Everything you need to know about NCDEX live
NCDEX is an acronym for the National Commodity and Derivates Exchange Limited. NCDEX is an exchange platform for multi-commodity, particularly for agriculture and its related products across our country. NCDEX has 75 percent of the market share in the agriculture industry market and, it is India’s premier agricultural derivatives exchange. NCDEX paves way for trading multiple products online, such as gold, silver, seeds, pulses, spices, chana, and gum seeds. Anyone can invest in NCDEX as companies, farmers, warehouses, traders, retailers, and many institutions, who have the investment ability. There’s a mode called NCDEX Live 24 rate platform, that is available to all the members who have completed their exchange with KYC.
Steps to follow in NCDEX trading:
As mentioned earlier, NCDEX is just like any other form of trading, which includes trading with agriculture and its commodities. Just like any other share market, it has some steps to enter the world of the share market. It is a very simple form of trading that requires five steps to enter.
Start the account:
Starting an account in the trade market isn’t that difficult. You can open your bank account in any way. There are two types of bank accounts they are Demat and broker accounts. A Demat account is also called a dematerialized account that helps you to hold shares and stocks in electronic form on the contrary broker’s account is also known as a brokerage account. A brokerage account is an account in which investor deposits and it is managed by the brokers’ firm. It is up to you to choose either of the accounts, if you think you can manage your account then choose the Demat account. Otherwise, if you feel the need for help and you are not confident about the investments you make then lend over your account to a broker’s firm.
Complete the KYC process:
While opening the account you need to submit some documents which will verify your identities like a PAN card, Aadhar card, Passport, or Voter’s ID. This document-submitting process is called the KYC process. KYC stands for Know your customer.
Depositing funds:
Start depositing funds after you complete the process of submitting all the documents or the KYC process. You can invest using your UPI/Netbanking account or credit/debit cards can also be used to trade in the NCDEX trading.
Placing orders:
Once you have deposited a sufficient amount of funds to your brand-new NCDEX account, then you can think about placing the orders. Here placing orders means buying commodities in exchange for the NCDEX.
Execution:
Now your order is placed, it will move to the, process of exchange. The next step after your order is executed to change then, the progress of your fund can be monitored. Whether it deflates or inflates, everything is tracked.
Conclusion:
Trading in NCDEX is not that tough, but when you trade, you need to make sure that sufficient funds are available in the bank account. So, availing the best services from 5paisa is the key to success in this field.