Interested in investing but don’t want to deal with cluttered market data and charts, the mutual fund’s names are intimidating in itself and you are not one of those people who needs all types of indicators and drawing tools to make an investment decision or you are simply an OCD personality type. Whatever be the case, The groww mobile app might be one of the best decisions that you will make in your investment journey.
It is one of the simplest investment and trading applications available till now, also if you are a laptop or computer based investor or trader then that works well too.
It offers the most simple user interface and mind you it is so clean and simple that it would not even look like a trading and investing app itself. Although, the app is full of features that you can make use of like it offers ready made investments ranging from Mutual funds, Digital gold, etc to investments in the Stock market, FnO investments and US stock investments too.
The app has a 4.4 rating out of 5 on the app store and play store.
It offers the best in class security as that is what most of the like-minded traders and investors are concerned about. So, let us not wait anymore and get into the in-depth review of the stock brokerage house Groww.
Groww is an online brokerage house without any physical office and most of the work is handled online. Founded in 2016 and is headquartered in the city of Bangalore.
Groww started as an online mutual fund investment platform and slowly expanded into services like stock investing, trading, intraday trading, US Stock investing and lately they added the much awaited leveraged trading segment Futures and options to the platform.
It is an online discount brokerage platform that is somewhat different in terms of traditional brokerage houses like ICICI Direct or Motilal Oswal. The charges levied by discount brokerage houses like Groww are much less when compared to traditional brokerage houses.
Also, the discount or online brokers don’t provide any assistance regarding your trading or investing decisions like providing you with any calls or any kind of tips.
The better part about Groww is that it provides a great number of informational resources on their blogs to read and gain insights about different kinds of investing like mutual funds, stocks and futures and options which is a great addition for newer investors.
The account opening process is very simple and is also online, all you need is your scanned documents to complete your KYC and start your DMAT account, please note that there is no process available for any kind of physical account opening.
The DMAT account is not free, Although there are no annual maintenance charges for the DMAT account, unlike some online brokers.
The charges for different segments of investment that are available on the platform are mentioned below:
- Equity Delivery trading- Free
- Equity Intraday trading- 0.05% or 20rs per order whichever is lower
- Futures Trading-0.05% or 20rs per order whichever is lower.
- Options trading-0.05% or 20rs per order whichever is lower.
- Zero minimum Brokerage fees
- Margin Fees- zero
Apart from these charges you need to keep in mind, there are other charges as well which goes directly to the government and is almost the same for all platforms in the investing space.
- STT- 0.025% of your total revenue
- SEBI charges- 0.00005% of your total revenue
- GST charges- 18%
Auto square off charges-50rs in case you don’t square off your taken positions manually (only applicable for intraday, futures and options trading)
Apart from the summarised platform review, we are also listing out the advantages and disadvantages of the platform in a concise manner for you to understand and go through before investing through them.
Advantages
- Simple and easy mobile app user interface for easy investing and trading with all the technical tools and charts available on the app itself.
- The pricing is attractive with zero mutual fund investment and redemption charges.
- Free account opening and a minimal DMAT account opening charge of 300rs.
- IPO feature which can be used to apply for any upcoming IPOs from the app itself.
- A good amount of online resources and EBooks for the investors who are new in the field of investing, all of this from the platform itself.
- Instant and Paperless account opening from the ease of the app itself with scanned copies of your documents.
- 128-bit SSL encryption for the security concerned users and investors.
- Digital Gold investments from the app itself.
- One of the few platforms to give exposure of US stock market stocks to Indian users and investors.
- N number of mutual fund instruments to choose from with detailed information about its risk exposure and returns.
- Excellent online customer support if you are stuck at any point in time.
- Currency trading.
- Corporate fixed deposit schemes are available.
- It has a plethora of payment options ranging from UPI to NEFT, also has an auto-pay feature to pay for different SIPs on a timely basis.
Disadvantages
- Discount broker so, no call and trade tips are provided from the companies side, you will be totally on your own.
- No commodity trading instruments available like Natural gas, crude oil etcetera.
- You cant pledge your stocks for the margin benefit available with other platforms.
- Some of the advanced features like trailing stop loss, basket orders, cover orders are not available.
- The simplicity might not be for everyone.
- Being a discount broker they don’t offer trade on-call services.
- No expert advisors.
- They do not provide any desktop-based trading terminal and all of the tradings can be done through the web platform only.
The whole policy behind the Groww app and the web platform is to make investment and trading readily available for people of any age with a simple and easy-to-understand user interface and without any geographical limitation with one click buy and sell feature and educational resources.
The app is available for both iOS users and Android users as well with almost the same aesthetic appeal.
Rating 4.3 out of 5
Although, this is a comprehensive review of the app and the web platform provided by “Groww” still this review is in no way or should not be treated as any kind of investment advice, It is always advisable for the users to do their own research and try everything before putting in their hard-earned money. It is also recommended to contact your financial advisor before jumping in on investments.
