Groww review 2021: Everything you need to know!

Groww Brokerage Demat review

Introduction:

Groww is a Bangalore-based broker that provides online discount brokerage services for investing in stocks, initial public offerings, and direct mutual funds. Groww is the brand name of Nextbillion Technology Private Limited, a stockbroker registered with the Securities and Exchange Board of India and a member of the NSE and BSE.

Groww was founded in 2016 as a direct mutual fund investment platform. Groww expanded its product offering to include equity trading in the mid-2020s. Additionally, the organization provides its consumers with investment choices such as digital gold, US stocks, and fixed deposits.

Grow was founded in 2016 by Lalit Keshre. It is a low-cost brokerage firm dedicated to providing its clients with cutting-edge online financial solutions.

It is regarded as having ideals for millennials and newcomers, as technology is the company’s primary focus. Everything is done electronically, which simplifies the investment process by allowing for transactions to take place on web platforms without requiring physical mobility.

In terms of expansion, they have amassed a sizable client base and grown through working with 34 mutual fund houses. This company is based in Bangalore, where the company’s headquarters are currently located. They have a method of offering their consumers quick, easy, and transparent financial solutions, which is why the demand for Groww has increased and investors are heavily dependent on them.

Groww charges no more than Rs.20 or 0.05 percent on each deal done. You pay a maximum of Rs.20 as a brokerage for each order, regardless of the quantity or value. Groww provides free mutual fund services, including no fees for investing in or redeeming mutual funds.

Groww has its own trading platform, Groww (web and mobile trading app), which provides its investors with a flawless trading experience. With 128-bit encryption, it is a safe and secure app. 

Groww is one of the fastest-growing platforms in India, with a solid client base of more than 90,000 customers as of November 2020. Additionally, it is one of the highest-rated apps (4.5+) in both the Google Play and Apple App Stores.

Groww is an online broker. Unlike full-service brokers, it does not provide personalized advice, suggestions, or research. Groww offers free eBooks, interesting and educational blogs, and other materials to aid investors/beginners in learning the fundamentals of stock market trading and investing in order to make an informed investment decision.

Services offered by Groww:

  1. Demat services
  2. Trading services
  3. Intraday services
  4. IPO services
  5. Trading exposure

Groww’s services comprise the primary requirement, namely Demat and trading accounts. The house offers both accounts at competitive rates to its investors.

While a Demat account is used to securely store all securities electronically, a trading account enables you to transact and sell or buy a collection of securities.

Intraday trading is gaining popularity due to its daily profit potential. Groww provides intraday trading as an investment option, meeting the needs of similar investors.

IPO investment is also a highly profitable type of investment, and you may invest in the most recent and profitable IPOs that are reaching the market via Groww.

Additionally, considerable feasibility is provided to investors, namely trading exposure. This service enables investors to invest in assets that are more valuable than the funds in their accounts. This enables you to seize various opportunities.

Groww Trading Software:

Groww provides its customers with the ability to trade via mobile and the web. Investors can conduct transactions easily across the Groww app and website.

Groww’s app and website are most recognized for mutual fund investments, as the platform was founded as a mutual fund investing platform. The company recently commenced equity trading in June 2020. The company is developing additional products like US stocks, fixed deposits, and digital gold that will be incorporated into the web and mobile apps over time and is rapidly evolving with expanded features. The company does not have a desktop-installable trading terminal. Additionally, it does not provide call and trade services.

Groww – Mobile Application:

Groww’s mobile trading platform enables you to trade from anywhere, at any time. It is a complimentary service that allows clients to invest in equity and mutual funds. Groww is safe and secure software that includes a slew of features, such as line and candlestick charts that illustrate price movement, one-click buy/sell, free material and videos on stock investing for beginners, and comprehensive information on all firms.

Groww – Website: 

The Groww website platform is a web-based trading platform that gives an exciting online trading experience to its consumers. This platform enables clients to research stocks, mutual funds, and digital gold, as well as make orders online, follow transactions, and invest in initial public offerings (IPOs). The website has materials, E-books, and blogs that contain educational and general information about the stock markets.

Customer ratings and review:

Sl.NoParticularsCustomer ratings (Out of 10)
1Brokerage Charges & Fees9.5 / 10
2Platform UI9.0 / 10
3Products & Services8.5 / 10
4Trading Experience9.0 / 10
5Customer Service9.0 / 10
6Overall Experience9.0 / 10

Groww review – Pros:

  1. Direct mutual funds with no commissions.
  2. The maximum commission per trade is Rs.20.
  3. Online account opening is instant and paperless.
  4. Customer awareness is increased by useful and instructive blogs and eBooks.
  5. Switching from an external regular mutual fund to a direct mutual fund is seamless.
  6. Additionally, it offers investments in US stocks, digital gold, and corporate fixed-income securities.
  7. Excellent support from technology, when communication is as simple as a phone call or an email.
  8. Brokerage plans that are significantly discounted, i.e. a flat rate for any volume of transactions.
  9. A productive staff that is extremely responsive.
  10. Trading platforms are highly integrated and rapid due to the use of technology.
  11. Mutual funds are included in the investment alternatives.
  12. Charges associated with your account are significantly reduced.

Groww review – Cons:

  1. Numerous financial products are currently unavailable.
  2. There are no research or advisory services given.
  3. Limited investment products with no option to trade commodities or currencies at the moment.
  4. There are no Call and Trade services available.
  5. They provide no stock recommendations, research reports, or suggestions.
  6. There is no branch support.
  7. There is no margin trading available.
  8. There is no margin required against shares.
  9. Order types such as BO, CO, AMO, and GTT are not accessible.
  10. The Groww app does not support trailing stop loss orders.
  11. Do not provide NRI trading services.

Groww Brokerage charges:

Sl.noBrokerage Charge & FeesGroww
1Equity DeliveryRs.20 per executed order or 0.05% whichever is lower
2Equity IntradayRs.20 per executed order or 0.05% whichever is lower
3Equity FuturesNA
4Equity OptionsNA
5Currency FuturesNA
6Currency OptionsNA
7CommodityNA
8Minimum BrokerageZero
9Demat AMC ChargesRs.0 per Annum
10Trading AMC ChargesFree
11Margin MoneyZero
12Brokerage CalculatorGroww Brokerage Calculator

Groww Apps review:

Investments in Equity

Apart from mutual funds, the App is ideal for investing and trading inequities. Although the company’s first focus was on mutual funds, it launched its trading platform in June 2020.

Currently, the Groww platform allows for delivery (long-term) investments as well as intraday transactions.

Additionally, the program allows for investing in US stocks, digital gold, and corporate fixed-income securities.

Easy-to-use Interface

As previously said, the app is designed to be as simple to use as possible. Additionally, Groww allows investors to trade via the web or their mobile devices. Groww is a platform comprising a desktop browser, a mobile site, an Android application, and an iOS application.

The software has real-time price fluctuations, candlestick charts, online orders, information on companies, and the option to invest in initial public offerings (IPOs). Additionally, investors can create a market watch to keep an eye on their favorite equities. Additionally, one can establish customized market watch lists. The charts in the program are straightforward and easy to read, providing all the information necessary for investment.

Additionally, Groww offers beginner-friendly resources such as Ebooks, blogs, and video classes. The platform is user-friendly and quick.

Monitoring Investments

Additionally, the app’s distinctive feature is the ability to track investments across all platforms. This is accomplished by the application’s scanning of the Consolidated Account Statement (CAS) from CAMS or Karvy. This can be accomplished by granting the app access to your Gmail account or by manually forwarding your most recent statement.

Once this is completed, the program provides an analysis of the investor’s investments via pie charts. This figure illustrates the percentage of his interests in equity, debt, and other mutual funds.

Security

Groww’s security features include a 128-bit encryption standard. This is done on a per-transaction basis. The encryption technique is comparable to that used in banking standards.

Additionally, the app includes a unique and easy fingerprint scanner for secure login. This is the first time a feature of this nature has been implemented on comparable platforms. Additionally, the app records the time a username and password were entered. Additionally, it assures that no access is gained if the device is misplaced or stolen.

Investments in Mutual Funds

Investing in Mutual Funds online is possible via apps developed by specific asset management firms (AMCs). However, these investments will be restricted to the items offered by the AMC in question. Groww is a mutual fund product aggregator that collects mutual fund products offered by multiple fund houses. This enables investors to locate the best products on a single platform.

Investors can locate small-cap, large-cap, mid-cap, and multi-cap stocks that offer higher returns over the long run. Additionally, there are balanced funds, gold funds, sector funds, and international funds included in the app. Groww provides investors with access to over 5,000 mutual fund schemes. Investors can sort the various options based on their expected returns, tax benefits, and sector bets.

Additionally, the app includes ratings for mutual funds from Value Research Online. Investors can save up to 1.5 percent of their earnings by creating a platform for direct investment in mutual funds.

Payment Options 

Groww app enables users to pay via a variety of methods, including UPI, Net Banking, and NEFT, as well as a one-time requirement for SIP installments for Autopay using OTPs. Additionally, the app offers timely updates regarding all ongoing transactions, such as monthly SIPs and unit allotments. This simplifies and expedites the payment and transfer of funds.

No minimum balance requirement

The app does not impose a minimum balance requirement on investor’s Groww balance accounts. This balance can be adjusted to the investor’s liking.

Should you open a Demat account with Groww?

Groww is rapidly establishing itself as a leading investing/trading platform. However, there are some issues with the app’s quality. For example, Groww does not currently allow derivatives trading, such as futures and options.

Additionally, based on user feedback on the play store, people expressed dissatisfaction with the lack of customer assistance provided. Despite this, the app has a remarkable 4.4-star rating on Google Play and over 10 million downloads.

Groww Contact:

Groww’s customer care support team is available on:

Monday to Friday – Between 9:00 am and 7:00 pm

Saturday – 9:00 am to 2:00 pm

Groww Contact no: +91-9108800604 . 

Alternatives to Groww:

  1. Zerodha
  2. Upstox
  3. 5 Paisa
  4. Angel Broking
  5. ICICI Direct

Conclusion:

Groww offers to open an account online. It is a simple, paperless, and instantaneous process. Groww accounts are completely free to open and have no ongoing fees. To begin the process of opening a trading and Demat account with Groww, you must either download the Groww mobile app or register on the company’s website and finish the setup.

Groww is an entirely online broker with no physical locations. The company’s website does not have a form for opening an account, and it also does not offer an offline account opening option.

FAQ’s – Groww review:

How to open Groww Demat online?

Answer: Opening a Demat account with Groww is quite simple. All that is required is that you click on the green button located at the bottom of the page. Complete the pop-up form and continue with the KYC process, which is required to open a Demat account.

How to contact Groww customer care?

Answer: Investors are not assisted through branches. However, this is not the only means for contacting the company’s customer service department. The company offers live chat and email help.

Does Groww provide Research?

Answer: No, as discount brokers, this broker does not conduct research for investors and traders. They operate exclusively online and offer a similarly limited set of services, which include giving reports, financial suggestions, and other such items.

Is Groww good for Beginners?

Answer: Yes, beginners can certainly try their hand at stock market investing using Groww. The benefits you, as a newbie, will experience are investment facilitation and low brokerage costs. Additionally, they provide investment ideas and various reports that assist you in making financial selections.

Is Groww safe for trading?

Answer: Yes, as a member of the new generation of discount brokers, Groww benefits from the most advanced technologies. They have incorporated all of the safety measures associated with the digital investment, making it a secure hub for both existing and new investors and traders.

How to open a Demat Account with Groww?

To open a Demat account, click the “Open Demat Account” button at the bottom of this page and complete the pop-up window that displays. (Link given is of Zerodha)

When you submit the form, your contact information will be forwarded to the appropriate authorities, namely to the team that advises prospective investors. They will then contact you to initiate the account opening process.

You must then complete an account opening form, which involves the EKYC process. Here, you must supply your Aadhaar card, Pan Card, and a passport-sized photograph. They act as the provider of your identity.

The following step requires you to enter your bank account information and then digitally sign the document before submitting it.

The company will finish the remaining steps and, once verified, will provide you with an activated account and log-in details through email.

Disclaimer: All the information on this website is published in good faith and for general information purpose only.

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