Finvasia is a recent kid on the discount stockbroking block. Their proposition is simple - Zero brokerage across segments, pay for the trading platforms on a fixed basis (more on that later). The brokerage model is termed as "Technology Costs" for clients and users do not to pay based on the number or amount of trades done on the stock market.
Launched in 2013, the broker is based out of Chandigarh (Punjab) and allows its clients to trade in the following segments:
- NRI Trading
It is backed by some of the leading venture capitalists including Intrinsic Investment Limited with the latest round received in August 2016.
"Finvasia has a total of around 1519 active clients for the financial year 2017-18. This number is one of the least in the whole stock market industry in India."
Finvasia Trading Platforms
The discount stock broker offers different trading platforms to its clients and is looking to launch 4-5 new trading and analysis based platforms.
Here are the details:
Finvasia - NOW
NOW or Neat On Web is a free to use web-based trading platform powered by NSE. It is a prominent tool by NSE licensed to Finvasia like other brokers along with the NSE mobile app. Users don't need to download or install anything but just access using a browser from any desktop, laptop or mobile.
Some of the features of the platform are:
- Allows to trade across Equity, Derivatives, Currency and Mutual funds
- Aftermarket orders (AMO) allowed
- Customized screen layouts as per user preferences
- Accessible on mobile across iOS, Windows along with Android
For NSE, this is a FREE to use trading platform. But for BSE, the premium software comes at ₹120 per segment per month.
NEST is a terminal base executable software that users can download and install on their laptops or desktops. It is also a tool from NSE itself with highly usable features such as:
- Provision of Online payment transfer
- Order placement across multiple asset classes and trading segments
- Interactive charting functionality with multiple indicators within the same screen
This is a paid platform where users pay at per segment and at bracket order level.
Finvasia AMI Broker
AMI Broker is a technical analysis tool with all sorts of interactive charting functionalities. It also has an inbuilt integration with the trading academy which displays users with scanning, custom indicators etc. Here are some of the features of AMI Broker:
- Interactive charts for technical analysis
- Helps to double check client's investment strategy
- Personalized user interface
This is a paid platform priced at ₹299 per month. Here is the link to the tutorial.
Scalpert from Finvasia is a web and mobile-based trading platform with a specific set of features in terms of market analysis and trading. The application is available in web form as well as an Android trading app as well. There are no charges attached to using this application and is free to use.
Some of the features of Scalpert include:
- Available with around 40 technical indicators and multiple chart types for detailed technical analysis
- Fund transfer facility provided
- You can place multiple types of orders through the application
- Overall design is a bit primitive and can certainly be optimized
Presto provides API based solution to its clients for customized trading (something like Connect API from Zerodha). Presto suits heavy traders who prefer to do their own technical analysis and take trading decisions themselves. This tool provides functionalities such as:
- Custom APIs for platforms including.NET, JAVA, Python, C#
- Real-time LIVE market data
- Multiple algorithm based strategies
- Customized request based strategies allowed
This is a paid platform and is priced at ₹1599 per month.
The pricing in this case, like in cases of other discount stock brokers, is pretty competitive. There are multiple types of charges levied and users must get it documented (or emailed) before opening their accounts with the broker. Here are the complete details:
Finvasia Account Opening Charges
Thus, the broker does not charge its clients anything for account opening or maintenance. In a sense, it's a good way to acquire clients by removing one potential hurdle, especially for beginners. Having said that, our suggestion is to look beyond "free" accounts since there are multiple other factors that need to be looked upon by finalizing a stockbroker for yourself.
The discount broker has a simple laid out pricing strategy with no fixed or percentage based commission from its users. It charges its clients based on the trading platform he/she chooses for its trading needs.
Choice of the platform basically defines the kind of trader the client is, for instance - if the client chooses a basic NEST platform - the trader is light in its trading frequency while somebody using an exhaustive and comprehensive trading platform such as Presto is somebody who details out day to day trading strategy and is a heavy trader generically.
For more information, you can check this detailed Finvasia Review