Trading Account opening Requirements
To Start MCX Trading,Everyone need a Trading Account.Trading Account can be opened easily through MCX recognized Broker.Before Opening an accounts with Broker,should check whether that broker registered with MCX exchange & having a Member Id for that.
Member Verification &benefits to associated with Registered Members
Member Id is the one given by Exchange to the registered broker.Now a days,a lot of people misguiding/misleading the people in the name of Commodity Trading.So,People should aware about the Member Registration.Trading Account associated with Registered member can have some benefits.If the Member/Broker be registered in the Exchange,disputes arising in trades done on commodity futures exchanges can be redressed, including through arbitration,as provided by the exchange bylaws and regulations.If your member/broker get Expelled/Suspended their membership by regulator(Forward Markets Commission),the amount in your Trading Account can be refunded.If Your broker can be default amount in your Trading Account can be refunded through Investor Protection Fund.The maximum amount of compensation available against a single claim of an Investor/ client arising out of default by a member of the exchange shall be Rs. 2,00,000.
There are plenty of people are providing Dabba -Trading.Dabba Trading is Illegal&Risky too.Any person who promises you high returns in a short span of time. No schemes for assured returns are allowed in commodity markets
To open a trading account with a broker the following documents are required for an individual
–A proof of bank account
–PAN card
–Photographs
–Cheque for application fee (normally brokers don’t charge more than Rs 500)
–Address proof
–Fulfilment of KYC norms
–A proof of bank account
–PAN card
–Photographs
–Cheque for application fee (normally brokers don’t charge more than Rs 500)
–Address proof
–Fulfilment of KYC norms
Basic things to know about Commodity Trading
- Risk is an integral part of investment in commodity markets, and returns from this market cannot be assured..
- Beware of all promotional and sales advertisements/literature's/talks that promise guaranteed and high returns on your investment in commodity futures markets.
- Knowledge of physical markets of the commodities that you invest in is essential to make informed decision.
- Do not believe in price tips and rumours. Do your own homework to trade in them successfully
Trade Safe; Trade Peacefully.
Trade Only thru Registered members
0 comments:
Post a Comment