As claimed on the Finvasia website, their mission is to give traders and investors financial freedom from the brokerage. Offering zero brokerage fees, zero account setup fees, zero call & trade fees, and zero clearing fees, Finvasia claims that any overhead cost can be lowered when there is a high volume of clients.
Finvasia is a Chandigarh-based tech-driven discount broker operating in 14 countries including India. It is an active member of NSE, BSE, and MCX. Allowing you to trade in equity, currency, commodities, derivatives, IPOs, and Bonds, it is emerging as one of the prominent names.
So when we hear that everything is free, it sounds amazing. But still, there are some charges which Finvaisa charges. We will take you through complete detailed brokerage charges to let you know is it really free!
Finvasia Pricing:
- Account Opening – Rs. 0
- Demat Account Opening – Rs. 0
- Trading Account Opening – Rs. 0
- Demat AMC charges – Rs. 0
- Trading AMC charges – Rs. 0
- Equity Delivery – Rs. 0
- Equity Intraday – Rs. 0
- Equity Future – Rs. 0
- Equity Options – Rs. 0
- Currency Futures – Rs. 0
- Currency Options – Rs. 0
- MCX Commodity – Rs. 0
Is Finvasia free?
So yes, it is absolutely true that Finvaisa does not charge you anything for account opening, its maintenance, and trading. But unlike other brokers, it charges you an additional fee per month for using most of its platforms. And zero-fee also does not mean that you can save on taxes and exchange transaction charges. Have a look at the charges:
- Stamp Charges – Rs. 199
- Transaction Charges (for sell) – Rs. 9
- Inter Depository Transfer (for sell, when done off-market) – Rs. 9
- Pledge per ISIN – Rs. 25 + NSDL charges
- Unpledge per ISIN – Rs. 25 + NSDL charges
- Pledge Invocation per ISIN – Rs. 19
- Failed Transaction – Rs. 49/ transaction
- Delay Payment Charges – 2% per month on T+2 days
Talking about its platforms, ScalperT comes for free but Presto and Blitz Trader comes for higher prices of Rs. 1599 and Rs. 2999. Average platforms like Nest comes for Rs. 49 per exchange per month and Rs. 99 for the bracket orders.
Also, Nest NOW is free at NSE but costs Rs. 149 per segment per month for BSE.
From the above prices, we can observe that choice of platform matters the most when you choose Finvasia as your discount broker. So, if you are a casual or low-frequency trader, you can opt for the NEST platform. On the other hand, if you are a professional or high-frequency trader, then you can choose a platform like Presto.
Finvasia Review
In just 7 years, Finvasia has penetrated a lot in the Indian Market. But while choosing a stockbroker, you must not always consider pricing as the only factor. One must also look for other factors such as education, platforms, user-friendliness, customer service, and others that all actually matter to you.
Honestly, Finvasia has to improve upon its customer service which has become the key reason for customers switching to other discount brokers. At the end of the day, if your customer is in trouble and does not get good customer support, lower prices don’t matter!
Finvasia is a good option to start with, the platform is very user-friendly and the customer service is also very good.