mStock Review: Brokerage, Trading Platforms, Pros & Cons
In the dynamic world of online trading and investments, mStock has emerged as a promising newcomer. Launched in 2022, this platform has quickly garnered a substantial user base, boasting over 4.8 lakh active clients by July 2024. In this review, we’ll delve into the key features and benefits of mStock, including its brokerage charges, margin trading options, and demat account functionalities. We aim to provide you with the information needed to determine if mStock is the right choice for your investment journey.
Overview of m.Stock
A comprehensive trading platform, m.Stock offers a wide range of investment options to its users, including equity, commodity, currency, futures, and options. As I explore this platform, I’m excited to share my findings with you.
- Zero Brokerage: Enjoy commission-free trading on all products.
- User-Friendly Interface: Navigate the platform with ease.
- Margin Trading: Pay later (MTF) from 6.99% p.a.
- Direct Mutual Funds: Easy mutual fund investment: 2-click order placement for direct mutual funds
- No expiry restrictions
Launched in April 2022 by Mirae Asset
Assuming you’re new to m.Stock, it’s crucial to know that it was launched in April 2022 by Mirae Asset, a renowned asset management company. This background gives m.Stock a solid foundation and credibility in the market.
Active client base of 4,83,858 as of July 2024
Clearly, m.Stock has gained significant traction since its launch, with an active client base of 4,83,858 as of July 2024. This impressive number indicates the platform’s growing popularity among investors and traders.
The large client base is a testament to m.Stock’s user-friendly interface, competitive pricing, and the variety of investment options it offers. As I probe deeper into the platform, I’ll explore the features that contribute to its success.
Investment Options
While exploring the m.Stock brokerage service, I was impressed by the diverse range of investment options available to users. From equity. currency, futures, and options, the platform offers a comprehensive suite of investment instruments to cater to different investor needs and preferences.
Equity, Currency, Futures, and Options
There’s a wide range of investment options available on the m.Stock platform, including equity, currency, futures, and options. This allows users to diversify their portfolios and invest in various asset classes, depending on their risk appetite and investment goals.
mStock Brokerage Charges
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.
- 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.
Lifetime Zero Brokerage Plan
On top of the diverse investment options, m.Stock also offers a Lifetime Zero Brokerage Plan, which is a significant advantage for users. This plan eliminates brokerage charges across all investment instruments, making it an attractive option for investors who want to minimize their costs.
Futures & Options traders, in particular, will appreciate the zero brokerage fees on futures trading, which can help them save a substantial amount of money in the long run. Additionally, the absence of call and trade charges makes it easier for users to invest on the platform, even if they’re not tech-savvy. Overall, the Lifetime Zero Brokerage Plan is a major selling point for m.Stock, and it’s definitely worth considering for investors who want to keep their costs low.
Other Charges and Fees
Clearly, understanding the charges and fees associated with mStock is necessary to making an informed decision about using their services. In this section, I will break down the various charges and fees you can expect to pay when using mStock.
Account Opening Charges
Some brokers charge account opening fees, but mStock does not charge any account opening fees. This is a significant advantage, especially for new investors who may not want to incur additional costs when starting their investment journey.
Account Maintenance Charges
While mStock does not charge any account maintenance fees, there is a standard AMC of ₹ 120 charged every quarter if investors do not opt for the ₹ 999 Zero Brokerage plan. This fee is waived if you opt for the ₹ 999 plan, making it a more cost-effective option.
Account maintenance charges can add up over time, so it’s necessary to consider these costs when choosing a broker. In this case, mStock’s zero AMC fee option can help you save money in the long run.
Plan Charges
Charges for plans vary depending on the type of plan you choose. mStock offers a Lifetime Zero Brokerage Plan, which means you don’t have to pay any brokerage fees on your trades. This plan is ideal for frequent traders who want to minimize their costs.
Charges for plans can be a significant factor in your overall investment costs. mStock’s zero brokerage plan can help you save money on trading fees, making it a more cost-effective option.
Call & Trade Charges
Fees for call and trade services can add up quickly, but mStock does not charge any call and trade fees. This is a significant advantage, especially for investors who prefer to place trades over the phone or through a call center.
Account holders can place trades without incurring additional fees, making it a more convenient and cost-effective option.
Brokerage and Margin details
Account holders can expect to pay zero brokerage fees on their trades, which is a significant advantage. Additionally, mStock offers competitive margin rates, making it easier to trade with leverage.
Plus, with mStock’s zero brokerage fees, you can trade without worrying about additional costs eating into your profits. This makes it an attractive option for traders who want to maximize their returns.
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:
Online Trading Platform
Little did I know that m.Stock’s online trading platform would exceed my expectations. The web portal boasts a stable, seamless, and intuitive user interface, making it easy to navigate and execute trades. With features like 1-click order placement, advanced trading tools, and info-rich screens, I felt confident in my investment decisions.
Mobile App
Now, let’s talk about m.Stock’s mobile app, available on both iOS and Android devices. The app is designed to provide users with a convenient and accessible way to trade on-the-go. With features like 1-click order placement, option chain analysis, and advanced order options, I was impressed by the app’s functionality.
Platform-wise, the mobile app is user-friendly, with a clean and intuitive design. I appreciated the single-view portfolio feature, which allowed me to track my trading portfolio and investment profit and loss on a single page. The advanced charts for trading were also a notable feature, enabling me to trade in a specific stock with a single click.
Features and Advantages
Now, let’s discuss the features and advantages of m.Stock’s platform and tools. One of the standout features is the zero brokerage plan, which eliminates brokerage fees across all investment instruments. Additionally, the platform offers no call and trade charges, making it an attractive option for investors. The direct plan for mutual funds is another advantage, as it eliminates commission charges.
To take advantage of m.Stock’s features, I recommend exploring the Knowledge Centre, which provides educational resources for better understanding market trends and investment strategies. The platform’s smart calculators and fundamental and technical data also helped me make informed investment decisions.
Pros and Cons of m.Stock
To fully understand m.Stock, we need to weigh its pros and cons.
Advantages of m.Stock
- Zero Brokerage: m.Stock’s commission-free trading across all investment instruments is a significant advantage.
- User-Friendly: The platform’s straightforward interface is particularly beneficial for less tech-savvy investors.
- No Hidden Fees: m.Stock doesn’t charge annual platform fees or call and trade charges.
- Direct Plan Mutual Funds: Investing in mutual funds through m.Stock means no commission is charged.
Areas for Improvement
- Limited Research: The lack of stock analysis, trading advice, and research reports may be a drawback for some investors.
- No Commodity Trading: Currently, m.Stock doesn’t offer options for commodity investments.
- Annual Maintenance Charge: A quarterly AMC of ₹120 is applicable unless the ₹999 Zero Brokerage plan is chosen.
Is m.Stock a reliable stock trading platform?
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.
Customer Service Review
Unlike a few other broker platforms, no Relationship Manager is provided upon account opening. However, m.Stock has developed a virtual assistant, MIRA, which helps clients with account opening, navigating the app, and more. Existing customers have reported delays in response from customer support. However, despite the delay, client queries are resolved on a best-effort basis.
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.”
Virtual Assistant MIRA
Some users have found MIRA helpful in assisting them with various tasks, from account opening to navigating the app. It’s a great feature that sets m.Stock apart from other broker platforms.
Customer Support Response Time
Now, I must mention that the customer support response time could be improved. While they do resolve client queries eventually, the delay can be frustrating at times.
Service requests can take some time to be addressed, which may lead to a delay in resolving issues. However, it’s worth noting that the support team does make an effort to resolve queries as soon as possible.
Ease of Use Review
Any user who has tried the m.Stock app or web portal will agree that it’s not the most user-friendly platform out there. The app and web portal often hang and become unresponsive, which can be frustrating.
To be fair, the m.Stock team does release timely updates to fix bugs and improve the overall app experience. The platform also offers a Knowledge Centre that provides users with educational resources to better understand investing.
mStock Account Opening Process
Not having to deal with tedious paperwork and long wait times is a huge relief when opening an account with m.Stock. The entire process is digital and hassle-free, making it easy for me to get started with my investments.
Account Opening Procedure Review
While the online account opening process with m.Stock is relatively quick and straightforward, I did encounter some minor hiccups along the way. However, the overall experience was smooth and efficient.
Time taken for Customer Onboarding
Online account opening with m.Stock is touted to take only 5 minutes, which is impressive. However, in my experience, it took around 10-15 minutes to complete the entire process, including verification and documentation.
Process-wise, the customer onboarding process with m.Stock is well-structured and easy to follow. The platform guides you through each step, ensuring that you provide all necessary information and documents. Although the process may take a bit longer than advertised, it’s still relatively quick and convenient compared to traditional brokerages.
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?
Keep in mind that m.Stock is a relatively new player in the market, but it has already gained a significant user base. As an investor, you’ll appreciate the zero brokerage fees, educational resources, and easy IPO investment options. As a trader, you’ll enjoy lifetime zero brokerage, no call and trade charges, and advanced trading tools. While there are some areas for improvement, I believe m.Stock is a great choice for those looking for a user-friendly and cost-effective trading platform.
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. Refer to the official website or contact mStock directly for the most up-to-date information.
