plan) Yes ⑤ Kotak Securities 1,07,62,51 ₹20/order (Neo plan) Yes -
2. Which are the cheapest commodity brokers in India?
Please find below the list of cheapest commodity brokerage firms in India
Rank Commodity Broker Active Clients 2020 Brokerage Charges A/c Opening Charges 1 Goodwill 130819 ₹11/ Executed order ₹299+ GST 2 Angel One 834962 Flat ₹20 per executed order Free 3 Zerodha 644376 ₹20/trade or 0.03% whichever is lower ₹200 + GST 4 Upstox 373870 ₹20 per executed order or 0.05% (whichever is lower) Free 5 Alice Blue 106758 Flat ₹20 per executed order Free 6 5PAISA 96067 Flat ₹20 per executed order ₹300 + GST -
3. Which is the #1 commodity broker in India by active clients?
Angel One, with 1,38,51,510 active MCX clients as of December 2025 (MCX Report 1C). This is far ahead of any other broker on the list.
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4. Which brokers offer NCDEX (agri commodity) trading?
Among the top 10, only Angel One, Motilal Oswal, and IIFL Securities offer NCDEX access alongside MCX. Zerodha, Upstox, Groww, 5paisa, Fyers, ICICI Direct, and Kotak Securities are MCX-only.
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5. Does Groww offer commodity trading?
Yes. Groww offers commodity futures and options on MCX — gold, silver, crude oil, natural gas, base metals. ₹20 flat per order. MCX segment needs to be activated in your account settings. Note that Groww does not offer currency derivatives (USD/INR etc.) on NSE/BSE — only MCX commodities.
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6. What is CTT and how much does it cost?
CTT (Commodity Transaction Tax) is levied by the government on non-agricultural commodity derivatives. Non-agri futures (gold, silver, crude): 0.01% on the sell side. Non-agri options (exercised): 0.0001% on sell side. Agricultural derivatives on NCDEX are exempt from CTT. Always add CTT to your brokerage when calculating the total cost of a commodity trade.
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7. Which commodity broker offers the best research?
Angel One is the standout option for commodity research at discount pricing — daily morning reports, intraday levels, and weekly outlooks on gold, silver, crude oil, copper, and zinc. Motilal Oswal and IIFL cover NCDEX agri commodities in depth. Zerodha, Upstox, Groww, and Fyers do not offer commodity research.
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8. Why is Zerodha ranked #8 despite being India’s largest equity broker?
Zerodha has historically focused on equity and F&O and does not offer commodity research or NCDEX access. Its commodity client base (56 lakh) reflects this. Angel One’s active commodity research and MCX + NCDEX membership have built a client base 25x larger in the commodity segment.
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