Forex Trading On Groww – These days we often hear of new brokers in the market offering seamless technological features to their investors to trade and earn more profit. One such broker is Groww.
Groww is a discount broker founded in April 2016 by a group of 4 friends Lalit Keshre, Harsh Jain, Ishan Bansal, and Neeraj Singh on the streets of Bengaluru, Karnataka.
Forex Trading On Groww
The idea was hatched from the Flipkart office when these 4 decided to quit their jobs to start a business to facilitate investment. They named it Groww and officially launched their operations in 2017.
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Initially, Groww emerged as an investment platform to provide its users with the best and easiest way to invest safely. In addition, the founders analyzed the market and the growing demand for trading platforms, Groww is registered as a stock broker to facilitate the basic trading features of the platform, 2020.
Recently, Groww with the “unicorn” brand has the right to raise about $83 million with the participation of existing investors who build companies like Flipkart. This fundraiser was run by Tiger Global Management.
By April 2021, it had raised $140 million at a valuation of $1 billion. Its parent company Nextbillion Technologies, however, reported a loss of Rs 7.92 crores in FY2020 on a revenue of ₹ 0.76 crores.
These numbers clearly give an idea of how strong this company’s fundamentals are. Also, it is important to know the record of each organization to understand the level of reliability and sustainability.
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Since it has just launched its brokerage services, we need to understand the sectors you can trade in if you want to follow Groww.
Offer them equity, money, but not a commodity. And since it is a popular investment platform, it also facilitates IPOs and Mutual Funds.
Coming to Groww’s active customer base, around 32 complaints have been registered out of 7.86 lacs active users. And about 28 of them have been solved yes, Groww provides efficient service to its customers.
We all know that to start a business one must open an account. Groww provides you 2 in 1 account opening platform that connects trading account and Demat account to execute your trading transactions seamlessly and efficiently.
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Opening a brokerage account gives you the opportunity to trade in equities, currencies, mutual funds and IPOs.
Since the broker is not registered with NCDEX and MCX therefore you cannot trade in the products.
To trade in other sectors, you can open a demat account with a broker through online mode.
Since Groww is a new discount broker, it does not have an online presence yet! However, as mentioned earlier, you get a trading account with a demat account. Let’s see how you can take advantage of the benefits of this platform.
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Fees paid by brokers are prorated, meaning you don’t pay the broker in full, but you are charged for activating your demat account, transactions you make and trading platforms you use, such as technology fees.
Let’s start with the first step of entering the business and similar fees.
Here’s a surprise for all traders that Groww offers a free open account. Yes! And you don’t have to pay anything at all to get your Demat account.
Now along with Demat account charges there are AMC charges which are calculated monthly, quarterly, and annually. Here it is necessary to know the account maintenance fees especially when comparing brokers to choose the best one.
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Now let’s skip the fees imposed by Groww. Now just like opening a free account, the broker does not charge account maintenance fees.
This means that your AMC charged to keep your Demat account running is ₹0 per annum.
The broker keeps updating their fee plans, so it’s best to follow the latest fees imposed by Groww to save yourself extra pennies.
Next comes the brokerage fees that tell you how much brokerage is charged when you trade in different categories.
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Since you can trade in equity, mutual funds and IPO section of Groww Trading App and therefore we are equipped with complete information of brokers to trade in equity delivery, intraday and F&O.
The first category is the most common but the most popular, equity delivery business. The table below shows Groww’s brokerage fees for delivery business.
Although not many of the stock brokers are the same, one of them is Zerodha which offers free delivery trading for lifetime which is really amazing!
For a better comparison, check the complete review of Zerodha vs Groww, because Zerodha is a good target for discount brokers in the country.
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Day traders, must be aware of these costs, as it affects the amount you have in your pocket at the end of the day.
Internal brokerage is calculated for both buying and selling, so it is better to choose the stock broker that offers the lowest cost services.
Suppose that Mr. Sharma executed a trade of 10,000 INR where he bought 100 shares of ABC company @ 100 INR.
In the middle of the day he gets the profitable deal when the stock reaches 115 ₹ so he decides to sell the 100 shares so that the total price is 11500 Rs.
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As already discussed, during the day or every broker is charged for both buying and selling, so the total amount of the business is valued at the business is Rs 21, 500.
If this transfer is close to ₹ 2, 10, 000 then here 0.05% * 2, 10, 000 will be ₹ 105 but the broker imposes a maximum fee of ₹ 20 to trade in each direction and then you will end up paying ₹ 40 execute intraday trade with Groww.
So, when you open an account to trade on the Groww app, make sure you understand these fees beforehand.
As discussed earlier, Groww does not offer trading in commodities, but to trade in Equity Futures and Options is 20 or 0.05% per trade, while in Currency Futures & Options the broker sets a flat fee of Rs 20.
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Now DP fees are hidden, these are done on all sales transactions you make while trading. Raise fees of ₹13.5 plus GST per note as Deposit Participant Fee.
Along with the business expenses, one has to pay certain taxes and other hidden fees that increase the total brokerage and reduce the profit percentage. To get a clear understanding of all these costs, it is important to calculate all taxes as well.
No doubt! It is a bit difficult for a trader or investor to calculate the exact brokerage cost so here is a calculator that will help you find the net brokerage and other taxes related to your business and your purchase price.
Looking for higher margin is always an intraday trader thing!. Low brokerage fees and high margins are a killer combination that everyone is looking for.
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From the table you can see that Groww only offers margin in 3 trading categories, Equity Intraday, Equity Options and Currency.
Within a day you get up to 5X margin based on stocks. A large margin increases the possibility of earning maximum profit.
Ms. Julie is the day trader. Let’s assume she chooses stock in ABC Company. With a price of £100 per share. She has ₹10000 in her account
The share price rises to £115 so their profit will be limited to £1500. On the other hand, let’s say it makes a 5X profit margin, so,
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Next, come to square one, after all I have looked at the costs so far, but what about the platform that provides the business center?
Do you want to use good margin and business opportunity. You can find out now by doing a comparative analysis of Groww with other stock brokers. Here you go, Groww vs Upstox. Find out which broker offers more benefits and open an online account now.
Currently, Groww has a mobile trading app along with a web-based trading platform called Groww.
An effective trading platform is one that offers a user-friendly interface with many functions and trading options such as various indicators and charts to see real-time updates that make it easier to manage the watch list and maintain portfolios.
Groww Stock Investing App: Open Demat & Trading Account
The overall rating of the App is 4.3 out of 5 with almost 1 crore plus downloads as shown in the table below:
First, Groww has a clean interface with “One-Click Order Placement” that facilitates quick transactions to avoid rush and loss of profit opportunity.
It provides basic information about all listed companies with candlesticks to give a better view of the trend and historical performance of the stock.
Groww provides you with updates on the top market movements and the latest market news, so you never miss important information.
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You also get P&L statements along with the balance sheet
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