mStock Review: Brokerage, Trading Platforms, Pros & Cons
With the increasing popularity of online trading, there has been a surge in the number of trading platforms available in India. One such platform that has gained a lot of attention is m.Stock, a zero brokerage stock trading app. In this article, we will provide an in-depth review of m.Stock, exploring its features, benefits, and limitations.
Table of Content
What is m.Stock?
Overview of m.Stock
m.Stock is a stock trading app offered by Mirae Asset, a well-established financial services company. It provides users with a convenient and user-friendly platform to trade in stocks, mutual funds, intraday trading, and futures and options. The app is designed to cater to both beginners and experienced traders, offering a range of features to make trading efficient and hassle-free.
Key features and benefits of trading with mStock
Trading with mStock offers several advantages to investors. Here are some key features and benefits:
- Zero Brokerage: mStock offers zero brokerage fees on all trading and investment products, helping investors save on costs.
- User-friendly Interface: The mStock app provides a simple and intuitive interface, making it easy for users to navigate and execute trades.
- High-Speed Trading: mStock’s super-fast platforms allow for quick order execution, ensuring that investors can take advantage of market opportunities without delay.
- Wide Range of Products: mStock offers a wide range of trading and investment products, including stocks, mutual funds, derivatives, and more, enabling investors to diversify their portfolios.
- Secure and Stable: mStock prioritizes the security and stability of its platforms, providing users with a safe and reliable trading environment.
mStock Brokerage Charges and Fees
When it comes to choosing a stock brokerage platform, one of the crucial factors to consider is the brokerage charges and fees. In this section, we will take a closer look at the brokerage charges and fees associated with trading on mStock, along with any additional costs that traders might incur.
Detailed breakdown of brokerage charges
mStock offers zero brokerage across various segments such as Delivery, Intraday, F&Os, Mutual Funds, IPOs, and Currency trading. This means that traders can save significantly on brokerage fees, enhancing their overall profitability. However, there are some exceptions to this, as follows:
- Zero Brokerage for life on all products with a one-time fee of ₹999
- Without Rs. 999 plan for Intraday, F&O, and Currency trading, a flat brokerage fee of ₹20 is applicable for each trade.
Additional fees and charges associated with trading on mStock
Apart from brokerage charges, traders on mStock may encounter additional fees and charges for various services and transactions. Here are some of the notable fees:
- DP (Depository Participant) Charges: Sell transactions are subject to a charge of ₹12 + GST per ISIN per transaction per day, as indicated by CDSL and mStock.
- Pledge creation and closure charges: For traders under the ‘Lifetime free AMC’ plan, the charges are ₹25 per Pledge Sequence Number (PSN) per day (+GST). For the standard quarterly AMC plan, the charges are ₹32 per PSN per day (+GST).
- AMC (Annual Maintenance Charges): Zero AMC charges if opted for a one-time ₹999 free AMC plan. Traders under the standard quarterly AMC plan are required to pay ₹120 + 18% GST per quarter.
- Transfer out charges: A fee of ₹20 per transaction or 0.50% (whichever is lower) is applicable for transferring out.
Trading Platforms offered by mStock
mStock, provided by Mirae Asset Capital Markets (India) Pvt Ltd, offers a range of trading platforms designed to provide a best-in-class user experience, intuitive interface, and bank-grade security features. Here is an overview of the trading platforms offered by mStock:
Overview of mStock’s trading platforms
- m.Stock Platform: m.Stock’s flagship trading platform is known for its superior interface and seamless onboarding process, allowing customers to start trading in under 5 minutes. It offers a user-friendly interface and extensive features for placing orders and tracking investments.
- Mobile App: mStock’s mobile app allows traders to access their accounts on-the-go, providing real-time market data, order placement, and portfolio management capabilities. The app is available for both Android and iOS devices, offering convenience and flexibility to traders.
Features and capabilities of each platform
Here is a comparison of the features and capabilities of m.Stock’s trading platforms:
|m.Stock Platform||● Best-in-class user interface|
|● Intuitive platform|
|● Bank-grade security features|
|● Seamless onboarding process|
|● Quick and easy account opening process|
|● Extensive order placement and tracking capabilities|
|● Real-time market data|
|● Portfolio management capabilities|
|● Unique features tailored for each product|
|Mobile App||● Access accounts on-the-go|
|● Real-time market data|
|● Order placement capabilities|
|● Portfolio management capabilities|
|● Convenient and flexible trading experience|
|● Available for Android and iOS devices|
These trading platforms offered by mStock provide traders with a seamless and user-friendly experience, along with a range of features and capabilities to meet their trading needs. Whether you prefer trading on a desktop or on the go, mStock has a platform that caters to your preferences.
Pros of Trading with mStock
Benefits of using m.Stock for stock trading
m.Stock offers several benefits to traders and investors. Firstly, it operates on a zero brokerage model, which means users do not have to pay any brokerage fees on their trades. This can result in substantial savings, especially for frequent traders. Additionally, m.Stock provides a seamless trading experience with advanced features such as voice search, technical analysis tools, and real-time market updates. The platform also offers a margin trading facility, allowing users to trade with leverage, enhancing their potential returns.
Here are some key pros of trading with mStock:
- Zero Brokerage: One of the biggest advantages of trading with mStock is its zero brokerage offering. Unlike traditional brokerages that charge a percentage of the transaction value, mStock allows investors to trade and invest in various financial instruments without paying any brokerage fees. This can significantly reduce trading costs and increase potential profits.
- Super Fast Platforms: mStock boasts super fast platforms that can support thousands of orders per second, even with millions of customers trading simultaneously. This ensures stability, speed, and security, providing a seamless trading experience that investors can rely on.
- Range of Investment Products: mStock offers a wide range of trading and investment products to cater to the diverse needs of investors. From stocks and mutual funds to derivatives and commodities, investors can access a variety of financial instruments and create a well-rounded investment portfolio.
- Easy Account Opening Process: Opening a trading and Demat account with mStock is a hassle-free process. Investors can complete their account opening journey online and enjoy the convenience of accessing their accounts from anywhere at any time.
- Exceptional Customer Experience: mStock is committed to providing exceptional customer experience. The platform brings simplicity and ease to investing, ensuring that investors have a user-friendly interface and a responsive support team to address any queries or issues that may arise.
Unique offerings and benefits for investors
In addition to the advantages mentioned above, mStock offers unique offerings and benefits that set it apart from other brokerages in the market. Some of these include:
- Instant Rewards: mStock provides investors with the opportunity to share and earn instant rewards. By referring the platform to friends and family, investors can earn rewards of up to ₹15,000.
- Single Contact Point: mStock offers a single contact point for all queries, ensuring that investors have a dedicated support team to assist them throughout their trading journey.
- Regulatory Compliance: mStock is a SEBI-registered stock broker with all the necessary regulatory registrations and memberships. This ensures that investors can trust the platform and trade with confidence.
Areas for improvement and potential concerns
1. Stability and speed: While mStock claims to have super-fast platforms that can support thousands of orders per second, there have been occasional reports of system glitches or slower performance. These technical issues can impact the user experience and potentially result in missed trade opportunities.
Is m.Stock a reliable stock trading platform?
Overview of Mirae Asset – the parent company of m.Stock
m.Stock is offered by Mirae Asset, a well-established financial services company that has been operating in India for several years. Mirae Asset is known for its robust infrastructure, technological innovation, and customer-centric approach. The company is regulated by the Securities and Exchange Board of India (SEBI), ensuring that it adheres to the necessary compliance and security measures.
User reviews and feedback about m.Stock
m.Stock has gained a significant user base in India, and the reviews and feedback from users have been mostly positive. Users appreciate the zero brokerage model, which allows them to maximize their profits. The app’s user-friendly interface, advanced trading features, and real-time market updates have also been well-received by traders and investors. Here are some comments and experiences shared by existing m.Stock customers:
- “Installed this app 4 days ago… and want to tell you that this is real and they do not charge any brokerage. Yes, their app needs lots of improvements and the commodity section is missing. Otherwise… nice concept… keep it up, guys…”
- “When I opted for the ₹999 Zero Brokerage plan, I was expecting a long list of conditions and exceptions. Imagine my delight when it clearly mentioned free brokerage and no commission charges on all the different products and services. Simply WOW!”
- “M.Stock’s trading platforms are exceptional. I like trading with m.Stock. The use of high-quality tech is visible right from the account opening process itself.”
Security measures and regulatory compliance on m.Stock
m.Stock prioritizes the security of its users’ funds and personal information. The app employs strict security measures, including encryption and two-factor authentication, to ensure the safety of transactions and user data. Additionally, as a regulated entity, m.Stock complies with all the necessary regulatory requirements set by SEBI, providing users with a reliable and trustworthy trading platform.
mStock Account Opening Process
Account opening charges on m.Stock
There are no account opening charges for m.Stock. However, if you want to avail Zero brokerage plan you can choose to do so during the account opening process which requires you to pay a one-time fee of ₹999 during the opening of a demat account. Additionally, if you want to avail zero AMC charges for life then ₹999 Once the account is opened, users can enjoy zero brokerage rates for life.
Step by Step Account Opening Process
Opening an account with mStock is a straightforward process that can be completed online. Here is a step-by-step guide on how to open an account with mStock:
- Visit the mStock website: Start by visiting the official website of mStock. You can easily find their website by searching for “mStock” on your preferred search engine.
- Click on the “Open an Account” button: Once you are on the mStock website, look for the “Open an Account” button, usually located in a prominent area of the homepage. Clicking on this button will take you to the account opening page.
- Fill in your personal information: On the account opening page, you will be required to provide your personal information, such as your full name, email address, phone number, and date of birth. Make sure to enter accurate information as it will be used for verification purposes.
- Provide additional details: Apart from your personal information, you may also be asked to provide additional details such as your residential address, citizenship, and employment status. This information is necessary to comply with regulatory requirements.
- Choose your account type: mStock offers different types of accounts, including individual, joint, and corporate accounts. Choose the account type that suits your needs and preferences.
- Agree to the terms and conditions: Before proceeding, make sure to carefully read and understand mStock’s terms and conditions. If you agree to them, check the box provided to signify your acceptance.
- Submit your application: Once you have filled in all the required information and reviewed it for accuracy, click on the “Submit” button to send your account opening application to mStock.
- Verification and approval: After submitting your application, mStock will initiate the verification process. This may involve confirming your identity, residential address, and other details provided. Once your application is successfully verified, your account will be approved, and you will receive a confirmation email.
Opening an account with mStock is a smooth and hassle-free process, allowing you to start trading and investing promptly. If you encounter any difficulties during the account opening process, mStock’s customer support team is readily available to assist you.
Documents required for opening a demat account on m.Stock
To open a demat account on m.Stock, you will need the following documents:
- Aadhaar card
- PAN card
- Address proof (such as passport, voter ID, or driving license)
Comparison with Other Brokers
When it comes to choosing a brokerage firm for stock trading, there are several options available in the market. To help you make an informed decision, let’s compare m.Stock with some other popular brokerage firms in terms of brokerage, trading platforms, and other features.
Comparison of mStock against other popular brokerage firms
Here is a comparison of m.Stock with other well-known brokerage firms:
|Brokerage Firm||Brokerage Charges||Trading Platforms||Other Features|
|m.Stock||ZERO||User-friendly mobile app and web platform||Fast execution, exceptional customer experience|
|Zerodha||₹20 per order||Mobile app, web platform, and desktop software||Research tools and educational resources|
|Upstox||₹20 per order||Mobile app and web platform||Advanced charting tools and technical analysis.|
|Angel One||₹20 per order||Mobile app, web platform, and desktop software||Good customer support, and multiple investment products. Research tools and educational resources.|
Key points of differentiation and competitive advantages
While every brokerage firm has its unique features and advantages, m.Stock stands out in several ways:
- ZERO Brokerage: m.Stock offers trading and investment products with no brokerage charges, making it an attractive option for cost-conscious traders and investors.
- User-friendly Mobile App: m.Stock provides a user-friendly mobile app that allows investors to trade on the go and provides a seamless trading experience.
- Fast Execution: The super-fast platforms of m.Stock can support thousands of orders per second, ensuring stability, speed, and security for a perfect user experience.
Whether you are a beginner or an experienced trader, m.Stock offers a competitive brokerage model, user-friendly platforms, and a range of features that cater to the diverse needs of investors.
In conclusion, m.Stock is a brokerage firm that differentiates itself from other popular brokerage firms through its cost-effective services and focus on providing a seamless trading experience for its users.
mStock Vs. Zerodha: A Comparison
Zerodha is the pioneer of discount brokerage in India. It has made trading in the stock market more accessible and affordable for Indians with its simple yet powerful interface and low brokerage. I love trading with Zerodha for these reasons.
However, mStock, a product of Mirae Assets, has taken discount brokerage to the next level. For a one-time low charge of ₹999, you can trade in any segment without any brokerage. This is a major difference between the two platforms.
To illustrate, let’s say you buy 1 lot of BankNifty for ₹300 and sell it for ₹350. If you trade on Zerodha, you will have to pay ₹40 in brokerage and around ₹15 in other charges. This means that your breakeven point is ₹303.75. In other words, you will not make a profit unless your premium reaches ₹303.75.
On the other hand, the breakeven point for mStock is 1 because you are only paying other charges. This means that when your premium reaches ₹301, you will not lose any money to brokerage.
In addition to zero brokerage, mStock also offers all the products that a trader or investor needs. You can invest in IPOs, direct mutual funds, ETFs, stocks, and more. mStock also offers eMargin (MTF) facility with extremely competitive interest rates.
Considering all the points mentioned above, I would give Zerodha 3 stars out of 5 and mStock 3.8 stars.
Conclusion: Is mStock the Right Choice for You?
Ultimately, the suitability of m.Stock as an online stock broking platform depends on your individual investment goals, preferences, and location. If you are an Indian investor looking for a zero brokerage fee option with a fast and stable trading platform, m.Stock may be the right choice for you. However, if you are an international investor or require a more comprehensive range of investment products and services, alternative options may need to be explored. It is advisable to thoroughly research and compare different platforms, considering factors such as fees, features, customer support, and regulatory compliance, before making a decision.
FAQ (Frequently Asked Questions)
Commonly asked questions about mStock brokerage services
Answers and explanations provided to address investor queries
- What is the brokerage structure of mStock?
- mStock offers zero brokerage on all trading and investment products.
- What are the trading platforms provided by mStock?
- mStock provides user-friendly trading platforms that can support thousands of orders per second. These platforms offer real-time market data, research reports, and technical analysis tools.
- What are the pros of using mStock?
- The pros of using mStock include zero brokerage charges, user-friendly trading platforms, super-fast order execution, and exceptional customer experience and support.
- Are there any cons associated with mStock?
- While mStock offers many advantages, some potential cons include limited information on certain platform features and functionalities, as well as a lack of detailed information about the account opening requirements and the KYC process.
Please note that the information provided in this FAQ section is for informational purposes only and may be subject to change. It’s always recommended to refer to the official website or contact mStock directly for the most up-to-date information.