Stoxkart: Overview
Stoxkart is based out of Delhi, and it is relatively new in the broking market place, incorperated only in 2019. Stoxkart is an online discount broker, which offers services like trading and investment across a variety of segments including equity markets, commodities, currencies, futures and options, IPOs and mutual funds.
Stoxkart: Overview
A Delhi-based firm, Stoxkart is a part of SMC Global Limited, which itself is a full-service broker and has been a leading diversified financial services company in India for quite a while now.
As mentioned earlier, Stoxkart provides services of trading across a lot of different sectors, but also in that, it provides up to 25 times exposure on intraday trades which can be across equities, currencies and commodities, which happens to be among one of the highest margins offered, especially by a discount broker.
The company can do that because it is backed by SMC, which is a full-service broker, who has expanded into this space because of the current trend of people opting for discount brokers. As a discount broker charges a low brokerage charge compared to a full-service broker.
Stoxkart: What’s new?
Among the various value added benefits, one particularly interesting one that Stoxkart has brought is the concept of paying brokerage only when one books a profit. This marks the first firm in India to do so, among all the brokerages. Along with this, there is also their referral program which offers Amazon Gift cards for their referrers, of Rs 200. Like its peers, it also offers free mutual fund investment.
Stoxkart is a team of highly experienced and skilled professionals with proven track records and solid financial backgrounds. This, along with their coming of age approach along with a dedicated support team, enables the brokerage to provide good quality services at surprisingly reasonable price.
Stoxkart: Trading Platforms
Stoxkart, like all of its peers, is available on all personal and mobile devices across all platforms, catering to both novice and advanced traders.
1. Stoxkart Mobile Trading Application:
Stoxkart provides a flawless trading experience through its mobile trading application. It has two applications, the second by the name of Stoxkart Pro, which is for advanced traders, fulfilling their needs when trading on the go.
2. Stoxkart StoxMF:
This is a specific mutual fund trading application, for all of the mutual fund needs be it selecting units for investment, looking at historical performance data, etc operated through Stoxkart account.
3. Stoxkart Desktop Trading Platform:
A fast user-friendly program downloadable for desktop., which has all the features a trader needs from charting tools to real-time alerts, providing a secure, unique and quick experience.
4. Stoxkart Browser Trading Platform:
Lastly, of course like all the traders, it also offers a browser based trading platform for beginners and infrequent investors alike, to both trade and check your dematerialized holdings.
Stoxkart: Account Opening Process
The procedure is quite simple. Head to the website. Click on the open an account option, following which you will have to enter your phone number and email and verify them with an OTP. Give you Aadhaar card details along with other documentation in soft copy. Apply, and you should get your account opened instantly after paying the opening charges.
Stoxkart is a discount stock broker that offers 2-in-1 accounts where your Demat and trading accounts are integrated. They allow users to trade in all securities where any trade executed are credited directly into your Stoxkart Demat account. To open an account with Stoxkart, there are two ways.
Stoxkart Online Account Opening Process
- Head to the official Stoxkart website and choose the Demat account opening option from the home page.
- From the given list of fields that have to be entered, enter your mobile number and email address. Both of them have to be verified by a PIN sent to each of the respective fields.
- Moving ahead, you will then have to enter your necessary information. The information includes your personal details such as full name, contact number, address, and so on.
- You will have to upload scanned copies of the following documents.
- Address proof
- Canceled cheque
- PAN card.
- Aadhar card.
- Signature on paper.
- Photograph.
- Bank statement of the past three months.
- When all the documents are verified, you will get an OTP on your registered mobile number linked with Aadhar card for verification purpose.
- For opening an account, you will have to pay a certain amount, and it can be transacted through UPI, net banking, and digital payment wallets.
- After successfully paying the amount, your Stoxkart account will be opened automatically.
Stoxkart Offline Account Opening Process
- Head to the official website of Stoxkart and download the Demat account opening form. If you don’t want to download it, you can get the application from its branches.
- Fill in all of the required details and attach attested copies of your Aadhar card or passport and PAN card. Ensure that every signature is similar without any variation. These documents are necessary for identity proof and address proof.
- Documentation will need your signature stating your responsibilities and duties as a trader and association with the broker.
Stoxkart: Account Opening Charges
| Charge Type | Amount |
|---|---|
| Trading Account Opening Charges | ₹500 |
| Demat Account Opening Charges | ₹0 |
| Trading Account AMC | ₹0 |
| Demat Account AMC | ₹300 per year |
Stoxkart: Commodity Trading
Stoxkart has brought the concept of paying brokerage only when one books a profit. This marks the first firm in India to do so.
Stoxkart: Commodity Trading
Since Stoxkart is a registered MCX broker, there is an option to trade in commodities. Stoxkart customers can trade in commodity futures and options on MCX. Over and above that, Stoxkart only charger a flat brokerage of Rs 15/order only, which falls on the lower side of the segment when compared to other brokers like Zerodha and Upstox.
Thus, this stands as a key point of both, advantage and differentiation when comparing commodity trading facilities among different brokers. Stoxkart also has facilities like bracket orders and cover orders on MCX future trading.
Among the various advantages, while trading with this broker, one is obviously lowest brokerage. The broker, as mentioned, is also the pioneer of the concept of ‘Pay Only When You Earn’, which means you only pay brokerage when you make a profit trading MCX, and even then a flat brokerage is paid. The account opening procedure is simple and hassle free, and most of it is virtual.
Along with that, Stoxkart is part of the SMC Group, so it is reliable and trustworthy. Over and above that, the broker provides upto 3X margin in trading commodities, under a normal plan, while providing even more margin and exposure under premium plans. The broker also provides high margins when placing advanced orders like bracket and cover orders, irrespective of the brokerage plan.
In terms of commodity account opening procedure, there is always an option to open a commodities account while opening your primary account with the broker. However, in case you don’t do that, for any reason, you can always simply send a Commodity Trading Segment Addition Form filled and signed promptly to the broker, which will then open up a commodity account for you.
Stoxkart Commodity Trading: Brokerage
One of the main selling points of Stoxkart are its brokerage plans, especially for commodity trading. This is simply because Stoxkart offers a flat brokerage of Rs 15 per order, even on the MCX segment. But that’s not where the benefit of choosing this broker ends. The brokerage is only payable when you make a profit with this broker, which means to say there is no brokerage liability in case of a loss.
Stoxkart Commodity Trading: Margin
For people who trade in any kind of derivatives, margins are one of the foremost requirements, and Stoxkart takes care of such customers as as well, under various plans mentioned below.
1. Normal Plan:
Under normal plan, brokerage is flat Rs 15 per order while trading on MCX. The broker offers 3X margin while trading futures and options on MCX, while offering 4X margin for bracket and cover orders.
2. Premium Plan:
Primarily, this is the plan for more advanced traders with higher needs of margin. In this plan, the brokerage is Rs 30/order, while the margin is 4X on MCX, and 6X on advanced orders like bracket and cover orders.
While a ton of brokers provide similar services, Stoxkart certainly provides them at the most competitive prices. Thorough research, however, advisable.
Stoxkart: Currency Trading
The stockbroker does offer trading in the stock market’s currency segment through the NSE, BSE, and MCX. Currency trading through Stoxkart can be availed through a flat brokerage fee of 15 rupees per lot.
Stoxkart is an online discount stock broker that offers trading in almost all the stock market segments through the NSE, BSE and MCX. The stockbroker has well over 1,00,000+ active customer base and tends to keep growing as the days go by.
Currency trading through Stoxkart
Stoxkart provides a flat brokerage fee of 15 rupees across all segments. This includes currency futures and currency options. The account opening charges are levied on a trading account which is 300 rupees, and demat annual maintenance charge is capped at 300 rupees. The stockbroker margins for currency trading under intraday are 4 (normal) and 5 (premium) for bracket orders and cover orders, its 4 (normal) and 5 (premium).
To trade in the stock market’s currency segment, Stoxkart offers premium trading tools such as Stoxkart pro, Stoxkart classic, Stoxkart invest, browser trading application, and desktop application Stoxkart back office and STOXMF.
Advantages of trading in currency segment through Stoxkart
- The stockbroker offers lower brokerage fee when compared to some of the leading brokers in the country.
- Educational can be availed as to how to proceed with trading as Stoxkart does offer guidance initially.
- The trading tools offered are quite powerful and do provide a robust approach to investing.
Disadvantages of trading in currency segment through Stoxkart
- The services offered are bang average.
- The mobile application can be improved as they seem to be outdated to currency standards.
- Customer care needs a lot of improvement.
Stoxkart Review
Stoxkart is an average stockbroker providing useful tools and charging a lesser brokerage fee than other brokers. If it can improve is applications and invest a bit its services, it could have the potential to be one of the best.