Hello everyone. What kind of futures slams are given by Groww Stockbroker, which can be called India’s largest stockbroker? If all those futures are for our use, what kind of charges are collected? Is it worth paying such charges and using this platform or not? I am going to share my opinion with you too. In that way, let’s first look at the futures by telling you what kind of futures slams are given by Groww Stockbroker.
Groww Creating Account
You do not need to pay any amount to create a trading and demat account on this Groww platform. You can create an account for free. You don’t need to pay any annual maintenance fee to maintain the account you create. Complete offers a free account. This Groww platform is a discount stockbroker that has been operating since 2016.
Investing and Trading
You can use the account they provide to invest and trade in the stock market, mutual funds, IPOs, currency, commodities, futures and options, bonds, and many other types of investments.
Personal Loan
If you need it, you can take a loan of up to Rs. 12 lakh 50,000 using this Groww platform. You can take a loan by pledging the mutual fund that you have in your account. You can also take a personal loan. They have also given the option to check your credit score and report on this platform. They provide this loan only through their own NBFC and then a few other NBFC and bank lending partners.
Margin Trading
Then they also have the option for margin trading. Margin trading is nothing; you just take a loan and trade. If you only have the amount for one share, you can pay that amount, depending on the stock you have invested in, and you can buy up to four shares.
Pledging
Maybe you don’t have any money. But if you think you can make a trade at that time, you can pledge the shares that you already have in your account.
Haircut Percentage
They will give you a loan based on the value of the stock you can pledge. They will give you a value called the haircut percentage for each stock. This will be lower for a well-performing stock and higher for a poorly performing stock. They will give you a loan based on the remaining amount minus the haircut percentage from the value of the stock you can pledge.
Margin Allocation
You can use the amount you can borrow to trade futures, options, and intraday options. Many people use stock screener tools. These tools have a variety of filters. By applying those filters as we want, you can only see the stocks that match it. The option for this has also been given on this platform.
Charges
If you are using this platform for these features, what kind of charges will you have to pay? Let’s see the charges now.
Free Demat Account
You do not need to pay any amount to create and maintain an account. You can create and maintain an account for free.
Equity Brokerage
They have said that when you use the account that you have created, they charge brokerage charges of 0.01% for delivery and intraday. They have also said that these charges range from a minimum of Rs. 5 to a maximum of Rs. 20.
F&O Brokerage
They have said that they will charge a flat brokerage charge of Rs. 20 per transaction for all currencies, commodities, futures, and options.
Margin Trading Interest
They have said that when you do margin trading, you are charged an interest of 0.041% per day on the amount that you have borrowed. They have also said that this MTF charges brokerage charges of 0.1%. If you are trading shares in your account as collateral, then they will charge you Rs 20 for pledging and redeeming them.
Auto Square-off Charges
Auto Square-off Charges: If you do not close the order for intraday trading, they will charge you Rs 20 per order for closing it for you. Apart from this, they do not charge any charges. SEBI will then charge us government taxes.
Play Store Reviews
As far as I have read the reviews of this platform on the Play Store, many people have mentioned that the UI is buggy, but some people have mentioned that the platform does not work properly, lags, is slow, etc. In addition, I have seen reviews that the futures and options section is very outdated. I have also read many reviews that say that you should contact your customer support for such problems, and they do not respond properly.
Outro
Even though there are so many things, I will give my opinion. As for what they provide you with, since they provide you with an account for free, you should create an account here, use that account, and test it. Trade for a small amount and see if all the brokerage charges they charge are okay with you.
If so, then you can use this platform freely. If not, you can go to whichever platform you like. No matter which platform you use to trade, let there be a loan or margin; don’t get carried away by all this and trade beyond your capabilities. That is a very risky thing. Be careful.