An online investment app that offers free trading account
Stock trading, with the advancement of technology in this high-tech society, has become hassle-free to do from a mobile device. Both novice investors and seasoned traders have the necessary tools to utilize mobile apps as their primary trading platform. Investing in the market is a big decision. The facilities provided by a broker are imperative, as this determines your returns partially.
Groww is such a budding online investment platform which was incorporated in the year 2016 ex-Flipkart employees Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal, who quit their jobs in 2016 to start up in the wealth management and investment space through Groww. Groww is based out of Bangalore, and the headquarter of the company is located at present in Bangalore only. Coming to the expansion of their business, they have acquired a huge client base and expanded through partnering with more than 34 mutual Fund houses and have also unlocked stock investment for their investors.
What makes Groww stand out as an investing platform?
With the user-friendly online process, opening a trading and Demat account on Groww is super easy and quick. All you need to do is e-sign with your Aadhaar card number. Upon unlocking stocks, you will have to enter your Aadhaar number and provide the OTP received on the mobile number linked to your Aadhaar. It’s as simple as that!
“Investing should be as simple as shopping online,” says Harsh Jain, Co-founder of Groww. It is this user-friendly approach to investing that is making a new generation of first-time investors to invest in the market. Everything is done electronically, putting the investors at ease, as everything can be done on online platforms like web and Groww app with just a few clicks.
The best thing about being an investor with Grow is zero Equity Delivery Trading Fee. Equity delivery is the most popular form of trading and with zero charges attested to it on Groww, it’s really useful and gives an upper hand to the investors.
One has to avail for both the trading and Demat accounts, which have different fees. The fee structure varies for different stockbrokers, and some even decide to waive them off.
For mutual funds, however, you don’t need a Demat account on Groww. If you want to trade in stocks then you’ll need a Demat account which you can open by submitting required documents. We will discuss this in detail in further sections down this article. Coming to the Groww Demat account opening charges, it is absolutely free. Furthermore, Groww has even waved off the Groww Trading Account Charges. Coming to the trading classes, i.e. Equity Intraday, Equity Options, Equity Futures, Currency Futures, and Currency Options have a flat rate of Rs.20 per order.
As far as the Groww Account maintenance charges are concerned, they are nil for Trading account but will cost an investor Rs.300 per year for Demat account which comes to Rs. 25 per month and which is minimal. Also, there is no margin money requirement.
How Groww is changing the investment scenario for newbies and millennials?
One can make money in this advanced world either by working for themselves or someone else or by having their assets work for them. As per some recent study and surveys, millennials have traditionally been more attracted to derivatives for the ‘quick money’ the investment process brings and Groww is referred to have the ideals for millennials and newbie, as technology is a vital component of the company. In such a scenario, setting the right expectations becomes important and Groww sets it right with no hidden transaction charges and zero commission which have made it one of the most used investment apps for investment.
Apart from that, Groww also educates users about the benefits of long-term investing. A lot of investors start with short-term investment products, and then soon realize the fact that returns can be maximized. Over time, they also move into long-term investments like Systematic Investment Plans (SIPs). In a nutshell, Groww is doing a fabulous job by providing fast, easy and transparent financial solutions to their customers, which is the reason why the demand for Groww has spiked up and more and more investors are getting on boarded with it.