Tradeplus Financial Services Review: A New Indian E-Finance Leader?
The electronic finance industry has stepped out of its childhood and into adolescence. The industry’s initial destruction of physical and financial barriers to investment has long since passed, with electronic banking and investment becoming the norm. But it continues to develop and refine itself, growing and changing each year.
A major player in Indian e-finance is the Tradeplus group. Following many industry awards and accolades, the company has garnered a lot of positive attention. But are its services really as unique and helpful as many claim, or is it just more hype?
Tradeplus is not a new player in the finance world. The company was founded in 1983 as an investment services group before becoming licensed equity brokers, stock brokers, and commodities brokers.Now it also provides equity trading option, currency trade, NRI trade services, commodities trading services, etc., direct mutual fund investment, derivative trading, IPO services, and depository services.
It has a unique payment setup that does not charge you anything if you do not trade for a month. They have several different payment options, all of which feature some of the lowest, if not the lowest, prices in the industry. Various value packs are also offered. The price setup isn’t gimmicky and is very transparent and trustworthy, which is a great attribute in an industry that sometimes uses shady tactics to make clients pay more.
Tradeplus also offers extensive financial tools available for purchase on their website. Their software is targeted at a variety of users and include tools related to each of the company’s areas of expertise, such as stock broking and mutual fund management.
Tradeplus also maintains an active blog that touches on a variety of finance-related topics.The company’s services can be helpful for everyone from aseasoned investment veteran to the average person who just wants to wisely invest their money in a mutual fund or other secure fund. In fact, their online direct mutual fund investment service is straightforward and quite well-developed. The paperless, zero-commission service allows you to track your portfolio in real-time, calculate your future profits, and calculate the cost of switching from regular to direct mutual fund investment, which they recommend.
Their website shows the top-performing mutual funds in India and makes opening an account clear and stress-free for users.
The company’s trading service is called Infini Trading Solutions and offers three primary trading options:-
Notably, their Infinite Trading Pack offers unlimited volumes of trading at zero brokerage. Infini Web features an HTML-powered user interface, market information, analytics, and trading solutions. It’s intended for equity trading and commodity training and features on-screen trading and analytics. The product is integrated with NSE, BSE, and MCX exchanges, features a customizable layout, and comes with several on-screen indicators including intelligent market watch lists, a futures and options chain, on-screen statistics feeds, and advanced analytics. Inifini Power features more extensive tools such as Excel integration, expanded watch lists, detailed data reports, watch lists organized by sector, research analyst tools, an advanced charting platform, right-click menu-script functions, and a streamlined trading page.
The mobile version is also quite impressive, as it does not reduce features or usability in exchange for mobile compatibility. It has most of the same powerful functionalities as the computer-based software, and includes the “Back Office” software, which shows ledger balances, ledger statements, DP holdings, and other information.
Buying and selling is very easy in all of Tradeplus’ software, and convenience of use is highly emphasized. Their products allow deeper use for more experienced investors, as well as straightforward, basic functionality for newbies. The low cost of the software and of membership on their site reduces the barrier to entry to those who want to get their feet wet in the investment world.Their products are also packed with relevant indicators that users will become heavily relient on due to their extreme convenience.
The company’s effective but surprisingly deep roster of financial products and services have begun to attract industry attention, garnering them the NSDL Star Performance Award for 2013, 2015, 2016 & 2017.
Opening an account is straightforward: you call their toll-free number (1800-425-75757) to discuss an account opening; after this, a completed form is submitted by mail. There is a small one-time account opening fee and there is no minimum margin to open an account.
It also has the lowestbrokerage fee in the industry. To explain their low-priced plans, Tradeplus says they are veterans of the financial industry and thus do not suffer from extensive overheads and capital expenditures. Their business is highly centralized and streamlined from years of experiences, reducing costly inefficiencies that drive up prices.
They also explicitly state that their 99-rupee monthly plan is low because they don’t wish to hike up prices to achieve exorbitant profits, as many financial brokers do. They purposely keep their rates low in order to benefit the greater financial community and democratize the investment process.
So, what’s the verdict? Tradeplus is cheap, but does it stand out in a crowded marketplace?
We loved Tradeplus’ transparency, low prices, quality customer service, and powerful software. We felt that the mobile application was a great feature, and the access to relevant indices will be a huge advantage to new and seasoned traders. Creating an account is low-risk and the extremely low transaction prices can facilitate learning in investment and trading. The wide range of services provided can also help new investors learn about their financial options.
Any downsides to Tradeplus services?
Well, the Infini-Power technical analysis tool costs extra; but its powerful features and functionality merit the price for those who want thorough, intuitive software services. Overall, we are extremely impressed by Tradeplus’ roster of online financial tools, intuitive and powerful trading platforms, mutual fund options, rock-bottom brokerage fees, and its successful ventures in IPO/Bond investments and high trading margins.
It also features a great referral program which offers an annuity income for new referrals and offers the user 100% of the monthly user fee paid by their friend for commodity, currency, and options trading and 50% of the subscription fee for futures trading.
This feature-rich and extensive service might become our one-stop shop for financial tools and software. It’s certainly worth a try, given the ease of use and low cost of entry.
Final verdict: 4.8/5 (Highly recommended)
Major Full Service Brokers in India
|REVIEW BY BROKER||BROKER NAME||ACCOUNT OPENING||YEARLY MAINTAINENCE||BROKERAGE||INTRADAY|
|Angel Broking||Zero*||Free for first year||.22% and .02%||OPEN ACCOUNT
|ICICI Direct||Zero*||Rs. 600||.55% and .05%|
|Anand Rathi||Zero*||Free for first year||.3% and .03%|
|AXIS Direct Brokerage||Rs 999||Rs 500||.5% and .05%|
|Canmoney||Rs 200||Rs 200||.35% and .035%|
In case you are new to investing and not sure of how it works, read How to invest in share market in India.
To read in more details about any of these brokers, read there review.
The points on which I have tried to compare these brokers are
Ease of Use
Software or Net based
Day trading cut off time
Linking to the Bank
IPO /Mutual funds allowed
I will try to make clear these points some more for the newbie investor.
Brokerage: This is one of the most important thing which you should see before becoming a customer of any broker.This is one thing which will decide the amount of profit you are making and in the long run in trading believe me that this will be one of the most important thing.
Ease of use : What is the type of user interface provided.Is some experience required or a novice can work on the same.This should be as simple as possible for the effective use.
Software or Net (Applet) based :If you are one of those people who are doing the trading from the office from behind the firewall this thing becomes very important.Software is something which you have to install on the system and then only you can use it.Net based can be used from any where.
Day trading auto square off time: For some one who is doing day trading this is also one of the important thing to remember because it can be one of the thing which will decide whether you trade is squared off at 2:45 or 3:15.
IPO /Mutual funds allowed :Is the broker providing only equity trading or also providing IPO/Mutual fund through the site.It always good for a retail investor to get all in one platform so it become easy for him to manage. Link to the bank: This will decide when you will get the money in your bank after it is received in your Demat account and which are the bank through which you can link your account.
Some of the most read articles on this website is top 10 stock brokers in India, best trading platform in India, Best Demat account in India, and lowest brokerage charges.
If you are a NRI, read our detailed article on NRI Demat Account for trading.
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